Aim Tax Exempt Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07890

AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Sheri Morris 11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Name and address of agent for service)

Registrant’s telephone number, including area code: (713) 626-1919

Date of fiscal year end: 02/28

Date of reporting period: 08/31/20

Item 1. Reports to Stockholders.

The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

	Semiannual Report to Shareholders	August 31, 2020
	Invesco AMT-Free Municipal Income Fund
	Effective September 30, 2020, Invesco Oppenheimer Rochester® AMT-Free Municipal Fund was renamed Invesco AMT-Free Municipal Income Fund.
	Nasdaq:
	A: OPTAX ∎ C: OMFCX ∎ Y: OMFYX ∎ R6: IORAX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
26	Financial Statements
29	Financial Highlights
30	Notes to Financial Statements
36	Fund Expenses
37	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

     Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco

provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco AMT-Free Municipal Income Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/29/20 to 8/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-1.64	%
Class C Shares	-1.98
Class Y Shares	-1.64
Class R6 Shares	-1.33
Bloomberg Barclays Municipal Bond Index▼	0.19
U.S. Consumer Price Index∎	0.48
Source(s): ▼RIMES Technologies Corp.; ∎Bloomberg L.P.
The Bloomberg Barclays Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market.   The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the U.S. Bureau of Labor Statistics.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                     Invesco AMT-Free Municipal Income Fund

Average Annual Total Returns
As of 8/31/20, including maximum applicable sales charges
Class A Shares
Inception (10/27/76)	5.81	%
10 Years	6.61
5 Years	6.44
1 Year	0.78
Class C Shares
Inception (8/29/95)	4.49	%
10 Years	6.26
5 Years	6.57
1 Year	3.56
Class Y Shares
Inception (11/29/10)	8.03	%
5 Years	7.62
1 Year	5.54
Class R6 Shares
10 Years	7.12	%
5 Years	7.47
1 Year	5.72

Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Rochester AMT-Free Municipal Fund, (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Rochester^® AMT-Free Municipal Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R6 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a

CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                     Invesco AMT-Free Municipal Income Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing

HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                     Invesco AMT-Free Municipal Income Fund

Schedule of Investments

August 31, 2020

(Unaudited)

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Municipal Obligations–101.54%(a)
Alabama–5.12%
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority; Series 2018 A, RB		5.00%		07/01/2048	$	2,500	$       2,677,225
Birmingham (City of), AL Commercial Development Authority; Series 2011 A, RB		5.50%		04/01/2041		20,000	20,067,400
Birmingham (City of), AL Private Educational Building Authority (Birmingham-Southern College); Series 1996, RB		6.13%		12/01/2025		385	345,711
Birmingham (City of), AL Water Works Board; Series 2016 B, Ref. RB		5.00%		01/01/2043		16,150	19,486,751
Coosa Valley Water Supply District, Inc.; Series 2009, RB (INS - AGC)(b)		4.50%		10/01/2039		15	15,069
Etowah (County of) & Gadsden (City of), AL Health Care Authority (Etowah County Health Department); Series 2007, RB (INS - AGM)(b)		4.38%		01/01/2032		25	25,073
Fort Deposit (Town of), AL Cooperative District; Series 2003, RB		6.00%		02/01/2036		190	190,106
Homewood (City of), AL Educational Building Authority (Samford University); Series 2017 A, Ref. RB		5.00%		12/01/2047		4,500	5,068,620
Jefferson (County of), AL;
Series 2013 C, Wts. (INS - AGM)(b)(c)		6.90%		10/01/2050		8,750	8,557,063
Series 2013 D, Wts.		6.00%		10/01/2042		8,000	9,234,400
Series 2013 D, Wts.		7.00%		10/01/2051		4,000	4,728,800
Series 2013 D, Wts.		6.50%		10/01/2053		7,500	8,748,375
Series 2013 F, Revenue Wts.(c)		7.75%		10/01/2046		20,185	19,764,748
Series 2013-F, Revenue Wts.(c)		7.90%		10/01/2050		20,000	19,547,000
Series 2017, Ref. Wts.		5.00%		09/15/2035		4,500	5,464,755
Mobile (City of), AL Improvement District (McGowin Park); Series 2016 A, RB		5.25%		08/01/2030		200	203,240
							124,124,336
Alaska–0.00%
Alaska (State of) Industrial Development & Export Authority (Boys & Girls Home & Family Services, Inc.); Series 2007 C, RB(d)		5.88%		12/01/2027		600	30,000
Northern Tobacco Securitization Corp.; Series 2006 A, RB		5.00%		06/01/2032		90	90,028
							120,028
Arizona–2.79%
Arizona (State of) Industrial Development Authority; Series 2020 A, RB		4.00%		11/01/2045		2,100	2,410,989
Arizona (State of) Industrial Development Authority (Academies of Math & Science);
Series 2017 A, Ref. RB		5.00%		07/01/2042		675	783,844
Series 2017 A, Ref. RB		5.00%		07/01/2047		925	1,066,969
Series 2017 A, Ref. RB		5.00%		07/01/2051		1,000	1,151,400
Series 2018 A, Ref. RB		5.00%		07/01/2038		500	592,725
Series 2018 A, Ref. RB		5.00%		07/01/2048		1,800	2,095,938
Series 2018 A, Ref. RB		5.00%		07/01/2052		2,125	2,466,615
Arizona (State of) Industrial Development Authority (Provident Group - Eastern Michigan University Parking);
Series 2018, RB		5.00%		05/01/2048		1,100	1,119,074
Series 2018, RB		5.00%		05/01/2051		1,000	1,013,470
Arizona (State of) Industrial Development Authority (Provident Group-NCCU Properties LLC); Series 2019 A, RB (INS - BAM)(b)		5.00%		06/01/2058		570	665,213
City of Phoenix Civic Improvement Corp.; Series 2019, RB		5.00%		07/01/2049		6,845	8,200,789
Festival Ranch Community Facilities District (Assessment Districts Nos. 4 & 5); Series 2007, RB		5.75%		07/01/2032		319	318,978
Maricopa (County of), AZ Industrial Development Authority (GreatHearts Arizona);
Series 2017 C, RB		5.00%		07/01/2037		80	95,303
Series 2017 C, RB		5.00%		07/01/2048		145	169,528
Maricopa (County of), AZ Industrial Development Authority (Immanuel Campus of Care); Series 2006 B, Ref. RB(d)(e)		8.50%		04/20/2041		495	341,550
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools);
Series 2019, Ref. RB(f)		5.00%		07/01/2049		800	852,848
Series 2019, Ref. RB(f)		5.00%		07/01/2054		600	637,536
Maricopa County School District No. 24; Series 2007 B, GO Bonds		5.50%		07/01/2022		90	90,163
Merrill Ranch Community Facilities District No. 1 (Assessment Area One); Series 2006, RB		5.30%		07/01/2030		184	184,195

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                     Invesco AMT-Free Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Arizona–(continued)
Phoenix (City of), AZ Industrial Development Authority (Espiritu Community Development Corp. Charter School); Series 2006 A, RB		6.25%		07/01/2036	$	435	$          435,231
Phoenix (City of), AZ Industrial Development Authority (Great Hearts Academies); Series 2016 A, RB		5.00%		07/01/2041		1,200	1,297,608
Phoenix (City of), AZ Industrial Development Authority (Rowan University); Series 2012, RB		5.25%		06/01/2034		8,500	8,910,380
Phoenix Civic Improvement Corp.; Series 2019 A, RB		4.00%		07/01/2045		2,765	2,902,033
Pima (County of), AZ Industrial Development Authority (Arizona Charter Schools Ref.); Series 2013 Q, Ref. RB		5.38%		07/01/2031		2,715	2,798,704
Pima (County of), AZ Industrial Development Authority (Christian Care Tuscon, Inc.);
Series 2017 A, Ref. RB		5.00%		06/15/2037		550	617,414
Series 2017 C, RB		5.00%		12/15/2047		1,010	1,119,302
Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB(f)		5.50%		09/01/2046		900	906,390
Pima (County of), AZ Industrial Development Authority (New Plan Learning, Inc.); Series 2011 A, RB		8.13%		07/01/2041		1,400	1,399,804
Pima (County of), AZ Industrial Development Authority (Paideia Academies (The));
Series 2019, RB		5.13%		07/01/2039		195	196,771
Series 2019, RB		5.25%		07/01/2049		240	240,996
Pima (County of), AZ Industrial Development Authority (Tuscon Country Day School); Series 2007, Ref. RB		5.00%		06/01/2037		760	760,372
Salt River Project Agricultural Improvement & Power District (Arizona Salt River); Series 2019 A, RB		4.00%		01/01/2041		6,595	7,862,361
Salt Verde Financial Corp.;
Series 2007, RB		5.50%		12/01/2029		100	132,897
Series 2007, RB		5.00%		12/01/2032		3,000	3,954,420
Series 2007, RB		5.00%		12/01/2037		6,500	8,899,345
Santa Cruz (County of), AZ Fire District (Rio Rico);
Series 2011 B, GO Bonds(g)(h)		7.00%		07/01/2021		930	981,317
Series 2011 B, GO Bonds		7.00%		07/01/2030		70	73,548
							67,746,020
Arkansas–0.15%
Arkansas (State of) Development Finance Authority (Baptist Memorial Health); Series 2020, Ref. RB		5.00%		09/01/2044		2,000	2,385,140
Cave Springs Municipal Property Owners’ Improvement District No. 3; Series 2007, GO Bonds(d)(e)		6.25%		02/01/2038		1,615	1,178,950
							3,564,090
California–10.06%
Bay Area Toll Authority; Series 2019 S-8, Ref. RB		5.00%		04/01/2056		5,000	6,023,150
California (County of), CA Tobacco Securitization Agency (Gold Country Settlement Funding Corp.); Series 2006, RB(i)		0.00%		06/01/2033		5	2,405
California (State of);
Series 2016, GO Bonds		5.00%		09/01/2045		5,000	6,111,100
Series 2016, Ref. GO Bonds		5.00%		09/01/2037		10,085	12,431,275
Series 2017, GO Bonds		5.00%		08/01/2046		8,500	10,358,440
Series 2020, GO Bonds		3.00%		03/01/2046		2,600	2,798,354
Series 2020, GO Bonds		4.00%		03/01/2046		1,500	1,779,795
Series 2020, GO Bonds		3.00%		03/01/2050		1,500	1,606,935
Series 2020, GO Bonds		4.00%		03/01/2050		1,325	1,567,581
California (State of) County Tobacco Securitization Agency; Series 2006 B, RB(i)		0.00%		06/01/2050		129,820	18,279,954
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2002, RB		5.88%		06/01/2035		50	50,049
California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.);
Series 2006 A, RB(i)		0.00%		06/01/2046		7,000	1,349,110
Series 2006 B, RB(i)		0.00%		06/01/2046		6,000	1,113,600
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2002 A, RB		5.88%		06/01/2043		4,410	4,414,278
California (State of) Enterprise Development Authority (Sunpower Corp. - Headquarters); Series 2010, RB		8.50%		04/01/2031		3,375	3,412,361
California (State of) Health Facilities Financing Authority (Sutter Health); Series 2016 B, Ref. RB		5.00%		11/15/2046		10,000	11,766,400

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                     Invesco AMT-Free Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
California–(continued)
California (State of) Housing Finance Agency;
Series 2019 2, Class A, Revenue Ctfs.		4.00%		03/20/2033	$	1,980	$       2,187,840
Series 2019 A-1, RB		4.25%		01/15/2035		172	194,528
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); Series 2018, RB (INS - BAM)(b)		5.00%		05/15/2043		4,250	4,981,807
California (State of) Municipal Finance Authority (CHF-Riverside II, LLC - UCR North District Phase I Student Housing); Series 2019, RB (INS - BAM)(b)		5.00%		05/15/2049		3,500	4,139,065
California (State of) School Finance Authority (Coastal Academy); Series 2013 A, RB(f)		5.00%		10/01/2033		1,000	1,049,830
California (State of) Statewide Communities Development Authority (Community Facilities District No. 2007-01); Series 2015, Ref. RB		5.00%		09/01/2030		1,570	1,757,584
Cathedral City (City of), CA Redevelopment Agency Successor Agency;
Series 2014 A, Ref. RB (INS - AGM)(b)		5.00%		08/01/2032		1,450	1,653,855
Series 2014 A, Ref. RB (INS - AGM)(b)		5.00%		08/01/2033		885	1,006,776
Chula Vista (City of), CA (San Diego Gas & Electric Co.); Series 2004 C, IDR		5.88%		02/15/2034		9,985	10,022,244
Golden State Tobacco Securitization Corp.; Series 2017 A-1, Ref. RB		5.00%		06/01/2029		170	207,798
Inland Empire Tobacco Securitization Corp.; Series 2007 F, RB(f)(i)		0.00%		06/01/2057		345,750	14,058,195
Lammersville Joint Unified School District (Lammersville School District Community Facilities District No. 2007-1 - Improvement Area No. 1 - Mountain House - Shea Homes); Series 2013, RB		6.00%		09/01/2043		2,750	3,027,942
Lammersville Unified School District (Lammersville School District Community Facilities District No. 2002 - Mountain House);
Series 2012, Ref. RB		5.00%		09/01/2025		415	442,349
Series 2012, Ref. RB		5.10%		09/01/2026		375	399,139
Series 2012, Ref. RB		5.15%		09/01/2027		885	941,268
Series 2012, Ref. RB		5.20%		09/01/2028		1,000	1,061,840
Series 2012, Ref. RB		5.25%		09/01/2029		500	530,775
Series 2012, Ref. RB		5.30%		09/01/2030		500	530,370
Series 2012, Ref. RB		5.38%		09/01/2032		1,000	1,057,040
Local Public Schools Funding Authority (School Facilities Improvement District No. 2016-1 - Election of 2016); Series 2017 A, GO Bonds (INS - BAM)(b)		4.00%		08/01/2042		3,500	3,999,310
Long Beach (City of), CA Bond Finance Authority; Series 2007 A, RB		5.50%		11/15/2037		2,000	2,913,380
Los Angeles (City of), CA (Community Facilities District No. 8); Series 2010, RB		5.75%		09/01/2040		180	182,833
Los Angeles Unified School District;
Series 2018 XF2575, Revenue Ctfs.(j)		5.25%		07/01/2042		20,000	25,292,600
Series 2020 RYQ, GO Bonds		4.00%		07/01/2044		5,500	6,512,000
Lynwood (City of), CA Redevelopment Agency (Project Area A); Series 2011 A, RB		7.00%		09/01/2031		1,250	1,315,688
M-S-R Energy Authority; Series 2009 B, RB		7.00%		11/01/2034		10,000	15,561,100
Oak Grove School District (Election of 2008); Series 2018 E, Ref. GO Bonds(c)		5.00%		08/01/2042		4,500	2,772,945
Oxnard (City of), CA Financing Authority;
Series 2014, Ref. RB (INS - AGM)(b)		5.00%		06/01/2032		1,250	1,425,125
Series 2014, Ref. RB (INS - AGM)(b)		5.00%		06/01/2033		1,500	1,705,575
Series 2014, Ref. RB (INS - AGM)(b)		5.00%		06/01/2034		850	964,334
Paramount Unified School District (Election of 2016); Series 2017 A, GO Bonds (INS - AGM)(b)		5.25%		08/01/2046		2,575	3,213,136
Poway Unified School District Public Financing Authority;
Series 2015 B, Ref. RB (INS - BAM)(b)		5.00%		09/01/2033		1,745	2,121,187
Series 2015 B, Ref. RB (INS - BAM)(b)		5.00%		09/01/2034		3,105	3,765,837
Sacramento (City of), CA Municipal Utility District; Series 2020 H, RB		4.00%		08/15/2045		6,000	7,326,780
San Diego (County of), CA Regional Airport Authority; Series 2019 A, Ref. RB		5.00%		07/01/2049		5,000	6,141,600
San Francisco (City & County of), CA; Series 2015 XF2033, COP(j)		5.00%		10/01/2033		10,000	10,037,500
San Francisco (City & County of), CA Redevelopment Financing Authority (Mission Bay North Redevelopment); Series 2011 C, RB(g)(h)		6.75%		02/01/2021		250	256,793
San Francisco (City & County of), CA Redevelopment Financing Authority (Mission Bay South Redevelopment); Series 2011 D, RB(g)(h)		7.00%		02/01/2021		350	359,646
San Jose (City of), CA Financing Authority; Series 2011, RB		5.50%		05/01/2031		350	360,252
Santa Cruz (County of), CA Redevelopment Agency; Series 2015 A, Ref. RB (INS - AGM)(b)		5.00%		09/01/2035		1,880	2,207,834
Transbay Joint Powers Authority (Green Bonds); Series 2020 A, RB		5.00%		10/01/2045		2,000	2,488,860
Twin Rivers Unified School District; Series 2020, GO Bonds (INS - AGM)(b)(i)		0.00%		08/01/2044		8,990	4,259,462
University of California; Series 2018 AZ, Ref. RB		5.00%		05/15/2038		5,000	6,353,000
							243,851,809

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                     Invesco AMT-Free Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Colorado–3.20%
Berthoud-Heritage Metropolitan District No. 1; Series 2019, RB		5.63%		12/01/2048	$	2,000	$       2,086,960
BNC Metropolitan District No. 1; Series 2017 A, Ref. GO Bonds (INS - BAM)(b)		5.00%		12/01/2037		550	667,480
Broomfield Village Metropolitan District No. 2; Series 2003, Ref. GO Bonds(e)(k)		6.25%		12/01/2032		3,330	2,664,000
Colorado (State of) Educational & Cultural Facilities Authority;
Series 2007 A, RB (INS - AGC)(b)		4.50%		08/01/2037		40	40,110
Series 2010, Ref. RB		6.45%		11/01/2040		1,180	1,190,278
Series 2018 A, Ref. RB		5.00%		12/01/2038		1,000	1,201,040
Colorado (State of) Health Facilities Authority; Series 2016, Ref. RB		5.00%		01/01/2037		1,400	1,407,056
Colorado (State of) Health Facilities Authority (Adventhealth Obligated); Series 2019, Ref. RB		4.00%		11/15/2043		2,000	2,288,260
Colorado (State of) Health Facilities Authority (Commonspirit Health); Series 2019 A-2, Ref. RB		5.00%		08/01/2044		6,515	7,856,569
Cottonwood Highlands Metropolitan District No. 1; Series 2019 A, GO Bonds		5.00%		12/01/2049		900	913,311
Denver (City & County of), CO; Series 2018 B, Ref. RB		5.00%		12/01/2048		12,500	15,131,250
E-470 Public Highway Authority; Series 1997 B, RB (INS - NATL)(b)(i)		0.00%		09/01/2025		125	119,735
Ebert Metropolitan District;
Series 2018 A-1, GO Bonds (INS - BAM)(b)		5.00%		12/01/2043		7,000	8,735,160
Series 2018 A-2, GO Bonds (INS - BAM)(b)		5.00%		12/01/2043		1,605	2,002,847
Fossil Ridge Metropolitan District No. 1; Series 2010, Ref. GO Bonds		7.25%		12/01/2040		720	723,528
Hunters Overlook Metropolitan District No. 5;
Series 2019 A, GO Bonds		5.00%		12/01/2039		900	928,935
Series 2019 A, GO Bonds		5.00%		12/01/2049		1,360	1,392,232
Hunting Hill Metropolitan District; Series 2018, Ref. GO Bonds		5.63%		12/01/2048		1,575	1,636,299
Potomac Farms Metropolitan District;
Series 2007 A, Ref. GO Bonds		7.25%		12/01/2037		750	680,227
Series 2007 B, Ref. GO Bonds		7.63%		12/01/2023		66	64,796
Powhaton Road Metropolitan District No. 2; Series 2019 A, GO Bonds		5.63%		12/01/2048		710	738,514
Public Authority for Colorado Energy;
Series 2008, RB		6.25%		11/15/2028		1,495	1,923,213
Series 2008, RB		6.50%		11/15/2038		5,000	7,972,150
Rampart Range Metropolitan District No. 1;
Series 2017, Ref. RB (INS - AGM)(b)		5.00%		12/01/2042		4,665	5,630,188
Series 2017, Ref. RB (INS - AGM)(b)		5.00%		12/01/2047		1,500	1,798,530
Sorrel Ranch Metropolitan District; Series 2006, GO Bonds(d)(e)		6.75%		12/15/2036		1,000	280,000
Tabernash Meadows Water & Sanitation District; Series 2010, Ref. GO Bonds(g)(h)		7.13%		12/01/2020		500	508,410
Tallyn’s Reach Metropolitan District No. 3;
Series 2013, Ref. GO Bonds		5.00%		12/01/2033		110	112,739
Series 2013, Ref. GO Bonds		5.13%		11/01/2038		250	254,880
Vauxmont Metropolitan District; Series 2020, Ref. GO Bonds (INS - AGM)(b)		5.00%		12/01/2050		1,500	1,815,735
Woodmen Heights Metropolitan District No. 1;
Series 2012 A, Ref. GO Bonds		6.00%		12/01/2041		967	971,386
Series 2012 B, Ref. GO Bonds		7.30%		12/15/2041		5,071	3,789,571
							77,525,389
Connecticut–0.89%
Connecticut (State of) Health & Educational Facilities Authority (Fairfield University); Series 2017 R, Ref. RB		4.00%		07/01/2042		6,125	6,692,910
Connecticut (State of) Health & Educational Facilities Authority (Nuvance Health); Series 2019 A, Ref. RB		4.00%		07/01/2049		1,500	1,620,720
Connecticut (State of) Health & Educational Facilities Authority (The Griffin Hospital); Series 2020, G-1, Ref. RB(f)		5.00%		07/01/2044		1,100	1,174,734
Connecticut (State of) Health and Education Facilities Authority (Nuvance Health); Series 2019 A, Ref. RB		4.00%		07/01/2041		8,555	9,367,298
Connecticut (State of) Special Tax Revenue; Series 2020 A, RB		4.00%		05/01/2039		1,000	1,161,160
Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds(d)(e)		5.13%		10/01/2036		500	60,000
Hamden (Town of), CT; Series 2018 A, Ref. GO Bonds (INS - BAM)(b)		5.00%		08/15/2030		625	773,531
Mashantucket Western Pequot Tribe; Series 2013, RB(d)		6.05%		07/01/2031		11,203	728,172
							21,578,525
Delaware–0.10%
Bridgeville (Town of), DE (Heritage Shores Special Development District); Series 2005 A, RB		5.45%		07/01/2035		2,519	2,462,474

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                     Invesco AMT-Free Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
District of Columbia–1.28%
District of Columbia;
Series 2006 B-1, RB (INS - NATL)(b)		5.00%		02/01/2031	$	15	$            15,032
Series 2019 A, RB		4.00%		03/01/2044		4,335	5,125,791
District of Columbia (Center for Strategic & International Studies, Inc.); Series 2011, RB(g)(h)		6.38%		03/01/2021		1,705	1,756,781
District of Columbia (Gallaudet University); Series 2011, RB		5.50%		04/01/2034		400	407,348
District of Columbia Tobacco Settlement Financing Corp.;
Series 2001, RB		6.50%		05/15/2033		1,225	1,371,583
Series 2001, RB		6.75%		05/15/2040		4,385	4,518,742
Series 2006 B, RB(i)		0.00%		06/15/2046		72,125	9,243,540
Metropolitan Washington Airports Authority Dulles Toll Road (Dulles Metrorail and Capital Improvement); Series 2019 B, Ref. RB		4.00%		10/01/2044		7,815	8,640,108
							31,078,925
Florida–4.69%
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics); Series 2019, RB		4.00%		12/01/2049		2,055	2,314,690
Amelia Concourse Community Development District; Series 2007, RB(d)(e)		5.75%		05/01/2038		1,815	1,651,650
Arlington Ridge Community Development District; Series 2006 A, RB		5.50%		05/01/2036		230	222,284
Canaveral Port Authority; Series 2018 B, RB		5.00%		06/01/2048		5,000	5,747,050
Capital Trust Agency, Inc. (Advantage Academy of Hillsborough);
Series 2019 A, RB		5.00%		12/15/2049		455	491,841
Series 2019 A, RB		5.00%		12/15/2054		320	344,352
Capital Trust Agency, Inc. (Florida Charter Educational Foundation, Inc.);
Series 2018 A, RB(f)		5.38%		06/15/2038		255	271,223
Series 2018 A, RB(f)		5.38%		06/15/2048		480	502,800
Cascades at Groveland Community Development District; Series 2006, RB		5.30%		05/01/2036		815	815,538
Chapel Creek Community Development District; Series 2006 A, RB(d)(e)		5.50%		05/01/2038		1,990	1,791,000
Clearwater Cay Community Development District; Series 2006 A, RB(d)(e)		5.50%		05/01/2037		826	470,787
Creekside Community Development District; Series 2006, RB(d)(e)		5.20%		05/01/2038		2,280	1,026,000
CrossCreek Community Development District; Series 2007 A, RB(d)		5.60%		05/01/2039		5	3,940
East Homestead Community Development District;
Series 2011 B, RB		7.25%		05/01/2021		5	5,092
Series 2013, RB		5.00%		11/01/2033		350	363,507
Greater Lakes/Sawgrass Bay Community Development District; Series 2006 A, RB		5.50%		05/01/2038		780	780,039
Greater Orlando Aviation Authority; Series 2015 XF2019, Revenue Ctfs.(j)		5.00%		10/01/2032		16,000	16,055,200
Heritage Isles Community Development District; Series 1999, RB(d)		7.10%		10/01/2023		195	29,250
Highland Meadows Community Development District; Series 2006 A, RB		5.50%		05/01/2036		95	95,031
Indigo Community Development District; Series 2005, RB(d)(e)		5.75%		05/01/2036		375	262,500
Jacksonville (City of), FL (Brooks Rehabilitation); Series 2020, Ref. RB		5.00%		11/01/2050		5,000	6,104,050
Jacksonville (City of), FL Health Facilities Authority; Series 1997 B, RB(g)		5.25%		08/15/2027		30	32,295
JEA Water & Sewer System Revenue; Series 2008 B-1, VRD RB(l)		0.11%		10/01/2036		4,090	4,090,000
Lake (County of), FL (Imagine South Lake Charter School Program); Series 2019, RB(f)		5.00%		01/15/2054		190	196,593
Lake Ashton II Community Development District; Series 2005 A, RB		5.38%		05/01/2036		678	641,280
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts);
Series 2018 A, RB(f)		5.50%		07/15/2048		565	570,887
Series 2018 A, RB(f)		5.75%		07/15/2053		600	620,658
Lakeland (City of), FL (Florida Southern College);
Series 2012 A, Ref. RB		5.00%		09/01/2029		1,255	1,328,417
Series 2012 A, Ref. RB		5.00%		09/01/2037		1,000	1,044,870
Lakeland (City of), FL (Lakeland Regional Health); Series 2015, RB		5.00%		11/15/2040		3,000	3,358,110
Lee Memorial Health System; Series 2019 A-1, Ref. RB		4.00%		04/01/2037		4,000	4,607,560
Lucaya Community Development District; Series 2005, RB		5.38%		05/01/2035		1,200	1,200,948
Magnolia Creek Community Development District; Series 2007 A, RB(d)(e)		5.90%		05/01/2039		1,775	319,500
Magnolia West Community Development District; Series 2017, RB		5.35%		05/01/2037		85	85,661
Miami-Dade (County of), FL;
Series 2009, RB (INS - BAM)(b)(i)		0.00%		10/01/2042		6,925	3,579,048
Series 2019 B, RB		4.00%		10/01/2049		10,000	11,788,000
Miami-Dade (County of), FL Seaport; Series 2013 A, RB		5.50%		10/01/2042		3,000	3,286,080

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                     Invesco AMT-Free Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida–(continued)
Miromar Lakes Community Development District;
Series 2012, Ref. RB		5.38%		05/01/2032	$	735	$          755,242
Series 2015, Ref. RB		5.00%		05/01/2035		1,215	1,275,908
Monterey/Congress Community Development District; Series 2005 A, RB		5.38%		05/01/2036		2,830	2,831,924
Naturewalk Community Development District; Series 2007 A, RB(d)(e)		5.50%		05/01/2038		335	264,650
Orlando (City of), FL; Series 2008, RB (INS - AGC)(b)		5.50%		11/01/2038		180	180,472
Orlando (City of), FL Utilities Commission; Series 2018 A, RB		5.00%		10/01/2038		3,000	3,722,820
Osceola (County of), FL; Series 2020 A-1, Ref. RB		5.00%		10/01/2049		2,250	2,710,462
Palace Coral Gables Community Development District;
Series 2011, RB		5.00%		05/01/2032		450	480,245
Series 2011, RB		5.63%		05/01/2042		1,000	1,075,970
Palm River Community Development District; Series 2007 A, RB(d)(e)		5.38%		05/01/2036		510	255,000
Pine Ridge Plantation Community Development District; Series 2006 A, RB		5.40%		05/01/2037		1,098	1,098,555
Polk (County of), FL Industrial Development Authority (Carpenter’s Home Estates); Series 2019, Ref. IDR		5.00%		01/01/2049		750	775,987
Reunion East Community Development District;
Series 2002 A-2, RB(d)(e)		7.38%		05/01/2033		860	9
Series 2005, RB(d)(e)		5.80%		05/01/2036		810	8
Ridgewood Trails Community Development District; Series 2007 A, RB		5.65%		05/01/2038		15	12,019
River Glen Community Development District; Series 2006 A, RB(d)(e)		5.45%		05/01/2038		2,400	1,320,000
Santa Rosa (City of), FL Bay Bridge Authority; Series 1996 C, RB (INS - ACA)(b)		6.25%		07/01/2028		268	268,322
South Bay Community Development District;
Series 2005 A, RB(d)(e)		5.95%		05/01/2036		1,645	16
Series 2005 A-1, Ref. RB		5.95%		05/01/2036		1,900	1,561,249
Series 2005 A-2, Ref. RB(d)(e)		6.60%		05/01/2036		2,530	1,275,297
Series 2005 B-1, Ref. RB(d)		5.13%		05/01/2023		1,506	1,494,130
Series 2005 B-2, Ref. RB(d)(e)		6.60%		05/01/2025		935	470,829
St. Johns (County of), FL Industrial Development Authority (Bayview); Series 2007 A, Ref. RB(d)(e)		5.25%		10/01/2041		400	280,000
Tampa (City of), FL;
Series 2020 A, RB(i)		0.00%		09/01/2033		210	146,210
Series 2020 A, RB(i)		0.00%		09/01/2034		880	588,694
Series 2020 A, RB(i)		0.00%		09/01/2035		750	479,798
Series 2020 A, RB(i)		0.00%		09/01/2036		850	519,681
Series 2020 A, RB(i)		0.00%		09/01/2037		825	481,767
Series 2020 A, RB(i)		0.00%		09/01/2038		1,050	585,007
Series 2020 A, RB(i)		0.00%		09/01/2039		1,000	531,460
Villages of Avignon Community Development District; Series 2007 A, RB(d)(e)		5.40%		05/01/2037		250	17,500
Vista Community Development District; Series 2006 A, RB		5.38%		05/01/2037		3,855	3,856,079
Waterford Estates Community Development District; Series 2006 A, RB(d)(e)		5.50%		05/01/2037		2,031	1,421,523
Water’s Edge Community Development District;
Series 2012 A-1, Ref. RB		5.35%		05/01/2039		15	15,006
Series 2012 A-2, Ref. RB		6.60%		05/01/2039		205	206,866
Waterstone Community Development District;
Series 2007 A, RB(c)(e)		6.88%		05/01/2037		146	97,518
Series 2007 B, RB(e)(i)		0.00%		11/01/2028		993	534,901
West Villages Improvement District;
Series 2005 A-1, RB		5.75%		05/01/2036		3,335	2,684,775
Series 2005 A-2, RB(d)(e)		5.75%		05/01/2036		2,925	1,696,500
Westridge Community Development District; Series 2005, RB(d)		5.80%		05/01/2037		455	379,024
Westside Community Development District;
Series 2005, RB(d)(e)		5.65%		05/01/2037		250	117,500
Series 2019 2, RB(d)(e)		5.65%		05/01/2037		555	416,117
Wyld Palms Community Development District; Series 2007 A, RB(d)(e)		5.50%		05/01/2038		1,445	346,800
Zephyr Ridge Community Development District; Series 2006 A, RB(d)(e)		5.63%		05/01/2037		979	430,611
							113,760,182
Georgia–1.33%
Atlanta (City of), GA; Series 2019 A, RB		4.00%		07/01/2049		9,895	11,293,856

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                     Invesco AMT-Free Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Georgia–(continued)
Atlanta (City of), GA Urban Residential Finance Authority (Trestletree Village Apartments); Series 2013 A, RB		5.00%		11/01/2048	$	565	$          589,397
Floyd (County of), GA Development Authority;
Series 2018 A, RB		5.75%		12/01/2033		1,055	1,008,749
Series 2018 A, RB		6.00%		12/01/2038		2,145	2,035,476
Series 2018 A, RB		6.25%		12/01/2048		5,280	4,948,152
Series 2018 A, RB		6.50%		12/01/2053		3,040	2,919,981
Fulton (County of), GA Development Authority; Series 2016 A, Ref. RB		5.00%		07/01/2046		3,000	3,459,750
Georgia State Environmental Loan Acquisition Corp.; Series 2011, RB(g)(h)		5.13%		03/15/2021		440	451,633
Main Street Natural Gas, Inc.; Series 2019 A, RB		5.00%		05/15/2043		1,040	1,230,476
Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens);
Series 2018 A-1, RB		6.13%		12/01/2038		880	849,473
Series 2018 A-1, RB		6.25%		12/01/2048		1,230	1,170,517
Series 2018 A-1, RB		6.38%		12/01/2053		1,030	975,039
Series 2018 A-2, RB(h)		5.50%		12/01/2028		700	679,630
Randolph (County of), GA; Series 2012 A, GO Bonds		5.00%		04/01/2030		520	549,167
							32,161,296
Guam–0.07%
Guam (Territory of) Waterworks Authority; Series 2020 A, RB		5.00%		01/01/2050		1,500	1,825,890
Idaho–0.82%
American Falls Reservoir District; Series 2000, Ref. VRD RB(l)		0.25%		02/01/2025		19,885	19,885,000
Illinois–5.69%
Chicago (City of) (O’Hare International Airport); Series 2016 B, Ref. RB		5.00%		01/01/2041		3,000	3,435,240
Chicago (City of), IL; Series 2012, RB (INS - BAM)(b)		4.00%		01/01/2042		6,000	6,129,000
Chicago (City of), IL (Chicago O’Hare International Airport); Series 2015 B, Ref. RB		5.00%		01/01/2034		2,500	2,893,875
Chicago (City of), IL Board of Education;
Series 1998 B-1, GO Bonds (INS - NATL)(b)(i)		0.00%		12/01/2024		915	827,032
Series 1999 A, GO Bonds (INS - NATL)(b)(i)		0.00%		12/01/2024		1,405	1,269,923
Series 2016, RB		6.00%		04/01/2046		4,300	5,024,378
Series 2018 A, Ref. GO Bonds (INS - AGM)(b)		5.00%		12/01/2026		775	935,859
Series 2018 A, Ref. GO Bonds (INS - AGM)(b)		5.00%		12/01/2028		2,250	2,819,970
Series 2018 A, Ref. GO Bonds (INS - AGM)(b)		5.00%		12/01/2031		1,000	1,231,360
Series 2018 A, Ref. GO Bonds (INS - AGM)(b)		5.00%		12/01/2034		1,205	1,463,930
Chicago (City of), IL Transit Authority; Series 2020 A, Ref. RB		5.00%		12/01/2045		2,450	2,953,892
Cook County Community School District No. 147; Series 2004 A, Ref. GO Bonds (INS - ACA)(b)		7.13%		06/01/2024		2,400	2,678,568
Du Page (County of), IL Special Service Area No. 31; Series 2006, RB		5.63%		03/01/2036		318	318,467
Gilberts (Village of), IL; Series 2014, Ref. RB (INS - AGM)(b)		5.00%		03/01/2035		2,000	2,255,920
Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Series 2014 A, RB		5.38%		03/01/2034		690	656,492
Harvey (City of), IL;
Series 2007 A, Ref. GO Bonds(d)		5.50%		12/01/2027		2,225	1,524,125
Series 2007 A, Ref. GO Bonds(d)		5.63%		12/01/2032		1,000	685,000
Series 2008, RB		6.88%		08/01/2028		3,370	3,277,628
Illinois (State of);
Series 2014, GO Bonds		5.00%		04/01/2025		2,000	2,174,980
Series 2014, GO Bonds		5.00%		02/01/2039		1,525	1,598,688
Series 2016, GO Bonds (INS - BAM)(b)		4.00%		06/01/2041		5,000	5,281,900
Series 2017 C, GO Bonds		5.00%		11/01/2029		3,000	3,361,500
Series 2018 A, GO Bonds		5.00%		05/01/2036		2,610	2,895,873
Series 2018 A, Ref. GO Bonds		5.00%		10/01/2029		6,500	7,474,220
Series 2018 A, Ref. GO Bonds		5.00%		10/01/2032		3,000	3,388,920
Series 2018 A, Ref. GO Bonds		5.00%		10/01/2033		750	843,353
Series 2018 B, Ref. GO Bonds		5.00%		10/01/2029		5,000	5,749,400
Series 2020, GO Bonds		5.50%		05/01/2039		3,750	4,385,475
Illinois (State of) Finance Authority;
Series 2012 A, RB		5.75%		10/01/2032		500	520,865
Series 2012 A, RB		6.00%		10/01/2048		450	466,124

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                     Invesco AMT-Free Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois–(continued)
Illinois (State of) Finance Authority (OSF Healthcare System); Series 2018 B, Ref. VRD RB (LOC - JP Morgan Chase Bank N.A.)(l)(m)		0.02%		11/15/2037	$	700	$          700,000
Illinois (State of) Finance Authority (University of Illinois Health Services);
Series 2020, RB		4.00%		10/01/2040		950	1,069,349
Series 2020, RB		4.00%		10/01/2050		3,000	3,294,570
Illinois (State of) Regional Transportation Authority; Series 2018 B, RB		4.00%		06/01/2043		1,365	1,523,381
Illinois (State of) Sports Facilities Authority (The);
Series 2014, Ref. RB (INS - AGM)(b)		5.25%		06/15/2032		2,000	2,225,140
Series 2019, Ref. RB (INS - BAM)(b)		5.00%		06/15/2028		2,520	3,088,310
Series 2019, Ref. RB (INS - BAM)(b)		5.00%		06/15/2029		455	566,125
Series 2019, Ref. RB (INS - BAM)(b)		5.00%		06/15/2030		245	292,033
Jefferson County Township High School District No. 201;
Series 2012 A, GO Bonds		6.50%		12/30/2027		895	1,188,667
Series 2012 A, GO Bonds		6.50%		12/30/2028		955	1,299,593
Series 2012 A, GO Bonds		6.50%		12/30/2031		1,160	1,676,942
Lakemoor (Village of), IL; Series 2006, Ref. RB (INS - AGC)(b)		5.00%		03/01/2027		3,215	3,222,716
Lincolnshire (Village of), IL; Series 2004, RB		6.25%		03/01/2034		2,207	2,207,927
Markham (City of), IL; Series 2008 B, GO Bonds		5.75%		02/01/2028		480	464,952
Metropolitan Pier & Exposition Authority; Series 1998 A, RB (INS - AGM)(b)		5.50%		12/15/2023		760	813,671
Northern Illinois Municipal Power Agency; Series 2016 A, Ref. RB		4.00%		12/01/2041		1,050	1,147,860
Plano (City of), IL Special Service Area No. 5 (Lakewood Springs Club); Series 2006, RB(d)(e)		6.00%		03/01/2036		554	451,510
Regional Transportation Authority; Series 2018 XF2618, Revenue Ctfs.(j)		4.00%		06/01/2043		18,000	20,088,540
Sales Tax Securitization Corp.; Series 2018 C, Ref. RB (INS - BAM)(b)		5.25%		01/01/2048		5,000	5,899,050
Southwestern Illinois Development Authority;
Series 2006, RB		5.63%		11/01/2026		890	712,587
Series 2008 A, Ref. RB(e)(k)		7.00%		10/01/2022		2,995	1,737,100
Southwestern Illinois Development Authority (Eden Retirement Center, Inc.); Series 2006, RB		5.85%		12/01/2036		500	445,545
Stephenson County School District No. 145;
Series 2018 A, Ref. GO Bonds (INS - AGM)(b)		5.00%		02/01/2032		1,155	1,459,343
Series 2018 A, Ref. GO Bonds (INS - AGM)(b)		5.00%		02/01/2033		850	1,066,053
Series 2018 A, Ref. GO Bonds (INS - AGM)(b)		5.00%		02/01/2034		750	938,460
Yorkville (United City of), IL; Series 2013, Ref. RB		5.00%		03/01/2033		1,848	1,787,958
							137,889,339
Indiana–1.18%
Columbus (City of), IN; Series 2019, RB		5.63%		05/01/2039		3,575	3,224,972
Indiana (State of) Finance Authority;
Series 2011, RB(g)(h)		5.25%		09/15/2021		2,885	3,033,549
Series 2011, RB(g)(h)		6.38%		09/15/2021		4,250	4,517,367
Series 2011, RB(g)(h)		6.50%		09/15/2021		4,750	5,053,382
Indiana (State of) Finance Authority (Good Samaritan Hospital); Series 2016 A, RB		5.50%		04/01/2026		1,620	1,939,756
Indiana (State of) Municipal Power Agency; Series 2016 A, Ref. RB		5.00%		01/01/2037		7,500	8,923,875
Indianapolis (City of), IN; Series 2009 A, RB		7.00%		02/01/2039		2,025	1,943,433
							28,636,334
Iowa–0.20%
Iowa (State of) Finance Authority;
Series 2007 B, RB		5.38%		06/01/2025		220	205,071
Series 2007, RB(d)		5.90%		12/01/2028		400	20,000
Series 2012, RB		5.00%		08/15/2028		1,685	1,799,394
Series 2018 B, Ref. RB		5.00%		02/15/2048		1,300	1,575,509
Xenia (City of), IA Rural Water District; Series 2016, Ref. RB		5.00%		12/01/2036		1,000	1,164,160
							4,764,134
Kansas–0.04%
Pittsburg (City of), KS; Series 2006, RB		4.90%		04/01/2024		1,075	951,945
Kentucky–2.75%
Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health); Series 2004 C, VRD RB(l)		0.22%		05/01/2034		15,000	15,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13                     Invesco AMT-Free Municipal Income Fund

	Interest Rate			Maturity Date		Principal   Amount (000)		Value
Kentucky–(continued)
Kentucky (Commonwealth of) Municipal Power Agency (Prairie State);
Series 2016 A, Ref. RB (INS - NATL)(b)		5.00%			09/01/2032	$	5,480	$       6,458,509
Series 2016 A, Ref. RB (INS - NATL)(b)		5.00%			09/01/2033		11,525	13,518,018
Series 2016 A, Ref. RB (INS - NATL)(b)		5.00%			09/01/2034		5,000	5,847,300
Kentucky (Commonwealth of) Property & Building Commission (Project No. 115);
Series 2017, RB		5.00%			04/01/2037		2,500	2,953,575
Series 2017, RB (INS - BAM)(b)		5.00%			04/01/2038		2,500	2,978,625
Kentucky (Commonwealth of) Property & Building Commission (Project No. 119);
Series 2018, RB		5.00%			05/01/2035		1,500	1,819,710
Series 2018, RB		5.00%			05/01/2036		1,170	1,414,074
Series 2018, RB		5.00%			05/01/2037		4,605	5,548,150
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.); Series 2013 A, RB		5.75%			10/01/2042		10,000	11,133,200
Springfield (City of), KY; Series 2004, Ref. RB(d)(e)		5.75%			10/01/2035		15	79
								66,671,240
Louisiana–1.62%
Denham Springs (City of) & Livingston (Parish of), LA Housing & Mortgage Finance Authority; Series 2007, RB (CEP - GNMA)		5.00%			11/01/2040		6	5,842
Louisiana (State of) Public Facilities Authority; Series 2015, Ref. RB (INS - AGM)(b)		5.00%			06/01/2042		2,500	2,880,700
Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans);
Series 2017, Ref. RB(d)		5.00%			07/01/2032		395	292,300
Series 2017, Ref. RB(d)		5.00%			07/01/2033		300	222,000
Series 2017, Ref. RB(d)		5.00%			07/01/2037		345	255,300
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2017, Ref. RB		5.00%			05/15/2042		7,500	8,650,425
Louisiana (State of) Public Facilities Authority (Provident Group-Flagship Properties LLC- Louisiana State University Nicholson Gateway); Series 2017, RB		5.00%			07/01/2057		1,300	1,433,276
Louisiana (State of) Stadium & Exposition District; Series 2013 A, Ref. RB		5.00%			07/01/2028		50	52,723
Louisiana Housing Corp.;
Series 2009 A, RB		6.88%			09/01/2029		8,280	8,050,810
Series 2009 A, RB		7.25%	��		09/01/2039		5,000	4,636,850
Louisiana State Citizens Property Insurance Corp.; Series 2012, Ref. RB(g)(h)		5.00%			06/01/2022		1,585	1,716,745
Louisiana State University & Agricultural & Mechanical College Board of Supervisors; Series 2016 A, Ref. RB		5.00%			07/01/2040		4,035	4,617,372
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System);
Series 2018 A, RB (INS - AGM)(b)		5.00%			10/01/2043		700	827,155
Series 2018 A, RB (INS - AGM)(b)		5.00%			10/01/2048		1,280	1,503,398
St. John the Baptist (Parish of), LA (Marathon Oil Corp.);
Series 2017, Ref. RB(h)		2.13%			07/01/2024		2,000	2,012,840
Series 2017, Ref. RB(h)		2.38%			07/01/2026		2,000	2,028,900
								39,186,636
Maine–0.54%
Maine (State of) Health & Higher Educational Facilities Authority; Series 2020 A, RB		4.00%			07/01/2050		5,250	5,972,348
Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center);
Series 2011, RB		7.50%			07/01/2032		5,000	5,171,750
Series 2011, RB		6.75%			07/01/2036		2,000	2,052,560
								13,196,658
Maryland–1.88%
Baltimore (County of), MD (Riderwood Village, Inc.);
Series 2020, Ref. RB		4.00%			01/01/2045		5,250	5,751,532
Series 2020, Ref. RB		4.00%			01/01/2050		6,000	6,551,040
Gaithersburg (City of), MD (Asbury Maryland Obligated Group); Series 2018 A, Ref. RB		5.00%			01/01/2036		1,500	1,629,030
Maryland (State of) Health & Higher Educational Facilities Authority;
Series 2001, RB (INS - AMBAC)(b)		5.00%			07/01/2034		5	5,048
Series 2004, RB (INS - AMBAC)(b)		5.00%			07/01/2034		15	15,143
Series 2007, Ref. RB		4.75%			07/01/2034		10	10,006
Series 2016, Ref. RB		5.00%			06/01/2036		400	447,536

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14                     Invesco AMT-Free Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Maryland–(continued)
Maryland (State of) Health & Higher Educational Facilities Authority (UPMC);
Series 2020 B, RB		4.00%		04/15/2045	$	5,250	$       5,947,095
Series 2020 B, RB		4.00%		04/15/2050		5,000	5,630,000
Maryland (State of) Transportation Authority (Transportation Facilities); Series 2020, RB		4.00%		07/01/2050		10,000	11,729,200
Maryland Economic Development Corp.;
Series 2012, Ref. RB		5.00%		07/01/2034		1,000	1,036,400
Series 2016, Ref. RB (INS - AGM)(b)		5.00%		06/01/2035		4,530	5,287,688
Prince George’s (County of), MD; Series 2005, RB		5.25%		07/01/2035		1,613	1,623,613
							45,663,331
Massachusetts–1.30%
Commonwealth of Massachusetts; Series 2016 XF0530, Revenue Ctfs.(j)		5.00%		12/01/2035		20,000	24,858,600
Massachusetts (Commonwealth of) Development Finance Agency;
Series 2011 B, RB(i)		0.00%		11/15/2056		364	54,421
Series 2011, RB		5.50%		07/01/2026		750	762,502
Series 2011, RB		6.00%		07/01/2031		25	25,467
Series 2016 I, Ref. RB		5.00%		07/01/2036		2,000	2,287,800
Massachusetts (Commonwealth of) Development Finance Agency (Wellforce, Inc.); Series 2020 C, Ref. RB (INS - AGM)(b)		4.00%		10/01/2045		3,000	3,441,930
							31,430,720
Michigan–4.20%
Detroit (City of), MI;
Series 2003 B, RB (INS - AGM)(b)		7.50%		07/01/2033		60	60,328
Series 2011 A, RB(g)(h)		5.00%		07/01/2021		1,000	1,040,150
Detroit (City of), MI Downtown Development Authority; Series 2018 A, Ref. RB (INS - AGM)(b)		5.00%		07/01/2048		1,350	1,511,338
Detroit (City of), MI Water and Sewerage Department; Series 2012 A, Ref. RB(g)(h)		5.00%		07/01/2022		2,155	2,344,748
Detroit City School District;
Series 2012 A, Ref. GO Bonds		5.00%		05/01/2028		1,100	1,178,903
Series 2012 A, Ref. GO Bonds		5.00%		05/01/2031		680	727,478
Detroit Downtown Development Authority; Series 2018 A, Ref. RB (INS - AGM)(b)		5.00%		07/01/2043		150	168,105
Grand Traverse Academy; Series 2007, Ref. RB		5.00%		11/01/2022		315	315,176
Michigan (State of) Finance Authority;
Series 2005 A, RB		6.00%		12/01/2035		1,155	1,155,312
Series 2008 C, RB(i)		0.00%		06/01/2058		623,000	30,713,900
Series 2010 A, RB		5.90%		12/01/2030		600	601,134
Series 2014 D-6, Ref. RB (INS - NATL)(b)		5.00%		07/01/2025		1,000	1,170,550
Series 2014 D-6, Ref. RB (INS - NATL)(b)		5.00%		07/01/2026		895	1,046,899
Series 2014 D-6, Ref. RB (INS - NATL)(b)		5.00%		07/01/2027		930	1,084,752
Series 2014, Ref. RB(f)		6.75%		07/01/2044		6,000	6,151,320
Series 2015 C, RB		5.00%		07/01/2034		2,200	2,585,550
Series 2018, Ref. RB		5.75%		11/01/2040		635	690,512
Michigan (State of) Finance Authority (CHE Trinity Health Credit Group); Series 2013 MI-4, Ref. RB		5.00%		12/01/2039		5,000	6,300,850
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);
Series 2014 C-6, Ref. RB		5.00%		07/01/2033		1,000	1,138,640
Series 2014 D-4, Ref. RB		5.00%		07/01/2032		2,450	2,798,561
Series 2014 D-4, Ref. RB		5.00%		07/01/2034		1,000	1,137,430
Michigan (State of) Finance Authority (Henry Ford Health System); Series 2016, Ref. RB		5.00%		11/15/2041		6,300	7,367,724
Michigan (State of) Strategic Fund; Series 2007, RB		5.85%		08/31/2027		6,454	5,931,704
Michigan State University Board of Trustees;
Series 2019 B, RB		5.00%		02/15/2044		1,180	1,471,271
Series 2019 B, RB		5.00%		02/15/2048		6,650	8,238,419
Plymouth Educational Center Charter School;
Series 2005, Ref. RB		5.38%		11/01/2030		400	272,916
Series 2005, Ref. RB		5.63%		11/01/2035		1,325	812,093
Renaissance Public School Academy; Series 2012 A, RB		6.00%		05/01/2037		500	508,085

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15                     Invesco AMT-Free Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Michigan–(continued)
Walled Lake Consolidated School District;
Series 2019, GO Bonds		4.00%		05/01/2039	$	600	$          705,210
Series 2019, GO Bonds		4.00%		05/01/2040		1,220	1,424,704
Series 2019, GO Bonds		4.00%		05/01/2041		2,485	2,888,738
Series 2019, GO Bonds		5.00%		05/01/2044		3,270	4,150,807
Series 2019, GO Bonds		5.00%		05/01/2049		3,270	4,125,661
							101,818,968
Minnesota–0.25%
Bethel (City of), MN (Benedictine Health System - St. Peter Communities); Series 2018 A, Ref. RB		5.50%		12/01/2048		1,050	1,009,208
Duluth (City of), MN Economic Development Authority; Series 2018 A, Ref. RB		5.00%		02/15/2043		2,300	2,662,756
Minnesota (State of) Higher Education Facilities Authority; Series 2017, Ref. RB		5.00%		10/01/2047		900	956,088
Mound (City of), MN Housing & Redevelopment Authority; Series 2006, Ref. RB		5.00%		02/15/2027		721	721,281
St. Paul (City of), MN (Presbyterian Homes Bloomington); Series 2017, Ref. RB		5.00%		09/01/2042		680	709,328
							6,058,661
Mississippi–0.51%
Mississippi (State of) Development Bank; Series 2016, RB		5.00%		12/01/2046		10,000	12,128,800
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); Series 2007 E, VRD IDR(l)		0.03%		12/01/2030		300	300,000
							12,428,800
Missouri–1.05%
370/Missouri Bottom Road/Taussig Road Transportation Development District (Hazelwood); Series 2002, RB(d)(e)		7.20%		05/01/2049		14,360	4,882,400
Branson (City of), MO Industrial Development Authority;
Series 2005 A, RB(e)		7.05%		05/01/2027		70	47,933
Series 2007 A, RB(e)		5.75%		05/01/2026		785	547,859
Broadway-Fairview Transportation Development District; Series 2006 A, RB(e)(k)		5.88%		12/01/2031		675	438,750
Chillicothe (City of), MO (South U.S. 65);
Series 2006, RB(e)		5.50%		04/01/2021		90	85,946
Series 2006, RB(e)		5.63%		04/01/2027		400	340,020
Columbia (City of), MO Housing Authority;
Series 2015, RB		5.00%		12/15/2040		580	589,918
Series 2015, RB		5.13%		12/15/2050		1,330	1,348,633
Grindstone Plaza Transportation Development District; Series 2006 A, RB		5.50%		10/01/2031		355	301,732
Hollister (City of), MO; Series 2019, RB(f)		5.63%		10/01/2039		5,525	5,528,591
Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2016 A, Ref. RB(f)		5.00%		04/01/2046		295	284,672
Lee’s Summit (City of), MO Industrial Development Authority;
Series 2007, RB(d)(e)		5.50%		03/01/2021		140	86,800
Series 2007, RB(d)(e)		5.75%		03/01/2029		250	155,000
Maplewood (City of), MO (Maplewood South Redevelopment Area); Series 2005, Ref. RB		5.75%		11/01/2026		2,100	2,070,957
Northwoods Transportation Development District; Series 2006 A, RB		5.85%		02/01/2031		54	46,581
St Louis (County of), MO; Series 2007 A, RB(e)		5.50%		09/02/2028		373	167,850
St. Charles (County of), MO Industrial Development Authority (Suemandy/Mid-Rivers Community Improvement District); Series 2016, RB(f)		5.00%		10/01/2046		1,025	978,978
St. Louis (City of), MO;
Series 2006 A, RB(e)(k)		6.00%		08/04/2025		481	96,200
Series 2007, RB(e)		5.50%		05/29/2028		661	262,893
St. Louis (City of), MO Land Clearance for Redevelopment Authority; Series 2018 A, RB		5.00%		04/01/2048		3,250	3,567,135
St. Louis (County of), MO;
Series 2006, RB(e)(k)		6.00%		08/21/2026		1,391	415,430
Series 2006, RB(e)		5.50%		03/09/2027		1,879	770,390
Series 2007 A, RB(e)		5.50%		01/20/2028		758	379,000
Series 2007 B, RB(e)(k)		5.50%		01/20/2028		466	111,840
Series 2008 A, RB(e)		6.60%		01/21/2028		3,255	1,464,750
Series 2008, RB(e)(k)		6.69%		04/21/2029		1,080	183,600

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16                     Invesco AMT-Free Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Missouri–(continued)
Stone Canyon Community Improvement District;
Series 2007, RB(d)(e)		5.70%		04/01/2022	$	620	$          161,200
Series 2007, RB(d)(e)		5.75%		04/01/2027		320	83,200
							25,398,258
Montana–0.03%
Hardin (City of), MT; Series 2006, RB(e)(k)		6.25%		09/01/2031		11,710	819,700
Nebraska–0.65%
Central Plains Energy Project (No. 3);
Series 2012, RB(n)		5.25%		09/01/2037		9,510	10,283,543
Series 2017 A, Ref. RB		5.00%		09/01/2037		4,000	5,472,960
							15,756,503
Nevada–0.42%
Clark (County of) (Stadium Improvement Bonds); Series 2018 A, GO Bonds		5.00%		05/01/2048		2,500	3,028,400
Clark (County of), NV;
Series 2007 A, RB		5.00%		02/01/2026		320	322,365
Series 2007 A, RB		5.05%		02/01/2031		255	256,517
Clark County School District; Series 2018 B, GO Bonds (INS - BAM)(b)		5.00%		06/15/2036		5,280	6,547,411
							10,154,693
New Hampshire–0.51%
Manchester Housing & Redevelopment Authority, Inc.; Series 2000 B, RB (INS - ACA)(b)(i)		0.00%		01/01/2029		305	196,304
New Hampshire (State of) Business Finance Authority;
Series 2019 A, RB(f)		5.25%		07/01/2039		410	416,810
Series 2019 A, RB(f)		5.63%		07/01/2046		230	236,353
Series 2019 A, RB(f)		5.75%		07/01/2054		570	587,322
New Hampshire (State of) Health & Education Facilities Authority (Southern New Hampshire University); Series 2012, RB		5.00%		01/01/2027		1,500	1,579,020
New Hampshire (State of) Health and Education Facilities Authority; Series 2020 A, RB		5.00%		08/01/2059		3,410	5,031,592
New Hampshire Business Finance Authority; Series 2020-1, Class A		4.13%		01/20/2034		3,969	4,291,529
							12,338,930
New Jersey–7.58%
Atlantic City (City of), NJ;
Series 2017 A, Ref. GO Bonds (INS - BAM)(b)		5.00%		03/01/2032		250	304,093
Series 2017 A, Ref. GO Bonds (INS - BAM)(b)		5.00%		03/01/2037		500	597,495
Series 2017 B, GO Bonds (INS - AGM)(b)		4.00%		03/01/2042		3,510	3,889,887
Casino Reinvestment Development Authority;
Series 2014, Ref. RB (INS - AGM)(b)		5.00%		11/01/2030		2,000	2,188,300
Series 2014, Ref. RB (INS - AGM)(b)		5.00%		11/01/2032		2,000	2,173,920
New Jersey (State of) Economic Development Authority;
Series 2016 AAA, RB		5.00%		06/15/2041		3,000	3,375,360
Series 2017 A, RB		5.00%		07/01/2032		500	488,190
Series 2017 A, RB		5.00%		07/01/2047		200	178,596
Series 2017 DDD, RB		5.00%		06/15/2028		1,930	2,284,290
Series 2017 DDD, RB		5.00%		06/15/2029		3,500	4,105,465
Series 2017, Ref. RB (INS - AGM)(b)		5.00%		06/01/2037		1,000	1,183,810
Series 2018 A, RB		5.00%		06/15/2042		3,500	3,997,700
Series 2018 A, RB		5.00%		06/15/2047		735	835,489
Series 2018 A, RB(f)		6.50%		11/01/2052		220	250,089
Series 2018 C, RB		5.00%		06/15/2031		4,855	5,682,486
Series 2019, RB		4.00%		06/15/2044		3,000	3,194,520
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB		5.13%		06/15/2037		980	1,203,460
New Jersey (State of) Health Care Facilities Financing Authority; Series 2015 A, RB (INS - AGM)(b)		5.00%		07/01/2029		2,100	2,425,017

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17                     Invesco AMT-Free Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
New Jersey–(continued)
New Jersey (State of) Transportation Trust Fund Authority;
Series 2004 A, RB (INS - NATL)(b)		5.75%		06/15/2024	$	11,570	$     13,420,274
Series 2005 B, RB (INS - NATL)(b)		5.50%		12/15/2021		5,975	6,327,166
Series 2008 A, RB(i)		0.00%		12/15/2038		5,680	2,995,405
Series 2009 D, RB		5.00%		06/15/2032		5,015	5,553,461
Series 2011 A, RB(g)(h)		6.00%		06/15/2021		4,555	4,763,528
Series 2016, RN		5.00%		06/15/2030		6,000	6,930,060
Series 2018 A, Ref. RN		5.00%		06/15/2029		6,660	7,746,313
Series 2018 A, Ref. RN		5.00%		06/15/2030		945	1,092,600
Series 2018 A, Ref. RN		5.00%		06/15/2031		880	1,012,202
New Jersey (State of) Turnpike Authority;
Series 2015 E, RB		5.00%		01/01/2034		7,000	8,001,070
Series 2019 A, RB		4.00%		01/01/2048		10,000	11,206,900
Series 2019 A, RB		5.00%		01/01/2048		3,000	3,615,060
Tobacco Settlement Financing Corp.;
Series 2018 A, Ref. RB		5.00%		06/01/2028		3,500	4,487,035
Series 2018 A, Ref. RB		5.00%		06/01/2029		4,500	5,730,705
Series 2018 A, Ref. RB		5.00%		06/01/2030		5,000	6,320,200
Series 2018 A, Ref. RB		5.00%		06/01/2031		7,100	8,910,784
Series 2018 A, Ref. RB		5.00%		06/01/2034		13,000	16,074,370
Series 2018 A, Ref. RB		5.00%		06/01/2035		4,000	4,925,280
Series 2018 A, Ref. RB		5.00%		06/01/2037		3,000	3,669,900
Series 2018 A, Ref. RB		5.00%		06/01/2046		6,000	7,004,280
Series 2018 B, Ref. RB		5.00%		06/01/2046		13,700	15,530,320
							183,675,080
New Mexico–0.08%
Boulders Public Improvement District; Series 2015, RB		5.75%		10/01/2044		230	232,507
Trails Public Improvement District; Series 2008, RB		7.75%		10/01/2038		1,775	1,727,838
							1,960,345
New York–13.33%
Brooklyn Arena Local Development Corp. (Barclays Center); Series 2016 A, Ref. RB		5.00%		07/15/2042		3,250	3,535,707
Hudson Yards Infrastructure Corp.;
Series 2017 XF0549, Revenue Ctfs.(j)		5.00%		02/15/2037		8,500	10,216,490
Series 2017 XF0549, Revenue Ctfs.(j)		5.00%		02/15/2039		7,500	8,972,775
Metropolitan Transportation Authority;
Series 2015 C-1, Ref. RB		5.00%		11/15/2035		10,500	11,320,050
Series 2016 C-1, RB		5.25%		11/15/2056		5,000	5,432,600
Metropolitan Transportation Authority (Green Bonds);
Series 2016 A1, RB		5.25%		11/15/2056		14,375	15,525,144
Subseries 2017 A-1, RB		5.25%		11/15/2057		3,500	3,824,415
MTA Hudson Rail Yards Trust Obligations; Series 2016 A, RB		5.00%		11/15/2056		13,150	14,618,460
New York & New Jersey (States of) Port Authority;
Series 2016 198, Ref. RB		5.25%		11/15/2056		10,000	12,079,700
Series 2018, Ref. RB		5.00%		09/01/2048		5,000	6,054,100
New York (City of), NY;
Series 2014 I-2, VRD GO Bonds(l)		0.02%		03/01/2040		5,600	5,600,000
Series 2018 DD1, RB		5.00%		06/15/2048		10,000	12,369,700
Series 2018 E-1, GO Bonds		5.00%		03/01/2040		10,065	12,223,842
New York (City of), NY Municipal Water Finance Authority;
Series 2015 GG, Ref. RB		5.00%		06/15/2039		10,000	11,830,500
Series 2018 BB, VRD RB(l)		0.13%		06/15/2051		1,500	1,500,000
Subseries 2012 A-1, VRD RB(l)		0.02%		06/15/2044		5,500	5,500,000
New York (City of), NY Transitional Finance Authority;
Series 2018 S-3, RB		5.00%		07/15/2043		14,000	17,059,420
Series 2019 A-3, RB		4.00%		05/01/2042		5,000	5,723,950
Series 2019 B-1, RB		4.00%		11/01/2045		4,000	4,593,400
New York (City of), NY Water & Sewer System (2nd Generation Resolution); Series 2008 BB-2, VRD RB(l)		0.04%		06/15/2039		10,000	10,000,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18                     Invesco AMT-Free Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
New York–(continued)
New York (Counties of), NY Tobacco Trust VI; Subseries 2016 A-1, Ref. RB		5.75%		06/01/2043	$	285	$          334,923
New York (State of) Dormitory Authority;
Series 2015 B, RB		5.00%		03/15/2033		10,000	11,933,400
Series 2015 B, Ref. RB		5.00%		07/01/2028		2,650	3,128,060
Series 2016 A, RB		5.00%		03/15/2035		5,000	6,107,050
Series 2020 D, Ref. RB		4.00%		02/15/2047		7,000	8,093,400
New York (State of) Dormitory Authority (Columbia University); Series 2018 A, RB		5.00%		10/01/2048		14,000	23,024,260
New York (State of) Thruway Authority;
Series 2019 B, RB		4.00%		01/01/2050		5,920	6,758,509
Series 2019 B, RB		4.00%		01/01/2053		5,880	6,697,144
New York City Transitional Finance Authority; Series 2020 C-1, RB		4.00%		05/01/2045		5,000	5,794,200
New York Counties Tobacco Trust II; Series 2001, RB		5.75%		06/01/2043		65	65,075
New York Liberty Development Corp. (Goldman Sachs Headquarters); Series 2005, Ref. RB		5.25%		10/01/2035		6,075	8,478,331
New York Power Authority;
Series 2002 A, RB		4.00%		11/15/2045		7,000	8,342,040
Series 2002 A, RB		4.00%		11/15/2050		9,000	10,638,990
New York State Thruway Authority; Series 2020 N, RB		4.00%		01/01/2045		5,000	5,743,100
New York State Urban Development Corp.;
Series 2020 A, RB		5.00%		03/15/2041		1,800	2,304,486
Series 2020 A, RB		5.00%		03/15/2042		515	655,698
Series 2020 A, RB		4.00%		03/15/2045		4,235	4,938,476
Series 2020 A, RB		4.00%		03/15/2049		9,450	10,963,890
Series 2020 C, Ref. RB		5.00%		03/15/2047		7,000	8,861,090
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2020 A, RB		5.00%		11/15/2049		3,000	3,797,430
TSASC, Inc.;
Series 2016 B, Ref. RB		5.00%		06/01/2045		5,450	5,651,650
Series 2017 A, Ref. RB		5.00%		06/01/2036		2,455	2,887,227
							323,178,682
North Carolina–1.22%
Charlotte-Mecklenburg Hospital Authority (The); Series 2007 B, Ref. VRD RB(l)		0.02%		01/15/2038		5,500	5,500,000
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2007 C, Ref. VRD RB(l)		0.02%		01/15/2037		17,925	17,925,000
North Carolina (State of) Turnpike Authority; Series 2018, Ref. RB (INS - AGM)(b)		5.00%		01/01/2038		5,000	6,201,250
							29,626,250
Ohio–2.88%
Buckeye Tobacco Settlement Financing Authority;
Series 2020 B-2, Ref. RB		5.00%		06/01/2055		28,330	31,163,000
Series 2020 B-3, Ref. RB(i)		0.00%		06/01/2057		49,575	7,204,239
Cleveland (City of) & Cuyahoga (County of), OH Port Authority; Series 2010, RB		6.00%		11/15/2035		3,445	3,484,480
Cuyahoga (County of), OH (Metrohealth System);
Series 2017, Ref. RB		5.50%		02/15/2052		2,475	2,869,366
Series 2017, Ref. RB		5.50%		02/15/2057		1,050	1,211,584
Greater Cincinnati (Port of), OH Development Authority;
Series 2004, RB		6.30%		02/15/2024		1,015	973,426
Series 2004, RB		6.40%		02/15/2034		5,860	5,078,334
Greene (County of), OH;
Series 2002 A, RB (INS - ACA)(b)		5.50%		09/01/2027		1,000	1,000,760
Series 2002 A, RB (INS - ACA)(b)		5.63%		09/01/2032		255	255,140
Jeffrey Place New Community Authority; Series 2007 A, RB		5.00%		12/01/2022		285	285,248
Ohio (State of);
Series 2017 A, GO Bonds		5.00%		03/15/2036		5,000	5,762,850
Series 2020 A, Ref. RB		5.00%		01/15/2050		3,905	4,765,350
Ohio (State of) Higher Educational Facility Commission; Series 2018, Ref. RB		5.25%		01/01/2038		1,350	1,283,553
Portage (County of), OH Port Authority; Series 2012, RB		5.00%		12/01/2037		4,065	4,127,601
Toledo (City of) & Lucas (County of), OH Port Authority; Series 2007 A, RB		5.40%		11/01/2036		314	273,808
							69,738,739

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19                     Invesco AMT-Free Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Oklahoma–0.15%
Carter (County of), OK Public Facilities Authority; Series 2018, RB		5.00%		09/01/2032	$	3,070	$       3,649,770
Oregon–0.03%
Oregon (State of) Facilities Authority;
Series 2010 A, RB(f)(g)(h)		6.13%		09/01/2020		225	225,000
Series 2010 A, RB(f)(g)(h)		6.38%		09/01/2020		500	500,000
							725,000
Pennsylvania–6.43%
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Obligated Group); Series 2018 A, Ref. RB		5.00%		04/01/2036		2,825	3,427,149
Berks (County of), PA Industrial Development Authority (Tower Health); Series 2017, Ref. RB		5.00%		11/01/2047		1,600	1,716,096
Bethlehem Area School District; Series 2015 A, GO Bonds (INS - BAM)(b)		5.00%		08/01/2033		5,000	5,997,500
Commonwealth Financing Authority;
Series 2018, RB		5.00%		06/01/2030		1,250	1,587,312
Series 2018, RB		5.00%		06/01/2032		3,000	3,758,370
Series 2018, RB		5.00%		06/01/2033		2,000	2,491,160
Series 2018, RB		5.00%		06/01/2034		1,760	2,184,283
Delaware (County of), PA Authority (Neumann University);
Series 2016, Ref. RB		5.00%		10/01/2031		1,425	1,429,375
Series 2016, Ref. RB		5.00%		10/01/2035		2,305	2,292,830
Geisinger Authority (Geisinger Health System); Series 2020, Ref. RB		5.00%		04/01/2050		5,000	6,185,650
Pennsylvania (Commonwealth of);
Series 2013 1, GO Bonds		4.00%		04/01/2032		5,000	5,394,300
Series 2018 1, GO Bonds		5.00%		03/01/2032		10,000	12,714,100
Series 2018 1, GO Bonds		4.00%		03/01/2035		12,500	14,758,875
Series 2018 1, GO Bonds (INS - BAM)(b)		4.00%		03/01/2036		4,175	4,969,419
Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District);
Series 2012, RB(g)(h)		5.00%		04/01/2022		5,605	6,021,900
Series 2016 A, Ref. RB (INS - AGM)(b)		5.00%		06/01/2032		5,000	6,044,450
Series 2016 A, Ref. RB (INS - AGM)(b)		5.00%		06/01/2033		5,000	6,017,950
Pennsylvania (Commonwealth of) Turnpike Commission;
Series 2009 E, RB		6.38%		12/01/2038		1,500	1,933,785
Series 2016, Ref. RB		5.00%		06/01/2030		5,000	5,870,550
Series 2017 3, Ref. RB		5.00%		12/01/2040		5,125	6,075,995
Series 2017 B-1, RB		5.00%		06/01/2042		7,750	9,065,872
Series 2018 A-2, RB		5.00%		12/01/2048		7,000	8,444,170
Series 2019 A, RB (INS - AGM)(b)		4.00%		12/01/2049		8,500	9,611,715
Pennsylvania Turnpike Commission; Series 2014 A-3, RB(i)		0.00%		12/01/2041		3,450	1,857,652
Philadelphia (City of), PA;
Series 2017 15, Ref. RB		5.00%		08/01/2036		1,000	1,193,570
Series 2019 B, RB		5.00%		11/01/2049		7,155	8,915,201
Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University Health System); Series 2012 A, RB		5.63%		07/01/2042		3,500	3,693,480
Philadelphia (City of), PA Industrial Development Authority (Architecture & Design Charter High School); Series 2013, RB(g)(h)		6.13%		03/15/2023		685	782,167
Philadelphia School District; Series 2016 F, Ref. GO Bonds		5.00%		09/01/2032		1,000	1,206,120
Pottsville (City of), PA Hospital Authority (Lehigh Valley); Series 2016 B, Ref. RB		5.00%		07/01/2041		4,000	4,689,440
Reading School District;
Series 2017, Ref. GO Bonds (INS - AGM)(b)		5.00%		03/01/2035		280	340,108
Series 2017, Ref. GO Bonds (INS - AGM)(b)		5.00%		03/01/2036		255	307,507
Scranton School District;
Series 2017 E, Ref. GO Bonds (INS - BAM)(b)		5.00%		12/01/2029		1,000	1,250,440
Series 2017 E, Ref. GO Bonds (INS - BAM)(b)		5.00%		12/01/2030		1,305	1,623,055
Series 2017 E, Ref. GO Bonds (INS - BAM)(b)		5.00%		12/01/2032		890	1,098,376
Series 2017 E, Ref. GO Bonds (INS - BAM)(b)		5.00%		12/01/2033		710	874,479
							155,824,401

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20                     Invesco AMT-Free Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Puerto Rico–7.21%
Puerto Rico (Commonwealth of);
Series 2001 A, Ref. GO Bonds (INS - NATL)(b)		5.50%		07/01/2021	$	500	$          506,365
Series 2003 C-7, Ref. GO Bonds (INS - NATL)(b)		6.00%		07/01/2027		1,365	1,400,490
Series 2004 A, GO Bonds (INS - AGC)(b)		5.00%		07/01/2034		5	5,026
Series 2006 A, GO Bonds(d)		5.25%		07/01/2030		4,020	2,869,275
Series 2008 A, GO Bonds(d)		5.00%		07/01/2023		2,610	1,843,312
Series 2008 A, GO Bonds(d)		5.13%		07/01/2028		3,000	2,126,250
Series 2009 B, Ref. GO Bonds(d)		6.50%		07/01/2037		5,000	3,618,750
Series 2009 B, Ref. GO Bonds(d)		6.00%		07/01/2039		6,200	4,456,250
Series 2009 C, Ref. GO Bonds(d)		6.00%		07/01/2039		2,000	1,407,500
Series 2011 A, GO Bonds(d)		5.75%		07/01/2041		3,335	2,196,931
Series 2011 A, Ref. GO Bonds(d)		6.00%		07/01/2040		3,000	2,032,500
Series 2011 C, Ref. GO Bonds(d)		5.75%		07/01/2036		9,000	5,906,250
Series 2011 E, Ref. GO Bonds(d)		6.00%		07/01/2029		4,895	3,304,125
Series 2011 E, Ref. GO Bonds(d)		5.38%		07/01/2030		1,250	820,313
Series 2011 E, Ref. GO Bonds(d)		5.63%		07/01/2033		4,000	2,640,000
Series 2012 A, Ref. GO Bonds(d)		5.25%		07/01/2023		3,000	1,980,000
Series 2012 A, Ref. GO Bonds(d)		5.50%		07/01/2026		6,645	4,385,700
Series 2012 A, Ref. GO Bonds(d)		5.75%		07/01/2028		5,000	3,300,000
Series 2012 A, Ref. GO Bonds(d)		5.50%		07/01/2039		8,225	5,449,062
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2012 A, RB		5.25%		07/01/2029		1,885	1,958,044
Series 2012 A, RB		5.75%		07/01/2037		5,400	5,622,750
Series 2012 A, RB		5.25%		07/01/2042		5,880	6,049,050
Series 2012 A, RB		6.00%		07/01/2047		10,090	10,531,437
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2005 RR, RB (INS - NATL)(b)		5.00%		07/01/2023		30	30,195
Series 2005 RR, RB (INS - NATL)(b)		5.00%		07/01/2024		260	262,122
Series 2005 SS, Ref. RB (INS - NATL)(b)		5.00%		07/01/2025		4,000	4,032,640
Series 2007 VV, Ref. RB (INS - NATL)(b)		5.25%		07/01/2025		1,690	1,740,666
Series 2008 WW-RSA-1, RB(d)		5.38%		07/01/2023		2,750	1,904,375
Series 2008 WW-RSA-1, RB(d)		5.25%		07/01/2025		1,985	1,372,131
Series 2010 AAA-RSA-1, RB(d)		5.25%		07/01/2028		2,830	1,956,237
Series 2010 CCC-RSA-1, RB(d)		5.00%		07/01/2022		1,850	1,276,500
Series 2010 CCC-RSA-1, RB(d)		5.00%		07/01/2028		2,500	1,725,000
Series 2010 XX, RB(d)		5.25%		07/02/2040		1,670	1,154,388
Series 2010 ZZ-RSA-1, Ref. RB(d)		5.25%		07/01/2022		410	283,413
Series 2010 ZZ-RSA-1, Ref. RB(d)		5.25%		07/01/2025		405	279,956
Series 2016 E-1, RB(d)		10.00%		01/01/2021		500	381,875
Series 2016 E-2, RB(d)		10.00%		07/01/2021		500	381,875
Puerto Rico (Commonwealth of) Government Employees Retirement System; Series 2008 A, RB(d)		6.45%		07/01/2055		10,000	1,525,000
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2003 A-A, RB (INS - AGC)(b)		5.00%		07/01/2035		10	10,047
Series 2003 G, RB (INS - NATL)(b)		5.00%		07/01/2033		20	20,140
Series 2004 I, RB (INS - FGIC)(b)(k)		5.00%		07/01/2022		40	32,330
Series 2007 M, RB(d)		5.00%		07/01/2046		3,500	1,548,750
Puerto Rico (Commonwealth of) Industrial Tourist, Educational, Medical & Environmental Control Facilities Financing Authority;
Series 1995 A, RB		5.63%		07/01/2022		1,040	1,041,300
Series 2002 A, Ref. RB (INS - ACA)(b)		5.00%		08/01/2032		1,230	1,232,718
Series 2012, Ref. RB		5.00%		10/01/2022		190	189,821
Puerto Rico (Commonwealth of) Infrastructure Financing Authority;
Series 2005 A, RB (INS - FGIC)(b)(k)		5.50%		07/01/2024		850	687,013
Series 2005 A, RB (INS - FGIC)(b)(k)		5.50%		07/01/2028		750	606,188
Series 2005 A, RB (INS - FGIC)(b)(d)(i)		0.00%		07/01/2030		8,000	3,565,360
Series 2005 A, RB (INS - FGIC)(b)(d)(i)		0.00%		07/01/2031		8,695	3,695,375
Series 2005 B, RB(d)		5.00%		07/01/2041		65	7,069

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21                     Invesco AMT-Free Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Puerto Rico–(continued)
Puerto Rico (Commonwealth of) Public Buildings Authority;
Series 2002 D, RB(d)		5.38%		07/01/2033	$	4,940	$       3,877,900
Series 2007 M-2, Ref. RB (INS - AMBAC)(b)		10.00%		07/01/2035		1,910	2,027,637
Series 2007 M-3, Ref. RB (INS - NATL)(b)		6.00%		07/01/2028		10,000	10,260,000
Series 2007 N, RB(d)		5.00%		07/01/2032		3,300	2,557,500
Series 2009 P, Ref. RB(d)		6.25%		07/01/2026		8,575	6,924,312
Series 2012 U, Ref. RB(d)		5.25%		07/01/2042		240	168,000
Puerto Rico Public Finance Corp.; Series 2011 B, RB(d)		5.50%		08/01/2031		5,615	103,316
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(i)		0.00%		07/01/2031		3,043	2,242,813
Series 2018 A-1, RB(i)		0.00%		07/01/2033		3,425	2,321,568
Series 2018 A-1, RB(i)		0.00%		07/01/2046		34,472	9,888,983
Series 2018 A-1, RB(i)		0.00%		07/01/2051		28,082	5,805,111
Series 2018 A-1, RB		4.75%		07/01/2053		9,853	10,355,897
Series 2018 A-1, RB		5.00%		07/01/2058		4,400	4,697,880
Series 2019 A-2, RB		4.54%		07/01/2053		387	401,230
Series 2019 A-2, RB		4.78%		07/01/2058		5,172	5,447,719
University of Puerto Rico;
Series 2006 P, Ref. RB		5.00%		06/01/2026		1,305	1,280,531
Series 2006 P, Ref. RB		5.00%		06/01/2030		900	882,000
Series 2006 Q, RB		5.00%		06/01/2036		150	147,000
							174,741,261
Rhode Island–0.25%
Central Falls Detention Facility Corp.; Series 2005, Ref. RB(d)		7.25%		07/15/2035		4,915	884,700
Rhode Island Housing & Mortgage Finance Corp.; Series 1992 10-A, RB		6.50%		04/01/2027		20	20,080
Tobacco Settlement Financing Corp.; Series 2015 A, Ref. RB		5.00%		06/01/2040		4,695	5,100,883
							6,005,663
South Carolina–0.13%
Richland (County of), SC; Series 2004, RB(e)		6.20%		11/01/2036		4,325	3,270,133
South Dakota–0.07%
Educational Enhancement Funding Corp.; Series 2013 B, RB		5.00%		06/01/2027		1,500	1,660,035
Tennessee–1.47%
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health);
Series 2019 A-1, Ref. RB		4.00%		08/01/2038		225	253,627
Series 2019 A-1, Ref. RB		4.00%		08/01/2044		455	504,700
Series 2019 A-2, Ref. RB		5.00%		08/01/2044		340	410,013
Series 2019 A-2, Ref. RB		5.00%		08/01/2049		455	543,411
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group);
Series 2018 A, Ref. RB		5.00%		07/01/2035		2,000	2,421,980
Series 2018 A, Ref. RB		5.00%		07/01/2036		3,000	3,619,230
Series 2018 A, Ref. RB		5.00%		07/01/2037		3,000	3,608,160
Metropolitan Development and Housing Agency (Fifth + Broadway Development); Series 2018, RB(f)		5.13%		06/01/2036		200	209,976
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board; Series 2012, RB		5.00%		11/01/2027		500	518,700
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center); Series 2016 A, RB		5.00%		07/01/2046		7,000	8,019,060
Tennessee (State of) Metropolitan Nashville Airport Authority;
Series 2019 A, RB		4.00%		07/01/2049		2,500	2,818,625
Series 2019 A, RB		5.00%		07/01/2049		4,750	5,826,872
Tennessee Energy Acquisition Corp.; Series 2006 C, RB		5.00%		02/01/2027		5,665	6,966,307
							35,720,661
Texas–3.97%
Alamo Community College District; Series 2007, GO Bonds (INS - NATL)(b)		4.50%		08/15/2033		5	5,015
Arlington Higher Education Finance Corp. (UME Preparatory Academy); Series 2017 A, RB		5.00%		08/15/2038		885	925,657

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22                     Invesco AMT-Free Municipal Income Fund

	Interest Rate			Maturity Date		Principal   Amount (000)		Value
Texas–(continued)
Arlington Higher Education Finance Corp. (Winfree Academy Charter School); Series 2019, Ref. RB		5.75%			08/15/2043	$	1,300	$       1,419,626
Cleveland Independent School District; Series 2020 A, GO Bonds (CEP - Texas Permanent School Fund)		4.00%			02/15/2052		6,500	7,778,485
Dallas (City of), TX (Civic Center Convention Complex); Series 2009, Ref. RB (INS - AGC)(b)		5.25%			08/15/2034		125	125,471
Dallas (County of), TX Flood Control District No. 1; Series 2015, Ref. GO Bonds(f)		5.00%			04/01/2032		1,100	1,148,884
Escondido Public Improvement District; Series 2008, RB(f)		7.25%			10/01/2033		4,113	4,113,987
Houston (City of), TX;			��
Series 2019 A, Ref. GO Bonds		4.00%			03/01/2049		3,870	4,449,107
Series 2020 C, Ref. RB		4.00%			11/15/2043		1,570	1,881,457
Series 2020 C, Ref. RB		4.00%			11/15/2049		10,000	11,875,100
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.); Series 2011, RB(g)(h)		6.50%			05/15/2021		300	313,120
Houston Independent School District; Series 2017, Ref. GO Bonds (CEP - Texas Permanent School Fund)		5.00%			02/15/2042		10,000	12,171,100
Huntsville (City of), TX; Series 2001, GO Ctfs. (INS - NATL)(b)		5.00%			08/15/2032		30	30,117
Lancaster Independent School District; Series 2015 A, GO Bonds (CEP - Texas Permanent School Fund)		4.00%			02/15/2045		40	40,062
Montgomery (County of), TX Toll Road Authority;
Series 2018, RB		5.00%			09/15/2043		2,000	2,195,320
Series 2018, RB		5.00%			09/15/2048		2,500	2,733,175
New Hope Cultural Education Facilities Finance Corp.;
Series 2013 A, RB(g)(h)		5.88%			04/01/2023		555	624,508
Series 2013 A, RB(g)(h)		6.00%			04/01/2023		780	879,317
Series 2016 A, RB		5.00%			04/01/2036		1,355	1,344,063
Series 2016 A-1, RB		5.00%			07/01/2031		140	141,772
Series 2018 A-1, RB (INS - AGM)(b)		5.00%			07/01/2048		250	283,498
Series 2018 A-1, RB (INS - AGM)(b)		5.00%			07/01/2058		850	959,284
Series 2019, RB(f)		5.00%			08/15/2039		425	441,333
Series 2019, RB(f)		5.00%			08/15/2049		150	154,436
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.);
Series 2016, RB		5.00%			07/01/2046		700	685,041
Series 2016, RB		5.00%			07/01/2051		600	565,824
North Texas Tollway Authority; Series 2017 B, Ref. RB (INS - BAM)(b)		5.00%			01/01/2043		10,000	11,854,000
Northwest Independent School District; Series 2015, GO Bonds (CEP - Texas Permanent School Fund)		5.00%			02/15/2045		10,000	11,680,400
San Antonio (City of), TX Water System; Series 2020 A, Ref. RB		5.00%			05/15/2050		6,350	8,153,082
Texas Dormitory Finance Authority, Inc.;
Series 2001 A, RB (INS - ACA)(b)		5.75%			09/01/2027		110	109,688
Series 2001 A, RB (INS - ACA)(b)		6.00%			09/01/2033		485	479,777
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Management Lanes); Series 2019 A, Ref. RB		4.00%			12/31/2039		5,000	5,559,400
Texas State Public Finance Authority Charter School Finance Corp.; Series 2006 A, RB		6.25%			09/01/2036		170	170,223
Texas State Public Finance Authority Charter School Finance Corp. (New Frontiers Charter School); Series 2010 A, RB		5.80%			08/15/2040		1,085	1,086,649
								96,377,978
Utah–0.08%
Utah (State of) Charter School Finance Authority;
Series 2018, RB		5.00%			10/15/2038		720	856,152
Series 2019 A, RB(f)		5.38%			06/15/2049		1,110	1,122,199
								1,978,351
Vermont–0.04%
Burlington (City of), VT; Series 2012 A, GO Bonds(g)(h)		5.00%			11/01/2022		795	877,354
Virgin Islands–0.11%
Virgin Islands (Government of) Public Finance Authority;
Series 2012 A, RB (INS - AGM)(b)		5.00%			10/01/2032		1,080	1,164,132
Series 2012 A, Ref. RB (INS - AGM)(b)		5.00%			10/01/2032		1,480	1,595,292
								2,759,424

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23                     Invesco AMT-Free Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Virginia–0.58%
Celebrate North Community Development Authority; Series 2003 B, RB(d)		6.75%		03/01/2034	$	333	$	199,800
Chesapeake Bay Bridge & Tunnel District; Series 2016, RB (INS - AGM)(b)		5.00%		07/01/2041		8,950		10,603,155
Virginia (Commonwealth of) College Building Authority;
Series 2006, RB		5.00%		06/01/2026		950		944,775
Series 2006, RB		5.00%		06/01/2029		990		976,150
Series 2006, RB		5.00%		06/01/2036		585		556,171
Virginia Beach (City of), VA Development Authority; Series 2018, Ref. RB		5.00%		09/01/2036		715		796,903
								14,076,954
Washington–1.17%
Cowlitz County School District No. 458; Series 2019, GO Bonds (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2038		1,680		1,993,404
Kelso (City of), WA Housing Authority; Series 1998, RB		5.60%		03/01/2028		60		60,057
King (County of), WA; Series 2020 A, Ref. RB		4.00%		01/01/2052		16,000		18,780,000
Tacoma (City of), WA Consolidated Local Improvement Districts; Series 2013, RB		5.75%		04/01/2043		1,461		1,461,942
Washington (State of); Series 2021 A, Ref. GO Bonds		5.00%		06/01/2039		2,750		3,562,047
Washington (State of) Health Care Facilities Authority; Series 2017, Ref. RB		5.00%		08/15/2031		2,250		2,558,970
								28,416,420
West Virginia–0.16%
Brooke (County of), WV;
Series 2011 A, RB		6.50%		10/01/2031		1,960		1,937,068
Series 2011 A, RB		6.75%		10/01/2037		1,885		1,858,591
								3,795,659
Wisconsin–1.28%
Wisconsin (State of) Public Finance Authority;
Series 2012 A-1, RB		7.00%		10/01/2042		465		448,395
Series 2012 B-1, RB(i)		0.00%		10/01/2042		100		39,142
Series 2012 C-1, RB(i)		0.00%		10/01/2042		200		4,120
Series 2019 A, RB (INS - AGM)(b)		5.00%		07/01/2036		900		1,072,170
Series 2019 A, RB(f)		5.38%		06/01/2044		435		414,511
Series 2019 A, RB(f)		5.50%		06/01/2054		540		509,231
Series 2019 A, RB (INS - AGM)(b)		5.00%		07/01/2054		1,275		1,475,953
Series 2019 A, RB (INS - AGM)(b)		5.00%		07/01/2058		1,400		1,614,088
Wisconsin (State of) Public Finance Authority (Explore Knowledge Foundation);
Series 2012 A, RB		5.75%		07/15/2032		395		414,999
Series 2012 A, RB		6.00%		07/15/2042		350		365,967
Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy); Series 2019, RB(f)		5.00%		06/15/2039		310		319,709
Wisconsin Center District; Series 2013 A, Ref. RB		5.00%		12/15/2029		1,475		1,575,315
Wisconsin Health & Educational Facilities Authority; Series 2018 XF2541, Revenue Ctfs.(j)		4.00%		11/15/2034		20,000		22,675,000
								30,928,600
TOTAL INVESTMENTS IN SECURITIES(o) –101.54% (Cost $2,387,016,260)								2,461,835,574
FLOATING RATE NOTE OBLIGATIONS–(2.92)%
Notes with interest and fee rates ranging from 0.60% to 0.73% at 08/31/2020 and contractual maturities of collateral ranging from 10/01/2032 to 06/01/2043 (See Note 1J)(p)								(70,840,000	)
OTHER ASSETS LESS LIABILITIES–1.38%								33,597,264
NET ASSETS –100.00%							$	2,424,592,838

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24                     Invesco AMT-Free Municipal Income Fund

Investment Abbreviations:
ACA	– ACA Financial Guaranty Corp.
AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BAM	– Build America Mutual Assurance Co.
CEP	– Credit Enhancement Provider
COP	– Certificates of Participation
Ctfs.	– Certificates
FGIC	– Financial Guaranty Insurance Company
GNMA	– Government National Mortgage Association
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
LOC	– Letter of Credit
NATL	– National Public Finance Guarantee Corp.
RB	– Revenue Bonds
Ref.	– Refunding
RN	– Revenue Notes
VRD	– Variable Rate Demand
Wts.	– Warrants

Notes to Schedule of Investments:

^(a) Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.

^(b) Principal and/or interest payments are secured by the bond insurance company listed.

^(c) Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

^(d) Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2020 was $111,286,777, which represented 4.59% of the Fund’s Net Assets.

^(e) Security valued using significant unobservable inputs (Level 3). See Note 3.

^(f) 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 August 31, 2020 was $44,435,095, which represented 1.83% of the Fund’s Net Assets.

^(g) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(h) Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

⁽ⁱ⁾ Zero coupon bond issued at a discount.

^(j) Underlying security related to TOB Trusts entered into by the Fund. See Note 1J.

^(k) The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

^(l) 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 August 31, 2020.

^(m) Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

⁽ⁿ⁾ Security subject to crossover refunding.

^(o) This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entity	Percent
Assured Guaranty Municipal Corp.		5.05%

^(p) Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2020. At August 31, 2020, the Fund’s investments with a value of $138,196,705 are held by TOB Trusts and serve as collateral for the $70,840,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2020

Revenue Bonds	79.3%
General Obligation Bonds	15.8
Other	3.4
Pre-Refunded Bonds	1.5

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25                     Invesco AMT-Free Municipal Income Fund

Statement of Assets and Liabilities

August 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $2,387,016,260)	$2,461,835,574
Cash	14,290,111
Receivable for:
Investments sold	295,892
Fund shares sold	5,486,214
Interest	24,969,946
Investments matured, at value (Cost $13,633,280)	7,662,810
Investment for trustee deferred compensation and retirement plans	127,574
Other assets	870,035
Total assets	2,515,538,156
Liabilities:
Floating rate note obligations	70,840,000
Payable for:
Investments purchased	13,968,585
Dividends	1,539,128
Fund shares reacquired	3,516,954
Accrued fees to affiliates	760,769
Accrued interest expense	31,993
Accrued trustees’ and officers’ fees and benefits	85,086
Accrued other operating expenses	75,229
Trustee deferred compensation and retirement plans	127,574
Total liabilities	90,945,318
Net assets applicable to shares outstanding	$2,424,592,838

Net assets consist of:
Shares of beneficial interest	$	2,538,258,185
Distributable earnings (loss)		(113,665,347	)
	$	2,424,592,838
Net Assets:
Class A	$	1,520,314,287
Class C	$	177,114,428
Class Y	$	720,869,796
Class R6	$	6,294,327
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		196,374,653
Class C		23,063,461
Class Y		93,447,364
Class R6		812,586
Class A:
Net asset value per share	$	7.74
Maximum offering price per share (Net asset value of $7.74 ÷ 95.75%)	$	8.08
Class C:
Net asset value and offering price per share	$	7.68
Class Y:
Net asset value and offering price per share	$	7.71
Class R6:
Net asset value and offering price per share	$	7.75

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26                     Invesco AMT-Free Municipal Income Fund

Statement of Operations

For the six months ended August 31, 2020

(Unaudited)

Investment income:
Interest	$ 42,722,086
Expenses:
Advisory fees	4,433,055
Administrative services fees	161,268
Custodian fees	5,628
Distribution fees:
Class A	1,694,702
Class C	1,007,844
Interest, facilities and maintenance fees	1,121,578
Transfer agent fees - A, C and Y	868,361
Transfer agent fees - R6	63
Registration and filing fees	89,272
Reports to shareholders	29,238
Professional services fees	48,308
Other	(57,802	)
Total expenses	9,401,515
Less: Expense offset arrangement(s)	(595	)
Net expenses	9,400,920
Net investment income	33,321,166
Realized and unrealized gain (loss) from:
Net realized gain from investment securities	1,665,864
Change in net unrealized appreciation (depreciation) of investment securities	(77,709,330	)
Net realized and unrealized gain (loss)	(76,043,466	)
Net increase (decrease) in net assets resulting from operations	$(42,722,300	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27                     Invesco AMT-Free Municipal Income Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2020, period ended February 29, 2020, and year ended July 31, 2019

(Unaudited)

	Six Months Ended			Seven Months Ended			Year Ended
	August 31, 2020			February 29, 2020			July 31, 2019
Operations:
Net investment income		$     33,321,166			$     42,188,576			$     74,348,818
Net realized gain (loss)		1,665,864			3,533,133			(41,164,578	)
Change in net unrealized appreciation (depreciation)		(77,709,330	)		157,904,726			142,356,195
Net increase (decrease) in net assets resulting from operations		(42,722,300	)		203,626,435			175,540,435
Distributions to shareholders from distributable earnings:
Class A		(29,754,674	)		(29,897,275	)		(42,820,041	)
Class C		(3,395,903	)		(3,915,384	)		(9,512,120	)
Class Y		(13,845,644	)		(11,633,670	)		(17,750,977	)
Class R6		(94,130	)		(58,238	)		(72	)
Total distributions from distributable earnings		(47,090,351	)		(45,504,567	)		(70,083,210	)
Share transactions-net:
Class A		30,817,600			69,799,804			170,266,969
Class C		(44,447,548	)		(44,237,501	)		(104,038,611	)
Class Y		161,161,358			37,668,131			49,562,422
Class R6		923,914			5,311,986			10,000
Net increase in net assets resulting from share transactions		148,455,324			68,542,420			115,800,780
Net increase in net assets		58,642,673			226,664,288			221,258,005
Net assets:
Beginning of period		2,365,950,165			2,139,285,877			1,918,027,872
End of period		$2,424,592,838			$2,365,950,165			$2,139,285,877

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28                     Invesco AMT-Free Municipal Income Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/20		$8.04		$0.11		$(0.25	)		$(0.14	)		$(0.16	)		$7.74		(1.64	)%(d)		$1,520,314		0.84	%(d)(e)		0.84	%(d)(e)		0.74	%(d)(e)		3.00	%(d)(e)		16	%
Seven months ended 02/29/20		7.50		0.15		0.55			0.70			(0.16	)		8.04		9.44			1,551,474		0.86	(f)		0.86	(f)		0.74	(f)		3.33	(f)		8.0
Year ended 07/31/19		7.12		0.28		0.36			0.64			(0.26	)		7.50		9.22			1,378,279		0.12			1.02			0.80			3.86			27
Year ended 07/31/18		7.05		0.29		0.07			0.36			(0.29	)		7.12		5.24			1,144,325		1.03			1.03			0.87			4.15			20
Year ended 07/31/17		7.12		0.31		(0.03	)		0.28			(0.35	)		7.05		4.08			1,248,082		1.02			1.02			0.83			4.48			25
Year ended 07/31/16		6.76		0.37		0.40			0.77			(0.41	)		7.12		11.70			1,325,385		0.94			0.94			0.82			5.30			16
Year ended 07/31/15		6.84		0.42		(0.08	)		0.34			(0.42	)		6.76		4.88			1,237,668		1.04			1.04			0.87			6.04			9
Class C
Six months ended 08/31/20		7.97		0.08		(0.24	)		(0.16	)		(0.13	)		7.68		(1.98	)		177,114		1.60	(e)		1.60	(e)		1.50	(e)		2.24	(e)		16
Seven months ended 02/29/20		7.43		0.11		0.56			0.67			(0.13	)		7.97		9.05			230,719		1.63	(f)		1.63	(f)		1.51	(f)		2.57	(f)		8
Year ended 07/31/19		7.06		0.22		0.36			0.58			(0.21	)		7.43		8.34			258,540		1.78			1.78			1.56			3.10			27
Year ended 07/31/18		6.99		0.23		0.07			0.30			(0.23	)		7.06		4.49			345,676		1.80			1.80			1.64			3.38			20
Year ended 07/31/17		7.07		0.26		(0.04	)		0.22			(0.30	)		6.99		3.19			380,460		1.78			1.78			1.59			3.73			25
Year ended 07/31/16		6.71		0.31		0.41			0.72			(0.36	)		7.07		10.96			427,045		1.69			1.69			1.57			4.54			16
Year ended 07/31/15		6.80		0.37		(0.10	)		0.27			(0.36	)		6.71		3.98			373,089		1.80			1.80			1.63			5.30			9
Class Y
Six months ended 08/31/20		8.02		0.12		(0.26	)		(0.14	)		(0.17	)		7.71		(1.64	)		720,870		0.60	(e)		0.60	(e)		0.50	(e)		3.24	(e)		16
Seven months ended 02/29/20		7.47		0.16		0.56			0.72			(0.17	)		8.02		9.77			578,082		0.62	(f)		0.62	(f)		0.50	(f)		3.57	(f)		8
Year ended 07/31/19		7.09		0.29		0.37			0.66			(0.28	)		7.47		9.52			502,457		0.78			0.78			0.56			4.10			27
Year ended 07/31/18		7.03		0.30		0.06			0.36			(0.30	)		7.09		5.36			428,027		0.79			0.79			0.63			4.39			20
Year ended 07/31/17		7.10		0.32		(0.03	)		0.29			(0.36	)		7.03		4.34			439,608		0.78			0.78			0.59			4.65			25
Year ended 07/31/16		6.74		0.38		0.41			0.79			(0.43	)		7.10		12.00			438,950		0.70			0.70			0.58			5.51			16
Year ended 07/31/15		6.82		0.44		(0.09	)		0.35			(0.43	)		6.74		5.16			276,260		0.80			0.80			0.63			6.30			9
Class R6
Six months ended 08/31/20		8.05		0.13		(0.26	)		(0.13	)		(0.17	)		7.75		(1.47	)		6,294		0.53	(e)		0.53	(e)		0.43	(e)		3.31	(e)		16
Seven months ended 02/29/20		7.50		0.16		0.56			0.72			(0.17	)		8.05		9.74			5,675		0.59	(f)		0.59	(f)		0.47	(f)		3.60	(f)		8
Period ended 07/31/19(g)		7.42		0.06		0.07			0.13			(0.05	)		7.50		1.80			10		0.72	(f)		0.72	(f)		0.50	(f)		4.16	(f)		27

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended August 31, 2020.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,396,111, $199,926, $610,865 and $4,167 for Class A, Class C, Class Y and Class R6 shares, respectively.

^(f)  Annualized.

^(g)  Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29                     Invesco AMT-Free Municipal Income Fund

Notes to Financial Statements

August 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco AMT-Free Municipal Income Fund, formerly Invesco Oppenheimer Rochester^® AMT-Free Municipal Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek tax-free income.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature will change from ten years to eight years. The first conversion of Class C shares to Class A shares would occur at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. 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.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of

30                     Invesco AMT-Free Municipal Income Fund

the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Interest, Facilities and Maintenance Fees - Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.

H. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications - Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote.

J. Floating Rate Note Obligations - The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider

31                     Invesco AMT-Free Municipal Income Fund

will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

K. Other Risks - The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claim.

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

L. Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
Up to $200 million		0.600	%
Next $100 million		0.550	%
Next $200 million		0.500	%
Next $250 million		0.450	%
Next $250 million		0.400	%
Next $4 billion		0.350	%
Over $5 billion		0.330	%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended August 31, 2020, the effective advisory fee rate incurred by the Fund was 0.40%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 0.84%, 1.59%, 0.59% and 0.49%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

32                     Invesco AMT-Free Municipal Income Fund

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2020, IDI advised the Fund that IDI retained $38,864 in front-end sales commissions from the sale of Class A shares and $20,550 and $11,034 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 the 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.

The following is a summary of the tiered valuation input levels, as of August 31, 2020. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended August 31, 2020, there were transfers from Level 3 to Level 2 of $1,161,191, due to availability of market data for these securities and from Level 2 to Level 3 of $2,227,700, due to lack of availability of market data for these securities.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Obligations		$–		$2,425,885,275		$35,950,299		$2,461,835,574
Other Investments - Assets
Investments Matured		–		5,230,269		2,432,541		7,662,810
Total Investments		$–		$2,431,115,544		$38,382,840		$2,469,498,384

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended August 31, 2020:

												Change in
								Accrued				Unrealized			Transfers		Transfers
	Value		Purchases		Proceeds			Discounts/		Realized		Appreciation			into		out of			Value
	February 29, 2020		at Cost		from Sales			Premiums		Gain (Loss)		(Depreciation)			Level 3		Level 3			August 31, 2020
Municipal Obligations		$37,662,997		$113,460	$	(1,996,216	)		$96,510		$39,584		$(1,032,545	)		$2,227,700	$	(1,161,191	)		$35,950,299
Investments Matured		2,551,166		10,620		-			-		-		(129,245	)		-		-			2,432,541
Total		$40,214,163		$124,080	$	(1,996,216	)		$96,510		$39,584		$(1,161,790	)		$2,227,700	$	(1,161,191	)		$38,382,840

Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing quotes from a third-party vendor pricing service. A significant change in third-party pricing information could result in a significantly lower or higher value in Level 3 investments.

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $595.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under

33                     Invesco AMT-Free Municipal Income Fund

such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances and Borrowings

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

    Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2020 were $70,665,000 and 1.17%, respectively.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund had a capital loss carryforward as of February 29, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	13,153,980	$	198,589,559	$211,743,539

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2020 was $379,090,944 and $365,228,761, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	150,872,373
Aggregate unrealized (depreciation) of investments		(102,240,654	)
Net unrealized appreciation of investments	$	48,631,719

    Cost of investments for tax purposes is $2,420,866,665.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended August 31, 2020(a)						Seven months ended February 29, 2020						Year ended July 31, 2019
	Shares			Amount			Shares			Amount			Shares		Amount
Sold:
Class A		29,685,082		$	226,154,807			18,246,658		$	139,874,692			50,178,815	$  364,955,299
Class C		2,383,898			17,933,091			1,851,867			14,037,060			4,487,667	32,043,254
Class Y		34,752,772			261,548,781			12,532,149			95,781,433			20,301,881	145,423,152
Class R6(b)		394,069			3,035,234			717,794			5,423,876			1,348	10,000
Issued as reinvestment of dividends:
Class A		2,049,144			15,361,982			3,378,316			25,910,666			5,040,556	36,388,723
Class C		240,555			1,784,707			420,443			3,195,660			1,106,864	7,903,014
Class Y		1,037,632			7,776,098			1,295,804			9,907,542			2,048,456	14,735,837
Class R6(b)		11,244			84,698			7,135			55,427			-	-
Automatic conversion of Class C shares to Class A shares:
Class A		5,473,736			41,929,149			5,360,877			40,964,301			-	-
Class C		(5,518,012	)		(41,929,149	)		(5,403,995	)		(40,964,301	)		-	-

34                     Invesco AMT-Free Municipal Income Fund

							Summary of Share Activity
	Six months ended						Seven months ended						Year ended
	August 31, 2020(a)						February 29, 2020						July 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Reacquired:
Class A		(33,724,112	)	$	(252,628,338	)		(17,909,321	)	$	(136,949,855	)		(32,194,363	)	$	(231,077,053	)
Class C		(2,979,429	)		(22,236,197	)		(2,707,809	)		(20,505,920	)		(19,794,957	)		(143,984,879	)
Class Y		(14,459,829	)		(108,163,521	)		(8,945,093	)		(68,020,844	)		(15,452,038	)		(110,596,567	)
Class R6(b)		(298,109	)		(2,196,018	)		(20,895	)		(167,317	)		-			-
Net increase in share activity		19,048,641		$	148,455,324			8,823,930		$	68,542,420			15,724,229		$	115,800,780

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 46% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Commencement date after the close of business on May 24, 2019.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared 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 Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

35                     Invesco AMT-Free Municipal Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value (03/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)
		Ending Account Value (08/31/20)1	Expenses Paid During Period2	Ending Account Value (08/31/20)	Expenses Paid During Period2	Annualized   Expense   Ratio
Class A	$1,000.00	$983.60	$4.20	$1,020.97	$4.28	0.84%
Class C	1,000.00	980.20	7.99	1,017.14	8.13	1.60
Class Y	1,000.00	983.60	3.00	1,022.18	3.06	0.60
Class R6	1,000.00	986.70	2.65	1,022.53	2.70	0.53

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

36                     Invesco AMT-Free Municipal Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco AMT-Free Municipal Income Fund’s (formerly, Invesco Oppenheimer Rochester^® AMT-Free Municipal Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to

meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the

Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays Municipal Bond Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The

37                     Invesco AMT-Free Municipal Income Fund

Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including

information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

38                     Invesco AMT-Free Municipal Income Fund

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Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

 A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-07890 and 033-66242 Invesco Distributors, Inc.             0-ROAFM-SAR-1

	Semiannual Report to Shareholders	August 31, 2020
	Invesco California Municipal Fund
	Effective September 30, 2020, Invesco Oppenheimer Rochester® California Municipal Fund was renamed Invesco California Municipal Fund.
	Nasdaq:
	A: OPCAX ∎ C: OCACX ∎ Y: OCAYX ∎ R6: IORCX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
23	Financial Statements
26	Financial Highlights
27	Notes to Financial Statements
33	Fund Expenses
34	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED     |     MAY LOSE VALUE     |     NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco

provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                        Invesco California Municipal Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/29/20 to 8/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-0.85	%
Class C Shares	-1.12
Class Y Shares	-0.72
Class R6 Shares	-0.72
Bloomberg Barclays Municipal Bond Index▼	0.19
U.S. Consumer Price Index∎	0.48
Source(s): ▼RIMES Technologies Corp; ∎ Bloomberg L.P.
The Bloomberg Barclays Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market.
The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the U.S. Bureau of Labor Statistics.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                        Invesco California Municipal Fund

Average Annual Total Returns
As of 8/31/20, including maximum applicable sales  charges
Class A Shares
Inception (11/3/88)	5.54	%
10 Years	5.76
5 Years	5.43
1 Year	-0.91
Class C Shares
Inception (11/1/95)	4.64	%
10 Years	5.42
5 Years	5.57
1 Year	1.70
Class Y Shares
Inception (11/29/10)	7.15	%
5 Years	6.60
1 Year	3.72
Class R6 Shares
10 Years	6.28	%
5 Years	6.43
1 Year	3.78

Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Rochester California Municipal Fund, (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Rochester^® California Municipal Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R6 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a

CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                        Invesco California Municipal Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing

HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                        Invesco California Municipal Fund

Schedule of Investments

August 31, 2020

(Unaudited)

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Municipal Obligations–105.10%
California–98.92%
ABAG Finance Authority for Nonprofit Corps. (Casa de las Campanas, Inc.); Series 2010, RB (INS - Cal-Mortgage)(a)		6.00	%		09/01/2037	$	3,000	$	3,018,420
ABAG Finance Authority for Nonprofit Corps. (Palo Alto Garden Apartments; Series 1999 A, RB(b)		5.35	%		10/01/2029		25		25,064
ABAG Finance Authority for Nonprofit Corps. (Sharp Healthcare); Series 2014 A, RB		5.00	%		08/01/2043		500		547,790
Adelanto (City of), CA Community Facilities District; Series 2015 A, RB		5.00	%		09/01/2045		1,000		1,099,980
Adelanto (City of), CA Improvement Agency; Series 1993 B, Ref. RB (INS - FGIC)(a)		5.50	%		12/01/2023		20		20,097
Adelanto (City of), CA Public Utility Authority; Series 2014 A, RB		5.00	%		07/01/2024		915		917,910
Series 2014 A, RB		5.00	%		07/01/2039		5,710		6,062,535
Series 2017 A, Ref. RB (INS - AGM)(a)		5.00	%		07/01/2039		2,000		2,448,340
Alhambra Elementary School District (Election of 1999); Series 1999 A, GO Bonds (INS - AGM)(a)(c)		0.00	%		09/01/2020		1,925		1,925,000
Anaheim (City of), CA Public Financing Authority (Anaheim Convention Center Expansion); Series 2014 A, Ref. RB		5.00	%		05/01/2034		1,350		1,504,696
Anaheim (City of), CA Public Financing Authority (Electric System Distribution Facilities); Series 2011 A, RB(d)(e)		5.38	%		04/01/2021		2,500		2,576,525
Apple Valley (Town of), CA Redevelopment Agency (Project Area No. 2); Series 2007, RB (INS - AMBAC)(a)		5.00	%		06/01/2032		25		25,057
Atwater (City of), CA;
Series 2017 A, Ref. RB (INS - AGM)(a)		5.00	%		05/01/2040		1,250		1,504,362
Series 2017 A, Ref. RB (INS - AGM)(a)		5.00	%		05/01/2043		1,300		1,554,709
Bakersfield (City of), CA (Assessment District No. 05-1);
Series 2005, RB		5.35	%		09/02/2022		415		415,000
Series 2005, RB		5.40	%		09/02/2025		1,130		1,130,000
Bakersfield (City of), CA (Assessment District No. 07-2); Series 2008, RB		7.38	%		09/02/2028		990		1,001,880
Bay Area Toll Authority (San Francisco Bay Area);
Series 2017 F-1, RB(f)		5.00	%		04/01/2056		3,465		4,056,233
Series 2017, Ref. RB		4.00	%		04/01/2037		1,720		1,976,899
Series 2017, Ref. RB		4.00	%		04/01/2049		630		709,714
Beaumont (City of), CA (Community Facilities District No. 2016-1);
Series 2019, RB		5.00	%		09/01/2030		125		146,634
Series 2019, RB		5.00	%		09/01/2031		140		163,059
Series 2019, RB		5.00	%		09/01/2049		775		871,860
Beaumont (City of), CA Financing Authority; Series 1994 A, RB		7.00	%		09/01/2023		5		5,013
Beaumont (City of), CA Financing Authority (Improvement Area No. 17A); Series 2013 B, RB		5.00	%		09/01/2034		635		684,409
Beaumont (City of), CA Financing Authority (Improvement Area No. 17B); Series 2011 A, RB(d)(e)		6.38	%		09/01/2021		1,500		1,591,455
Beaumont (City of), CA Financing Authority (Improvement Area No. 19A); Series 2015 B, Ref. RB		5.00	%		09/01/2025		1,560		1,784,406
Beaumont (City of), CA Financing Authority (Improvement Area No. 19C); Series 2013 A, RB		5.00	%		09/01/2036		745		800,383
Beaumont (City of), CA Financing Authority (Improvement Area No. 8C);
Series 2012 A, RB(d)(e)		5.13	%		09/01/2022		115		126,162
Series 2012 A, RB(d)(e)		5.25	%		09/01/2022		120		131,946
Series 2012 A, RB(d)(e)		5.63	%		09/01/2022		250		276,755
Series 2012 A, RB(d)(e)		5.88	%		09/01/2022		4,405		4,898,316
Beverly Hills Unified School District (Election of 2008);
Series 2009, GO Bonds(c)		0.00	%		08/01/2026		1,465		1,400,452
Series 2009, GO Bonds(c)		0.00	%		08/01/2032		3,045		2,508,471
Blythe (City of), CA Community Facilities District No. 2004-1; Series 2005, RB		5.30	%		09/01/2035		500		507,305
Blythe (City of), CA Redevelopment Agency Successor Agency (Project No. 1);
Series 2011 A, RB		9.75	%		05/01/2038		2,055		2,149,468
Series 2015, Ref. RB		5.00	%		05/01/2038		1,000		1,119,590
Brea (City of), CA Redevelopment Agency; Series 2011 A, RB(c)(d)(e)		0.00	%		08/01/2021		11,240		4,482,853
Calexico (City of), CA Community Facilities District No. 2005-1;
Series 2006, RB(g)		5.50	%		09/01/2036		2,500		700,000
Series 2006, RB(g)		5.55	%		09/01/2036		2,325		999,750
Calexico (City of), CA Community Redevelopment Agency Successor Agency (Merged Central Business District & Residential Redevelopment Project Area); Series 2011, RB(d)(e)		7.25	%		08/01/2021		35		37,248

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                        Invesco California Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
California (County of), CA Tobacco Securitization Agency;
Series 2020 A, Ref. RB		4.00	%		06/01/2037	$	550	$	652,735
Series 2020 A, Ref. RB		4.00	%		06/01/2039		1,200		1,415,244
Series 2020 A, Ref. RB		4.00	%		06/01/2049		2,000		2,248,820
Series 2020 B-1, Ref. RB		5.00	%		06/01/2049		1,140		1,347,263
Series 2020 B-2, Ref. RB(c)		0.00	%		06/01/2055		22,000		3,938,440
California (County of), CA Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, RB(c)		0.00	%		06/01/2055		332,360		25,309,214
California (County of), CA Tobacco Securitization Agency (Gold Country Settlement Funding Corp.); Series 2006, RB(c)		0.00	%		06/01/2033		4,215		2,027,794
California (State of);
Series 1992, GO Bonds		5.50	%		10/01/2022		5		5,156
Series 1996, GO Bonds (INS - AMBAC)(a)		5.25	%		06/01/2021		10		10,126
Series 2000, GO Bonds		5.75	%		05/01/2030		5		5,022
Series 2010, GO Bonds		6.00	%		03/01/2033		505		508,015
Series 2010, GO Bonds		5.25	%		11/01/2040		3,000		3,023,340
Series 2011, GO Bonds		5.00	%		09/01/2032		2,450		2,562,308
Series 2011, GO Bonds		5.00	%		10/01/2041		2,500		2,620,200
Series 2012, Ref. GO Bonds		5.00	%		02/01/2038		3,550		3,769,319
Series 2015, GO Bonds		5.00	%		08/01/2045		1,000		1,187,200
Series 2016, GO Bonds(f)		5.00	%		09/01/2045		3,400		4,155,548
Series 2017, Ref. GO Bonds		5.00	%		08/01/2035		14,370		18,056,754
Series 2017, Ref. GO Bonds		5.00	%		08/01/2036		10,000		12,327,900
Series 2020, GO Bonds		4.00	%		03/01/2046		6,600		7,831,098
California (State of) Community College Financing Authority (NCCD - Orange Coast Properties LLC - Orange Coast College);
Series 2018, RB		5.25	%		05/01/2048		665		684,385
Series 2018, RB		5.25	%		05/01/2053		2,500		2,564,800
California (State of) Community Housing Agency (Annadel Apartments); Series 2019 A, RB(h)		5.00	%		04/01/2049		4,555		5,114,946
California (State of) Community Housing Agency (Serenity at Larkspur); Series 2020 A, RB(h)		5.00	%		02/01/2050		4,500		5,098,995
California (State of) County Tobacco Securitization Agency;
Series 2007 B, RB		5.10	%		06/01/2028		580		580,389
Series 2007 D, RB(c)(h)		0.00	%		06/01/2057		45,600		2,818,992
Series 2007 E, RB(c)(h)		0.00	%		06/01/2057		51,500		2,668,215
Series 2007 F, RB(c)(h)		0.00	%		06/01/2057		55,250		2,750,345
Series 2014, Ref. RB		4.00	%		06/01/2029		4,490		4,509,846
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.);
Series 2002, RB		5.88	%		06/01/2035		12,065		12,076,703
Series 2002, RB		6.00	%		06/01/2042		18,675		18,693,115
California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.);
Series 2002, RB		6.00	%		06/01/2035		9,640		9,649,351
Series 2002, RB		6.13	%		06/01/2038		9,700		9,701,649
Series 2006 A, RB(c)		0.00	%		06/01/2046		62,110		11,970,460
Series 2006 C, RB(c)		0.00	%		06/01/2055		71,700		6,521,115
Series 2006 D, RB(c)		0.00	%		06/01/2055		309,500		22,042,590
California (State of) County Tobacco Securitization Agency (Merced County Tobacco Funding Corp.); Series 2005 A, Ref. RB		5.13	%		06/01/2038		3,555		3,564,598
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2002 A, RB		5.88	%		06/01/2043		1,875		1,876,819
California (State of) Department of Water Resources (Central Valley); Series 2015 XF2030, Revenue Ctfs.(d)(f)		5.25	%		12/01/2035		290		293,660
California (State of) Educational Facilities Authority (Loma Linda University);
Series 2017 A, Ref. RB		5.00	%		04/01/2042		1,715		1,948,480
Series 2017 A, Ref. RB		5.00	%		04/01/2047		1,000		1,129,740
California (State of) Educational Facilities Authority (Pepperdine University); Series 2016, Ref. RB		5.00	%		10/01/2049		5,000		5,966,050
California (State of) Educational Facilities Authority (Stanford University); Series 2010, RB(f)		5.25	%		04/01/2040		4,520		7,065,890

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                        Invesco California Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
California (State of) Educational Facilities Authority (University of San Francisco);
Series 2011, RB(d)(e)		6.13	%		10/01/2021	$	615	$	653,616
Series 2011, Ref. RB(d)(e)		6.13	%		10/01/2021		635		674,872
Series 2018 A, RB		5.00	%		10/01/2043		2,730		3,270,049
California (State of) Enterprise Development Authority (Sunpower Corp. - Headquarters); Series 2010, RB		8.50	%		04/01/2031		2,500		2,527,675
California (State of) Health Facilities Financing Authority; Series 2019, RB		5.00	%		11/15/2049		1,690		1,995,924
California (State of) Health Facilities Financing Authority (Catholic Healthcare West); Series 2011 A, RB		5.25	%		03/01/2041		2,500		2,550,875
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center);
Series 2015, Ref. RB		5.00	%		11/15/2031		1,300		1,567,722
Series 2015, Ref. RB		5.00	%		11/15/2032		1,250		1,503,825
Series 2015, Ref. RB		5.00	%		11/15/2033		1,000		1,200,040
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles); Series 2017 A, Ref. RB		5.00	%		08/15/2047		1,715		1,928,878
California (State of) Health Facilities Financing Authority (Community Program for Persons with Developmental Disabilities); Series 2011 A, RB (INS - Cal-Mortgage)(a)		6.25	%		02/01/2026		2,030		2,081,298
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford); Series 2017, RB		4.00	%		11/15/2047		560		624,350
California (State of) Health Facilities Financing Authority (St. Joseph Health System); Series 2013 A, RB		5.00	%		07/01/2037		1,000		1,098,940
California (State of) Health Facilities Financing Authority (Stanford Hospital); Series 2008 A-2, Ref. RB(d)(e)		5.25	%		11/15/2021		2,000		2,120,520
California (State of) Health Facilities Financing Authority (Sutter Health);
Series 2017 A, Ref. RB		5.00	%		11/15/2048		10,000		12,014,400
Series 2018 A, RB		5.00	%		11/15/2048		3,000		3,604,320
California (State of) Housing Finance Agency;
Series 2019 2, Class A, Revenue Ctfs.		4.00	%		03/20/2033		8,865		9,796,043
Series 2019 A-1, RB		4.25	%		01/15/2035		6,601		7,442,072
California (State of) Housing Finance Agency (Verdant at Green Valley); Series 2019 A, RB(h)		5.00	%		08/01/2049		5,360		6,040,934
California (State of) Municipal Finance Authority;
Series 2019 A, Ref. RB(h)		5.00	%		11/01/2029		990		1,117,779
Series 2019 A, Ref. RB(h)		5.00	%		11/01/2039		1,475		1,595,021
Series 2019 A, Ref. RB(h)		5.00	%		11/01/2049		1,700		1,802,153
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2016 A, Ref. RB		5.00	%		06/01/2046		2,515		2,779,427
California (State of) Municipal Finance Authority (Bella Mente Montessori Academy);
Series 2018 A, RB(h)		5.00	%		06/01/2038		280		297,520
Series 2018 A, RB(h)		5.00	%		06/01/2048		380		397,727
California (State of) Municipal Finance Authority (California Baptist University); Series 2016 A, RB(h)		5.00	%		11/01/2046		1,000		1,032,570
California (State of) Municipal Finance Authority (Caritas Affordable Housing, Inc.);
Series 2014 A, RB		5.25	%		08/15/2039		2,665		2,943,413
Series 2014 A, RB		5.25	%		08/15/2049		1,420		1,555,979
California (State of) Municipal Finance Authority (Caritas Projects);
Series 2012 A, RB		5.50	%		08/15/2047		6,500		6,862,895
Series 2017 A, Ref. RB		4.00	%		08/15/2037		1,055		1,139,316
California (State of) Municipal Finance Authority (Casa Griffin Apartments); Series 2011 A-1, RB		5.75	%		10/01/2034		250		254,308
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); Series 2018, RB		5.00	%		05/15/2043		5,900		6,759,630
California (State of) Municipal Finance Authority (CHF-Riverside I, LLC - UCR Dundee-Glasgow Student Housing); Series 2018, RB		5.00	%		05/15/2043		3,000		3,438,000
California (State of) Municipal Finance Authority (CHF-Riverside II, LLC - UCR North District Phase I Student Housing); Series 2019, RB (INS - BAM)(a)		5.00	%		05/15/2049		2,660		3,145,689
California (State of) Municipal Finance Authority (Community Medical Centers);
Series 2017 A, Ref. RB		5.00	%		02/01/2034		3,750		4,424,625
Series 2017 A, Ref. RB		5.00	%		02/01/2035		4,000		4,707,600
Series 2017 A, Ref. RB		5.00	%		02/01/2036		2,000		2,346,220
Series 2017 A, Ref. RB		5.00	%		02/01/2037		1,000		1,169,740
Series 2017 A, Ref. RB		5.00	%		02/01/2042		625		723,056
Series 2017 A, Ref. RB		5.00	%		02/01/2047		1,380		1,585,592

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                        Invesco California Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
California (State of) Municipal Finance Authority (Eisenhower Medical Centers); Series 2017 A, Ref. RB		5.00	%		07/01/2047	$	1,000	$	1,122,800
California (State of) Municipal Finance Authority (Emerson College);
Series 2011, RB(d)(e)		5.75	%		01/01/2022		2,315		2,479,504
Series 2011, RB(d)(e)		6.00	%		01/01/2022		1,000		1,073,810
California (State of) Municipal Finance Authority (Goodwill Industries of Sacramento & Nevada);
Series 2012, RB(h)		6.63	%		01/01/2032		1,070		1,053,618
Series 2012, RB(h)		6.88	%		01/01/2042		2,135		2,084,571
California (State of) Municipal Finance Authority (Goodwill Industries of Sacramento Valley & Northern Nevada); Series 2012 A, RB(h)		5.75	%		01/01/2022		280		279,303
California (State of) Municipal Finance Authority (Humangood Obligation Group); Series 2019 A, Ref. RB		5.00	%		10/01/2044		1,695		1,961,607
California (State of) Municipal Finance Authority (Linxs APM);
Series 2018 A, RB(b)		5.00	%		12/31/2036		8,000		9,364,960
Series 2018 A, RB(b)		5.00	%		12/31/2038		2,005		2,332,697
Series 2018 A, RB(b)		5.00	%		12/31/2043		15,200		17,466,016
Series 2018 A, RB(b)		5.00	%		12/31/2047		3,000		3,433,020
California (State of) Municipal Finance Authority (Mt. San Antonio Gardens); Series 2019, Ref. RB		5.00	%		11/15/2049		2,750		2,959,825
California (State of) Municipal Finance Authority (OCEAA); Series 2008 A, RB		7.00	%		10/01/2039		1,500		1,502,820
California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase II); Series 2018 A, RB		5.00	%		06/01/2048		5,360		6,407,666
California (State of) Municipal Finance Authority (Palmdale Aerospace Academy (The)); Series 2018 A, RB(h)		5.00	%		07/01/2049		600		630,900
California (State of) Municipal Finance Authority (Southwestern Law School);
Series 2011, RB		6.50	%		11/01/2031		600		635,544
Series 2011, RB		6.50	%		11/01/2041		1,250		1,316,250
California (State of) Municipal Finance Authority (Touro College and University System); Series 2014 A, RB		5.25	%		01/01/2034		620		664,237
California (State of) Municipal Finance Authority (Town and Country Manor); Series 2019, Ref. RB (INS - Cal-Mortgage)(a)		5.00	%		07/01/2049		4,020		4,916,138
California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, Ref. RB(b)		4.00	%		07/15/2029		16,780		16,791,746
California (State of) Municipal Finance Authority (University of La Verne); Series 2017 A, Ref. RB		5.00	%		06/01/2043		600		700,998
California (State of) Municipal Finance Authority (Waste Management, Inc.); Series 2019 A, RB(b)(e)		2.40	%		10/01/2029		8,000		8,655,760
California (State of) Municipal Finance Authority (William Jessup University); Series 2019, Ref. RB		5.00	%		08/01/2039		1,500		1,560,525
California (State of) Pollution Control Finance Authority; Series 2012, RB(b)(h)		5.00	%		07/01/2037		3,000		3,130,530
California (State of) Pollution Control Financing Authority (Aemerge Redpak Services Southern California LLC); Series 2016, RB (Acquired 01/22/2016-09/26/2017; Cost $10,555,000)(b)(h)(i)		7.00	%		12/01/2027		3,500		1,750,000
Series 2017, RB (Acquired 08/15/2017; Cost $5,000,000)(b)(h)(i)		8.00	%		12/01/2027		2,000		600,000
California (State of) Pollution Control Financing Authority (CalPlant I) (Green Bonds);
Series 2017, RB(b)(h)(i)		7.50	%		07/01/2032		1,425		826,500
Series 2017, RB(b)(h)(i)		8.00	%		07/01/2039		1,900		1,102,000
California (State of) Pollution Control Financing Authority (San Diego County Water Authority);
Series 2019, Ref. RB(h)		5.00	%		11/21/2045		3,500		4,026,365
California (State of) Pollution Control Financing Authority (Waste Management, Inc.); Series 2015 B-1, Ref. RB(b)		3.00	%		11/01/2025		1,500		1,641,090
California (State of) Public Finance Authority (LaVerne Elementary Preparatory Academy); Series 2019 A, RB(h)		5.00	%		06/15/2049		1,400		1,424,276
California (State of) Public Finance Authority (Trinity Classical Academy);
Series 2019 A, RB(h)		5.00	%		07/01/2036		400		420,668
Series 2019 A, RB(h)		5.00	%		07/01/2044		630		648,541
Series 2019 A, RB(h)		5.00	%		07/01/2054		1,600		1,634,384
California (State of) Public Works Board;
Series 2011 D, RB		5.00	%		12/01/2031		1,250		1,320,600
Series 2016 D, Ref. RB		4.00	%		04/01/2033		11,905		13,844,205
California (State of) Public Works Board (Department of Corrections & Rehabilitation); Series 2011 C, RB		5.75	%		10/01/2031		2,000		2,114,560
California (State of) Public Works Board (Department of Mental Health); Series 2006 I, RB		5.00	%		11/01/2031		900		903,384
California (State of) Public Works Board (Various Capital); Series 2011 A, RB		5.13	%		10/01/2031		2,000		2,101,100
California (State of) Public Works Board (Various Correctional Facilities); Series 2014 A, RB		5.00	%		09/01/2039		3,000		3,481,290

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                        Invesco California Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
California (State of) School Finance Authority (Alliance for College-Ready Public Schools);
Series 2013 A, RB		6.30	%		07/01/2043	$	840	$	935,080
Series 2015, RB(h)		5.00	%		07/01/2045		1,265		1,401,544
California (State of) School Finance Authority (Aspire Public Schools);
Series 2015 A, Ref. RB(h)		5.00	%		08/01/2045		1,000		1,112,060
Series 2016, Ref. RB(h)		5.00	%		08/01/2046		750		833,340
California (State of) School Finance Authority (Escuela Popular); Series 2017, RB(h)		6.25	%		07/01/2037		1,250		1,367,325
California (State of) School Finance Authority (Granada Hills Charter Obligated Group); Series 2019, RB(h)		5.00	%		07/01/2043		2,000		2,217,500
California (State of) School Finance Authority (Green Dot Public Schools);
Series 2015 A, RB(h)		5.00	%		08/01/2045		1,500		1,649,160
Series 2018 A, RB(h)		5.00	%		08/01/2038		1,000		1,172,560
California (State of) School Finance Authority (KIPP LA);
Series 2015 A, RB(h)		5.00	%		07/01/2045		500		555,890
Series 2017 A, RB(h)		5.00	%		07/01/2037		590		689,309
Series 2017 A, RB(h)		5.00	%		07/01/2047		1,240		1,424,450
California (State of) School Finance Authority (Kipp Socal Public Schools); Series 2019 A, RB(h)		5.00	%		07/01/2049		1,700		2,015,979
California (State of) School Finance Authority (New Designs Charter School); Series 2012 A, RB		5.25	%		06/01/2032		1,550		1,593,369
California (State of) Statewide Communities Development Authority;
Series 1993 B, Ref. RB		7.00	%		07/01/2022		5		5,012
Series 2003, RB(b)(c)		0.00	%		09/01/2028		100		56,014
Series 2003, RB(b)(c)		0.00	%		09/01/2034		100		35,714
Series 2020, RB		4.00	%		09/01/2040		400		420,440
Series 2020, RB		4.00	%		09/01/2050		840		868,694
Series 2020, RB(h)		7.25	%		09/01/2050		4,255		4,420,307
California (State of) Statewide Communities Development Authority (Adventist Health System);
Series 2015, Ref. RB		5.00	%		03/01/2033		775		924,978
Series 2015, Ref. RB		5.00	%		03/01/2045		2,315		2,689,220
California (State of) Statewide Communities Development Authority (Alliance for College-Ready Public Schools);
Series 2012 A, RB		6.38	%		07/01/2047		2,000		2,061,080
Series 2012, RB		6.10	%		07/01/2032		820		845,969
California (State of) Statewide Communities Development Authority (California Baptist University);
Series 2014 A, RB		5.13	%		11/01/2023		580		600,312
Series 2017 A, Ref. RB(h)		5.00	%		11/01/2041		875		914,016
California (State of) Statewide Communities Development Authority (Community Facilities District No. 2002-1); Series 2002 1, RB(b)		6.75	%		09/01/2037		50		50,080
California (State of) Statewide Communities Development Authority (Community Facilities District No. 2007-01); Series 2015, Ref. RB		5.00	%		09/01/2037		3,010		3,308,291
California (State of) Statewide Communities Development Authority (Community Facilities District No. 97-1); Series 1997, RB(c)		0.00	%		09/01/2022		25		22,609
California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group); Series 2010, RB(d)(e)		5.25	%		11/01/2020		1,675		1,689,053
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services); Series 2017, Ref. RB		5.00	%		04/01/2047		3,390		3,808,190
California (State of) Statewide Communities Development Authority (Guidance Charter School);
Series 2017 A, RB (Acquired 03/09/2017; Cost $ 5,420,000)(h)(i)(j)		6.50	%		07/01/2037		1,400		546,000
Series 2017 A, RB (Acquired 03/09/2017; Cost $ 19,790,000)(h)(i)(j)		6.75	%		07/01/2052		5,100		1,989,000
California (State of) Statewide Communities Development Authority (Henry Mayo Newhall Memorial Hospital); Series 2014 A, RB (INS - AGM)(a)		5.25	%		10/01/2043		600		672,960
California (State of) Statewide Communities Development Authority (Heritage Park at Cathedral City Apartments); Series 2002 NN-1, RB (INS - AMBAC)(a)(b)		5.20	%		06/01/2036		2,605		2,611,174
California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital); Series 2014 B, Ref. RB		5.00	%		07/01/2044		750		830,348
California (State of) Statewide Communities Development Authority (John Muir Health); Series 2016 A, Ref. RB		5.00	%		08/15/2051		3,000		3,466,260

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                        Invesco California Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing);
Series 2016, Ref. RB(h)		5.00	%		06/01/2046	$	1,000	$	1,013,380
Series 2019, RB(h)		5.00	%		06/01/2034		375		393,668
Series 2019, RB(h)		5.00	%		06/01/2039		100		103,356
Series 2019, RB(h)		5.00	%		06/01/2051		295		299,688
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center);
Series 2014, RB		5.50	%		12/01/2054		1,500		1,611,675
Series 2016 A, RB(h)		5.25	%		12/01/2056		830		893,769
Series 2018 A, RB(h)		5.50	%		12/01/2058		5,000		5,505,500
California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California);
Series 2018, RB		5.00	%		01/01/2043		1,000		1,160,690
Series 2018; RB		5.00	%		01/01/2048		495		568,710
California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC- California College of the Arts);
Series 2019, RB(h)		5.25	%		07/01/2039		1,640		1,651,398
Series 2019, RB(h)		5.25	%		07/01/2049		3,375		3,322,991
California (State of) Statewide Communities Development Authority (Pacific Highlands Ranch); Series 2019, RB		5.00	%		09/02/2049		650		733,233
California (State of) Statewide Communities Development Authority (Statewide Community Infrastructure Program); Series 2019 B, RB		5.00	%		09/02/2049		1,500		1,682,175
California (State of) Statewide Communities Development Authority (Terraces at San Joaquin Garden); Series 2012, RB		5.63	%		10/01/2032		1,000		1,045,320
California (State of) Statewide Communities Development Authority (Total Road Improvement Program); Series 2012 A, COP		6.00	%		06/01/2042		2,845		3,072,145
California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments - CHF-Irvine, LLC); Series 2016, Ref. RB		5.00	%		05/15/2040		1,200		1,318,284
California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments); Series 2012, Ref. RB		5.38	%		05/15/2038		2,000		2,039,740
California (State of) Statewide Communities Development Authority (Yucaipa Valley Water Reservoir); Series 2014, RB		6.00	%		09/02/2044		2,815		2,896,382
California (State of) Statewide Finance Authority (Pooled Tobacco Securitization);
Series 2002, RB		6.00	%		05/01/2043		45		45,410
Series 2006 A, RB(c)		0.00	%		06/01/2046		8,000		1,640,560
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program);
Series 2002 A, RB		6.00	%		05/01/2037		8,625		8,656,826
Series 2002 B, RB		6.00	%		05/01/2037		1,045		1,048,856
Series 2002 B, RB		6.00	%		05/01/2043		705		711,416
California County Tobacco Securitization Agency (The) (Sonoma County Securitization Corp.); Series 2005, Ref. RB		5.13	%		06/01/2038		110		110,297
California Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group);
Series 2015 A, Ref. RB		5.00	%		11/01/2041		6,265		6,968,935
Series 2015, Ref. RB		5.00	%		11/01/2035		1,000		1,120,300
California Municipal Finance Authority; Series 2020-XF2863, Ctfs.(f)		5.00	%		06/01/2048		21,000		25,104,660
California Municipal Finance Authority (UCR North District Phase 1 Student); Series 2019, RB (INS - BAM)(a)		5.00	%		05/15/2052		5,875		6,935,202
California Public Finance Authority (Henry Mayo Newhall Hospital);
Series 2017, Ref. RB		5.00	%		10/15/2037		1,000		1,120,940
Series 2017, Ref. RB		5.00	%		10/15/2047		1,000		1,100,980
California State University; Series 2012 A, RB(f)		5.00	%		11/01/2037		6,750		7,390,980
California Statewide Communities Development Authority;
Series 2017, RB		5.00	%		09/02/2037		1,140		1,267,919
Series 2017, RB		5.00	%		09/02/2046		1,265		1,382,809
California Statewide Communities Development Authority (Statewide Community Infrastructure Program); Series 2019 C, RB		5.00	%		09/02/2049		700		785,015
Calimesa (City of), CA;
Series 2020, RB		4.00	%		09/01/2045		605		654,211
Series 2020, RB		4.00	%		09/01/2050		575		618,160

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                        Invesco California Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
Carlsbad (City of), CA (Assessment District No. 96-1); Series 1998, RB		5.50	%		09/02/2028	$	20	$	20,370
Carson (City of), CA Public Financing Authority; Series 2019, RB		5.00	%		09/02/2030		545		691,621
Carson (City of), CA Redevelopment Agency Successor Agency; Series 2007 A, RB (INS - AMBAC)(a)		4.50	%		01/01/2032		95		95,150
Central Basin Municipal Water District; Series 2018 A, Ref. RB		5.00	%		08/01/2044		3,035		3,319,167
Cerritos Community College District (Election of 2012); Series 2018 B, GO Bonds		4.00	%		08/01/2043		1,870		2,136,606
Chino (City of), CA Public Financing Authority;
Series 2015 A, Ref. RB (INS - AGM)(a)		5.00	%		09/01/2034		1,100		1,286,252
Series 2015 A, Ref. RB (INS - AGM)(a)		5.00	%		09/01/2035		865		1,008,737
Chino Valley Unified School District;
Series 2020 B, GO Bonds		4.00	%		08/01/2045		3,000		3,552,450
Series 2020 B, GO Bonds		5.00	%		08/01/2055		10,995		14,153,973
Chula Vista (City of), CA (San Diego Gas & Electric Co.);
Series 2004 B, IDR		5.88	%		02/15/2034		5,000		5,018,650
Series 2004 D, IDR		5.88	%		01/01/2034		2,000		2,007,460
Series 2004 F, Ref. IDR(b)		4.00	%		05/01/2039		12,480		12,490,858
Clovis (City of), CA;
Series 2015, Ref. RB (INS - AGM)(a)		5.25	%		08/01/2030		1,060		1,296,221
Series 2015, Ref. RB (INS - AGM)(a)		5.25	%		08/01/2031		500		610,340
Clovis (City of), CA Public Financing Authority; Series 2008 A, RB (INS - NATL)(a)		4.63	%		08/01/2029		35		35,104
Clovis Unified School District (Election of 2004); Series 2004 A, GO Bonds (INS - NATL)(a)(c)		0.00	%		08/01/2029		735		651,335
Coachella (City of), CA (Community Facilities District No. 2018-1);
Series 2018, RB(h)		5.00	%		09/01/2030		585		674,955
Series 2018, RB(h)		5.00	%		09/01/2038		1,090		1,218,162
Series 2018, RB(h)		5.00	%		09/01/2048		2,015		2,247,793
Series 2018, RB(h)		5.00	%		09/01/2053		1,525		1,681,617
Compton (City of), CA Public Finance Authority; Series 2008, Ref. RB (INS - AMBAC)(a)		5.25	%		09/01/2027		1,000		1,000,670
Compton Unified School District;
Series 2019 B, GO Bonds (INS - BAM)(a)(c)		0.00	%		06/01/2035		1,300		894,621
Series 2019 B, GO Bonds (INS - BAM)(a)(c)		0.00	%		06/01/2041		6,250		3,379,187
Series 2019 B, GO Bonds (INS - BAM)(a)(c)		0.00	%		06/01/2042		4,335		2,249,475
Series 2019 B, GO Bonds (INS - BAM)(a)		4.00	%		06/01/2049		14,140		15,911,035
Corona-Norco Unified School District (Community Facilities District No. 17-1); Series 2020, RB		4.00	%		09/01/2050		350		381,294
Daly City (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition);
Series 2007 A, Ref. RB		5.00	%		12/15/2037		50		50,148
Series 2007 C, Ref. RB		6.50	%		12/15/2047		905		906,204
Dehesa School District; Series 2014 A, GO Bonds		5.50	%		06/01/2044		1,220		1,371,219
Deutsche Bank Spears/Lifers Trust; Series 2013, Revenue Ctfs.(f)(h)		5.25	%		12/01/2035		13,500		15,841,913
El Segundo Unified School District (Election of 2008); Series 2009 A, GO Bonds(c)		0.00	%		08/01/2033		4,430		3,534,475
Emeryville (City of), CA Public Financing Authority (Alameda County);
Series 2014 A, Ref. RB (INS - AGM)(a)		5.00	%		09/01/2032		445		510,589
Series 2014 A, Ref. RB (INS - AGM)(a)		5.00	%		09/01/2033		385		440,598
Series 2014 A, Ref. RB (INS - AGM)(a)		5.00	%		09/01/2034		500		571,440
Escondido Union School District (Election of 2014); Series 2018 B, GO Bonds		4.00	%		08/01/2047		1,690		1,921,395
Etiwanda School District; Series 2020 A, GO Bonds		4.00	%		08/01/2049		4,000		4,630,360
Fairfield (City of), CA Community Facilities District No. 2007-1 (Fairfield Commons); Series 2008, RB		6.88	%		09/01/2038		865		892,083
Fontana (City of), CA (Community Facilities District No. 80); Series 2017, RB		5.00	%		09/01/2046		1,000		1,135,590
Fontana Unified School District; Series 2020, GO Bonds (INS - BAM)(a)		3.00	%		08/01/2040		7,400		7,899,870
Foothill-Eastern Transportation Corridor Agency; Series 2015, Ref. RB (INS - AGM)(a)(c)		0.00	%		01/15/2035		2,745		1,864,377
Fremont Community Facilities District No. 1 (Pacific Commons); Series 2015, Ref. RB		5.00	%		09/01/2035		815		909,059
Fullerton (City of), CA Community Facilities District No. 1 (Amerige Heights);
Series 2012, Ref. RB		5.00	%		09/01/2026		1,960		2,141,555
Series 2012, Ref. RB		5.00	%		09/01/2032		1,090		1,182,301
Gilroy Unified School District (Election of 2008);
Series 2009 A, GO Bonds(c)(d)		0.00	%		08/01/2029		615		556,723
Series 2009 A, GO Bonds (INS - AGC)(a)(c)		0.00	%		08/01/2029		4,735		4,225,845
Series 2009 A, GO Bonds(c)(d)		0.00	%		08/01/2031		2,235		1,929,766
Series 2009 A, GO Bonds (INS - AGC)(a)(c)		0.00	%		08/01/2031		1,415		1,197,076

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                        Invesco California Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
Glendale Community College District; Series 2020 B, GO Bonds		4.00	%		08/01/2050	$	9,600	$	11,237,664
Glendora (City of), CA Public Finance Authority; Series 2003 A, RB (INS - NATL)(a)		5.00	%		09/01/2024		1,800		1,805,814
Golden State Tobacco Securitization Corp.;
Series 2007 A-2, RB		5.30	%		06/01/2037		1,995		2,067,957
Series 2013 A, RB		5.00	%		06/01/2030		2,000		2,225,260
Series 2015 A, Ref. RB		5.00	%		06/01/2040		3,195		3,719,172
Series 2015 A, Ref. RB		5.00	%		06/01/2045		1,165		1,346,798
Series 2017 A-1, Ref. RB		5.00	%		06/01/2029		1,000		1,222,340
Series 2018 A-1, Ref. RB		5.00	%		06/01/2047		8,240		8,472,533
Series 2018 A-2, Ref. RB		5.00	%		06/01/2047		10,000		10,282,200
Hollister (City of), CA Redevelopment Agency Successor Agency;
Series 2014, Ref. RB (INS - BAM)(a)		5.00	%		10/01/2030		1,600		1,852,336
Series 2014, Ref. RB (INS - BAM)(a)		5.00	%		10/01/2032		1,305		1,500,907
Hollister Joint Powers Financing Authority; Series 2016, Ref. RB (INS - AGM)(a)		5.00	%		06/01/2036		1,270		1,550,518
Hollister School District (Election of 2016); Series 2019 B, GO Bonds		4.00	%		09/01/2046		3,675		4,117,360
Imperial (County of), CA (Community Facilities District No. 2004-2 - Improvement Area No. 1); Series 2007, RB		5.90	%		09/01/2037		1,430		1,454,396
Independent Cities Finance Authority (Hacienda Valley Estates); Series 2014, Ref. RB		5.00	%		11/15/2034		885		980,146
Independent Cities Finance Authority (Rancho del Sol and Grandview East); Series 2012, Ref. RB		5.50	%		05/15/2047		1,000		1,045,970
Independent Cities Finance Authority (Union City Tropics); Series 2019, Ref. RB		5.00	%		05/15/2048		1,000		1,186,070
Inglewood (City of), CA Redevelopment Agency (Merged Redevelopment); Series 1998 A, Ref. RB (INS - AMBAC)(a)		5.25	%		05/01/2023		460		498,166
Inglewood Unified School District;
Series 2019 C, GO Bonds (INS - BAM)(a)		4.00	%		08/01/2038		550		631,582
Series 2019 C, GO Bonds (INS - BAM)(a)		4.00	%		08/01/2039		690		790,485
Inland Empire Tobacco Securitization Corp.;
Series 2007 C-1, RB(c)		0.00	%		06/01/2036		8,000		2,867,040
Series 2007 C-2, RB(c)		0.00	%		06/01/2047		14,000		2,371,740
Series 2019, Ref. RB		3.68	%		06/01/2038		4,140		4,407,030
Irvine (City of), CA Community Facilities District No. 2013-3 (Great Park Improvement Area No. 1);
Series 2014, RB		5.00	%		09/01/2044		445		486,354
Series 2014, RB		5.00	%		09/01/2049		445		484,930
Irvine Ranch Water District; Series 2016, RB(f)		5.25	%		02/01/2046		4,305		5,285,464
Irvine Unified School District (Community Facilities District No. 01-1); Series 2015, Ref. RB (INS - BAM)(a)		5.00	%		09/01/2038		3,500		4,019,470
Irvine Unified School District (Community Facilities District No. 06-1- Portola Springs); Series 2010, RB		6.70	%		09/01/2035		515		515,000
Irvine Unified School District (Community Facilities District No. 09-1);
Series 2017 B, RB		5.00	%		09/01/2047		500		577,025
Series 2018 A, Ref. RB		5.00	%		09/01/2045		1,000		1,156,800
Series 2019 A, RB (INS - BAM)(a)		4.00	%		09/01/2044		3,600		4,170,780
Lake Elsinore (City of), CA; Series 2019, RB		5.00	%		09/01/2050		1,000		1,107,170
Lake Elsinore (City of), CA Public Financing Authority (Canyon Hills IA C);
Series 2012 C, RB		5.00	%		09/01/2032		630		664,896
Series 2012 C, RB		5.00	%		09/01/2037		335		351,566
Lake Elsinore (City of), CA Public Financing Authority (Villages at Wasson Canyon); Series 2012 A, RB		5.25	%		09/01/2038		1,175		1,237,827
Lammersville Joint Unified School District;
Series 2020, RB		4.00	%		09/01/2045		310		335,773
Series 2020, RB		4.00	%		09/01/2049		730		787,363
Lammersville Unified School District (Lammersville School District Community Facilities District No. 2002 - Mountain House);
Series 2012, Ref. RB		5.00	%		09/01/2025		420		447,678
Series 2012, Ref. RB		5.10	%		09/01/2026		375		399,139
Series 2012, Ref. RB		5.15	%		09/01/2027		885		941,268
Series 2012, Ref. RB		5.20	%		09/01/2028		1,000		1,061,840
Series 2012, Ref. RB		5.25	%		09/01/2029		500		530,775
Series 2012, Ref. RB		5.30	%		09/01/2030		500		530,370
Series 2012, Ref. RB		5.38	%		09/01/2032		1,000		1,057,040
Lathrop (City of), CA (Community Facilities District No. 03-2); Series 2003, RB		7.00	%		09/01/2033		3,550		3,563,348

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13                        Invesco California Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
Lennox School District; Series 2014, COP (INS - BAM)(a)		5.00	%		10/01/2034	$	1,000	$	1,074,120
Long Beach (City of), CA;
Series 2010 A, RB		5.00	%		06/01/2040		2,500		2,507,750
Series 2015, RB		5.00	%		05/15/2045		2,370		2,556,472
Series 2017 A, RB(b)		5.00	%		05/15/2037		1,300		1,506,765
Series 2017 A, RB(b)		5.00	%		05/15/2040		14,670		16,888,104
Long Beach (City of), CA (Green Bonds); Series 2017 B, RB(b)		5.00	%		05/15/2043		8,210		9,392,240
Long Beach (City of), CA Bond Finance Authority;
Series 2007 A, RB		5.50	%		11/15/2028		50		65,148
Series 2007 A, RB		5.50	%		11/15/2037		1,000		1,456,690
Long Beach (City of), CA Bond Finance Authority (Aquarium of the Pacific); Series 2012, Ref. RB		5.00	%		11/01/2029		2,000		2,104,740
Long Beach (City of), CA Bond Finance Authority (Natural Gas Purchase); Series 2007 A, RB		5.50	%		11/15/2032		2,665		3,671,757
Long Beach Unified School District; Series 2017 A, GO Bonds		5.00	%		08/01/2036		8,175		10,059,174
Los Alamitos Unified School District;
Series 2012, COP(k)		5.95	%		08/01/2034		1,200		1,367,256
Series 2013, GO Bonds(k)		6.01	%		08/01/2040		1,660		1,799,755
Los Angeles (City of), CA Community Facilities District No. 4 (Playa Vista - Phase 1); Series 2014, Ref. RB		5.00	%		09/01/2031		590		692,011
Los Angeles (City of), CA Department of Airports;
Series 2015 A, RB(b)		5.00	%		05/15/2033		4,365		5,062,614
Series 2015 A, RB(b)		5.00	%		05/15/2034		5,795		6,709,683
Series 2018 B, Ref. RB(b)		5.00	%		05/15/2032		3,500		4,326,700
Series 2018 B, Ref. RB(b)(f)		5.00	%		05/15/2033		15,145		18,626,230
Series 2018 B, Ref. RB(b)(f)		5.00	%		05/15/2034		12,000		14,713,440
Series 2018 C, RB(b)		5.00	%		05/15/2038		2,500		3,006,850
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport);
Series 2013, RB(b)		5.00	%		05/15/2043		3,000		3,277,500
Series 2019, RB(b)		5.00	%		05/15/2049		24,745		29,662,079
Los Angeles (City of), CA Department of Water & Power;
Series 2011 A, RB		5.25	%		07/01/2039		1,500		1,523,340
Series 2017 A, Ref. RB		5.00	%		07/01/2041		8,250		10,116,232
Series 2017 C, RB		5.00	%		07/01/2042		15,525		19,206,133
Series 2017 C, RB(f)		5.00	%		07/01/2047		16,500		20,274,375
Los Angeles (City of), CA Harbor Department; Series 2014 A, Ref. RB(b)		5.00	%		08/01/2036		1,000		1,134,210
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds); Series 2019 A, RB		5.00	%		07/01/2044		7,000		8,895,180
Los Angeles Community College District (Election of 2008); Series 2013 F, GO Bonds		4.00	%		08/01/2037		10,000		10,858,100
Los Angeles County Schools Regionalized Business Services Corp. (Los Angeles County Schools Pooled Financing Program); Series 1999 A, COP (INS - AMBAC)(a)(c)		0.00	%		08/01/2024		1,265		1,213,641
Lynwood (City of), CA Public Financing Authority (Measure M); Series 2019 A, RB (INS - AGM)(a)		5.25	%		06/01/2048		3,185		3,914,779
Madera (County of), CA (Valley Children’s Hospital); Series 1995, COP (INS - NATL)(a)		5.75	%		03/15/2028		85		85,310
Madera Unified School District; Series 2019, GO Bonds		4.00	%		08/01/2044		8,945		10,201,415
Manteca Unified School District;
Series 2017 B, GO Bonds		4.00	%		08/01/2042		9,325		10,746,969
Series 2020 C, GO Bonds		4.00	%		08/01/2045		2,750		3,190,357
Marina (City of), CA Redevelopment Agency Successor Agency;
Series 2018 B, RB		5.00	%		09/01/2038		250		281,773
Series 2020 A, RB		4.00	%		09/01/2040		700		751,352
Series 2020 B, RB		4.00	%		09/01/2040		700		746,214
Maywood (City of), CA Public Financing Authority (Infrastructure Refinancing); Series 2008 A, Ref. RB		7.00	%		09/01/2038		50		50,020
McFarland Unified School District (Election of 2012); Series 2014 A, GO Bonds (INS - AGM)(a)		5.50	%		11/01/2038		1,750		2,059,575
Mendota (City of), CA Joint Powers Financing Authority; Series 2005, RB		5.15	%		07/01/2035		1,375		1,377,131
Menifee Union School District; Series 2019, RB		5.00	%		09/01/2044		1,500		1,680,810
Menifee Union School District (Community Facilities District No. 2011-1 - Improvement Area No. 3);
Series 2018, RB		5.00	%		09/01/2043		1,000		1,123,010
Series 2018, RB		5.00	%		09/01/2048		1,500		1,677,780	��
Menifee Union School District (Election of 2008); Series 2009 C, GO Bonds (INS - AGC)(a)(c)		0.00	%		08/01/2035		940		698,382
Menifee Union School District Public Financing Authority; Series 2017 A, RB (INS - NATL)(a)		5.00	%		09/01/2033		1,000		1,161,860

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14                        Invesco California Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
Merced City School District (Election of 2014); Series 2018, GO Bonds		5.00	%		08/01/2048	$	3,020	$	3,757,726
Moorpark Unified School District (Election of 2008); Series 2009 A, GO Bonds (INS - AGC)(a)(c)		0.00	%		08/01/2031		840		698,426
Moreno Valley Unified School District (Community Facilities District No. 2015-2);
Series 2019, RB		5.00	%		09/01/2044		435		482,667
Series 2019, RB		5.00	%		09/01/2048		485		536,958
Moreno Valley Unified School District Community Facilities District; Series 2015, RB		5.00	%		09/01/2045		2,050		2,254,959
Mountain View Shoreline Regional Park Community; Series 2018 A, RB (INS -AGM)(a)		5.00	%		08/01/2048		2,000		2,471,860
M-S-R Public Power Agency; Series 1991 E, RB(d)		6.00	%		07/01/2022		40		43,046
Mt. San Antonio Community College District (Election of 2008); Series 2013 A, GO Bonds(k)		6.25	%		08/01/2043		2,035		2,195,358
Murrieta (City of), CA (Community Facilities District No. 2005-5); Series 2017, RB		5.00	%		09/01/2042		655		745,587
National City (City of), CA Community Development Commission (National City Redevelopment); Series 2011, RB(d)(e)		7.00	%		08/01/2021		1,500		1,592,505
Norco (City of), CA Community Redevelopment Agency Successor Agency (Project Area No. 1); Series 2014, Ref. RB (INS - BAM)(a)		5.00	%		03/01/2030		1,500		1,706,175
Northern California Energy Authority; Series 2018 A, RB(e)		4.00	%		07/01/2024		10,000		11,163,200
Northern California Tobacco Securitization Authority; Series 2005 A-1, RB		5.38	%		06/01/2038		2,425		2,434,991
Northern California Transmission Agency (California-Oregon Transmission); Series 2016, Ref. RB		5.00	%		05/01/2038		1,250		1,467,737
Northern Humboldt Union High School District (Election of 2010);
Series 2011 A, GO Bonds(d)(e)		6.50	%		08/01/2021		1,250		1,322,100
Series 2015 C, GO Bonds		5.00	%		08/01/2043		4,115		4,864,053
Northern Inyo (County of), CA Local Hospital District; Series 2010, RB		6.38	%		12/01/2025		2,000		2,017,600
Oak Grove School District (Election of 2008);
Series 2018 E, Ref. GO Bonds(k)		5.00	%		08/01/2038		8,680		5,517,268
Series 2018 E, Ref. GO Bonds(k)		5.00	%		08/01/2042		5,755		3,546,289
Oak Valley Hospital District; Series 2010, RB		7.00	%		11/01/2035		1,000		1,011,030
Oakland Unified School District (County of Alameda); Series 2015 A, GO Bonds		5.00	%		08/01/2040		1,070		1,241,243
Oceanside Unified School District (Election of 2008); Series 2019 E, GO Bonds		4.00	%		08/01/2048		2,500		2,866,675
Ontario (City of), CA (Assessment District No. 108); Series 1995, RB		7.50	%		09/02/2020		585		585,000
Ontario (City of), CA Community Facilities District No. 25 (Park Place Facilities Phase II); Series 2019, RB		5.00	%		09/01/2049		1,000		1,118,980
Ontario (City of), CA Community Facilities District No. 40 (Emerald Park Facilities); Series 2020, RB		4.00	%		09/01/2050		780		865,238
Ontario (City of), CA Community Facilities District No. 43 (Park Place Facilities Phase IV); Series 2020, RB		4.00	%		09/01/2050		1,000		1,096,410
Orange (County of), CA (Community Facilities District No. 2016-1); Series 2016 A, RB		5.00	%		08/15/2031		1,350		1,574,437
Orange (County of), CA Community Facilities District (Village of Esencia);
Series 2020, RB		4.00	%		08/15/2045		845		914,282
Series 2020, RB		4.00	%		08/15/2050		700		754,222
Orange (County of), CA Community Facilities District No. 2015-1 (Esencia Village);
Series 2015 A, RB		5.00	%		08/15/2035		125		140,560
Series 2015 A, RB		5.25	%		08/15/2045		1,810		2,021,806
Orange (County of), CA Community Facilities District No. 2016-1 (Esencia Village); Series 2016 A, RB		5.00	%		08/15/2046		2,000		2,244,580
Orange (County of), CA Local Transportation Authority; Series 2019, RB		5.00	%		02/15/2041		14,055		17,993,633
Oxnard (City of), CA Financing Authority;
Series 2014, Ref. RB (INS - AGM)(a)		5.00	%		06/01/2032		1,250		1,425,125
Series 2014, Ref. RB (INS - AGM)(a)		5.00	%		06/01/2033		1,500		1,705,575
Series 2014, Ref. RB (INS - AGM)(a)		5.00	%		06/01/2034		850		964,334
Palm Desert (City of), CA Financing Authority (Project Area No. 2); Series 2003, RB (INS - NATL)(a)		5.00	%		08/01/2033		40		40,487
Palm Springs (City of), CA Community Redevelopment Agency Successor Agency; Series 2014, Ref. RB (INS - AGM)(a)		5.00	%		09/01/2032		445		510,589
Palmdale (City of), CA (Community Facilities District No. 05-1);
Series 2005, Ref. RB		6.25	%		09/01/2035		4,160		4,203,014
Series 2007 A, Ref. RB		6.13	%		09/01/2037		5,145		5,193,003
Palomar Community College District; Series 2010, GO Bonds(k)		6.38	%		08/01/2045		3,330		3,655,574
Palomar Health; Series 2017, Ref. RB		5.00	%		11/01/2042		4,835		5,489,272
Perris Elementary School District (Election of 2014);
Series 2014 A, GO Bonds (INS - BAM)(a)		6.00	%		08/01/2029		235		283,083
Series 2014 A, GO Bonds (INS - BAM)(a)		6.00	%		08/01/2030		290		348,838

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15                        Invesco California Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
Perris Union High School District;
Series 2019 A, GO Bonds (INS - AGM)(a)		4.00	%		09/01/2043	$	10,225	$	11,919,385
Series 2019 A, GO Bonds (INS - AGM)(a)		4.00	%		09/01/2048		12,930		14,968,932
Series 2019, Ref. COP (INS - BAM)(a)		5.00	%		10/01/2048		3,000		3,754,710
Piedmont Unified School District; Series 2019, GO Bonds		3.00	%		08/01/2045		4,375		4,694,200
Pixley Union School District (Election of 2014); Series 2014 A, GO Bonds (INS - AGM)(a)		5.25	%		08/01/2044		1,000		1,153,480
Pomona Unified School District; Series 2001 A, Ref. GO Bonds (INS - NATL)(a)		6.15	%		08/01/2030		50		53,944
Poway Unified School District (Del Sur East II); Series 2020, RB (INS - AGM)(a)		4.00	%		09/01/2050		4,255		4,909,972
Poway Unified School District Public Financing Authority; Series 2015 B, Ref. RB (INS - BAM)(a)		5.00	%		09/01/2035		1,970		2,384,961
Rancho Cordova (City of), CA Community Facilities District No. 2003-1 (Sunridge Anatolia); Series 2012, Ref. RB		5.00	%		09/01/2027		1,000		1,072,280
Ravenswood School District;
Series 2018, GO Bonds		5.00	%		08/01/2031		500		623,895
Series 2018, GO Bonds		5.00	%		08/01/2033		500		618,995
Series 2018, GO Bonds		5.00	%		08/01/2035		750		923,625
Redding (City of), CA Redevelopment Agency (Canby-Hilltop-Cypress Redevelopment); Series 2003 A, RB (INS - NATL)(a)		5.00	%		09/01/2023		1,400		1,404,830
Regents of the University of California;
Series 2013 AI, RB(f)		5.00	%		05/15/2038		15,000		16,751,850
Series 2016 L, Ref. RB(f)		5.00	%		05/15/2041		3,420		4,104,137
Series 2018 O, Ref. RB		5.00	%		05/15/2048		3,000		3,722,370
Rialto Unified School District;
Series 2019 A, GO Bonds (INS - BAM)(a)(c)		0.00	%		08/01/2042		8,125		4,254,169
Series 2019 A, GO Bonds (INS - BAM)(a)(c)		0.00	%		08/01/2043		4,500		2,262,420
Rio Hondo Community College District (Election of 2004); Series 2010 C, GO Bonds(k)		6.63	%		08/01/2042		10,530		13,795,458
Riverbank (City of), CA Redevelopment Agency; Series 2007 B, RB(i)		5.00	%		08/01/2032		403		362,331
Riverside (City of), CA (Community Facilities District No. 92-1); Series 2005 A, RB		5.30	%		09/01/2034		1,050		1,058,831
Riverside (County of), CA Community Facilities District No. 07-2 (Clinton Keith);
Series 2015, RB		5.00	%		09/01/2044		1,000		1,106,340
Series 2017, RB		5.00	%		09/01/2045		535		607,145
Riverside (County of), CA Public Financing Authority (Desert Communities and Interstate 215 Corridor);
Series 2017 A, Ref. RB (INS - BAM)(a)		5.00	%		10/01/2034		1,000		1,224,970
Series 2017 A, Ref. RB (INS - BAM)(a)		4.00	%		10/01/2040		500		557,430
Riverside (County of), CA Redevelopment Successor Agency (Jurupa Valley Redevelopment);
Series 2011 B, RB(d)(e)		6.50	%		10/01/2021		1,325		1,414,610
Series 2011 B, RB(d)(e)		6.75	%		10/01/2021		1,200		1,284,384
Series 2011, RB(d)(e)		7.75	%		10/01/2024		1,000		1,295,300
Series 2011, RB(d)(e)		8.00	%		10/01/2024		1,000		1,303,030
Riverside Unified School District;
Series 2019 B, GO Bonds		3.00	%		08/01/2039		4,250		4,522,000
Series 2020, RB		4.00	%		09/01/2045		290		313,331
Series 2020, RB		4.00	%		09/01/2050		610		656,330
Riverside Unified School District (Election of 2016);
Series 2019 B, GO Bonds		3.00	%		08/01/2038		1,740		1,855,814
Series 2019 B, GO Bonds		3.00	%		08/01/2040		2,770		2,938,804
Romoland School District Community Facilities No. 2004-1; Series 2015, Ref. RB		5.00	%		09/01/2038		1,000		1,115,320
Roseville (City of), CA (Villages at Sierra Vista Community Facilities District No. 1 - Public Facilities);
Series 2020, RB		4.00	%		09/01/2039		375		400,590
Series 2020, RB		4.00	%		09/01/2045		350		369,502
Series 2020, RB		4.00	%		09/01/2050		475		498,973
Ross Valley School District; Series 2011 A, GO Bonds(l)		5.50	%		08/01/2041		1,000		1,046,380
Sacramento (City of), CA (Convention Center Complex); Series 2018 A, RB		5.00	%		06/01/2043		2,000		2,228,860
Sacramento (City of), CA (North Natomas Community Facilities District No. 4);
Series 2015, Ref. RB		5.00	%		09/01/2032		1,290		1,459,300
Series 2015, Ref. RB		5.00	%		09/01/2033		1,200		1,353,204
Sacramento (City of), CA Financing Authority; Series 1999 A, RB		6.25	%		09/01/2023		765		786,604

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16                        Invesco California Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
Sacramento (County of), CA;
Series 2010, RB		5.00	%		07/01/2040	$	2,200	$	2,203,564
Series 2018 C, Ref. RB(b)		5.00	%		07/01/2038		2,200		2,640,462
Series 2018 C, Ref. RB(b)		5.00	%		07/01/2039		9,495		11,366,749
Sacramento (County of), CA Housing Authority; Series 2002 C, RB (INS - AMBAC)(a)(b)		5.25	%		06/01/2027		915		916,043
San Bernardino (City of), CA Joint Powers Financing Authority;
Series 1999, COP (INS - NATL)(a)		5.50	%		09/01/2020		100		100,000
Series 1999, COP (INS - NATL)(a)		5.50	%		09/01/2024		10		10,042
San Bernardino Community College District; Series 2019 A, GO Bonds		4.00	%		08/01/2049		27,735		31,744,649
San Bernardino Mountains Community Hospital District;
Series 2007 A, COP		5.00	%		02/01/2027		1,055		1,057,163
Series 2007 A, COP		5.00	%		02/01/2037		3,235		3,240,014
San Buenaventura (City of), CA (Community Memorial Health System);
Series 2011, RB		8.00	%		12/01/2031		3,000		3,195,870
Series 2011, RB		7.50	%		12/01/2041		4,030		4,242,744
San Diego (City of), CA Housing Authority; Series 2011 B, RB		5.00	%		05/01/2029		3,000		3,073,500
San Diego (City of), CA Public Facilities Financing Authority;
Series 2016 A, Ref. RB		5.00	%		05/15/2039		1,565		1,925,200
Subseries 2012 A, Ref. RB(d)(e)		5.00	%		08/01/2022		1,295		1,413,674
San Diego (County of), CA Redevelopment Agency; Series 2005 A, Ref. RB(b)		5.75	%		12/01/2032		5,415		5,430,324
San Diego (County of), CA Regional Airport Authority;
Series 2017 B, RB(b)		5.00	%		07/01/2037		1,000		1,187,070
Series 2019 B, Ref. RB(b)		4.00	%		07/01/2044		1,000		1,109,350
Series 2019 B, Ref. RB(b)		5.00	%		07/01/2049		4,000		4,809,840
San Diego (County of), CA Regional Transportation Commission; Series 2014 A, RB(d)(e)(f)		5.00	%		04/01/2024		2,980		3,466,843
San Diego (County of), CA Water Authority;
Series 2016 B, Ref. RB		5.00	%		05/01/2034		10,000		12,215,300
Series 2016 B, Ref. RB		5.00	%		05/01/2037		10,125		12,256,110
San Diego (County of), CA Water Authority (Green Bonds); Series 2016 A, Ref. RB		5.00	%		05/01/2033		10,000		12,252,400
San Diego Community College District (Election of 2006); Series 2011, GO Bonds(d)(e)		5.00	%		08/01/2021		2,500		2,611,150
San Diego Unified School District; Series 2020 M-2, GO Bonds		4.00	%		07/01/2050		10,000		11,866,200
San Diego Unified School District (Election of 2012); Series 2017 I, GO Bonds		4.00	%		07/01/2047		14,155		16,169,540
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);
Series 2011 C, Ref. RB(b)(d)(e)		5.00	%		05/01/2021		5,000		5,155,700
Series 2011 G, Ref. RB		5.25	%		05/01/2028		550		566,467
Series 2012 A, Ref. RB(b)		5.00	%		05/01/2031		1,000		1,063,800
Series 2017 A, RB(b)		5.00	%		05/01/2042		1,930		2,281,781
Series 2017 A, RB(b)		5.00	%		05/01/2047		5,275		6,194,274
Series 2018 D, RB(b)		5.00	%		05/01/2043		12,020		14,381,449
Series 2018 D, RB(b)		5.00	%		05/01/2048		8,250		9,802,485
Series 2019 E, RB(b)		5.00	%		05/01/2050		31,575		38,079,134
San Francisco (City & County of), CA Public Utilities Commission; Series 2018 B, RB		5.00	%		10/01/2043		7,250		9,071,925
San Francisco (City & County of), CA Redevelopment Agency Successor Agency; Series 2013 B, RB		5.00	%		08/01/2031		500		528,135
San Francisco (City & County of), CA Redevelopment Financing Authority (Mission Bay North Redevelopment); Series 2011 C, RB(d)(e)		6.75	%		02/01/2021		1,400		1,438,038
San Francisco (City & County of), CA Redevelopment Financing Authority (Mission Bay South Redevelopment); Series 2011 D, RB(d)(e)		7.00	%		02/01/2021		1,000		1,027,560
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency (Hunters Point Shipyard Phase One Improvements); Series 2014, RB		5.00	%		08/01/2044		2,985		3,149,832
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency (Mission Bay South Redevelopment); Series 2014 A, RB		5.00	%		08/01/2043		1,060		1,187,719
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency Community Facilities District No. 6 (Mission Bay South Public Improvements); Series 2013 A, Ref. RB		5.00	%		08/01/2033		500		526,315
San Francisco (City of), CA Bay Area Rapid Transit District; Series 2012 A, RB(d)(e)		5.00	%		07/01/2022		730		794,131
San Francisco (City of), CA Bay Area Rapid Transit District (Election of 2016 Green Bond);
Series 2017 A-1, GO Bonds(f)		5.00	%		08/01/2047		3,425		4,245,288
San Francisco Bay Area Rapid Transit District (Green Bonds); Series 2020 C-1, GO Bonds		4.00	%		08/01/2045		8,000		9,444,640
San Gorgonio Memorial Health Care District; Series 2014, Ref. GO Bonds		5.00	%		08/01/2032		500		553,930
San Jacinto Unified School District Financing Authority; Series 2017, Ref. RB		5.00	%		09/01/2043		250		277,675

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17                        Invesco California Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
San Joaquin Hills Transportation Corridor Agency;
Series 2014 A, Ref. RB		5.00	%		01/15/2044	$	1,730	$	1,916,892
Series 2014 B, Ref. RB		5.25	%		01/15/2044		2,000		2,215,640
San Jose (City of), CA; Series 2011 A-1, RB(b)		5.00	%		03/01/2025		1,000		1,020,600
San Jose (City of), CA (El Parador Apartments); Series 2000 A, RB(b)		6.20	%		01/01/2041		3,150		3,151,669
San Jose (City of), CA (Fallen Leaves Apartments); Series 2002 J-1, RB (INS - AMBAC)(a)(b)		5.10	%		12/01/2032		4,025		4,028,582
San Jose (City of), CA (Improvement District No. 99-218SJ); Series 2001 24-Q, RB		5.88	%		09/02/2023		35		36,472
San Jose (City of), CA (Orvieto Family Apartments); Series 2010 B-1, RB		4.75	%		08/01/2029		5,210		5,224,484
San Jose Evergreen Community College District (Election of 2004); Series 2008 B, GO Bonds (INS -AGM)(a)(c)		0.00	%		09/01/2031		3,110		2,634,388
San Leandro Unified School District; Series 2019 B, GO Bonds (INS - BAM)(a)		4.00	%		08/01/2043		5,000		5,788,900
San Luis Obispo (County of), CA Financing Authority (Lopez Dam Improvement); Series 2011 A, Ref. RB (INS - AGM)(a)		5.00	%		08/01/2030		1,500		1,564,860
San Marcos Unified School District;
Series 2015 XF2029, GO Ctfs.(d)(e)(f)		5.25	%		08/01/2021		10,000		10,467,500
Series 2019, RB		5.00	%		09/01/2048		750		839,265
San Mateo (City of), CA Foster School District (Election 2008); Series 2010, GO Bonds(k)		6.63	%		08/01/2042		1,010		1,123,271
San Mateo (County of), CA Joint Powers Financing Authority; Series 2018 A, RB		5.00	%		07/15/2043		18,075		22,426,195
San Mateo County Community College District; Series 2018 B, GO Bonds		5.00	%		09/01/2045		10,000		12,714,800
San Mateo Foster (City of), CA Public Financing Authority (Clean Water Program); Series 2019, RB		4.00	%		08/01/2044		5,000		5,962,050
San Rafael Elementary School District; Series 2019 C, GO Bonds		4.00	%		08/01/2047		2,950		3,353,914
Santa Barbara (County of), CA;
Series 2018 B, COP(b)		5.00	%		12/01/2037		12,695		15,589,841
Series 2018 B, COP(b)		5.00	%		12/01/2038		5,000		6,122,950
Santa Clara (City of), CA Redevelopment Agency; Series 2011, RB(d)(e)		5.75	%		06/01/2021		3,000		3,126,330
Santa Clara (County of), CA Housing Authority;
Series 2001 A, RB(b)		5.85	%		08/01/2031		1,000		1,003,450
Series 2001 A, RB(b)		6.00	%		08/01/2041		2,070		2,122,019
Series 2010 A-1, RB (CEP - FHLMC)		4.75	%		11/01/2027		4,010		4,034,982
Santa Clarita Community College District; Series 2019, GO Bonds		3.00	%		08/01/2044		1,410		1,507,614
Santa Margarita Water District (Community Facilities District No. 2013-1);
Series 2013, RB		5.63	%		09/01/2036		960		1,048,906
Series 2013, RB		5.63	%		09/01/2043		960		1,041,187
Santa Monica (City of), CA Redevelopment Agency;
Series 2011, RB		5.88	%		07/01/2036		1,750		1,814,032
Series 2011, RB		5.88	%		07/01/2042		2,600		2,689,882
Santaluz Community Facilities District No. 2 (Improvement Area No. 1);
Series 2011 A, Ref. RB		5.00	%		09/01/2028		820		858,179
Series 2011 A, Ref. RB		5.00	%		09/01/2029		710		743,200
Series 2011 A, Ref. RB		5.10	%		09/01/2030		460		481,970
Sebastopol Union School District;
Series 2020 A, GO Bonds		4.00	%		08/01/2041		500		562,975
Series 2020 A, GO Bonds		5.00	%		08/01/2049		2,535		3,078,884
Signal Hill (City of), CA Redevelopment Agency Successor Agency; Series 2011, RB		7.00	%		10/01/2026		1,720		1,775,866
Silicon Valley Tobacco Securitization Authority (Santa Clara);
Series 2007 A, RB(c)		0.00	%		06/01/2036		22,420		9,362,592
Series 2007 A, RB(c)		0.00	%		06/01/2041		10,000		3,129,300
Series 2007 B, RB(c)		0.00	%		06/01/2047		12,650		2,706,214
Series 2007 C, RB(c)		0.00	%		06/01/2056		50,000		5,445,000
Simi Valley Unified School District; Series 2019 B, GO Bonds		4.00	%		08/01/2048		2,000		2,276,560
Simi Valley Unified School District (Election of 2004);
Series 2007 C, GO Bonds (INS - AGM)(a)(c)		0.00	%		08/01/2028		3,480		3,156,604
Series 2007 C, GO Bonds (INS - AGM)(a)(c)		0.00	%		08/01/2030		2,765		2,389,402
South El Monte (City of), CA Improvement District Successor Agency; Series 2015 A, Ref. RB (INS - AGM)(a)		5.00	%		08/01/2035		4,150		4,863,011
South Orange (County of), CA Public Financing Authority (Ladera Ranch); Series 2014 A, Ref. RB		5.00	%		08/15/2034		895		944,046

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18                        Invesco California Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
Southern California Public Power Authority;
Series 2007 A, RB		5.25	%		11/01/2022	$	470	$	517,583
Series 2007 A, RB		5.25	%		11/01/2023		50		57,243
Series 2007 A, RB		5.25	%		11/01/2026		250		313,380
Series 2007 A, RB		5.25	%		11/01/2027		2,255		2,866,195
Series 2007 A, RB		5.00	%		11/01/2028		205		260,321
Series 2007 A, RB		5.00	%		11/01/2029		165		211,957
Series 2007 A, RB		5.00	%		11/01/2033		2,085		2,780,514
Series 2014 A, RB		5.00	%		07/01/2035		13,000		15,061,280
Southern California Public Power Authority (Milford Wind Corridor Phase II);
Series 2011-1, RB(f)		5.25	%		07/01/2029		2,100		2,186,877
Series 2011-1, RB(f)		5.25	%		07/01/2031		2,100		2,186,163
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.);
Series 2019, Ref. RB		5.00	%		06/01/2039		750		957,255
Series 2019, Ref. RB		5.00	%		06/01/2048		6,000		7,297,680
Series 2019, Ref. RB(c)		0.00	%		06/01/2054		20,000		3,414,200
Southern Mono Health Care District; Series 2012, Ref. GO Bonds		5.00	%		08/01/2021		790		822,445
State of California Department of Water Resources(d)(e)(f)		5.25	%		12/01/2020		9,710		9,832,540
Stockton (City of), CA Redevelopment Agency Successor Agency; Series 2016 A, Ref. RB (INS - AGM)(a)		5.00	%		09/01/2034		1,000		1,183,100
Susanville (City of), CA (Natural Gas Enterprise Ref.); Series 2019, Ref. RB (INS - AGM)(a)		4.00	%		06/01/2045		3,325		3,774,806
Tahoe-Truckee Unified School District;
Series 2016 B, GO Bonds		5.00	%		08/01/2039		3,000		3,667,440
Series 2016 B, GO Bonds		5.00	%		08/01/2041		950		1,156,492
Transbay Joint Powers Authority (Green Bonds);
Series 2020 A, RB		5.00	%		10/01/2045		1,000		1,244,430
Series 2020 A, RB		5.00	%		10/01/2049		1,100		1,362,416
Series 2020 A, Tax Allocation Bonds		5.00	%		10/01/2037		600		762,732
Series 2020 A, Tax Allocation Bonds		5.00	%		10/01/2040		1,000		1,259,700
Series 2020 B, Tax Allocation Bonds		5.00	%		10/01/2035		250		302,673
Series 2020 B, Tax Allocation Bonds		5.00	%		10/01/2038		300		358,119
Tustin (City of), CA Public Financing Authority; Series 2011 A, RB(d)(e)		5.00	%		04/01/2021		1,000		1,028,430
Tustin Unified School District (Community Facilities District No. 97-1); Series 2015, Ref. RB (INS - BAM)(a)		5.00	%		09/01/2038		3,000		3,492,870
Twentynine Palms (City of), CA Redevelopment Agency Successor Agency;
Series 2011 A-4, RB(d)(e)		7.13	%		09/01/2021		375		400,425
Series 2011 A-4, RB(d)(e)		7.40	%		09/01/2021		500		535,270
Series 2011 B, RB(d)(e)		7.40	%		09/01/2021		415		444,274
Series 2011 B, RB(d)(e)		7.65	%		09/01/2021		425		456,038
University of California;
Series 2016 AR, Ref. RB(f)		5.00	%		05/15/2037		12,840		15,667,240
Series 2017 AV, RB		5.00	%		05/15/2042		5,000		6,129,850
Series 2018 AZ, Ref. RB		5.00	%		05/15/2043		16,000		20,044,320
Series 2018 AZ, Ref. RB		4.00	%		05/15/2048		2,000		2,310,920
Series 2018 AZ, Ref. RB		5.00	%		05/15/2048		4,000		4,979,520
Series 2020 BE, Ref. RB		4.00	%		05/15/2047		12,975		15,244,846
Upland (City of), CA Community Facilities District No. 2003-2 (Improvement Area No. 2);
Series 2015, Ref. RB		5.00	%		09/01/2029		1,030		1,154,990
Series 2015, Ref. RB		5.00	%		09/01/2030		1,080		1,203,196
Upland (City of), CA Community Facilities District No. 2015-1 (Improvement Area No. 1); Series 2019 A, RB		4.00	%		09/01/2049		750		799,560
Valley (City of), CA Sanitary District; Series 2005, RB		5.20	%		09/02/2030		1,320		1,341,740
Vernon (City of), CA;
Series 2012 A, RB		5.13	%		08/01/2033		1,000		1,054,000
Series 2012 A, RB		5.50	%		08/01/2041		4,000		4,216,400
Vernon (City of), CA Redevelopment Agency; Series 2005, RB (INS - NATL)(a)		5.00	%		09/01/2035		65		66,362
Victor Valley Community College District (Election of 2008); Series 2020 D, GO Bonds		4.00	%		08/01/2050		12,850		14,855,114
Victorville (City of), CA (Community Facilities District No. 07-01); Series 2012 A, RB		5.35	%		09/01/2042		485		501,049

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19                        Invesco California Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
California–(continued)
Vista Unified School District; Series 2019 A, GO Bonds		4.00	%		08/01/2044	$	1,000	$	1,173,420
West Contra Costa Unified School District; Series 2005, GO Bonds (INS - NATL)(a)(c)		0.00	%		08/01/2025		2,500		2,405,425
West Covina Public Financing Authority; Series 2018 A, Ref. RB		5.00	%		05/01/2031		445		545,134
West Hollywood (City of), CA Community Development Department (East Side Redevelopment); Series 2011 A, RB		7.50	%		09/01/2042		1,500		1,602,450
West Patterson Financing Authority (Community Facilities Distrct No. 2015-1);
Series 2015, RB		5.25	%		09/01/2035		610		666,535
Series 2015, RB		5.25	%		09/01/2045		1,550		1,669,706
West Sacramento (City of), CA; Series 2019, RB		5.00	%		09/01/2037		860		969,349
West Sacramento (City of), CA (Community Facilities District No. 29); Series 2019, RB		5.00	%		09/01/2044		1,065		1,184,056
Western Riverside (County of), CA Water & Wastewater Financing Authority (Eastern Municipal Water District Improvement); Series 2009, RB (INS - AGC)(a)		5.63	%		09/01/2039		1,000		1,004,030
Whittier (City of), CA (Presbyterian Intercommunity Hospital, Inc.); Series 2014, RB		5.00	%		06/01/2044		1,500		1,665,495
Woodland (City of), CA Community Facilities District 1; Series 2019, RB		5.00	%		09/01/2044		2,295		2,577,285
Woodland (City of), CA Finance Authority;
Series 2011, RB		6.00	%		03/01/2036		2,300		2,363,204
Series 2011, RB		6.00	%		03/01/2041		1,500		1,539,780
Yosemite Community College District (Election of 2004); Series 2008 C, GO Bonds (INS - AGM)(a)(c)		0.00	%		08/01/2024		4,685		4,568,953
Yuba Community College District; Series 2017, Ref. GO Bonds		4.00	%		08/01/2047		4,285		4,871,702
									2,007,069,265
Guam–0.73%
A.B. Won Pat International Airport Authority; Series 2013 C, RB (INS - AGM)(a)(b)		6.13	%		10/01/2043		2,500		2,743,425
Guam (Territory of); Series 2011 A, RB		5.13	%		01/01/2042		1,500		1,539,270
Guam (Territory of) International Airport Authority;
Series 2013 C, RB (INS - AGM)(a)(b)		6.00	%		10/01/2034		1,000		1,105,210
Series 2013 C, RB(b)		6.25	%		10/01/2034		1,000		1,034,840
Guam (Territory of) Power Authority;
Series 2012 A, Ref. RB (INS - AGM)(a)		5.00	%		10/01/2023		250		270,610
Series 2012 A, Ref. RB (INS - AGM)(a)		5.00	%		10/01/2024		320		346,282
Series 2012 A, Ref. RB (INS - AGM)(a)		5.00	%		10/01/2030		570		610,806
Guam (Territory of) Waterworks Authority;
Series 2014 A, Ref. RB		5.00	%		07/01/2035		765		847,498
Series 2020 A, RB		5.00	%		01/01/2050		3,460		4,211,719
Port Authority of Guam; Series 2018 A, RB		5.00	%		07/01/2048		1,825		2,087,782
									14,797,442
Northern Mariana Islands–0.13%
Northern Mariana Island Ports Authority; Series 2005 A, RB(b)		5.50	%		03/15/2031		1,800		1,642,644
Northern Mariana Islands (Commonwealth of) Ports Authority; Series 1998 A, RB(b)		6.25	%		03/15/2028		990		936,401
									2,579,045
Puerto Rico–5.07%
Children’s Trust Fund;
Series 2002, RB		5.38	%		05/15/2033		3,680		3,702,669
Series 2002, RB		5.50	%		05/15/2039		8,655		8,708,315
Series 2002, RB		5.63	%		05/15/2043		30		30,152
Puerto Rico (Commonwealth of);
Series 2006 A, GO Bonds(i)		5.25	%		07/01/2030		500		356,875
Series 2007 A, Ref. GO Bonds (INS - FGIC)(a)(g)		5.50	%		07/01/2021		1,000		859,500
Series 2009 B, Ref. GO Bonds(i)		6.50	%		07/01/2037		3,000		2,171,250
Series 2009 B, Ref. GO Bonds(i)		5.75	%		07/01/2038		1,020		722,925
Series 2009 B, Ref. GO Bonds(i)		6.00	%		07/01/2039		2,500		1,796,875
Series 2011 C, Ref. GO Bonds (INS - AGM)(a)		6.00	%		07/01/2036		80		80,816
Series 2011 C, Ref. GO Bonds(i)		6.50	%		07/01/2040		1,000		660,000
Series 2011 E, Ref. GO Bonds(i)		5.38	%		07/01/2030		1,450		951,563
Series 2012 A, Ref. GO Bonds(i)		5.50	%		07/01/2026		5,000		3,300,000
Series 2012 A, Ref. GO Bonds(i)		5.50	%		07/01/2027		1,615		1,065,900
Series 2012 A, Ref. GO Bonds(i)		5.75	%		07/01/2028		4,525		2,986,500

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20                        Invesco California Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Puerto Rico–(continued)
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2008 A, RB		6.13	%		07/01/2024	$	2,070	$	2,209,642
Series 2008 A, RB		6.00	%		07/01/2044		12,000		12,195,000
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2012 A, RB(i)		5.00	%		07/01/2042		4,000		2,760,000
Series 2012 A, RB(i)		5.05	%		07/01/2042		1,000		690,000
Series 2013 A, RB(i)		6.75	%		07/01/2036		7,350		5,181,750
Series 2016 E-1, RB(i)		10.00	%		01/01/2021		454		346,309
Series 2016 E-2, RB(i)		10.00	%		07/01/2021		453		346,309
Series 2016 E-2, RB(i)		10.00	%		01/01/2022		151		115,436
Series 2016 E-4, RB(i)		10.00	%		07/01/2022		151		115,435
Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2007 CC, Ref. RB(i)		5.50	%		07/01/2030		2,500		2,200,000
Puerto Rico (Commonwealth of) Industrial Tourist, Educational, Medical & Environmental Control Facilities Financing Authority;
Series 1995 A, RB		5.63	%		07/01/2022		635		635,794
Series 2000, RB(b)		6.63	%		06/01/2026		6,055		6,266,925
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University System);
Series 2012, Ref. RB		5.13	%		04/01/2032		170		168,133
Series 2012, Ref. RB		5.38	%		04/01/2042		225		221,432
Puerto Rico (Commonwealth of) Infrastructure Financing Authority (MEPSI Campus); Series 2007 A, RB(i)		6.50	%		10/01/2037		1,220		369,050
Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2009 P, Ref. RB(i)		6.75	%		07/01/2036		5,000		4,037,500
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(c)		0.00	%		07/01/2024		213		196,769
Series 2018 A-1, RB(c)		0.00	%		07/01/2027		1,524		1,294,775
Series 2018 A-1, RB(c)		0.00	%		07/01/2029		395		313,634
Series 2018 A-1, RB(c)		0.00	%		07/01/2031		1,616		1,191,057
Series 2018 A-1, RB(c)		0.00	%		07/01/2033		11,974		8,116,336
Series 2018 A-1, RB		4.50	%		07/01/2034		419		443,461
Series 2018 A-1, RB		4.55	%		07/01/2040		342		364,223
Series 2018 A-1, RB(c)		0.00	%		07/01/2046		8,788		2,521,014
Series 2018 A-1, RB(c)		0.00	%		07/01/2051		13,879		2,869,067
Series 2018 A-1, RB		4.75	%		07/01/2053		2,510		2,638,110
Series 2018 A-1, RB		5.00	%		07/01/2058		11,595		12,379,982
Series 2019 A-2, RB		4.33	%		07/01/2040		2,154		2,261,722
Series 2019 A-2, RB		4.54	%		07/01/2053		65		67,390
Series 2019 A-2, RB		4.78	%		07/01/2058		865		911,113
University of Puerto Rico; Series 2006 P, Ref. RB		5.00	%		06/01/2030		2,190		2,146,200
									102,966,908
Virgin Islands–0.25%
Virgin Islands (Government of) Port Authority;
Series 2014 A, Ref. RB(b)		5.00	%		09/01/2029		1,645		1,597,706
Series 2014 A, Ref. RB(b)		5.00	%		09/01/2033		1,500		1,421,205
Virgin Islands (Government of) Public Finance Authority; Series 2015, RB(h)		5.00	%		09/01/2030		1,000		1,132,550
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2012 A, RB		5.00	%		10/01/2032		840		818,790
									4,970,251
TOTAL INVESTMENTS IN SECURITIES(m) –105.10% (Cost $1,995,752,910)									2,132,382,911
FLOATING RATE NOTE OBLIGATIONS–(5.33)%
Notes with interest and fee rates ranging from 0.61% to 0.71% at 08/31/2020 and contractual maturities of collateral ranging from 07/01/2029 to 04/01/2056 (See Note 1J)(n)									(108,115,000	)
BORROWINGS–(0.61)%									(12,400,000	)
OTHER ASSETS LESS LIABILITIES–0.84%									17,133,991
NET ASSETS –100.00%								$	2,029,001,902

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21                        Invesco California Municipal Fund

Investment Abbreviations:
AGC	- Assured Guaranty Corp.
AGM	- Assured Guaranty Municipal Corp.
AMBAC	- American Municipal Bond Assurance Corp.
BAM	- Build America Mutual Assurance Co.
CEP	- Credit Enhancement Provider
COP	- Certificates of Participation
Ctfs.	- Certificates
FGIC	- Financial Guaranty Insurance Company
FHLMC	- Federal Home Loan Mortgage Corp.
GO	- General Obligation
IDR	- Industrial Development Revenue Bonds
INS	- Insurer
NATL	- National Public Finance Guarantee Corp.
OCEAA	- Orange Country Educational Arts Academy
RB	- Revenue Bonds
Ref.	- Refunding

Notes to Schedule of Investments:

^(a)  Principal and/or interest payments are secured by the bond insurance company listed.

^(b)  Security subject to the alternative minimum tax.

^(c)  Zero coupon bond issued at a discount.

^(d)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(e)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(f)  Underlying security related to TOB Trusts entered into by the Fund. See Note 1J.

^(g)  The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

^(h)  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 August 31, 2020 was $108,636,033, which represented 5.35% of the Fund’s Net Assets.

⁽ⁱ⁾  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2020 was $37,349,508, which represented 1.84% of the Fund’s Net Assets.

^(j)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(k)  Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

^(l)  Security subject to crossover refunding.

^(m)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

⁽ⁿ⁾  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2020. At August 31, 2020, the Fund’s investments with a value of $191,716,831 are held by TOB Trusts and serve as collateral for the $108,115,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2020

Revenue Bonds	75.7%
General Obligation Bonds	21.2
Pre-Refunded Bonds	3.1

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22                        Invesco California Municipal Fund

Statement of Assets and Liabilities

August 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $1,995,752,910)	$2,132,382,911
Cash	9,730,708
Receivable for:
Investments sold	1,882,645
Fund shares sold	1,930,040
Interest	21,000,759
Investments matured, at value (Cost $1,008,864)	770,611
Investment for trustee deferred compensation and retirement plans	166,462
Other assets	383,801
Total assets	2,168,247,937
Liabilities:
Floating rate note obligations	108,115,000
Payable for:
Borrowings	12,400,000
Investments purchased	12,346,955
Dividends	1,149,696
Fund shares reacquired	4,242,627
Accrued foreign taxes	8,090
Accrued fees to affiliates	645,489
Accrued trustees’ and officers’ fees and benefits	70,556
Accrued other operating expenses	49,527
Trustee deferred compensation and retirement plans	218,095
Total liabilities	139,246,035
Net assets applicable to shares outstanding	$2,029,001,902

Net assets consist of:
Shares of beneficial interest	$	2,131,327,776
Distributable earnings (loss)		(102,325,874	)
	$	2,029,001,902
Net Assets:
Class A	$	1,373,283,881
Class C	$	164,711,222
Class Y	$	489,122,896
Class R6	$	1,883,903
Common shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		151,697,516
Class C		18,283,981
Class Y		54,022,184
Class R6		207,883
Class A:
Net asset value per share	$	9.05
Maximum offering price per share
(Net asset value of $9.05 ÷ 95.75%)	$	9.45
Class C:
Net asset value and offering price per share	$	9.01
Class Y:
Net asset value and offering price per share	$	9.05
Class R6:
Net asset value and offering price per share	$	9.06

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23                        Invesco California Municipal Fund

Statement of Operations

For the six months ended August 31, 2020

(Unaudited)

Investment income:
Interest	$	36,215,860
Expenses:
Advisory fees		3,667,728
Administrative services fees		128,589
Custodian fees		3,781
Distribution fees:
Class A		1,438,489
Class C		862,544
Interest, facilities and maintenance fees		1,175,376
Transfer agent fees – A, C and Y		613,527
Transfer agent fees – R6		284
Registration and filing fees		39,158
Reports to shareholders		20,669
Professional services fees		35,278
Other		7,041
Total expenses		7,992,464
Less: Expense offset arrangement(s)		(328	)
Net expenses		7,992,136
Net investment income		28,223,724
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(4,011,078	)
Change in net unrealized appreciation (depreciation) of investment securities		(29,916,402	)
Net realized and unrealized gain (loss)		(33,927,480	)
Net increase (decrease) in net assets resulting from operations	$	(5,703,756	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24                        Invesco California Municipal Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2020, period ended February 29, 2020, and the year ended July 31, 2019

(Unaudited)

	Six Months Ended			Seven Months Ended			Year Ended
	August 31, 2020			February 29, 2020			July 31, 2019
Operations:
Net investment income		$     28,223,724			$     29,806,539			$     56,686,292
Net realized gain (loss)		(4,011,078	)		(1,010,755	)		(29,187,470	)
Change in net unrealized appreciation (depreciation)		(29,916,402	)		75,128,977			82,004,332
Net increase (decrease) in net assets resulting from operations		(5,703,756	)		103,924,761			109,503,154
Distributions to shareholders from distributable earnings:
Class A		(19,130,096	)		(19,251,432	)		(30,155,500	)
Class C		(2,183,439	)		(2,730,345	)		(5,911,816	)
Class Y		(7,595,895	)		(8,743,592	)		(11,261,499	)
Class R6		(25,480	)		(1,023	)		(71	)
Total distributions from distributable earnings		(28,934,910	)		(30,726,392	)		(47,328,886	)
Share transactions–net:
Class A		328,275,308			54,639,224			133,380,488
Class C		(23,519,327	)		7,393,994			(37,309,597	)
Class Y		25,806,665			60,028,560			154,328,324
Class R6		927,140			908,651			10,000
Net increase in net assets resulting from share transactions		331,489,786			122,970,429			250,409,215
Net increase in net assets		296,851,120			196,168,798			312,583,483
Net assets:
Beginning of period		1,732,150,782			1,535,981,984			1,223,398,501
End of period		$2,029,001,902			$1,732,150,782			$1,535,981,984

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25                        Invesco California Municipal Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/20		$	9.28		$	0.14		$	(0.23	)		$	(0.09	)		$	(0.14	)		$	9.05		(0.85	)%		$	1,373,284		0.89	%(d)		0.89	%(d)		0.76	%(d)		3.18	%(d)		17	%
Seven months ended 02/29/20			8.87			0.17			0.41				0.58				(0.17	)			9.28		6.63				1,061,154		0.93	(e)		0.93	(e)		0.76	(e)		3.18	(e)		11
Year ended 07/31/19			8.49			0.37			32.00				0.69				(0.31	)			8.87		8.35				960,939		1.13			1.13			0.81			4.36			37
Year ended 07/31/18			8.49			0.36			(0.04	)			0.32				(0.32	)			8.49		3.95				789,596		1.06			1.06			0.85			4.26			22
Year ended 07/31/17			8.61			0.38			(0.09	)			0.29				(0.41	)			8.49		3.55				899,847		1.19			1.19			0.95			4.46			30
Year ended 07/31/16			8.21			0.43			0.42				0.85				(0.45	)			8.61		10.67				925,807		1.20			1.20			1.06			5.10			15
Year ended 07/31/15			8.37			0.47			(0.16	)			0.31				(0.47	)			8.21		3.61				879,253		1.07			1.07			0.95			5.50			21
Class C
Six months ended 08/31/20			9.23			0.11			(0.22	)			(0.11	)			(0.11	)			9.01		(1.12	)			164,711		1.64	(d)		1.64	(d)		1.51	(d)		2.43	(d)		17
Seven months ended 02/29/20			8.83			0.13			0.40				0.53				(0.13	)			9.23		6.08				193,922		1.69	(e)		1.69	(e)		1.52	(e)		2.42	(e)		11
Year ended 07/31/19			8.45			0.31			0.32				0.63				(0.25	)			8.83		7.58				178,207		1.89			1.89			1.57			3.60			37
Year ended 07/31/18			8.45			0.29			(0.03	)			0.26				(0.26	)			8.45		3.18				206,268		1.82			1.82			1.61			3.50			22
Year ended 07/31/17			8.57			0.31			(0.08	)			0.23				(0.35	)			8.45		2.67				235,727		1.95			1.95			1.71			3.72			30
Year ended 07/31/16			8.18			0.36			0.42				0.78				(0.39	)			8.57		9.89				259,836		1.95			1.95			1.81			4.35			15
Year ended 07/31/15			8.34			0.40			(0.16	)			0.24				(0.40	)			8.18		2.84				253,773		1.83			1.83			1.71			4.74			21
Class Y
Six months ended 08/31/20			9.28			0.15			(0.22	)			(0.07	)			(0.16	)			9.05		(0.72	)			489,123		0.64	(d)		0.64	(d)		0.51	(d)		3.43	(d)		17
Seven months ended 02/29/20			8.87			0.18			0.41				0.59				(0.18	)			9.28		6.78				476,142		0.69	(e)		0.69	(e)		0.52	(e)		3.42	(e)		11
Year ended 07/31/19			8.49			0.40			0.31				0.71				(0.33	)			8.87		8.61				397		0.88			0.88			0.56			4.60			37
Year ended 07/31/18			8.49			0.38			(0.04	)			0.34				(0.34	)			8.49		4.20				227,535		0.82			0.82			0.61			4.50			22
Year ended 07/31/17			8.61			0.39			(0.08	)			0.31				(0.43	)			8.49		3.80				235,031		0.94			0.94			0.70			4.63			30
Year ended 07/31/16			8.21			0.45			0.42				0.87				(0.47	)			8.61		10.93				173,862		0.95			0.95			0.81			5.33			15
Year ended 07/31/15			8.37			0.49			(0.16	)			0.33				(0.49	)			8.21		3.86				123,831		0.83			0.83			0.71			5.74			21
Class R6
Six months ended 08/31/20			9.29			0.16			(0.23	)			(0.07	)			(0.16	)			9.06		(0.72	)			1,884		0.61	(d)		0.61	(d)		0.48	(d)		3.46	(d)		17
Seven months ended 02/29/20			8.88			0.18			0.42				0.60				(0.19	)			9.29		6.83				933		0.71	(e)		0.71	(e)		0.54	(e)		3.40	(e)		11
Period ended 07/31/19(f)			8.80			0.08			0.06				0.14				(0.06	)			8.88		1.62				10		0.84	(e)		0.84	(e)		0.52	(e)		4.64	(e)		37

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended August 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $367,457,266 in connection with the acquisition of Invesco California Tax-Free Income Fund into the Fund.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,162,610, $171,102, $429,188 and $1,452 for Class A, Class C, Class Y and Class R6 shares, respectively.

^(e)  Annualized.

^(f)  Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26                        Invesco California Municipal Fund

Notes to Financial Statements

August 31, 2020

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco California Municipal Fund, formerly Invesco Oppenheimer Rochester^® California Municipal Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

    The Fund’s investment objective is to seek tax-free income.

    The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature will change from ten years to eight years. The first conversion of Class C shares to Class A shares would occur at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

    The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

    The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

    Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

    A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

    Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

    The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

    Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. 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.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

    The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

    Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

    The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of

27                        Invesco California Municipal Fund

the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

    The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

    In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

    The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.

H. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications – Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote.

J. Floating Rate Note Obligations – The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

    The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

    The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

    Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider

28                        Invesco California Municipal Fund

will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

    Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

    There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.

    TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

K. Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

    The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claim.

    The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

L. Securities Purchased on a When-Issued and Delayed Delivery Basis – The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Effective May 15, 2020, under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
First $ 500 million	0.480%
Next $250 million	0.455%
Next $250 million	0.425%
Next $500 million	0.380%
Next $500 million	0.370%
Next $500 million	0.355%
Next $1.5 billion	0.350%
Over $4 billion	0.330%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

    Prior to May 15, 2020, the Fund accrued daily and paid monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
Up to $200 million	0.600%
Next $100 million	0.550%
Next $200 million	0.500%
Next $250 million	0.450%
Next $250 million	0.400%
Next $4 billion	0.350%
Over $5 billion	0.330%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

    For the six months ended August 31, 2020, the effective advisory fee rate incurred by the Fund was 0.42%.

29                        Invesco California Municipal Fund

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

    The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 0.96%, 1.71%, 0.70% and 0.60%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2020, IDI advised the Fund that IDI retained $42,318 in front-end sales commissions from the sale of Class A shares and $55,410 and $37,970 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

    Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 the 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.

    The following is a summary of the tiered valuation input levels, as of August 31, 2020. 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
Municipal Obligations		$—		$2,129,847,911		$2,535,000		$2,132,382,911
Other Investments - Assets
Investments Matured		—		770,611		—		770,611
Total Investments		$—		$2,130,618,522		$2,535,000		$2,133,153,522

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $328.

30                        Invesco California Municipal Fund

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances and Borrowings

The Fund has entered into a $2.5 billion revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds, and which will expire on February 25, 2021. The revolving credit and security agreement is secured by the assets of the Fund.

    During the six months ended August 31, 2020, the average daily balance of borrowing under the revolving credit and security agreement was $15,119,565 with a weighted interest rate of 1.11%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees.

    Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

    Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2020 were $96,420,714 and 1.12%, respectively.

    The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund had a capital loss carryforward as of February 29, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	40,171,406	$	206,965,653	$	247,137,059

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2020 was $287,164,885 and $338,624,438, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	169,120,237
Aggregate unrealized (depreciation) of investments		(33,695,804	)
Net unrealized appreciation of investments	$	135,424,433

    Cost of investments for tax purposes is $1,997,729,089.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended				Seven months ended				Year ended
	August 31, 2020(a)				February 29, 2020				July 31, 2019
	Shares		Amount		Shares		Amount		Shares		Amount
Sold:
Class A		15,179,690	$	135,796,961		12,206,873	$	109,812,597		28,923,618	$	249,959,488
Class C		2,193,406		19,536,016		4,032,115		36,117,284		5,872,239		50,511,948
Class Y		17,040,581		150,572,974		15,727,912		142,355,048		27,955,569		239,928,955
Class R6(b)		69,988		627,378		99,265		908,289		1,136		10,000

31                        Invesco California Municipal Fund

	Summary of Share Activity
	Six months ended						Seven months ended						Year ended
	August 31, 2020(a)						February 29, 2020						July 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		1,119,059		$	9,874,349			1,770,374		$	15,971,603			2,796,750		$	23,999,964
Class C		143,001			1,247,049			246,177			2,210,072			554,096			4,728,073
Class Y		461,199			4,058,359			747,168			6,741,872			944,182			8,122,319
Class R6(b)		2,247			19,892			48			446			-			-
Automatic conversion of Class C shares to Class A shares:
Class A		1,847,584			16,642,202			1,771,376			15,906,779			-			-
Class C		(1,855,958	)		(16,642,202	)		(1,779,313	)		(15,906,779	)		-			-
Issued in connection with acquisitions:(c)
Class A		40,236,928			349,996,685			-			-			-			-
Class Y		5,414,342			47,110,781			-			-			-			-
Class R6		208,402			1,815,163			-			-			-			-
Reacquired:
Class A		(21,075,980	)		(184,034,889	)		(9,684,094	)		(87,051,755	)		(16,436,313	)		(140,578,964	)
Class C		(3,199,877	)		(27,660,190	)		(1,677,703	)		(15,026,583	)		(10,658,531	)		(92,549,618	)
Class Y		(20,205,301	)		(175,935,449	)		(9,883,638	)		(89,068,360	)		(10,983,254	)		(93,722,990	)
Class R6(b)		(173,194	)		(1,535,293	)		(9	)		(84	)		-			-
Net increase in share activity		37,406,117		$	331,489,786			13,576,551		$	122,970,429			28,969,492		$	250,409,215

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 52% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Commencement date after the close of business on May 24, 2019.

^(c)  After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco California Tax Free Income Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 45,859,672 shares of the Fund for 33,867,426 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $398,922,629, including $25,327,487 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,459,382,623 and $1,858,305,252 immediately after the acquisition.

    The pro forma results of operations for the six months ended August 31, 2020 assuming the reorganization had been completed on March 1, 2020, the beginning of the semi-annual reporting period are as follows:

Net investment income	$	30,837,689
Net realized/unrealized gains (losses)		(59,121,110	)
Change in net assets resulting from operations	$	(28,283,421	)

    As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 16, 2020.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared 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 Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

    The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

32                        Invesco California Municipal Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (03/01/20)	Ending   Account Value   (08/31/20)1	Expenses   Paid During   Period2	Ending   Account Value   (08/31/20)	Expenses   Paid During   Period2	Annualized   Expense Ratio
Class A	$1,000.00	$991.50	$4.47	$1,020.72	$4.53	0.89%
Class C	1,000.00	988.80	8.22	1,016.94	8.34	1.64
Class Y	1,000.00	992.80	3.21	1,021.98	3.26	0.64
Class R6	1,000.00	992.80	3.06	1,022.13	3.11	0.61

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

33                        Invesco California Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco California Municipal Fund’s (formerly, Invesco Oppenheimer Rochester^® California Municipal Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to

meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the

Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays Municipal Bond Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective May 2020 and that the Broadridge materials did not reflect this reduced contractual management fee schedule. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes

34                        Invesco California Municipal Fund

using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses. The Board also discussed with management any impact that the reduction of the Fund’s contractual management fee schedule effective May 2020 would have on the Fund’s total expense ratio peer group ranking.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds

on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

35                        Invesco California Municipal Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

⬛ Fund reports and prospectuses

⬛ Quarterly statements

⬛ Daily confirmations

⬛ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-07890 and 033-66242 Invesco Distributors, Inc.                                                  O-ROCAM-SAR-1                      

	Semiannual Report to Shareholders	August 31, 2020
	Invesco Environmental Focus Municipal Fund
	Effective September 4, 2020, Invesco Oppenheimer Municipal Fund was renamed Invesco Environmental Focus Municipal Fund. Nasdaq: A: OPAMX ∎ C: OPCMX ∎ Y: OPYMX ∎ R6: IOMUX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
12	Financial Statements
15	Financial Highlights
16	Notes to Financial Statements
21	Fund Expenses
22	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services

Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Environmental Focus Municipal Fund

Fund Performance

Performance summary
Fund vs. Indexes Cumulative total returns, 2/29/20 to 8/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-1.26	%
Class C Shares	-1.47
Class Y Shares	-1.07
Class R6 Shares	-1.09
Bloomberg Barclays Municipal Bond Index▼	0.19
U.S. Consumer Price Index∎	0.48
Source(s): ▼RIMES Technologies Corp.; ∎Bloomberg, L.P. The Bloomberg Barclays Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market. The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the U.S. Bureau of Labor Statistics. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                     Invesco Environmental Focus Municipal Fund

Average Annual Total Returns
As of 8/31/20, including maximum applicable sales charges
Class A Shares
Inception (11/7/06)	4.05	%
10 Years	4.52
5 Years	3.50
1 Year	-2.51
Class C Shares
Inception (11/7/06)	3.79	%
10 Years	4.24
5 Years	3.73
1 Year	0.28
Class Y Shares
Inception (7/29/11)	5.47	%
5 Years	4.56
1 Year	2.09
Class R6 Shares
10 Years	5.02	%
5 Years	4.50
1 Year	2.19

Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Municipal Fund, (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Municipal Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R6 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                     Invesco Environmental Focus Municipal Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing

HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                     Invesco Environmental Focus Municipal Bond Fund

Schedule of Investments

August 31, 2020

(Unaudited)

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Municipal Obligations–99.13%
Alabama–0.76%
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(a)		4.50%		05/01/2032		$  1,000	$  1,096,860
Alaska–0.83%
Alaska Municipal Bond Bank Authority; Series 2018 1, RB(b)		5.00%		02/01/2034		1,000	1,202,130
Arizona–1.61%
Arizona (State of) Industrial Development Authority (Mater Academy of Nevada Mountain Vista Campus Project); Series 2018 A, RB(a)		5.25%		12/15/2038		100	106,766
Festival Ranch Community Facilities District;
Series 2019, GO Bonds (INS - AGM)(c)		4.00%		07/15/2034		300	347,889
Series 2019, Ref. GO Bonds (INS - AGM)(c)		4.00%		07/15/2034		350	405,871
Maricopa (County of), AZ Industrial Development Authority (Benjamin Franklin Charter School); Series 2018, RB(a)		6.00%		07/01/2052		1,000	1,128,240
Maricopa County Pollution Control Corp. (Southern California Edison Co.); Series 2000 B, Ref. RB		5.00%		06/01/2035		340	341,003
							2,329,769
California–11.36%
California (State of) Infrastructure & Economic Development Bank (California State Teachers’ Retirement System Headquarters Expansion) (Green Bonds);
Series 2019, RB		5.00%		08/01/2044		1,000	1,271,130
Series 2019, RB		5.00%		08/01/2049		1,500	1,895,190
California (State of) Municipal Finance Authority (Linxs APM);
Series 2018 A, RB(b)		5.00%		12/31/2037		1,000	1,166,530
Series 2018, RB(b)		5.00%		12/31/2035		1,000	1,175,460
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program); Series 2006 D, RB(d)		0.00%		06/01/2055		500	23,160
Norman Y Mineta San Jose International Airport SJC;
Series 2017 A, Ref. RB(b)		5.00%		03/01/2041		1,000	1,170,310
Series 2017 A, Ref. RB(b)		5.00%		03/01/2047		1,670	1,936,933
Oak Grove School District (Election of 2008); Series 2018 E, Ref. GO Bonds(e)		5.00%		08/01/2042		2,000	1,232,420
Sacramento (City of), CA Municipal Utility District; Series 2020 H, RB		4.00%		08/15/2045		1,000	1,221,130
San Francisco Bay Area Rapid Transit District (Green Bonds); Series 2020 C-1, GO Bonds		4.00%		08/01/2045		1,000	1,180,580
Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 C, RB(d)		0.00%		06/01/2056		10,800	1,176,120
Southern California Public Power Authority (Tieton Hydropower); Series 2020 A, Ref. RB		4.00%		07/01/2039		1,000	1,205,310
Tobacco Securitization Authority of Southern California; Series 2006, RB(d)		0.00%		06/01/2046		3,000	570,150
Transbay Joint Powers Authority (Green Bonds); Series 2020 A, RB		5.00%		10/01/2049		1,000	1,238,560
							16,462,983
Colorado–0.57%
Aurora (City of), CO (Green Bonds); Series 2016, Ref. RB		5.00%		08/01/2032		250	308,198
Hunting Hill Metropolitan District; Series 2018, Ref. GO Bonds		5.63%		12/01/2048		500	519,460
							827,658
Connecticut–0.01%
South Central Connecticut Regional Water Authority; Series 2008, RB (INS - AGM)(c)		4.50%		08/01/2038		15	15,041
District of Columbia–2.35%
Metropolitan Washington Airports Authority; Series 2019 A, Ref. RB(b)		5.00%		10/01/2040		1,500	1,854,165
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); Series 2014 A, Ref. RB		5.00%		10/01/2053		1,500	1,557,000
							3,411,165
Florida–0.09%
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); Series 2018 A, RB(a)		5.75%		07/15/2053		100	103,443
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center); Series 2014, Ref. RB		4.25%		11/15/2034		25	25,031
							128,474

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                     Invesco Environmental Focus Municipal Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Georgia–4.92%
Atlanta (City of), GA (Beltline); Series 2016 A, Ref. RB		5.00%		01/01/2026		$  1,275	$  1,279,960
Cobb (County of), GA Kennestone Hospital Authority; Series 2017, Ref. RAC		5.00%		04/01/2042		1,035	1,226,547
Floyd (County of), GA Development Authority;
Series 2018 A, RB		5.75%		12/01/2033		100	95,616
Series 2018 A, RB		6.00%		12/01/2038		115	109,128
Series 2018 A, RB		6.25%		12/01/2048		285	267,088
Series 2018 A, RB		6.50%		12/01/2053		165	158,486
Houston (County of), GA Hospital Authority (Houston Hospitals, Inc.); Series 2016 A, Ref. RB		5.00%		10/01/2031		1,900	2,029,181
Main Street Natural Gas, Inc.; Series 2019 A, RB		5.00%		05/15/2049		285	411,771
Municipal Electric Authority of Georgia; Series 2018 HH, Ref. RB		5.00%		01/01/2044		1,000	1,212,680
Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens);
Series 2018 A-1, RB		6.38%		12/01/2053		250	236,660
Series 2018 A-2, RB(f)		5.50%		12/01/2028		100	97,090
							7,124,207
Illinois–1.67%
Chicago (City of), IL Transit Authority; Series 2020 A, Ref. RB		5.00%		12/01/2045		1,000	1,205,670
Chicago Park District; Series 2020 C, GO Bonds (INS - BAM)(c)		4.00%		01/01/2040		1,000	1,094,540
Illinois (State of) Sports Facilities Authority (The); Series 2019, Ref. RB (INS - BAM)(c)		5.00%		06/15/2030		100	119,197
							2,419,407
Indiana–3.44%
Indiana (State of) Finance Authority; Series 2019, Ref. RB		5.00%		10/01/2048		2,500	3,119,475
Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail); Series 2019 A, RB		5.00%		02/01/2049		1,500	1,862,775
							4,982,250
Iowa–1.56%
Clear Lake (City of), IA (Timbercrest Apartments, LLC); Series 2018, RB		6.00%		10/01/2048		100	101,826
Iowa (State of) Finance Authority (Green Bonds); Series 2020 A, RB		5.00%		08/01/2049		1,500	1,956,360
Iowa (State of) Tobacco Settlement Authority; Series 2005 C, RB		5.63%		06/01/2046		200	202,948
							2,261,134
Kentucky–1.30%
Kentucky (Commonwealth of) Property & Building Commission (Project No. 119); Series 2018, RB (INS - BAM)(c)		5.00%		05/01/2032		1,500	1,886,220
Louisiana–1.57%
New Orleans (City of), LA Aviation Board; Series 2017 B, RB(b)		5.00%		01/01/2048		2,000	2,280,560
Maryland–1.88%
Baltimore (City of), MD (Water Projects); Series 2019 A, RB		4.00%		07/01/2044		1,080	1,246,903
Maryland (State of) Stadium Authority (Baltimore (City of), MD Public Schools) (Green Bonds); Series 2020, RB		5.00%		05/01/2047		1,000	1,480,350
							2,727,253
Massachusetts–3.04%
Massachusetts (Commonwealth of); Series 2020, GO Bonds		5.00%		07/01/2045		1,000	1,300,030
Massachusetts (Commonwealth of) Development Finance Agency; Series 2007, RB		4.50%		09/01/2036		5	5,013
Massachusetts (Commonwealth of) Transportation Fund Revenue; Series 2017 A, RB		5.00%		06/01/2047		2,555	3,103,533
							4,408,576
Michigan–3.40%
Detroit (City of), MI Downtown Development Authority; Series 2018 A, Ref. RB (INS - AGM)(c)		5.00%		07/01/2048		1,350	1,511,339
Detroit Downtown Development Authority; Series 2018 A, Ref. RB (INS - AGM)(c)		5.00%		07/01/2043		150	168,105
Great Lakes Water Authority; Series 2020 A, RB		5.00%		07/01/2045		1,750	2,204,527
Michigan (State of) Finance Authority; Series 2017, Ref. RB		5.25%		02/01/2032		1,000	1,049,290
							4,933,261
Minnesota–11.35%
Anoka (County of), MN Housing & Redevelopment Authority (Woodland Park Apartments); Series 2011 A, RB		5.00%		04/01/2027		1,000	1,003,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                     Invesco Environmental Focus Municipal Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Minnesota–(continued)
Brooklyn Park (City of), MN (Athlos Leadership Academy); Series 2015, RB		5.50%		07/01/2035		$     650	$   678,756
Buffalo (City of), MN (Central MN Senior Housing);
Series 2006 A, Ref. RB		5.38%		09/01/2026		320	319,994
Series 2006 A, Ref. RB		5.50%		09/01/2033		10	10,000
Chisago City (City of), MN (CDL Homes LLC); Series 2013 B, RB		6.00%		08/01/2043		1,000	1,050,520
Cokato (City of), MN (Cokato Charitable Trust); Series 2006 A, Ref. RB		5.25%		12/01/2026		200	199,038
Dakota (County of), MN Community Development Agency; Series 2015, RB		6.00%		08/01/2035		2,300	2,363,457
Dakota (County of), MN Community Development Agency (Ebenezer Ridges Assisted Living); Series 2013 A, RB		5.75%		11/01/2033		750	756,607
Hayward (City of), MN (St. John’s Lutheran Home of Albert Lea); Series 2014, Ref. RB		5.38%		10/01/2044		500	465,240
International Falls (City of), MN; Series 1999, Ref. RB(b)		6.85%		12/01/2029		115	114,991
Little Canada (City of), MN (PHS/Mayfield LLC); Series 2010, Ref. RB		6.00%		12/01/2030		250	250,018
Maplewood (City of), MN (VOA Care Centers); Series 2005 A, Ref. RB		5.38%		10/01/2024		430	427,884
Minneapolis & St. Paul (Cities of), MN Housing Finance Board;
Series 2006 A2, RB (CEP - GNMA)(b)		5.00%		12/01/2038		0	271
Series 2007 A-1, RB (CEP - GNMA)(b)		5.25%		12/01/2040		5	4,904
Series 2007 A-2, RB (CEP - GNMA)(b)		5.52%		03/01/2041		5	5,032
Minneapolis (City of), MN; Series 2010, RB		6.00%		12/01/2040		500	506,945
Minnesota (Sate of) Housing Finance Agency; Series 2013 B-1, RB		5.30%		08/01/2044		1,050	1,135,858
Minnesota (State of) Higher Education Facilities Authority; Series 2017, Ref. RB		5.00%		10/01/2040		500	536,310
Minnesota (State of) Municipal Power Agency; Series 2010 A, RB		5.25%		10/01/2035		750	752,933
Ramsey (City of), MN (Pact Charter School); Series 2013 A, Ref. RB		5.50%		12/01/2033		1,000	1,036,810
Rochester (City of), MN (Olmsted Medical Center); Series 2010, RB		5.88%		07/01/2030		750	752,685
St. Louis (City of), MN Park Economic Development Authority (Hoigaard Village); Series 2010, RB		5.00%		02/01/2023		150	150,092
St. Paul (City of), MN Housing & Redevelopment Authority; Series 2004, RB		6.25%		03/01/2029		287	246,610
St. Paul (City of), MN Housing & Redevelopment Authority (Nova Classical Academy); Series 2011 A, RB		6.38%		09/01/2031		375	391,403
St. Paul (City of), MN Housing & Redevelopment Authority (University Westgate Station); Series 2015 B, RB		5.25%		04/01/2043		500	506,470
St. Paul (City of), MN Port Authority; Series 2007 1, RB		5.00%		08/01/2036		1,375	1,376,059
Stillwater (City of), MN (Orleans Homes);
Series 2007, RB(b)		5.38%		02/01/2032		900	900,747
Series 2007, RB(b)		5.50%		02/01/2042		510	510,275
							16,452,909
Missouri–2.97%
Boone (County of), MO (Boone Hospital Center); Series 2016, Ref. RB		5.00%		08/01/2031		900	995,400
I-470 Western Gateway Transportation Development District; Series 2019 A, RB(a)		5.25%		12/01/2048		100	101,641
Missouri (State of) Health & Educational Facilities Authority (Maryville University St. Louis); Series 2019 A, RB		5.00%		06/15/2045		500	583,810
St. Louis (City of), MO Land Clearance for Redevelopment Authority; Series 2018 A, RB		5.00%		04/01/2048		2,395	2,628,704
							4,309,555
New Hampshire–0.69%
New Hampshire (State of) Business Finance Authority (Green Bonds); Series 2020 B, Ref. RB(a)(b)(f)		3.75%		07/02/2040		1,000	1,005,240
New Jersey–1.81%
New Jersey (State of) Economic Development Authority; Series 2018 A, RB(a)		6.50%		11/01/2052		100	113,677
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB		5.13%		06/15/2037		91	111,750
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds); Series 2020 A, RB		5.00%		07/01/2045		2,000	2,399,240
							2,624,667
New York–12.48%
Hudson Yards Infrastructure Corp.; Series 2017 A, Ref. RB		5.00%		02/15/2045		2,150	2,541,579
Long Island (City of), NY Power Authority; Series 2017, RB		5.00%		09/01/2042		2,000	2,427,920
Metropolitan Transportation Authority; Series 2014 B, RB		5.00%		11/15/2044		2,000	2,095,200
Metropolitan Transportation Authority (Green Bonds); Series 2020 C-1, RB		5.00%		11/15/2050		1,000	1,104,670
New York (City of), NY Municipal Water Finance Authority; Series 2019 BB-1, RB		5.00%		06/15/2049		1,000	1,275,790

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                     Invesco Environmental Focus Municipal Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
New York (State of) Housing Finance Agency (Climate Bond Certified/Sustainability Bonds); Series 2019 P, RB		3.05%		11/01/2049		$  1,000	$  1,033,720
New York (State of) Thruway Authority; Series 2016 A, RB		5.25%		01/01/2056		1,395	1,604,808
New York City Housing Development Corp.; Series 2020 A-1-C, RB		2.80%		11/01/2045		1,000	1,026,910
New York City Housing Development Corp. (Sustainable Neighborhoods); Series 2019 G-1-B, Ref. RB		3.00%		11/01/2044		1,000	1,034,630
New York Power Authority; Series 2002 A, RB		4.00%		11/15/2050		1,000	1,182,110
New York State Environmental Facilities Corp.; Series 2020, RB(f)		2.75%		09/02/2025		1,000	1,008,880
Syracuse (City of), NY Industrial Development Agency (Carousel Center); Series 2016, Ref. RB(b)		5.00%		01/01/2034		2,000	1,747,980
							18,084,197
North Carolina–0.01%
Nash Health Care Systems; Series 2003, RB (INS - AGM)(c)		5.00%		11/01/2030		10	10,032
Ohio–2.77%
American Municipal Power, Inc. (Green Bonds, Solar Electricity); Series 2020 A, RB		4.00%		02/15/2044		1,000	1,151,120
Buckeye Tobacco Settlement Financing Authority; Series 2020 A-2, Ref. RB		4.00%		06/01/2039		150	174,280
Gallia (County of), OH (Holzer Health System Obligated Group); Series 2012, Ref. RB		8.00%		07/01/2042		490	535,281
Ohio (State of) Higher Educational Facility Commission (University Findlay); Series 2019, Ref. RB		5.00%		03/01/2039		2,000	2,145,960
							4,006,641
Oregon–0.92%
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow;
Series 2019 A, GO Bonds (CEP - Oregon School Bond Guaranty)(d)		0.00%		06/15/2038		1,250	757,888
Series 2019 A, GO Bonds (CEP - Oregon School Bond Guaranty)(d)		0.00%		06/15/2039		1,000	579,730
							1,337,618
Pennsylvania–7.04%
Allegheny (County of), PA; Series 2020 C-78, GO Bonds		4.00%		11/01/2049		1,000	1,187,920
Chester (County of), PA Industrial Development Authority (Longwood Gardens);
Series 2019, RB		5.00%		12/01/2044		1,500	1,887,495
Series 2019, RB		4.00%		12/01/2049		1,500	1,722,330
Dallas Area Municipal Authority (Misericordia University);
Series 2019, Ref. RB		5.00%		05/01/2039		145	160,785
Series 2019, Ref. RB		5.00%		05/01/2048		560	611,055
Pennsylvania (Commonwealth of) Turnpike Commission; Series 2016 A1, RB		5.00%		12/01/2041		1,905	2,171,472
Philadelphia (City of), PA Authority for Industrial Development (La Salle University); Series 2017, Ref. RB		5.00%		05/01/2037		1,475	1,555,343
State Public School Building Authority (School District of Philidelphia (The)); Series 2016 A, Ref. RB (INS - AGM)(c)		5.00%		06/01/2031		750	911,160
							10,207,560
Rhode Island–0.22%
Tobacco Settlement Financing Corp.; Series 2007 A, RB(d)		0.00%		06/01/2052		2,080	316,451
South Carolina–1.18%
South Carolina (State of) Public Service Authority; Series 2015 A, Ref. RB		5.00%		12/01/2050		1,500	1,706,235
Tennessee–0.07%
Metropolitan Development and Housing Agency (Fifth + Broadway Development); Series 2018, RB(a)		5.13%		06/01/2036		100	104,988
Texas–4.71%
Arlington Higher Education Finance Corp. (Winfree Academy Charter School); Series 2019, Ref. RB		5.75%		08/15/2043		100	109,202
Austin Community College District Public Facility Corp. (Highland Campus Building 3000); Series 2018, RB		5.00%		08/01/2042		2,000	2,397,540
Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB		6.13%		08/15/2048		500	565,265
Dallas (City of), TX Area Rapid Transit; Series 2020 A, Ref. RB		5.00%		12/01/2045		2,000	2,562,640
San Antonio (City of), TX; Series 2020 C, RB		4.00%		05/15/2050		1,000	1,183,560
							6,818,207
Utah–2.05%
Salt Lake City (City of), UT; Series 2018 A, RB(b)		5.00%		07/01/2043		1,000	1,192,040

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                     Invesco Environmental Focus Municipal Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Utah–(continued)
Salt Lake City Corp.; Series 2017 B, RB		5.00%		07/01/2047		$   1,500	$    1,775,640
							2,967,680
Virginia–0.72%
Farmville (Town of), VA Industrial Development Authority (Longwood University Student Housing); Series 2018 A, Ref. RB		5.00%		01/01/2055		1,000	1,037,880
Washington–4.28%
Central Puget Sound Regional Transit Authority (Green Bonds); Series 2016 S-1, RB		5.00%		11/01/2046		2,000	3,124,960
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center); Series 2017, Ref. RB		5.00%		08/15/2035		2,745	3,075,388
							6,200,348
Wisconsin–5.50%
Public Finance Authority (Barton College); Series 2018 A, RB		5.00%		03/01/2048		500	493,380
Public Finance Authority (Beyond Boone LLC - Appalachian State University); Series 2019 A, RB (INS - AGM)(c)		5.00%		07/01/2035		500	597,910
Public Finance Authority (The Evergreens Obligated Group); Series 2019 A, Ref. RB		5.00%		11/15/2049		1,000	1,076,300
Public Finance Authority (Wingate University); Series 2018 A, Ref. RB		5.25%		10/01/2048		1,500	1,624,905
Somers (Village of), WI; Series 2018 B, Ref. RB		4.85%		06/01/2036		1,235	1,342,766
Wisconsin (State of) Public Finance Authority;
Series 2018, RB (INS - AGM)(c)		5.00%		07/01/2058		2,100	2,427,516
Series 2019 A, RB(a)		5.38%		06/01/2044		100	95,290
Series 2019 A, RB(a)		5.50%		06/01/2054		100	94,302
Series 2019 A, RB (INS - AGM)(c)		5.00%		07/01/2058		100	115,292
Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy); Series 2019, RB(a)		5.00%		06/15/2039		100	103,132
							7,970,793
TOTAL INVESTMENTS IN SECURITIES(g)-99.13% (Cost $135,932,387)							143,657,949
OTHER ASSETS LESS LIABILITIES-0.87%							1,260,847
NET ASSETS-100.00%							$144,918,796

Investment Abbreviations:
AGM	- Assured Guaranty Municipal Corp.
BAM	- Build America Mutual Assurance Co.
CEP	- Credit Enhancement Provider
GNMA	- Government National Mortgage Association
GO	- General Obligation
IDR	- Industrial Development Revenue Bonds
INS	- Insurer
RAC	- Revenue Anticipation Certificates
RB	- Revenue Bonds
Ref.	- Refunding

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 August 31, 2020 was $4,053,579, which represented 2.80% of the Fund’s Net Assets.

^(b)  Security subject to the alternative minimum tax.

^(c)  Principal and/or interest payments are secured by the bond insurance company listed.

^(d)  Zero coupon bond issued at a discount.

^(e)  Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

^(f) Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(g)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                     Invesco Environmental Focus Municipal Fund

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2020

Revenue Bonds	94.1%
General Obligation Bonds	5.9

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                     Invesco Environmental Focus Municipal Fund

Statement of Assets and Liabilities

August 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $135,932,387)	$143,657,949
Cash	1,927,088
Receivable for:
Investments sold	128,000
Fund shares sold	166,965
Interest	1,393,776
Investment for trustee deferred compensation and retirement plans	5,353
Other assets	94,138
Total assets	147,373,269
Liabilities:
Payable for:
Investments purchased	2,183,410
Dividends	65,725
Fund shares reacquired	95,329
Accrued fees to affiliates	55,960
Accrued interest expense	2,109
Accrued trustees’ and officers’ fees and benefits	5,207
Accrued other operating expenses	41,380
Trustee deferred compensation and retirement plans	5,353
Total liabilities	2,454,473
Net assets applicable to shares outstanding	$144,918,796

Net assets consist of:
Shares of beneficial interest	$	137,267,390
Distributable earnings		7,651,406
	$	144,918,796
Net Assets:
Class A	$	81,908,836
Class C	$	21,234,656
Class Y	$	41,765,159
Class R6	$	10,145
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		6,070,825
Class C		1,574,526
Class Y		3,096,436
Class R6		752
Class A:
Net asset value per share	$	13.49
Maximum offering price per share (Net asset value of $13.49 ÷ 95.75%)	$	14.09
Class C:
Net asset value and offering price per share	$	13.49
Class Y:
Net asset value and offering price per share	$	13.49
Class R6:
Net asset value and offering price per share	$	13.49

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                     Invesco Environmental Focus Municipal Fund

Statement of Operations

For the six months ended August 31, 2020

(Unaudited)

Investment income:
Interest	$  2,562,185
Expenses:
Advisory fees	271,444
Administrative services fees	10,183
Custodian fees	318
Distribution fees:
Class A	94,480
Class C	123,109
Interest, facilities and maintenance fees	45,163
Transfer agent fees - A, C and Y	57,781
Transfer agent fees - R6	5
Trustees’ and officers’ fees and benefits	8,218
Registration and filing fees	31,120
Reports to shareholders	14,115
Professional services fees	28,141
Other	2,717
Total expenses	686,794
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)	(131,292	)
Net expenses	555,502
Net investment income	2,006,683
Realized and unrealized gain (loss) from:
Net realized gain from investment securities	410,885
Change in net unrealized appreciation (depreciation) of investment securities	(5,310,326	)
Net realized and unrealized gain (loss)	(4,899,441	)
Net increase (decrease) in net assets resulting from operations	$(2,892,758	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13                     Invesco Environmental Focus Municipal Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2020, period ended February 29, 2020, and the year ended March 31, 2019

(Unaudited)

	Six Months Ended			Eleven Months Ended		Year Ended
	August 31, 2020			February 29, 2020		March 31, 2019
Operations:
Net investment income		$  2,006,683			$  3,069,923		$  3,860,811
Net realized gain (loss)		410,885			1,153,639		(1,639,412	)
Change in net unrealized appreciation (depreciation)		(5,310,326	)		7,365,193		4,969,872
Net increase (decrease) in net assets resulting from operations		(2,892,758	)		11,588,755		7,191,271
Distributions to shareholders from distributable earnings:
Class A		(1,127,344	)		(2,144,983)		(1,997,175	)
Class B		-			-		(559	)
Class C		(297,898	)		(674,596)		(802,080	)
Class Y		(646,453	)		(1,191,838)		(987,797	)
Class R6		(166	)		(295)		-
Total distributions from distributable earnings		(2,071,861	)		(4,011,712)		(3,878,611	)
Share transactions-net:
Class A		3,273,688			22,395,949		(7,832,734	)
Class B		-			-		(210,614	)
Class C		(4,430,714	)		(1,095,766)		(4,327,783	)
Class Y		(3,155,586	)		18,333,720		(2,214,502	)
Class R6		-			10,000		-
Net increase (decrease) in net assets resulting from share transactions		(4,312,612	)		39,643,903		(14,585,633	)
Net increase (decrease) in net assets		(9,277,231	)		47,220,946		(11,181,973	)
Net assets:
Beginning of period		154,196,027			106,975,081		118,157,054
End of period		$144,918,796			$154,196,027		$106,975,081

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14                     Invesco Environmental Focus Municipal Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/20		$	13.87		$	0.19		$	(0.37	)		$	(0.18	)		$	(0.20	)		$	13.49		(1.26	)%		$	81,909		0.76	%(d)		0.85	%(d)		0.70	%(d)		2.89	%(d)		21	%
Eleven months ended 02/29/20			13.09			0.33			0.88				1.21				(0.43	)			13.87		9.36				81,165		0.86	(e)		0.92	(e)		0.76	(e)		2.65	(e)		14
Year ended 03/31/19			12.68			0.48			0.40				0.88				(0.47	)			13.09		7.12				54,800		0.99			1.19			0.95			3.76			79
Year ended 03/31/18			12.71			0.45			(0.01	)			0.44				(0.47	)			12.68		3.49				60,899		0.98			1.13			0.95			3.49			9
Year ended 03/31/17			13.12			0.49			(0.43	)			0.06				(0.47	)			12.71		0.37				73,607		0.96			1.16			1.00			3.73			12
Year ended 03/31/16			13.16			0.44			0.01				0.45				(0.49	)			13.12		3.51				84,636		0.97			1.26			1.09			3.40			14
Year ended 03/31/15			12.64			0.56			0.51				1.07				(0.55	)			13.16		8.58				81,518		0.96			1.25			1.09			4.28			13
Class C
Six months ended 08/31/20			13.86			0.15			(0.36	)			(0.21	)			(0.16	)			13.49		(1.47	)			21,235		1.31	(d)		1.60	(d)		1.25	(d)		2.34	(d)		21
Eleven months ended 02/29/20			13.08			0.26			0.87				1.13				(0.35	)			13.86		8.77				26,381		1.62	(e)		1.68	(e)		1.31	(e)		2.10	(e)		14
Year ended 03/31/19			12.66			0.39			0.41				0.80				(0.38	)			13.08		6.47				25,961		1.75			1.95			1.62			3.10			79
Year ended 03/31/18			12.70			0.35			(0.02	)			0.33				(0.37	)			12.66		2.65				29,457		1.73			1.88			1.70			2.73			9
Year ended 03/31/17			13.11			0.39			(0.43	)			(0.04	)			(0.37	)			12.70		(0.38	)			33,510		1.73			1.93			1.75			2.99			12
Year ended 03/31/16			13.14			0.35			0.01				0.36				(0.39	)			13.11		2.83				37,744		1.72			2.01			1.84			2.65			14
Year ended 03/31/15			12.63			0.46			0.50				0.96				(0.45	)			13.14		7.70				32,303		1.72			2.01			1.84			3.51			13
Class Y
Six months ended 08/31/20			13.86			0.21			(0.37	)			(0.16	)			(0.21	)			13.49		(1.07	)			41,765		0.51	(d)		0.60	(d)		0.45	(d)		3.14	(d)		21
Eleven months ended 02/29/20			13.09			0.36			0.87				1.23				(0.46	)			13.86		9.54				46,639		0.62	(e)		0.68	(e)		0.51	(e)		2.91	(e)		14
Year ended 03/31/19			12.68			0.49			0.41				0.90				(0.49	)			13.09		7.26				26,214		0.74			0.94			0.82			3.89			79
Year ended 03/31/18			12.71			0.45			(0.00	)(f)			0.45				(0.48	)			12.68		3.57				27,590		0.72			0.87			0.87			3.55			9
Year ended 03/31/17			13.12			0.50			(0.43	)			0.07				(0.48	)			12.71		0.45				21,199		0.73			0.93			0.93			3.81			12
Year ended 03/31/16			13.16			0.45			0.01				0.46				(0.50	)			13.12		3.60				18,298		0.72			1.01			1.01			3.49			14
Year ended 03/31/15			12.64			0.56			0.52				1.08				(0.56	)			13.16		8.67				15,169		0.71			1.00			1.00			4.29			13
Class R6
Six months ended 08/31/20			13.87			0.22			(0.38	)			(0.16	)			(0.22	)			13.49		(1.09	)			10		0.40	(d)		0.62	(d)		0.35	(d)		3.25	(d)		21
Period ended 02/29/20(g)			13.29			0.31			0.66				0.97				(0.39	)			13.87		7.42				10		0.57	(e)		0.63	(e)		0.41	(e)		3.00	(e)		14

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $75,401, $24,421, $39,834 and $10 for Class A, Class C, Class Y and Class R6 shares, respectively.

^(e) Annualized.

^(f)  Amount represents less than $(0.005) per share.

^(g)  Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15                     Invesco Environmental Focus Municipal Fund

Notes to Financial Statements

August 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Environmental Focus Municipal Fund, formerly Invesco Oppenheimer Municipal Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

Effective September 4, 2020, the investment objective is to provide investors with a high level of current income exempt from federal income tax, consistent with preservation of capital. Prior to September 4, 2020, the investment objective was to seek tax-free income.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature will change from ten years to eight years. The first conversion of Class C shares to Class A shares would occur at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. 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.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to

16                     Invesco Environmental Focus Municipal Fund

shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications - Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote.

I. Other Risks - The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claim.

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

Because the Fund evaluates environmental focus factors to assess and exclude certain investments for non-financial reasons, it may forego some market opportunities available to funds that do not use these factors. The securities of companies that score favorably under the Fund’s environmental focus scoring methodology may underperform similar companies that do not score as well or may underperform the stock market as a whole. As a result, the Fund may underperform funds that do not screen or score companies based on environmental focus factors or funds that use a different environmental focus scoring methodology. Information used by the Fund to evaluate such factors may not be readily available, complete or accurate, which could negatively impact the Fund’s ability to apply its methodology, which in turn could negatively impact the Fund’s performance. In addition, the Fund’s assessment of a company, based on the company’s level of involvement in a particular industry or the company’s environmental focus score, may differ from that of other funds or an investor. As a result, the companies deemed eligible for inclusion in the Fund’s portfolio may not reflect the beliefs or values of any particular investor and may not be deemed to exhibit positive or favorable environmental focus characteristics if different metrics were used to evaluate them.

J. Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
Up to $500 million		0.400%
Next $500 million		0.350%
Next $500 million		0.300%
Over $1.5 billion		0.280%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

17                     Invesco Environmental Focus Municipal Fund

For the six months ended August 31, 2020, the effective advisory fee rate incurred by the Fund was 0.40%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 0.70%, 1.25%, 0.45% and 0.35%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

The Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended August 31, 2020, the Adviser reimbursed class level expenses of $57,306, $43,359, $30,562, and $13 of Class A, Class C, Class Y and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2020, IDI advised the Fund that IDI retained $4,544 in front-end sales commissions from the sale of Class A shares and $2,250 and $1,107 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 the 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 August 31, 2020, 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.

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $52.

18                     Invesco Environmental Focus Municipal Fund

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund had a capital loss carryforward as of February 29, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term		Total
Not subject to expiration	$-	$	721,517	$	721,517

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2020 was $29,513,463 and $30,622,568, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	8,775,505
Aggregate unrealized (depreciation) of investments		(840,397	)
Net unrealized appreciation of investments	$	7,935,108

    Cost of investments for tax purposes is $135,722,841.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Eleven months ended						Year ended
	August 31, 2020(a)						February 29, 2020						March 31, 2019
	Shares			Amount			Shares			Amount			Shares		Amount
Sold:
Class A		739,493		$	9,675,737			1,899,512		$	25,519,851			726,167	$	9,223,717
Class C		169,132			2,243,015			333,673			4,487,095			146,550		1,854,845
Class Y		662,446			8,724,434			1,782,338			23,991,014			786,739		9,966,222
Class R6(b)		-			-			752			10,000			-		-
Issued as reinvestment of dividends:
Class A		51,630			675,258			152,451			2,056,568			149,349		1,894,492
Class B(c)		-			-			-			-			45		559
Class C		17,001			221,632			48,411			651,816			60,702		768,925
Class Y		29,614			387,001			87,834			1,185,612			76,949		976,084
Automatic conversion of Class C shares to Class A shares:
Class A		400,106			5,383,319			179,911			2,425,101			-		-
Class C		(400,386	)		(5,383,319	)		(180,028	)		(2,425,101	)		-		-

19                     Invesco Environmental Focus Municipal Fund

	Summary of Share Activity
	Six months ended						Eleven months ended						Year ended
	August 31, 2020(a)						February 29, 2020						March 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Reacquired:
Class A		(972,905	)	$	(12,460,626	)		(565,574	)	$	(7,605,571	)		(1,492,917	)	$	(18,950,943	)
Class B(c)		-			-			-			-			(16,688	)		(211,173	)
Class C		(114,168	)		(1,512,042	)		(283,987	)		(3,809,576	)		(548,716	)		(6,951,553	)
Class Y		(959,465	)		(12,267,021	)		(509,167	)		(6,842,906	)		(1,037,368	)		(13,156,808	)
Net increase (decrease) in share activity		(377,502	)	$	(4,312,612	)		2,946,126		$	39,643,903			(1,149,188	)	$	(14,585,633	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 53% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Commencement date after the close of business on May 24, 2019.

^(c)  All outstanding Class B shares converted to Class A shares on June 1, 2018.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared 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 Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

    The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 11–Subsequent Event

Effective September 4, 2020, the principal investment strategy of the Fund will change to incorporate proprietary environmental scoring and exclusionary criteria.

20                     Invesco Environmental Focus Municipal Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized   Expense   Ratio
	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)1	Expenses Paid During Period2	Ending Account Value (08/31/20)	Expenses Paid During Period2
Class A	$1,000.00	$987.40	$3.81	$1,021.37	$3.87	0.76%
Class C	1,000.00	985.30	6.56	1,018.60	6.67	1.31
Class Y	1,000.00	989.30	2.56	1,022.63	2.60	0.51
Class R6	1,000.00	989.10	2.01	1,023.19	2.04	0.40

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

21                     Invesco Environmental Focus Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Environmental Focus Municipal Fund’s (formerly, Invesco Oppenheimer Municipal Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to

meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the

Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays Municipal Bond Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The

22                     Invesco Environmental Focus Municipal Fund

Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in

providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

23                     Invesco Environmental Focus Municipal Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-07890 and 033-66242 Invesco Distributors, Inc.             O-MUNI-SAR-1

	Semiannual Report to Shareholders	August 31, 2020
	Invesco High Yield Municipal Fund
	Nasdaq:
	A: ACTHX ∎ C: ACTFX ∎ Y: ACTDX ∎ R5: ACTNX ∎ R6: ACTSX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
44	Financial Statements
48	Financial Highlights
49	Notes to Financial Statements
55	Fund Expenses
56	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco
provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely, Bruce L. Crockett Independent Chair Invesco Funds Board of Trustees

	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.
Sincerely, Andrew Schlossberg Head of the Americas, Senior Managing Director, Invesco Ltd.

2                      Invesco High Yield Municipal Fund

Fund Performance

  Performance summary

Fund vs. Indexes

Cumulative total returns, 2/29/20 to 8/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	-5.70	%
Class C Shares	-5.98
Class Y Shares	-5.56
Class R5 Shares	-5.60
Class R6 Shares	-5.47
S&P Municipal Bond High Yield Index▼ (Broad Market Index)	-2.32
Custom Invesco High Yield Municipal Index∎ (Style-Specific Index)	-1.76
Lipper High Yield Municipal Debt Funds Index◆ (Peer Group Index)	-3.88
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.; ◆Lipper Inc. The S&P Municipal Bond High Yield Index is an unmanaged index considered representative of municipal bonds that are not rated or are rated below investment grade.     The Custom Invesco High Yield Municipal Index is composed of 80% S&P Municipal Bond High Yield Index and 20% S&P Municipal Bond Investment Grade Index. The S&P Municipal Bond Investment Grade Index is considered representative of investment grade US municipal bonds.     The Lipper High Yield Municipal Debt Funds Index is an unmanaged index considered representative of high-yield municipal debt funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                      Invesco High Yield Municipal Fund

Average Annual Total Returns
As of 8/31/20, including maximum applicable sales charges
Class A Shares
Inception (1/2/86)	5.77	%
10 Years	5.02
5 Years	3.76
1 Year	-5.34
Class C Shares
Inception (12/10/93)	5.09	%
10 Years	4.70
5 Years	3.91
1 Year	-2.76
Class Y Shares
Inception (3/1/06)	4.99	%
10 Years	5.74
5 Years	4.93
1 Year	-0.90
Class R5 Shares
10 Years	5.82	%
5 Years	4.87
1 Year	-0.92
Class R6 Shares
10 Years	5.59	%
5 Years	4.89
1 Year	-0.75

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen High Yield Municipal Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Van Kampen High Yield Municipal Fund (renamed Invesco High Yield Municipal Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y are those for Class A, Class C and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on April 30, 2012. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the Fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will

fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had fees not been waived and/or expenses reimbursed currently or in the past, returns would have been lower. See current prospectus for more information.

4                      Invesco High Yield Municipal Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not

acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                      Invesco High Yield Municipal Fund

Schedule of Investments

August 31, 2020

(Unaudited)

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Municipal Obligations-112.07%(a)
Alabama-3.47%
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB		6.00%	06/01/2050	$	8,650	$	8,902,666
Birmingham (City of), AL Water Works Board; Series 2015 A, Ref. RB(b)(c)(d)		5.00%	01/01/2025		12,750		15,320,273
Hoover (City of), AL Industrial Development Board (United States Steel Corp.); Series 2019, RB(e)		5.75%	10/01/2049		8,500		7,408,345
Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village);
Series 2007, RB		5.50%	01/01/2028		1,390		902,416
Series 2007, RB(f)		5.50%	01/01/2043		21,290		13,783,146
Series 2008 A, RB(f)		6.88%	01/01/2043		4,470		2,895,532
Series 2011 A, RB(f)		7.50%	01/01/2047		2,600		1,684,358
Series 2012 A, RB(f)		5.63%	01/01/2042		6,575		4,257,247
Jefferson (County of), AL;
Series 2013 C, Wts. (INS - AGM)(g)(h)		6.50%	10/01/2038		7,000		6,908,300
Series 2013 C, Wts. (INS - AGM)(g)(h)		6.60%	10/01/2042		11,700		11,494,197
Series 2013 F, Revenue Wts.(g)		7.50%	10/01/2039		27,640		27,229,546
Series 2013 F, Revenue Wts.(g)		7.75%	10/01/2046		95,055		93,075,954
Series 2013-F, Revenue Wts.(g)		7.90%	10/01/2050		65,400		63,918,690
Lower Alabama Gas District (The); Series 2016 A, RB(d)		5.00%	09/01/2046		24,000		33,877,200
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining);
Series 2019 A, Ref. IDR(i)		4.50%	05/01/2032		20,655		22,655,643
Series 2019 A, Ref. IDR(i)		5.25%	05/01/2044		23,500		26,159,260
							340,472,773
Alaska-0.35%
Alaska (State of) Municipal Bond Bank Authority (Master Resolution);
Series 2017 A, RB		5.50%	10/01/2046		505		598,430
Series 2017 A, RB(d)		5.50%	10/01/2046		22,000		26,070,220
Northern Tobacco Securitization Corp.;
Series 2006 B, RB(j)		0.00%	06/01/2046		27,225		4,607,559
Series 2006 C, RB(j)		0.00%	06/01/2046		20,860		3,250,614
							34,526,823
American Samoa-0.17%
American Samoa (Territory of) Economic Development Authority; Series 2015 A, Ref. RB		6.63%	09/01/2035		14,345		16,687,538
Arizona-2.41%
Arizona (State of) Industrial Development Authority (Academies of Math & Science); Series 2019, RB(i)		5.00%	07/01/2049		1,000		1,039,740
Arizona (State of) Industrial Development Authority (American Charter Schools Foundation);
Series 2017, Ref. RB(i)		6.00%	07/01/2037		13,845		15,449,774
Series 2017, Ref. RB(i)		6.00%	07/01/2047		19,510		21,429,004
Arizona (State of) Industrial Development Authority (Basis Schools);
Series 2017 A, Ref. RB(i)		5.13%	07/01/2037		1,180		1,270,612
Series 2017 D, Ref. RB(i)		5.00%	07/01/2051		3,300		3,497,373
Series 2017 G, Ref. RB(i)		5.00%	07/01/2037		1,105		1,194,417
Series 2017 G, Ref. RB(i)		5.00%	07/01/2051		1,000		1,059,810
Series 2017-A, Ref. RB(i)		5.38%	07/01/2050		6,000		6,431,400
Arizona (State of) Industrial Development Authority (Doral Academy of Nevada - Fire Mesa Campus and Red Rock Campus); Series 2019 A, IDR(i)		5.00%	07/15/2039		2,650		2,830,651
Arizona (State of) Industrial Development Authority (Great Laked Senior Living Community);
Series 2019 A, RB		5.00%	01/01/2043		3,250		2,960,588
Series 2019 A, RB		4.50%	01/01/2049		4,500		3,690,720
Series 2019 A, RB		5.00%	01/01/2054		1,250		1,094,850
Series 2019 B, RB		5.00%	01/01/2034		1,730		1,620,924
Series 2019 B, RB		5.00%	01/01/2035		1,820		1,687,813
Series 2019 B, RB		5.00%	01/01/2049		2,125		1,788,931

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Arizona-(continued)
Arizona (State of) Industrial Development Authority (Kaizen Education Foundation);
Series 2016, RB(i)		5.70%	07/01/2047	$	9,730	$	10,461,307
Series 2016, RB(i)		5.80%	07/01/2052		4,920		5,262,678
Arizona (State of) Industrial Development Authority (Leman Academy of Excellence - Parker Colorado Campus); Series 2019, RB(i)		5.00%	07/01/2054		6,210		6,394,437
Arizona (State of) Industrial Development Authority (Leman Academy of Excellence); Series 2017 A, Ref. RB(i)		5.25%	07/01/2052		500		512,425
Arizona (State of) Industrial Development Authority (Linder Village); Series 2020, RB(i)		5.00%	06/01/2031		6,000		5,899,260
Arizona (State of) Industrial Development Authority (Mater Academy of Nevada Mountain Vista Campus Project);
Series 2018 A, RB(i)		5.25%	12/15/2038		1,015		1,083,675
Series 2018 A, RB(i)		5.50%	12/15/2048		2,265		2,415,736
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital); Series 2020, RB		4.00%	02/01/2050		3,000		3,417,240
Glendale (City of), AZ Industrial Development Authority (Sun Health Services);
Series 2019 A, Ref. RB		5.00%	11/15/2042		1,800		2,038,212
Series 2019 A, Ref. RB		5.00%	11/15/2048		14,170		15,950,319
Glendale (City of), AZ Industrial Development Authority (Terraces of Phoenix); Series 2018 A, Ref. RB		5.00%	07/01/2048		1,500		1,502,475
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus);
Series 2017, Ref. RB		4.00%	11/15/2027		1,935		1,993,050
Series 2017, Ref. RB		5.00%	11/15/2040		1,485		1,549,642
Series 2017, Ref. RB		5.00%	11/15/2045		9,390		9,722,218
Series 2018, RB		5.00%	11/15/2053		5,970		6,147,667
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB(i)		5.00%	07/01/2054		1,950		2,071,992
Maricopa (County of), AZ Industrial Development Authority (Paradise Schools);
Series 2016, Ref. RB(i)		5.00%	07/01/2036		2,475		2,651,616
Series 2016, Ref. RB(i)		5.00%	07/01/2047		1,525		1,606,771
Peoria (City of), AZ Industrial Development Authority (Sierra Winds Life Care Community);
Series 2014, Ref. RB		5.50%	11/15/2034		3,695		3,489,336
Series 2014, Ref. RB		5.75%	11/15/2040		6,015		5,619,694
Phoenix (City of), AZ Industrial Development Authority (Basis Schools);
Series 2015, Ref. RB(i)		5.00%	07/01/2045		3,515		3,678,834
Series 2016 A, Ref. RB(i)		5.00%	07/01/2046		3,925		4,106,178
Phoenix (City of), AZ Industrial Development Authority (Choice Academies); Series 2012, RB		5.63%	09/01/2042		2,850		2,910,021
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(i)		6.75%	07/01/2044		5,250		5,890,395
Phoenix (City of), AZ Industrial Development Authority (Phoenix Collegiate Academy); Series 2012, RB		5.63%	07/01/2042		2,770		2,799,722
Pima (County of), AZ Industrial Development Authority (Acclaim Charter School);
Series 2006, RB		5.70%	12/01/2026		1,660		1,660,730
Series 2006, RB		5.80%	12/01/2036		4,385		4,228,236
Pima (County of), AZ Industrial Development Authority (American Leadership Academy);
Series 2015, Ref. RB(i)		5.38%	06/15/2035		2,370		2,469,611
Series 2015, Ref. RB(i)		5.63%	06/15/2045		3,500		3,644,655
Series 2017, RB(i)		4.13%	06/15/2029		1,500		1,500,570
Series 2017, RB(i)		5.00%	06/15/2047		1,000		1,002,970
Series 2019, Ref. RB(i)		5.00%	06/15/2049		1,240		1,248,296
Series 2019, Ref. RB(i)		5.00%	06/15/2052		2,150		2,161,653
Pima (County of), AZ Industrial Development Authority (Career Success Schools);
Series 2020, Ref. RB(i)		5.50%	05/01/2040		1,125		1,181,813
Series 2020, Ref. RB(i)		5.75%	05/01/2050		5,000		5,250,350
Pima (County of), AZ Industrial Development Authority (Desert Heights Charter School); Series 2014, Ref. RB		7.25%	05/01/2044		3,000		3,273,450
Pima (County of), AZ Industrial Development Authority (Imagine East Mesa Charter Schools); Series 2019, RB(i)		5.00%	07/01/2049		1,500		1,526,445
Pima (County of), AZ Industrial Development Authority (Premier Charter High School);
Series 2016 A, Ref. RB(i)		7.00%	07/01/2045		3,242		2,945,724
Series 2016 B, Ref. RB(k)		2.07%	07/01/2045		1,735		173,536
Series 2016 C, Ref. RB(k)		2.07%	07/01/2045		1,036		10,355

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Arizona-(continued)
Pima (County of), AZ Industrial Development Authority (Riverbend Prep); Series 2010, RB(i)		7.00%	09/01/2037	$	3,358	$	3,362,130
Sundance Community Facilities District (Assessment District No. 2); Series 2003, RB(i)		7.13%	07/01/2027		620		620,291
Sundance Community Facilities District (Assessment District No. 3); Series 2004, RB		6.50%	07/01/2029		131		131,014
Tempe (City of), AZ Industrial Development Authority (Friendship Village);
Series 2012 A, Ref. RB		6.25%	12/01/2042		4,225		4,289,727
Series 2012 A, Ref. RB		6.25%	12/01/2046		4,100		4,158,343
Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU);
Series 2017 A, RB(i)		6.13%	10/01/2047		2,800		2,886,436
Series 2017 A, RB(i)		6.13%	10/01/2052		2,800		2,878,204
Town of Florence, Inc. (The) Industrial Development Authority (Legacy Traditional School - Queen Creek and Casa Grande Campuses);
Series 2013, RB		5.75%	07/01/2033		3,000		3,206,970
Series 2013, RB		6.00%	07/01/2043		3,625		3,858,957
University Medical Center Corp.; Series 2011, RB(b)(c)		6.00%	07/01/2021		2,600		2,725,528
							236,617,501
Arkansas-0.15%
Arkansas (State of) Development Finance Authority (Big River Steel); Series 2019, RB(e)(i)		4.50%	09/01/2049		15,000		15,172,050
California-12.67%
ABAG Finance Authority for Nonprofit Corps. (Episcopal Senior Communities); Series 2012 A, Ref. RB		5.00%	07/01/2047		6,000		6,229,020
Bay Area Toll Authority (San Francisco Bay Area); Series 2017 F-1, RB(d)		5.00%	04/01/2056		21,000		24,583,230
California (County of), CA Tobacco Securitization Agency;
Series 2020 A, Ref. RB		4.00%	06/01/2049		1,000		1,124,410
Series 2020 B-2, Ref. RB(j)		0.00%	06/01/2055		13,780		2,466,896
California (County of), CA Tobacco Securitization Agency (Gold Country Settlement Funding Corp.); Series 2006, RB(j)		0.00%	06/01/2033		12,785		6,150,736
California (County of), CA Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2006 A, RB(j)		0.00%	06/01/2046		25,000		5,808,500
California (State of); Series 2020, GO Bonds		3.00%	03/01/2050		1,315		1,408,746
California (State of) Community Housing Agency (Excelsior Charter Schools);
Series 2020 A, RB(i)		5.00%	06/15/2050		1,540		1,605,527
Series 2020 A, RB(i)		5.00%	06/15/2055		1,030		1,070,747
California (State of) Educational Facilities Authority (Stanford University); Series 2014 U-6, RB(d)		5.00%	05/01/2045		15,000		23,674,800
California (State of) Health Facilities Financing Authority (Kaiser Permanente); Subseries 2017 A-2, RB(d)		5.00%	11/01/2047		10,000		15,616,800
California (State of) Housing Finance Agency; Series 2019 2, Class A, Revenue Ctfs.		4.00%	03/20/2033		4,950		5,469,594
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2016 A, Ref. RB		5.00%	06/01/2046		1,500		1,657,710
California (State of) Municipal Finance Authority (California Baptist University);
Series 2016 A, RB(i)		5.00%	11/01/2036		1,500		1,575,300
Series 2016 A, RB(i)		5.00%	11/01/2046		1,500		1,548,855
California (State of) Municipal Finance Authority (Goodwill Industries of Sacramento & Nevada);
Series 2012, RB(i)		6.63%	01/01/2032		1,000		984,690
Series 2012, RB(i)		6.88%	01/01/2042		1,500		1,464,570
California (State of) Municipal Finance Authority (Santa Rosa Academy);
Series 2012 A, RB		5.75%	07/01/2030		5,505		5,788,563
Series 2012 A, RB		6.00%	07/01/2042		5,355		5,604,650
California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, Ref. RB(e)		4.00%	07/15/2029		15,960		15,971,172
California (State of) Pollution Control Finance Authority;
Series 2012, RB(e)(i)		5.00%	07/01/2037		13,500		14,087,385
Series 2012, RB(e)(i)		5.00%	11/21/2045		20,710		21,524,317
California (State of) Pollution Control Financing Authority (Aemerge Redpak Services Southern California LLC); Series 2016, RB (Acquired 1/22/2016-9/26/2017; Cost $9,847,500)(e)(f)(i)		7.00%	12/01/2027		9,925		4,962,500
California (State of) Pollution Control Financing Authority (San Diego County Water Authority); Series 2019, Ref. RB(i)		5.00%	11/21/2045		11,650		13,402,043
California (State of) School Finance Authority (Alliance for College-Ready Public Schools); Series 2013 A, RB		6.40%	07/01/2048		3,000		3,343,980
California (State of) School Finance Authority (Aspire Public Schools); Series 2016, Ref. RB(i)		5.00%	08/01/2046		2,500		2,777,800

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
California-(continued)
California (State of) School Finance Authority (New Designs Charter School);
Series 2012, RB		5.50%	06/01/2042	$	5,000	$	5,116,550
Series 2019 A, RB(i)		5.00%	06/01/2040		750		786,233
Series 2019 A, RB(i)		5.00%	06/01/2050		1,060		1,098,584
California (State of) School Finance Authority (TEACH Public Schools);
Series 2019 A, RB(i)		5.00%	06/01/2049		750		783,810
Series 2019 A, RB(i)		5.00%	06/01/2058		2,600		2,705,066
California (State of) Statewide Communities Development Authority (California Baptist University);
Series 2011, RB(b)(c)		7.25%	11/01/2021		1,500		1,620,840
Series 2011, RB(b)(c)		7.50%	11/01/2021		5,500		5,959,030
Series 2014 A, RB		6.13%	11/01/2033		1,560		1,704,550
California (State of) Statewide Communities Development Authority (Creative Child Care & Team Charter); Series 2015, RB (Acquired 11/03/2015; Cost $6,700,000)(i)		6.75%	06/01/2045		6,700		7,069,573
California (State of) Statewide Communities Development Authority (Eskaton Properties, Inc.); Series 2012, RB		5.25%	11/15/2034		4,350		4,523,870
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing); Series 2016, Ref. RB(i)		5.00%	06/01/2036		4,250		4,375,800
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center);
Series 2014, RB		5.25%	12/01/2044		3,000		3,226,800
Series 2014, RB		5.50%	12/01/2054		9,750		10,475,887
Series 2016 A, RB(i)		5.25%	12/01/2056		55,945		60,243,254
California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC-California College of the Arts); Series 2019, RB(i)		5.25%	07/01/2052		1,450		1,420,232
California (State of) Statewide Communities Development Authority (Terraces at San Joaquin Garden);
Series 2012, RB		6.00%	10/01/2042		2,895		3,033,584
Series 2012, RB		6.00%	10/01/2047		1,785		1,866,789
California (State of) Statewide Finance Authority (Pooled Tobacco Securitization);
Series 2002, RB		6.00%	05/01/2043		15,000		15,136,500
Series 2006 A, RB(j)		0.00%	06/01/2046		181,950		37,312,486
California County Tobacco Securitization Agency (The) (Sonoma County Securitization Corp.);
Series 2005, Ref. RB		5.13%	06/01/2038		9,380		9,405,326
Series 2005, Ref. RB		5.25%	06/01/2045		3,790		3,800,233
California Educational Facilities Authority;
Series 2010, RB(d)		5.25%	10/01/2032		6,255		9,778,129
Series 2012 U-2, Ref. RB(d)		5.00%	10/01/2032		8,745		12,535,345
California Municipal Finance Authority (UCR North District Phase 1 Student); Series 2019, RB (INS -BAM)(h)		5.00%	05/15/2052		1,375		1,623,133
California Public Finance Authority (Henry Mayo Newhall Hospital);
Series 2017, Ref. RB		5.00%	10/15/2037		3,430		3,844,824
Series 2017, Ref. RB		5.00%	10/15/2047		10,170		11,196,967
Fairfield (City of), CA Community Facilities District No. 2007-1 (Fairfield Commons);
Series 2008, RB		6.50%	09/01/2023		855		881,402
Series 2008, RB		6.75%	09/01/2028		2,550		2,632,314
Series 2008, RB		6.88%	09/01/2038		4,440		4,579,016
Foothill-Eastern Transportation Corridor Agency;
Series 2014 A, Ref. RB(b)(c)		6.00%	01/15/2024		20,000		23,863,600
Series 2014 A, Ref. RB (INS - AGM)(h)(j)		0.00%	01/15/2036		61,010		39,863,324
Series 2014 A, Ref. RB (INS - AGM)(h)(j)		0.00%	01/15/2037		20,000		12,584,200
Series 2014 A, Ref. RB(g)		6.85%	01/15/2042		5,000		5,681,900
Series 2014 C, Ref. RB		6.50%	01/15/2043		10,750		12,208,882
Golden State Tobacco Securitization Corp.;
Series 2007 A-2, RB		5.30%	06/01/2037		47,000		48,718,790
Series 2007 B, RB(j)		0.00%	06/01/2047		95,000		20,057,350
Series 2018 A-1, Ref. RB		5.00%	06/01/2047		38,170		39,247,157
Series 2018 A-2, Ref. RB		5.00%	06/01/2047		40,470		41,612,063
Inland Empire Tobacco Securitization Corp.;
Series 2007 C-1, RB(j)		0.00%	06/01/2036		173,915		62,327,657
Series 2007 D, RB(j)		0.00%	06/01/2057		46,635		3,721,473

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
Los Angeles (City of), CA Community Facilities District No. 3 (Cascades Business Park); Series 1997, RB		6.40%		09/01/2022	$	165	$	167,295
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); Series 2018 A, RB(d)(e)(l)		5.25%		05/15/2048		26,000		31,370,820
Los Angeles Department of Water; Series 2012 B, RB(d)		5.00%		07/01/2043		66,530		71,761,919
Los Angeles Unified School District; Series 2020 RYQ, GO Bonds		4.00%		07/01/2044		12,000		14,208,000
National City (City of), CA Community Development Commission (National City Redevelopment); Series 2011, RB(b)(c)		7.00%		08/01/2021		4,750		5,042,932
Regents of the University of California; Series 2014 AM, RB(d)		5.00%		05/15/2044		34,545		39,331,210
Riverside (County of), CA Transportation Commission; Series 2013 A, RB		5.75%		06/01/2048		7,000		7,625,940
San Bernardino City Unified School District;
Series 2011 D, GO Bonds (INS - AGM)(h)(j)		0.00%		08/01/2036		7,650		5,495,683
Series 2011 D, GO Bonds (INS - AGM)(h)(j)		0.00%		08/01/2037		13,130		9,138,349
Series 2011 D, GO Bonds (INS - AGM)(h)(j)		0.00%		08/01/2038		13,515		9,107,488
Series 2011 D, GO Bonds (INS - AGM)(h)(j)		0.00%		08/01/2039		13,895		9,076,909
Series 2011 D, GO Bonds (INS - AGM)(h)(j)		0.00%		08/01/2040		14,280		9,020,676
Series 2011 D, GO Bonds (INS - AGM)(h)(j)		0.00%		08/01/2041		14,080		8,596,403
San Buenaventura (City of), CA (Community Memorial Health System);
Series 2011, RB		8.00%		12/01/2031		9,875		10,519,739
Series 2011, RB		7.50%		12/01/2041		21,980		23,140,324
San Diego Unified School District; Series 2020 M-2, GO Bonds		3.00%		07/01/2050		10,000		10,778,200
San Diego Unified School District (Election of 2008); Series 2012 E, GO Bonds(g)		5.25%		07/01/2042		10,000		9,360,200
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency Community Facilities District No. 6 (Mission Bay South Public Improvements);
Series 2013 C, RB(j)		0.00%		08/01/2036		5,710		2,469,518
Series 2013 C, RB(j)		0.00%		08/01/2038		2,000		757,480
Series 2013 C, RB(j)		0.00%		08/01/2043		17,000		4,750,820
San Joaquin Hills Transportation Corridor Agency;
Series 2014 B, Ref. RB		5.25%		01/15/2044		7,000		7,754,740
Series 2014 B, Ref. RB		5.25%		01/15/2049		11,000		12,144,660
San Jose (City of), CA;
Series 2017 A, Ref. RB(d)(e)(l)		5.00%		03/01/2041		10,000		11,703,100
Series 2017 A, Ref. RB(d)(e)(l)		5.00%		03/01/2047		20,000		23,196,800
San Jose (City of), CA (Helzer Courts Apartments); Series 1999 A, RB(e)		6.40%		12/01/2041		13,853		13,861,450
Santee School District; Series 2006 D, GO Bonds (INS - AGC)(h)(j)		0.00%		08/01/2038		4,355		2,888,323
Savanna Elementary School District (Election of 2008); Series 2012 B, GO Bonds (INS - AGM)(g)(h)		6.75%		02/01/2052		7,500		7,802,175
Silicon Valley Tobacco Securitization Authority (Santa Clara);
Series 2007 A, RB(j)		0.00%		06/01/2036		10,000		4,176,000
Series 2007 A, RB(j)		0.00%		06/01/2047		20,000		4,449,000
Southern California Logistics Airport Authority;
Series 2007, RB		6.15%		12/01/2043		4,400		4,433,836
Series 2008 A, RB		6.00%		12/01/2033		1,475		1,483,762
Series 2008 A, RB(j)		0.00%		12/01/2045		18,085		1,959,148
Series 2008 A, RB(j)		0.00%		12/01/2046		18,085		1,784,990
Series 2008 A, RB(j)		0.00%		12/01/2047		18,085		1,625,842
Series 2008 A, RB(j)		0.00%		12/01/2048		18,085		1,480,257
Series 2008 A, RB(j)		0.00%		12/01/2049		18,085		1,347,152
Series 2008 A, RB(j)		0.00%		12/01/2050		18,085		1,225,440
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.);
Series 2019, Ref. RB		5.00%		06/01/2048		4,500		5,473,260
Series 2019, Ref. RB(j)		0.00%		06/01/2054		19,300		3,294,703
Southern California Tobacco Securitization Authority (San Diego County Tobacco Asset Securitization Corp.); Series 2006, RB(j)		0.00%		06/01/2046		30,000		6,151,500
State of California;
Series 2020-XM0848, Ctfs.(d)		3.00%		03/01/2046		8,195		8,820,197
Series 2020-XM0848, Ctfs.(d)		3.00%		03/01/2050		4,000		4,285,160
Series 2020-XM0849, Ctfs.(d)		4.00%		03/01/2040		10,000		12,014,100
Series 2020-XM0849, Ctfs.(d)		4.00%		03/01/2046		3,500		4,152,855
Series 2020-XM0849, Ctfs.(d)		4.00%		03/01/2050		5,250		6,211,170

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
California-(continued)
University of California; Series 2017 M, RB(d)		5.00%	05/15/2047	$	50,890	$	61,785,040
Vallejo (City of), CA Public Financing Authority (Hiddenbrooke Improvement District); Series 2004 A, RB		5.80%	09/01/2031		3,430		3,469,994
Victor Valley Union High School District (Election of 2008); Series 2013 B, GO Bonds(b)(c)(j)		0.00%	08/01/2023		74,825		15,666,741
							1,244,886,364
Colorado-7.07%
3rd and Havana Metropolitan District;
Series 2020 A, GO Bonds		5.25%	12/01/2049		4,200		4,216,380
Series 2020 B, GO Bonds		7.75%	12/15/2049		1,925		1,930,486
Amber Creak Metropolitan District; Series 2017 B, GO Bonds		7.75%	12/15/2047		515		523,575
Banning Lewis Ranch Metropolitan District No. 1;
Series 2018 A, GO Bonds		5.38%	12/01/2048		2,500		2,572,525
Series 2018 B, GO Bonds		7.75%	12/15/2041		630		654,891
Banning Lewis Ranch Metropolitan District No. 3; Series 2015 A, GO Bonds		6.13%	12/01/2045		1,025		1,044,926
Banning Lewis Ranch Metropolitan District No. 4;
Series 2018 A, GO Bonds		5.75%	12/01/2048		5,000		5,209,550
Series 2018 B, GO Bonds		8.00%	12/15/2048		2,063		2,124,333
Banning Lewis Ranch Metropolitan District No. 5;
Series 2018 A, GO Bonds		5.75%	12/01/2048		2,195		2,286,992
Series 2018 B, GO Bonds		8.00%	12/15/2048		511		526,192
Bella Mesa Metropolitan District; Series 2020 A, GO Bonds(g)(i)		6.75%	12/01/2049		3,785		2,769,712
Belleview Village Metropolitan District; Series 2020, GO Bonds(i)		4.95%	12/01/2050		870		873,445
Berthoud-Heritage Metropolitan District No. 1; Series 2019, RB		5.63%	12/01/2048		10,000		10,434,800
Brighton Crossing Metropolitan District No. 4; Series 2017 B, GO Bonds		7.00%	12/15/2047		670		679,735
Broadway Station Metropolitan District No. 2; Series 2019 B, GO Bonds(g)		7.50%	12/01/2048		7,075		4,482,578
Broadway Station Metropolitan District No. 3; Series 2019, GO Bonds(g)		7.50%	12/01/2049		30,465		17,181,955
Bromley Park Metropolitan District No. 2; Series 2018 C, Ref. GO Bonds		7.85%	12/15/2047		6,408		6,412,229
Broomfield Village Metropolitan District No. 2; Series 2003, Ref. GO Bonds(k)		6.25%	12/01/2032		3,330		2,664,000
Buffalo Highlands Metropolitan District;
Series 2018 A, Ref. GO Bonds		5.25%	12/01/2038		1,000		1,028,500
Series 2018 A, Ref. GO Bonds		5.38%	12/01/2048		1,750		1,792,245
Series 2018 B, Ref. GO Bonds		7.63%	12/15/2046		1,226		1,239,682
Buffalo Ridge Metropolitan District; Series 2018 B, GO Bonds		7.38%	12/15/2047		3,230		3,288,301
Canyons Metropolitan District No. 5;
Series 2017 A, Ref. GO Bonds		6.00%	12/01/2037		1,750		1,825,635
Series 2017 A, Ref. GO Bonds		6.13%	12/01/2047		4,735		4,944,476
Series 2017 B, GO Bonds		8.00%	12/15/2047		3,500		3,586,800
Castle Oaks Metropolitan District No. 3; Series 2017, Ref. GO Bonds		5.00%	12/01/2047		3,275		3,288,526
Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2018, Ref. RB		5.25%	12/01/2048		5,550		5,697,019
City Center West Commercial Metropolitan District;
Series 2020 A, Ref. GO Bonds		7.00%	12/01/2049		4,000		4,282,520
Series 2020 B, GO Bonds		9.00%	12/15/2049		581		618,933
City Center West Residential Metropolitan District No. 2; Series 2019 B, GO Bonds		7.75%	12/15/2049		1,425		1,430,272
Clear Creek Station Metropolitan District No. 2; Series 2017 B, GO Bonds		7.38%	12/15/2047		500		511,510
Colliers Hill Metropolitan District No. 1; Series 2019 B, Ref. GO Bonds		8.00%	12/15/2048		2,500		2,479,125
Colorado (State of) Educational & Cultural Facilities Authority (Community Leadership Academy);
Series 2008, RB		6.25%	07/01/2028		1,510		1,513,805
Series 2008, RB		6.50%	07/01/2038		1,000		1,002,210
Series 2013, RB		7.45%	08/01/2048		2,245		2,472,823
Colorado (State of) Health Facilities Authority (Christian Living Communities); Series 2011, RB		6.38%	01/01/2041		1,615		1,664,952
Colorado (State of) Health Facilities Authority (Commonspirit Health);
Series 2019 A, Ref. RB		5.00%	08/01/2038		5,000		6,106,900
Series 2019 A-2, Ref. RB		4.00%	08/01/2049		11,800		13,008,792
Colorado (State of) Health Facilities Authority (Frasier Meadows Retirement Community); Series 2017 B, RB		5.00%	05/15/2048		1,500		1,578,060
Colorado (State of) Health Facilities Authority (SCL Health System); Series 2013 A, RB(d)		5.00%	01/01/2044		21,000		23,083,620

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Colorado-(continued)
Colorado (State of) Health Facilities Authority (Sunny Vista Living Center);
Series 2015 A, Ref. RB(i)		5.75%		12/01/2035	$	1,650	$	1,652,046
Series 2015 A, Ref. RB(i)		6.13%		12/01/2045		2,300		2,302,277
Series 2015 A, Ref. RB(i)		6.25%		12/01/2050		4,070		4,087,542
Colorado (State of) Health Facilities Authority (Total Longterm Care National Obligated Group);
Series 2011, RB(b)(c)		5.75%		11/15/2021		1,000		1,065,760
Series 2011, RB(b)(c)		6.00%		11/15/2021		1,195		1,276,858
Colorado (State of) Health Facilities Authority (Volunteers of America Care);
Series 2007 A, RB		5.20%		07/01/2022		300		295,974
Series 2007 A, RB		5.25%		07/01/2027		3,260		3,068,605
Series 2007 A, RB		5.30%		07/01/2037		3,985		3,362,583
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3);
Series 2010, RB		6.50%		01/15/2030		4,500		4,510,665
Series 2010, RB		6.00%		01/15/2041		7,935		7,950,632
Colorado International Center Metropolitan District No. 14; Series 2018, Ref. GO Bonds		5.88%		12/01/2046		13,500		14,247,360
Colorado International Center Metropolitan District No. 4;
Series 2019 A, Ref. GO Bonds(g)		6.00%		12/01/2047		30,920		23,373,665
Series 2019 A-2, GO Bonds(g)		6.25%		12/01/2048		15,075		11,903,974
Series 2019 B-2, GO Bonds		8.75%		12/15/2048		1,997		2,055,073
Copperleaf Metropolitan District No. 6;
Series 2018 A, GO Bonds		5.25%		12/01/2048		2,000		2,047,920
Subseries 2018 B, GO Bonds		7.50%		12/15/2048		820		841,935
Cottonwood Highlands Metropolitan District No. 1; Series 2019 B, GO Bonds		8.75%		12/15/2049		2,095		2,141,949
Creekside Village Metropolitan District; Series 2019, GO Bonds		7.75%		12/15/2049		616		621,655
Crowfoot Valley Ranch Metropolitan District No. 2;
Series 2018 A, GO Bonds		5.63%		12/01/2038		3,555		3,728,982
Series 2018 A, GO Bonds		5.75%		12/01/2048		9,665		10,069,867
Series 2018 B, GO Bonds		8.00%		12/15/2048		1,630		1,664,703
Denver (City & County of), CO;
Series 2018 A, RB(d)(e)		5.00%		12/01/2029		24,580		31,209,472
Series 2018 A, RB(d)(e)		5.00%		12/01/2036		25,865		31,638,068
Series 2018 A, Ref. RB(d)(e)		5.25%		12/01/2043		17,500		21,345,975
Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB(e)		5.00%		10/01/2032		42,340		42,846,386
Denver (City of), CO Convention Center Hotel Authority;
Series 2016, Ref. RB		5.00%		12/01/2032		1,000		1,077,690
Series 2016, Ref. RB		5.00%		12/01/2040		250		265,758
Denver Gateway Center Metropolitan District;
Series 2018 A, GO Bonds		5.63%		12/01/2048		2,130		2,208,597
Series 2018 B, GO Bonds		7.88%		12/15/2048		1,855		1,894,215
Denver International Business Center Metropolitan District No. 1; Series 2019 B, GO Bonds		6.00%		12/01/2048		2,300		2,383,076
Douglas (County of), CO Sierra Ridge Metropolitan District No. 2; Series 2016 B, GO Bonds		7.63%		12/15/2046		1,500		1,535,340
Elbert (County of), CO & Highway 86 Commercial Metropolitan District; Series 2008 A, RB(k)(m)		7.50%		12/01/2032		4,500		3,375,000
Erie Commons Metropolitan District No. 2; Series 2019 B, Ref. GO Bonds		6.95%		12/15/2054		3,100		3,086,515
Flying Horse Metropolitan District No. 3; Series 2019, Ref. GO Bonds(i)		6.00%		12/01/2049		2,970		3,011,788
Forest Trace Metropolitan District No. 3; Series 2020 B, GO Bonds		7.88%		12/15/2049		933		941,621
Fossil Ridge Metropolitan District No. 1; Series 2010, Ref. GO Bonds		7.25%		12/01/2040		895		899,386
Fourth Street Crossing Business Improvement District; Series 2019 B, RB		8.00%		12/15/2049		700		708,183
Gardens at East Iliff Metropolitan District;
Series 2019 A, GO Bonds		5.00%		12/01/2049		2,065		2,088,624
Series 2019 A, GO Bonds		8.50%		12/15/2049		680		677,987
Gardens on Havana Metropolitan District No. 3 (The);
Series 2017 A, RB		5.13%		12/01/2037		1,070		1,098,034
Series 2017 A, RB		5.25%		12/01/2047		1,015		1,037,756
Series 2017 B, RB		7.75%		12/15/2047		1,000		1,030,730
Grandby Ranch Metropolitan District; Series 2018, Ref. GO Bonds(i)		5.50%		12/01/2052		5,490		5,641,195
Green Valley Ranch East Metropolitan District No. 6; Series 2020 A, GO Bonds		5.88%		12/01/2050		3,550		3,665,304

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Colorado-(continued)
Haskins Station Metropolitan District;
Series 2019 A, GO Bonds		5.00%		12/01/2039	$	690	$	704,904
Series 2019 A, GO Bonds		5.00%		12/01/2049		1,125		1,132,369
Series 2019 B, Ref. GO Bonds		8.75%		12/15/2049		1,328		1,331,864
Hess Ranch Metropolitan District No. 6;
Series 2020 A-1, GO Bonds		5.00%		12/01/2049		5,000		5,125,600
Series 2020 A-2, GO Bonds(g)		5.75%		12/01/2049		9,000		6,237,900
Series 2020 B, GO Bonds		8.00%		12/15/2049		4,683		4,767,903
Home Place Metropolitan District; Series 2020 B, GO Bonds		8.25%		12/15/2050		834		860,046
Homestead Hills Metropolitan District;
Series 2020 A, GO Bonds(i)		5.00%		12/01/2050		2,220		2,258,384
Series 2020 B, GO Bonds		8.00%		12/15/2050		722		709,488
Independence Metropolitan District No. 3;
Series 2019 A, GO Bonds		6.25%		12/01/2049		8,095		8,514,969
Series 2019 B, GO Bonds		9.00%		12/15/2049		4,230		4,353,981
Independence Water & Sanitation District; Series 2019, RB		7.25%		12/01/2038		5,270		5,766,170
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB		5.75%		12/15/2050		6,910		6,947,452
Johnston (Town of), CO Plaza Metropolitan District;
Series 2016 A, RB		5.25%		12/01/2036		4,000		4,080,440
Series 2016 A, RB		5.38%		12/01/2046		12,000		12,215,160
Karl’s Farm Metropolitan District No. 2;
Series 2020 A, GO Bonds(i)		5.38%		12/01/2040		640		654,240
Series 2020 A, GO Bonds(i)		5.63%		12/01/2050		1,615		1,645,410
Lakes at Centerra Metropolitan District No. 2;
Series 2018 A, GO Bonds		5.13%		12/01/2037		2,700		2,768,202
Series 2018 A, GO Bonds		5.25%		12/01/2047		4,970		5,067,859
Series 2018 B, GO Bonds		7.63%		12/15/2047		1,795		1,842,334
Lanterns Rock Creek Metropolitan District; Series 2020, GO Bonds		6.25%		08/01/2045		1,495		1,500,517
Leyden Rock Metropolitan District No. 10;
Series 2016 B, GO Bonds		7.25%		12/15/2045		500		512,525
Series 2017 C, Ref. GO Bonds		10.75%		12/15/2049		1,025		1,030,535
Mayfield Metropolitan District;
Series 2020 A, GO Bonds		5.75%		12/01/2050		1,190		1,250,535
Series 2020 B, GO Bonds		8.25%		12/15/2050		622		650,164
Meadowbrook Crossing Metropolitan District;
Series 2020 A, Ref. GO Bonds(i)		5.25%		12/01/2049		3,355		3,429,682
Series 2020 B, Ref. GO Bonds(i)		7.75%		12/15/2049		494		503,267
Meadowlark Metropolitan District;
Series 2020 A, GO Bonds		4.88%		12/01/2040		525		527,069
Series 2020 A, GO Bonds		5.13%		12/01/2050		755		757,945
Series 2020 B, GO Bonds		7.63%		12/15/2050		607		609,125
Mirabelle Metropolitan District No. 2; Series 2020 B, GO Bonds		7.38%		12/15/2049		1,473		1,452,128
Montrose (County of), CO (The Homestead at Montrose, Inc.);
Series 2003 A, RB		6.75%		02/01/2022		105		104,727
Series 2003 A, RB		7.00%		02/01/2025		800		790,712
Series 2003 A, RB		7.00%		02/01/2038		6,200		5,854,908
Mountain Sky Metropolitan District; Series 2020 A, GO Bonds		5.00%		12/01/2049		980		988,536
Neu Towne Metropolitan District; Series 2018 B, Ref. GO Bonds		7.75%		12/15/2046		2,285		2,343,245
North Holly Metropolitan District;
Series 2018 A, GO Bonds		5.50%		12/01/2048		1,260		1,297,082
Series 2018 B, GO Bonds		7.88%		12/15/2048		1,015		1,046,455
North Park Metropolitan District No. 1;
Seires 2018 A-2, RB		5.50%		12/01/2034		8,340		8,785,773
Seires 2018 A-2, RB		5.85%		12/01/2048		9,000		9,429,930
Series 2018 A-1, RB		5.38%		12/01/2034		5,650		5,913,911
Series 2018 A-1, RB		5.75%		12/01/2048		3,850		4,014,241
North Range Metropolitan District No. 2;
Series 2017 A, Ref. GO Bonds		5.63%		12/01/2037		3,270		3,420,649
Series 2017 A, Ref. GO Bonds		5.75%		12/01/2047		4,885		5,084,699
Series 2017 B, GO Bonds		7.75%		12/15/2047		2,830		2,929,616

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Colorado-(continued)
Painted Prairie Metropolitain District No. 2; Series 2018, GO Bonds		5.25%	12/01/2048	$	5,250	$	5,370,277
Palisade Metropolitan District No. 2; Series 2019, GO Bonds		7.25%	12/15/2049		3,712		3,724,435
Raindance Metropolitan District No. 2; Series 2019 B, GO Bonds		7.50%	12/15/2049		2,290		2,298,839
Reata Ridge Village Metropolitan District No. 2; Series 2019 B-3, GO Bonds		8.00%	12/15/2049		615		618,610
Riverdale Peaks II Metropolitan District; Series 2005, GO Bonds(k)		6.50%	12/01/2035		1,000		500,000
Rock Canyon Metropolitan District;
Series 2020 A, GO Bonds		5.00%	12/01/2049		1,637		1,650,112
Series 2020 B, GO Bonds		8.75%	12/15/2049		398		403,381
Sabell Metropolitan District; Series 2020 A, GO Bonds(i)		5.00%	12/01/2050		1,055		1,069,696
Settler’s Crossing Metropolitan District No. 1;
Series 2020 A, GO Bonds(i)		5.00%	12/01/2040		1,000		1,020,060
Series 2020 A, GO Bonds(i)		5.13%	12/01/2050		1,630		1,652,722
Series 2020 B, GO Bonds		7.63%	12/15/2050		598		601,145
Severance Shores Metropolitan District No. 4; Series 2020 B, GO Bonds		8.25%	12/15/2049		805		822,348
South Aurora Regional Improvement Authority; Series 2018, RB		6.25%	12/01/2057		2,815		2,884,784
Spring Valley Metropolitan District No. 3;
Series 2020 A, GO Bonds		5.00%	12/01/2049		1,360		1,388,111
Series 2020 B, GO Bonds		8.50%	12/15/2049		1,331		1,345,761
St. Vrain Lakes Metropolitan District No. 2; Series 2017 B, GO Bonds		7.63%	12/15/2047		1,080		1,114,722
STC Metropolitan District No. 2; Series 2019 B, GO Bonds		8.00%	12/15/2049		3,954		3,901,175
Sterling Ranch Community Authority Board; Series 2017 B, RB		7.50%	12/15/2047		6,500		6,682,715
Tailholt Metropolitan District No. 3;
Series 2018 A, GO Bonds		6.00%	12/01/2048		7,545		7,866,794
Series 2018 B, GO Bonds		8.13%	12/15/2048		1,647		1,713,473
Talon Pointe Metropolitan District;
Series 2019 A, Ref. GO Bonds		5.25%	12/01/2039		3,260		3,382,315
Series 2019 A, Ref. GO Bonds		5.25%	12/01/2051		5,345		5,464,995
Series 2019 B, Ref. GO Bonds		8.00%	12/15/2051		2,595		2,616,980
Timberleaf Metropolitan District; Series 2020 B, GO Bonds		8.25%	12/15/2050		777		805,788
Trails at Crowfoot Metropolitan District No. 3;
Series 2019 A, GO Bonds		5.00%	12/01/2039		1,000		1,022,500
Series 2019, GO Bonds		9.00%	12/15/2049		3,140		3,166,816
Tuscan Foothills Village Metropolitan District; Series 2019 A, GO Bonds(g)		6.25%	12/01/2049		1,240		1,098,888
University of Colorado; Series 2014 A, RB(b)(c)(d)		5.00%	06/01/2024		16,835		19,788,027
Vauxmont Metropolitan District; Series 2019, Ref. GO Bonds (INS - AGM)(h)		3.25%	12/15/2050		1,250		1,338,638
Villages at Castle Rock Metropolitan District No. 6 (Cobblestone Ranch); Series 2007, GO Bonds(j)		0.00%	12/01/2037		96,562		27,599,409
Vista Ridge Metropolitan District; Series 2006 B, Ref. GO Bonds(b)(c)		9.50%	12/01/2021		1,000		1,128,080
Wagons West Metropolitan District;
Series 2020 A, GO Bonds		5.00%	12/01/2049		1,685		1,697,570
Series 2020 B-3, GO Bonds		8.50%	12/15/2049		553		550,252
Waterstone Metropolitan District No. 1; Series 2020 A, GO Bonds		6.00%	12/01/2049		15,680		16,665,174
Wild Plum Metropolitan District;
Series 2019 A, GO Bonds		5.00%	12/01/2049		600		634,296
Series 2019 B, GO Bonds(i)		7.75%	12/15/2049		505		525,725
Willow Springs Metropolitan District; Series 2019 B, GO Bonds		7.75%	12/15/2049		650		652,464
							694,949,463
Connecticut-0.16%
Connecticut (State of) Health & Educational Facilities Authority (Nuvance Health); Series 2019 A, Ref. RB		4.00%	07/01/2049		3,000		3,241,440
Connecticut (State of) Health and Education Facilities Authority (Nuvance Health); Series 2019 A, Ref. RB		4.00%	07/01/2041		2,365		2,589,557
Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds(f)(k)		5.13%	10/01/2036		7,935		952,200
Hamden (Town of), CT (Whitney Center); Series 2019, Ref. RB		5.00%	01/01/2050		9,000		8,664,480
							15,447,677
Delaware-0.16%
Delaware (State of) Economic Development Authority (Aspira of Delaware Charter Operations, Inc.); Series 2016 A, RB		5.00%	06/01/2051		2,200		2,260,610
Delaware (State of) Economic Development Authority (Newark Charter School); Series 2012, RB		5.00%	09/01/2042		1,350		1,397,493

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14                      Invesco High Yield Municipal Fund

	Interest Rate			Maturity Date	Principal Amount (000)		Value
Delaware-(continued)
Millsboro (Town of), DE (Plantation Lakes Special Development District);
Series 2018, Ref. RB(i)		5.13	%	07/01/2038	$	8,000	$	8,235,920
Series 2018, Ref. RB(i)		5.25	%	07/01/2048		4,100		4,173,431
								16,067,454
District of Columbia-1.23%
District of Columbia; Series 2014 C, GO Bonds(d)		5.00	%	06/01/2038		21,000		24,235,260
District of Columbia (Center for Strategic & International Studies, Inc.);
Series 2011, RB(b)(c)		6.38	%	03/01/2021		1,710		1,761,933
Series 2011, RB(b)(c)		6.63	%	03/01/2021		5,150		5,311,968
District of Columbia (Cesar Chavez Charter School); Series 2011, RB		7.88	%	11/15/2040		4,235		4,241,522
District of Columbia (Gallaudet University); Series 2011, RB		5.50	%	04/01/2041		3,000		3,049,590
District of Columbia (Ingleside at Rock Creek);
Series 2017 A, RB		5.00	%	07/01/2032		500		501,115
Series 2017 A, RB		5.00	%	07/01/2037		2,650		2,582,134
Series 2017 A, RB		5.00	%	07/01/2052		8,735		7,971,823
District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB		5.00	%	10/01/2045		7,750		7,136,897
District of Columbia Tobacco Settlement Financing Corp.;
Series 2006 A, RB(j)		0.00	%	06/15/2046		100,920		20,644,195
Series 2006 C, RB(j)		0.00	%	06/15/2055		60,320		4,349,675
District of Columbia Water & Sewer Authority; Series 2013 A, RB(b)(c)(d)		5.00	%	10/01/2023		27,000		30,960,090
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); Series 2019 B, Ref. RB		4.00	%	10/01/2049		7,500		8,241,375
								120,987,577
Florida-5.32%
Alachua (County of), FL Health Facilities Authority (East Ridge Retirement Village, Inc.);
Series 2014, RB		6.00	%	11/15/2029		4,000		3,603,280
Series 2014, RB		6.00	%	11/15/2034		2,500		2,149,975
Series 2014, RB		6.25	%	11/15/2044		20,945		17,199,406
Series 2014, RB		6.38	%	11/15/2049		3,755		3,061,752
Alachua (County of), FL Health Facilities Authority (Oak Hammock at the University of Florida);
Series 2012 A, Ref. RB		8.00	%	10/01/2032		1,000		1,107,460
Series 2012 A, Ref. RB		8.00	%	10/01/2042		2,500		2,745,775
Series 2012 A, Ref. RB		8.00	%	10/01/2046		2,000		2,192,800
Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs);
Series 2011 A, RB		8.00	%	11/15/2031		3,640		3,626,022
Series 2011 A, RB		8.13	%	11/15/2041		11,200		10,884,384
Series 2011 A, RB		8.13	%	11/15/2046		11,100		10,685,748
Atlantic Beach (City of), FL (Fleet Landing);
Series 2018 A, RB		5.00	%	11/15/2043		1,100		1,187,758
Series 2018 A, RB		5.00	%	11/15/2048		8,190		8,811,048
Broward (County of), FL; Series 2017, RB(d)(e)(l)		5.00	%	10/01/2042		12,045		14,157,091
Buckeye Park Community Development District; Series 2008 A, RB(f)(k)		7.88	%	05/01/2038		4,900		2,107,000
Cape Coral (City of), FL Health Facilities Authority (Gulf Care, Inc.);
Series 2015, Ref. RB(i)		5.88	%	07/01/2040		1,165		1,127,172
Series 2015, Ref. RB(i)		6.00	%	07/01/2045		6,000		5,782,200
Series 2015, Ref. RB(i)		6.00	%	07/01/2050		5,360		5,109,795
Capital Trust Agency (H-Bay Ministries, Inc.- Superior Residences);
Series 2018 A-1, RB		4.00	%	07/01/2038		2,750		1,642,988
Series 2018 A-1, RB		4.00	%	07/01/2043		1,000		596,790
Series 2018 A-1, RB		4.13	%	07/01/2053		2,000		1,192,240
Series 2018 B, RB		5.00	%	07/01/2043		500		273,780
Series 2018 B, RB		5.00	%	07/01/2053		1,100		601,843
Capital Trust Agency (Miami Community Charter School); Series 2010 A, RB		7.00	%	10/15/2040		1,465		1,471,314
Capital Trust Agency (Sarasota-Manatee Jewish Housing Council, Inc.);
Series 2017, Ref. RB(i)		5.00	%	07/01/2037		1,000		1,003,370
Series 2017, Ref. RB(i)		5.00	%	07/01/2046		600		582,180

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)			Value
Florida-(continued)
Capital Trust Agency (Tallahassee Tapestry);
Series 2015, RB(f)(i)		6.75%	12/01/2035	$	5,405		$	2,972,750
Series 2015, RB(f)(i)		7.00%	12/01/2045		2,000			1,100,000
Series 2015, RB(f)(i)		7.13%	12/01/2050		1,000			550,000
Capital Trust Agency (University Bridge LLC Student Housing); Series 2018 A, RB(i)		5.25%	12/01/2043		15,850			15,433,620
Capital Trust Agency, Inc. (Franklin Academy);
Series 2020, RB(i)		5.00%	12/15/2050		1,955			2,056,953
Series 2020, RB(i)		5.00%	12/15/2055		2,845			2,985,771
Capital Trust Agency, Inc. (H-Bay Ministries, Inc.- Superior Residences); Series 2018 A-1, RB		5.00%	07/01/2048		5,660			3,378,058
Capital Trust Agency, Inc. (University Bridge LLC); Series 2018 A, RB(i)		4.00%	12/01/2028		4,110			3,906,843
Capital Trust Agency, Inc. (University Bridge, LLC Student Housing); Series 2018 A, RB(i)		5.25%	12/01/2058		13,000			12,506,130
Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities); Series 2019, RB(e)(i)		5.00%	10/01/2049		2,420			2,669,526
Collier (County of), FL Industrial Development Authority (The Arlington of Naples);
Series 2014 A, RB (Acquired 12/16/2013; Cost $5,485,328)(f)(i)		8.13%	05/15/2044		5,560			4,170,000
Series 2014 A, RB (Acquired 12/16/2013-12/19/2013; Cost $43,950,403)(f)(i)		8.25%	05/15/2049		44,570	��		33,427,500
Series 2015 A, RB (Acquired 06/30/2015; Cost $345,000)(f)(i)		5.50%	05/15/2025		345			258,750
Series 2015 A, RB (Acquired 06/30/2015; Cost $875,000)(f)(i)		6.25%	05/15/2035		875			656,250
Series 2015 A, RB (Acquired 06/30/2015; Cost $3,000,000)(f)(i)		6.50%	05/15/2049		3,000			2,250,000
County of Broward FL Airport System Revenue; Series 2020-XL0136, Ctfs.(d)(e)		4.00%	10/01/2049		14,000			15,442,980
County of Miami-Dade FL Water & Sewer System Revenue; Series 2019 XX1109, Revenue Ctfs.(d)(l)		4.00%	10/01/2049		17,500			20,629,000
East Homestead Community Development District; Series 2013, RB		5.63%	11/01/2043		2,000			2,088,000
Florida (State of) Mid-Bay Bridge Authority; Series 2011 A, RB(b)(c)		7.25%	10/01/2021		14,000			15,056,860
Florida Development Finance Corp. (Palm Bay Academy, Inc.);
Series 2017, Ref. RB(i)(j)(k)		0.00%	05/15/2037		2,235			843,386
Series 2017, Ref. RB(i)		6.38%	05/15/2037		2,705			2,375,504
Florida Development Finance Corp. (Renaissance Charter School, Inc.);
Series 2012 A, RB(i)		6.00%	06/15/2032		4,250			4,432,920
Series 2012 A, RB(i)		6.13%	06/15/2043		4,250			4,405,380
Series 2015, RB(i)		6.13%	06/15/2046		14,035			15,449,728
Florida Development Finance Corp. (Sculptor Charter School);
Series 2008 A, RB		7.25%	10/01/2038		2,450			2,458,453
Series 2012, RB		7.00%	10/01/2026		80			83,504
Series 2012, RB		7.25%	10/01/2041		595			619,014
Florida Development Finance Corp. (Virgin Trains USA Passenger Rail);
Series 2019 A, Ref. RB(c)(e)(i)		6.25%	01/01/2024		5,000			4,408,350
Series 2019 A, Ref. RB(c)(e)(i)		6.38%	01/01/2026		43,480			37,923,690
Series 2019 A, Ref. RB(c)(e)(i)		6.50%	01/01/2029		12,500			10,834,000
Gramercy Farms Community Development District;
Series 2007 A-1, RB(f)(k)		5.25%	05/01/2039		1,335			13
Series 2007 A-2, RB(f)(k)		5.25%	05/01/2039		1,700			17
Series 2011, Ref. RB(g)(k)		6.75%	05/01/2039		22,825			10,956,000
Highlands (County of), FL Health Facilities Authority (Trousdale Foundation Properties); Series 2018 A, RB		6.25%	04/01/2049		10,785			6,226,504
Kendall Breeze West Community Development District; Series 2004, RB		5.88%	05/01/2034		1,020			1,020,806
Lake (County of), FL (Lakeside at Waterman Village);
Series 2018 A, RB(i)		10.00%	10/31/2023		2,500			2,864,850
Series 2018 A, RB(i)		12.00%	10/31/2023		1,000			1,211,500
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts);
Series 2018 A, RB(i)		5.50%	07/15/2048		2,250			2,273,445
Series 2018 A, RB(i)		5.75%	07/15/2053		2,030			2,099,893
Lee (County of), FL Industrial Development Authority (Cypress Cove Healthpark);
Series 2012, Ref. RB		5.25%	10/01/2032		4,500			4,685,985
Series 2012, Ref. RB		5.75%	10/01/2042		10,100			10,560,156
Series 2012, Ref. RB		6.50%	10/01/2047		10,000			10,604,800
Lee (County of), FL Industrial Development Authority (Lee County Community Charter Schools, LLC);
Series 2012, IDR		5.50%	06/15/2032		1,880			1,912,750
Series 2012, IDR		5.75%	06/15/2042		3,210			3,253,656

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Florida-(continued)
Miami-Dade (County of), FL;
Series 2009, RB(j)		0.00%	10/01/2035	$	12,000	$	7,829,400
Series 2009, RB(j)		0.00%	10/01/2042		42,215		20,573,902
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami);
Series 2018 A, RB		5.00%	04/01/2048		10,000		11,712,200
Series 2018 A, RB(d)		5.00%	04/01/2053		13,500		15,750,180
Series 2018 A, RB		5.00%	04/01/2053		3,400		3,966,712
Miami-Dade (County of), FL Health Facilities Authority (Miami Children’s Hospital);
Series 2010, Ref. RB		6.00%	08/01/2030		135		135,518
Series 2010, Ref. RB		6.13%	08/01/2042		65		65,224
Orange (County of), FL Housing Finance Authority (Alhambra Trace Apartments); Series 1998 C, RB		7.00%	04/01/2028		1,130		1,132,158
Orange (County of), FL Housing Finance Authority (Governors Manor Apartments); Series 2001 F-4, RB		7.25%	10/01/2031		3,320		3,327,171
Orange (County of), FL Housing Finance Authority (Lake Davis Apartments); Series 2001 F-1, RB		7.25%	10/01/2031		690		691,490
Orange (County of), FL Housing Finance Authority (Lake Jennie Phase I); Series 2001 F-2, RB		7.25%	10/01/2031		180		180,389
Orange (County of), FL Housing Finance Authority (Lake Jennie Phase II); Series 2001 F-3, RB		7.25%	10/01/2031		690		691,490
Orange (County of), FL Housing Finance Authority (Mellonville Trace Apartments); Series 2001 F-5, RB		7.25%	10/01/2031		265		265,572
Orlando (City of), FL; Series 2014 A, RB(b)(c)(d)		5.00%	05/01/2024		20,305		23,755,429
Osceola (County of), FL; Series 2020 A-1, Ref. RB		4.00%	10/01/2054		4,100		4,527,835
Overoaks Community Development District; Series 2010 A-2, RB		6.13%	05/01/2035		335		339,114
Palm Beach (County of), FL Health Facilities Authority (Sinai Residences of Boca Raton); Series 2014 A, RB		7.50%	06/01/2049		2,750		2,929,575
Pine Ridge Plantation Community Development District; Series 2006 A, RB		5.40%	05/01/2037		1,274		1,274,867
Pinellas (County of), FL Educational Facilities Authority (Pinellas Preparatory Academy);
Series 2011 A, RB(b)		6.13%	09/15/2021		160		164,923
Series 2011 A, RB(b)(c)		7.13%	09/15/2021		3,250		3,468,693
Polk (County of), FL Industrial Development Authority (Carpenter’s Home Estates); Series 2019, Ref. IDR		5.00%	01/01/2049		4,690		4,852,509
Reunion East Community Development District;
Series 2002 A-2, RB(f)(k)		7.38%	05/01/2033		145		1
Series 2005, RB(f)(k)		5.80%	05/01/2036		1,716		17
Series 2015-1, RB		6.60%	05/01/2033		40		40,381
Series 2015-2, RB		6.60%	05/01/2036		1,550		1,555,162
Sterling Hill Community Development District; Series 2003 A, RB(k)(m)		6.20%	05/01/2035		1,375		866,046
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB		5.00%	12/01/2055		4,000		4,422,320
Tampa Bay Water; Series 2001 A, RB (INS - NATL)(d)(h)		6.00%	10/01/2029		13,440		19,387,738
Treeline Preserve Community Development District; Series 2007 A, RB(f)(k)		6.80%	05/01/2039		4,895		2,692,250
							522,544,732
Georgia-0.94%
Atlanta (City of), GA Water & Wastewater Revenue; Series 2015, Ref. RB(d)		5.00%	11/01/2040		37,555		44,194,724
Clayton (County of), GA Development Authority (Delta Air Lines, Inc.); Series 2009 A, RB		8.75%	06/01/2029		4,200		4,216,586
DeKalb (County of), GA Hospital Authority (DeKalb Medical Center, Inc.); Series 2010, RAC(b)(c)		6.00%	09/01/2020		2,200		2,200,000
Fulton (County of), GA Residential Care Facilities for the Elderly Authority (Canterbury Court);
Series 2019 A, Ref. RB(i)		5.00%	04/01/2047		2,740		2,712,052
Series 2019 A, Ref. RB(i)		5.00%	04/01/2054		1,660		1,622,932
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4); Series 2019 A, RB		5.00%	01/01/2049		15,000		18,057,000
Marietta (City of), GA Developing Authority (Life University, Inc.);
Series 2017 A, Ref. RB(i)		5.00%	11/01/2037		6,000		6,261,420
Series 2017 A, Ref. RB(i)		5.00%	11/01/2047		4,480		4,601,811
Municipal Electric Authority of Georgia; Series 2019 A, Ref. RB		5.00%	01/01/2044		4,580		5,645,125
Savannah (City of), GA Hospital Authority (St. Josephs Candler Health System); Series 2019 A, Ref. RB		4.00%	07/01/2039		2,500		2,766,025
							92,277,675
Idaho-0.22%
Gooding Industrial Development Corp. (Intrepid Technology & Resources); Series 2006, RB (Acquired 11/03/06; Cost $ 7,640,000)(e)(f)(k)		7.50%	11/01/2024		7,640		0

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Idaho-(continued)
Idaho (State of) Health Facilities Authority (Terraces of Boise);
Series 2014 A, RB		7.00%	10/01/2024	$	635	$	431,889
Series 2014 A, RB		7.38%	10/01/2029		100		67,347
Series 2014 A, RB		8.00%	10/01/2044		14,150		9,480,217
Series 2014 A, RB		8.13%	10/01/2049		12,000		8,038,320
Idaho (State of) Housing & Finance Association (North Star Charter School);
Series 2014 A, Ref. RB		6.75%	07/01/2036		526		573,370
Series 2014 A, Ref. RB		6.75%	07/01/2048		1,061		1,147,701
Series 2014 B, Ref. RB(i)(j)		0.00%	07/01/2049		9,112		1,528,195
							21,267,039
Illinois-10.86%
Bartlett (Village of), IL (Quarry Redevelopment); Series 2007, Ref. RB		5.60%	01/01/2023		2,825		2,827,260
Bolingbrook (Village of), IL;
Series 2005, RB		6.25%	01/01/2024		3,210		3,014,548
Series 2005, RB		6.00%	01/01/2026		4,500		4,042,845
Bolingbrook (Village of), IL Special Service Area No. 2005-1; Series 2019, Ref. RB		5.25%	03/01/2041		4,000		3,975,160
Burbank (City of), IL (Intercultural Montessori Language School); Series 2015, RB(i)		6.25%	09/01/2045		4,000		4,275,120
Chicago (City of), IL;
Series 2002 B, GO Bonds		5.50%	01/01/2034		3,145		3,444,247
Series 2003 B, Ref. GO Bonds		5.50%	01/01/2032		2,150		2,366,935
Series 2003 B, Ref. GO Bonds		5.50%	01/01/2033		3,000		3,292,890
Series 2003 B, Ref. GO Bonds		5.50%	01/01/2034		2,160		2,365,524
Series 2005 D, Ref. GO Bonds		5.50%	01/01/2037		6,075		6,620,596
Series 2007 E, Ref. GO Bonds		5.50%	01/01/2035		2,500		2,735,400
Series 2007 F, Ref. GO Bonds		5.50%	01/01/2035		10,640		11,641,862
Series 2007 G, Ref. GO Bonds		5.50%	01/01/2035		375		410,310
Series 2007 G, Ref. GO Bonds		5.50%	01/01/2042		400		433,176
Series 2011, COP		7.13%	05/01/2021		339		338,662
Series 2011, COP		7.13%	05/01/2025		18,885		18,886,700
Series 2012 A, GO Bonds		5.00%	01/01/2033		3,500		3,599,155
Series 2014 A, Ref. GO Bonds		5.25%	01/01/2033		3,250		3,478,768
Series 2014, RB(d)		5.00%	01/01/2044		16,755		18,273,506
Series 2015 A, GO Bonds		5.50%	01/01/2034		4,440		4,862,466
Series 2015 A, GO Bonds		5.50%	01/01/2035		2,000		2,188,320
Series 2017 A, Ref. GO Bonds		6.00%	01/01/2038		64,150		74,048,345
Series 2019 A, GO Bonds		5.50%	01/01/2049		5,285		5,997,841
Chicago (City of), IL (Diversey/Narragansett); Series 2006, COP(k)		7.46%	02/15/2026		2,176		1,556,073
Chicago (City of), IL (Lakeshore East); Series 2003, RB		6.63%	12/01/2022		1,447		1,450,024
Chicago (City of), IL (O’Hare International Airport);
Series 2017 D, RB(d)(e)		5.00%	01/01/2047		27,500		31,376,125
Series 2017 D, RB(d)(e)		5.00%	01/01/2052		9,960		11,294,640
Chicago (City of), IL Board of Education;
Series 2011 A, GO Bonds		5.00%	12/01/2041		3,315		3,356,935
Series 2012 A, GO Bonds		5.00%	12/01/2042		11,505		11,729,347
Series 2017 H, GO Bonds		5.00%	12/01/2046		3,000		3,263,580
Series 2018 D, Ref. GO Bonds		5.00%	12/01/2046		23,170		24,040,533
Chicago (City of), IL Metropolitan Water Reclamation District; Series 2016 C, GO Bonds(d)		5.00%	12/01/2045		19,750		22,990,975
Chicago (City of), IL Transit Authority; Series 2014, RB(d)		5.25%	12/01/2049		27,000		30,211,380
Chicago (State of) Board of Education;
Series 2011 A, GO Bonds		5.50%	12/01/2039		13,000		13,288,860
Series 2015 C, GO Bonds		5.25%	12/01/2039		23,310		24,994,147
Chicago O’Hare International Airport; Series 2018 A, Ref. RB(e)		5.00%	01/01/2053		5,000		5,855,200
Cook (County of), IL; Series 2018, RB(d)		5.25%	11/15/2036		7,750		9,377,733
Cook (County of), IL (Navistar International Corp.); Series 2010, RB		6.75%	10/15/2040		7,250		7,300,243
East Dundee (Village of), IL (Route 25 South Redevelopment); Series 2012, RB		5.63%	12/01/2031		1,530		1,495,606
Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Series 2014 A, RB		5.38%	03/01/2034		1,380		1,312,985
Gilberts Special Service Area No. 25 (The Conservancy); Series 2018 A, RB(g)		6.00%	03/01/2048		13,121		11,022,690

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Illinois-(continued)
Illinois (State of);
Series 2013, GO Bonds		5.50%	07/01/2027	$	5,105	$	5,508,244
Series 2013, GO Bonds		5.25%	07/01/2030		4,965		5,290,605
Series 2013, GO Bonds		5.50%	07/01/2033		1,520		1,617,113
Series 2013, GO Bonds		5.50%	07/01/2038		9,000		9,514,800
Series 2016, GO Bonds		5.00%	11/01/2028		10,700		12,006,363
Series 2016, Ref. GO Bonds		5.00%	02/01/2025		4,775		5,287,596
Series 2016, Ref. GO Bonds		5.00%	02/01/2026		4,775		5,368,389
Series 2016, Ref. GO Bonds		5.00%	02/01/2027		12,145		13,817,974
Series 2017 A, GO Bonds		5.00%	12/01/2034		5,125		5,687,776
Series 2017 C, GO Bonds		5.00%	11/01/2029		11,000		12,325,500
Series 2017 D, GO Bonds(d)(l)		5.00%	11/01/2023		33,000		35,420,550
Series 2017 D, GO Bonds		5.00%	11/01/2025		21,000		23,270,100
Series 2017 D, GO Bonds		5.00%	11/01/2026		7,500		8,396,325
Series 2017 D, GO Bonds		5.00%	11/01/2027		13,000		14,691,170
Series 2018 A, GO Bonds		6.00%	05/01/2028		6,985		8,527,288
Series 2020, GO Bonds		5.75%	05/01/2045		8,750		10,280,200
Illinois (State of) Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(e)		8.00%	06/01/2032		4,020		4,021,447
Illinois (State of) Finance Authority (Collegiate Housing Foundation - DeKalb II, LLC - Northern Illinois University); Series 2011, RB		6.88%	10/01/2043		7,000		7,168,560
Illinois (State of) Finance Authority (Intrinsic Schools - Belmont School); Series 2015, RB(i)		6.00%	12/01/2045		3,715		3,992,325
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);
Series 2019 A, Ref. RB		5.00%	11/01/2035		3,000		3,218,580
Series 2019 A, Ref. RB		5.00%	11/01/2040		6,660		7,040,686
Series 2019 A, Ref. RB		5.00%	11/01/2049		41,075		42,851,904
Illinois (State of) Finance Authority (Montgomery Place);
Series 2017, Ref. RB		5.25%	05/15/2037		6,795		7,023,040
Series 2017, Ref. RB		5.25%	05/15/2048		11,770		11,961,733
Illinois (State of) Finance Authority (Navistar International Corp.); Series 2020, Ref. RB(c)(i)		4.75%	08/01/2030		14,000		14,389,760
Illinois (State of) Finance Authority (Navistar International); Series 2010, RB		6.75%	10/15/2040		9,000		9,062,370
Illinois (State of) Finance Authority (Norwegian American Hospital, Inc.);
Series 2008, RB		7.63%	09/15/2028		2,600		2,599,766
Series 2008, RB		7.75%	09/15/2038		8,055		8,053,631
Illinois (State of) Finance Authority (Park Place of Elmhurst);
Series 2016 A, RB		6.20%	05/15/2030		176		114,270
Series 2016 A, RB		6.24%	05/15/2038		10,797		7,018,213
Series 2016 A, RB		6.33%	05/15/2048		22,504		14,627,600
Series 2016 A, RB		6.44%	05/15/2055		23,587		15,331,712
Series 2016, RB(f)		2.00%	05/15/2055		7,144		71,440
Illinois (State of) Finance Authority (Peace Village); Series 2013, RB(b)(c)		7.00%	08/15/2023		12,210		14,406,823
Illinois (State of) Finance Authority (Plymouth Place);
Series 2013, Ref. RB		6.00%	05/15/2043		10,600		11,350,162
Series 2015, Ref. RB		5.25%	05/15/2045		1,850		1,897,064
Series 2015, Ref. RB		5.25%	05/15/2050		4,810		4,920,101
Illinois (State of) Finance Authority (Rogers Park Montessori School);
Series 2014, Ref. RB		6.00%	02/01/2034		750		795,180
Series 2014, Ref. RB		6.13%	02/01/2045		1,500		1,577,730
Illinois (State of) Finance Authority (Roosevelt University);
Series 2007, RB		5.50%	04/01/2037		9,170		9,174,677
Series 2018 B, Ref. RB(i)		6.13%	04/01/2058		6,000		6,401,340
Series 2019 A, RB(i)		6.13%	04/01/2049		5,000		5,366,050
Series 2019 A, RB(i)		6.13%	04/01/2058		13,000		13,869,570
Illinois (State of) Finance Authority (Rush University Medical Center);
Series 2015 A, Ref. RB		5.00%	11/15/2038		2,500		2,837,750
Series 2015 B, Ref. RB		5.00%	11/15/2039		3,700		4,193,136
Illinois (State of) Finance Authority (Swedish Covenant Hospital); Series 2016 A, Ref. RB(b)(c)		5.00%	08/15/2026		500		633,815

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Illinois-(continued)
Illinois (State of) Finance Authority (Three Crowns Park);
Series 2017, Ref. RB		5.00%	02/15/2032	$	985	$	953,273
Series 2017, Ref. RB		5.25%	02/15/2037		1,185		1,144,461
Series 2017, Ref. RB		5.25%	02/15/2047		6,500		5,961,865
Illinois (State of) Finance Authority (United Neighborhood Organization Charter School Network, Inc.);
Series 2011, Ref. RB		6.88%	10/01/2031		2,750		2,860,578
Series 2011, Ref. RB		7.13%	10/01/2041		1,000		1,036,450
Illinois (State of) Finance Authority (University of Chicago Medical); Series 2009 D-1, VRD RB (LOC - PNC Bank N.A.)(n)(o)		0.03%	08/01/2043		1,300		1,300,000
Illinois (State of) Finance Authority (University of Chicago); Series 2013 A, RB(d)		5.25%	10/01/2052		27,000		29,466,450
Illinois (State of) Finance Authority (University of Illinois Health Services);
Series 2020, RB		4.00%	10/01/2040		2,000		2,251,260
Series 2020, RB		4.00%	10/01/2050		5,000		5,490,950
Illinois (State of) Finance Authority (Villa St. Benedict);
Series 2015, Ref. RB		6.13%	11/15/2035		9,580		10,121,366
Series 2015, Ref. RB		6.38%	11/15/2043		10,700		11,330,551
Illinois (State of) Housing Development Authority (Stonebridge of Gurnee); Series 2016 A, RB(i)		5.45%	01/01/2046		5,000		4,833,100
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2002 A, RB (INS - NATL)(h)(j)		0.00%	12/15/2038		29,950		15,709,673
Series 2012 A, RB		5.00%	06/15/2042		2,000		2,063,400
Series 2012 B, RB(j)		0.00%	12/15/2051		13,165		3,390,777
Series 2012, RB(j)		0.00%	12/15/2050		35,755		9,645,626
Series 2015, RB(j)		0.00%	12/15/2052		31,000		7,621,350
Series 2017 B, Ref. RB(g)		4.95%	12/15/2047		3,000		2,077,470
Series 2017 B, Ref. RB(j)		0.00%	12/15/2054		20,000		4,477,600
Series 2020, Ref. RB		5.00%	12/15/2045		680		770,100
Series 2020, Ref. RB		5.00%	06/15/2050		13,700		15,442,503
Malta (Village of), IL (Prairie Springs); Series 2006, RB(k)(m)		5.75%	12/30/2025		1,800		576,000
Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2002 A, RB (INS - NATL)(h)(j)		0.00%	12/15/2040		25,000		11,964,750
Series 2015 A, RB		5.00%	06/15/2053		4,000		4,296,720
Series 2017 A, RB (INS - AGM)(h)(j)		0.00%	12/15/2056		18,000		4,913,820
Series 2017, RB		5.00%	06/15/2057		10,000		10,995,300
Metropolitan Water Reclamation District of Greater Chicago; Series 2015 A, GO Bonds(d)		5.00%	12/01/2044		31,000		34,964,590
Morton Grove (Village of), IL (Sawmill Station Redevelopment); Series 2019, RB		5.00%	01/01/2039		2,000		1,905,260
Pingree Grove (Village of), IL (Cambridge Lakes Learning Center); Series 2011, RB(b)(c)		8.50%	06/01/2021		3,290		3,488,848
Plano (City of), IL Special Service Area No. 10 (Lakewood Springs Club); Series 2007, RB(f)(k)		5.80%	03/01/2037		5,615		617,650
Railsplitter Tobacco Settlement Authority; Series 2010, RB(b)(c)		6.00%	06/01/2021		17,050		17,791,845
Sales Tax Securitization Corp.; Series 2018 C, Ref. RB		5.25%	01/01/2048		15,000		17,515,200
Southwestern Illinois Development Authority (Eden Retirement Center, Inc.);
Series 2006, RB		5.50%	12/01/2026		800		756,232
Series 2006, RB		5.85%	12/01/2036		3,000		2,673,270
St. Charles (City of), IL Special Service Area No. 21; Series 1998, RB		6.63%	03/01/2028		910		888,806
Yorkville (United City of), IL Special Service Area No. 2006-113 (Cannonball/Beecher Road); Series 2007, RB		5.75%	03/01/2028		3,190		3,191,531
							1,066,505,765
Indiana-0.74%
Allen (County of), IN Economic Development (StoryPoint Fort Wayne);
Series 2017, RB(i)		6.63%	01/15/2034		1,625		1,541,101
Series 2017, RB(i)		6.75%	01/15/2043		1,625		1,540,321
Series 2017, RB(i)		6.88%	01/15/2052		1,850		1,753,153
Carmel (City of), IN (Barrington Carmel);
Series 2012 A, RB(f)		7.00%	11/15/2027		348		3,483
Series 2012 A, RB(f)		7.00%	11/15/2032		989		9,885
Series 2012 A, RB(f)		7.13%	11/15/2042		4,047		40,470
Series 2012 A, RB(f)		7.13%	11/15/2047		3,297		32,973
Chestertown (Town of), IN (Storypoint Chesterton); Series 2016 A-1, RB(i)		6.38%	01/15/2051		3,000		2,842,620
Indiana (State of) Finance Authority (Good Samaritan Hospital); Series 2016 A, RB		5.50%	04/01/2046		5,785		6,372,583

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Indiana-(continued)
Indiana (State of) Finance Authority (Indiana University Health Obligated Group); Series 2015 A, Ref. RB(d)		5.00%	12/01/2040	$	15,750	$	17,876,250
Indiana (State of) Finance Authority (Irvington Community School);
Series 2018 A, Ref. RB(i)		5.90%	07/01/2038		1,000		1,031,200
Series 2018 A, Ref. RB(i)		6.00%	07/01/2048		2,750		2,842,318
Indiana (State of) Finance Authority (Ohio Valley Electric Corp.); Series 2012 A, RB		5.00%	06/01/2039		7,145		7,397,576
Indianapolis (City of), IN (Ritter Affordable Assisted Living); Series 2014, RB		6.90%	12/01/2033		5,500		5,378,120
Valparaiso (City of), IN (Pratt Paper, LLC);
Series 2013, RB(e)		6.75%	01/01/2034		10,785		11,999,283
Series 2013, RB(e)		7.00%	01/01/2044		11,000		12,207,030
							72,868,366
Iowa-2.54%
Iowa (State of) Finance Authority (Iowa Fertilizer Co.);
Series 2013, RB		5.25%	12/01/2025		47,390		49,615,434
Series 2013, RB(i)		5.88%	12/01/2026		2,420		2,519,051
Series 2013, RB(i)		5.88%	12/01/2027		10,330		10,751,980
Series 2013, Ref. RB(c)		5.25%	12/01/2037		14,010		14,741,182
Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2016, RB		5.00%	05/15/2047		4,500		4,731,840
Iowa (State of) Tobacco Settlement Authority;
Series 2005 B, RB		5.60%	06/01/2034		31,350		31,812,099
Series 2005 C, RB		5.50%	06/01/2042		28,435		28,854,132
Series 2005 C, RB		5.63%	06/01/2046		33,390		33,882,169
Series 2005 D, RB(j)		0.00%	06/01/2046		181,600		37,247,976
Series 2005 E, RB(j)		0.00%	06/01/2046		215,990		35,618,911
							249,774,774
Kansas-0.41%
Olathe (City of), KS (West Village Center);
Series 2007, RB		5.45%	09/01/2022		1,495		1,475,475
Series 2007, RB		5.50%	09/01/2026		2,835		2,705,951
Roeland Park (City of), KS (TDD No. 1);
Series 2005, RB(k)(m)		5.75%	12/01/2025		420		193,241
Series 2006 A, RB(k)(m)		5.88%	12/01/2025		788		362,616
Roeland Park (City of), KS (TDD No. 2); Series 2006 B, RB(k)(m)		5.88%	12/01/2025		953		666,915
Wichita (City of), KS (Larksfield Place);
Series 2013 III, Ref. RB		7.13%	12/15/2036		1,000		1,070,740
Series 2013 III, Ref. RB		7.38%	12/15/2043		5,000		5,352,100
Wichita (City of), KS (Presbyterian Manors, Inc.);
Series 2013 IV-A, RB		6.38%	05/15/2043		5,000		5,311,550
Series 2013 IV-A, RB		6.50%	05/15/2048		11,000		11,711,590
Series 2014 IV-A, RB		5.63%	05/15/2044		1,850		1,936,821
Series 2014 IV-A, RB		5.63%	05/15/2049		2,750		2,872,347
Series 2019, Ref. RB		5.00%	05/15/2050		4,265		4,105,148
Wyandotte (County of), KS Unified Government (Legends Apartments Garage & West Lawn); Series 2018, RB		4.50%	06/01/2040		2,050		2,033,969
							39,798,463
Kentucky-0.96%
Christian (County of), KY (Jennie Stuart Medical Center, Inc.);
Series 2016, Ref. RB		5.38%	02/01/2036		13,245		14,721,420
Series 2016, Ref. RB		5.50%	02/01/2044		12,020		13,237,746
Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare System); Series 2017 B, RB		5.00%	08/15/2046		7,855		9,037,177
Kentucky (Commonwealth of) Economic Development Finance Authority (Masonic Home Independent Living II, Inc.);
Series 2011, RB(b)(c)		7.00%	05/15/2021		2,500		2,617,125
Series 2011, RB(b)(c)		7.25%	05/15/2021		3,050		3,198,230
Series 2011, RB(b)(c)		7.38%	05/15/2021		1,000		1,049,480
Kentucky (Commonwealth of) Economic Development Finance Authority (Masonic Homes of Kentucky, Inc.); Series 2012, Ref. RB		5.38%	11/15/2032		1,600		1,613,904

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Kentucky-(continued)
Kentucky (Commonwealth of) Economic Development Finance Authority (Norton Healthcare, Inc.);
Series 2000 B, RB (INS - NATL)(h)(j)		0.00%		10/01/2026	$	3,930	$	3,452,584
Series 2000 B, RB (INS - NATL)(h)(j)		0.00%		10/01/2027		12,955		11,033,903
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); Series 2017 A, Ref. RB		5.00%		06/01/2041		4,000		4,396,440
Kentucky (Commonwealth of) Economic Development Finance Authority (Rosedale Green);
Series 2015, Ref. RB		5.50%		11/15/2035		1,200		1,144,044
Series 2015, Ref. RB		5.75%		11/15/2045		2,350		2,184,773
Series 2015, Ref. RB		5.75%		11/15/2050		4,650		4,265,027
Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing);
Series 2013 C, RB(g)		6.60%		07/01/2039		9,000		9,717,660
Series 2013 C, RB(g)		6.75%		07/01/2043		5,000		5,381,250
Series 2013 C, RB(g)		6.88%		07/01/2046		7,000		7,546,070
								94,596,833
Louisiana-0.86%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority;
Series 2015 A, Ref. RB		6.00%		11/15/2030		2,250		2,370,712
Series 2015 A, Ref. RB		6.00%		11/15/2035		4,135		4,304,742
Series 2015 A, Ref. RB		6.25%		11/15/2045		8,985		9,355,452
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Cameron Parish, Louisiana Gomesa) (Green Bonds); Series 2018, RB(i)		5.65%		11/01/2037		4,295		4,727,635
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Lafourche Parish Gomesa); Series 2019, RB(i)		3.95%		11/01/2043		4,475		4,215,137
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Livingston Parish Gomesha) (Green Bonds); Series 2018, Ref. RB(i)		5.38%		11/01/2038		3,330		3,593,103
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. Mary Parish Gomesa); Series 2019, RB(i)		4.40%		11/01/2044		3,870		3,877,701
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Terrebonne Parish Gomesa Project); Series 2018 A, RB(i)		5.50%		11/01/2039		2,620		2,795,016
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Westlake Chemical Corp.); Series 2010 A-1, RB		6.50%		11/01/2035		9,245		9,308,698	��
Louisiana (State of) Local Government Environmental Facilities and Community Development Authority (Vermilion (Parish of), LA Gomesa) (Green Bonds); Series 2019, RB(i)		4.63%		11/01/2038		2,080		2,137,554
Louisiana (State of) Public Facilities Authority (Belle Chasse Educational Foundation); Series 2011, RB(b)(c)		6.75%		05/01/2021		3,000		3,122,220
Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana); Series 2020, Ref. RB		5.00%		04/01/2045		5,500		6,887,485
New Orleans (City of), LA Aviation Board (North Terminal); Series 2017 B, RB(d)(e)(l)		5.00%		01/01/2048		17,750		20,239,970
St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2010, RB(i)		6.35%		07/01/2040		3,000		3,572,250
St. John the Baptist (Parish of), LA (Marathon Oil Corp.);
Series 2017, Ref. RB(c)		2.13%		07/01/2024		2,000		2,012,840
Series 2017, Ref. RB(c)		2.38%		07/01/2026		2,000		2,028,900
								84,549,415
Maine-0.45%
Maine (State of) Health & Higher Educational Facilities Authority (Eastern Maine Healthcare System);
Series 2016 A, RB		5.00%		07/01/2041		5,000		5,425,300
Series 2016 A, RB		5.00%		07/01/2046		3,705		3,992,434
Maine (State of) Health & Higher Educational Facilities Authority (Eastern Maine Medical Center Obligated Group); Series 2013, RB		5.00%		07/01/2043		16,300		17,022,090
Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center);
Series 2011, RB		7.50%		07/01/2032		2,500		2,585,875
Series 2011, RB		6.75%		07/01/2036		3,425		3,515,009
Series 2011, RB		6.75%		07/01/2041		11,505		11,802,059
								44,342,767

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Maryland-0.44%
Anne Arundel (County of), MD (The Villages at Two Rivers); Series 2014, RB		5.25%		07/01/2044	$	2,145	$	2,171,534
Frederick (County of), MD (Jefferson Technology Park);
Series 2013 A, RB		7.25%		07/01/2043		3,545		3,647,911
Series 2013 B, RB(i)		7.13%		07/01/2043		5,215		5,002,019
Frederick (County of), MD (Urbana Community Development Authority); Series 2010 B, RB		5.50%		07/01/2040		7,763		7,776,430
Harford (County of), MD; Series 2011, RB		7.50%		07/01/2040		6,000		5,907,960
Howard (County of), MD (Annapolis Junction Town Center);
Series 2014, RB		5.80%		02/15/2034		720		700,344
Series 2014, RB		6.10%		02/15/2044		1,420		1,358,628
Howard (County of), MD (Vantage House Facility); Series 2016, Ref. RB		5.00%		04/01/2046		2,710		2,667,588
Maryland (State of) Health & Higher Educational Facilities Authority (Adventist Healthcare); Series 2011 A, RB		6.13%		01/01/2036		1,500		1,566,315
Maryland (State of) Health & Higher Educational Facilities Authority (Frederick Health System);
Series 2020, Ref. RB		4.00%		07/01/2045		1,000		1,106,400
Series 2020, Ref. RB		4.00%		07/01/2050		1,000		1,101,690
Prince George’s (County of), MD (Westphalia Town Center);
Series 2018, RB(i)		5.13%		07/01/2039		1,300		1,370,590
Series 2018, RB(i)		5.25%		07/01/2048		2,100		2,213,190
Rockville (City of), MD (Ingleside at King Farm);
Series 2017 A-1, Ref. RB		5.00%		11/01/2037		1,250		1,263,413
Series 2017 B, RB		5.00%		11/01/2042		4,600		4,557,128
Series 2017 B, RB		5.00%		11/01/2047		500		484,090
								42,895,230
Massachusetts-1.17%
Collegiate Charter School of Lowell;
Series 2019, RB		5.00%		06/15/2049		1,750		1,778,420
Series 2019, RB		5.00%		06/15/2054		1,620		1,642,210
Massachusetts (Commonwealth of); Series 2004 A, Ref. GO Bonds (INS - AMBAC)(d)(h)		5.50%		08/01/2030		32,040		45,061,056
Massachusetts (Commonwealth of) Development Finance Agency (GF/Pilgrim, Inc.); Series 1998, RB		6.75%		10/01/2028		3,010		2,927,857
Massachusetts (Commonwealth of) Development Finance Agency (Lawrence General Hospital); Series 2017, Ref. RB		5.00%		07/01/2047		2,700		2,400,975
Massachusetts (Commonwealth of) Development Finance Agency (Massachusetts Institute of Technology); Series 2002 K, RB(d)		5.50%		07/01/2032		5,015		7,438,599
Massachusetts (Commonwealth of) Development Finance Agency (Milford Regional Medical Center); Series 2020, Ref. RB(i)		5.00%		07/15/2046		500		573,495
Massachusetts (Commonwealth of) Development Finance Agency (Tufts Medical Center);
Series 2011 I, RB(b)(c)		6.75%		01/01/2021		1,000		1,021,730
Series 2011 I, RB(b)(c)		6.88%		01/01/2021		4,610		4,712,066
Massachusetts (Commonwealth of) Development Finance Agency (Whitney Academy); Series 2000, RB		7.50%		09/01/2030		1,850		1,849,963
University of Massachusetts Building Authority; Sr. Series 2017 1, RB(d)		5.25%		11/01/2047		36,580		45,077,168
								114,483,539
Michigan-1.23%
Advanced Technology Academy; Series 2019, Ref. RB		5.00%		11/01/2044		900		918,513
Charyl Stockwell Academy;
Series 2015, Ref. RB		5.50%		10/01/2035		2,740		2,698,517
Series 2015, Ref. RB		5.75%		10/01/2045		3,500		3,523,800
Dearborn Economic Development Corp. (Henry Ford Village, Inc.);
Series 2008, Ref. RB		7.00%		11/15/2028		5,100		3,899,919
Series 2008, Ref. RB		7.13%		11/15/2043		7,700		5,893,888
Series 2017, RB(i)		7.50%		11/15/2044		4,930		3,770,809
Detroit (City of), MI Water and Sewerage Department; Series 2012 A, Ref. RB(b)(c)		5.00%		07/01/2022		12,725		13,845,436
Detroit Community High School;
Series 2005, RB		5.65%		11/01/2025		735		632,776
Series 2005, RB		5.75%		11/01/2030		1,000		767,470
Grand Blanc Academy; Series 2000, COP		7.75%		02/01/2030		1,590		1,420,919

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Michigan-(continued)
Kentwood Economic Development Corp. (Holland Home);
Series 2012, Ref. RB		5.63%	11/15/2032	$	3,500	$	3,613,505
Series 2012, Ref. RB		5.63%	11/15/2041		4,160		4,274,067
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);
Series 2014 D-4, Ref. RB		5.00%	07/01/2031		7,000		8,024,170
Series 2014 D-4, Ref. RB		5.00%	07/01/2032		4,000		4,569,080
Series 2014 D-4, Ref. RB		5.00%	07/01/2034		8,700		9,895,641
Michigan (State of) Strategic Fund (Canterbury Health Care, Inc.);
Series 2016, RB(i)		5.00%	07/01/2036		1,970		1,868,624
Series 2016, RB(i)		5.00%	07/01/2046		1,000		892,260
Series 2016, RB(i)		5.00%	07/01/2051		2,000		1,755,780
Michigan (State of) Tobacco Settlement Finance Authority; Series 2007 A, RB		6.00%	06/01/2048		25,145		25,269,468
Michigan Strategic Fund (Evangelical Homes); Series 2013, Ref. RB		5.50%	06/01/2047		7,850		7,958,801
Saline Economic Development Corp. (Evangelical Homes of Michigan); Series 2013, Ref. RB		5.50%	06/01/2047		6,735		6,828,347
Waterford Township Economic Development Corp. (Canterbury Health Care, Inc.);
Series 2016 A, Ref. RB(i)		5.00%	07/01/2036		4,550		4,315,857
Series 2016 A, Ref. RB(i)		5.00%	07/01/2046		2,000		1,784,520
Series 2016 A, Ref. RB(i)		5.00%	07/01/2051		2,795		2,453,703
							120,875,870
Minnesota-1.36%
Anoka (City of), MN (The Homestead at Anoka, Inc.); Series 2017, Ref. RB		5.50%	11/01/2046		3,700		3,846,076
Bethel (City of), MN (Spectrum High School); Series 2017 A, Ref. RB		4.00%	07/01/2037		375		384,454
Bloomington (City of), MN Port Authority (Radisson Blu Mall of America, LLC);
Series 2010, RB		8.00%	12/01/2025		1,450		1,452,537
Series 2010, RB		9.00%	12/01/2035		10,570		10,587,546
Brooklyn Park (City of), MN (Athlos Leadership Academy);
Series 2015, RB		5.50%	07/01/2035		840		877,162
Series 2015, RB		5.50%	07/01/2040		2,250		2,331,742
Series 2015, RB		5.75%	07/01/2046		2,800		2,947,728
Carlton (City of), MN (Inter-Faith Care Center); Series 2006, Ref. RB		5.70%	04/01/2036		2,000		1,786,960
Deephaven (City of), MN (Seven Hills Preparatory Academy); Series 2017, RB		5.00%	10/01/2049		1,200		1,214,508
Minneapolis (City of), MN (Riverton Community Housing);
Series 2014, Ref. RB		5.50%	08/01/2049		6,500		6,600,100
Series 2018, RB(i)		4.75%	08/01/2043		600		590,916
Minnesota (State of) Higher Education Facilities Authority (University of St. Thomas);
Series 2019, RB		5.00%	10/01/2040		1,000		1,206,760
Series 2019, RB		4.00%	10/01/2041		150		166,379
Series 2019, RB		4.00%	10/01/2044		1,500		1,652,025
Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2013 A, RB		6.88%	12/01/2048		6,000		6,455,520
Sartell (City of), MN (Country Manor Campus LLC); Series 2013, RB		5.38%	09/01/2043		5,000		5,057,150
St. Louis Park (City of), MN (Place Via Sol Project); Series 2018, Ref. RB(c)(i)		6.00%	07/01/2027		26,750		27,871,360
St. Paul (City of), MN (Presbyterian Homes Bloomington); Series 2017, Ref. RB		5.00%	09/01/2042		500		521,565
St. Paul (City of), MN Housing & Redevelopment Authority (Emerald Gardens); Series 2010, Ref. RB		6.50%	03/01/2029		855		856,026
St. Paul (City of), MN Housing & Redevelopment Authority (High School for Recording Arts);
Series 2015, RB		6.00%	10/01/2035		2,695		2,834,197
Series 2015, RB		6.25%	10/01/2045		4,275		4,490,460
St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy Project);
Series 2018, RB		5.00%	12/01/2043		4,170		4,688,581
Series 2018, RB		5.13%	12/01/2049		7,560		8,514,072
St. Paul (City of), MN Housing & Redevelopment Authority (Hmong Academy); Series 2012 A, RB		5.50%	09/01/2043		5,000		5,056,750
St. Paul (City of), MN Housing & Redevelopment Authority (Hmong College Prep Academy);
Series 2016, Ref. RB		5.75%	09/01/2046		1,000		1,105,960
Series 2016, Ref. RB		6.00%	09/01/2051		3,550		3,963,326
St. Paul (City of), MN Housing & Redevelopment Authority (Marian Center); Series 2007 A, Ref. RB		5.38%	05/01/2043		5,000		4,691,550
St. Paul (City of), MN Housing & Redevelopment Authority (Nova Classical Academy);
Series 2011 A, RB(b)(c)		6.63%	09/01/2021		1,500		1,594,080
Series 2011 A, RB		6.38%	09/01/2031		1,000		1,043,740

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Minnesota-(continued)
St. Paul (City of), MN Housing & Redevelopment Authority (Rossy & Richard Shaller Family Sholom East Campus);
Series 2018, Ref. RB		4.35%	10/01/2038	$	1,185	$	1,171,799
Series 2018, Ref. RB		5.00%	10/01/2043		1,000		1,014,200
Series 2018, Ref. RB		4.65%	10/01/2048		1,500		1,481,400
Vadnais Heights (City of), MN (Agriculture & Food Sciences Academy);
Series 2018 A, Ref. RB		5.50%	12/01/2038		3,355		3,569,519
Series 2018 A, Ref. RB		5.88%	12/01/2048		4,500		4,822,740
Series 2018 A, Ref. RB		6.50%	12/01/2053		4,315		4,790,729
Series 2018 B, Ref. RB		6.75%	12/01/2025		595		598,612
West St. Paul (City of), MN (Walker Westwood Ridge Campus);
Series 2017, Ref. RB		5.00%	11/01/2037		400		406,704
Series 2017, Ref. RB		5.00%	11/01/2049		1,275		1,275,484
Series 2017, Ref. RB		4.75%	11/01/2052		375		358,901
							133,879,318
Mississippi-0.17%
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); Series 2010 G, VRD RB(n)		0.03%	11/01/2035		9,700		9,700,000
Mississippi Development Bank (Hancock County Gomesa) (Green Bonds); Series 2019, RB(i)		4.55%	11/01/2039		2,250		2,292,930
Tunica (County of), MS; Series 2019, Ref. RB		6.00%	10/01/2040		5,000		4,928,600
							16,921,530
Missouri-1.14%
370/Missouri Bottom Road/Taussig Road Transportation Development District (Hazelwood);
Series 2002, RB(f)(k)		7.00%	05/02/2022		1,750		595,000
Series 2002, RB(f)(k)		7.20%	05/01/2049		5,250		1,785,000
Ballwin (City of), MO (Ballwin Town Center); Series 2002 A, Ref. RB(k)		6.50%	10/01/2022		2,686		1,074,366
Branson Hills Infrastructure Facilities Community Improvement District;
Series 2007 A, RB(k)		5.50%	04/01/2022		3,170		760,800
Series 2007 A, RB(k)		5.50%	04/01/2027		6,055		1,453,200
Chillicothe (City of), MO (South U.S. 65); Series 2006, RB(k)		5.50%	04/01/2021		235		224,413
Dardenne Town Square Transportation Development District; Series 2006 A, RB(k)(m)		5.00%	05/01/2036		3,190		1,020,800
Grandview (City of), MO Industrial Development Authority (Grandview Crossing); Series 2006, RB(k)(m)		5.75%	12/01/2028		1,250		225,000
I-470 Western Gateway Transportation Development District;
Series 2019 A, RB(i)		5.25%	12/01/2048		5,415		5,503,860
Series 2019 B, RB(i)		7.75%	12/15/2048		3,853		3,899,583
Kansas City (City of), MO Industrial Development Authority (Brentwood Manor Apartments); Series 2002 B, RB(e)		5.25%	10/15/2038		2,000		1,749,420
Kansas City (City of), MO Industrial Development Authority (Northwoods Apartments); Series 2004 A, RB(e)		6.45%	05/01/2040		1,877		1,879,534
Kansas City (City of), MO Land Clearance for Redevelopment Authority (Convention Center Hotel); Series 2018 B, RB(i)		5.00%	02/01/2050		2,550		2,657,279
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights);
Series 2017 A, Ref. RB		5.25%	05/15/2050		11,500		11,602,465
Series 2017, Ref. RB		5.25%	05/15/2037		1,285		1,319,939
Series 2017, Ref. RB		5.25%	05/15/2042		1,000		1,016,290
Lee’s Summit (City of), MO Industrial Development Authority (John Knox Village Obligated Group);
Series 2014 A, RB		5.25%	08/15/2039		3,000		3,083,850
Series 2018, Ref. RB		5.00%	08/15/2032		770		817,686
Liberty (City of), MO (Liberty Commons); Series 2015 A, RB(i)		6.00%	06/01/2046		6,170		5,973,115
Maplewood (City of), MO (Maplewood South Redevelopment Area); Series 2005, Ref. RB		5.75%	11/01/2026		1,350		1,331,330
Missouri (State of) Health & Educational Facilities Authority (Truman Medical Center, Inc.); Series 2017 B, RB(i)		4.25%	12/01/2042		5,415		5,855,564
Missouri (State of) Health & Educational Facilities Authority (Washington University);
Series 2011 A, RB(b)(c)(d)		5.00%	11/15/2021		6,210		6,570,242
Series 2011 B, RB(b)(c)(d)		5.00%	11/15/2021		10,500		11,109,105
St. Louis (City of), MO Industrial Development Authority (Ballpark Village Development); Series 2017 A, Ref. RB		4.75%	11/15/2047		2,500		2,220,725
St. Louis (County of), MO Industrial Development Authority (Friendship Village Chesterfield); Series 2012, RB(b)(c)		5.00%	09/01/2022		3,000		3,278,040

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Missouri-(continued)
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County);
Series 2018 A, RB		5.00%		09/01/2038	$	5,500	$	5,918,770
Series 2018 A, RB		5.13%		09/01/2048		13,345		14,250,859
Series 2018 A, RB		5.13%		09/01/2049		6,475		6,909,991
Series 2018 A, RB		5.25%		09/01/2053		5,500		5,881,150
St. Louis (County of), MO Industrial Development Authority (Grand Center Redevelopment); Series 2011, RB		6.38%		12/01/2025		1,945		1,946,478
								111,913,854
Montana-0.03%
Kalispell (City of), MT (Immanuel Lutheran Corp.);
Series 2017, Ref. RB		5.25%		05/15/2037		1,000		1,012,310
Series 2017, Ref. RB		5.25%		05/15/2052		2,320		2,281,094
								3,293,404
Nebraska-0.24%
Central Plains Energy Project (No. 3); Series 2012, RB(p)		5.00%		09/01/2042		21,715		23,374,460
Nevada-0.39%
Clark (County of), NV (Homestead Boulder City); Series 1997, RB		6.50%		12/01/2027		3,030		3,032,515
Clark (County of), NV (Stadium Improvement Bonds); Series 2018 A, GO Bonds(d)		5.00%		05/01/2048		16,650		20,169,144
Director of the State of Nevada Department of Business & Industry (Somerset Academy);
Series 2018 A, RB(i)		5.00%		12/15/2038		1,000		1,020,390
Series 2018 A, RB(i)		5.00%		12/15/2048		3,000		3,030,300
Las Vegas (City of), NV; Series 2016, RB(i)		4.38%		06/15/2035		4,000		3,890,840
Nevada (State of) Department of Business & Industry (Fulcrum Sierra Biofuels, LLC) (Green Bonds); Series 2017, RB(e)(i)		6.25%		12/15/2037		1,000		970,110
Reno (City of), NV (ReTRAC - Reno Transportation Rail Access Corridor);
Series 2018 C, Ref. RB(i)(j)		0.00%		07/01/2058		37,500		5,117,250
Series 2018 D, Ref. RB(i)(j)		0.00%		07/01/2058		13,000		1,251,380
								38,481,929
New Hampshire-0.30%
New Hampshire (State of) Business Finance Authority; Series 2020 A, Ref. RB(c)(i)		3.63%		07/02/2040		2,130		2,141,672
New Hampshire (State of) Business Finance Authority (Green Bonds); Series 2020 B, Ref. RB(c)(e)(i)		3.75%		07/02/2040		3,470		3,488,183
New Hampshire (State of) Health & Education Facilities Authority (Rivermead);
Series 2011 A, RB		6.63%		07/01/2031		620		630,317
Series 2011 A, RB		6.88%		07/01/2041		2,125		2,158,554
New Hampshire Business Finance Authority; Series 2020-1, Class A		4.13%		01/20/2034		12,404		13,411,028
New Hampshire Business Finance Authority (Convanta); Series 2018 C, Ref. RB(e)(i)		4.88%		11/01/2042		7,500		7,781,400
								29,611,154
New Jersey-4.52%
New Jersey (State of) Economic Development Authority;
Series 2015 XX, Ref. RB		5.25%		06/15/2027		10,000		11,501,800
Series 2017 B, Ref. RB		5.00%		11/01/2024		13,000		14,889,940
Series 2017 B, Ref. RB		5.00%		11/01/2026		23,695		27,999,908
New Jersey (State of) Economic Development Authority (Beloved Community Charter School, Inc.);
Series 2019 A, RB(i)		5.00%		06/15/2049		1,110		1,155,710
Series 2019 A, RB(i)		5.00%		06/15/2054		725		749,954
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, RB(e)		5.25%		09/15/2029		52,065		53,286,444
Series 2000 A, RB(e)		5.63%		11/15/2030		20,000		20,768,400
Series 2012, RB(e)		5.75%		09/15/2027		34,325		33,989,644

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Jersey-(continued)
New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology, Inc.);
Series 2012 A, RB		6.00%		07/01/2032	$	1,800	$	1,872,198
Series 2012 A, RB		6.10%		07/01/2044		3,950		4,077,822
Series 2012 C, RB		5.00%		07/01/2032		1,370		1,386,385
Series 2012 C, RB		5.30%		07/01/2044		4,500		4,535,550
New Jersey (State of) Economic Development Authority (Port Newark Container Terminal LLC); Series 2017, Ref. RB(e)		5.00%		10/01/2047		7,730		8,385,813
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement);
Series 2013, RB(e)		5.38%		01/01/2043		22,110		24,329,402
Series 2013, RB(e)		5.63%		01/01/2052		22,695		25,092,727
New Jersey (State of) Transportation Trust Fund Authority;
Series 2006 C, RB (INS - NATL)(h)(j)		0.00%		12/15/2031		46,780		33,828,021
Series 2008 A, RB(j)		0.00%		12/15/2035		13,000		7,854,470
Series 2009 A, RB(j)		0.00%		12/15/2038		63,105		33,279,053
Series 2010 A, RB(j)		0.00%		12/15/2029		2,110		1,630,903
Series 2010 A, RB(j)		0.00%		12/15/2030		8,620		6,398,454
Series 2010 A, RB(j)		0.00%		12/15/2031		10,965		7,823,966
Series 2010 A, RB(j)		0.00%		12/15/2036		45,555		26,279,313
Series 2011 B, RB(b)(c)		5.00%		06/15/2021		6,125		6,358,301
Series 2012 AA, RB		5.00%		06/15/2038		9,000		9,402,120
Series 2013 AA, RB		5.00%		06/15/2044		3,645		3,876,093
Series 2018 A, Ref. RB		5.00%		12/15/2035		4,390		5,132,086
Series 2018 A, Ref. RB		5.00%		12/15/2036		1,200		1,399,236
Series 2019 BB, RB		5.00%		06/15/2044		2,500		2,895,275
Series 2019, RB		5.25%		06/15/2043		10,000		11,771,400
Series 2019, Ref. RB		5.00%		12/15/2039		6,300		7,422,534
Subseries 2016 A-1, RN		5.00%		06/15/2028		2,000		2,341,340
New Jersey (State of) Turnpike Authority;
Series 2017 B, Ref. RB(d)		5.00%		01/01/2040		11,000		13,206,930
Series 2019 A, RB(d)		5.00%		01/01/2048		23,425		28,227,594
New Jersey Transportation Trust Fund Authority; Series 2012 A, RB		5.00%		06/15/2042		1,000		1,042,170
								444,190,956
New Mexico-0.34%
New Mexico (State of) Hospital Equipment Loan Council (Gerald Champion); Series 2012, Ref. RB		5.50%		07/01/2042		10,000		10,582,300
New Mexico (State of) Hospital Equipment Loan Council (Haverland Charter Lifestyle Group); Series 2013, RB		5.00%		07/01/2042		4,625		4,677,078
New Mexico (State of) Hospital Equipment Loan Council (La Vida Expansion);
Series 2019 A, RB		5.00%		07/01/2039		1,225		1,286,422
Series 2019 A, RB		5.00%		07/01/2049		7,050		7,294,141
RHA Housing Development Corp. (Woodleaf Apartments); Series 1997 A, Ref. RB (CEP - GNMA)		7.13%		12/15/2027		1,630		1,632,901
Winrock Town Center Tax Increment Development District 1; Series 2015, RB(i)		6.00%		05/01/2040		7,838		7,879,306
								33,352,148
New York-12.44%
Amherst (Town of), NY Industrial Development Agency (Shaary Zedek); Series 2006 A, Ref. RB		7.00%		06/15/2036		1,795		1,794,856
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, RB(j)		0.00%		07/15/2034		14,345		8,293,418
Series 2009, RB(j)		0.00%		07/15/2044		23,805		8,403,879
Buffalo & Erie County Industrial Land Development Corp. (Tapestry Charter School);
Series 2017 A, RB		5.00%		08/01/2037		1,325		1,404,301
Series 2017 A, RB		5.00%		08/01/2047		3,790		3,951,681
Series 2017 A, RB		5.00%		08/01/2052		790		821,308
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB(e)(i)		5.50%		12/31/2040		13,140		13,801,336
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB		5.00%		06/01/2045		10,000		10,006,200
Hudson Yards Infrastructure Corp.; Series 2017 A, RB(d)		5.00%		02/15/2039		21,060		25,195,552

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
Metropolitan Transportation Authority;
Series 2012 G-3, Ref. RB (SIFMA Municipal Swap Index + 0.43%)(c)(q)		0.51%		02/01/2025	$	8,500	$	7,681,110
Series 2017 D, Ref. RB		5.00%		11/15/2030		3,240		3,609,911
Series 2019 D-1, RB		5.00%		09/01/2022		1,520		1,587,427
Series 2020, RB (INS - AGM)(d)(h)(l)		4.00%		11/15/2049		30,640		33,816,143
Series 2020-XM0834, Ctfs.(d)		4.00%		11/15/2053		27,500		27,579,475
Series 2020-XM0835, Ctfs. (INS - AGM)(d)(h)		4.00%		11/15/2047		20,000		22,160,600
Subseries 2005 D-2, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(n)(o)		0.05%		11/01/2035		7,000		7,000,000
Metropolitan Transportation Authority (Green Bonds);
Series 2017 C-1, Ref. RB		5.00%		11/15/2033		7,000		7,788,130
Series 2019 C, RB (INS - AGM)(h)		4.00%		11/15/2045		310		344,739
Series 2020 C-1, RB		4.75%		11/15/2045		18,075		19,690,363
Series 2020 C-1, RB		5.00%		11/15/2050		5,000		5,523,350
Monroe County Industrial Development Corp. (St. Ann’s Community); Series 2019, Ref. RB		5.00%		01/01/2050		10,250		10,551,863
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside);
Series 2014 A, RB		6.50%		01/01/2032		6,866		5,812,555
Series 2014 A, RB		6.70%		01/01/2049		26,580		19,792,720
Series 2014 C, RB(f)		2.00%		01/01/2049		13,770		1,377,004
Nassau County Tobacco Settlement Corp.;
Series 2006 A-3, RB		5.00%		06/01/2035		10,290		10,290,926
Series 2006 A-3, RB		5.13%		06/01/2046		61,730		61,739,259
Series 2006 B, RB(j)		0.00%		06/01/2046		105,990		24,321,525
New York & New Jersey (States of) Port Authority;
One Hundred Sixty-Ninth Series 2011, RB(d)(e)		5.00%		10/15/2028		10,760		11,253,669
Two Hundred Series 2017, Ref. RB(d)		5.25%		10/15/2057		20,000		23,846,400
Two Hundred Seventh Series 2018, Ref. RB(d)(e)(l)		5.00%		09/15/2029		22,235		27,831,105
New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC); Series 2010, RB		6.00%		12/01/2042		7,500		7,591,725
New York (City of), NY Industrial Development Agency (Liberty 123 Wash); Series 2007, VRD RB (LOC - Bank Of China, Ltd.)(n)(o)		0.06%		10/01/2042		4,000		4,000,000
New York (City of), NY Municipal Water Finance Authority;
Series 2012 BB, RB(d)		5.00%		06/15/2047		16,470		18,060,837
Series 2014 BB, RB(d)		5.00%		06/15/2046		15,050		16,798,058
Subseries 2012 A-1, VRD RB(n)		0.02%		06/15/2044		5,350		5,350,000
New York (City of), NY Transitional Finance Authority;
Series 2013 I, RB(d)		5.00%		05/01/2042		25,775		28,425,701
Subseries 2012 F-1, RB(d)		5.00%		05/01/2039		14,000		14,953,400
Subseries 2013, RB(d)		5.00%		11/01/2042		17,340		19,443,169
New York (Counties of), NY Tobacco Trust V;
Series 2005 S-1, RB(j)		0.00%		06/01/2038		65,990		23,120,256
Series 2005 S-2, RB(j)		0.00%		06/01/2050		45,500		5,425,420
Series 2005 S-3, RB(j)		0.00%		06/01/2055		225,000		12,420,000
New York (State of) Dormitory Authority;
Series 2014 C, RB(d)		5.00%		03/15/2041		26,940		30,553,462
Series 2018 E, RB(d)		5.00%		03/15/2045		35,050		43,168,281
New York (State of) Dormitory Authority (General Purpose); Series 2011 C, RB(d)		5.00%		03/15/2031		15,000		15,367,500
New York (State of) Dormitory Authority (Sales Tax); Series 2015 B-C, RB(b)(d)		5.00%		03/15/2045		49,100		57,591,845
New York (State of) Thruway Authority; Series 2019 B, RB		4.00%		01/01/2050		10,000		11,416,400
New York City Transitional Finance Authority;
Series 2020 C-1, RB		4.00%		05/01/2037		1,500		1,789,380
Series 2020 C-1, RB		4.00%		05/01/2038		3,500		4,160,240
Series 2020 C-1, RB		4.00%		05/01/2039		5,000		5,888,150
Series 2020 C-1, RB		4.00%		05/01/2040		500		587,480
Series 2020 C-1, RB		4.00%		05/01/2045		4,250		4,925,070
Series 2020 C-1, RB		3.00%		05/01/2046		6,000		6,315,900
New York Convention Center Development Corp. (Hotel Unit Fee Secured); Series 2016 A, RB(j)		0.00%		11/15/2047		12,525		5,030,291

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York-(continued)
New York Liberty Development Corp. (3 World Trade Center);
Series 2014, Class 1, Ref. RB(i)		5.00%		11/15/2044	$	37,160	$	39,438,280
Series 2014, Class 2, Ref. RB(i)		5.38%		11/15/2040		2,500		2,641,425
Series 2014, Class 3, Ref. RB(i)		7.25%		11/15/2044		46,500		50,380,425
New York State Thruway Authority; Series 2020-XM0831, Ctfs.(d)		4.00%		01/01/2053		15,000		17,084,550
New York State Urban Development Corp.;
Series 2013 A-1, RB(d)		5.00%		03/15/2043		26,175		28,694,082
Series 2013 A-1, RB(d)		5.00%		03/15/2045		46,015		56,174,192
Series 2020 A, RB		4.00%		03/15/2045		1,900		2,215,609
Series 2020 A, RB		4.00%		03/15/2049		5,600		6,497,120
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport);
Series 2020, Ref. RB(e)		5.25%		08/01/2031		9,615		9,962,294
Series 2020, Ref. RB(e)		5.38%		08/01/2036		8,730		9,056,153
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB(e)		5.00%		08/01/2026		14,725		14,783,017
Series 2016, Ref. RB(e)		5.00%		08/01/2031		3,775		3,771,678
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment);
Series 2018, RB(e)		5.00%		01/01/2023		2,000		2,095,900
Series 2018, RB(e)		5.00%		01/01/2028		10,000		11,161,700
Series 2018, RB(e)		5.00%		01/01/2034		4,905		5,281,508
Series 2018, RB(e)		4.00%		01/01/2036		4,500		4,552,740
Series 2018, RB(e)		5.00%		01/01/2036		3,065		3,310,445
New York Transportation Development Corp. (Laguardia Airport Terminal B Redevelopment); Series 2018, RB(e)		5.00%		01/01/2022		4,000		4,126,720
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);
Series 2016 A, RB(e)		5.00%		07/01/2046		37,950		40,696,062
Series 2016 A, RB(e)		5.25%		01/01/2050		5,420		5,861,242
Niagara Area Development Corp. (Covanta); Series 2018 A, Ref. RB(e)(i)		4.75%		11/01/2042		2,390		2,471,690
Port Authority of New York & New Jersey; Series 2011, RB(d)(e)		5.00%		10/15/2027		15,400		16,115,484
Rockland Tobacco Asset Securitization Corp.; Series 2005 C, RB(i)(j)		0.00%		08/15/2060		368,350		18,535,372
Suffolk Tobacco Asset Securitization Corp.; Series 2008 B, RB		6.00%		06/01/2048		7,915		7,924,181
Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.);
Series 2013 A, RB		5.00%		07/01/2027		1,985		1,091,750
Series 2013 A, RB		5.00%		07/01/2038		5,700		3,135,000
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2020 A, RB		4.00%		11/15/2054		5,000		5,782,550
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute); Series 2020 A, Ref. RB		4.00%		09/01/2040		5,435		5,988,827
TSASC, Inc.;
Series 2016 B, Ref. RB		5.00%		06/01/2045		16,900		17,525,300
Series 2016 B, Ref. RB		5.00%		06/01/2048		2,500		2,579,225
Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB(e)(i)		7.00%		06/01/2046		55,500		58,363,800
Westchester County Healthcare Corp.; Series 2014 A, RB		5.00%		11/01/2044		4,423		4,815,435
Westchester Tobacco Asset Securitization Corp.; Series 2016 C, Ref. RB		5.13%		06/01/2051		9,405		10,411,147
								1,222,178,273
North Carolina-0.72%
Charlotte-Mecklenburg Hospital Authority (The); Series 2007 B, Ref. VRD RB(n)		0.02%		01/15/2038		6,815		6,815,000
North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 2015 B, Ref. RB(b)(c)(d)		5.00%		10/01/2025		29,400		36,311,646
North Carolina (State of) Department of Transportation (I-77 HOT Lanes); Series 2015, RB(e)		5.00%		06/30/2054		1,000		1,061,550
North Carolina (State of) Medical Care Commission (Aldersgate); Series 2013, Ref. RB		6.25%		07/01/2035		3,750		3,900,075
North Carolina (State of) Medical Care Commission (WhiteStone); Series 2011 A, RB(b)(c)		7.75%		03/01/2021		2,000		2,071,200
North Carolina (State of) Turnpike Authority (Triangle Expressway); Series 2019, RB		4.00%		01/01/2055		2,300		2,538,395
North Carolina Medical Care Commission (Salemtowne Project);
Series 2018 A, RB		5.00%		10/01/2038		1,185		1,273,733
Series 2018 A, RB		5.00%		10/01/2048		13,080		13,826,999
North Carolina Turnpike Authority (Triangle Expressway System); Series 2019, RB(j)		0.00%		01/01/2044		5,000		2,562,450
								70,361,048

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)			Value
North Dakota-0.04%
Burleigh (County of), ND (University of Mary);
Series 2016, RB		5.10%		04/15/2036	$	1,500		$	1,496,715
Series 2016, RB		5.20%		04/15/2046		2,000			1,955,580
									3,452,295
Ohio-5.26%
Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, Ref. RB		5.25%		11/15/2041		3,800			4,470,016
Buckeye Tobacco Settlement Financing Authority;
Series 2007 A-3, RB(b)(c)		6.25%		06/01/2022		21,205			23,433,433
Series 2020 A-2, Ref. RB		4.00%		06/01/2048		10,000	��		11,062,100
Series 2020 B-2, Ref. RB		5.00%		06/01/2055		89,800			98,780,000
Series 2020 B-3, Ref. RB(j)		0.00%		06/01/2057		203,195			29,528,297
Butler (County of), OH Port Authority (StoryPoint Fairfield);
Sr. Series 2017 A-1, RB(i)		6.25%		01/15/2034		2,350			2,228,599
Sr. Series 2017 A-1, RB(i)		6.38%		01/15/2043		3,575			3,388,457
Sr. Series 2017 A-1, RB(i)		6.50%		01/15/2052		7,075			6,703,916
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); Series 2014 A, Ref. RB		6.75%		01/01/2044		14,900			15,545,617
Cleveland (City of), OH (Continental Airlines, Inc.); Series 1998, RB(e)		5.38%		09/15/2027		4,190			4,194,106
Columbus-Franklin (County of), OH Finance Authority (Easton); Series 2020, RB(i)		5.00%		06/01/2028		4,000			4,125,560
County of Montgomery OH; Series 2020-XX1133, Ctfs.(d)(l)		4.00%		11/15/2042		16,780			18,042,359
Cuyahoga (County of), OH (Metrohealth System);
Series 2017, Ref. RB		5.25%		02/15/2047		26,990			31,033,642
Series 2017, Ref. RB		5.50%		02/15/2052		33,815			39,203,082
Series 2017, Ref. RB		5.00%		02/15/2057		10,000			11,090,800
Series 2017, Ref. RB		5.50%		02/15/2057		15,070			17,389,122
Darke (County of), OH Hospital Facilities (Wayne Healthcare); Series 2019 A, RB		5.00%		09/01/2049		2,000			2,121,820
Franklin (County of), OH (First Community Village Obligated Group); Series 2013, Ref. RB		5.63%		07/01/2047		7,200			7,311,312
Franklin (County of), OH Convention Facilities Authority (Greater Columbus Convention Center);
Series 2019, RB		5.00%		12/01/2039		715			687,079
Series 2019, RB		5.00%		12/01/2051		2,500			2,403,300
Gallia (County of), OH (Holzer Health System Obligated Group); Series 2012, Ref. RB		8.00%		07/01/2042		34,330			37,502,435
Hamilton (County of), OH (Christ Hospital); Series 2012, RB(b)(c)		5.50%		06/01/2022		7,200			7,861,248
Hamilton (County of), OH (Life Enriching Communities); Series 2012, RB		5.00%		01/01/2032		2,250			2,316,645
Hamilton (County of), OH (UC Health); Series 2020, RB		5.00%		09/15/2050		5,000			5,933,050
Hancock (County of), OH (Blanchard Valley Regional Health Center); Series 2011 A, RB(b)(c)		6.25%		06/01/2021		5,850			6,110,910
Hickory Chase Community Authority; Series 2019, Ref. RB(i)		5.00%		12/01/2040		1,410			1,431,263
Marion (County of), OH (United Church Homes, Inc.);
Series 2019, Ref. RB		5.00%		12/01/2039		1,150			1,189,503
Series 2019, Ref. RB		5.13%		12/01/2049		3,545			3,624,656
Montgomery (County of), OH (Premier Health Partners Obligated Group); Series 2019 A, Ref. RB		4.00%		11/15/2039		4,000			4,327,960
Montgomery (County of), OH (Trousdale Foundation Properties);
Series 2018 A, RB(i)		6.00%		04/01/2038		4,445			2,686,469
Series 2018 A, RB(i)		6.25%		04/01/2049		6,115			3,530,373
Montgomery (County of), OH Hospital Facilities (Premier Health Partners Obligated Group); Series 2019 A, Ref. RB		4.00%		11/15/2045		6,270			6,685,513
Muskingum (County of), OH (Genesis Healthcare System);
Series 2013, RB		5.00%		02/15/2044		37,060			38,448,638
Series 2013, RB		5.00%		02/15/2048		3,120			3,226,486
Norwood (City of), OH (Cornerstone at Norwood);
Series 2006, RB		5.75%		12/01/2020		455			455,532
Series 2006, RB		6.20%		12/01/2031		7,340			7,341,248
Ohio (State of) Air Quality Development Authority; Series 2019, RB(e)(i)		5.00%		07/01/2049		20,250			20,668,973
Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); Series 2009 D, Ref. PCR(c)(f)		4.25%		09/15/2021		2,000			2,015,000
Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, RB(e)(i)		4.50%		01/15/2048		500			530,880

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

30                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Ohio-(continued)
Southeastern Ohio (State of) Port Authority (Memorial Health Systems);
Series 2015, Ref. RB		5.00%		12/01/2035	$	1,750	$	1,795,535
Series 2015, Ref. RB		5.00%		12/01/2043		6,695		6,758,803
Series 2015, Ref. RB		5.50%		12/01/2043		3,875		4,037,014
Toledo-Lucas (County of), OH Port Authority (StoryPoint Waterville);
Series 2016 A-1, RB(i)		6.13%		01/15/2034		2,000		1,896,660
Series 2016 A-1, RB(i)		6.25%		01/15/2043		5,000		4,739,000
Series 2016 A-1, RB(i)		6.38%		01/15/2051		4,000		3,790,160
Tuscarawas (County of), OH Economic Development and Finance Alliance (Ashland University);
Series 2015, Ref. RB		6.00%		03/01/2045		5,000		5,234,750
								516,881,321
Oklahoma-1.69%
Atoka (County of), OK Health Care Authority (Atoka Memorial Hospital); Series 2007, RB		6.63%		10/01/2037		3,370		2,696,000
Comanche (County of), OK Hospital Authority; Series 2015, Ref. RB		5.00%		07/01/2027		1,800		2,006,820
Oklahoma (State of) Development Finance Authority (Inverness Village Community);
Series 2012, Ref. RB(f)(k)		5.75%		01/01/2027		1,025		10,251
Series 2012, Ref. RB(f)(k)		6.00%		01/01/2032		4,191		41,911
Series 2013, Ref. RB(f)(k)		5.75%		01/01/2037		5,379		53,248
Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB(d)(l)		5.50%		08/15/2052		33,500		39,334,695
Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources, Inc.-Cross Village Student Housing);
Series 2017, RB(f)		5.00%		08/01/2047		10,500		4,200,000
Series 2017, RB(f)		5.00%		08/01/2052		20,000		8,000,000
Series 2017, RB(f)		5.25%		08/01/2057		2,190		876,000
Oklahoma Development Finance Authority; Series 2018 B, RB(d)(l)		5.50%		08/15/2057		15,210		17,823,382
Payne (County of), OK Economic Development Authority (Epworth Living at the Ranch);
Series 2016 A, RB(f)		6.88%		11/01/2046		2,469		6,172
Series 2016 A, RB(f)		6.63%		11/30/2049		1,164		2,912
Series 2016 A, RB(f)		7.00%		11/01/2051		2,429		6,072
Series 2016 B-1, RB(f)		5.25%		11/30/2049		1,664		4,159
Tulsa (City of), OK Municipal Airport Trust;
Series 2000 B, Ref. RB(e)		5.50%		06/01/2035		18,625		18,831,179
Series 2001 A, Ref. RB(e)		5.50%		12/01/2035		15,000		15,166,050
Series 2001 B, Ref. RB(e)		5.50%		12/01/2035		49,525		50,073,241
Tulsa (City of), OK Municipal Airport Trust (American Airlines Group, Inc.); Series 2015, Ref. RB(c)(e)		5.00%		06/01/2025		6,500		6,559,605
								165,691,697
Oregon-0.15%
Clackamas (County of), OR Hospital Facility Authority (Willamette View);
Series 2017 A, Ref. RB		5.00%		11/15/2032		500		543,465
Series 2017 A, Ref. RB		5.00%		11/15/2037		500		535,540
Series 2017 A, Ref. RB		5.00%		11/15/2052		2,750		2,878,398
Medford (City of), OR Hospital Facilities Authority (Asante); Series 2020 A, Ref. RB		5.00%		08/15/2045		4,000		5,037,320
Salem (City of), OR Hospital Facility Authority (Capital Manor, Inc.);
Series 2012, Ref. RB		5.63%		05/15/2032		250		262,505
Series 2012, Ref. RB		6.00%		05/15/2042		1,990		2,083,888
Series 2012, Ref. RB		6.00%		05/15/2047		3,250		3,397,810
								14,738,926
Pennsylvania-1.75%
Allegheny (County of), PA Industrial Development Authority (Propel Charter School-Montour); Series 2010 A, RB		6.75%		08/15/2035		1,100		1,103,267
Allegheny (County of), PA Industrial Development Authority (Propel Charter School-McKeesport); Series 2010 B, RB		6.38%		08/15/2035		1,220		1,223,270
Beaver (County of), PA Industrial Development Authority (FirstEnergy Nuclear Generation); Series 2006 A, Ref. PCR(c)(f)		4.38%		07/01/2022		925		931,937
Berks (County of), PA Industrial Development Authority (Tower Health); Series 2017, Ref. RB		5.00%		11/01/2050		20,045		21,433,918

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

31                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Pennsylvania-(continued)
Chester (County of), PA Industrial Development Authority (Collegium Charter School);
Series 2012 A, Ref. RB		5.25%	10/15/2032	$	2,320	$	2,398,300
Series 2012 A, Ref. RB		5.38%	10/15/2042		4,230		4,344,252
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.);
Series 2018, Ref. RB		5.00%	12/01/2038		1,750		1,796,252
Series 2018, Ref. RB		5.00%	12/01/2043		2,500		2,533,550
Series 2018, Ref. RB		5.00%	12/01/2048		2,500		2,519,975
Series 2019, RB		5.00%	12/01/2054		1,000		1,003,950
Geisinger Authority (Geisinger Health System); Series 2020, Ref. RB		4.00%	04/01/2050		5,000		5,714,900
Lehigh (County of), PA General Purpose Authority (Bible Fellowship Church Homes, Inc.); Series 2013, RB		5.25%	07/01/2042		3,430		3,501,104
Lehigh (County of), PA General Purpose Authority (Kidspeace Obligation Group);
Series 2014 A, RB		7.50%	02/01/2044		5,130		5,139,821
Series 2014 B, RB(g)		7.50%	02/01/2044		1,379		589,385
Series 2014 C, RB(j)		0.00%	02/01/2044		4,122		1,031
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University); Series 2019, Ref. RB		4.00%	09/01/2049		10,560		11,552,218
Montgomery (County of), PA Industrial Development Authority (Albert Einstein Healthcare); Series 2015, Ref. RB		5.25%	01/15/2046		4,000		4,210,400
Montgomery (County of), PA Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB(b)(c)		7.00%	12/01/2021		6,000		6,499,260
Pennsylvania (Commonwealth of); First Series 2014, GO Bonds(d)		5.00%	06/15/2034		15,450		17,885,075
Pennsylvania (Commonwealth of) Economic Development Financing Authority (National Gypson Co.); Series 2014, Ref. RB(e)		5.50%	11/01/2044		4,000		4,110,320
Pennsylvania (Commonwealth of) Economic Development Financing Authority (PPL Energy Supply); Series 2009 A, Ref. RB		6.40%	12/01/2038		14,200		11,685,890
Pennsylvania (Commonwealth of) Turnpike Commission; Subseries 2013 B-2, RB(g)		6.00%	12/01/2037		7,000		7,238,910
Pennsylvania Turnpike Commission;
Series 2020-XX1134, Ctfs.(d)(l)		5.00%	12/01/2044		5,000		6,153,600
Series 2020-XX1134, Ctfs.(d)(l)		5.00%	12/01/2049		7,000		8,564,010
Philadelphia (City of), PA Authority for Industrial Development (Alliance for Progress Charter School, Inc.); Series 2019 A, RB		5.00%	06/15/2049		1,390		1,412,907
Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group);
Series 2017, Ref. RB		5.00%	07/01/2037		3,575		3,609,749
Series 2017, Ref. RB		5.00%	07/01/2049		8,815		8,629,885
Philadelphia (City of), PA Industrial Development Authority (First Philadelphia Preparatory Charter School); Series 2014 A, RB		7.25%	06/15/2043		5,500		6,152,520
Philadelphia (City of), PA Industrial Development Authority (Global Leadership Academy Charter School); Series 2010, RB		6.38%	11/15/2040		1,000		1,004,420
Philadelphia (City of), PA Industrial Development Authority (MaST I Charter School);
Series 2016 A, Ref. RB		5.25%	08/01/2046		2,410		2,644,613
Series 2016 A, Ref. RB		5.38%	08/01/2051		3,950		4,349,187
Philadelphia (City of), PA Industrial Development Authority (New Foundations Charter School); Series 2012, RB(b)(c)		6.63%	12/15/2022		1,500		1,711,155
Philadelphia (City of), PA Industrial Development Authority (Performing Arts Charter School);
Series 2013, RB(i)		6.50%	06/15/2033		2,000		2,004,760
Series 2013, RB(i)		6.75%	06/15/2043		8,000		8,018,320
							171,672,111
Puerto Rico-10.20%
Children’s Trust Fund;
Series 2002, RB		5.38%	05/15/2033		11,755		11,827,411
Series 2002, RB		5.50%	05/15/2039		29,090		29,269,194
Series 2002, RB		5.63%	05/15/2043		5,415		5,442,508
Series 2005 A, RB(j)		0.00%	05/15/2050		473,480		70,856,282

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

32                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Puerto Rico-(continued)
Puerto Rico (Commonwealth of);
Series 2001 A, GO Bonds(f)		5.13%	07/01/2031	$	3,635	$	2,576,306
Series 2003 A, GO Bonds(f)		5.00%	07/01/2033		1,980		1,405,800
Series 2003 C-7, Ref. GO Bonds (INS - NATL)(h)		6.00%	07/01/2027		21,000		21,546,000
Series 2003 C-7, Ref. GO Bonds (INS - NATL)(h)		6.00%	07/01/2028		4,500		4,617,000
Series 2006 B, Ref. GO Bonds(f)		5.00%	07/01/2035		2,910		2,069,738
Series 2006, Ref. GO Bonds(f)		5.00%	07/01/2031		2,215		1,564,344
Series 2009 B, Ref. GO Bonds(f)		6.50%	07/01/2037		6,165		4,461,919
Series 2009 B, Ref. GO Bonds(f)		5.75%	07/01/2038		1,095		776,081
Series 2011 A, GO Bonds(f)		5.75%	07/01/2041		2,500		1,646,875
Series 2011 E, Ref. GO Bonds(f)		6.00%	07/01/2029		8,400		5,670,000
Series 2012 A, Ref. GO Bonds(f)		5.00%	07/01/2021		2,820		1,861,200
Series 2012 A, Ref. GO Bonds(f)		5.13%	07/01/2037		8,520		5,538,000
Series 2012 A, Ref. GO Bonds(f)		5.50%	07/01/2039		5,385		3,567,562
Series 2012 A, Ref. GO Bonds(f)		5.00%	07/01/2041		24,730		15,487,162
Series 2014 A, GO Bonds(f)		8.00%	07/01/2035		52,905		32,338,181
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2008 A, RB		6.13%	07/01/2024		13,522		14,434,194
Series 2008 A, RB		6.00%	07/01/2038		33,750		34,298,437
Series 2008 A, RB		6.00%	07/01/2044		21,375		21,722,344
Series 2012 A, RB		5.50%	07/01/2028		2,395		2,505,769
Series 2012 A, RB		5.25%	07/01/2029		5,520		5,733,900
Series 2012 A, RB		5.00%	07/01/2033		6,000		6,172,500
Series 2012 A, RB		5.13%	07/01/2037		11,975		12,319,281
Series 2012 A, RB		5.75%	07/01/2037		9,230		9,610,737
Series 2012 A, RB		5.25%	07/01/2042		85,865		88,333,618
Series 2012 A, RB		6.00%	07/01/2047		1,800		1,878,750
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2004 PP, Ref. RB (INS - NATL)(h)		5.00%	07/01/2023		755		759,900
Series 2007 TT, RB(f)		5.00%	07/01/2023		515		355,350
Series 2007 TT, RB(f)		5.00%	07/01/2026		6,685		4,612,650
Series 2007 TT, RB(f)		5.00%	07/01/2027		2,350		1,621,500
Series 2007 TT, RB(f)		5.00%	07/01/2032		16,285		11,236,650
Series 2007 VV, Ref. RB (INS - NATL)(h)		5.25%	07/01/2024		4,560		4,691,054
Series 2007 VV, Ref. RB (INS - NATL)(h)		5.25%	07/01/2030		9,275		9,546,294
Series 2007 VV, Ref. RB (INS - AGM)(h)		5.25%	07/01/2031		20,000		21,857,400
Series 2007 VV, Ref. RB (INS - NATL)(h)		5.25%	07/01/2032		6,275		6,455,908
Series 2008 WW, RB(f)		5.00%	07/01/2028		13,620		9,397,800
Series 2008 WW, RB(f)		5.50%	07/01/2038		9,685		6,718,969
Series 2008 WW-RSA-1, RB(f)		5.25%	07/01/2033		10,000		6,912,500
Series 2010 AAA, RB(f)		5.25%	07/01/2021		2,355		1,627,894
Series 2010 AAA, RB(f)		5.25%	07/01/2025		840		580,650
Series 2010 AAA, RB(f)		5.25%	07/01/2031		1,350		933,188
Series 2010 CCC, RB(f)		5.00%	07/01/2025		325		224,250
Series 2010 CCC, RB(f)		5.25%	07/01/2026		14,455		9,992,019
Series 2010 CCC, RB(f)		5.25%	07/01/2028		7,600		5,253,500
Series 2010 DDD, Ref. RB(f)		5.00%	07/01/2021		11,020		7,603,800
Series 2010 DDD, Ref. RB(f)		5.00%	07/01/2022		1,575		1,086,750
Series 2010 DDD, Ref. RB(f)		5.00%	07/01/2023		1,150		793,500
Series 2010 XX, RB(f)		5.25%	07/01/2035		6,799		4,699,809
Series 2010 XX, RB(f)		5.25%	07/02/2040		19,000		13,133,750
Series 2010 ZZ, Ref. RB(f)		5.25%	07/01/2024		65		44,931
Series 2010 ZZ, Ref. RB(f)		5.25%	07/01/2026		650		449,313
Series 2012 A, RB(f)		4.80%	07/02/2029		2,260		1,548,100
Series 2012 A, RB(f)		5.00%	07/02/2029		3,535		2,439,150
Series 2012 A, RB(f)		5.00%	07/01/2042		22,780		15,718,200
Series 2012 A, RB(f)		5.05%	07/01/2042		3,095		2,135,550
Series 2013 A, RB(f)		7.00%	07/01/2033		6,030		4,258,687

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

33                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Puerto Rico-(continued)
Series 2013 A, RB(f)		6.75%		07/01/2036	$	15,090	$	10,638,450
Series 2013 A, RB(f)		7.00%		07/01/2040		2,675		1,889,219
Series 2013 A, RB(f)		7.00%		07/01/2043		18,665		13,182,156
Series 2013 A-RSA, RB(f)		7.25%		07/01/2030		2,120		1,502,550
Series 2016 E-1, RB(f)		10.00%		01/01/2021		7,483		5,714,867
Series 2016 E-2, RB(f)		10.00%		07/01/2021		7,483		5,714,869
Series 2016 E-2, RB(f)		10.00%		01/01/2022		3,064		2,340,456
Series 2016 E-4, RB(f)		10.00%		07/01/2022		1,774		1,355,177
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 1998 A, Ref. RB(f)		4.75%		07/01/2038		2,231		987,218
Series 2003 G, RB(f)		5.00%		07/01/2033		9,340		4,132,950
Series 2003 G, RB(f)		5.00%		07/01/2042		7,500		3,318,750
Series 2003 H, Ref. RB(f)		5.00%		07/01/2028		180		79,650
Series 2003 H, Ref. RB(f)		5.00%		07/01/2035		175		77,438
Series 2003 H, Ref. RB(f)		5.45%		07/01/2035		4,480		1,982,400
Series 2004 J, RB(f)		4.80%		07/01/2024		220		97,350
Series 2005 K, RB(f)		5.00%		07/01/2021		2,510		1,110,675
Series 2005 K, RB(f)		5.00%		07/01/2022		9,655		4,272,337
Series 2005 K, RB(f)		5.00%		07/01/2023		12,275		5,431,687
Series 2005 K, RB(f)		5.00%		07/01/2026		155		68,588
Series 2005 K, RB(f)		5.00%		07/01/2027		3,585		1,586,363
Series 2007 M, RB(f)		5.00%		07/01/2021		4,120		1,823,100
Series 2007 M, RB(f)		5.00%		07/01/2024		2,565		1,135,013
Series 2007 M, RB(f)		5.00%		07/01/2027		520		230,100
Series 2007 M, RB(f)		5.00%		07/01/2032		4,850		2,146,125
Series 2007 M, RB(f)		5.00%		07/01/2037		530		234,525
Series 2007 M, RB(f)		5.00%		07/01/2046		3,565		1,577,513
Series 2007 N, Ref. RB(f)		5.50%		07/01/2021		2,000		885,000
Series 2007 N, Ref. RB(f)		5.50%		07/01/2022		4,790		2,119,575
Series 2007 N, Ref. RB(f)		5.50%		07/01/2023		3,580		1,584,150
Series 2007 N, Ref. RB(f)		5.50%		07/01/2025		3,130		1,385,025
Series 2007 N, Ref. RB(f)		5.50%		07/01/2026		5,195		2,298,787
Puerto Rico (Commonwealth of) Industrial Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2000, RB(e)		6.63%		06/01/2026		21,245		21,988,575
Puerto Rico (Commonwealth of) Public Buildings Authority;
Series 2007 M-3, Ref. RB (INS - NATL)(h)		6.00%		07/01/2024		7,970		8,177,220
Series 2007 N, RB(f)		5.00%		07/01/2037		8,900		6,875,250
Series 2009 Q, RB(f)		5.63%		07/01/2039		2,000		1,572,500
Series 2011 S, RB(f)		6.00%		07/01/2041		23,435		18,308,594
Series 2012 U, Ref. RB(f)		5.25%		07/01/2042		25,460		17,822,000
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(j)		0.00%		07/01/2029		1,927		1,530,057
Series 2018 A-1, RB(j)		0.00%		07/01/2031		2,484		1,830,807
Series 2018 A-1, RB(j)		0.00%		07/01/2033		10,296		6,978,938
Series 2018 A-1, RB		4.50%		07/01/2034		10,162		10,755,258
Series 2018 A-1, RB		4.55%		07/01/2040		4,089		4,354,703
Series 2018 A-1, RB(j)		0.00%		07/01/2046		50,015		14,347,709
Series 2018 A-1, RB(j)		0.00%		07/01/2051		147,716		30,535,852
Series 2018 A-1, RB		4.75%		07/01/2053		33,479		35,187,665
Series 2018 A-1, RB		5.00%		07/01/2058		59,616		63,652,058
Series 2019 A-2, RB		4.33%		07/01/2040		71,009		74,560,160
Series 2019 A-2, RB		4.54%		07/01/2053		314		325,546
Series 2019 A-2, RB		4.78%		07/01/2058		25,223		26,567,638
								1,002,492,702
Rhode Island-0.00%
Tobacco Settlement Financing Corp.; Series 2015 B, Ref. RB		5.00%		06/01/2050		30		32,287

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

34                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
South Carolina-0.07%
South Carolina (State of) Jobs-Economic Development Authority (High Point Academy Project); Series 2018 A, RB(i)		5.75%		06/15/2049		$    2,000	$	2,168,420
South Carolina (State of) Jobs-Economic Development Authority (Lutheran Homes);
Series 2013, RB		5.00%		05/01/2043		1,000		949,250
Series 2013, RB		5.13%		05/01/2048		2,000		1,902,060
Series 2017, Ref. RB		5.00%		05/01/2042		250		238,530
South Carolina (State of) Jobs-Economic Development Authority (South Carolina Episcopal Homeat Still Hopes); Series 2018 A, Ref. RB		5.00%		04/01/2048		1,085		1,144,632
								6,402,892
Tennessee-0.56%
Bristol (City of), TN Industrial Development Board (Pinnacle); Series 2016, RB		5.63%		06/01/2035		13,000		13,104,390
Memphis (City of) & Shelby (County of), TN Economic Development Growth Engine Industrial Development Board (Graceland);
Series 2017 A, Ref. RB		5.50%		07/01/2037		250		223,613
Series 2017 A, Ref. RB		5.63%		01/01/2046		750		669,892
Nashville (City of) & Davidson (County of), TN Health and Educational Facilities Board of Metropolitan Government (Trousdale Foundation Properties);
Series 2018 A, RB(i)		6.00%		04/01/2038		14,875		8,990,152
Series 2018 A, RB(i)		6.25%		04/01/2049		21,790		12,580,021
Shelby (County of), TN Health, Educational & Housing Facilities Board (Kirby Pines); Series 1997 A, RB		6.38%		11/15/2025		2,140		2,140,471
Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor);
Series 2013 A, Ref. RB		5.50%		09/01/2047		16,300		15,155,414
Series 2016 A, Ref. RB(i)		5.00%		09/01/2031		750		715,192
Series 2016 A, Ref. RB(i)		5.00%		09/01/2037		1,145		1,030,798
								54,609,943
Texas-7.37%
Angelina & Neches River Authority Industrial Development Corp. (Aspen Power LLC); Series 2007 A, RB(e)(f)(k)		6.50%		11/01/2029		9,265		93
Arlington Higher Education Finance Corp. (Leadership Prep School); Series 2016 A, RB		5.00%		06/15/2046		1,325		1,330,075
Arlington Higher Education Finance Corp. (Universal Academy); Series 2014 A, RB		7.13%		03/01/2044		2,000		2,161,420
Bexar County Housing Finance Corp. (Woodland Ridge Apartments); Series 2002 A, RB(e)		7.00%		01/01/2039		3,540		3,545,310
Brazoria County Health Facilities Development Corp. (Brazosport Regional Health System);
Series 2012, Ref. RB(b)(c)		5.25%		07/01/2022		7,100		7,743,828
Series 2012, Ref. RB(b)(c)		5.50%		07/01/2022		13,410		14,687,168
Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC);
Series 2019, RB(e)		7.00%		03/01/2039		9,600		9,747,072
Series 2019, RB(e)(i)		9.00%		03/01/2039		1,200		1,346,700
Celina (City of), TX;
Series 2015, RB		5.38%		09/01/2028		500		515,000
Series 2015, RB		5.50%		09/01/2032		250		257,500
Series 2015, RB		5.88%		09/01/2040		1,000		1,030,000
Central Texas Regional Mobility Authority;
Series 2011, RB(b)(c)		6.75%		01/01/2021		17,500		17,874,325
Series 2020 B, Ref. RB		5.00%		01/01/2045		2,250		2,787,975
Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2011, RB(b)(c)		5.75%		08/15/2021		1,130		1,188,319
Clifton Higher Education Finance Corp. (International Leadership of Texas);
Series 2015, RB		5.75%		08/15/2038		1,000		1,125,680
Series 2015, RB		5.75%		08/15/2045		8,000		8,919,600
Series 2018 D, RB		5.75%		08/15/2033		6,190		7,038,154
Series 2018 D, RB		6.00%		08/15/2038		14,250		16,203,675
Series 2018 D, RB		6.13%		08/15/2048		27,500		31,089,575
Grand Parkway Transportation Corp.;
Series 2013 B, RB(b)(c)(d)		5.25%		10/01/2023		24,405		28,130,911
Series 2013 B, RB(g)		5.85%		10/01/2048		17,000		19,330,530
Grand Prairie Housing Finance Corp.;
Series 2003, RB(f)		7.50%		01/01/2034		610		48,800
Series 2003, RB		7.75%		01/01/2034		6,640		6,547,505
Series 2003, RB(f)(k)(r)		7.75%		01/01/2034		3,595		287,600

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

35                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Texas-(continued)
Guadalupe (County of) & Seguin (City of), TX Hospital Board of Managers;
Series 2015, Ref. RB		5.00%	12/01/2040	$	5,350	$	5,646,283
Series 2015, Ref. RB		5.00%	12/01/2045		9,230		9,563,112
Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB(n)		0.01%	11/01/2041		27,300		27,300,000
Hopkins (County of), TX Hospital District;
Series 2008, RB		6.00%	02/15/2033		2,500		2,507,525
Series 2008, RB		6.00%	02/15/2038		5,155		5,169,176
Houston (City of), TX; Series 2011 A, Ref. RB(b)(c)(d)		5.25%	11/15/2020		18,360		18,545,069
Houston (City of), TX (Continental Airlines, Inc.); Series 2011 A, Ref. RB(e)		6.63%	07/15/2038		16,000		16,286,400
Houston (City of), TX (United Airlines, Inc. Terminal E); Series 2014, Ref. RB(e)		5.00%	07/01/2029		26,355		27,314,058
Houston (City of), TX (United Airlines, Inc.); Series 2020 C, Ref. RB(e)		5.00%	07/15/2027		6,775		7,049,184
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2014, Ref. RB(e)		4.75%	07/01/2024		1,500		1,534,755
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.);
Series 2011 A, RB(b)(c)		6.88%	05/15/2021		790		826,782
Series 2011, RB(b)(c)		6.50%	05/15/2021		500		521,865
La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015, RB(i)		5.60%	08/15/2045		4,420		4,672,780
Leander Independent School District;
Series 2014 C, GO Bonds (CEP - Texas Permanent School Fund)(b)(c)(j)		0.00%	08/15/2024		71,355		18,878,392
Series 2014 D, Ref. GO Bonds(b)(c)(j)		0.00%	08/15/2024		425		224,757
Series 2014 D, Ref. GO Bonds (CEP - Texas Permanent School Fund)(j)		0.00%	08/15/2037		3,645		1,877,977
Lower Neches Valley Authority Industrial Development Corp. (Exxonmobil); Series 2001 A, Ref. VRD RB(n)		0.03%	11/01/2029		30,395		30,395,000
Mclendon-Chisholm (City of), TX (Sonoma Public Improvement Distribution Phase);
Series 2015, RB		5.13%	09/15/2028		450		464,297
Series 2015, RB		5.38%	09/15/2035		400		412,744
Series 2015, RB		5.50%	09/15/2040		765		789,404
Mission Economic Development Corp. (CarbonLite Recycling LLC); Series 2016, RB(e)(i)		6.50%	12/01/2033		10,220		9,619,575
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(e)(i)		4.63%	10/01/2031		21,150		22,406,733
New Hope Cultural Education Facilities Finance Corp. (4-K Housing, Inc.-Stoney Brook);
Series 2017 C, RB		5.00%	07/01/2037		1,670		1,199,010
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community);
Series 2016, Ref. RB		5.00%	07/01/2046		18,395		17,473,227
New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center);
Series 2016 A, Ref. RB(i)		5.00%	08/15/2036		2,500		2,517,275
Series 2017 A, RB(i)		5.00%	08/15/2037		2,000		2,012,880
Series 2017 A, RB(i)		5.13%	08/15/2047		2,085		2,095,050
New Hope Cultural Education Facilities Finance Corp. (Legacy Midtown Park); Series 2018 A, RB		5.50%	07/01/2054		7,250		6,897,722
New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); Series 2017, Ref. RB		5.00%	01/01/2047		6,790		7,275,349
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries);
Series 2013, RB		6.50%	01/01/2043		4,325		4,544,321
Series 2013, RB		6.50%	01/01/2048		5,675		5,952,507
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford);
Series 2016 A, RB		5.38%	11/15/2036		1,365		1,170,815
Series 2016 A, RB		5.50%	11/15/2046		2,975		2,411,981
Series 2016 A, RB		5.50%	11/15/2052		2,350		1,849,333
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North);
Series 2018, Ref. RB		5.00%	10/01/2039		1,000		1,011,890
Series 2018, Ref. RB		5.25%	10/01/2049		7,940		8,043,935
Newark High Education Finance Corp. (A+ Charter Schools, Inc.);
Series 2015 A, RB(i)		5.50%	08/15/2035		845		947,972
Series 2015 A, RB(i)		5.75%	08/15/2045		2,015		2,243,803
North Texas Education Finance Corp. (Uplift Education); Series 2012 A, RB(b)(c)		5.25%	06/01/2022		2,100		2,270,226
North Texas Tollway Authority; Series 2011 B, RB(b)(c)(j)		0.00%	09/01/2031		15,500		8,739,830
Northwest Independent School District; Series 2020-XL0138, Ctfs. (CEP - Texas Permanent School Fund)(d)		4.00%	02/15/2045		10,500		12,662,265
Port Beaumont Navigation District (Jefferson Gulf Coast); Series 2020, Ref. RB(e)(i)		4.00%	01/01/2050		6,125		6,136,821
Red River Health Facilities Development Corp. (MRC Crossing);
Series 2014 A, RB		7.50%	11/15/2034		2,350		2,532,172
Series 2014 A, RB		7.75%	11/15/2044		5,100		5,467,557
Series 2014 A, RB		8.00%	11/15/2049		5,000		5,392,850

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

36                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Texas-(continued)
Sanger Industrial Development Corp. (Texas Pellets); Series 2012 B, RB(e)(f)(k)		8.00%	07/01/2038	$	37,110	$	9,277,500
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group);
Series 2016, Ref. RB		5.00%	05/15/2045		5,800		6,104,906
Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.);
Series 2007, RB(f)		5.63%	11/15/2027		1,500		975,000
Series 2007, RB(f)		5.75%	11/16/2037		2,500		1,625,000
Series 2014, RB(f)		5.63%	11/15/2041		3,250		2,112,500
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Senior Living - Ventana);
Series 2017, RB		6.63%	11/15/2037		1,745		1,903,603
Series 2017, RB		6.75%	11/15/2047		13,125		14,177,887
Series 2017, RB		6.75%	11/15/2052		1,965		2,121,493
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2007, RB		5.75%	02/15/2025		1,015		811,665
Series 2007, RB		5.75%	02/15/2029		1,600		1,278,000
Series 2009 A, RB		8.00%	02/15/2038		12,350		9,855,794
Series 2017 A, RB		6.38%	02/15/2048		25,720		20,506,813
Series 2017 A, RB		6.38%	02/15/2052		25,055		19,974,097
Series 2017, RB		6.38%	02/15/2041		8,755		6,982,988
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
Series 2018 A, RN(i)		10.00%	03/15/2023		4,250		5,191,418
Series 2020, Ref. RB		6.63%	11/15/2041		3,000		3,009,540
Series 2020, Ref. RB		6.75%	11/15/2051		5,000		5,013,950
Series 2020, Ref. RB		6.88%	11/15/2055		5,000		5,015,650
Tarrant County Cultural Education Facilities Finance Corp. (SQLC Senior Living Center at Corpus Christi, Inc.-Mirador);
Series 2017 A, RB(f)		4.13%	11/15/2038		1,764		176
Series 2017 A, RB(f)		4.38%	11/15/2049		592		59
Series 2017 A, RB(f)		4.63%	11/15/2049		3,106		311
Series 2017 A, RB(f)		4.88%	11/15/2055		6,957		696
Series 2017 A, RB(f)		5.00%	11/15/2059		12,920		1,292
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way);
Series 2020, RB		5.75%	12/01/2054		15,675		15,374,681
Texas (State of) Transportation Commission;
Series 2019, RB(j)		0.00%	08/01/2051		6,000		1,472,220
Series 2019, RB(j)		0.00%	08/01/2052		6,000		1,389,840
Series 2019, RB(j)		0.00%	08/01/2053		1,000		219,080
Texas Municipal Gas Acquisition & Supply Corp. III; Series 2012, RB		5.00%	12/15/2031		10,000		10,670,800
Texas Private Activity Bond Surface Transportation Corp. (Blueridge Transportation Group, LLC SH 288 Toll Lanes); Series 2016, RB(e)		5.00%	12/31/2055		12,135		12,729,372
Texas Private Activity Bond Surface Transportation Corp. (LBJ Infrastructure); Series 2010, RB		7.00%	06/30/2040		25,575		25,698,527
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC);
Series 2013, RB(e)		6.75%	06/30/2043		17,450		19,904,342
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility); Series 2013, RB(e)		7.00%	12/31/2038		4,000		4,597,920
Texas State Public Finance Authority Charter School Finance Corp. (New Frontiers Charter School); Series 2010 A, RB		5.80%	08/15/2040		1,000		1,001,520
Texas State Public Finance Authority Charter School Finance Corp. (School Excellence Education);
Series 2004 A, RB		7.00%	12/01/2034		2,975		2,982,140
Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, RB		5.25%	08/15/2042		4,185		4,232,165
Travis County Health Facilities Development Corp. (Westminster Manor);
Series 2010, RB(b)(c)		7.00%	11/01/2020		2,005		2,026,814
Series 2010, RB		7.00%	11/01/2030		135		135,945
							724,167,178
Utah-0.54%
Mida Mountain Village Public Infrastructure District;
Series 2020 A, RB		4.50%	08/01/2040		1,205		1,209,651
Series 2020 A, RB		5.00%	08/01/2050		6,500		6,524,375

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

37                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Utah-(continued)
Salt Lake City Corp. Airport Revenue;
Series 2018 A, RB(d)(e)		5.00%	07/01/2043	$	14,750	$	17,582,590
Series 2018 A, RB(d)(e)		5.00%	07/01/2048		11,250		13,327,875
Utah (State of) Charter School Finance Authority (Leadership Learning Academy); Series 2019 A, RB(i)		5.00%	06/15/2050		2,000		2,065,920
Utah (State of) Charter School Finance Authority (Navigator Pointe Academy);
Series 2010 A, RB		5.38%	07/15/2030		1,650		1,651,864
Series 2010 A, RB		5.63%	07/15/2040		1,710		1,711,351
Utah (State of) Charter School Finance Authority (North Davis Preparatory Academy);
Series 2010, RB		6.25%	07/15/2030		1,250		1,253,600
Series 2010, RB		6.38%	07/15/2040		2,500		2,506,800
Utah (State of) Charter School Finance Authority (Renaissance Academy); Series 2020, Ref. RB(i)		5.00%	06/15/2055		2,080		2,154,776
Utah (State of) Charter School Finance Authority (Vista Entrada School of Performing Arts);
Series 2012, RB(b)		5.60%	07/15/2022		250		267,625
Series 2012, RB(b)(c)		6.30%	07/15/2022		850		943,815
Series 2012, RB(b)(c)		6.55%	07/15/2022		2,000		2,228,440
							53,428,682
Virgin Islands-0.48%
Virgin Islands (Government of) (Matching Fund Loan Note - Diago); Series 2009 A, RB		6.75%	10/01/2037		4,600		4,602,346
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note - Sr. Lien Capital);
Series 2009 A-1, RB		5.00%	10/01/2029		3,620		3,562,840
Series 2009 A-1, RB		5.00%	10/01/2039		12,910		12,603,517
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note);
Series 2009 B, Ref. RB		5.00%	10/01/2025		5,950		5,894,010
Series 2010 A, RB		5.00%	10/01/2025		12,575		12,456,669
Series 2010 A, RB		5.00%	10/01/2029		2,500		2,460,525
Series 2012 A, RB		5.00%	10/01/2032		5,730		5,585,318
							47,165,225
Virginia-0.99%
Ballston Quarter Communities Development Authority;
Series 2016 A, RB		5.38%	03/01/2036		1,635		1,477,746
Series 2016 A, RB		5.50%	03/01/2046		10,000		8,640,600
Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge);
Series 2019 A, RB		5.00%	01/01/2049		2,500		2,574,025
Series 2019 A, RB		5.25%	01/01/2054		2,000		2,083,780
Roanoke (City of), VA Economic Development Authority (Richfield Living);
Series 2020, RB		5.00%	09/01/2040		1,645		1,655,298
Series 2020, RB		5.13%	09/01/2055		1,210		1,208,984
Tobacco Settlement Financing Corp.;
Series 2007 B-1, RB		5.00%	06/01/2047		21,035		21,139,123
Series 2007 B-2, RB		5.20%	06/01/2046		3,000		3,023,400
Virginia (Commonwealth of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC); Series 2012, RB(e)		5.50%	01/01/2042		20,775		21,801,701
Virginia (Commonwealth of) Small Business Financing Authority (Express Lanes, LLC);
Series 2012, RB(e)		5.00%	01/01/2040		21,155		21,944,081
Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3);
Series 2017, RB(e)		5.00%	12/31/2056		2,150		2,419,266
Virginia Beach Development Authority (Westminster-Canterbury);
Series 2018, Ref. RB		5.00%	09/01/2040		1,750		1,936,620
Series 2018, Ref. RB		5.00%	09/01/2044		2,215		2,438,161
Series 2018, Ref. RB		4.00%	09/01/2048		4,390		4,569,946
							96,912,731

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

38                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Washington-1.65%
King (County of), WA Public Hospital District No. 4;
Series 2015 A, RB		5.75%	12/01/2030	$	3,000	$	3,304,920
Series 2015 A, RB		6.00%	12/01/2035		2,685		2,937,873
Series 2015 A, RB		6.25%	12/01/2045		6,465		7,030,623
King (County of), WA Public Hospital District No. 4 (Snoqualmie Valley Hospital);
Series 2011, Ref. GO Bonds		6.75%	12/01/2031		500		513,515
Series 2011, Ref. GO Bonds		7.00%	12/01/2040		4,000		4,097,400
King (County of), WA Sewer Revenue; Series 2011 B, Ref. RB(d)		5.00%	01/01/2034		38,540		39,145,656
Port of Seattle Industrial Development Corp. (Delta Airlines); Series 2012, Ref. RB(e)		5.00%	04/01/2030		19,500		20,047,950
Washington (State of);
Series 2021 A, Ref. GO Bonds		5.00%	06/01/2040		3,500		4,517,345
Series 2021 A, Ref. GO Bonds		5.00%	06/01/2041		3,500		4,509,715
Washington (State of) Convention Center Public Facilities District; Series 2018, RB(d)(l)		5.00%	07/01/2048		27,000		30,127,140
Washington (State of) Housing Finance Commission (Bayview Manor Homes);
Series 2016 A, Ref. RB(i)		5.00%	07/01/2036		1,460		1,527,452
Series 2016 A, Ref. RB(i)		5.00%	07/01/2046		1,700		1,750,966
Series 2016 A, Ref. RB(i)		5.00%	07/01/2051		9,650		9,914,410
Washington (State of) Housing Finance Commission (Heron’s Key Senior Living);
Series 2015 A, RB(i)		7.00%	07/01/2045		2,150		2,317,034
Series 2015 A, RB(i)		7.00%	07/01/2050		1,500		1,609,920
Series 2015 B-1, RB(i)		5.50%	01/01/2024		1,300		1,300,949
Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.);
Series 2016 A, Ref. RB(i)		5.00%	01/01/2031		1,500		1,571,115
Series 2016 A, Ref. RB(i)		5.00%	01/01/2046		6,950		7,013,314
Washington (State of) Housing Finance Commission (Transforming Age); Series 2019 A, RB(i)		5.00%	01/01/2055		4,000		4,019,560
Washington (State of) Housing Finance Commission (Wesley Homes at Lea Hill);
Series 2016, Ref. RB(i)		5.00%	07/01/2041		2,000		2,026,100
Series 2016, Ref. RB(i)		5.00%	07/01/2046		1,000		1,006,970
Washington State Convention Center Public Facilities District; Series 2020, RB(d)(l)		5.00%	07/01/2043		10,970		12,052,520
							162,342,447
West Virginia-0.66%
Harrison (County of), WV Commission (Charles Pointe No. 2);
Series 2008 A, Ref. RB		7.00%	06/01/2035		3,340		3,121,531
Series 2013, Ref. RB (Acquired 02/15/2008; Cost $988,497)(f)(i)		7.00%	06/01/2035		1,000		500,000
Harrison (County of), WV County Commission (Charles Pointe Economic Opportunity Development District);
Series 2019 A, RB(i)		5.75%	06/01/2042		13,750		14,740,000
Series 2019 B, Ref. RB(i)		7.50%	06/01/2042		6,140		6,443,684
Kanawha (County of), WV (The West Virginia State University Foundation); Series 2013, RB		6.75%	07/01/2045		5,650		5,821,816
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District);
Series 2017 A, Ref. RB(i)		5.75%	06/01/2043		6,000		6,296,520
Series 2020, Ref. RB(i)		7.50%	06/01/2043		13,205		13,616,996
West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC);
Series 2016, RB(e)(i)		7.25%	02/01/2036		10,965		9,990,431
Series 2018, RB(e)(i)		8.75%	02/01/2036		4,500		4,549,725
							65,080,703
Wisconsin-4.97%
Public Finance Authority; Series 2020 A, RB(i)		5.25%	03/01/2045		5,000		5,322,350
Public Finance Authority (American Dream at Meadowlands);
Series 2017, RB(i)		6.25%	08/01/2027		11,000		9,719,600
Series 2017, RB(i)		6.75%	08/01/2031		20,590		17,729,843
Series 2017, RB(i)		6.50%	12/01/2037		25,000		21,666,750
Series 2017, RB(i)		6.75%	12/01/2042		12,270		10,583,734
Public Finance Authority (Coral Academy of Science Reno); Series 2019, Ref. RB(i)		5.00%	06/01/2050		1,250		1,280,825
Public Finance Authority (Cross Creek Public Improvement District); Series 2019, RB(i)		5.75%	10/01/2053		5,000		5,469,650

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

39                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Wisconsin-(continued)
Public Finance Authority (Goodwill Industries of Southern Nevada, Inc.);
Series 2019 A, RB		5.50%	12/01/2038	$	4,117	$	4,075,029
Series 2019 A, RB		5.75%	12/01/2048		6,863		6,379,061
Public Finance Authority (KU Campus Development Corp. -Central District Development);
Series 2016, RB(d)		5.00%	03/01/2041		24,000		27,602,400
Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB(i)		5.25%	06/15/2049		5,775		6,092,336
Public Finance Authority (Million Air Two LLC General Aviation Facilities); Series 2017, Ref.RB(e)(i)		7.13%	06/01/2041		15,375		16,031,359
Public Finance Authority (Minnesota College of Osteopathic Medicine); Series 2019 A-1, RB(f)(i)		5.50%	12/01/2048		76		38,039
Public Finance Authority (Southminster);
Series 2018, RB(i)		5.00%	10/01/2043		500		510,645
Series 2018, RB(i)		5.00%	10/01/2048		7,700		7,822,430
Series 2018, RB(i)		5.00%	10/01/2053		3,000		3,037,680
Public Finance Authority (WhiteStone); Series 2017, Ref. RB(i)		5.00%	03/01/2052		2,300		2,375,440
Superior (City of), WI (Superior Water, Light & Power Co.); Series 2007 B, RB(e)		5.75%	11/01/2037		4,000		4,016,560
Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the Midwest Obligated Group); Series 2017, Ref. RB		5.00%	08/01/2039		3,190		3,014,518
Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the Midwest Obligated Group);
Series 2017, Ref. RB		5.00%	08/01/2027		2,000		2,012,680
Series 2017, Ref. RB		5.00%	08/01/2037		5,770		5,528,237
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group);
Series 2016 A, Ref. RB(d)		5.00%	11/15/2039		38,800		45,974,508
Wisconsin (State of) Health & Educational Facilities Authority (Benevolent Corp. Cedar Community);
Series 2017, Ref. RB		5.00%	06/01/2037		860		883,839
Series 2017, Ref. RB		5.00%	06/01/2041		955		970,872
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System);
Series 2019, Ref. RB		5.00%	11/01/2039		1,950		2,062,983
Series 2019, Ref. RB		5.00%	11/01/2046		10,050		10,484,763
Series 2019, Ref. RB		5.00%	11/01/2054		1,650		1,705,027
Wisconsin (State of) Health & Educational Facilities Authority (Mile Bluff Medical Center, Inc.);
Series 2014, RB		5.75%	05/01/2039		4,260		4,347,671
Wisconsin (State of) Health & Educational Facilities Authority (Thedacare, Inc.); Series 2019, Ref. RB		4.00%	12/15/2049		5,000		5,656,250
Wisconsin (State of) Public Finance Authority (Alabama Proton Therapy Center);
Series 2017 A, RB(i)		6.25%	10/01/2031		2,475		2,834,865
Series 2017 A, RB(i)		6.85%	10/01/2047		20,735		23,392,398
Series 2017 A, RB(i)		7.00%	10/01/2047		1,250		1,418,963
Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); Series 2017, RB(i)		7.00%	12/01/2050		21,000		18,255,930
Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth); Series 2016 A, RB(i)		5.13%	06/01/2048		11,000		11,733,810
Wisconsin (State of) Public Finance Authority (Delray Beach Radiation Therapy Center);
Series 2017 A, RB(i)		5.75%	11/01/2024		1,440		1,489,421
Series 2017 A, RB(i)		6.25%	11/01/2028		2,525		2,717,405
Series 2017 A, RB(i)		6.85%	11/01/2046		31,015		32,929,866
Series 2017 B, RB(f)(i)		8.50%	11/01/2046		8,000		6,000,000
Wisconsin (State of) Public Finance Authority (Explore Academy);
Series 2018 A, RB(i)		6.13%	02/01/2048		5,535		5,623,615
Series 2020 A, RB(i)		6.13%	02/01/2050		3,305		3,357,913
Wisconsin (State of) Public Finance Authority (Glenridge Palmer Ranch);
Series 2011 A, RB(i)		7.75%	06/01/2028		7,980		8,396,317
Series 2011 A, RB(i)		8.00%	06/01/2035		10,150		10,676,988
Series 2011 A, RB(i)		8.25%	06/01/2046		4,000		4,207,320
Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center);
Series 2018 A-1, RB(i)		6.25%	01/01/2038		11,000		9,183,240
Series 2018 A-1, RB(i)		6.38%	01/01/2048		16,520		13,459,340

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

40                      Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Wisconsin-(continued)
Wisconsin (State of) Public Finance Authority (Mary’s Woods at Marylhurst);
Series 2017 A, Ref. RB(i)		5.25%	05/15/2037	$	1,000	$	1,065,200
Series 2017 A, Ref. RB(i)		5.25%	05/15/2042		1,230		1,301,746
Series 2017 A, Ref. RB(i)		5.25%	05/15/2047		1,225		1,289,153
Series 2017 A, Ref. RB(i)		5.25%	05/15/2052		3,300		3,463,020
Wisconsin (State of) Public Finance Authority (Million Air Two LLC General Aviation Facilities);
Series 2017 A, RB(e)		7.25%	06/01/2035		6,965		7,378,651
Wisconsin (State of) Public Finance Authority (Penick Village Obligated Group);
Series 2019, Ref. RB(i)		4.00%	09/01/2029		580		570,529
Series 2019, Ref. RB(i)		5.00%	09/01/2049		1,450		1,453,117
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.);
Series 2018 A, RB		5.20%	12/01/2037		17,025		18,910,689
Series 2018 A, RB		5.35%	12/01/2045		26,000		28,713,100
Wisconsin (State of) Public Finance Authority (Rose Villa); Series 2014 A, RB(i)		6.00%	11/15/2049		2,500		2,692,500
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences);
Series 2012, RB		5.75%	04/01/2042		6,340		6,518,851
Series 2015, Ref. RB		5.88%	04/01/2045		6,400		6,900,224
Wisconsin (State of) Public Finance Authority (Voyager Foundation, Inc.);
Series 2012 A, RB(b)		5.50%	10/01/2022		305		321,687
Series 2012 A, RB(b)(c)		6.00%	10/01/2022		1,475		1,644,654
Series 2012 A, RB(b)(c)		6.20%	10/01/2022		1,300		1,454,908
Wisconsin (State of) Public Finance Authority (Wittenberg University);
Series 2016, RB(i)		5.00%	12/01/2031		7,830		8,110,940
Series 2016, RB(i)		5.25%	12/01/2039		8,685		8,899,780
							488,761,219
Wyoming-0.06%
West Park Hospital District (West Park Hospital);
Series 2011 A, RB		7.00%	06/01/2040		4,890		5,067,458
Series 2011, Ref. RB		7.00%	06/01/2035		1,085		1,126,046
							6,193,504
Total Municipal Obligations (Cost $10,504,496,057)							11,010,179,625
U.S. Dollar Denominated Bonds & Notes-0.00%
Texas-0.00%
Sears Tyler Methodist Retirement Corp.
(Cost $0)		2.00%	02/25/2048		135		0
TOTAL INVESTMENTS IN SECURITIES(s)-112.07% (Cost $10,504,496,057)							11,010,179,625
FLOATING RATE NOTE OBLIGATIONS-(13.58)%
Notes with interest and fee rates ranging from 0.52% to 1.16% at 08/31/2020 and contractual maturities of collateral ranging from 11/01/2023 to 10/15/2057 (See Note 1K)(t)							(1,334,435,000	)
OTHER ASSETS LESS LIABILITIES-1.51%							148,994,553
NET ASSETS -100.00%						$	9,824,739,178

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

41                      Invesco High Yield Municipal Fund

Investment Abbreviations:

AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BAM	– Build America Mutual Assurance Co.
CEP	– Credit Enhancement Provider
COP	– Certificates of Participation
Ctfs.	– Certificates
GNMA	– Government National Mortgage Association
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
LOC	– Letter of Credit
NATL	– National Public Finance Guarantee Corp.
PCR	– Pollution Control Revenue Bonds
RAC	– Revenue Anticipation Certificates
RB	– Revenue Bonds
Ref.	– Refunding
RN	– Revenue Notes
SIFMA	– Securities Industry and Financial Markets Association
Sr.	– Senior
UCR	– University of California Riverside
VRD	– Variable Rate Demand
Wts.	– Warrants

Notes to Schedule of Investments:

^(a)  Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Fund’s use of leverage.

^(b)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(c)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d)  Underlying security related to TOB Trusts entered into by the Fund. See Note 1K.

^(e)  Security subject to the alternative minimum tax.

^(f)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2020 was $438,089,199, which represented 4.46% of the Fund’s Net Assets.

^(g)  Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

^(h)  Principal and/or interest payments are secured by the bond insurance company listed.

⁽ⁱ⁾  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 August 31, 2020 was $1,540,955,441, which represented 15.68% of the Fund’s Net Assets.

^(j)  Zero coupon bond issued at a discount.

^(k)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(l)  Security is subject to a reimbursement agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $220,125,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

^(m)  The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

⁽ⁿ⁾  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 August 31, 2020.

^(o)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(p)  Security subject to crossover refunding.

^(q)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020.

^(r)  Restructured security not accruing interest income. The aggregate value of these securities at August 31, 2020 was $287,600, which represented less than 1% of the Fund’s Net Assets.

^(s)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

^(t)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2020. At August 31, 2020, the Fund’s investments with a value of $2,133,397,235 are held by TOB Trusts and serve as collateral for the $1,334,435,000 in the floating rate note obligations outstanding at that date.

Open Futures Contracts(a)
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 10 Year Notes		1,772		December-2020	$	(246,751,000	)	$	(156,037	)	$	(156,037	)

^(a)  Futures contracts collateralized by $3,550,000 cash held with Goldman Sachs & Co. LLC., the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

42                      Invesco High Yield Municipal Fund

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2020

Revenue Bonds	83.6	%
General Obligation Bonds	10.7
Pre-Refunded Bonds	4.9
Other	0.8

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

43                      Invesco High Yield Municipal Fund

Statement of Assets and Liabilities

August 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $10,504,496,057)	$	11,010,179,625
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		3,550,000
Receivable for:
Investments sold		29,515,751
Fund shares sold		6,219,135
Interest		145,141,107
Investments matured, at value (Cost $72,422,862)		62,718,052
Investment for trustee deferred compensation and retirement plans		703,827
Other assets		182,961
Total assets		11,258,210,458
Liabilities:
Floating rate note obligations		1,334,435,000
Other investments:
Variation margin payable - futures contracts		276,875
Payable for:
Investments purchased		70,622,350
Dividends		16,612,902
Fund shares reacquired		6,644,540
Amount due custodian		1,782,238
Accrued fees to affiliates		2,207,293
Accrued trustees’ and officers’ fees and benefits		17,453
Accrued other operating expenses		99,900
Trustee deferred compensation and retirement plans		772,729
Total liabilities		1,433,471,280
Net assets applicable to shares outstanding	$	9,824,739,178

Net assets consist of:
Shares of beneficial interest	$	9,999,049,197
Distributable earnings (loss)		(174,310,019	)
	$	9,824,739,178
Net Assets:
Class A	$	6,129,733,170
Class C	$	681,188,495
Class Y	$	2,428,301,091
Class R5	$	154,345
Class R6	$	585,362,077
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		622,761,555
Class C		69,424,479
Class Y		246,275,071
Class R5		15,696
Class R6		59,560,007
Class A:
Net asset value per share	$	9.84
Maximum offering price per share
(Net asset value of $9.84 ÷ 95.75%)	$	10.28
Class C:
Net asset value and offering price per share	$	9.81
Class Y:
Net asset value and offering price per share	$	9.86
Class R5:
Net asset value and offering price per share	$	9.83
Class R6:
Net asset value and offering price per share	$	9.83

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

44                      Invesco High Yield Municipal Fund

Statement of Operations

For the six months ended August 31, 2020

(Unaudited)

Investment income:
Interest	$	265,819,420
Expenses:
Advisory fees		24,326,257
Administrative services fees		745,326
Custodian fees		55,510
Distribution fees:
Class A		7,331,890
Class C		3,697,876
Interest, facilities and maintenance fees		10,308,452
Transfer agent fees – A, C and Y		3,309,685
Transfer agent fees – R5		68
Transfer agent fees – R6		39,107
Trustees’ and officers’ fees and benefits		52,194
Registration and filing fees		184,686
Reports to shareholders		202,354
Professional services fees		101,558
Other		24,680
Total expenses		50,379,643
Less: Expense offset arrangement(s)		(571	)
Net expenses		50,379,072
Net investment income		215,440,348
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains (losses) from securities sold to affiliates of $(615,677))		(175,765,048	)
Futures contracts		(8,054,698	)
		(183,819,746	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(734,138,004	)
Futures contracts		(156,037	)
		(734,294,041	)
Net realized and unrealized gain (loss)		(918,113,787	)
Net increase (decrease) in net assets resulting from operations	$	(702,673,439	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

45                      Invesco High Yield Municipal Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2020 and the year ended February 29, 2020

(Unaudited)

	August 31, 2020			February 29, 2020
Operations:
Net investment income	$	215,440,348		$	442,487,638
Net realized gain (loss)		(183,819,746	)		(32,860,796	)
Change in net unrealized appreciation (depreciation)		(734,294,041	)		874,097,507
Net increase (decrease) in net assets resulting from operations		(702,673,439	)		1,283,724,349
Distributions to shareholders from distributable earnings:
Class A		(134,879,087	)		(267,822,828	)
Class C		(15,234,750	)		(33,553,492	)
Class Y		(59,115,228	)		(134,282,733	)
Class R5		(3,678	)		(8,264	)
Class R6		(13,589,365	)		(23,229,171	)
Total distributions from distributable earnings		(222,822,108	)		(458,896,488	)
Share transactions–net:
Class A		(12,538,177	)		616,372,933
Class C		(190,169,855	)		15,162,005
Class Y		(583,152,997	)		503,432,404
Class R5		(21,345	)		(42,243	)
Class R6		(12,222,473	)		221,009,295
Net increase (decrease) in net assets resulting from share transactions		(798,104,847	)		1,355,934,394
Net increase (decrease) in net assets		(1,723,600,394	)		2,180,762,255
Net assets:
Beginning of period		11,548,339,572			9,367,577,317
End of period	$	9,824,739,178		$	11,548,339,572

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

46                      Invesco High Yield Municipal Fund

Statement of Cash Flows

For the six months ended August 31, 2020

(Unaudited)

Cash provided by operating activities:
Net increase (decrease) in net assets resulting from operations	$	(702,673,439	)
Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities:
Purchases of investments		(1,963,911,484	)
Proceeds from sales of investments		2,957,571,610
Purchases of short-term investments, net		(91,876,810	)
Amortization of premium on investment securities		11,055,124
Accretion of discount on investment securities		(35,486,006	)
Decrease in receivables and other assets		4,119,014
Decrease in accrued expenses and other payables		(1,382,931	)
Increase in variation margin - futures contracts		276,875
Net realized loss from investment securities		175,765,048
Net change in unrealized depreciation on investment securities		734,138,004
Increase in cash collateral – exchange-traded futures contracts		(3,550,000	)
Net cash provided by operating activities		1,084,045,005
Cash provided by (used in) financing activities:
Dividends paid to shareholders from distributable earnings		(100,957,394	)
Increase in payable for amount due custodian		1,782,238
Proceeds from shares of beneficial interest sold		1,268,980,591
Proceeds of TOB Trusts		137,685,000
Repayments of TOB Trusts		(210,535,000	)
Disbursements from shares of beneficial interest reacquired		(2,194,260,123	)
Net cash provided by (used in) financing activities		(1,097,304,688	)
Net decrease in cash and cash equivalents		(13,259,683	)
Cash and cash equivalents at beginning of period		13,259,683
Cash and cash equivalents at end of period	$	–
Non-cash financing activities:
Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders	$	122,925,874
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, facilities and maintenance fees	$	10,308,452

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

47                      Invesco High Yield Municipal Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/20	$	10.68	$	0.22	$	(0.84	)	$	(0.62	)	$	(0.22	)	$	9.84		(5.70	)%	$	6,129,733		1.07	%(d)		1.07	%(d)		0.86	%(d)		4.45	%(d)		17	%
Year ended 02/29/20		9.87		0.43		0.83			1.26			(0.45	)		10.68		13.00			6,659,123		1.13			1.13			0.86			4.19			10
Year ended 02/28/19		9.93		0.43		(0.02	)		0.41			(0.47	)		9.87		4.17			5,561,342		1.22			1.22			0.86			4.37			24
Year ended 02/28/18		9.87		0.52		0.01			0.53			(0.47	)		9.93		5.46			5,360,001		1.06			1.06			0.89			5.17			14
Year ended 02/28/17		10.11		0.50		(0.24	)		0.26			(0.50	)		9.87		2.53			4,922,389		1.01			1.01			0.87			4.87			17
Year ended 02/29/16		10.06		0.52		0.03			0.55			(0.50	)		10.11		5.62			4,838,666		0.93			0.93			0.86			5.22			14
Class C
Six months ended 08/31/20		10.64		0.18		(0.82	)		(0.64	)		(0.19	)		9.81		(5.98	)(e)		681,188		1.76	(d)(e)		1.76	(d)(e)		1.55	(d)(e)		3.76	(d)(e)		17
Year ended 02/29/20		9.84		0.35		0.82			1.17			(0.37	)		10.64		12.09			948,191		1.88			1.88			1.61			3.44			10
Year ended 02/28/19		9.89		0.36		(0.02	)		0.34			(0.39	)		9.84		3.52			860,988		1.97			1.97			1.61			3.62			24
Year ended 02/28/18		9.84		0.45		0.00			0.45			(0.40	)		9.89		4.57			1,282,971		1.81			1.81			1.64			4.42			14
Year ended 02/28/17		10.07		0.42		(0.23	)		0.19			(0.42	)		9.84		1.86			1,175,513		1.76			1.76			1.62			4.12			17
Year ended 02/29/16		10.03		0.45		0.02			0.47			(0.43	)		10.07		4.79	(e)		1,182,368		1.66	(e)		1.66	(e)		1.59	(e)		4.49	(e)		14
Class Y
Six months ended 08/31/20		10.70		0.23		(0.83	)		(0.60	)		(0.24	)		9.86		(5.56	)		2,428,301		0.82	(d)		0.82	(d)		0.61	(d)		4.70	(d)		17
Year ended 02/29/20		9.89		0.46		0.82			1.28			(0.47	)		10.70		13.25			3,291,052		0.88			0.88			0.61			4.44			10
Year ended 02/28/19		9.94		0.46		(0.02	)		0.44			(0.49	)		9.89		4.54			2,557,003		0.97			0.97			0.61			4.62			24
Year ended 02/28/18		9.89		0.55		0.00			0.55			(0.50	)		9.94		5.61			2,562,437		0.81			0.81			0.64			5.42			14
Year ended 02/28/17		10.12		0.52		(0.22	)		0.30			(0.53	)		9.89		2.89			1,867,338		0.76			0.76			0.62			5.12			17
Year ended 02/29/16		10.08		0.55		0.01			0.56			(0.52	)		10.12		5.78			1,560,105		0.68			0.68			0.61			5.47			14
Class R5
Six months ended 08/31/20		10.67		0.23		(0.84	)		(0.61	)		(0.23	)		9.83		(5.60	)		154		0.84	(d)		0.84	(d)		0.62	(d)		4.68	(d)		17
Year ended 02/29/20		9.87		0.46		0.81			1.27			(0.47	)		10.67		13.20			189		0.86			0.86			0.59			4.46			10
Year ended 02/28/19		9.92		0.46		(0.02	)		0.44			(0.49	)		9.87		4.51			215		0.99			0.99			0.63			4.60			24
Year ended 02/28/18		9.86		0.55		0.01			0.56			(0.50	)		9.92		5.70			314		0.80			0.80			0.63			5.43			14
Year ended 02/28/17		10.11		0.52		(0.25	)		0.27			(0.52	)		9.86		2.64			631		0.80			0.80			0.66			5.08			17
Year ended 02/29/16		10.07		0.54		0.02			0.56			(0.52	)		10.11		5.77			2,633		0.72			0.72			0.65			5.43			14
Class R6
Six months ended 08/31/20		10.66		0.23		(0.82	)		(0.59	)		(0.24	)		9.83		(5.47	)		585,362		0.76	(d)		0.76	(d)		0.55	(d)		4.76	(d)		17
Year ended 02/29/20		9.86		0.46		0.82			1.28			(0.48	)		10.66		13.25			649,785		0.81			0.81			0.54			4.51			10
Year ended 02/28/19		9.91		0.46		(0.01	)		0.45			(0.50	)		9.86		4.59			388,029		0.92			0.92			0.56			4.67			24
Period ended 02/28/18(f)		9.90		0.50		(0.03	)		0.47			(0.46	)		9.91		4.76			208,446		0.74	(g)		0.74	(g)		0.57	(g)		5.49	(g)		14

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $5,815,010, $780,316, $2,416,977, $151 and $548,725 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.94% for the six months ended August 31, 2020 and 0.98% for the year ended February 29, 2016.

^(f)  Commencement date of April 04, 2017.

^(g)  Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

48                      Invesco High Yield Municipal Fund

Notes to Financial Statements

August 31, 2020

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco High Yield Municipal Fund (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek federal tax-exempt current income and taxable capital appreciation.

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature will change from ten years to eight years. The first conversion of Class C shares to Class A shares would occur at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

Effective as of the open of business on April 6, 2020, the Fund reopened to all investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. 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.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of

49                      Invesco High Yield Municipal Fund

the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Cash and Cash Equivalents – For the purposes of the Statement of Cash Flows, the Fund defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.

F. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

H. Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.

I. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

J. Indemnifications – Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote.

K. Floating Rate Note Obligations – The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase

50                      Invesco High Yield Municipal Fund

tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

    Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

    There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.

    TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

L. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

M. Other Risks – The Fund may invest in lower-quality debt securities, i.e., “junk bonds.” Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher-rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

    The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities.

    There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

    The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

N. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 300 million		0.600%
Next $300 million		0.550%
Over $600 million		0.500%

    For the six months ended August 31, 2020, the effective advisory fee rate incurred by the Fund was 0.50%.

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

    The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.25% and 1.25%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver

51                      Invesco High Yield Municipal Fund

agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares and Class C shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% of Class C average daily net assets. The fees are accrued daily and paid monthly.

    With respect to Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class C maximum annual reimbursement rate, respectively. With respect to Class A shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

    For the six months ended August 31, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2020, IDI advised the Fund that IDI retained $332,673 in front-end sales commissions from the sale of Class A shares and $392,464 and $29,582 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

    Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 the 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.

    The following is a summary of the tiered valuation input levels, as of August 31, 2020. 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
Municipal Obligations	$	–		$	10,964,258,127	$	45,921,498	$	11,010,179,625
U.S. Dollar Denominated Bonds & Notes		–			0		–		0
Total Investments in Securities		–			10,964,258,127		45,921,498		11,010,179,625
Other Investments - Assets*
Investments Matured		–			62,082,158		635,894		62,718,052
Other Investments - Liabilities*
Futures Contracts		(156,037	)		–		–		(156,037	)
Total Investments	$	(156,037	)	$	11,026,340,285	$	46,557,392	$	11,072,741,640

* Futures contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

    For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

52                      Invesco High Yield Municipal Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of August 31, 2020:

	Value
Derivative Liabilities	Interest Rate Risk
Unrealized depreciation on futures contracts – Exchange-Traded		$(156,037	)
Derivatives not subject to master netting agreements		156,037
Total Derivative Liabilities subject to master netting agreements		$             -

Effect of Derivative Investments for the six months ended August 31, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Interest Rate Risk
Realized Gain (Loss):
Futures contracts		$(8,054,698	)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(156,037	)
Total		$(8,210,735	)

    The table below summarizes the average notional value of derivatives held during the period.

	Futures Contracts
Average notional value		$351,376,417

NOTE 5–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended August 31, 2020, the Fund engaged in securities purchases of $69,771,796 and securities sales of $89,932,875, which resulted in net realized gains (losses) of $(615,677).

NOTE 6–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $571.

NOTE 7–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 8–Cash Balances and Borrowings

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

    Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2020 were $1,273,480,286 and 1.58%, respectively.

NOTE 9–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

53                      Invesco High Yield Municipal Fund

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund had a capital loss carryforward as of February 29, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	189,979,501	$	306,944,137	$	496,923,638

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2020 was $1,845,874,825 and $2,948,465,419, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	929,592,466
Aggregate unrealized (depreciation) of investments		(435,135,404	)
Net unrealized appreciation of investments	$	494,457,062

    Cost of investments for tax purposes is $10,578,284,578.

NOTE 11–Share Information

	Summary of Share Activity
	Six months ended August 31, 2020(a)						Year ended February 29, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		66,106,533		$	629,722,583			96,512,533		$	988,544,405
Class C		5,845,999			55,401,247			24,104,492			245,772,767
Class Y		44,410,603			427,032,660			93,431,909			958,925,579
Class R5		-			-			12,132			125,152
Class R6		15,355,192			147,127,236			30,089,291			308,444,082
Issued as reinvestment of dividends:
Class A		7,492,837			71,793,788			13,941,849			143,628,728
Class C		1,008,520			9,619,996			2,030,791			20,846,496
Class Y		3,335,987			32,009,463			7,259,921			74,951,154
Class R5		329			3,152			423			4,372
Class R6		992,685			9,499,475			1,642,756			16,918,720
Automatic conversion of Class C shares to Class A shares:
Class A		14,105,425			137,540,577			10,470,873			107,660,676
Class C		(14,153,577	)		(137,540,577	)		(10,509,410	)		(107,660,676	)
Reacquired:
Class A		(88,466,739	)		(851,595,125	)		(60,755,184	)		(623,460,876	)
Class C		(12,374,306	)		(117,650,521	)		(14,059,613	)		(143,796,582	)
Class Y		(109,070,978	)		(1,042,195,120	)		(51,633,591	)		(530,444,329	)
Class R5		(2,334	)		(24,497	)		(16,639	)		(171,767	)
Class R6		(17,721,995	)		(168,849,184	)		(10,168,516	)		(104,353,507	)
Net increase (decrease) in share activity		(83,135,819	)	$	(798,104,847	)		132,354,017		$	1,355,934,394

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 55% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 12–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared 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 Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

    The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

54                      Invesco High Yield Municipal Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value (03/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (08/31/20)1	Expenses Paid During Period2	Ending Account Value (08/31/20)	Expenses Paid During Period2
Class A	$1,000.00	$943.00	$5.24	$1,019.81	$5.45	1.07%
Class C	1,000.00	940.20	8.61	1,016.33	8.94	1.76
Class Y	1,000.00	944.40	4.02	1,021.07	4.18	0.82
Class R5	1,000.00	944.00	4.12	1,020.97	4.28	0.84
Class R6	1,000.00	945.30	3.73	1,021.37	3.87	0.76

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

55                      Invesco High Yield Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco High Yield Municipal Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world.

As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Custom Invesco High Yield Municipal Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s actual and contractual management fees and total expense ratio were in the fourth, fifth and fifth

56                      Invesco High Yield Municipal Fund

quintiles of its expense group, respectively, and discussed with management reasons for such relative actual and contractual management fees and total expenses.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

57                      Invesco High Yield Municipal Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.  

SEC file numbers: 811-07890 and 033-66242 Invesco Distributors, Inc. VK-HYM-SAR-1

	Semiannual Report to Shareholders	August 31, 2020
	Invesco Intermediate Term Municipal Income Fund
	Nasdaq: A: VKLMX   ∎ C: VKLCX   ∎ Y: VKLIX   ∎ R6: VKLSX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
34	Financial Statements
37	Financial Highlights
38	Notes to Financial Statements
45	Fund Expenses
46	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco

provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Intermediate Term Municipal Income Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/29/20 to 8/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-1.94	%
Class C Shares	-2.23
Class Y Shares	-1.81
Class R6 Shares	-1.78
S&P Municipal Bond Index▼ (Broad Market Index)	0.29
S&P Municipal Bond 2-17 Years Investment Grade Index▼ (Style-Specific Index)	0.93
Lipper Intermediate Municipal Debt Funds Index∎ (Peer Group Index)	-0.16
Source(s): ∎RIMES Technologies Corp.; ∎Lipper Inc.
The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market.
The S&P Municipal Bond 2-17 Years Investment Grade Index seeks to measure the performance of investment grade US municipals with maturities between two and 17 years.
The Lipper Intermediate Municipal Debt Funds Index is an unmanaged index considered representative of intermediate municipal debt funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3 Invesco Intermediate Term Municipal Income Fund

Average Annual Total Returns
As of 8/31/20, including maximum applicable sales charges
Class A Shares
Inception (5/28/93)	4.41	%
10 Years	3.05
5 Years	2.61
1 Year	-1.62
Class C Shares
Inception (10/19/93)	4.00	%
10 Years	2.55
5 Years	2.36
1 Year	-0.79
Class Y Shares
Inception (8/12/05)	4.02	%
10 Years	3.57
5 Years	3.38
1 Year	1.12
Class R6 Shares
10 Years	3.40	%
5 Years	3.31
1 Year	1.24

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, VanKampen Intermediate Term Municipal Income Fund, advised by VanKampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco VanKampen Intermediate Term Municipal Income Fund (renamed Invesco Intermediate Term Municipal Income Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y shares are those for Class A, Class C and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 2.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do

not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4 Invesco Intermediate Term Municipal Income Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not

acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5 Invesco Intermediate Term Municipal Income Fund

Schedule of Investments

August 31, 2020

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations–101.58%
Alabama–1.96%
Alabama (State of) Port Authority; Series 2017 A, Ref. RB (INS - AGM)(a)(b)		5.00%		10/01/2033	$	3,500	$      4,258,205
Alabaster (City of), AL Board of Education; Series 2014 A, GO Wts. (INS - AGM)(b)		5.00%		09/01/2025		1,500	1,751,025
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority; Series 2018 B, RB		5.00%		07/01/2035		2,345	2,357,335
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging);
Series 2016, RB		5.25%		06/01/2025		90	92,435
Series 2016, RB		5.50%		06/01/2030		2,000	2,086,780
Health Care Authority for Baptist Health; Series 2006 D, RB		5.00%		11/15/2021		230	230,766
Lee (County of), AL Public Building Authority (DHR Building); Series 2006, Revenue Ctfs. (INS - SGI)(b)		4.38%		09/01/2025		10	10,033
Lower Alabama Gas District (The); Series 2016 A, RB		5.00%		09/01/2034		5,000	6,708,400
Pell City (City of), AL Special Care Facilities Financing Authority (Noland Health Services, Inc.);
Series 2012, RB		5.00%		12/01/2021		2,250	2,378,633
Series 2016 A, RB		5.00%		12/01/2031		4,850	5,065,097
Selma (City of), AL Industrial Development Board (International Paper Co.); Series 2019, Ref. RB(c)		2.00%		10/01/2024		1,500	1,566,570
Southeast Alabama Gas Supply District (The) (No. 1);
Series 2018 B, RB (67% of 1 mo. USD LIBOR + 0.90%)(c)(d)		1.96%		04/01/2024		4,875	4,870,125
Series 2018 C, RB (SIFMA Municipal Swap Index + 0.65%)(c)(d)		1.80%		04/01/2024		1,625	1,616,615
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(e)		4.50%		05/01/2032		3,500	3,839,010
UAB Medicine Finance Authority; Series 2019, RB		5.00%		09/01/2031		550	710,650
							37,541,679
Arizona–3.24%
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital); Series 2014, Ref. RB		5.00%		12/01/2032		3,400	3,869,880
Arizona (State of) Industrial Development Authority; Series 2019 A-2, RB		3.63%		05/20/2033		1,972	2,059,102
Arizona (State of) Industrial Development Authority (Academies of Math & Science); Series 2019, RB(e)		5.00%		07/01/2039		1,000	1,056,950
Arizona (State of) Industrial Development Authority (Basis Schools); Series 2017 D, Ref. RB(e)		5.00%		07/01/2037		630	680,979
Arizona (State of) Industrial Development Authority (Great Laked Senior Living Community); Series 2019 A, RB		5.00%		01/01/2035		2,600	2,509,520
Arizona (State of) Industrial Development Authority (Pinecrest Academy of Nevada-Horizon, Inspirada and St. Rose Campus Projects); Series 2018 A, RB(e)		5.75%		07/15/2038		1,810	2,007,091
Glendale (City of), AZ; Series 2015, Ref. RB (INS - AGM)(b)		5.00%		07/01/2029		1,000	1,209,190
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); Series 2017, Ref. RB		5.00%		11/15/2028		2,105	2,282,746
La Paz (County of), AZ Industrial Development Authority (Charter School Solutions- Harmony Public Schools); Series 2018 A, RB		5.00%		02/15/2038		1,200	1,345,848
Maricopa County Pollution Control Corp. (Southern California Edison Co.);
Series 2000 A, Ref. PCR		5.00%		06/01/2035		3,025	3,033,924
Series 2000 B, Ref. RB		5.00%		06/01/2035		3,000	3,008,850
Navajo (Nation of); Series 2015 A, Ref. RB(e)		5.50%		12/01/2030		725	804,184
Northern Arizona University; Series 2015, Ref. RB (INS - BAM)(b)		5.00%		06/01/2032		250	290,847
Peoria (City of), AZ Industrial Development Authority (Sierra Winds Life Care Community);
Series 2014, Ref. RB		5.00%		11/15/2024		2,025	1,989,522
Series 2014, Ref. RB		5.25%		11/15/2029		2,105	2,024,589
Phoenix (City of), AZ Industrial Development Authority (Great Hearts Academies); Series 2016, Ref. RB		5.00%		07/01/2036		1,000	1,091,420
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(e)		5.75%		07/01/2024		825	892,477
Phoenix (City of), AZ Industrial Development Authority (Rowan University); Series 2012, RB		5.00%		06/01/2027		3,000	3,162,750
Phoenix Civic Improvement Corp.; Series 2019 A, RB		5.00%		07/01/2033		3,500	4,137,490
Pima (County of), AZ Industrial Development Authority (American Leadership Academy);
Series 2015, Ref. RB(e)		5.38%		06/15/2035		1,360	1,417,161
Series 2017, RB(e)		4.75%		06/15/2037		4,500	4,508,865
Pima (County of), AZ Industrial Development Authority (Desert Heights Charter School); Series 2014, Ref. RB		6.00%		05/01/2024		325	344,614

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6 Invesco Intermediate Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Arizona–(continued)
Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB(e)		5.00%		09/01/2026	$	45	$           46,746
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB(e)		5.00%		07/01/2033		2,245	2,290,282
Salt River Project Agricultural Improvement & Power District; Series 2016 A, Ref. RB		5.00%		01/01/2034		5,500	6,817,910
Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU);
Series 2017 A, RB(e)		5.50%		10/01/2027		900	943,947
Series 2017 B, RB(e)		4.00%		10/01/2023		460	459,066
University of Arizona Board of Regents (Arizona Biomedical Research Collaborative Building); Series 2006, COP (INS - AMBAC)(b)		4.50%		06/01/2031		20	20,062
Verrado Community Facilities District No. 1;
Series 2013 A, Ref. GO Bonds(e)		5.00%		07/15/2021		485	490,282
Series 2013 A, Ref. GO Bonds(e)		5.00%		07/15/2022		570	581,275
Series 2013 A, Ref. GO Bonds(e)		5.00%		07/15/2023		825	847,341
Series 2013 B, GO Bonds(e)		5.00%		07/15/2023		285	292,718
Westpark Community Facility District; Series 2016, Ref. GO Bonds		5.00%		07/15/2032		2,000	2,257,420
Yavapai (County of), AZ Industrial Development Authority (Northern Arizona Healthcare System); Series 2011, Ref. RB		5.25%		10/01/2026		2,000	2,096,400
Yuma (City of), AZ Industrial Development Authority (Regional Medical Center); Series 2014 A, RB		5.00%		08/01/2025		1,000	1,155,800
							62,027,248
Arkansas–0.08%
Pulaski (County of), AR Public Facilities Board; Series 2014, RB		5.00%		12/01/2028		1,345	1,544,827
California–8.23%
Adelanto (City of), CA Public Utility Authority;
Series 2017 A, Ref. RB (INS - AGM)(b)		5.00%		07/01/2027		175	228,548
Series 2017 A, Ref. RB (INS - AGM)(b)		5.00%		07/01/2028		315	407,679
Series 2017 A, Ref. RB (INS - AGM)(b)		5.00%		07/01/2029		300	386,040
Series 2017 A, Ref. RB (INS - AGM)(b)		5.00%		07/01/2030		325	415,786
Series 2017 A, Ref. RB (INS - AGM)(b)		5.00%		07/01/2031		310	394,212
Series 2017 A, Ref. RB (INS - AGM)(b)		5.00%		07/01/2032		310	391,074
Atwater (City of), CA; Series 2017 A, Ref. RB (INS - AGM)(b)		5.00%		05/01/2033		100	123,122
Bay Area Toll Authority (San Francisco Bay Area); Series 2001 A, RB (SIFMA Municipal Swap Index + 1.25%)(c)(d)		1.33%		04/01/2027		3,000	2,996,250
Beaumont (City of), TX Financing Authority (Improvement Area No. 17A); Series 2013 B, RB		5.00%		09/01/2028		1,000	1,096,810
California (County of), CA Tobacco Securitization Agency;
Series 2020 A, Ref. RB		5.00%		06/01/2032		385	506,968
Series 2020 A, Ref. RB		5.00%		06/01/2033		600	781,830
Series 2020 B-1, Ref. RB		1.75%		06/01/2030		1,000	1,016,200
California (County of), CA Tobacco Securitization Agency (Gold Country Settlement Funding Corp.); Series 2006, RB(f)		0.00%		06/01/2033		3,000	1,443,270
California (State of);
Series 2015, Ref. GO Bonds		5.00%		03/01/2030		5,000	5,993,500
Series 2020, Ref. GO Bonds		4.00%		03/01/2040		5,000	6,007,050
California (State of) County Tobacco Securitization Agency; Series 2014, Ref. RB		4.00%		06/01/2029		2,000	2,008,840
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2002, RB		6.00%		06/01/2042		2,250	2,252,182
California (State of) Educational Facilities Authority (Chapman University); Series 2011, RB		5.00%		04/01/2025		420	429,920
California (State of) Enterprise Development Authority (Academy for Academic Excellence); Series 2020 A, RB(e)		5.00%		07/01/2040		1,000	1,048,230
California (State of) Health Facilities Financing Authority (Children’s Hospital of Orange County); Series 2011 A, RB		5.00%		11/01/2024		500	525,910
California (State of) Housing Finance Agency;
Series 2019 2, Class A, Revenue Ctfs.		4.00%		03/20/2033		6,930	7,657,432
Series 2019 A-1, RB		4.25%		01/15/2035		1,972	2,223,173
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2016 A, Ref. RB		5.00%		06/01/2046		875	966,998
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); Series 2018, RB		5.00%		05/15/2035		5,000	5,860,550

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Invesco Intermediate Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California–(continued)
California (State of) Municipal Finance Authority (Emerson College);
Series 2011, RB(c)(g)		5.00%		01/01/2022	$	1,230	$      1,305,165
Series 2011, RB		5.00%		01/01/2028		270	282,523
California (State of) Municipal Finance Authority (Harbor Regional Center); Series 2015, Ref. RB		5.00%		11/01/2032		1,000	1,189,430
California (State of) Pollution Control Finance Authority; Series 2012, RB(a)(e)		5.00%		07/01/2027		6,695	7,086,390
California (State of) Public Works Board (California Community Colleges); Series 2004 B, RB		5.50%		06/01/2022		125	125,526
California (State of) School Finance Authority (Alliance for College-Ready Public Schools); Series 2013 A, RB		5.25%		07/01/2023		660	707,157
California (State of) School Finance Authority (KIPP LA); Series 2014 A, RB		4.13%		07/01/2024		320	342,112
California (State of) Statewide Communities Development Authority (Bakersfield Consolidated Reassessment District No. 12-1); Series 2012, RB		5.00%		09/02/2022		100	107,137
California (State of) Statewide Communities Development Authority (California Baptist University); Series 2017 A, Ref. RB(e)		5.00%		11/01/2032		1,135	1,217,458
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center);
Series 2014, RB		5.25%		12/01/2029		4,300	4,768,141
Series 2018 A, RB(e)		5.25%		12/01/2038		1,000	1,104,340
California (State of) Statewide Communities Development Authority (University of California, Irvine East Campus Apartments, CHF-Irvine, LLC); Series 2016, Ref. RB		5.00%		05/15/2032		1,250	1,408,000
California Public Finance Authority (Henry Mayo Newhall Hospital);
Series 2017, Ref. RB		5.00%		10/15/2031		1,070	1,222,389
Series 2017, Ref. RB		5.00%		10/15/2033		1,000	1,132,720
California Statewide Communities Development Authority (Baptist University); Series 2017 A, Ref. RB(e)		3.00%		11/01/2022		1,265	1,266,138
Chula Vista (City of), CA Municipal Financing Authority; Series 2015 B, Ref. RB		5.00%		09/01/2026		1,500	1,812,675
Corona-Norco Unified School District (Community Facilities District No. 98-1);
Series 2013, Ref. RB		5.00%		09/01/2021		810	849,212
Series 2013, Ref. RB		5.00%		09/01/2023		1,000	1,142,920
El Centro (City of), CA Financing Authority (El Centro California Redevelopment); Series 2011, RB		6.63%		11/01/2025		100	103,892
El Dorado (County of), CA (Community Facilities District No. 1992-1 - El Dorado Hills Development); Series 2012, Ref. RB		5.00%		09/01/2024		495	541,377
Fresno (City of), CA; Series 2010 A-1, RB		5.50%		06/01/2022		1,000	1,004,340
Golden State Tobacco Securitization Corp.;
Series 2013 A, RB		5.00%		06/01/2021		2,000	2,071,640
Series 2017 A-1, Ref. RB		5.00%		06/01/2027		4,000	4,991,080
Series 2018A-1, Ref. RB		5.00%		06/01/2030		4,000	4,964,080
Indio (City of), CA Community Facilities District No. 2004-3 (Improvement Area No. 1); Series 2015, Ref. RB		5.00%		09/01/2035		955	1,072,857
Irvine (City of), CA (Reassessment District No. 13-1);
Series 2013, RB		5.00%		09/02/2020		450	450,000
Series 2013, RB		5.00%		09/02/2021		375	393,206
Series 2013, RB		5.00%		09/02/2022		710	775,292
Series 2013, RB		5.00%		09/02/2023		500	566,530
Lake Elsinore (City of), CA Public Financing Authority; Series 2015, Ref. RB		5.00%		09/01/2028		2,115	2,451,898
Lancaster (City of), CA Redevelopment Agency Successor Agency (Lancaster Public Capital Improvements); Series 2010, Ref. RB		5.50%		12/01/2028		500	504,480
Lancaster (City of), CA Redevelopment Agency Successor Agency (Redevelopment Areas); Series 2017, Ref. RB (INS - AGM)(b)		4.00%		08/01/2039		3,400	3,746,732
Lodi (City of), CA Public Financing Authority; Series 2012, Ref. RB		5.25%		10/01/2026		500	537,285
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport);
Series 2018 B, Ref. RB(a)		5.00%		05/15/2029		2,000	2,521,780
Series 2018 D, Ref. RB(a)		5.00%		05/15/2031		3,000	3,811,080
Series 2019 E, RB		5.00%		05/15/2031		905	1,166,210
Los Angeles Unified School District;
Series 2010, GO Bonds		5.25%		07/01/2034		5,000	5,018,850
Series 2020 RYQ, GO Bonds		4.00%		07/01/2038		5,000	6,025,850
Modesto (City of), CA Irrigation District; Series 2015 B, Ref. RB		5.00%		10/01/2028		1,595	1,918,003
Monrovia (City of), CA Redevelopment Agency Successor Agency (Central Redevelopment - Project Area No. 1); Series 2011, RB(c)(g)		6.50%		05/01/2021		100	104,143
Murrieta (City of), CA Public Financing Authority; Series 2012, Ref. RB		5.00%		09/01/2023		1,000	1,083,600

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Intermediate Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California–(continued)
Oakland Unified School District (County of Alameda);
Series 2015 A, GO Bonds		5.00%		08/01/2028	$	1,000	$      1,192,060
Series 2015 A, GO Bonds		5.00%		08/01/2029		1,160	1,378,242
Oroville (City of), CA (Oroville Hospital); Series 2019, RB		5.25%		04/01/2034		2,000	2,233,320
Palomar Health; Series 2016, Ref. RB		5.00%		11/01/2031		500	586,535
Rancho Cordova (City of), CA Community Facilities District No. 2003-1 (Sunridge Anatolia);
Series 2012, Ref. RB		5.00%		09/01/2022		575	621,776
Series 2012, Ref. RB		5.00%		09/01/2023		450	486,311
Redwood City (City of), CA (Redwood Shores Community Facilities District No. 99-1 - Shores Transportation Improvement); Series 2012, Ref. RB		5.00%		09/01/2026		495	528,516
Riverside (City of), CA (Riverwalk Assessment District); Series 2011, Ref. RB		5.25%		09/02/2026		400	411,732
Riverside (County of), CA (Community Facilities District No. 04-2); Series 2012, Ref. RB		5.00%		09/01/2028		500	533,135
Riverside (County of), CA Public Financing Authority (County Facilities);
Series 2012, Ref. RB		5.00%		05/01/2025		250	268,973
Series 2012, Ref. RB		5.00%		05/01/2026		250	268,713
Riverside (County of), CA Public Financing Authority (Desert Communities and Interstate 215 Corridor - Project Area No. 1); Series 2015 A, RB (INS - AGM)(b)		5.00%		10/01/2029		1,375	1,631,424
Riverside (County of), CA Redevelopment Successor Agency (Jurupa Valley Redevelopment); Series 2011 B, RB		5.75%		10/01/2020		100	100,450
San Bernardino (City of), CA Joint Powers Financing Authority; Series 2005 A, Ref. RB (INS - AGM)(b)		5.75%		10/01/2020		350	351,498
San Buenaventura (City of), CA (Community Memorial Health System);
Series 2011, RB		6.25%		12/01/2020		1,000	1,010,780
Series 2011, RB		6.50%		12/01/2022		2,620	2,769,104
San Diego (City of), CA Community Facilities District No. 3; Series 2013, Ref. RB		5.00%		09/01/2024		520	578,417
San Diego (City of), CA Public Facilities Financing Authority; Series 2012 A, Ref. RB(c)(g)		5.00%		08/01/2022		250	272,910
San Diego (County of), CA Regional Airport Authority; Series 2013 B, RB(a)		5.00%		07/01/2023		700	780,472
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);
Series 2011 C, Ref. RB(a)(c)(g)		5.00%		05/01/2021		2,000	2,062,280
Series 2019 D, Ref. RB		5.00%		05/01/2030		1,800	2,341,242
Series 2019 E, Ref. RB(a)		5.00%		05/01/2035		2,000	2,495,340
San Francisco (City & County of), CA Redevelopment Financing Authority (Mission Bay South Redevelopment); Series 2011 D, RB(c)(g)		6.63%		02/01/2021		500	513,110
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency Community Facilities District No. 6 (Mission Bay South Public Improvements);
Series 2013 A, Ref. RB		5.00%		08/01/2027		750	801,338
Series 2013 B, RB		5.00%		08/01/2027		405	432,722
San Gorgonio Memorial Health Care District; Series 2013, GO Bonds		5.00%		08/01/2025		1,010	1,012,323
San Jose (City of), CA; Series 2011 A-1, RB(a)		5.25%		03/01/2026		2,000	2,043,060
San Luis Obispo (County of), CA Financing Authority (Lopez Dam Improvement); Series 2011 A, Ref. RB (INS - AGM)(b)		5.50%		08/01/2026		3,195	3,349,542
Santa Clarita (City of), CA Community Facilities District No. 2002-1 (Valencia Town Center); Series 2012, Ref. RB		5.00%		11/15/2022		520	559,884
Santa Margarita Water District (Community Facilities District No. 2013-1);
Series 2013, RB		5.00%		09/01/2026		990	1,087,990
Series 2013, RB		5.13%		09/01/2027		1,150	1,264,229
South Gate Utility Authority; Series 2012, RB(c)(g)		5.25%		10/01/2022		500	552,285
South Tahoe Joint Powers Financing Authority (South Tahoe Redevelopment Project Area No. 1); Series 2015 A, Ref. RB (INS - NATL)(b)		5.00%		10/01/2028		2,080	2,327,499
West Contra Costa Unified School District (Election of 2005); Series 2008 B, GO Bonds		6.00%		08/01/2023		1,000	1,160,760
Westlands Water District;
Series 2012 A, Ref. RB(c)(g)		5.00%		09/01/2022		80	87,482
Series 2012 A, Ref. RB (INS - AGM)(b)		5.00%		09/01/2026		100	109,537
Series 2012 A, Ref. RB (INS - AGM)(b)		5.00%		09/01/2027		20	21,891
William S. Hart Union High School District (Community Facilities District No. 2005-1); Series 2015, Ref. RB		5.00%		09/01/2032		1,045	1,169,094
							157,451,188
Colorado–1.94%
Arkansas (State of) River Power Authority;
Series 2006, RB(g)		5.88%		10/01/2021		685	706,084
Series 2018 A, Ref. RB		5.00%		10/01/2032		2,645	3,014,427

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Intermediate Term Municipal Income Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Colorado–(continued)
BNC Metropolitan District No. 1; Series 2017 A, Ref. GO Bonds (INS - BAM)(b)	5.00%		12/01/2032	$	360	$         444,010
Brighton Crossing Metropolitan District No. 4; Series 2017 A, GO Bonds	5.00%		12/01/2037		525	545,312
Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2017, Ref. RB(e)	5.00%		12/01/2029		4,000	4,186,200
Colorado (State of) Health Facilities Authority (Christian Living Neighborhoods); Series 2016, Ref. RB	5.00%		01/01/2031		2,475	2,535,266
Colorado (State of) Health Facilities Authority (Commonspirit Health); Series 2019 A, Ref. RB	4.00%		08/01/2037		4,730	5,348,495
Colorado (State of) Health Facilities Authority (SCL Health System); Series 2019 A, Ref. RB	5.00%		01/01/2034		2,425	3,118,914
Colorado (State of) Health Facilities Authority (Sunny Vista Living Center);
Series 2015 A, Ref. RB(e)	5.00%		12/01/2025		550	556,006
Series 2015 A, Ref. RB(e)	5.50%		12/01/2030		750	758,093
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, RB	5.00%		01/15/2022		850	850,935
Denver (City & County of), CO;
Series 2012 A, RB(a)	5.00%		11/15/2022		740	808,080
Series 2018 A, Ref. RB(a)	5.00%		12/01/2030		2,000	2,634,680
Series 2018 A-2, RB(f)	0.00%		08/01/2030		800	643,176
Series 2018 A-2, RB(f)	0.00%		08/01/2031		1,000	766,110
Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB(a)	5.00%		10/01/2032		3,000	3,035,880
Denver (State of) Health & Hospital Authority;
Series 2019 A, Ref. RB	4.00%		12/01/2037		1,000	1,076,160
Series 2019 A, Ref. RB	4.00%		12/01/2038		1,250	1,341,000
Interquest South Business Improvement District; Series 2017, GO Bonds	4.50%		12/01/2030		240	242,338
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 A-2, RB	4.13%		12/01/2040		575	577,645
Plaza Metropolitan District No. 1;
Series 2013, Ref. RB(e)	5.00%		12/01/2021		1,045	1,074,114
Series 2013, Ref. RB(e)	5.00%		12/01/2022		1,000	1,045,950
Vauxmont Metropolitan District;
Series 2019, Ref. GO Bonds (INS - AGM)(b)	5.00%		12/15/2031		135	158,306
Series 2019, Ref. GO Bonds (INS - AGM)(b)	5.00%		12/15/2032		160	186,967
Series 2020, Ref. GO Bonds (INS - AGM)(b)	5.00%		12/01/2031		230	293,804
Series 2020, Ref. GO Bonds (INS - AGM)(b)	5.00%		12/01/2032		250	317,150
Series 2020, Ref. GO Bonds (INS - AGM)(b)	5.00%		12/01/2033		255	321,955
Series 2020, Ref. GO Bonds (INS - AGM)(b)	5.00%		12/01/2034		285	358,678
Series 2020, Ref. GO Bonds (INS - AGM)(b)	5.00%		12/01/2035		100	125,294
						37,071,029
Connecticut–1.64%
Connecticut (State of);
Series 2018 C, GO Bonds	5.00%		06/15/2027		3,000	3,809,520
Series 2019 A, GO Bonds	5.00%		04/15/2034		3,450	4,382,949
Series 2019 A, GO Bonds	5.00%		04/15/2035		1,150	1,455,681
Connecticut (State of) (Transportation Infrastructure); Series 2018, RB	5.00%		01/01/2030		3,500	4,425,925
Connecticut (State of) Development Authority (Aquarion Water Co.); Series 2011, RB(a)	5.50%		04/01/2021		1,000	1,026,210
Connecticut (State of) Health & Educational Facilities Authority;
Series 2020 A, RB	5.00%		07/01/2033		1,510	1,920,222
Series 2020 G-1, Ref. RB(e)	5.00%		07/01/2030		285	333,966
Series 2020 G-1, Ref. RB(e)	5.00%		07/01/2031		540	626,778
Series 2020 G-1, Ref. RB(e)	5.00%		07/01/2033		600	682,950
Hamden (Town of), CT (Whitney Center); Series 2019, Ref. RB	5.00%		01/01/2030		3,000	3,098,850
University of Connecticut;
Series 2016 A, RB	5.00%		03/15/2032		2,940	3,483,459
Series 2017 A, RB	5.00%		01/15/2030		5,000	6,120,350
						31,366,860
District of Columbia–1.12%
District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB	5.00%		10/01/2030		2,550	2,495,022

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Intermediate Term Municipal Income Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
District of Columbia–(continued)
Metropolitan Washington Airports Authority;
Series 2016 A, Ref. RB(a)	5.00%		10/01/2034	$	2,215	$      2,628,009
Series 2019 A, Ref. RB(a)	5.00%		10/01/2032		1,435	1,825,320
Series 2019 A, Ref. RB(a)	5.00%		10/01/2033		3,000	3,796,470
Series 2020 A, Ref. RB(a)	5.00%		10/01/2032		3,000	3,898,260
Series 2020 A, Ref. RB(a)	5.00%		10/01/2033		3,000	3,876,480
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement);
Series 2010 A, RB(f)	0.00%		10/01/2037		5,000	2,858,100
Series 2010 A, RB (INS - AGM)(b)(f)	0.00%		10/01/2037		40	24,539
						21,402,200
Florida–3.75%
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics); Series 2019, Ref. RB	5.00%		12/01/2034		2,570	3,261,793
Atlantic Beach (City of), FL (Fleet Landing);
Series 2013 A, Ref. RB	5.00%		11/15/2021		440	455,118
Series 2013 A, Ref. RB	5.00%		11/15/2022		375	397,778
Series 2013 A, Ref. RB	5.00%		11/15/2023		565	613,285
Series 2018 A, RB	5.00%		11/15/2038		1,100	1,197,625
Capital Trust Agency (H-Bay Ministries, Inc.- Superior Residences); Series 2018 B, RB	4.50%		07/01/2038		500	273,975
Capital Trust Agency (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. RB(e)	5.00%		07/01/2032		2,545	2,581,572
Capital Trust Agency, Inc. (Franklin Academy); Series 2020, RB(e)	5.00%		12/15/2040		1,220	1,296,762
Capital Trust Agency, Inc. (Viera Charter Schools, Inc.); Series 2017 A, RB(e)	5.00%		10/15/2037		510	532,307
Citizens Property Insurance Corp.; Series 2012 A-1, RB	5.00%		06/01/2022		2,000	2,158,920
Collier (County of), FL Industrial Development Authority (The Arlington of Naples); Series 2014 A, RB(e)	7.25%		05/15/2026		1,215	911,250
Florida (State of) Higher Educational Facilities Financial Authority (Florida Institute of Technology);
Series 2019, RB	5.00%		10/01/2032		840	940,741
Series 2019, RB	5.00%		10/01/2033		1,720	1,913,517
Florida (State of) Municipal Power Agency (St. Lucie); Series 2011 B, RB	5.00%		10/01/2026		2,000	2,095,040
Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB	5.00%		01/01/2034		5,000	5,922,650
Florida (State of) Ports Financing Commission (State Transportation Trust Fund); Series 2011 A, Ref. RB	5.00%		10/01/2027		1,000	1,049,420
Florida Development Finance Corp. (Renaissance Charter School, Inc.);
Series 2015, RB(e)	6.00%		06/15/2035		1,265	1,406,705
Series 2020 C, Ref. RB(e)	4.00%		09/15/2030		470	488,109
Florida Housing Finance Corp.; Series 2015 A, RB (CEP - GNMA)	3.65%		07/01/2041		620	652,147
Greater Orlando Aviation Authority; Series 2019 A, RB(a)	5.00%		10/01/2031		4,000	5,097,400
Halifax Hospital Medical Center; Series 2015, Ref. RB	5.00%		06/01/2035		325	366,854
Highlands (County of), FL Health Facilities Authority (Trousdale Foundation Properties); Series 2018 A, RB	5.25%		04/01/2028		2,500	1,777,050
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); Series 2018 A, RB(e)	5.00%		07/15/2028		600	629,190
Lee (County of), FL Industrial Development Authority (Preserve (The)); Series 2017 A, RB(e)	5.38%		12/01/2032		1,000	1,014,590
Manatee (County of), FL School District;
Series 2017, RB (INS - AGM)(b)	5.00%		10/01/2029		1,000	1,238,700
Series 2017, RB (INS - AGM)(b)	5.00%		10/01/2031		3,000	3,688,710
Series 2017, RB (INS - AGM)(b)	5.00%		10/01/2032		1,250	1,529,525
Martin (County of), FL Health Facilities Authority (Martin Memorial Medical Center); Series 2012, RB(c)(g)	5.50%		11/15/2021		1,670	1,775,845
Miami (City of) & Dade (County of), FL School Board; Series 2015 A, Ref. COP	5.00%		05/01/2032		1,900	2,241,962
Miami (City of), FL;
Series 2012, Ref. RB(c)(e)(g)	5.00%		03/01/2023		900	1,005,156
Series 2012, Ref. RB(e)	5.00%		03/01/2030		100	111,106
Miami-Dade (County of), FL (Jackson Health System); Series 2015 A, Ref. RB	5.00%		06/01/2033		1,000	1,152,600
Miami-Dade (County of), FL Expressway Authority;
Series 2013 A, Ref. RB	5.00%		07/01/2022		2,000	2,142,460
Series 2016 A, Ref. RB	5.00%		07/01/2028		1,625	1,960,270
Miami-Dade (County of), FL Industrial Development Authority (Waste Management, Inc.); Series 2018 B, RB (SIFMA Municipal Swap Index + 0.80%)(a)(c)(d)	0.88%		11/01/2021		3,000	3,000,930
Mirabella Community Development District; Series 2013, RB	6.00%		11/01/2026		180	194,173

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Intermediate Term Municipal Income Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Florida–(continued)
Orlando (City of) & Orange (County of), FL Expressway Authority; Series 2012, Ref. RB	5.00%		07/01/2023	$	1,000	$      1,084,800
Orlando (City of), FL Community Redevelopment Agency (Conroy Road District); Series 2012, Ref. RB	5.00%		04/01/2023		500	530,785
Osceola (County of), FL;
Series 2020 A-1, Ref. RB	5.00%		10/01/2033		350	437,668
Series 2020 A-1, Ref. RB	5.00%		10/01/2034		300	373,674
Series 2020 A-1, Ref. RB	5.00%		10/01/2035		500	620,075
Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities, Inc.);
Series 2016, Ref. RB	5.00%		11/15/2032		3,500	4,091,745
Series 2020 B, RB	4.00%		11/15/2041		250	275,578
Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center, Inc.); Series 2013 A, RB	5.00%		11/01/2023		1,965	2,135,503
Pinellas (County of), FL; Series 2003, RB (INS - AGM)(b)	5.00%		10/01/2032		175	175,681
Pinellas County Educational Facilities Authority (Barry University); Series 2012, Ref. RB	5.25%		10/01/2030		2,500	2,591,050
Reedy Creek Improvement District;
Series 2013 1, Ref. RB	5.00%		10/01/2021		885	918,842
Series 2013 1, Ref. RB	5.00%		10/01/2022		800	858,248
Tampa (City of), FL (BayCare Health System); Series 2012 A, Ref. RB	5.00%		11/15/2026		500	535,950
						71,704,834
Georgia–0.91%
Brookhaven Development Authority (Children’s Healthcare of Atlanta, Inc.); Series 2019 A, RB	5.00%		07/01/2031		330	430,851
College Park (City of), GA (Atlanta International Airport); Series 2006 B, RB (INS - NATL)(b)	4.50%		01/01/2031		15	15,047
Fulton (County of), GA Development Authority (Wellstar Health System, Inc.); Series 2017, RB	5.00%		04/01/2033		1,870	2,265,225
Georgia (State of) Municipal Electric Authority; Series 2019 A, Ref. RB	5.00%		01/01/2033		1,200	1,529,328
Georgia (State of) Municipal Electric Authority (Project One); Series 2015 A, Ref. RB	5.00%		01/01/2032		875	1,008,201
Georgia Municipal Association, Inc.; Series 1998, COP (INS - AGM)(b)	5.00%		12/01/2023		35	35,134
Georgia State Environmental Loan Acquisition Corp.; Series 2011, RB(c)(g)	5.13%		03/15/2021		225	230,949
Houston (County of), GA Hospital Authority (Houston Hospitals, Inc.); Series 2016 A, Ref. RB	5.00%		10/01/2031		910	971,871
Macon-Bibb (County of), GA Urban Development Authority (Academy for Classical Education, Inc.); Series 2017 A, RB(e)	5.75%		06/15/2037		1,540	1,575,405
Metropolitan Atlanta Rapid Transit Authority; Series 2016 B, Ref. RB	5.00%		07/01/2032		7,150	8,790,639
Randolph (County of), GA; Series 2012 A, GO Bonds	5.00%		04/01/2030		500	528,045
						17,380,695
Guam–0.18%
Guam (Territory of) Power Authority;
Series 2012 A, Ref. RB (INS - AGM)(b)	5.00%		10/01/2021		1,500	1,564,965
Series 2012 A, Ref. RB (INS - AGM)(b)	5.00%		10/01/2022		1,700	1,840,590
						3,405,555
Hawaii–0.76%
Hawaii (State of) Department of Budget & Finance;
Series 2012, Ref. RB	5.00%		11/15/2027		1,000	1,086,170
Series 2019, Ref. RB	3.20%		07/01/2039		1,655	1,720,803
Hawaii (State of) Department of Transportation (Airports Division);
Series 2013, COP(a)	5.00%		08/01/2021		1,000	1,035,920
Series 2013, COP(a)(h)	5.00%		08/01/2022		2,000	2,147,300
Series 2013, COP(a)	5.00%		08/01/2023		1,250	1,386,312
Honolulu (City & County of), HI Wastewater System Revenue; Series 2015 A, Ref. RB(i)	5.00%		07/01/2031		6,000	7,179,120
						14,555,625
Idaho–0.12%
Idaho (State of) Housing & Finance Association; Series 2019, Ref. RB	5.00%		07/15/2035		1,900	2,340,344
Illinois–12.33%
Bartlett (Village of), IL (Quarry Redevelopment);
Series 2007, Ref. RB	5.60%		01/01/2023		565	565,452
Series 2016, Ref. RB	4.00%		01/01/2024		2,845	2,805,625
Bolingbrook (Village of), IL Special Service Area No. 2005-1; Series 2019, Ref. RB	5.00%		03/01/2033		1,645	1,655,215

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Intermediate Term Municipal Income Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Illinois–(continued)
Chicago (City of), IL;
Series 2003 B, Ref. GO Bonds	5.00%		01/01/2024	$	1,795	$      1,950,447
Series 2004, Ref. RB	5.00%		11/01/2028		3,000	3,610,320
Series 2008 C, Ref. RB	5.00%		01/01/2029		2,500	2,912,275
Series 2008 C, Ref. RB	5.00%		01/01/2030		1,500	1,739,085
Series 2011, COP	7.13%		05/01/2021		256	255,881
Series 2015 A, GO Bonds	5.38%		01/01/2029		5,000	5,514,150
Series 2017 A, Ref. GO Bonds	5.75%		01/01/2034		2,500	2,873,950
Series 2017 B, Ref. RB	5.00%		01/01/2033		3,000	3,551,160
Series 2019 A, GO Bonds	5.50%		01/01/2035		3,000	3,516,390
Chicago (City of), IL (83rd/Stewart Redevelopment); Series 2013, COP(e)	7.00%		01/15/2029		1,121	1,121,863
Chicago (City of), IL (Midway Airport);
Series 2013 A, Ref. RB(a)	5.50%		01/01/2027		1,000	1,097,970
Series 2013 B, Ref. RB	5.00%		01/01/2025		1,000	1,092,320
Series 2014 A, Ref. RB(a)	5.00%		01/01/2023		3,000	3,273,330
Chicago (City of), IL (O’Hare International Airport);
Series 2015 A, Ref. RB(a)	5.00%		01/01/2029		6,000	6,950,820
Series 2017 D, RB(a)	5.00%		01/01/2031		1,000	1,190,500
Series 2017 D, RB(a)	5.00%		01/01/2032		1,000	1,184,900
Series 2017 D, RB(a)	5.00%		01/01/2033		2,000	2,358,300
Chicago (City of), IL (Roosevelt Square/ABLA Redevelopment); Series 2009 A, Ref. COP	7.13%		03/15/2022		263	263,082
Chicago (City of), IL Board of Education;
Series 2017 C, Ref. GO Bonds	5.00%		12/01/2030		2,000	2,273,280
Series 2017, RB	5.75%		04/01/2035		1,000	1,161,430
Series 2018 A, Ref. GO Bonds (INS - AGM)(b)	5.00%		12/01/2027		1,500	1,847,985
Series 2018 A, Ref. GO Bonds (INS - AGM)(b)	5.00%		12/01/2030		1,000	1,238,560
Series 2018 A, Ref. GO Bonds (INS - AGM)(b)	5.00%		12/01/2031		1,250	1,539,200
Series 2018 C, Ref. GO Bonds	5.00%		12/01/2025		1,000	1,130,860
Chicago (City of), IL Metropolitan Water Reclamation District;
Series 2011 B, GO Bonds(i)	5.00%		12/01/2024		3,000	3,169,050
Series 2015 C, GO Bonds(i)	5.00%		12/01/2027		7,000	8,201,480
Chicago (City of), IL Transit Authority; Series 2011, RB(c)(g)	5.25%		12/01/2021		1,000	1,050,060
Chicago O’Hare International Airport; Series 2015 B, Ref. RB	5.00%		01/01/2031		3,000	3,489,180
Cook (County of), IL;
Series 2010 A, Ref. GO Bonds	5.25%		11/15/2033		350	352,356
Series 2018, Ref. RB	5.25%		11/15/2035		2,000	2,428,140
Cook County Community College District No. 508 (City Colleges of Chicago); Series 2013, GO Bonds	5.25%		12/01/2026		500	537,835
Franklin Park (Village of), IL; Series 2011, GO Bonds (INS - AGM)(b)	6.25%		07/01/2030		175	182,847
Illinois (State of);
Series 2012 A, GO Bonds	5.00%		01/01/2027		1,795	1,854,684
Series 2012, Ref. GO Bonds (INS - AGM)(b)	5.00%		08/01/2022		1,250	1,331,488
Series 2013, GO Bonds	5.00%		07/01/2022		2,000	2,121,020
Series 2013, GO Bonds	5.50%		07/01/2027		2,295	2,476,282
Series 2013, GO Bonds	5.50%		07/01/2038		2,500	2,643,000
Series 2016, GO Bonds	5.00%		11/01/2025		2,135	2,393,463
Series 2016, GO Bonds	5.00%		11/01/2030		1,040	1,156,251
Series 2017 C, GO Bonds	5.00%		11/01/2029		2,000	2,241,000
Series 2017 D, GO Bonds	5.00%		11/01/2024		2,000	2,184,060
Series 2018 A, Ref. GO Bonds	5.00%		10/01/2028		8,375	9,685,268
Series 2018 B, Ref. GO Bonds	5.00%		10/01/2027		1,405	1,611,015
Series 2019 B, GO Bonds	4.00%		11/01/2035		4,450	4,609,710
Series 2020, GO Bonds	5.50%		05/01/2024		1,000	1,111,190
Series 2020, GO Bonds	5.50%		05/01/2030		3,000	3,651,210
Illinois (State of) Finance Authority (Advocate Health Care Network); Series 2008 A, Ref. RB	5.00%		11/01/2030		2,000	2,400,000
Illinois (State of) Finance Authority (Centegra Health System);
Series 2014 A, RB	5.00%		09/01/2026		1,000	1,165,150
Series 2014 A, RB	5.00%		09/01/2028		1,250	1,444,125
Illinois (State of) Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(a)	8.00%		06/01/2032		710	710,256
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); Series 2019 A, Ref. RB	5.00%		11/01/2035		1,965	2,108,170

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco Intermediate Term Municipal Income Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Illinois–(continued)
Illinois (State of) Finance Authority (Navistar International Corp.); Series 2020, Ref. RB(c)(e)	4.75%		08/01/2030	$	3,000	$      3,083,520
Illinois (State of) Finance Authority (Navistar International); Series 2010, RB(j)	6.75%		10/15/2040		5,000	5,034,650
Illinois (State of) Finance Authority (Palos Hospital); Series 2010, Ref. RB	5.13%		05/15/2035		5,000	5,013,400
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB(h)	2.00%		05/15/2055		271	2,708
Illinois (State of) Finance Authority (Peace Village); Series 2013, RB(c)(g)	6.25%		08/15/2023		1,505	1,746,282
Illinois (State of) Finance Authority (Robert Morris College); Series 2000, RB (INS - NATL)(b)	5.80%		06/01/2030		935	937,768
Illinois (State of) Finance Authority (Rogers Park Montessori School); Series 2014, Ref. RB	5.00%		02/01/2024		355	365,334
Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB	5.00%		11/15/2034		4,500	5,150,655
Illinois (State of) Finance Authority (University of Illinois Health Services);
Series 2020, RB	5.00%		10/01/2030		750	961,410
Series 2020, RB	5.00%		10/01/2031		750	955,815
Series 2020, RB	5.00%		10/01/2032		750	949,980
Series 2020, RB	5.00%		10/01/2033		750	944,700
Series 2020, RB	5.00%		10/01/2034		750	940,965
Series 2020, RB	5.00%		10/01/2035		750	936,480
Illinois (State of) Metropolitan Pier & Exposition Authority; Series 2002, RB (INS - AGM)(b)(f)	0.00%		12/15/2029		2,550	2,033,395
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2002 A, Ref. RB (INS - NATL)(b)(j)	5.70%		06/15/2023		1,295	1,428,722
Series 2002, RB (INS - NATL)(b)(f)	0.00%		12/15/2032		10,000	6,768,600
Series 2012 B, Ref. RB	5.00%		12/15/2022		5,010	5,350,029
Illinois (State of) Sports Facilities Authority (The);
Series 2019, Ref. RB (INS - BAM)(b)	5.00%		06/15/2028		2,100	2,573,592
Series 2019, Ref. RB (INS - BAM)(b)	5.00%		06/15/2029		1,000	1,244,230
Series 2019, Ref. RB (INS - BAM)(b)	5.00%		06/15/2030		1,200	1,430,364
Illinois (State of) Toll Highway Authority; Series 2014 D, Ref. RB(i)	5.00%		01/01/2024		12,500	14,344,750
Kane County School District No. 131 Aurora East Side; Series 2020 A, GO Bonds (INS - AGM)(b)	4.00%		12/01/2036		745	828,097
Lake County Community Consolidated School District No. 73 (Hawthorn); Series 2002, GO Bonds (f)(g)	0.00%		12/01/2021		330	328,400
Madison & Jersey Counties Community Unit School District No. 11 (Alton); Series 2002, GO Bonds(f)(g)	0.00%		12/01/2020		2,900	2,894,548
Manhattan (Village of), IL Special Service Area No. 2004-1 (Brookstone Springs); Series 2015, Ref. RB	4.25%		03/01/2024		802	806,916
Markham (City of), IL (Library Purposes); Series 2005 B, GO Bonds (INS - AGC)(b)	5.25%		01/01/2023		25	25,082
Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 1998 A, Ref. RB (INS - NATL)(b)	5.50%		06/15/2029		2,000	2,318,660
Railsplitter Tobacco Settlement Authority;
Series 2010, RB	5.25%		06/01/2021		3,000	3,105,660
Series 2010, RB	5.38%		06/01/2021		525	543,979
Series 2017, RB	5.00%		06/01/2027		4,000	4,876,560
Series 2017, RB	5.00%		06/01/2028		2,000	2,424,660
Regional Transportation Authority;
Series 2002 A, RB (INS - AGM)(b)	6.00%		07/01/2027		2,700	3,529,575
Series 2018 B, RB(i)	5.00%		06/01/2031		3,800	4,733,052
Series 2018 B, RB(i)	5.00%		06/01/2032		3,995	4,945,650
Sales Tax Securitization Corp.;
Series 2017 A, Ref. RB	5.00%		01/01/2029		1,000	1,205,680
Series 2017 A, Ref. RB	5.00%		01/01/2030		1,000	1,198,560
Series 2018 A, Ref. RB	5.00%		01/01/2031		3,000	3,567,510
Springfield (City of), IL;
Series 2015, Ref. RB	5.00%		03/01/2032		2,000	2,349,640
Series 2015, Ref. RB	5.00%		03/01/2033		3,500	4,105,115
Stephenson County School District No. 145; Series 2018 A, Ref. GO Bonds (INS - AGM)(b)	5.00%		02/01/2031		1,100	1,399,365
University of Illinois; Series 2011 A, RB	5.00%		04/01/2026		3,425	3,504,083
						235,870,781
Indiana–0.30%
Indiana (State of) Finance Authority (KIPP Indianapolis, Inc.); Series 2020 A, RB	4.00%		07/01/2030		215	226,518
Michigan City (City of), IN; Series 2016, RB	4.50%		01/01/2026		200	195,084

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco Intermediate Term Municipal Income Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Indiana–(continued)
Northern Indiana Commuter Transportation District;
Series 2016, RB		5.00%			07/01/2027	$	1,800	$      2,215,206
Series 2016, RB		5.00%			07/01/2028		1,250	1,529,513
Terre Haute (City of), IN (Silver Birch of Terre Haute); Series 2017, RB		5.10%			01/01/2032		710	692,065
Valparaiso (City of), IN (Pratt Paper, LLC); Series 2013, RB(a)		5.88%			01/01/2024		740	786,627
								5,645,013
Iowa–1.16%
Iowa (State of) Finance Authority (Iowa Fertilizer Co.);
Series 2013, RB		5.25%			12/01/2025		6,100	6,386,456
Series 2013, RB(e)		5.88%			12/01/2026		2,565	2,669,986
Series 2013, Ref. RB(c)		5.25%			12/01/2033		2,990	3,107,716
Iowa (State of) Finance Authority (Iowa Health System); Series 2018, Ref. RB (SIFMA Municipal Swap Index + 0.58%)(c)(d)(e)		1.73%			01/04/2024		3,645	3,620,651
Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2019, RB		2.88%			05/15/2049		1,000	1,004,310
Iowa (State of) Finance Authority (Mercy Medical Center);
Series 2012, RB		4.00%			08/15/2022		1,905	2,024,786
Series 2012, RB		4.00%			08/15/2023		1,200	1,274,676
Iowa (State of) Finance Authority (PHS Council Bluffs, Inc.); Series 2018, RB		4.45%			08/01/2028		125	127,093
Iowa (State of) Tobacco Settlement Authority; Series 2005 B, RB(j)		5.60%			06/01/2034		2,000	2,029,480
								22,245,154
Kansas–0.66%
Derby (City of), KS (Derby Star Bond); Series 2020, RB		3.90%			03/01/2037		1,625	1,609,384
Kansas (State of) Municipal Energy Agency (Jameson Energy Center); Series 2013, RB		5.00%			07/01/2028		1,140	1,273,129
Lenexa (City of), KS (Lakeview Village, Inc.);
Series 2018 A, Ref. RB		5.00%			05/15/2029		1,210	1,322,179
Series 2018 A, Ref. RB		5.00%			05/15/2031		1,335	1,452,039
Wichita (City of), KS (Kansas Masonic Home); Series 2016 II-A, RB		5.25%			12/01/2036		1,500	1,498,245
Wichita (City of), KS (Presbyterian Manors, Inc.);
Series 2018 I, Ref. RB		5.00%			05/15/2033		1,140	1,166,243
Series 2019, Ref. RB		5.00%			05/15/2029		1,280	1,346,291
Series 2019, Ref. RB		5.00%			05/15/2034		2,950	3,008,174
								12,675,684
Kentucky–2.09%
Ashland (City of), KY (King’s Daughters Medical Center);
Series 2019, Ref. RB		5.00%			02/01/2030		370	449,091
Series 2019, Ref. RB		5.00%			02/01/2031		460	554,700
Series 2019, Ref. RB		5.00%			02/01/2032		450	539,028
Fayette County School District Finance Corp.; Series 2015 D, RB		5.00%			08/01/2031		1,000	1,188,250
Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health Initiatives); Series 2011 B, RB (SIFMA Municipal Swap Index + 1.40%)(c)(d)		1.48%			02/01/2025		1,430	1,401,500
Kentucky (Commonwealth of) Economic Development Finance Authority (Masonic Home Independent Living II, Inc.); Series 2016 A, Ref. RB		5.00%			05/15/2021		270	271,185
Kentucky (Commonwealth of) Economic Development Finance Authority (Masonic Home Independent Living); Series 2016 A, Ref. RB		5.00%			05/15/2036		2,000	1,930,220
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway);
Series 2015 A, RB		5.00%			07/01/2028		1,500	1,644,510
Series 2015 A, RB		5.00%			07/01/2030		3,000	3,264,510
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); Series 2017 A, Ref. RB		5.00	%		06/01/2032		1,435	1,614,906
Kentucky (Commonwealth of) Economic Development Finance Authority (Rosedale Green); Series 2015, Ref. RB		5.50	%		11/15/2035		3,100	2,955,447
Kentucky (Commonwealth of) Municipal Power Agency;
Series 2015 A, Ref. RB (INS - NATL)(b)		5.00%			09/01/2026		1,000	1,193,200
Series 2015 A, Ref. RB (INS - NATL)(b)		5.00%			09/01/2027		1,620	1,921,093
Series 2015 A, Ref. RB (INS - NATL)(b)		5.00%			09/01/2028		1,260	1,483,197

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15 Invesco Intermediate Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Kentucky–(continued)
Kentucky (Commonwealth of) Municipal Power Agency (Prairie State);
Series 2016, Ref. RB (INS - NATL)(b)		5.00%		09/01/2031	$	5,000	$      5,929,150
Series 2019 A, Ref. RB		5.00%		09/01/2031		1,500	1,859,190
Series 2019 A, Ref. RB		5.00%		09/01/2032		1,600	1,967,520
Series 2019 A, Ref. RB		5.00%		09/01/2033		1,000	1,222,160
Kentucky (Commonwealth of) Property & Building Commission (No. 108); Series 2015 A, Ref. RB		5.00%		08/01/2029		1,000	1,165,170
Kentucky (Commonwealth of) Property & Building Commission (Project No. 119);
Series 2018, RB (INS - BAM)(b)		5.00%		05/01/2031		100	126,501
Series 2018, RB (INS - BAM)(b)		5.00%		05/01/2032		100	125,748
Series 2018, RB (INS - BAM)(b)		5.00%		05/01/2033		100	125,094
Series 2018, RB (INS - BAM)(b)		5.00%		05/01/2034		100	124,703
Kentucky (Commonwealth of) Public Energy Authority; Series 2018 B, RB(c)		4.00%		01/01/2025		2,000	2,248,500
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.);
Series 2016 A, Ref. RB		5.00%		10/01/2033		2,450	2,901,878
Series 2020 A, RB		4.00%		10/01/2040		1,500	1,708,320
							39,914,771
Louisiana–2.07%
Louisiana (State of) Energy & Power Authority (Rodemacher Unit No. 2); Series 2013, RB		5.00%		01/01/2022		1,000	1,058,490
Louisiana (State of) Public Facilities Authority (19th Judicial District Court Building); Series 2015, Ref. RB (INS - AGM)(b)		5.00%		06/01/2036		1,405	1,633,003
Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans);
Series 2017, Ref. RB(h)		5.00%		07/03/2028		250	185,000
Series 2017, Ref. RB(h)		5.00%		07/02/2029		400	296,000
Series 2017, Ref. RB(h)		5.00%		07/01/2030		500	370,000
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2016, Ref. RB		5.00%		05/15/2034		2,545	2,945,888
New Orleans (City of), LA;
Series 2014, Ref. RB		5.00%		06/01/2026		500	580,150
Series 2014, Ref. RB		5.00%		12/01/2026		1,250	1,471,313
Series 2015, RB		5.00%		06/01/2030		500	593,170
Series 2015, RB		5.00%		12/01/2030		500	590,600
Series 2015, RB		5.00%		12/01/2031		1,750	2,058,980
Series 2015, RB		5.00%		06/01/2032		300	352,791
Series 2015, RB		5.00%		12/01/2032		1,000	1,171,590
Series 2015, RB		5.00%		06/01/2033		1,050	1,231,199
Series 2015, RB		5.00%		06/01/2034		1,000	1,169,310
Series 2015, RB		5.00%		12/01/2034		1,200	1,395,780
Series 2015, RB		5.00%		06/01/2035		500	583,075
Series 2015, RB		5.00%		12/01/2035		1,165	1,351,388
New Orleans (City of), LA Aviation Board;
Series 2015 B, RB(a)		5.00%		01/01/2027		1,750	2,024,120
Series 2015 B, RB(a)		5.00%		01/01/2029		1,805	2,076,201
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System);
Series 2018 A, RB (INS - AGM)(b)		5.00%		10/01/2034		100	121,503
Series 2018 A, RB (INS - AGM)(b)		5.00%		10/01/2036		220	264,873
Series 2018 A, RB (INS - AGM)(b)		5.00%		10/01/2037		145	173,938
Series 2018 A, RB (INS - AGM)(b)		5.00%		10/01/2038		100	119,625
Series 2018 B, Ref. RB (INS - AGM)(b)		5.00%		10/01/2030		350	437,693
Series 2018 B, Ref. RB (INS - AGM)(b)		5.00%		10/01/2032		200	245,440
Series 2018 B, Ref. RB (INS - AGM)(b)		5.00%		10/01/2033		135	164,681
Series 2018 B, Ref. RB (INS - AGM)(b)		5.00%		10/01/2034		100	121,503
St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2008, RB(c)(e)		6.10%		06/01/2030		2,700	3,196,881
St. John the Baptist (Parish of), LA (Marathon Oil Corp.);
Series 2017, Ref. RB(c)		2.10%		07/01/2024		1,000	1,005,500
Series 2017, Ref. RB(c)		2.13%		07/01/2024		2,000	2,012,840
Series 2017, Ref. RB(c)		2.38%		07/01/2026		2,000	2,028,900
St. Tammany (Parish of), LA Public Trust Financing Authority (Christwood);
Series 2015, Ref. RB		5.00%		11/15/2024		1,250	1,279,213
Series 2015, Ref. RB		5.25%		11/15/2029		1,250	1,298,050

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16 Invesco Intermediate Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Louisiana–(continued)
Tobacco Settlement Financing Corp.; Series 2013 A, Ref. RB		5.50%		05/15/2030	$	3,970	$      3,977,741
							39,586,429
Maryland–0.81%
Baltimore (City of), MD (Convention Center Hotel); Series 2017, Ref. RB		5.00%		09/01/2033		1,105	988,544
Baltimore (City of), MD (Water Projects); Series 2017 A, RB		5.00%		07/01/2033		2,500	3,014,675
Gaithersburg (City of), MD (Asbury Maryland Obligated Group); Series 2018 A, Ref. RB		5.00%		01/01/2033		2,000	2,177,380
Howard (County of), MD (Downtown Columbia); Series 2017 A, RB(e)		4.13%		02/15/2034		1,000	1,007,520
Maryland (State of) Department of Transportation; Series 2012, RB		2.25%		10/01/2025		100	100,141
Maryland (State of) Health & Higher Educational Facilities Authority (Adventist Healthcare); Series 2011 A, RB		6.00%		01/01/2026		4,500	4,751,145
Maryland (State of) Health & Higher Educational Facilities Authority (Charlestown Community); Series 2010, RB(c)(g)		5.50%		01/01/2021		1,000	1,017,540
Maryland Economic Development Corp. (AFCO Cargo BWI II, LLC); Series 2017, Ref. RB(a)(e)		4.00%		07/01/2024		1,365	1,426,452
Mayor & Council of Rockville (The) (Ingleside at King Farm); Series 2017 C-2, RB		3.00%		11/01/2025		1,040	1,003,184
							15,486,581
Massachusetts–1.10%
Massachusetts (Commonwealth of); Series 2005, Ref. RB (INS - NATL)(b)		5.50%		01/01/2034		3,000	4,128,300
Massachusetts (Commonwealth of) Bay Transportation Authority; Series 2006 A, RB		5.25%		07/01/2031		1,330	1,908,537
Massachusetts (Commonwealth of) Department of Transportation; Series 2019 A, Ref. RB		5.00%		01/01/2033		3,000	3,831,420
Massachusetts (Commonwealth of) Department of Transportation (Contract Assistance); Series 2018 A, Ref. RB		5.00%		01/01/2029		495	660,701
Massachusetts (Commonwealth of) Development Finance Agency;
Series 2007 E, RB(g)		5.00%		07/15/2027		700	701,666
Series 2019 A, Ref. RB		5.00%		07/01/2031		1,530	1,850,321
Series 2019 A, Ref. RB		5.00%		07/01/2032		2,115	2,534,003
Massachusetts (Commonwealth of) Development Finance Agency (Emerson College); Series 2017 A, RB		5.00%		01/01/2026		1,600	1,870,912
Massachusetts (Commonwealth of) Development Finance Agency (Newbridge Charles, Inc.); Series 2017, Ref. RB(e)		5.00%		10/01/2037		1,500	1,613,235
Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare); Series 2012, RB(c)(g)		5.00%		07/01/2021		250	259,932
Massachusetts (Commonwealth of) Development Finance Agency (Suffolk University); Series 2017, Ref. RB		5.00%		07/01/2034		1,000	1,151,820
Massachusetts (Commonwealth of) Health & Educational Facilities Authority; Series 2007 E, RB(g)		5.00%		07/15/2032		200	200,402
Massachusetts (Commonwealth of) Water Resources Authority; Series 2007 B, Ref. RB (INS - AGM)(b)		5.25%		08/01/2025		300	372,609
							21,083,858
Michigan–3.58%
Charyl Stockwell Academy; Series 2015, Ref. RB		4.88%		10/01/2023		245	249,158
Detroit (City of), MI Downtown Development Authority;
Series 2018 A, Ref. RB (INS - AGM)(b)		5.00%		07/01/2030		700	800,436
Series 2018 A, Ref. RB (INS - AGM)(b)		5.00%		07/01/2032		2,000	2,278,080
East Lansing School District; Series 2017 I, GO Bonds		5.00%		05/01/2033		2,000	2,504,400
Great Lakes Water Authority; Series 2018 B, Ref. RB		5.00%		07/01/2029		3,000	3,936,720
Kalamazoo (City of), MI Economic Development Corp. (Heritage Community of Kalamazoo); Series 2019, Ref. RB		5.00%		05/15/2042		2,010	2,061,195
Kalamazoo Economic Development Corp. (Heritage Community of Kala); Series 2019, Ref. RB		5.00%		05/15/2032		1,000	1,039,990
Michigan (State of) Building Authority (Facilities Program); Series 2015 I, Ref. RB		5.00%		04/15/2031		5,000	6,068,300
Michigan (State of) Finance Authority; Series 2015, Ref. RB		5.00%		11/15/2032		245	280,476
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);
Series 2014 C-7, Ref. RB (INS - NATL)(b)		5.00%		07/01/2026		1,000	1,169,720
Series 2014 C-7, Ref. RB (INS - NATL)(b)		5.00%		07/01/2027		1,000	1,166,400
Series 2014 D-2, Ref. RB (INS - AGM)(b)		5.00%		07/01/2026		9,000	10,415,970
Series 2014 D-4, Ref. RB		5.00%		07/01/2029		5,000	5,766,200
Series 2015 D-1, Ref. RB		5.00%		07/01/2029		750	892,687
Series 2015, Ref. RB		5.00%		07/01/2035		2,900	3,402,280
Michigan (State of) Finance Authority (Henry Ford Health System); Series 2016, Ref. RB		5.00%		11/15/2028		2,000	2,428,680
Michigan (State of) Finance Authority (Local Government Loan Program); Series 2014 F, Ref. RB		4.50%		10/01/2029		5,590	5,875,705

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17 Invesco Intermediate Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Michigan–(continued)
Michigan (State of) Finance Authority (Trinity Health Credit Group); Series 2017 A, Ref. RB		5.00%		12/01/2034	$	2,000	$      2,466,100
Michigan (State of) Finance Authority (Wayne (County of) Criminal Justice Center); Series 2018, RB		5.00%		11/01/2029		1,500	1,962,105
Michigan (State of) Strategic Fund (Canterbury Health Care, Inc.); Series 2016, RB(e)		5.00%		07/01/2031		1,530	1,504,785
Michigan (State of) Strategic Fund (Holland Home Obligated Group); Series 2019, Ref. RB		5.00%		11/15/2034		1,810	1,948,103
Michigan (State of) Tobacco Settlement Finance Authority; Series 2007 A, RB		6.00%		06/01/2048		3,000	3,014,850
Romulus (City of), MI Tax Increment Finance Authority; Series 2016, Ref. RB (INS - BAM)(b)		5.00%		11/01/2026		1,805	2,209,374
Summit Academy North;
Series 2016, Ref. RB		4.00%		11/01/2021		680	685,134
Series 2016, Ref. RB		5.00%		11/01/2031		1,665	1,692,323
Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport); Series 2012 D, Ref. RB(a)		5.00%		12/01/2028		2,500	2,704,150
							68,523,321
Minnesota–0.63%
Dakota (County of), MN Community Development Agency (Sanctuary at Est St. Paul); Series 2015, RB		5.75%		08/01/2030		390	400,261
Duluth (City of), MN Housing & Redevelopment Authority (Duluth Public Schools Academy);
Series 2018 A, Ref. RB		4.25%		11/01/2028		320	344,720
Series 2018 A, Ref. RB		5.00%		11/01/2033		205	222,948
Maple Grove (City of), MN (Maple Grove Hospital Corp.);
Series 2017, Ref. RB		5.00%		05/01/2031		500	584,350
Series 2017, Ref. RB		5.00%		05/01/2032		1,600	1,860,144
Minnesota (State of) Higher Education Facilities Authority (Bethel University); Series 2017, Ref. RB		5.00%		05/01/2032		1,750	1,936,585
St. Louis Park (City of), MN (Place Via Sol Project); Series 2018, Ref. RB(c)(e)		6.00%		07/01/2027		1,250	1,302,400
St. Paul (City of), MN Housing & Redevelopment Authority; Series 2018 B, RB(c)		3.75%		09/01/2020		2,320	2,320,000
St. Paul (City of), MN Housing & Redevelopment Authority (High School for Recording Arts);
Series 2015, RB		5.13%		10/01/2023		270	279,266
Woodbury (City of), MN Housing & Redevelopment Authority (St. Therese of Woodbury);
Series 2014, RB		3.15%		12/01/2020		620	619,119
Series 2014, RB		3.60%		12/01/2021		225	224,584
Series 2014, RB		4.00%		12/01/2022		490	491,754
Series 2014, RB		4.00%		12/01/2023		300	300,984
Series 2014, RB		4.00%		12/01/2024		175	175,331
Series 2014, RB		5.00%		12/01/2029		1,000	1,029,980
							12,092,426
Mississippi–0.64%
Mississippi (State of) Hospital Equipment & Facilities Authority;
Series 2020, Ref. RB		5.00%		10/01/2033		650	827,561
Series 2020, Ref. RB		5.00%		10/01/2034		725	920,387
Series 2020, Ref. RB		5.00%		10/01/2035		600	758,352
Series 2020, Ref. RB		5.00%		10/01/2036		650	818,090
Mississippi (State of) Hospital Equipment & Facilities Authority (Forrest Co. General Hospital);
Series 2019 B, Ref. RB		5.00%		01/01/2029		1,000	1,282,820
Series 2019 B, Ref. RB		5.00%		01/01/2030		1,000	1,300,970
Ridgeland (City of), MS (Colony Park); Series 2011, RB(c)(g)		5.88%		04/01/2021		545	562,805
Warren (County of), MS (International Paper Co.); Series 2011 A, RB		5.38%		12/01/2035		5,500	5,762,955
							12,233,940
Missouri–1.42%
Arnold Retail Corridor Transportation Development District; Series 2019, Ref. RB		3.00%		11/01/2028		110	105,742
Cape Girardeau (County of), MO Industrial Development Authority (South Eastern Health);
Series 2017 A, Ref. RB		5.00%		03/01/2036		3,000	3,253,080
Series 2017, Ref. RB		5.00%		03/01/2029		100	111,377
Kansas (City of), MO Industrial Development Authority (Downtown Redevelopment District); Series 2011 A, Ref. RB		5.50%		09/01/2028		2,000	2,102,440
Kansas City (City of), MO; Series 2017 C, Ref. RB		5.00%		09/01/2032		1,850	2,295,017
Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District);
Series 2011 A, Ref. RB		5.50%		09/01/2023		1,000	1,051,840
Series 2011 A, Ref. RB		5.50%		09/01/2024		2,000	2,103,060
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport); Series 2019 B, RB(a)		5.00%		03/01/2035		1,000	1,227,420

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18 Invesco Intermediate Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Missouri–(continued)
Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2016 A, Ref. RB(e)		4.25%		04/01/2026	$	15	$           15,215
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017, Ref. RB		5.25%		05/15/2032		2,685	2,804,966
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services);
Series 2016 B, Ref. RB		5.00%		02/01/2032		1,000	1,099,760
Series 2016, Ref. RB		5.00%		02/01/2033		1,305	1,428,349
Series 2019 A, RB		5.00%		02/01/2029		1,100	1,222,881
Missouri (State of) Joint Municipal Electric Utility Commission (Iatan 2); Series 2014 A, Ref. RB		5.00%		01/01/2029		2,000	2,273,920
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie Street);
Series 2015 A, Ref. RB		5.00%		06/01/2027		1,500	1,797,570
Series 2015 A, Ref. RB		5.00%		12/01/2027		640	765,389
St. Charles (County of), MO Industrial Development Authority (Suemandy/Mid-Rivers Community Improvement District); Series 2016, RB(e)		4.00%		10/01/2028		530	518,520
St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills);
Series 2012, RB		4.50%		09/01/2023		340	349,547
Series 2012, RB		5.00%		09/01/2032		1,490	1,529,858
St. Louis Municipal Finance Corp.; Series 2015, Ref. RB (INS - AGM)(b)		5.00%		07/15/2030		1,000	1,145,110
							27,201,061
Nebraska–1.10%
Central Plains Energy Project (No. 3);
Series 2012, RB(k)		5.00%		09/01/2032		5,000	5,382,100
Series 2012, RB(k)		5.25%		09/01/2037		5,000	5,406,700
Central Plains Energy Project (No. 4); Series 2018, RB(c)		5.00%		01/01/2024		3,635	4,107,368
Public Power Generation Agency (Whelan Energy Center Unit 2); Series 2016 A, Ref. RB		5.00%		01/01/2034		5,000	6,040,350
							20,936,518
Nevada–0.63%
Carson City (City of), NV (Carson-Tahoe Regional Medical Center); Series 2012, Ref. RB		5.00%		09/01/2027		1,000	1,068,390
Clark (County of), NV; Series 2006, GO Bonds (INS - AMBAC)(b)		3.00%		11/01/2033		5,000	5,003,750
Clark (County of), NV (Special Improvement District No. 159);
Series 2015, RB		5.00%		08/01/2026		140	150,843
Series 2015, RB		5.00%		08/01/2029		1,305	1,390,817
Series 2015, RB		5.00%		08/01/2031		1,440	1,525,233
Series 2015, RB		5.00%		08/01/2032		350	368,655
Las Vegas (City of), NV Special Improvement District No. 607; Series 2013, Ref. RB		5.00%		06/01/2024		40	43,510
Las Vegas (City of), NV Special Improvement District No. 815;
Series 2020, RB		3.25%		12/01/2025		235	244,080
Series 2020, RB		4.00%		12/01/2030		240	251,938
Sparks (City of), NV (Tourism Improvement District No. 1); Series 2019 A, Ref. RB(e)		2.75%		06/15/2028		2,000	1,960,000
							12,007,216
New Hampshire–0.27%
New Hampshire (State of) Business Finance Authority; Series 2020 A, Ref. RB(c)(e)		3.63%		07/02/2040		370	372,028
New Hampshire (State of) Business Finance Authority (Green Bonds); Series 2020 B, Ref. RB(a)(c)(e)		3.75%		07/02/2040		605	608,170
New Hampshire (State of) Health & Education Facilities Authority (Southern New Hampshire University); Series 2012, RB		5.00%		01/01/2027		1,500	1,579,020
New Hampshire Business Finance Authority; Series 2020-1, Class A		4.13%		01/20/2034		2,481	2,682,206
							5,241,424
New Jersey–6.44%
Atlantic City (City of), NJ; Series 2017 A, Ref. GO Bonds (INS - BAM)(b)		5.00%		03/01/2032		250	304,093
Burlington (County of), NJ Bridge Commission; Series 2002, RB		4.50%		10/15/2022		15	15,050
Casino Reinvestment Development Authority; Series 2014, Ref. RB (INS - AGM)(b)		5.00%		11/01/2027		1,000	1,107,500
Garden State Preservation Trust; Series 2005 A, RB (INS - AGM)(b)		5.75%		11/01/2028		2,000	2,524,220
Gloucester (County of), NJ Pollution Control Financing Authority (Logan); Series 2014 A, Ref. PCR(a)		5.00%		12/01/2024		3,390	3,554,483

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19 Invesco Intermediate Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Jersey–(continued)
New Jersey (State of) Economic Development Authority;
Series 2005 N-1, Ref. RB (INS - NATL)(b)(i)(l)		5.50%		09/01/2022	$	7,500	$      8,153,250
Series 2012, Ref. RB		5.00%		06/15/2022		1,000	1,038,750
Series 2012, Ref. RB		5.00%		06/15/2023		3,125	3,238,437
Series 2012, Ref. RB		5.00%		06/15/2025		3,050	3,151,595
Series 2013 NN, Ref. RB		5.00%		03/01/2026		305	330,126
Series 2015 XX, Ref. RB		5.00%		06/15/2025		2,000	2,310,600
Series 2017 A, Ref. RB (INS - BAM)(b)		5.00%		07/01/2028		5,035	6,079,511
Series 2017 DDD, RB		5.00%		06/15/2031		3,670	4,255,695
New Jersey (State of) Economic Development Authority (American Water Co., Inc.); Series 2019, Ref. RB(a)(c)		2.20%		12/03/2029		2,500	2,657,300
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); Series 2012, RB(a)		5.75%		09/15/2027		3,225	3,193,492
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB		5.13%		06/15/2037		116	142,450
New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology, Inc.);
Series 2012 C, RB		5.00%		07/01/2022		580	592,070
Series 2012 C, RB		5.00%		07/01/2032		475	480,681
New Jersey (State of) Economic Development Authority (Provident Group - Rowan Properties LLC - Rowan University Student Housing); Series 2015 A, RB		5.00%		01/01/2030		250	238,845
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement);
Series 2013, RB(a)		5.00%		07/01/2021		425	438,443
Series 2013, RB(a)		5.50%		01/01/2026		1,390	1,572,271
Series 2013, RB(a)		5.50%		01/01/2027		2,130	2,401,681
Series 2013, RB(a)		5.00%		01/01/2028		1,000	1,108,450
New Jersey (State of) Educational Facilities Authority (Higher Education Facilities Trust Fund); Series 2014, RB		5.00%		06/15/2026		1,000	1,117,450
New Jersey (State of) Educational Facilities Authority (Rider University);
Series 2017 F, RB		5.00%		07/01/2032		395	408,122
Series 2017 F, RB		5.00%		07/01/2033		415	426,570
Series 2017 F, RB		5.00%		07/01/2035		1,000	1,022,570
New Jersey (State of) Health Care Facilities Financing Authority (Meridian Health System Obligated Group);
Series 2011, Ref. RB		5.00%		07/01/2025		1,500	1,624,275
Series 2011, Ref. RB		5.00%		07/01/2027		2,000	2,155,120
New Jersey (State of) Health Care Facilities Financing Authority (Princeton Healthcare System);
Series 2016, Ref. RB		5.00%		07/01/2030		1,200	1,461,252
Series 2016, Ref. RB		5.00%		07/01/2031		1,000	1,211,370
New Jersey (State of) Health Care Facilities Financing Authority (Valley Health System Obligated Group); Series 2019, RB		5.00%		07/01/2030		1,250	1,602,125
New Jersey (State of) Higher Education Student Assistance Authority; Series 2018 B, Ref. RB(a)		5.00%		12/01/2025		2,250	2,626,605
New Jersey (State of) Transportation Trust Fund Authority;
Series 2008 A, RB(f)		0.00%		12/15/2028		255	204,543
Series 2009 C, RB		5.25%		06/15/2032		250	279,918
Series 2010 D, RB		5.25%		12/15/2023		1,500	1,690,785
Series 2011 A, RB		5.00%		06/15/2027		250	256,305
Series 2013 AA, RB		5.00%		06/15/2021		5,270	5,437,112
Series 2013 AA, RB		5.25%		06/15/2030		710	771,891
Series 2015 AA, RB		5.00%		06/15/2023		2,000	2,203,700
Series 2018 A, Ref. RB		5.00%		12/15/2032		5,000	5,913,050
Series 2018 A, Ref. RN		5.00%		06/15/2023		2,500	2,753,900
Series 2018 A, Ref. RN(i)(l)		5.00%		06/15/2029		4,500	5,233,995
Series 2018 A, Ref. RN(i)(l)		5.00%		06/15/2030		2,000	2,312,380
Series 2019, Ref. RB		5.00%		12/15/2024		2,500	2,872,750
New Jersey Transportation Trust Fund Authority; Series 2018, RB		5.00%		12/15/2028		5,000	6,092,750
North Hudson Sewerage Authority; Series 2012 A, Ctfs.(c)(g)		5.00%		06/01/2022		90	97,564
Salem (County of), NJ Pollution Control Financing Authority (Chambers); Series 2014 A, Ref. PCR(a)		5.00%		12/01/2023		5,835	6,136,669
South Jersey Transportation Authority LLC; Series 2014 A, Ref. RB		5.00%		11/01/2028		500	560,085

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20 Invesco Intermediate Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Jersey–(continued)
Tobacco Settlement Financing Corp.;
Series 2018 A, Ref. RB		5.00%		06/01/2029	$	2,500	$      3,183,725
Series 2018 A, Ref. RB		5.00%		06/01/2030		5,000	6,320,200
Series 2018 A, Ref. RB		5.00%		06/01/2031		4,650	5,835,936
Series 2018 A, Ref. RB		5.00%		06/01/2032		335	417,591
Series 2018 B, Ref. RB		3.20%		06/01/2027		2,025	2,068,618
							123,187,919
New Mexico–0.13%
Farmington (City of), NM; Series 2004 A, RB		5.00%		06/01/2023		450	451,562
New Mexico (State of) Hospital Equipment Loan Council (Haverland Charter Lifestyle Group); Series 2013, RB		4.00%		07/01/2022		685	692,295
Santa Fe (City of), NM (El Castillo Retirement);
Series 2019 A, RB		5.00%		05/15/2034		725	782,442
Series 2019 A, RB		5.00%		05/15/2039		500	532,255
							2,458,554
New York–10.08%
Buffalo & Erie County Industrial Land Development Corp. (Medaille College); Series 2018, Ref. RB(e)		5.00%		10/01/2038		500	498,800
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB(a)(e)		5.25%		12/31/2033		1,500	1,592,325
Build NYC Resource Corp. (Pratt Paper, Inc.); Series 2014, Ref. RB(a)(e)		4.50%		01/01/2025		910	956,683
City of New Rochelle Corp. for Local Development (Iona College); Series 2015 A, Ref. RB		5.00%		07/01/2035		350	380,471
Long Island (City of), NY Power Authority; Series 2014 A, Ref. RB		5.00%		09/01/2034		4,000	4,619,520
Long Island Power Authority; Series 2018, RB		5.00%		09/01/2029		1,000	1,311,430
Metropolitan Transportation Authority;
Series 2012 G-1, VRD Ref. RB (LOC - Barclays Bank PLC)(m)(n)		0.02%		11/01/2032		800	800,000
Series 2015 C-1, Ref. RB		5.00%		11/15/2031		1,875	2,026,687
Series 2015 C-1, Ref. RB		5.25%		11/15/2031		2,500	2,744,325
Series 2018 C-2, RB(g)		5.00%		09/01/2020		15	15,000
Subseries 2012 G-4, Ref. RB (67% of 1 mo. USD LIBOR + 0.55%)(c)(d)		1.61%		11/01/2022		2,965	2,815,416
Subseries 2014 D-2, RB (SIFMA Municipal Swap Index + 0.45%)(c)(d)		1.60%		11/15/2022		3,500	3,333,575
Metropolitan Transportation Authority (Green Bonds);
Series 2015 A-2, RB(c)		5.00%		05/15/2030		3,000	3,477,990
Series 2016 A2, Ref. RB		5.00%		11/15/2024		1,360	1,466,379
Series 2017 C-2, Ref. RB(f)		0.00%		11/15/2029		1,000	739,540
Monroe County Industrial Development Corp. (St. Ann’s Community); Series 2019, Ref. RB		4.00%		01/01/2030		2,000	2,006,960
Monroe County Industrial Development Corp. (University of Rochester); Series 2017 D, Ref. RB		4.00%		07/01/2036		1,000	1,142,560
Nassau County Tobacco Settlement Corp.; Series 2006 A-2, RB(j)		5.25%		06/01/2026		500	500,040
New York & New Jersey (States of) Port Authority;
Series 2019 218, RB(a)		5.00%		11/01/2030		3,000	3,857,670
Series 2019, RB(a)		5.00%		11/01/2033		1,525	1,924,016
Two Hundred Second Series 2017, Ref. RB(a)		5.00%		10/15/2035		3,000	3,572,970
Two Hundred Seventh Series 2018, Ref. RB(a)(i)(l)		5.00%		09/15/2028		9,000	11,362,320
New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC);
Series 1997 6, RB (INS - NATL)(a)(b)		5.75%		12/01/2025		670	679,005
Series 2010 8, RB		6.50%		12/01/2028		4,230	4,286,809
Series 2010 8, RB		6.00%		12/01/2036		300	303,669
Series 2010, RB		6.00%		12/01/2042		200	202,446
New York (City of), NY;
Series 2015 C, Ref. GO Bonds		5.00%		08/01/2029		1,000	1,181,440
Series 2016 E, Ref. GO Bonds		5.00%		08/01/2027		5,000	6,173,700
Series 2019 B-1, GO Bonds		5.00%		10/01/2032		1,000	1,284,590
Series 2019 B-1, GO Bonds		5.00%		10/01/2033		2,000	2,552,120
New York (City of), NY Industrial Development Agency (Liberty 123 Wash); Series 2007, VRD RB (LOC - Bank Of China, Ltd.)(m)(n)		0.06%		10/01/2042		7,900	7,900,000
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium); Series 2006, RB (INS - AMBAC)(b)		5.00%		01/01/2036		150	150,025
New York (City of), NY Industrial Development Agency (Yankee Stadium);
Series 2006, RB (INS - FGIC)(b)		5.00%		03/01/2046		55	55,114
Series 2009, RB (INS - AGC)(b)		7.00%		03/01/2049		2,250	2,262,465

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21 Invesco Intermediate Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York–(continued)
New York (City of), NY Municipal Water Finance Authority; Series 2018 BB, VRD RB(m)		0.13%		06/15/2051	$	500	$         500,000
New York (City of), NY Transitional Finance Authority;
Series 2018 S-2A, Ref. RB		5.00%		07/15/2034		5,000	6,258,950
Series 2019 C1, RB		4.00%		11/01/2036		5,000	5,838,850
New York (State of) Dormitory Authority;
Series 2019 A, RB		5.00%		10/01/2033		1,350	1,657,584
Series 2019 A, Ref. RB		5.00%		03/15/2037		3,000	3,754,380
Series 2020 D, Ref. RB		4.00%		02/15/2036		7,870	9,388,989
New York (State of) Dormitory Authority (Montefiore Obligated Group);
Series 2018 A, Ref. RB		5.00%		08/01/2028		1,755	2,168,039
Series 2018 A, Ref. RB		5.00%		08/01/2030		2,420	2,953,223
New York (State of) Dormitory Authority (Orange Regional Medical Center);
Series 2015, RB(e)		5.00%		12/01/2024		300	345,258
Series 2017, Ref. RB(e)		5.00%		12/01/2033		2,000	2,334,100
Series 2017, Ref. RB(e)		5.00%		12/01/2034		1,000	1,163,530
New York (State of) Dormitory Authority (Ozanam Hall of Queens Nursing Home, Inc.); Series 2006, RB (LOC - Allied Irish Banks PLC)(n)		5.00%		11/01/2026		35	35,564
New York (State of) State Dormitory Authority (Yeshiva University); Series 2011 A, RB		5.00%		11/01/2020		1,950	1,954,602
New York (State of) Thruway Authority;
Series 2018 L, Ref. RB		5.00%		01/01/2030		500	631,470
Series 2018 L, Ref. RB		5.00%		01/01/2031		1,000	1,255,350
Series 2019 B, Ref. RB		4.00%		01/01/2037		1,490	1,750,988
New York City (City of), NY Transitional Finance Authority; Series 2019 B-1, RB		4.00%		11/01/2038		2,800	3,267,908
New York Counties Tobacco Trust VI;
Series 2016 B, Ref. RB		5.00%		06/01/2027		280	331,968
Series 2016 B, Ref. RB		5.00%		06/01/2030		270	313,924
Series 2016 B, Ref. RB		5.00%		06/01/2031		250	288,610
New York Liberty Development Corp. (Goldman Sachs Headquarters); Series 2005, Ref. RB		5.25%		10/01/2035		2,660	3,712,323
New York State Dormitory Authority; Series 2015 B, RB		5.00%		02/15/2032		2,055	2,411,070
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport);
Series 2016, Ref. RB(a)		5.00%		08/01/2021		4,985	5,005,090
Series 2020, Ref. RB(a)		5.25%		08/01/2031		1,870	1,937,544
Series 2020, Ref. RB(a)		5.38%		08/01/2036		1,000	1,037,360
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB(a)		5.00%		08/01/2026		10,000	10,039,400
Series 2016, Ref. RB(a)		5.00%		08/01/2031		17,000	16,985,040
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment);
Series 2018, RB(a)		5.00%		01/01/2026		10,000	10,969,800
Series 2018, RB(a)		5.00%		01/01/2034		1,540	1,658,210
Series 2018, RB(a)		5.00%		01/01/2036		960	1,036,877
New York Transportation Development Corp. (Laguardia Airport Terminal B Redevelopment); Series 2016 A, RB (INS - AGM)(a)(b)		4.00%		07/01/2041		1,000	1,055,210
New York Transportation Development Corp. (Terminal One Group Association L.P.); Series 2015, Ref. RB(a)		5.00%		01/01/2021		2,300	2,323,690
Oneida County Local Development Corp. (Mohawk Valley Health System); Series 2019, Ref. RB (INS - AGM)(b)		5.00%		12/01/2031		1,000	1,307,260
Otsego County Capital Resource Corp. (Hartwick College); Series 2015 A, Ref. RB		5.00%		10/01/2030		500	478,220
Rockland Tobacco Asset Securitization Corp.; Series 2001, RB		5.63%		08/15/2035		2,080	2,099,552
Syracuse (City of), NY Industrial Development Agency (Carousel Center); Series 2016 A, Ref. RB(a)		5.00%		01/01/2032		1,250	1,115,012
TSASC, Inc.;
Series 2017 A, Ref. RB		5.00%		06/01/2032		2,000	2,388,780
Series 2017 A, Ref. RB		5.00%		06/01/2033		1,500	1,782,405
Series 2017 A, Ref. RB		5.00%		06/01/2034		1,000	1,184,280
							192,896,470
North Carolina–1.76%
Charlotte (City of) & Mecklenburg (County of), NC Hospital Authority (Carolinas HealthCare System); Series 2018 E, Ref. RB (SIFMA Municipal Swap Index + 0.45%)(c)(d)		1.60%		12/01/2021		3,000	2,995,890

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22 Invesco Intermediate Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
North Carolina–(continued)
Charlotte (City of), NC (Charlotte Douglas International Airport);
Series 2017 A, RB		5.00%		07/01/2034	$	750	$         915,855
Series 2017 A, RB		5.00%		07/01/2035		1,000	1,217,180
Columbus (County of), NC Industrial Facilities & Pollution Control Financing Authority (International Paper Co.); Series 2019, Ref. RB(c)		2.00%		10/01/2024		1,500	1,566,570
New Hanover (County of), NC (New Hanover Regional Medical Center);
Series 2017, Ref. RB		5.00%		10/01/2027		1,100	1,389,762
Series 2017, Ref. RB		5.00%		10/01/2034		1,000	1,213,790
North Carolina (State of); Series 2019, RB		5.00%		03/01/2032		3,000	3,923,040
North Carolina (State of) Department of Transportation (I-77 HOT Lanes);
Series 2015, RB(a)		5.00%		06/30/2026		1,700	1,904,221
Series 2015, RB(a)		5.00%		06/30/2027		1,215	1,355,418
Series 2015, RB(a)		5.00%		06/30/2029		1,340	1,482,831
Series 2015, RB(a)		5.00%		06/30/2030		1,405	1,548,914
North Carolina (State of) Medical Care Commission; Series 2020 A, RB		5.00%		07/01/2033		1,250	1,589,587
North Carolina (State of) Medical Care Commission (Lutheran Services); Series 2012, Ref. RB		4.25%		03/01/2024		1,095	1,110,078
North Carolina (State of) Medical Care Commission (Pennybyrn at Maryfield);
Series 2020, RB		2.50%		10/01/2024		740	740,555
Series 2020, RB		2.88%		10/01/2026		650	650,533
North Carolina (State of) Municipal Power Agency No. 1 (Catawba); Series 2015 A, Ref. RB		5.00%		01/01/2028		5,000	5,993,700
North Carolina (State of) Turnpike Authority; Series 2017, Ref. RB (INS - AGM)(b)		5.00%		01/01/2031		1,250	1,518,137
Raleigh & Durham (Cities of), NC Airport Authority; Series 2020 A, Ref. RB(a)		5.00%		05/01/2033		2,000	2,565,560
							33,681,621
North Dakota–0.18%
Burleigh (County of), ND (University of Mary);
Series 2016, RB		4.38%		04/15/2026		695	706,627
Series 2016, RB		5.10%		04/15/2036		2,815	2,808,835
							3,515,462
Ohio–3.51%
American Municipal Power, Inc. (AMP Fremont Energy Center); Series 2012, RB		5.00%		02/15/2021		1,250	1,276,962
American Municipal Power, Inc. (Combined Hydroelectric);
Series 2016 A, Ref. RB		4.00%		02/15/2035		3,000	3,360,270
Series 2018 A, RB(c)		2.25%		08/15/2021		1,500	1,508,715
Buckeye Tobacco Settlement Financing Authority; Series 2020 A-2, Ref. RB		4.00%		06/01/2037		8,310	9,715,221
Centerville (City of), OH (Graceworks Lutheran Services); Series 2017, Ref. RB		5.25%		11/01/2037		1,195	1,249,289
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); Series 2014 A, Ref. RB		5.75%		01/01/2024		660	691,654
Cleveland (City of), OH; Series 2012 A, Ref. RB(c)(g)		5.00%		01/01/2022		2,750	2,926,055
Cleveland-Cuyahoga (County of), OH Port Authority (Euclid Avenue Development Corp.); Series 2014, Ref. RB		5.00%		08/01/2027		1,000	1,090,230
Columbus-Franklin (County of), OH Finance Authority (Easton); Series 2020, RB(e)		5.00%		06/01/2028		5,000	5,156,950
Cuyahoga (County of), OH (Metrohealth System);
Series 2017, Ref. RB		5.00%		02/15/2031		1,750	2,035,005
Series 2017, Ref. RB		5.00%		02/15/2032		3,980	4,605,616
Franklin (County of), OH (First Community Village Obligated Group); Series 2013, Ref. RB		5.25%		07/01/2033		1,000	1,015,460
Gallia (County of), OH (Holzer Health System Obligated Group); Series 2012, Ref. RB		8.00%		07/01/2042		3,280	3,583,105
Hamilton (County of), OH; Series 2016 A, Ref. RB		5.00%		12/01/2027		3,410	4,337,418
Hamilton (County of), OH (Christ Hospital); Series 2012, RB		5.25%		06/01/2023		1,500	1,616,220
Hamilton (County of), OH (Life Enriching Communities); Series 2012, RB		5.00%		01/01/2032		750	772,215
Hamilton (County of), OH (UC Health); Series 2020, RB		5.00%		09/15/2037		2,000	2,477,480
Montgomery (County of), OH Hospital Facilities (Premier Health Partners Obligated Group); Series 2019 A, Ref. RB		5.00%		11/15/2034		1,500	1,799,595
Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB		5.00%		02/15/2033		1,240	1,302,880
Ohio (State of);
Series 2020 A, Ref. RB		5.00%		01/15/2033		600	765,564
Series 2020 A, Ref. RB		5.00%		01/15/2034		1,000	1,270,220
Series 2020 A, Ref. RB		5.00%		01/15/2035		900	1,139,256
Ohio (State of) (Portsmouth Bypass); Series 2015, RB(a)		5.00%		12/31/2025		1,300	1,530,373

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23 Invesco Intermediate Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Ohio–(continued)
Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.); Series 2014, RB(a)(c)		2.60%		10/01/2029	$	9,000	$      9,283,410
Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, RB(a)(e)		3.75%		01/15/2028		1,890	2,045,320
Ohio (State of) Higher Educational Facility Commission; Series 2015, Ref. RB		6.00%		10/01/2021		255	255,546
Southeastern Ohio Port Authority (Memorial Health System); Series 2015, Ref. RB		5.50%		12/01/2029		350	371,290
							67,181,319
Oklahoma–0.66%
Comanche (County of), OK Hospital Authority; Series 2015, Ref. RB		5.00%		07/01/2023		2,815	3,084,649
Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB		5.00%		08/15/2033		1,000	1,187,270
Payne (County of), OK Economic Development Authority (Epworth Living at the Ranch); Series 2016 B-2, RB(h)		4.75%		11/01/2023		852	2,129
Tulsa (City of), OK Municipal Airport Trust; Series 2001 A, Ref. RB(a)		5.50%		12/01/2035		3,250	3,285,978
Tulsa (City of), OK Municipal Airport Trust (American Airlines Group, Inc.); Series 2015, Ref. RB(a)(c)		5.00%		06/01/2025		5,000	5,045,850
							12,605,876
Oregon–0.50%
Clackamas (County of), OR Hospital Facility Authority (Rose Villa); Series 2020, Ref. RB		3.25%		11/15/2025		2,000	2,019,040
Forest Grove (City of), OR (Pacific University); Series 2015 A, Ref. RB		5.00%		05/01/2036		250	269,175
Medford (City of), OR Hospital Facilities Authority (Asante); Series 2020 A, Ref. RB		4.00%		08/15/2039		1,100	1,285,152
Multnomah (County of), OR (Hospital Facilities Authority Terwilliger Plaza, Inc.);
Series 2016, Ref. RB		5.00%		12/01/2025		295	326,302
Series 2016, Ref. RB		5.00%		12/01/2030		1,305	1,437,771
Portland (Port of), OR; Series 2017 24-B, RB(a)		5.00%		07/01/2035		3,255	3,810,205
Salem (City of), OR Hospital Facility Authority (Capital Manor, Inc.); Series 2012, Ref. RB		5.00%		05/15/2022		430	443,597
							9,591,242
Pennsylvania–6.35%
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB		5.00%		04/01/2032		2,000	2,464,120
Allegheny (County of), PA Industrial Development Authority (United States Steel Corp.); Series 2019, Ref. RB		4.88%		11/01/2024		2,000	1,904,940
Allentown Neighborhood Improvement Zone Development Authority (City Center); Series 2018, RB(e)		5.00%		05/01/2033		3,795	4,044,028
Chester (County of), PA Health & Education Facilities Authority (Simpson Senior Services); Series 2015 A, Ref. RB		5.00%		12/01/2030		1,000	1,030,610
Coatesville Area School District Building Authority;
Series 2018, RB (INS - BAM)(b)		5.00%		12/01/2025		385	428,447
Series 2018, RB (INS - BAM)(b)		5.00%		12/01/2026		335	372,222
Series 2018, RB (INS - BAM)(b)		5.00%		12/01/2027		360	399,272
Coatesville School District; Series 2020 A, GO Bonds (INS - BAM)(b)(f)		0.00%		10/01/2036		1,300	703,222
Commonwealth Financing Authority;
Series 2018, RB		5.00%		06/01/2030		5,500	6,984,175
Series 2018, RB		5.00%		06/01/2031		2,000	2,524,300
Series 2018, RB		5.00%		06/01/2033		2,000	2,491,160
Delaware River Joint Toll Bridge Commission; Series 2019 B, Ref. RB		5.00%		07/01/2031		370	490,683
East Hempfield (Township of), PA Industrial Development Authority (Student Services, Inc. Student Housing at Millersville University of Pennsylvania); Series 2015, RB		5.00%		07/01/2025		390	395,335
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.);
Series 2018, Ref. RB		5.00%		12/01/2029		1,000	1,063,100
Series 2018, Ref. RB		5.00%		12/01/2031		1,005	1,056,908
Series 2018, Ref. RB		5.00%		12/01/2033		750	781,845
Lancaster (County of), PA Hospital Authority (Masonic Villages); Series 2015, Ref. RB		5.00%		11/01/2029		1,500	1,697,985
Luzerne (County of), PA; Series 2015 A, Ref. GO Bonds (INS - AGM)(b)		5.00%		11/15/2029		500	601,695
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University); Series 2018 A, Ref. RB		5.00%		09/01/2030		3,500	4,379,375
Series 2018 C, RB (SIFMA Municipal Swap Index + 0.72%)(c)(d)		1.87%		09/01/2023		2,800	2,800,084
Series 2019, Ref. RB		5.00%		09/01/2031		545	691,600
Montgomery (County of), PA Industrial Development Authority (ACTS Retirement-Life Communities, Inc.); Series 2012, Ref. RB(c)(g)		5.00%		05/15/2022		3,045	3,288,965
Northampton (County of), PA Industrial Development Authority (Morningstar Senior Living, Inc.); Series 2012, RB		5.00%		07/01/2027		2,850	2,916,890

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24 Invesco Intermediate Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Pennsylvania–(continued)
Pennsylvania (Commonwealth of); First Series 2017, Ref. GO Bonds		5.00%		01/01/2026	$	5,400	$      6,652,044
Series 2015 1, GO Bonds		5.00%		03/15/2031		1,500	1,769,310
Series 2018 A, Ref. COP		5.00%		07/01/2029		300	383,208
Series 2018 A, Ref. COP		5.00%		07/01/2030		375	476,340
Series 2018 A, Ref. COP		5.00%		07/01/2031		425	537,068
Pennsylvania (Commonwealth of) Economic Development Financing Authority (PA Bridges Finco L.P.);
Series 2015, RB(a)		5.00%		12/31/2027		5,965	7,021,580
Series 2015, RB(a)		5.00%		12/31/2034		2,630	3,010,824
Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District); Series 2016 A, Ref. RB (INS - AGM)(b)		5.00%		06/01/2030		3,000	3,670,770
Pennsylvania (Commonwealth of) Turnpike Commission;
Series 2015 A-1, Ref. RB		5.00%		12/01/2028		1,055	1,248,255
Series 2015 A-1, Ref. RB		5.25%		12/01/2034		250	292,268
Series 2016 A1, RB		5.00%		12/01/2041		1,000	1,139,880
Series 2017 3, Ref. RB		5.00%		12/01/2034		3,000	3,669,270
Series 2019 A, RB		5.00%		12/01/2031		1,860	2,374,160
Series 2019 A, RB		5.00%		12/01/2034		1,400	1,790,558
Pennsylvania Turnpike Commission; Subseries 2017, Ref. RB		5.00%		12/01/2031		4,075	4,972,926
Philadelphia (City of), PA;
Series 2010 D, Ref. RB(a)		5.25%		06/15/2024		8,000	8,060,800
Series 2019 B, GO Bonds		5.00%		02/01/2033		1,200	1,537,548
Philadelphia (City of), PA Authority for Industrial Development;
Series 2017, RB		5.00%		12/01/2035		1,000	1,217,240
Series 2017, RB		5.00%		12/01/2037		1,310	1,578,131
Philadelphia (City of), PA Authority for Industrial Development (La Salle University); Series 2017, Ref. RB		5.00%		05/01/2034		1,000	1,064,960
Philadelphia (City of), PA Gas Works;
Series 2015, Ref. RB		5.00%		08/01/2031		1,000	1,177,850
Series 2015, Ref. RB		5.00%		08/01/2032		1,000	1,176,800
Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University Health System);
Series 2012 A, RB		5.63%		07/01/2042		3,100	3,271,368
Series 2017, Ref. RB		5.00%		07/01/2027		3,480	4,129,542
Series 2017, Ref. RB		5.00%		07/01/2029		2,295	2,684,003
Philadelphia (City of), PA Industrial Development Authority (Thomas Jefferson University); Series 2017 A, Ref. RB		5.00%		09/01/2035		3,000	3,542,400
Philadelphia School District;
Series 2007 A, Ref. GO Bonds (INS - NATL)(b)		5.00%		06/01/2025		2,400	2,878,128
Series 2018 A, GO Bonds		5.00%		09/01/2025		745	893,404
Series 2018 A, GO Bonds		5.00%		09/01/2032		510	640,484
Reading School District;
Series 2017, Ref. GO Bonds (INS - AGM)(b)		5.00%		03/01/2035		30	36,440
Series 2017, Ref. GO Bonds (INS - AGM)(b)		5.00%		03/01/2036		25	30,148
School District of Philadelphia (The);
Series 2019 A, GO Bonds		5.00%		09/01/2027		1,500	1,887,075
Series 2019 A, GO Bonds		5.00%		09/01/2031		1,000	1,289,180
Scranton School District;
Series 2017 E, Ref. GO Bonds (INS - BAM)(b)		5.00%		12/01/2032		110	135,754
Series 2017 E, Ref. GO Bonds (INS - BAM)(b)		5.00%		12/01/2033		90	110,849
State Public School Building Authority (School District of Philidelphia (The)); Series 2016 A, Ref. RB (INS - AGM)(b)		5.00%		06/01/2031		120	145,786
Washington (County of), PA Redevelopment Authority (Victory Centre); Series 2018, Ref. RB		5.00%		07/01/2028		225	233,597
West Shore Area Authority (Messiah Village); Series 2015 A, Ref. RB		5.00%		07/01/2030		500	528,035
Wilkes-Barre Area School District; Series 2016 B, GO Bonds (INS - BAM)(b)		5.00%		08/01/2028		500	623,730
							121,392,674

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25 Invesco Intermediate Term Municipal Income Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Puerto Rico–2.26%
Children’s Trust Fund;
Series 2002, RB	5.38%		05/15/2033	$	1,660	$       1,670,226
Series 2002, RB	5.50%		05/15/2039		640	643,942
Puerto Rico (Commonwealth of);
Series 2001 A, GO Bonds (INS - NATL)(b)	5.50%		07/01/2029		1,770	1,850,110
Series 2003 C-7, Ref. GO Bonds (INS - NATL)(b)	6.00%		07/01/2027		1,565	1,605,690
Series 2009 C, Ref. GO Bonds(h)	6.00%		07/01/2039		10,000	7,037,500
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2012 A, RB	5.00%		07/01/2033		2,000	2,057,500
Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2007 CC, Ref. RB (INS - AGM)(b)	5.50%		07/01/2030		2,535	2,818,160
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (University Plaza); Series 2000 A, RB (INS - NATL)(b)	5.00%		07/01/2033		1,430	1,430,100
Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2007 M-3, Ref. RB (INS - NATL)(b)	6.00%		07/01/2028		1,130	1,159,380
Puerto Rico Public Buildings Authority; Series 2007 M-3, Ref. RB (INS - NATL)(b)	6.00%		07/01/2025		2,375	2,496,386
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(f)	0.00%		07/01/2027		10,272	8,726,989
Series 2018 A-1, RB(f)	0.00%		07/01/2029		10,160	8,067,141
Series 2018 A-1, RB	4.50%		07/01/2034		3,468	3,670,462
						43,233,586
Rhode Island–1.06%
Providence (City of), RI Public Building Authority; Series 2011 A, RB (INS - AGM)(b)	5.88%		06/15/2026		500	518,950
Rhode Island Health & Educational Building Corp. (University of Rhode Island - Auxiliary Enterprise); Series 2013 C, Ref. RB	5.00%		09/15/2022		1,000	1,086,990
Tobacco Settlement Financing Corp.;
Series 2015 A, Ref. RB	5.00%		06/01/2026		1,375	1,586,929
Series 2015 A, Ref. RB	5.00%		06/01/2027		900	1,036,323
Series 2015 A, Ref. RB	5.00%		06/01/2028		1,080	1,240,812
Series 2015 A, Ref. RB	5.00%		06/01/2035		12,500	14,021,125
Series 2015 B, Ref. RB	2.25%		06/01/2041		820	845,797
						20,336,926
South Carolina–0.55%
Greenville (County of), SC Hospital System Board of Trustees; Series 2012, Ref. RB	5.00%		05/01/2024		500	530,990
Greenwood (County of), SC (Self Regional Healthcare); Series 2012 B, Ref. RB	5.00%		10/01/2026		4,650	4,942,299
Piedmont Municipal Power Agency; Series 2015 A, RB	5.00%		01/01/2030		2,000	2,303,600
South Carolina (State of) Jobs-Economic Development Authority (Lutheran Homes);
Series 2013, RB	5.00%		05/01/2023		1,000	1,018,900
Series 2013, RB	5.00%		05/01/2028		1,250	1,261,700
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group); Series 2018 A, Ref. RB	5.00%		05/01/2048		200	232,750
South Carolina (State of) Public Service Authority (Santee Cooper); Series 2010 B, Ref. RB	5.00%		01/01/2033		200	200,410
						10,490,649
South Dakota–0.03%
Educational Enhancement Funding Corp.; Series 2013 B, RB	5.00%		06/01/2026		550	610,390
Tennessee–1.36%
Bristol (City of), TN Industrial Development Board (Pinnacle); Series 2016, RB	4.25%		06/01/2021		445	445,071
Chattanooga (City of) & Hamilton (County of), TN Hospital Authority (Erlanger Health System); Series 2014 A, Ref. RB	5.00%		10/01/2039		1,305	1,415,990
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group);
Series 2018 A, RB	5.00%		07/01/2032		370	401,076
Series 2018 A, Ref. RB	5.00%		07/01/2034		3,000	3,241,860
Series 2018 A, Ref. RB	5.00%		07/01/2035		2,500	3,027,475
Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health); Series 2012 A, Ref. RB	5.00%		01/01/2025		500	548,135
Metropolitan Development and Housing Agency (Fifth + Broadway Development); Series 2018, RB(e)	4.50%		06/01/2028		815	850,175
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (Blakeford at Green Hills); Series 2012, Ref. RB	5.00%		07/01/2022		500	521,300

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26 Invesco Intermediate Term Municipal Income Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Tennessee–(continued)
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (Lipscomb University); Series 2019 A, Ref. RB	5.00%		10/01/2035	$	1,115	$       1,213,176
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center);
Series 2016 A, RB	5.00%		07/01/2031		1,000	1,182,320
Series 2016 A, RB	5.00%		07/01/2035		2,000	2,332,520
Shelby (County of), TN Health, Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare); Series 2017 A, RB	5.00%		05/01/2031		1,185	1,443,840
Shelby (County of), TN Health, Educational & Housing Facilities Board (The Village at Germantown, Inc.); Series 2014, RB	5.00%		12/01/2029		650	660,380
Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor); Series 2016 A, Ref. RB(e)	5.00%		09/01/2037		750	675,195
Tennessee Energy Acquisition Corp.;
Series 2006 A, RB	5.25%		09/01/2020		300	300,000
Series 2006 C, RB	5.00%		02/01/2023		1,360	1,501,957
Series 2006 C, RB	5.00%		02/01/2024		3,225	3,692,367
Series 2006 C, RB	5.00%		02/01/2027		150	184,457
Series 2018, RB(c)	4.00%		11/01/2025		2,000	2,287,900
						25,925,194
Texas–7.69%
Arlington Higher Education Finance Corp. (Harmony Public Schools); Series 2015, Ref. RB (CEP - Texas Permanent School Fund)	5.00%		02/15/2032		1,500	1,749,915
Arlington Higher Education Finance Corp. (UME Preparatory Academy);
Series 2017 A, RB	4.55%		08/15/2028		125	131,643
Series 2017 A, RB	5.00%		08/15/2038		115	120,283
Arlington Higher Education Finance Corp. (Universal Academy);
Series 2014 A, RB	5.88%		03/01/2024		255	268,984
Series 2014 A, RB	6.63%		03/01/2029		1,000	1,095,130
Austin (City of), TX; Series 2019 B, RB(a)	5.00%		11/15/2034		2,000	2,509,480
Austin Convention Enterprises, Inc.;
Series 2017, Ref. RB	5.00%		01/01/2032		1,075	1,025,056
Series 2017, Ref. RB	5.00%		01/01/2033		1,200	1,225,692
City of Houston Higher Education Finance Corp. (KIPP, Inc.); Series 2015, Ref. RB (CEP - Texas Permanent School Fund)	5.00%		08/15/2029		250	295,685
Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2013, RB	6.00%		08/15/2033		1,250	1,403,012
Clifton Higher Education Finance Corp. (International Leadership of Texas);
Series 2015 A, RB	4.88%		08/15/2027		500	560,685
Series 2015 A, RB	5.13%		08/15/2030		3,000	3,360,210
Series 2018 D, RB	5.75%		08/15/2033		5,000	5,685,100
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport);
Series 2012 G, Ref. RB	5.00%		11/01/2025		125	125,999
Series 2012 G, Ref. RB	5.00%		11/01/2026		125	125,999
Dallas (County of), TX Flood Control District No. 1; Series 2015, Ref. GO Bonds(e)	5.00%		04/01/2028		1,000	1,053,060
Dallas-Fort Worth (Cities of), TX International Airport;
Series 2013 F, Ref. RB	5.25%		11/01/2033		3,500	3,928,400
Series 2014 A, Ref. RB(a)	5.25%		11/01/2026		2,000	2,262,780
Decatur (City of), TX Hospital Authority (Wise Regional Health System);
Series 2014 A, Ref. RB	5.00%		09/01/2022		150	160,317
Series 2014 A, Ref. RB	5.00%		09/01/2023		150	165,174
Series 2014 A, Ref. RB	5.00%		09/01/2024		265	300,144
Series 2014 A, Ref. RB	5.25%		09/01/2029		1,000	1,118,650
Dickinson Independent School District; Series 2000, Ref. GO Bonds (CEP - Texas Permanent School Fund)	6.00%		02/15/2028		2,000	2,481,180
Frisco Independent School District; Series 2019, Ref. GO Bonds (CEP - Texas Permanent School Fund)	5.00%		08/15/2036		3,375	4,367,959
Grand Parkway Transportation Corp.;
Series 2020 C, Ref. RB	4.00%		10/01/2036		250	301,188
Series 2020, Ref. RB	4.00%		10/01/2037		1,000	1,200,460
Series 2020, Ref. RB	4.00%		10/01/2038		2,250	2,692,080
Grand Parkway Transportation Corp. (TELA Supported); Series 2018 A, RB	5.00%		10/01/2038		2,000	2,491,340

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27 Invesco Intermediate Term Municipal Income Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Texas–(continued)
Gulf Coast Waste Disposal Authority;
Series 2013, RB (INS - AGM)(b)	5.00%		10/01/2021	$	1,250	$       1,314,175
Series 2013, RB (INS - AGM)(b)	5.00%		10/01/2023		2,610	2,859,960
Harris (County of) & Houston (City of), TX Sports Authority; Series 2014 A, Ref. RB	5.00%		11/15/2030		1,000	1,066,070
Harris County Cultural Education Facilities Finance Corp. (Brazos Presbyterian Homes, Inc.);
Series 2013 A, RB	4.00%		01/01/2023		995	1,005,338
Series 2013 A, RB	5.00%		01/01/2033		1,090	1,115,920
Harris County Cultural Education Facilities Finance Corp. (YMCA of the Greater Houston Area); Series 2013 A, Ref. RB	5.00%		06/01/2028		1,500	1,567,170
Hopkins (County of), TX Hospital District; Series 2008, RB	5.50%		02/15/2023		315	316,121
Houston (City of), TX; Series 2011 A, Ref. RB(a)	5.00%		07/01/2025		1,000	1,033,580
Houston (City of), TX (United Airlines, Inc.); Series 2020, Ref. RB(a)	5.00%		07/15/2027		3,350	3,550,966
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2020 A, RB(a)	5.00%		07/01/2027		500	529,940
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.);
Series 2011 A, RB(g)	5.88%		05/15/2021		135	140,387
Series 2012 A, RB	4.00%		02/15/2022		175	180,504
Huntsville (City of), TX; Series 2001, GO Ctfs. (INS - NATL)(b)	5.00%		08/15/2023		20	20,078
Lower Colorado River Authority;
Series 2019 A, RB	5.00%		05/15/2031		400	519,812
Series 2019, Ref. RB	5.00%		05/15/2030		1,200	1,568,844
Mesquite Health Facilities Development Corp. (Christian Care Centers, Inc.); Series 2014, Ref. RB	5.00%		02/15/2024		285	278,208
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(a)(e)	4.63%		10/01/2031		5,000	5,297,100
New Hope Cultural Education Facilities Corp. (Morningside Ministries); Series 2013, RB	6.25%		01/01/2033		1,600	1,675,248
New Hope Cultural Education Facilities Corp. (Presbyterian Village North);
Series 2018, Ref. RB	5.00%		10/01/2029		2,105	2,232,647
Series 2018, Ref. RB	5.00%		10/01/2030		2,210	2,325,362
New Hope Cultural Education Facilities Corp. (Wesleyan Homes, Inc.);
Series 2014, RB	5.25%		01/01/2029		1,500	1,546,695
Series 2014, RB	5.50%		01/01/2035		1,400	1,440,012
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community);
Series 2016, Ref. RB	4.00%		07/01/2028		2,620	2,529,191
Series 2016, Ref. RB	5.00%		07/01/2036		2,750	2,734,957
New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing Corpus Christi II, LLC -
Texas A&M University-Corpus Christi); Series 2016 A, RB	5.00%		04/01/2031		670	651,160
New Hope Cultural Education Facilities Finance Corp. (Collegiate Housing Stephenville II, LLC - Tarleton State University); Series 2014 A, RB(g)	5.00%		04/01/2023		785	865,847
New Hope Cultural Education Facilities Finance Corp. (Longhorn Village);
Series 2017, Ref. RB	5.00%		01/01/2027		1,090	1,194,411
Series 2017, Ref. RB	5.00%		01/01/2029		1,205	1,317,173
Series 2017, Ref. RB	5.00%		01/01/2037		2,000	2,162,120
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford);
Series 2016 A, RB	5.00%		11/15/2026		350	335,206
Series 2016 B-1, RB	3.25%		11/15/2022		70	70,076
New Hope Cultural Education Facilities Finance Corp. (Tarleton State University); Series 2014 A, RB(c)(g)	5.00%		04/01/2024		620	707,476
Newark High Education Finance Corp. (A+ Charter Schools, Inc.); Series 2015 A, RB(e)	4.63%		08/15/2025		780	839,413
North Texas Tollway Authority;
Series 2008 I, Ref. RB (INS - AGC)(b)(j)	6.20%		01/01/2042		4,500	5,408,505
Series 2017 B, Ref. RB (INS - AGM)(b)	4.00%		01/01/2034		750	857,738
Series 2019 B, Ref. RB	5.00%		01/01/2029		1,000	1,301,090
Pottsboro Higher Education Finance Corp. (Imagine International Academy of North Texas LLC); Series 2016 A, RB	5.00%		08/15/2036		1,960	2,050,199
SA Energy Acquisition Public Facility Corp.;
Series 2007, RB	5.50%		08/01/2021		1,475	1,541,316
Series 2007, RB	5.50%		08/01/2025		2,000	2,447,040
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
Series 2020 B-2, Ref. RB	3.00%		11/15/2026		2,000	2,001,260
Series 2020, Ref. RB	4.00%		11/15/2027		1,000	1,000,790
Tarrant County Cultural Education Facilities Finance Corp. (SQLC Senior Living Center at Corpus Christi, Inc.-Mirador); Series 2017 A, RB(h)	4.13%		11/15/2038		2,663	266

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28 Invesco Intermediate Term Municipal Income Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Texas–(continued)
Temple (City of), TX; Series 2018 A, RB(e)	5.00%		08/01/2038	$	5,000	$       5,485,850
Texas (State of) Transportation Commission;
Series 2019, RB(f)	0.00%		08/01/2034		1,400	875,294
Series 2019, RB(f)	0.00%		08/01/2035		2,050	1,211,406
Series 2019, RB(f)	0.00%		08/01/2036		1,500	840,945
Texas (State of) Transportation Commission (Central Texas Turnpike System); Series 2015 C, Ref. RB	5.00%		08/15/2033		5,000	5,673,450
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB	6.25%		12/15/2026		5,890	6,971,581
Texas Municipal Gas Acquisition & Supply Corp. III;
Series 2012, RB	5.00%		12/15/2021		2,600	2,730,338
Series 2012, RB	5.00%		12/15/2022		500	543,645
Series 2012, RB	5.00%		12/15/2023		3,950	4,287,172
Series 2012, RB	5.00%		12/15/2026		500	539,300
Series 2012, RB	5.00%		12/15/2028		1,775	1,905,800
Series 2012, RB	5.00%		12/15/2032		1,775	1,889,984
Texas Private Activity Bond Surface Transportation Corp. (LBJ Infrastructure); Series 2010, RB	7.00%		06/30/2040		350	351,691
Texas Private Activity Bond Surface Transportation Corp. (North Tarrant Express); Series 2019 A, Ref. RB	5.00%		12/31/2030		3,000	3,782,310
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes); Series 2019 A, Ref. RB	5.00%		12/31/2032		1,000	1,243,090
Travis County Cultural Education Facilities Finance Corp. (Wayside Schools);
Series 2012 A, RB	4.63%		08/15/2022		180	183,337
Series 2012 A, RB	5.00%		08/15/2027		1,085	1,106,038
Viridian Municipal Management District;
Series 2015, Ref. GO Bonds (INS - BAM)(b)	6.00%		12/01/2029		1,670	2,039,404
Series 2015, Ref. GO Bonds (INS - BAM)(b)	6.00%		12/01/2030		1,420	1,735,439
						147,201,050
Utah–0.34%
Salt Lake City (City of), UT; Series 2017 A, RB(a)	5.00%		07/01/2034		3,500	4,198,705
Salt Lake City Corp.; Series 2018 B, RB	5.00%		07/01/2038		1,000	1,226,000
Utah (State of) Charter School Finance Authority (North Davis Preparatory Academy); Series 2010, RB	6.38%		07/15/2040		1,000	1,002,720
						6,427,425
Vermont–0.57%
Burlington (City of), VT;
Series 2012 A, GO Bonds	5.00%		11/01/2021		250	263,730
Series 2012 A, GO Bonds(c)(g)	5.00%		11/01/2022		250	275,898
Series 2014 A, Ref. RB (INS - AGM)(b)	5.00%		07/01/2030		1,000	1,144,690
University of Vermont & State Agricultural College;
Series 2019 B, Ref. RB	5.00%		10/01/2035		1,220	1,725,324
Series 2019 B, Ref. RB	5.00%		10/01/2036		1,375	1,963,802
Vermont (State of) Educational & Health Buildings Financing Agency (Middlebury College);
Series 2010, Ref. RB	5.00%		11/01/2040		5,000	5,039,550
Series 2012 A, Ref. RB	5.00%		11/01/2028		500	545,765
						10,958,759
Virgin Islands–0.15%
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2009 B, Ref. RB	5.00%		10/01/2025		2,950	2,922,240
Virginia–0.64%
Dulles Town Center Community Development Authority (Dulles Town Center);
Seires 2012, Ref. RB	5.00%		03/01/2022		1,100	1,122,407
Series 2012, Ref. RB	5.00%		03/01/2021		1,395	1,405,504
Series 2012, Ref. RB	4.25%		03/01/2026		700	702,919
Fairfax (County of), VA Economic Development Authority (Vinson Hall LLC); Series 2013 A, RB	4.00%		12/01/2022		530	541,109
Farmville (Town of), VA Industrial Development Authority (Longwood University Student Housing); Series 2018 A, Ref. RB	5.00%		01/01/2038		1,000	1,057,850
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC); Series 2017, RB(a)	5.00%		01/01/2040		4,000	4,149,200

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29 Invesco Intermediate Term Municipal Income Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Virginia–(continued)
Virginia (Commonwealth of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC); Series 2012, RB(a)	5.00%		01/01/2027	$	2,500	$       2,641,250
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay);
Series 2018, Ref. RB	5.00%		09/01/2028		150	171,642
Series 2018, Ref. RB	5.00%		09/01/2030		455	515,324
						12,307,205
Washington–1.93%
Chelan (County of), WA Public Utility District No. 1; Series 2011 A, Ref. RB(a)	5.50%		07/01/2025		1,000	1,040,100
Energy Northwest (Columbia Generating Station); Series 2019 A, Ref. RB	5.00%		07/01/2038		2,360	3,049,285
Kalispel Tribe of Indians;
Series 2018 A, RB(e)	5.00%		01/01/2032		70	78,952
Series 2018 B, RB(e)	5.00%		01/01/2032		100	112,789
Kelso (City of), WA Housing Authority; Series 1998, RB	5.60%		03/01/2028		20	20,019
Seattle (Port of), WA;
Series 2016 B, Ref. RB(a)	5.00%		10/01/2028		3,730	4,382,713
Series 2019, RB(a)	5.00%		04/01/2032		2,000	2,476,000
Seattle (Port of), WA (SEATAC Fuel Facilities LLC);
Series 2013, Ref. RB(a)	5.00%		06/01/2021		650	672,484
Series 2013, Ref. RB(a)	5.00%		06/01/2024		1,560	1,731,085
Washington (State of); Series 2021 A, Ref. GO Bonds	5.00%		06/01/2033		2,250	2,981,047
Washington (State of) Convention Center Public Facilities District; Series 2018, RB	5.00%		07/01/2031		2,425	2,707,027
Washington (State of) Health Care Facilities Authority (Catholic Health Initiatives); Series 2013, RB (SIFMA Municipal Swap Index + 1.40%)(c)(d)	2.55%		01/01/2025		3,350	3,306,517
Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association); Series 2015, Ref. RB	5.00%		07/01/2030		500	575,675
Washington (State of) Health Care Facilities Authority (PeaceHealth); Series 2014 A, Ref. RB	5.00%		11/15/2027		500	567,965
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center);
Series 2017, Ref. RB	5.00%		08/15/2032		1,500	1,696,290
Series 2017, Ref. RB	5.00%		08/15/2037		1,360	1,515,448
Washington (State of) Housing Finance Commission (Bayview Manor Homes);
Series 2016 A, Ref. RB(e)	5.00%		07/01/2031		1,350	1,432,040
Series 2016 A, Ref. RB(e)	5.00%		07/01/2036		1,450	1,516,990
Washington (State of) Housing Finance Commission (Hearthstone (The)); Series 2018 B, Ref. RB(e)	3.13%		07/01/2023		45	44,369
Washington (State of) Housing Finance Commission (Heron’s Key Senior Living); Series 2015 A, RB(e)	6.00%		07/01/2025		500	541,445
Washington (State of) Housing Finance Commission (The Hearthstone); Series 2018 A, Ref. RB(e)	5.00%		07/01/2038		830	847,189
Washington (State of) Housing Finance Commission (Transforming Age);
Series 2019 A, RB(e)	5.00%		01/01/2034		745	776,819
Series 2019 A, RB(e)	5.00%		01/01/2039		1,400	1,436,092
Washington (State of) Tobacco Settlement Authority; Series 2013, Ref. RB	5.00%		06/01/2022		3,260	3,495,861
						37,004,201
West Virginia–0.42%
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2017 A, Ref. RB(e)	5.50%		06/01/2037		2,000	2,094,980
West Virginia (State of) Economic Development Authority (Appalachian Power Co. - Amos); Series 2010 A, Ref. RB	5.38%		12/01/2038		1,750	1,769,618
West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC);
Series 2016, RB(a)(e)	6.75%		02/01/2026		2,000	1,912,740
Series 2018, RB(a)(e)	8.75%		02/01/2036		640	647,072
West Virginia University; Series 2019, RB	5.00%		10/01/2032		1,155	1,507,529
						7,931,939
Wisconsin–2.15%
Public Finance Authority (Beyond Boone LLC - Appalachian State University); Series 2019 A, RB (INS - AGM)(b)	5.00%		07/01/2034		800	960,136
Public Finance Authority (City of Boynton Beach, Florida Municipal Improvements); Series 2018, RB	5.00%		07/01/2035		2,000	2,507,380
Public Finance Authority (Community School of Davidson); Series 2018, RB	5.00%		10/01/2033		390	420,319
Public Finance Authority (Goodwill Industries of Southern Nevada, Inc.); Series 2019 A, RB	5.50%		12/01/2038		1,930	1,910,169
Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB(e)	4.38%		06/15/2029		2,105	2,201,746

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

30 Invesco Intermediate Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Wisconsin–(continued)
Public Finance Authority (Wingate University); Series 2018 A, Ref. RB		5.25%		10/01/2038	$	1,000	$       1,102,820
Superior (City of), WI (Superior Water, Light & Power Co.); Series 2007 A, Ref. RB(a)		5.38%		11/01/2021		1,370	1,375,644
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group); Series 2016 A, Ref. RB		4.00%		11/15/2036		2,000	2,254,420
Wisconsin (State of) Health & Educational Facilities Authority (Benevolent Corp. Cedar Community);
Series 2017, Ref. RB		5.00%		06/01/2030		1,560	1,645,925
Series 2017, Ref. RB		5.00%		06/01/2032		1,720	1,796,196
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System);
Series 2019 B-2, Ref. RB		2.55%		11/01/2027		2,000	1,980,540
Series 2019 B-3, Ref. RB		2.25%		11/01/2026		1,000	979,050
Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic); Series 2012 B, RB		5.00%		02/15/2028		500	524,690
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance);
Series 2012, RB		5.00%		06/01/2025		2,450	2,611,626
Series 2012, RB		5.00%		06/01/2026		1,000	1,063,850
Wisconsin (State of) Public Finance Authority (21st Century Public Academy); Series 2020 A, RB(e)		3.75%		06/01/2030		350	334,516
Wisconsin (State of) Public Finance Authority (ACTS Retirement-Life Community); Series 2020 A, RB		4.00%		11/15/2037		600	668,508
Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth);
Series 2016 A, RB(e)		5.00%		06/01/2025		1,000	1,090,150
Series 2016 A, RB(e)		4.63%		06/01/2036		125	131,394
Wisconsin (State of) Public Finance Authority (Explore Academy); Series 2020 A, RB(e)		6.13%		02/01/2039		500	508,005
Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 A-1, RB(e)		6.25%		01/01/2038		3,250	2,713,230
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 A, RB		5.20%		12/01/2037		4,000	4,443,040
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences);
Series 2012, RB		5.00%		04/01/2022		315	321,930
Series 2015, Ref. RB		5.00%		04/01/2025		995	1,046,849
Wisconsin (State of) Public Finance Authority (Wittenberg University); Series 2016, RB(e)		4.13%		12/01/2024		2,900	2,976,763
Wisconsin Health & Educational Facilities Authority (American Baptist Homes of the Midwest Obligated Group); Series 2017, Ref. RB		5.00%		08/01/2032		3,700	3,634,732
							41,203,628
Wyoming–0.10%
Wyoming (State of) Municipal Power Agency; Series 2017 A, Ref. RB (INS - BAM)(b)		5.00%		01/01/2031		1,500	1,845,225
TOTAL INVESTMENTS IN SECURITIES(o) –101.58% (Cost $1,845,562,491)							1,943,445,815
FLOATING RATE NOTE OBLIGATIONS–(2.13)%
Notes with interest and fee rates ranging from 0.61% to 0.69% at 08/31/2020 and contractual maturities of collateral ranging from 09/01/2022 to 06/01/2032 (See Note 1J)(p)							(40,715,000)
OTHER ASSETS LESS LIABILITIES–0.55%							10,440,168
NET ASSETS –100.00%							$1,913,170,983

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

31 Invesco Intermediate Term Municipal Income Fund

Investment Abbreviations:

AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BAM	– Build America Mutual Assurance Co.
CEP	– Credit Enhancement Provider
COP	– Certificates of Participation
Ctfs.	– Certificates
FGIC	– Financial Guaranty Insurance Company
GNMA	– Government National Mortgage Association
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
LIBOR	– London Interbank Offered Rate
LOC	– Letter of Credit
NATL	– National Public Finance Guarantee Corp.
PCR	– Pollution Control Revenue Bonds
RB	– Revenue Bonds
Ref.	– Refunding
RN	– Revenue Notes
SGI	– Syncora Guarantee, Inc.
SIFMA	– Securities Industry and Financial Markets Association
USD	– U.S. Dollar
VRD	– Variable Rate Demand
Wts.	– Warrants

Notes to Schedule of Investments:

^(a)  Security subject to the alternative minimum tax.

^(b)  Principal and/or interest payments are secured by the bond insurance company listed.

^(c)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020.

^(e)  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 August 31, 2020 was $131,453,433, which represented 6.87% of the Fund’s Net Assets.

^(f)  Zero coupon bond issued at a discount.

^(g)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(h)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2020 was $10,040,903, which represented less than 1% of the Fund’s Net Assets.

⁽ⁱ⁾  Underlying security related to TOB Trusts entered into by the Fund. See Note 1J.

^(j)  Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

^(k)  Security subject to crossover refunding.

^(l)  Security is subject to a reimbursement agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $15,800,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

^(m)  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 August 31, 2020.

⁽ⁿ⁾  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(o)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

^(p)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2020. At August 31, 2020, the Fund’s investments with a value of $69,635,047 are held by TOB Trusts and serve as collateral for the $40,715,000 in the floating rate note obligations outstanding at that date.

Open Futures Contracts(a)
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value		Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 10 Year Notes		198		December-2020		$(27,571,500)		$(16,422)		$(16,422)

^(a)  Futures contracts collateralized by $975,000 cash held with Goldman Sachs & Co., the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

32 Invesco Intermediate Term Municipal Income Fund

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2020

Revenue Bonds	88.7	%
General Obligation Bonds	9.5
Pre-Refunded Bonds	1.3
Other	0.5

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

33 Invesco Intermediate Term Municipal Income Fund

Statement of Assets and Liabilities

August 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $1,845,562,491)	$	1,943,445,815
Deposits with brokers:
Cash collateral – exchange-traded futures contracts		975,000
Receivable for:
Investments sold		157,590
Fund shares sold		3,114,451
Interest		20,761,771
Investments matured, at value (Cost $1,159,572)		753,721
Investment for trustee deferred compensation and retirement plans		105,646
Other assets		116,123
Total assets		1,969,430,117
Liabilities:
Floating rate note obligations		40,715,000
Other investments:
Variation margin payable - futures contracts		30,938
Payable for:
Investments purchased		8,409,689
Dividends		1,106,680
Fund shares reacquired		2,106,833
Amount due custodian		2,881,886
Accrued fees to affiliates		754,668
Accrued trustees’ and officers’ fees and benefits		5,586
Accrued other operating expenses		131,226
Trustee deferred compensation and retirement plans		116,628
Total liabilities		56,259,134
Net assets applicable to shares outstanding	$	1,913,170,983

Net assets consist of:
Shares of beneficial interest	$	1,858,367,505
Distributable earnings		54,803,478
	$	1,913,170,983
Net Assets:
Class A	$	1,279,265,157
Class C	$	140,727,660
Class Y	$	488,661,362
Class R6	$	4,516,804
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		113,351,522
Class C		12,503,311
Class Y		43,327,873
Class R6		400,564
Class A:
Net asset value per share	$	11.29
Maximum offering price per share (Net asset value of $11.29 ÷ 97.50%)	$	11.58
Class C:
Net asset value and offering price per share	$	11.26
Class Y:
Net asset value and offering price per share	$	11.28
Class R6:
Net asset value and offering price per share	$	11.28

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

34 Invesco Intermediate Term Municipal Income Fund

Statement of Operations

For the six months ended August 31, 2020

(Unaudited)

Investment income:
Interest	$	30,988,103
Expenses:
Advisory fees		3,842,352
Administrative services fees		124,951
Custodian fees		8,332
Distribution fees:
Class A		1,461,889
Class C		730,555
Interest, facilities and maintenance fees		247,081
Transfer agent fees – A, C and Y		744,306
Transfer agent fees – R6		26
Trustees’ and officers’ fees and benefits		15,361
Registration and filing fees		78,349
Reports to shareholders		44,003
Professional services fees		36,190
Other		13,221
Total expenses		7,346,616
Less: Expenses reimbursed and/or expense offset arrangement(s)		(123	)
Net expenses		7,346,493
Net investment income		23,641,610
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(12,281,298	)
Futures contracts		(3,072,225	)
		(15,353,523	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(34,572,727	)
Futures contracts		832,703
		(33,740,024	)
Net realized and unrealized gain (loss)		(49,093,547	)
Net increase (decrease) in net assets resulting from operations	$	(25,451,937	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

35 Invesco Intermediate Term Municipal Income Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2020 and the year ended February 29, 2020

(Unaudited)

	August 31,			February 29,
	2020			2020
Operations:
Net investment income	$	23,641,610		$	39,016,826
Net realized gain (loss)		(15,353,523	)		(3,379,120	)
Change in net unrealized appreciation (depreciation)		(33,740,024	)		92,274,869
Net increase (decrease) in net assets resulting from operations		(25,451,937	)		127,912,575
Distributions to shareholders from distributable earnings:
Class A		(14,724,406	)		(25,893,042	)
Class C		(1,296,878	)		(2,382,441	)
Class Y		(6,564,589	)		(13,586,786	)
Class R6		(60,952	)		(24,766	)
Total distributions from distributable earnings		(22,646,825	)		(41,887,035	)
Share transactions–net:
Class A		193,406,160			212,649,338
Class C		(732,030	)		32,464,371
Class Y		11,889,025			53,468,799
Class R6		370,465			4,162,766
Net increase in net assets resulting from share transactions		204,933,620			302,745,274
Net increase in net assets		156,834,858			388,770,814
Net assets:
Beginning of period		1,756,336,125			1,367,565,311
End of period	$	1,913,170,983		$	1,756,336,125

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

36 Invesco Intermediate Term Municipal Income Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/20		$	11.66		$	0.15		$	(0.38	)		$	(0.23	)		$	(0.14	)		$	11.29		(1.94	)%		$	1,279,265		0.82	%(d)		0.82	%(d)		0.79	%(d)		2.63	%(d)		20	%
Year ended 02/29/20			11.02			0.29			0.66				0.95				(0.31	)			11.66		8.75				1,114,423		0.89			0.89			0.84			2.56			11
Year ended 02/28/19			10.99			0.31			0.03				0.34				(0.31	)			11.02		3.19				848,116		0.88			0.91			0.84			2.85			27
Year ended 02/28/18			10.97			0.31			0.02				0.33				(0.31	)			10.99		3.03				766,748		0.87			0.91			0.84			2.79			16
Year ended 02/28/17			11.29			0.30			(0.33	)			(0.03	)			(0.29	)			10.97		(0.30	)			701,376		0.85			0.90			0.82			2.71			20
Year ended 02/29/16			11.23			0.32			0.04				0.36				(0.30	)			11.29		3.25				648,535		0.82			0.90			0.80			2.88			7
Class C
Six months ended 08/31/20			11.62			0.11			(0.37	)			(0.26	)			(0.10	)			11.26		(2.23	)			140,728		1.57	(d)		1.57	(d)		1.54	(d)		1.88	(d)		20
Year ended 02/29/20			10.99			0.20			0.66				0.86				(0.23	)			11.62		7.87				145,443		1.64			1.64			1.59			1.81			11
Year ended 02/28/19			10.96			0.23			0.03				0.26				(0.23	)			10.99		2.42				106,166		1.63			1.66			1.59			2.10			27
Year ended 02/28/18			10.94			0.23			0.02				0.25				(0.23	)			10.96		2.26				236,475		1.62			1.66			1.59			2.04			16
Year ended 02/28/17			11.26			0.22			(0.34	)			(0.12	)			(0.20	)			10.94		(1.06	)			234,811		1.60			1.65			1.57			1.96			20
Year ended 02/29/16			11.20			0.24			0.04				0.28				(0.22	)			11.26		2.53				204,971		1.57			1.65			1.55			2.13			7
Class Y
Six months ended 08/31/20			11.65			0.16			(0.38	)			(0.22	)			(0.15	)			11.28		(1.81	)			488,661		0.57	(d)		0.57	(d)		0.54	(d)		2.88	(d)		20
Year ended 02/29/20			11.02			0.32			0.65				0.97				(0.34	)			11.65		8.93				492,202		0.64			0.64			0.59			2.81			11
Year ended 02/28/19			10.98			0.34			0.04				0.38				(0.34	)			11.02		3.54				413,274		0.63			0.66			0.59			3.10			27
Year ended 02/28/18			10.96			0.34			0.02				0.36				(0.34	)			10.98		3.29				334,820		0.62			0.66			0.59			3.04			16
Year ended 02/28/17			11.28			0.33			(0.33	)			0.00				(0.32	)			10.96		(0.05	)			271,646		0.60			0.65			0.57			2.96			20
Year ended 02/29/16			11.22			0.35			0.04				0.39				(0.33	)			11.28		3.51				212,783		0.57			0.65			0.55			3.13			7
Class R6
Six months ended 08/31/20			11.65			0.17			(0.38	)			(0.21	)			(0.16	)			11.28		(1.78	)			4,517		0.49	(d)		0.49	(d)		0.46	(d)		2.96	(d)		20
Year ended 02/29/20			11.01			0.32			0.66				0.98				(0.34	)			11.65		9.03				4,268		0.64			0.64			0.59			2.81			11
Year ended 02/28/19			10.97			0.34			0.04				0.38				(0.34	)			11.01		3.54				10		0.63			0.67			0.59			3.10			27
Period ended 02/28/18(e)			10.99			0.31			(0.02	)			0.29				(0.31	)			10.97		2.65				10		0.62	(f)		0.67	(f)		0.59	(f)		3.04	(f)		16

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended August 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $206,116,316 in connection with the acquisition of Invesco Oppenheimer Intermediate Term Municipal Fund into the Fund.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,161,089, $144,950, $469,779 and $4,263 for Class A, Class C, Class Y and Class R6 shares, respectively.

^(e)  Commencement date of April 4, 2017.

^(f)  Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

37 Invesco Intermediate Term Municipal Income Fund

Notes to Financial Statements

August 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Intermediate Term Municipal Income Fund (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to provide investors with a high level of current income exempt from federal income tax, consistent with preservation of capital.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature will change from ten years to eight years. The first conversion of Class C shares to Class A shares would occur at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. 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.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of

38 Invesco Intermediate Term Municipal Income Fund

the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.

H. Accounting Estimates –The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications – Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote.

J. Floating Rate Note Obligations – The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider

39 Invesco Intermediate Term Municipal Income Fund

will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

K. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

L. Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service. The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 500 million		0.500	%
Next $250 million		0.450	%
Next $250 million		0.425	%
Over $1 billion		0.333	%

Prior to May 15, 2020, the Fund accrued daily and paid monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 500 million		0.500	%
Over $500 million		0.450	%

For the six months ended August 31, 2020, the effective advisory fee rate incurred by the Fund was 0.43%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 0.84%, 1.59%, 0.59% and 0.59%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company

40 Invesco Intermediate Term Municipal Income Fund

(“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares and Class C shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets and up to 1.00% of Class C average daily net assets. The fees are accrued daily and paid monthly.

With respect to Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class C maximum annual reimbursement rate, respectively. With respect to Class A shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

For the six months ended August 31, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2020, IDI advised the Fund that IDI retained $45,391 in front-end sales commissions from the sale of Class A shares and $132,420 and $942 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 the 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.

The following is a summary of the tiered valuation input levels, as of August 31, 2020. 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
Municipal Obligations	$	–		$	1,943,445,815		$–	$	1,943,445,815
Other Investments - Assets*
Investments Matured		–			753,721		–		753,721
Other Investments - Liabilities*
Futures Contracts		(16,422	)		–		–		(16,422	)
Total Investments	$	(16,422	)	$	1,944,199,536		$–	$	1,944,183,114

* Futures contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

41 Invesco Intermediate Term Municipal Income Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of August 31, 2020:

	Value
	Interest
Derivative Liabilities	Rate Risk
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(16,422	)
Derivatives not subject to master netting agreements		16,422
Total Derivative Liabilities subject to master netting agreements	$	-

^(a) The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

Effect of Derivative Investments for the six months ended August 31, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on
	Statement of Operations
	Interest
	Rate Risk
Realized Gain (Loss):
Futures contracts		$(3,072,225)
Change in Net Unrealized Appreciation:
Futures contracts		832,703
Total		$(2,239,522)

The table below summarizes the average notional value of derivatives held during the period.

	Futures
	Contracts
Average notional value	$	47,573,813

NOTE 5–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended August 31, 2020, the Fund engaged in securities purchases of $139,647,498 and securities sales of $85,292,423, which did not result in any net realized gains (losses).

NOTE 6–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $123.

NOTE 7–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 8–Cash Balances and Borrowings

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2020 were $40,078,571 and 1.22%, respectively.

42 Invesco Intermediate Term Municipal Income Fund

NOTE 9–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of February 29, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$20,278,016	$9,097,475	$29,375,491

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2020 was $349,325,926 and $343,187,643, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	110,541,038
Aggregate unrealized (depreciation) of investments		(12,134,496	)
Net unrealized appreciation of investments	$	98,406,542

Cost of investments for tax purposes is $1,845,776,572.

NOTE 11–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2020(a)						February 29, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		25,581,168		$	281,847,277			36,871,281		$	419,216,381
Class C		1,818,804			19,990,337			6,293,548			71,369,191
Class Y		7,379,747			81,263,524			13,483,869			152,813,307
Class R6		94,053			1,018,295			364,895			4,155,100
Issued as reinvestment of dividends:
Class A		934,439			10,332,600			1,587,358			18,051,345
Class C		95,664			1,054,062			170,204			1,930,123
Class Y		431,125			4,759,268			889,370			10,103,888
Class R6		3,583			39,524			2,045			23,518
Automatic conversion of Class C shares to Class A shares:
Class A		1,237,584			13,889,594			510,266			5,791,917
Class C		(1,240,920	)		(13,889,594	)		(511,711	)		(5,791,917	)
Issued in connection with acquisitions:(b)
Class A		11,982,040			129,527,184			-			-
Class C		2,114,190			22,789,658			-			-
Class Y		5,753,884			62,155,305			-			-
Class R6		2,060			22,245			-			-

43 Invesco Intermediate Term Municipal Income Fund

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2020(a)						February 29, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(21,975,987	)	$	(242,190,495	)		(20,311,458	)	$	(230,410,305	)
Class C		(2,796,683	)		(30,676,493	)		(3,098,952	)		(35,043,026	)
Class Y		(12,486,673	)		(136,289,072	)		(9,639,835	)		(109,448,396	)
Class R6		(65,600	)		(709,599	)		(1,383	)		(15,852	)
Net increase in share activity		18,862,478		$	204,933,620			26,609,497		$	302,745,274

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 58% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Intermediate Term Municipal Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 19,852,174 shares of the Fund for 48,992,092 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $214,494,392, including $4,468,922 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,613,231,447 and $1,827,725,839 immediately after the acquisition.

The pro forma results of operations for the six months ended August 31, 2020 assuming the reorganization had been completed on March 1, 2020, the beginning of the semi-annual reporting period are as follows:

Net investment income	$	24,761,167
Net realized/unrealized gains		(61,642,904	)
Change in net assets resulting from operations	$	36,881,737

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 16, 2020.

NOTE 12–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared 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 Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

44 Invesco Intermediate Term Municipal Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(03/01/20)	(08/31/20)1	Period2	(08/31/20)	Period2	Ratio
Class A	$1,000.00	$980.60	$4.09	$1,021.07	$4.18	0.82%
Class C	1,000.00	977.70	7.83	1,017.29	7.98	1.57
Class Y	1,000.00	981.90	2.85	1,022.33	2.91	0.57
Class R6	1,000.00	982.20	2.45	1,022.74	2.50	0.49

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

45 Invesco Intermediate Term Municipal Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Intermediate Term Municipal Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world.

As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond 2-17 Years Investment Grade Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective May 2020 and that the Broadridge materials did not reflect this reduced contractual management fee schedule. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative

46 Invesco Intermediate Term Municipal Income Fund

information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s actual and contractual management fees and total expense ratio were in the fifth, fourth and fifth quintiles of its expense group, respectively, and discussed with management reasons for such relative actual and contractual management fees and total expenses. The Board also discussed with management any impact that the reduction of the Fund’s contractual management fee schedule effective May 2020 would have on the Fund’s actual management fees and total expense ratio peer group rankings.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

47 Invesco Intermediate Term Municipal Income Fund

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov. Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-07890 and 033-66242                     Invesco Distributors, Inc.                                                            VK-ITMI-SAR-1                         

	Semiannual Report to Shareholders	August 31, 2020
	Invesco Limited Term California Municipal Fund
	Effective September 30, 2020, Invesco Oppenheimer Rochester® Limited Term California Municipal Fund was renamed Invesco Limited Term California Municipal Fund.
	Nasdaq: A: OLCAX ∎ C: OLCCX ∎ Y: OLCYX ∎ R6: IORLX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
18	Financial Statements
21	Financial Highlights
22	Notes to Financial Statements
27	Fund Expenses
28	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders
	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco
provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.     On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Limited Term California Municipal Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/29/20 to 8/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-1.06	%
Class C Shares	-1.44
Class Y Shares	-0.93
Class R6 Shares	-0.91
Bloomberg Barclays 5 Year Municipal Bond Indexq	1.48
U.S. Consumer Price Index∎	0.48
Source(s): qRIMES Technologies Corp.; ∎ Bloomberg L.P.
The Bloomberg Barclays 5 Year Municipal Bond Index is an unmanaged index of fixed-rate, investment-grade municipal securities with maturities of four to six years.
The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the U.S. Bureau of Labor Statistics.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3 Invesco Limited Term California Municipal Fund

Average Annual Total Returns
As of 8/31/20, including maximum applicable sales charges
Class A Shares
Inception (2/25/04)	3.80	%
10 Years	3.17
5 Years	3.38
1 Year	-0.68
Class C Shares
Inception (2/25/04)	3.48	%
10 Years	2.63
5 Years	3.06
1 Year	-0.07
Class Y Shares
Inception (11/29/10)	3.86	%
5 Years	4.13
1 Year	2.23
Class R6 Shares
10 Years	3.44	%
5 Years	3.90
1 Year	1.99

Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Rochester Limited Term California Municipal Fund, (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Rochester^® Limited Term California Municipal Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R6 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 2.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a

CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4 Invesco Limited Term California Municipal Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing

HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5 Invesco Limited Term California Municipal Fund

Schedule of Investments

August 31, 2020

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations–96.32%
California–90.32%
ABAG Finance Authority for Nonprofit Corps. (Episcopal Senior Communities);
Series 2011, Ref. RB		6.13%		07/01/2026	$	3,420	$	3,516,752
Series 2012 B, Ref. RB		5.00%		07/01/2024		250		262,293
ABAG Finance Authority for Nonprofit Corps. (Insured Nonprofit Combined Financing 2); Series 1993, COP (INS - Cal-Mortgage)(a)		5.80%		03/01/2023		5		5,020
ABAG Finance Authority for Nonprofit Corps. (Palo Alto Garden Apartments; Series 1999 A, RB(b)		5.35%		10/01/2029		195		195,499
Adelanto (City of), CA Improvement Agency; Series 1993 B, Ref. RB (INS - FGIC)(a)		5.50%		12/01/2023		335		336,625
Adelanto (City of), CA Public Financing Authority; Series 1996 B, RB		6.30%		09/01/2028		595		612,422
Adelanto (City of), CA Public Utility Authority; Series 2014 A, RB		5.00%		07/01/2024		2,960		2,969,413
Alameda (County of), CA Corridor Transportation Authority; Series 2013 A, Ref. RB (INS - AGM)(a)		5.00%		10/01/2029		1,750		1,950,252
Alameda (County of), CA Redevelopment Agency; Series 2006 A, RB (INS - NATL)(a)		4.38%		08/01/2030		10		10,024
Apple Valley (Town of), CA Redevelopment Agency (VVEDA Project Area); Series 2007, RB		4.75%		06/01/2037		55		55,148
Arcadia (City of), CA Redevelopment Agency (Central Redevelopment); Series 2001 A, RB (INS - NATL)(a)		5.13%		05/01/2023		180		180,666
Association of Bay Area Governments (California Redevelopment Agency Pool); Series 1994 A, RB (INS - AGM)(a)		6.00%		12/15/2024		160		162,517
Beaumont (City of), CA Financing Authority; Series 1994 A, RB		7.00%		09/01/2023		60		60,152
Beaumont (City of), CA Financing Authority (Improvement Area No. 17B); Series 2011 A, RB(c)(d)		6.38%		09/01/2021		200		212,194
Beaumont (City of), CA Financing Authority (Improvement Area No. 19A); Series 2015 B, Ref. RB		5.00%		09/01/2025		740		846,449
Beaumont (City of), CA Financing Authority (Improvement Area No. 19C); Series 2013 A, RB		5.00%		09/01/2027		655		720,100
Bell (City of), CA Community Redevelopment Agency; Series 2003, Ref. RB (INS - AGC)(a)		5.63%		10/01/2033		25		25,085
Blythe (City of), CA Financing Authority (City Hall & County Courthouse); Series 1997, RB (INS - NATL)(a)		5.50%		09/01/2027		75		75,818
California (County of), CA Tobacco Securitization Agency; Series 2020 B-1, Ref. RB		5.00%		06/01/2049		10,135		11,977,644
California (State of);
Series 1972 S, GO Bonds		5.25%		04/01/2021		25		25,102
Series 1992, GO Bonds (INS - NATL)(a)		6.00%		10/01/2021		55		56,860
Series 1992, GO Bonds		5.50%		10/01/2022		20		20,623
Series 1992, GO Bonds (INS - NATL)(a)		5.00%		11/01/2022		80		80,638
Series 1992, GO Bonds (INS - FGIC)(a)		5.00%		11/01/2022		25		25,200
Series 1993, GO Bonds (INS - NATL)(a)		5.90%		04/01/2023		170		175,690
Series 1993, GO Bonds		5.90%		04/01/2023		1,100		1,136,817
Series 1994, GO Bonds		5.75%		03/01/2023		85		87,348
Series 1994, GO Bonds		6.00%		03/01/2024		45		46,296
Series 1994, GO Bonds		6.00%		05/01/2024		5		5,062
Series 1994, GO Bonds (INS - NATL)(a)		6.00%		08/01/2024		90		92,151
Series 1995, GO Bonds (INS - AMBAC)(a)		5.90%		03/01/2025		60		61,690
Series 1996, GO Bonds (INS - AMBAC)(a)		5.25%		06/01/2021		50		50,628
Series 1996, GO Bonds (INS - FGIC)(a)		5.38%		06/01/2026		110		111,384
Series 1996, GO Bonds (INS - NATL)(a)		5.38%		06/01/2026		15		15,189
Series 1996, Ref. GO Bonds (INS - FGIC)(a)		5.60%		09/01/2021		40		41,079
Series 1996, Ref. GO Bonds		5.63%		09/01/2024		10		10,269
Series 1997, GO Bonds (INS - NATL)(a)		5.63%		10/01/2021		55		56,740
Series 1997, GO Bonds (INS - NATL)(a)		5.00%		10/01/2023		15		15,059
Series 1997, GO Bonds		5.00%		10/01/2023		30		30,118
Series 1997, GO Bonds (INS - NATL)(a)		5.63%		10/01/2023		235		242,492
Series 1997, GO Bonds (INS - NATL)(a)		5.63%		10/01/2026		10		10,308
Series 1997, GO Bonds		5.13%		10/01/2027		20		20,077
Series 2000, GO Bonds		5.63%		05/01/2026		40		40,172
Series 2001, GO Bonds		5.20%		11/01/2031		5		5,019
Series 2002, GO Bonds		5.00%		10/01/2022		5		5,020
Series 2002, GO Bonds (INS - SGI)(a)		5.00%		10/01/2028		5		5,019
Series 2010, GO Bonds		5.30%		03/01/2029		350		351,407
Series 2010, GO Bonds		5.25%		03/01/2030		2,000		2,007,920
Series 2010, GO Bonds		5.38%		03/01/2030		6,345		6,370,824
Series 2011, GO Bonds		5.25%		09/01/2028		1,000		1,048,840

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6 Invesco Limited Term California Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California–(continued)
Series 2011, Ref. GO Bonds		5.25%		09/01/2024	$	4,970	$	5,218,898
Series 2016, Ref. GO Bonds		5.00%		09/01/2030		745		779,382
Series 2019, Ref. GO Bonds		4.00%		10/01/2039		5,000		5,991,650
California (State of) Community College Financing Authority (Grossmont-Cuyamaca Community College District, Palomar Community College District & Shasta-Tehama-Trinity Joint Community College District);
Series 2001 A, RB (INS - NATL)(a)		5.00%		04/01/2021		10		10,282
Series 2001 A, RB (INS - NATL)(a)		5.63%		04/01/2026		680		700,257
California (State of) Community College Financing Authority (NCCD - Orange Coast Properties LLC - Orange Coast College); Series 2018, RB		5.00%		05/01/2033		600		627,144
California (State of) County Tobacco Securitization Agency;
Series 2007 B, RB		5.10%		06/01/2028		340		340,228
Series 2014, Ref. RB		4.00%		06/01/2029		4,690		4,710,730
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.);
Series 2002, RB		5.88%		06/01/2035		380		380,369
Series 2002, RB		6.00%		06/01/2042		4,735		4,739,593
California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.); Series 2002, RB		6.00%		06/01/2035		4,655		4,659,515
California (State of) County Tobacco Securitization Agency (Sonoma County Securitization Corp.); Series 2005, Ref. RB		5.00%		06/01/2026		65		65,176
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2002 A, RB		5.88%		06/01/2043		265		265,257
California (State of) Department of Water Resources (Central Valley); Series 1972, RB		5.25%		07/01/2022		230		230,952
California (State of) Educational Facilities Authority (California College of the Arts);
Series 2012, RB(c)(d)		5.00%		06/01/2022		400		432,444
Series 2012, RB(c)		5.00%		06/01/2022		1,135		1,227,060
California (State of) Educational Facilities Authority (Chapman University); Series 2011, RB		5.00%		04/01/2026		3,070		3,140,518
California (State of) Educational Facilities Authority (Loma Linda University); Series 2017 A, Ref. RB		5.00%		04/01/2030		710		839,334
California (State of) Educational Facilities Authority (Southwestern University); Series 2003, Ref. RB		5.00%		11/01/2023		95		95,231
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center); Series 2015, Ref. RB		5.00%		11/15/2032		1,750		2,105,355
California (State of) Health Facilities Financing Authority (El Camino Hospital);
Series 2015 A, Ref. RB		5.00%		02/01/2032		1,750		2,016,682
Series 2015 A, Ref. RB		5.00%		02/01/2033		3,000		3,445,260
California (State of) Health Facilities Financing Authority (Gateways Hospital and Mental Health Center);
Series 2011 B, RB (INS - Cal-Mortgage)(a)		4.30%		12/01/2023		15		15,044
Series 2011 B, RB (INS - Cal-Mortgage)(a)		4.45%		12/01/2024		10		10,030
California (State of) Health Facilities Financing Authority (San Fernando Valley Community Mental Health Center, Inc.); Series 1998 A, RB (INS - NATL)(a)		5.25%		06/01/2023		20		20,053
California (State of) Health Facilities Financing Authority (Stanford Health Care); Series 2017 A, Ref. RB		4.00%		11/15/2040		6,000		6,860,760
California (State of) Health Facilities Financing Authority (Sutter Health);
Series 2011 D, Ref. RB		5.25%		08/15/2031		11,045		11,533,079
Series 2011 D, Ref. RB		5.00%		08/15/2035		2,700		2,797,551
Series 2017 A, Ref. RB		5.00%		11/15/2032		1,800		2,240,208
Series 2017 A, Ref. RB		5.00%		11/15/2033		3,000		3,718,920
Series 2017 A, Ref. RB		5.00%		11/15/2035		1,500		1,845,765
Series 2017 A, Ref. RB		5.00%		11/15/2037		4,490		5,491,584
California (State of) Housing Finance Agency;
Series 2004 C, VRD RB (INS - AGM)(a)(e)		0.05%		02/01/2037		130		130,000
Series 2019 A-1, RB		4.25%		01/15/2035		4,930		5,557,933
California (State of) Infrastructure & Economic Development Bank (California Science Center Phase II);
Series 2016 A, Ref. RB		5.00%		05/01/2027		1,505		1,816,746
Series 2016 A, Ref. RB		5.00%		05/01/2028		775		930,566
Series 2016 A, Ref. RB		5.00%		05/01/2029		910		1,087,377
Series 2016 A, Ref. RB		5.00%		05/01/2030		740		880,119
Series 2016 A, Ref. RB		5.00%		05/01/2031		910		1,112,511
California (State of) Infrastructure & Economic Development Bank (Segerstrom Center for the Arts); Series 2016, Ref. RB		5.00%		07/01/2026		5,000		5,638,700

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Invesco Limited Term California Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California–(continued)
California (State of) Municipal Finance Authority (Biola University);
Series 2013, RB		5.00%		10/01/2029	$	335	$	365,351
Series 2013, RB		5.00%		10/01/2030		465		505,999
California (State of) Municipal Finance Authority (CHF -Riverside II, LLC - UCR North District Phase I Student Housing); Series 2019, RB (INS - BAM)(a)		5.00%		05/15/2040		3,080		3,695,384
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing);
Series 2018, RB (INS - BAM)(a)		5.00%		05/15/2033		10,385		12,512,886
Series 2018, RB		5.00%		05/15/2037		2,500		2,904,025
California (State of) Municipal Finance Authority (CHF-Riverside I, LLC - UCR Dundee-Glasgow Student Housing);
Series 2018, RB (INS - BAM)(a)		5.00%		05/15/2032		2,120		2,566,769
Series 2018, RB (INS - BAM)(a)		5.00%		05/15/2033		2,000		2,409,800
Series 2018, RB (INS - BAM)(a)		5.00%		05/15/2034		1,260		1,513,991
Series 2018, RB (INS - BAM)(a)		5.00%		05/15/2036		1,900		2,267,327
Series 2018, RB (INS - BAM)(a)		5.00%		05/15/2038		2,275		2,699,924
California (State of) Municipal Finance Authority (Community Medical Centers);
Series 2017 A, Ref. RB		5.00%		02/01/2028		3,000		3,659,370
Series 2017 A, Ref. RB		5.00%		02/01/2029		3,400		4,113,694
Series 2017 A, Ref. RB		5.00%		02/01/2030		3,500		4,202,765
Series 2017 A, Ref. RB		5.00%		02/01/2031		2,000		2,390,220
Series 2017 A, Ref. RB		5.00%		02/01/2032		1,500		1,783,980
California (State of) Municipal Finance Authority (Eisenhower Medical Centers); Series 2017 A, Ref. RB		5.00%		07/01/2030		2,155		2,582,401
California (State of) Municipal Finance Authority (Emerson College);
Series 2011, RB(c)(d)		5.00%		01/01/2022		190		201,611
Series 2011, RB		5.00%		01/01/2028		40		41,855
California (State of) Municipal Finance Authority (Linxs APM);
Series 2018 A, RB(b)		5.00%		12/31/2033		8,385		9,922,725
Series 2018 A, RB(b)		5.00%		12/31/2034		6,500		7,669,805
Series 2018, RB(b)		5.00%		12/31/2035		2,700		3,173,742
California (State of) Municipal Finance Authority (NorthBay Healthcare Group);
Series 2015, RB		5.00%		11/01/2030		440		484,717
Series 2015, RB		5.00%		11/01/2035		1,100		1,191,905
Series 2017 A, RB		5.00%		11/01/2028		1,000		1,146,350
Series 2017 A, RB		5.25%		11/01/2029		750		874,012
California (State of) Municipal Finance Authority (San Bernardino Municipal Water Department Water Facilities);
Series 2016, Ref. RB (INS - BAM)(a)		5.00%		08/01/2033		1,580		1,938,628
Series 2016, Ref. RB (INS - BAM)(a)		5.00%		08/01/2035		1,715		2,092,163
California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, Ref. RB(b)		4.00%		07/15/2029		1,100		1,100,770
California (State of) Pollution Control Finance Authority; Series 2012, RB(b)(f)		5.00%		07/01/2030		1,000		1,054,560
California (State of) Pollution Control Financing Authority (CalPlant I) (Green Bonds);
Series 2017, RB(b)(f)(g)		7.00%		07/01/2022		1,000		580,000
Series 2017, RB(b)(f)(g)		7.50%		07/01/2032		4,000		2,320,000
California (State of) Pollution Control Financing Authority (San Diego County Water Authority); Series 2019, Ref. RB(f)		5.00%		07/01/2039		1,500		1,747,260
California (State of) Pollution Control Financing Authority (Southern California Water Co.); Series 1996 A, RB (INS - NATL)(a)(b)		5.50%		12/01/2026		1,030		1,032,214
California (State of) Public Finance Authority (Trinity Classical Academy); Series 2019 A, RB(f)		5.00%		07/01/2036		250		262,918
California (State of) Public Works Board (California Community Colleges);
Series 2004 B, RB		5.13%		06/01/2025		15		15,059
Series 2004 B, RB		5.13%		06/01/2029		45		45,176
Series 2005 E, RB (INS - BHAC)(a)		5.00%		10/01/2024		50		50,194
Series 2007 B, RB (INS - NATL)(a)		4.25%		03/01/2026		5		5,016
Series 2007 B, RB (INS - NATL)(a)		5.00%		03/01/2027		50		50,192
California (State of) Public Works Board (California Highway Patrol); Series 2000 C, RB		5.25%		11/01/2020		10		10,041
California (State of) Public Works Board (Department of Corrections & Rehabilitation);
Series 2000 A, RB (INS - AMBAC)(a)		5.63%		10/01/2020		45		45,198
Series 2005 G, RB (INS - NATL)(a)		4.25%		10/01/2021		10		10,033
Series 2011 C, RB		5.75%		10/01/2031		2,000		2,114,560

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Limited Term California Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California–(continued)
California (State of) Public Works Board (Department of Forestry & Fire Protection); Series 2006 C, RB (INS - AGM)(a)		5.00%		04/01/2026	$	2,000	$	2,007,680
California (State of) Public Works Board (Department of Justice); Series 2000 D, RB		5.25%		11/01/2020		10		10,041
California (State of) Public Works Board (Department of Mental Health);
Series 2003 B, RB		5.25%		04/01/2023		15		15,058
Series 2006 I, RB (INS - NATL)(a)		4.20%		11/01/2026		5		5,015
California (State of) Public Works Board (Judicial Council of California);
Series 2011 D, RB		5.25%		12/01/2026		3,000		3,181,860
Series 2013 A, RB		5.00%		03/01/2026		875		976,351
California (State of) Public Works Board (Trustees of the California State University); Series 2010 B-1, RB		5.13%		03/01/2023		2,000		2,008,040
California (State of) School Finance Authority (Coastal Academy); Series 2013 A, RB(f)		5.00%		10/01/2022		490		508,453
California (State of) School Finance Authority (Escuela Popular); Series 2017, RB(f)		5.50%		07/01/2027		1,225		1,333,804
California (State of) School Finance Authority (HTH Learning); Series 2017 A, Ref. RB(f)		5.00%		07/01/2032		1,705		1,962,353
California (State of) Statewide Communities Development Authority; Series 2005 D, RB (INS - AGM)(a)		4.25%		10/01/2021		15		15,050
California (State of) Statewide Communities Development Authority (Alliance for College-Ready Public Schools - 47th and Main); Series 2012 A, RB		5.13%		07/01/2022		135		139,181
California (State of) Statewide Communities Development Authority (Community Facilities District No. 2002-1); Series 2002 1, RB(b)		6.35%		09/01/2021		25		25,047
California (State of) Statewide Communities Development Authority (Eskaton Properties, Inc.); Series 2012, RB		5.25%		11/15/2034		1,000		1,039,970
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services); Series 2017 A, Ref. RB		5.00%		04/01/2031		175		206,841
California (State of) Statewide Communities Development Authority (Heritage Park at Cathedral City Apartments); Series 2002 NN-1, RB (INS - AMBAC)(a)(b)		5.20%		06/01/2036		890		892,109
California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC-California College of the Arts); Series 2019, RB(f)		5.00%		07/01/2029		900		922,212
California (State of) Statewide Communities Development Authority (Pooled Financing Program); Series 2002 B, RB (INS - AGM)(a)		5.25%		10/01/2027		5		5,020
California (State of) Statewide Communities Development Authority (River Run Senior Apartments - Corona); Series 2003, RB(b)		6.75%		09/01/2037		45		45,072
California (State of) Statewide Communities Development Authority (Sherman Oaks); Series 1998 A, RB (INS - AMBAC)(a)		5.00%		08/01/2022		740		748,399
California (State of) Statewide Communities Development Authority (Southern California Edison Co.); Series 2010 A, Ref. RB		4.50%		09/01/2029		10,000		10,017,300
California (State of) Statewide Communities Development Authority (Sutter Health); Series 2011 C, RB		5.00%		08/15/2026		1,160		1,208,998
California (State of) Statewide Communities Development Authority (Total Road Improvement Program);
Series 2012 B, COP		5.25%		06/01/2023		490		530,626
Series 2012 B, COP		5.25%		06/01/2024		515		557,508
Series 2012 B, COP		5.25%		06/01/2025		545		589,586
Series 2012 B, COP		5.25%		06/01/2026		575		621,621
Series 2012 B, COP		5.25%		06/01/2027		605		653,606
California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments); Series 2012, Ref. RB		5.38%		05/15/2038		1,000		1,019,870
California (State of) Statewide Communities Development Authority (University of California, Irvine East Campus Apartments, CHF-Irvine, LLC);
Series 2012, Ref. RB		5.13%		05/15/2031		310		316,473
Series 2016, Ref. RB		5.00%		05/15/2030		1,500		1,702,365
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program);
Series 2002 A, RB		5.63%		05/01/2029		1,413		1,418,214
Series 2002 A, RB		6.00%		05/01/2037		3,395		3,407,528
Series 2002 B, RB		5.63%		05/01/2029		650		652,398
California State University; Series 2019 A, RB		4.00%		11/01/2041		3,480		4,159,018
California Statewide Communities Development Authority; Series 2015, Ref. RB		5.00%		09/02/2035		3,515		3,800,594
Calimesa (City of), CA; Series 2020, RB		4.00%		09/01/2037		415		460,418
Carlsbad (City of), CA Housing & Redevelopment Commission; Series 1993, RB (INS - NATL)(a)		5.30%		09/01/2023		10		10,192
Carson (City of), CA (Assessment District No. 92-1); Series 1992, RB		7.38%		09/02/2022		15		15,442
Carson (City of), CA Redevelopment Agency; Series 2010 A, RB(c)		5.00%		10/01/2030		1,000		1,003,920
Cerritos (City of), CA Public Financing Authority; Series 2002 A, RB (INS - AMBAC)(a)		4.55%		11/01/2024		5		5,014
Cerritos Community College District (Election of 2018); Series 2019 A, GO Bonds		4.00%		06/01/2043		5,000		5,795,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Limited Term California Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California–(continued)
Chino (City of), CA Public Financing Authority;
Series 2015 A, Ref. RB (INS - AGM)(a)		5.00%		09/01/2028	$	1,230	$	1,469,038
Series 2015 A, Ref. RB (INS - AGM)(a)		5.00%		09/01/2029		1,280		1,523,251
Series 2015 A, Ref. RB (INS - AGM)(a)		5.00%		09/01/2030		900		1,066,698
Series 2015 A, Ref. RB (INS - AGM)(a)		5.00%		09/01/2031		950		1,121,399
Chula Vista (City of), CA (San Diego Gas & Electric Co.);
Series 2004 B, IDR		5.88%		02/15/2034		5,000		5,018,650
Series 2004 D, IDR		5.88%		01/01/2034		1,000		1,003,730
Cloverdale Unified School District; Series 2019 A, GO Bonds		5.25%		08/01/2044		3,500		4,372,480
Colton (City of), CA Public Financing Authority; Series 2007 A, RB (INS - AMBAC)(a)		4.70%		04/01/2032		15		15,043
Compton (City of), CA; Series 1998, Ref. RB (INS - NATL)(a)		5.38%		09/01/2023		175		175,758
Compton Community College District;
Series 2012, Ref. GO Bonds		5.00%		07/01/2021		1,895		1,969,473
Series 2012, Ref. GO Bonds		5.00%		07/01/2023		1,310		1,417,774
Cudahy (City of), CA Community Development Commission Successor Agency (City-Wide Redevelopment);
Series 2011 A, RB(c)		7.13%		10/01/2020		110		110,607
Series 2011 A, RB(c)		7.25%		10/01/2021		130		139,724
Series 2011 A, RB(c)(d)		7.75%		10/01/2021		315		340,260
Series 2011 B, RB(c)		6.88%		10/01/2020		35		35,188
Series 2011 B, RB(c)		7.00%		10/01/2021		185		198,340
Cypress (City of), CA (Cypress Business and Professional Center Assessment District); Series 1998, RB		5.70%		09/02/2022		10		10,019
Delano Joint Union High School District; Series 2003 A, Ref. GO Bonds (INS - NATL)(a)		5.10%		02/01/2023		975		1,084,590
Dinuba (City of), CA Redevelopment Agency; Series 2011 A, Ref. RB(c)(d)		5.75%		09/01/2021		170		177,261
Downey (City of), CA Community Development Commission; Series 1997, Ref. RB (INS - NATL)(a)		5.13%		08/01/2028		50		50,549
El Dorado (County of), CA (Community Facilities District No. 1992-1 - El Dorado Hills Development);
Series 2012, Ref. RB		5.00%		09/01/2026		620		679,787
Series 2012, Ref. RB		5.00%		09/01/2027		790		865,342
El Monte Union High School District; Series 2019 A, GO Bonds		4.00%		06/01/2037		1,440		1,672,488
Fontana (City of), CA (Community Facilities District No. 80);
Series 2017, RB		5.00%		09/01/2026		290		349,035
Series 2017, RB		5.00%		09/01/2029		175		211,187
Fresno (City of), CA Joint Powers Financing Authority (Master Lease); Series 2017 A, Ref. RB (INS - AGM)(a)		5.00%		04/01/2030		675		832,079
Series 2017 A, Ref. RB (INS - AGM)(a)		5.00%		04/01/2031		1,000		1,219,800
Series 2017 A, Ref. RB (INS - AGM)(a)		5.00%		04/01/2032		500		606,770
Galt (City of), CA Redevelopment Agency; Series 2011, RB		7.38%		09/01/2033		400		425,148
Golden State Tobacco Securitization Corp.;
Series 2017 A-1, Ref. RB		5.00%		06/01/2027		1,850		2,308,374
Series 2017 A-1, Ref. RB		5.00%		06/01/2028		6,560		8,113,342
Series 2017 A-1, Ref. RB		5.00%		06/01/2029		2,090		2,554,691
Granada Sanitary District (2003 Reassessment & Ref.); Series 2003 A, RB		6.13%		09/02/2022		10		10,244
Hawthorne (City of), CA Community Redevelopment Agency Successor Agency (Community Facilities District No. 1999-1); Series 2010, Ref. RB		6.13%		10/01/2025		3,220		3,311,351
Huntington Beach (City of), CA (Community Facilities District No. 2002-1 - Improvement Area A - McDonnell Centre Business Park); Series 2002 A, RB		6.25%		09/01/2027		20		20,565
Huntington Beach (City of), CA (Community Facilities District No. 2003-1 - Huntington Center);
Series 2013, Ref. RB		5.25%		09/01/2025		1,055		1,058,418
Series 2013, Ref. RB		5.25%		09/01/2026		1,115		1,118,501
Huntington Beach (City of), CA Redevelopment Agency; Series 1999, Ref. RB (INS - AGM)(a)		5.00%		08/01/2024		15		15,055
Huntington Park (City of), CA Public Financing Authority; Series 2004 A, Ref. RB (INS - AGM)(a)		5.00%		09/01/2022		15		15,058
Imperial (City of), CA Public Financing Authority (Water Facility); Series 2012, RB		5.00%		10/15/2026		2,735		3,009,074
Inland Empire Tobacco Securitization Corp.; Series 2019, Ref. RB		3.68%		06/01/2038		9,665		10,288,392
Irvine (City of), CA (Reassessment District No. 13-1); Series 2012, RB		5.00%		09/02/2025		710		801,299
Kern Valley Healthcare District; Series 2003, Ref. RB (INS - Cal-Mortgage)(a)		5.25%		08/01/2021		25		25,103
La Mesa (City of), CA (Assessment District No. 98-1); Series 1998, RB		5.75%		09/02/2023		20		20,371
Lancaster (City of), CA Redevelopment Agency Successor Agency (Lancaster Public Capital Improvements); Series 2010, Ref. RB		5.50%		12/01/2028		615		620,510
Lodi (City of), CA Public Financing Authority; Series 2012, Ref. RB		5.25%		10/01/2026		2,000		2,149,140

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Limited Term California Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California–(continued)
Long Beach (City of), CA; Series 2015, RB		5.00%		05/15/2027	$	850	$	958,366
Long Beach (City of), CA (Community Facilities District No. 6); Series 2002, RB		6.25%		10/01/2026		35		35,089
Long Beach (City of), CA Bond Finance Authority;
Series 2007 A, RB		5.25%		11/15/2023		1,435		1,637,966
Series 2007 A, RB		5.50%		11/15/2037		100		145,669
Long Beach Unified School District (Election of 2008); Series 2009, GO Bonds		5.75%		08/01/2033		30		30,127
Los Angeles (City of), CA (FHA Insured Mortgage Loans - Section 8 Assisted);
Series 1993 1, Ref. RB (INS - NATL)(a)		6.50%		07/01/2022		5		5,021
Series 1993 II-A, Ref. RB (INS - NATL)(a)		5.35%		07/01/2022		5		5,016
Los Angeles (City of), CA Community Facilities District No. 3 (Cascades Business Park); Series 1997, RB		6.40%		09/01/2022		30		30,417
Los Angeles (City of), CA Department of Airports; Series 2018 B, Ref. RB(b)		5.00%		05/15/2034		1,000		1,226,120
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport);
Series 2018 A, RB(b)		5.25%		05/15/2038		3,565		4,380,529
Series 2018 D, Ref. RB(b)		5.00%		05/15/2030		9,000		11,535,750
Los Angeles (City of), CA Department of Water & Power; Series 2018 A, Ref. RB		5.00%		07/01/2038		5,000		6,300,600
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds);
Series 2020 A, RB		4.00%		06/01/2035		1,000		1,231,770
Series 2020 A, RB		4.00%		06/01/2036		1,000		1,224,920
Series 2020 A, RB		4.00%		06/01/2037		3,750		4,571,737
Madera (County of), CA (Valley Children’s Hospital);
Series 1995, COP (INS - NATL)(a)		5.75%		03/15/2028		455		456,661
Series 1998, COP (INS - NATL)(a)		5.00%		03/15/2023		635		640,372
Madera (County of), CA Board of Education; Series 2011, Ref. COP(c)(d)		6.13%		10/01/2021		325		345,774
Manteca Unified School District (Community Facilities District No. 1989-2); Series 2013 F, RB (INS - AGM)(a)		5.00%		09/01/2027		1,285		1,446,113
Marina (City of), CA Redevelopment Agency Successor Agency;
Series 2018 A, RB		5.00%		09/01/2033		340		391,286
Series 2018 B, RB		5.00%		09/01/2033		250		285,275
Maywood (City of), CA Public Financing Authority (Infrastructure Refinancing); Series 2008 A, Ref. RB		7.00%		09/01/2028		20		20,011
Modesto (City of), CA (Golf Course Ref.); Series 1993 B, COP (INS - NATL)(a)		5.00%		11/01/2023		240		245,945
Modesto (City of), CA Irrigation District; Series 2011 C, Ref. RB		5.00%		07/01/2030		500		519,565
Monrovia (City of), CA Redevelopment Agency Successor Agency (Central Redevelopment - Project Area No. 1); Series 2013, Ref. RB		5.00%		08/01/2026		1,000		1,076,360
Mountain View (City of), CA; Series 2004 A, RB (INS - NATL)(a)		4.50%		06/01/2026		10		10,030
M-S-R Public Power Agency; Series 1991 E, RB(c)		6.00%		07/01/2022		25		26,904
Murrieta Valley Unified School District (Election of 2006); Series 2008, GO Bonds (INS - AGM)(a)		4.00%		09/01/2020		10		10,000
Northern California Energy Authority; Series 2018 A, RB(d)		4.00%		07/01/2024		5,000		5,581,600
Northern Inyo (County of), CA Local Hospital District; Series 2010, RB		6.38%		12/01/2025		835		842,348
Oakland (Port of), CA; Series 2011 O, Ref. RB(b)		5.13%		05/01/2031		2,000		2,055,540
Oakland Unified School District (County of Alameda); Series 2016, Ref. GO Bonds (INS - BAM)(a)		5.00%		08/01/2030		5,000		6,123,700
Oakland Unified School District (Election of 2006); Series 2012 A, GO Bonds		5.00%		08/01/2022		410		435,777
Oceanside (City of), CA (Community Facilities District No. 200-1 - Ocean Ranch Corporate Centre);
Series 2013 A, Ref. RB		5.00%		09/01/2026		685		755,130
Series 2013 A, Ref. RB		5.00%		09/01/2027		745		818,584
Series 2013 A, Ref. RB		5.00%		09/01/2028		805		880,211
Ontario (City of), CA (Assessment District No. 108); Series 1995, RB		7.50%		09/02/2020		295		295,000
Orange (City of), CA (Community Facilities District No. 91-2 - Serrano Heights Public Improvements); Series 2013, Ref. RB		5.00%		10/01/2028		1,495		1,636,861
Oro Grande Elementary School District; Series 2010, COP		5.63%		09/15/2030		255		255,482
Oxnard (City of), CA Financing Authority;
Series 2011, Ref. RB(c)(d)		5.30%		06/01/2021		50		51,938
Series 2014, Ref. RB (INS - AGM)(a)		5.00%		06/01/2029		2,000		2,308,120
Palo Alto (City of), CA;
Series 1999 A, Ref. RB (INS - AMBAC)(a)		5.25%		06/01/2021		85		86,073
Series 1999 A, Ref. RB (INS - AMBAC)(a)		5.25%		06/01/2024		15		15,184
Palomar Health; Series 2016, Ref. RB		5.00%		11/01/2031		1,625		1,906,239
Perris Elementary School District (Election of 2014);
Series 2014 A, GO Bonds (INS - BAM)(a)		6.00%		08/01/2027		185		223,491
Series 2014 A, GO Bonds (INS - BAM)(a)		6.00%		08/01/2028		205		247,300

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Limited Term California Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California–(continued)
Perris Union High School District; Series 2019 A, GO Bonds (INS - AGM)(a)		4.00%		09/01/2040	$	2,000	$	2,350,720
Poway Unified School District Public Financing Authority;
Series 2013, RB		5.00%		09/15/2025		850		965,523
Series 2013, RB		5.00%		09/15/2029		1,195		1,351,593
Rancho California Water District Financing Authority; Series 2019 A, Ref. RB		4.00%		08/01/2039		3,200		3,914,336
Rancho Cucamonga (City of), CA (Community Facilities District No. 2003-01 - Improvement Area No. 1); Series 2013, Ref. RB		5.75%		09/01/2028		1,800		1,806,570
Rancho Mirage (City of), CA (Reassessment District No. R22-85);
Series 2002, Ref. RB		5.75%		09/02/2022		10		10,146
Series 2002, Ref. RB		5.75%		09/02/2026		20		20,257
Rancho Mirage (City of), CA (Reassessment District No. R25-90); Series 1998, Ref. RB		5.50%		09/02/2024		10		10,093
Redlands (City of), CA (Community Facilities District No. 2003-1 - Redlands Business Center); Series 2004, RB		5.85%		09/01/2033		10		10,099
Redwood City (City of), CA (Community Facilities District No. 99-1); Series 2012, Ref. RB		5.00%		09/01/2029		690		731,904
Richmond (City of), CA Joint Powers Financing Authority; Series 2016, RB		5.50%		11/01/2029		6,530		7,786,568
Riverside (City of), CA (Riverwalk Auto Center Assessment District);
Series 2012, Ref. RB		5.00%		09/02/2023		315		324,283
Series 2012, Ref. RB		5.00%		09/02/2024		335		344,648
Riverside (City of), CA (Riverwalk Business Center Assessment District); Series 2004, RB		6.25%		09/02/2029		200		205,298
Riverside (City of), CA Public Financing Authority;
Series 2012 A, Ref. RB		5.00%		11/01/2027		1,640		1,805,853
Series 2012 A, Ref. RB		5.00%		11/01/2028		1,155		1,270,211
Riverside (County of), CA (Community Facilities District No. 04-2); Series 2012, Ref. RB		5.00%		09/01/2028		450		479,821
Riverside (County of), CA Redevelopment Successor Agency (Jurupa Valley Redevelopment); Series 2011 B, RB		5.75%		10/01/2020		305		306,373
Riverside Unified School District;
Series 2020, RB		4.00%		09/01/2034		500		555,035
Series 2020, RB		4.00%		09/01/2037		500		550,305
Series 2020, RB		4.00%		09/01/2040		350		382,267
Romoland School District;
Series 2013, RB		5.00%		09/01/2025		365		405,792
Series 2013, RB		5.00%		09/01/2026		440		487,370
Series 2013, RB		5.00%		09/01/2027		405		446,755
Series 2013, RB		5.00%		09/01/2028		500		549,330
Roseville (City of), CA (Villages at Sierra Vista Community Facilities District No. 1 - Public Facilities);
Series 2020, RB		4.00%		09/01/2033		235		256,676
Series 2020, RB		4.00%		09/01/2035		275		298,180
Series 2020, RB		4.00%		09/01/2037		320		344,371
Roseville (City of), CA Natural Gas Financing Authority;
Series 2007, RB		5.00%		02/15/2021		190		193,722
Series 2007, RB		5.00%		02/15/2023		80		88,254
Series 2007, RB		5.00%		02/15/2024		265		302,654
Series 2007, RB		5.00%		02/15/2025		100		117,900
Sacramento (City of), CA (2019 Sacramento Tourism Infrastructure District - Convention Center Ballroom);
Series 2019, RB		4.00%		06/01/2034		1,265		1,367,769
Series 2019, RB		4.00%		06/01/2037		1,760		1,880,912
Sacramento (City of), CA Financing Authority;
Series 1999 A, RB		6.25%		09/01/2023		230		236,495
Series 2013 A, Ref. RB		5.00%		09/01/2024		1,840		2,045,326
Series 2013 A, Ref. RB		5.00%		09/01/2025		850		945,302
Series 2013 A, Ref. RB (INS - AGM)(a)		5.00%		09/01/2026		785		872,810
Series 2013 A, Ref. RB		5.00%		09/01/2027		455		505,414
Sacramento (City of), CA Municipal Utility District; Series 2015, Ref. RB		5.00%		07/01/2030		1,235		1,499,920
Sacramento (County of), CA;
Series 1991 A, RB(b)(c)		7.25%		10/01/2023		2,620		2,861,774
Series 2010, Ref. COP		5.75%		02/01/2030		2,975		2,992,731
Series 2018 C, Ref. RB(b)		5.00%		07/01/2037		2,200		2,647,744
Series 2018 C, Ref. RB(b)		5.00%		07/01/2038		3,800		4,560,798

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Limited Term California Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California–(continued)
Sacramento (County of), CA (Juvenile Courthouse);
Series 2003, COP (INS - AMBAC)(a)		5.00%		12/01/2021	$	795	$	797,878
Series 2003, COP (INS - AMBAC)(a)		5.00%		12/01/2022		555		556,920
Series 2003, COP (INS - AMBAC)(a)		5.00%		12/01/2023		430		431,509
Sacramento (County of), CA Housing Authority; Series 2002 C, RB (INS - AMBAC)(a)(b)		5.25%		06/01/2027		305		305,348
Sacramento (County of), CA Public Financing Authority;
Series 2003 A, RB (INS - NATL)(a)		5.00%		12/01/2022		5		5,017
Series 2003 A, RB (INS - NATL)(a)		5.13%		12/01/2028		15		15,044
Salinas (City of), CA Redevelopment Agency; Series 1996 A, RB (INS - AGM)(a)		5.50%		11/01/2023		55		55,224
San Bernardino (City of), CA Joint Powers Financing Authority;
Series 1999, COP (INS - NATL)(a)		5.50%		09/01/2020		30		30,000
Series 1999, COP (INS - NATL)(a)		5.50%		09/01/2024		250		251,050
Series 2005 A, Ref. RB (INS - AGM)(a)		5.75%		10/01/2023		180		208,213
San Bernardino (City of), CA Redevelopment Agency Successor Agency; Series 1995, RB(b)		7.88%		07/01/2025		15		15,248
San Bernardino Joint Powers Financing Authority; Series 2005 B, Ref. RB (INS - AGM)(a)		5.75%		10/01/2022		50		55,366
Series 2005 B, Ref. RB (INS - AGM)(a)		5.75%		10/01/2023		70		80,972
San Buenaventura (City of), CA; Series 2007 E, COP (INS - NATL)(a)		4.75%		06/01/2032		100		100,291
San Buenaventura (City of), CA (Community Memorial Health System);
Series 2011, RB		6.50%		12/01/2022		2,500		2,642,275
Series 2011, RB		7.50%		12/01/2041		1,000		1,052,790
San Diego (City of), CA (Assessment District No. 4096);
Series 2013, Ref. RB		5.00%		09/02/2021		165		167,592
Series 2013, Ref. RB		5.00%		09/02/2022		165		167,440
Series 2013, Ref. RB		5.00%		09/02/2023		175		177,525
Series 2013, Ref. RB		5.00%		09/02/2024		185		187,538
Series 2013, Ref. RB		5.00%		09/02/2025		190		192,371
Series 2013, Ref. RB		5.13%		09/02/2026		205		207,591
Series 2013, Ref. RB		5.13%		09/02/2027		215		217,625
Series 2013, Ref. RB		5.25%		09/02/2028		225		227,745
Series 2013, Ref. RB		5.38%		09/02/2029		240		242,942
Series 2013, Ref. RB		5.38%		09/02/2030		250		252,993
Series 2013, Ref. RB		5.50%		09/02/2031		260		263,065
Series 2013, Ref. RB		5.50%		09/02/2032		280		283,209
San Diego (City of), CA Community Facilities District No. 3;
Series 2013, Ref. RB		5.00%		09/01/2025		545		603,865
Series 2013, Ref. RB		5.00%		09/01/2027		610		670,250
Series 2013, Ref. RB		5.00%		09/01/2028		640		701,171
Series 2013, Ref. RB		5.00%		09/01/2030		720		782,856
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement);
Series 2015 A, RB		5.00%		10/15/2033		1,250		1,509,375
Series 2015 A, RB		5.00%		10/15/2034		1,000		1,204,720
San Diego (City of), CA Redevelopment Agency Successor Agency; Series 2003 B, RB		5.25%		09/01/2026		95		95,381
San Diego (County of), CA Regional Airport Authority;
Series 2013 B, RB(b)		5.00%		07/01/2026		1,520		1,687,504
Series 2017 B, RB(b)		5.00%		07/01/2037		1,000		1,187,070
San Diego (County of), CA Water Authority;
Series 1998 A, COP (INS - NATL)(a)		4.75%		05/01/2028		95		95,321
Series 2011 B, Ref. RB(c)		5.00%		05/01/2030		5,000		5,162,550
Series 2011 B, Ref. RB(c)		5.00%		05/01/2031		500		516,255
San Francisco (City & County of), CA (Bayshore Hester Assessment District No. 95-1); Series 1996, RB		6.85%		09/02/2026		20		20,935
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);
Series 2018 D, RB(b)		5.25%		05/01/2048		8,000		9,676,480
Series 2019 A, RB(b)		5.00%		05/01/2037		8,000		9,905,120
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds); Series 2018 A, RB		4.00%		10/01/2043		10,000		11,681,400
San Francisco (City & County of), CA Redevelopment Agency Successor Agency; Series 2013 A, Ref. RB		5.00%		08/01/2023		500		538,100
San Francisco Bay Area Rapid Transit District;
Series 2019 A, RB		4.00%		07/01/2038		3,390		3,937,722
Series 2019 A, RB		4.00%		07/01/2039		2,075		2,404,593

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco Limited Term California Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California–(continued)
San Gorgonio Memorial Health Care District; Series 2013, GO Bonds		5.00%		08/01/2024	$	920	$	922,116
San Jacinto (City of), CA Community Facilities District No. 2002-1; Series 2016, Ref. RB		5.00%		09/01/2026		925		1,115,661
San Jose (City of), CA;
Series 2011 A-1, RB(b)		6.25%		03/01/2034		1,000		1,025,310
Series 2017 A, Ref. RB(b)		5.00%		03/01/2035		500		594,055
Series 2017 A, Ref. RB(b)		5.00%		03/01/2036		1,000		1,184,250
Series 2017 A, Ref. RB(b)		5.00%		03/01/2037		1,250		1,476,087
San Jose (City of), CA (Almaden Senior Housing Apartments); Series 2001 G, RB(b)(d)		5.35%		07/15/2022		210		210,239
San Jose (City of), CA (El Parador Apartments); Series 2000 A, RB(b)		6.10%		01/01/2031		25		25,013
San Jose (City of), CA (Improvement District No. 99-218SJ); Series 2001 24-Q, RB		5.75%		09/02/2020		60		60,000
San Jose (City of), CA (Orvieto Family Apartments); Series 2010 B-1, RB		4.75%		08/01/2029		1,885		1,890,240
San Luis Obispo (County of), CA; Series 2007, COP (INS - AGM)(a)		4.25%		10/15/2026		15		15,045
Santa Barbara (County of), CA; Series 2018 B, COP(b)		5.25%		12/01/2032		9,600		12,254,976
Santa Clara (County of), CA Housing Authority;
Series 2001 A, RB(b)		5.70%		08/01/2021		20		20,074
Series 2001 A, RB(b)		5.85%		08/01/2031		1,715		1,721,637
Series 2010 A-1, RB (CEP - FHLMC)		4.75%		11/01/2027		1,430		1,438,909
Santa Clarita (City of), CA Community Facilities District No. 2002-1 (Valencia Town Center);
Series 2012, Ref. RB		5.00%		11/15/2023		635		682,530
Series 2012, Ref. RB		5.00%		11/15/2024		325		349,031
Series 2012, Ref. RB		5.00%		11/15/2025		925		990,481
Series 2012, Ref. RB		5.00%		11/15/2027		785		835,609
Series 2012, Ref. RB		5.00%		11/15/2028		1,170		1,240,762
Santa Nella (County of), CA Water District; Series 1998, Ref. RB		6.25%		09/02/2028		20		19,864
Santa Rosa (City of), CA (Nielsen Ranch Assessment District); Series 1996, RB		6.70%		09/02/2022		5		5,000
Saugus Union School District;
Series 2013, Ref. RB		5.00%		09/01/2025		710		788,242
Series 2013, Ref. RB		5.00%		09/01/2026		770		851,227
Series 2013, Ref. RB		5.00%		09/01/2027		830		914,544
Series 2013, Ref. RB		5.00%		09/01/2028		895		982,191
Selma (City of), CA Redevelopment Agency; Series 2010 A, RB		5.75%		09/01/2024		1,390		1,392,544
Sequoia Healthcare District; Series 1993, RB(c)		5.38%		08/15/2023		5		5,427
Simi Valley (City of), CA Community Development Agency (Merged Tapo Canyon & West End Community Development);
Series 2003, Ref. RB (INS - NATL)(a)		5.25%		09/01/2021		25		25,103
Series 2003, Ref. RB (INS - NATL)(a)		5.00%		09/01/2030		25		25,073
Sonora Union High School District; Series 2013 A, GO Bonds (INS - AGM)(a)		5.63%		08/01/2029		1,020		1,165,238
South Pasadena (City of), CA; Series 2016, Ref. RB (INS - BAM)(a)		5.00%		10/01/2036		1,115		1,372,922
Southern California Public Power Authority; Series 1992, RB		5.75%		07/01/2021		20		20,090
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.);
Series 2019, Ref. RB		5.00%		06/01/2037		1,170		1,502,526
Series 2019, Ref. RB		5.00%		06/01/2038		2,000		2,560,540
Series 2019, Ref. RB		5.00%		06/01/2039		1,810		2,310,175
Series 2019, Ref. RB		5.00%		06/01/2048		7,500		8,855,850
Southern Mono Health Care District; Series 2012, Ref. GO Bonds		5.00%		08/01/2021		260		270,678
Sulphur Springs Union School District; Series 2013 A, Ref. RB		4.13%		09/01/2033		20		20,701
Sunnyvale (City of), CA; Series 1998 A, COP (INS - AMBAC)(a)		5.00%		10/01/2022		10		10,039
Sutter & Butte (Counties of), CA Flood Agency;
Series 2013, RB		5.00%		10/01/2025		300		342,741
Series 2013, RB		5.00%		10/01/2026		415		473,847
Series 2013, RB		5.00%		10/01/2027		700		798,798
Series 2013, RB		5.00%		10/01/2028		1,465		1,669,836
Series 2013, RB		5.00%		10/01/2029		1,490		1,696,365
Tejon Ranch Public Facilities Finance Authority (Community Facilities District No. 2000-1 - Tejon Industrial Complex Public Improvements); Series 2012, Ref. RB		5.25%		09/01/2028		825		882,527
Tracy (City of), CA Community Facilities District No. 93-1 (I-205 Parcel GL-17);
Series 1996 A, RB		6.30%		09/01/2026		30		30,627
Series 2002, RB		6.25%		09/01/2032		25		25,075
Transbay Joint Powers Authority (Green Bonds); Series 2020 B, Tax Allocation Bonds		2.40%		10/01/2049		4,000		4,030,200

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco Limited Term California Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California–(continued)
Truckee (Town of), CA Donner Public Utility District (Community Facilities District No. 04-1); Series 2004, RB		5.80%		09/01/2035	$	30	$	24,768
Tustin (City of), CA Community Facilities District;
Series 2013, Ref. RB		5.00%		09/01/2024		420		472,345
Series 2013, Ref. RB		5.00%		09/01/2025		445		498,231
Series 2013, Ref. RB		5.00%		09/01/2026		470		525,460
Series 2013, Ref. RB		5.00%		09/01/2027		490		546,330
Series 2013, Ref. RB		5.00%		09/01/2028		515		571,882
Twentynine Palms (City of), CA Redevelopment Agency Successor Agency; Series 2011 A-4, RB(c)(d)		7.13%		09/01/2021		125		133,475
Ukiah (City of), CA Redevelopment Agency; Series 2011 A, RB(c)(d)		6.50%		06/01/2021		250		261,638
Vacaville (City of), CA Redevelopment Agency Successor Agency; Series 2000 A, Ref. RB		6.00%		11/01/2024		150		150,945
Vallejo (City of), CA;
Series 2003 A, RB		6.00%		09/01/2026		30		30,357
Series 2003 A, RB		6.13%		09/01/2034		30		30,284
Vallejo (City of), CA Public Financing Authority; Series 1990 A, RB		7.50%		09/01/2020		5		5,000
Vernon (City of), CA; Series 2012 A, RB		5.13%		08/01/2033		850		895,900
Victorville (City of), CA Redevelopment Agency; Series 2002 A, RB (INS - AGM)(a)		5.13%		12/01/2031		25		25,078
Vista Unified School District; Series 1998, COP (INS - AGM)(a)		5.13%		05/01/2023		5		5,038
Wasco (City of), CA Public Financing Authority; Series 1994, RB		7.50%		09/15/2023		5		5,015
West Hollywood (City of), CA Community Development Department (East Side Redevelopment);
Series 2011 A, RB		7.00%		09/01/2026		875		935,489
Series 2011 A, RB		7.25%		09/01/2031		1,000		1,069,520
Western Riverside Water & Wastewater Financing Authority;
Series 2013 A-1, Ref. RB		5.00%		09/01/2025		2,335		2,614,313
Series 2013 B, Ref. RB		5.00%		09/01/2025		1,150		1,153,622
Series 2013 B, Ref. RB		5.00%		09/01/2027		1,255		1,258,639
William S. Hart Union High School District (Community Facilities District No. 2005-1); Series 2013, Ref. RB		5.00%		09/01/2025		835		928,846
Yuba (County of), CA;
Series 2015, COP (INS - BAM)(a)		5.00%		02/01/2024		155		155,594
Series 2015, COP (INS - BAM)(a)		5.00%		02/01/2025		165		165,629
Series 2015, COP (INS - BAM)(a)		5.00%		02/01/2026		170		170,644
Series 2015, COP (INS - BAM)(a)		5.00%		02/01/2027		180		180,679
Series 2015, COP (INS - BAM)(a)		5.00%		02/01/2028		190		190,709
Series 2015, COP (INS - BAM)(a)		5.00%		02/01/2029		200		200,736
								587,361,673
Guam–0.18%
Guam (Territory of) Power Authority;
Series 2012 A, Ref. RB (INS - AGM)(a)		5.00%		10/01/2020		150		150,549
Series 2012 A, Ref. RB (INS - AGM)(a)		5.00%		10/01/2021		150		156,497
Series 2012 A, Ref. RB (INS - AGM)(a)		5.00%		10/01/2022		155		167,819
Series 2012 A, Ref. RB (INS - AGM)(a)		5.00%		10/01/2025		265		286,404
Series 2012 A, Ref. RB (INS - AGM)(a)		5.00%		10/01/2026		225		242,653
Series 2012 A, Ref. RB (INS - AGM)(a)		5.00%		10/01/2027		155		166,933
								1,170,855
Puerto Rico–5.71%
Children’s Trust Fund;
Series 2002, RB		5.38%		05/15/2033		9,424		9,482,052
Series 2002, RB		5.50%		05/15/2039		3,000		3,018,480
Puerto Rico (Commonwealth of);
Series 2003 C-7, Ref. GO Bonds (INS - NATL)(a)		6.00%		07/01/2027		370		379,620
Series 2006, Ref. GO Bonds(g)		5.00%		07/01/2022		200		141,500
Series 2009 A, Ref. GO Bonds(g)		5.63%		07/01/2031		560		396,200
Series 2011 E, Ref. GO Bonds(g)		6.00%		07/01/2029		2,000		1,350,000
Series 2011 E, Ref. GO Bonds(g)		5.38%		07/01/2030		100		65,625
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2008 A, RB (INS - AGC)(a)		6.13%		07/01/2024		35		37,430

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15 Invesco Limited Term California Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Puerto Rico–(continued)
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2004 PP, Ref. RB (INS - NATL)(a)		5.00%		07/01/2022	$	175	$	175,847
Series 2004 PP, Ref. RB (INS - NATL)(a)		5.00%		07/01/2025		470		473,835
Series 2005 RR, RB (INS - NATL)(a)		5.00%		07/01/2023		3,690		3,713,948
Series 2005 RR, RB (INS - NATL)(a)		5.00%		07/01/2024		520		524,243
Series 2005 SS, Ref. RB (INS - NATL)(a)		5.00%		07/01/2024		100		100,816
Series 2005 SS, Ref. RB (INS - NATL)(a)		5.00%		07/01/2025		25		25,204
Series 2007 UU, Ref. RB (INS - AGM)(a)		5.00%		07/01/2024		455		458,221
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2003 G, RB (INS - FGIC)(a)(h)		5.00%		07/01/2022		70		56,578
Series 2003, RB (INS - AGC)(a)		5.00%		07/01/2028		175		176,165
Series 2004 J, RB (INS - NATL)(a)		5.00%		07/01/2029		600		604,416
Series 2005 L, Ref. RB (INS - FGIC)(a)(h)		5.25%		07/01/2022		1,000		808,250
Puerto Rico (Commonwealth of) Industrial Tourist, Educational, Medical & Environmental Control Facilities Financing Authority;
Series 2000, RB(b)		6.63%		06/01/2026		2,365		2,447,775
Series 2012, Ref. RB		5.00%		10/01/2021		50		51,578
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University System);
Series 2012, Ref. RB		5.00%		04/01/2021		100		101,236
Series 2012, Ref. RB		5.00%		04/01/2022		100		100,859
Puerto Rico (Commonwealth of) Municipal Finance Agency; Series 2002 A, RB (INS - AGM)(a)		4.75%		08/01/2022		40		40,131
Puerto Rico Public Finance Corp.;
Series 2011 B, RB(g)		6.00%		08/01/2024		600		11,040
Series 2011 B, RB(g)		6.00%		08/01/2025		1,400		25,760
Series 2011 B, RB(g)		6.00%		08/01/2026		3,300		60,720
Series 2011 B, RB(g)		5.50%		08/01/2031		1,750		32,200
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(i)		0.00%		07/01/2031		8,544		6,297,270
Series 2018 A-1, RB		4.50%		07/01/2034		4,057		4,293,848
Series 2018 A-1, RB		4.55%		07/01/2040		4		4,260
Series 2018 A-1, RB(i)		0.00%		07/01/2046		5		1,434
Series 2018 A-1, RB(i)		0.00%		07/01/2051		5		1,034
Series 2018 A-1, RB		4.75%		07/01/2053		4		4,204
Series 2018 A-1, RB		5.00%		07/01/2058		5		5,339
Series 2019 A-2, RB		4.54%		07/01/2053		46		47,691
Series 2019 A-2, RB		4.78%		07/01/2058		620		653,052
University of Puerto Rico;
Series 2006 P, Ref. RB (INS - NATL)(a)		5.00%		06/01/2024		100		100,816
Series 2006 P, Ref. RB		5.00%		06/01/2024		315		309,881
Series 2006 Q, RB		5.00%		06/01/2021		540		533,250
								37,111,808
Virgin Islands–0.11%
Virgin Islands (Government of) Public Finance Authority;
Series 2006, RB (INS - NATL)(a)		5.00%		10/01/2022		25		25,396
Series 2006, RB (INS - NATL)(a)		5.00%		10/01/2023		300		305,106
Series 2006, RB (INS - NATL)(a)		5.00%		10/01/2024		90		91,532
Series 2006, RB (INS - NATL)(a)		5.00%		10/01/2025		170		172,886
Series 2006, RB (INS - NATL)(a)		5.00%		10/01/2026		125		127,119
								722,039
TOTAL INVESTMENTS IN SECURITIES(j) -96.32% (Cost $609,126,490)								626,366,375
OTHER ASSETS LESS LIABILITIES-3.68%								23,922,643
NET ASSETS -100.00%							$	650,289,018

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16 Invesco Limited Term California Municipal Fund

Investment Abbreviations:

AGC	- Assured Guaranty Corp.
AGM	- Assured Guaranty Municipal Corp.
AMBAC	- American Municipal Bond Assurance Corp.
BAM	- Build America Mutual Assurance Co.
BHAC	- Berkshire Hathaway Assurance Corp.
CEP	- Credit Enhancement Provider
COP	- Certificates of Participation
FGIC	- Financial Guaranty Insurance Company
FHLMC	- Federal Home Loan Mortgage Corp.
GO	- General Obligation
IDR	- Industrial Development Revenue Bonds
INS	- Insurer
NATL	- National Public Finance Guarantee Corp.
RB	- Revenue Bonds
Ref.	- Refunding
SGI	- Syncora Guarantee, Inc.
UCR	- University of California Riverside
VRD	- Variable Rate Demand

Notes to Schedule of Investments:

^(a) Principal and/or interest payments are secured by the bond insurance company listed.

^(b) Security subject to the alternative minimum tax.

^(c) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(d) Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(e)  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 August 31, 2020.

^(f) 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 August 31, 2020 was $10,691,560, which represented 1.64% of the Fund’s Net Assets.

^(g)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2020 was $4,983,045, which represented less than 1% of the Fund’s Net Assets.

^(h) The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

⁽ⁱ⁾ Zero coupon bond issued at a discount.

^(j)  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entity	Percent
Build America Mutual Assurance Co.		6.50	%

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2020

Revenue Bonds	89.2	%
General Obligation Bonds	8.7
Pre-Refunded Bonds	2.1

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17 Invesco Limited Term California Municipal Fund

Statement of Assets and Liabilities

August 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $609,126,490)	$626,366,375
Cash	12,746,721
Receivable for:
Investments sold	765,400
Fund shares sold	2,851,207
Interest	8,055,540
Investments matured, at value (Cost $1,255,724)	916,159
Investment for trustee deferred compensation and retirement plans	25,270
Other assets	182,900
Total assets	651,909,572
Liabilities:
Payable for:
Investments purchased	455,292
Dividends	294,984
Fund shares reacquired	599,412
Accrued fees to affiliates	203,639
Accrued trustees’ and officers’ fees and benefits	11,756
Accrued other operating expenses	30,201
Trustee deferred compensation and retirement plans	25,270
Total liabilities	1,620,554
Net assets applicable to shares outstanding	$650,289,018

Net assets consist of:
Shares of beneficial interest	$	688,029,551
Distributable earnings (loss)		(37,740,533	)
	$	650,289,018
Net Assets:
Class A	$	279,581,655
Class C	$	57,935,170
Class Y	$	300,138,942
Class R6	$	12,633,251
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		83,761,011
Class C		17,438,662
Class Y		89,654,524
Class R6		3,788,593
Class A:
Net asset value per share	$	3.34
Maximum offering price per share (Net asset value of $3.34 ÷ 97.50%)	$	3.43
Class C:
Net asset value and offering price per share	$	3.32
Class Y:
Net asset value and offering price per share	$	3.35
Class R6:
Net asset value and offering price per share	$	3.33

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18 Invesco Limited Term California Municipal Fund

Statement of Operations

For the six months ended August 31, 2020

(Unaudited)

Investment income:
Interest	$	10,464,331
Expenses:
Advisory fees		1,250,169
Administrative services fees		43,609
Custodian fees		1,641
Distribution fees:
Class A		308,618
Class C		339,791
Interest, facilities and maintenance fees		276,422
Transfer agent fees – A, C and Y		204,534
Transfer agent fees – R6		1,092
Trustees’ and officers’ fees and benefits		7,902
Registration and filing fees		52,366
Reports to shareholders		16,635
Professional services fees		29,956
Other		(20,021	)
Total expenses		2,512,714
Less: Expenses reimbursed		(511	)
Net expenses		2,512,203
Net investment income		7,952,128
Realized and unrealized gain (loss) from:
Net realized gain from investment securities		1,475,897
Change in net unrealized appreciation (depreciation) of investment securities		(17,376,452	)
Net realized and unrealized gain (loss)		(15,900,555	)
Net increase (decrease) in net assets resulting from operations	$	(7,948,427	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19 Invesco Limited Term California Municipal Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2020, period ended February 29, 2020, and the year ended July 31, 2019

(Unaudited)

	Six Months Ended August 31, 2020			Seven Months Ended February 29, 2020			Year Ended July 31, 2019
Operations:
Net investment income		$   7,952,128			$   8,937,947			$13,506,295
Net realized gain (loss)		1,475,897			106,923			(16,520,820	)
Change in net unrealized appreciation (depreciation)		(17,376,452	)		16,170,830			40,907,799
Net increase (decrease) in net assets resulting from operations		(7,948,427	)		25,215,700			37,893,274
Distributions to shareholders from distributable earnings:
Class A		(3,205,344	)		(3,430,588	)		(4,734,729	)
Class C		(621,315	)		(752,219	)		(1,566,741	)
Class Y		(3,905,763	)		(4,339,342	)		(5,846,566	)
Class R6		(143,233	)		(12,092	)		(766	)
Total distributions from distributable earnings		(7,875,655	)		(8,534,241	)		(12,148,802	)
Share transactions–net:
Class A		30,424,538			27,999,307			28,410,581
Class C		(14,311,142	)		(4,765,696	)		(22,393,231	)
Class Y		9,435,147			38,546,392			60,255,736
Class R6		3,769,706			8,790,878			164,630
Net increase in net assets resulting from share transactions		29,318,249			70,570,881			66,437,716
Net increase in net assets		13,494,167			87,252,340			92,182,188
Net assets:
Beginning of period		636,794,851			549,542,511			457,360,323
End of period		$650,289,018			$636,794,851			$549,542,511

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20 Invesco Limited Term California Municipal Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/20		$	3.42		$	0.04		$	(0.08	)		$	(0.04	)		$	(0.04	)		$	3.34		(1.06	)%		$	279,582		0.87	%(d)		0.87	%(d)		0.78	%		2.60	%(d)		18	%
Seven months ended 02/29/20			3.32			0.05			0.10				0.15				(0.05	)			3.42		4.51				255,461		0.84	(e)		0.84	(e)		0.78			2.60	(e)		13
Year ended 07/31/19			3.16			0.09			0.15				0.24				(0.08	)			3.32		7.69				220,719		0.94			0.95			0.82			2.75			36
Year ended 07/31/18			3.15			0.09			0.01				0.10				(0.09	)			3.16		3.19				182,533		0.98			0.98			0.85			2.79			20
Year ended 07/31/17			3.29			0.10			(0.13	)			(0.03	)			(0.11	)			3.15		(0.81	)			239,256		0.91			0.91			0.81			3.25			21
Year ended 07/31/16			3.20			0.11			0.10				0.21				(0.12	)			3.29		6.52				253,173		0.95			0.95			0.81			3.54			13
Year ended 07/31/15			3.29			0.12			(0.08	)			0.04				(0.13	)			3.20		0.97				299,041		0.89			0.89			0.79			3.56			39
Class C
Six months ended 08/31/20			3.40			0.03			(0.08	)			(0.05	)			(0.03	)			3.32		(1.44	)			57,935		1.62	(d)		1.62	(d)		1.53			1.85	(d)		18
Seven months ended 02/29/20			3.31			0.04			0.08				0.12				(0.03	)			3.40		3.76				74,037		1.59	(e)		1.59	(e)		1.53			1.84	(e)		13
Year ended 07/31/19			3.15			0.06			0.16				0.22				(0.06	)			3.31		6.91				76,761		1.70			1.71			1.58			1.99			36
Year ended 07/31/18			3.14			0.06			0.01				0.07				(0.06	)			3.15		2.43				94,579		1.73			1.73			1.60			2.03			20
Year ended 07/31/17			3.28			0.08			(0.13	)			(0.05	)			(0.09	)			3.14		(1.56	)			122,816		1.67			1.67			1.57			2.50			21
Year ended 07/31/16			3.19			0.09			0.09				0.18				(0.09	)			3.28		5.76				137,410		1.70			1.70			1.56			2.79			13
Year ended 07/31/15			3.28			0.09			(0.08	)			0.01				(0.10	)			3.19		0.22				152,646		1.65			1.65			1.55			2.77			39
Class Y
Six months ended 08/31/20			3.43			0.05			(0.08	)			(0.03	)			(0.05	)			3.35		(0.93	)			300,139		0.62	(d)		0.62	(d)		0.53			2.85	(d)		18
Seven months ended 02/29/20			3.33			0.06			0.09				0.15				(0.05	)			3.43		4.64				298,245		0.59	(e)		0.59	(e)		0.53			2.84	(e)		13
Year ended 07/31/19			3.17			0.10			0.15				0.25				(0.09	)			3.33		7.93				251,897		0.70			0.71			0.58			2.99			36
Year ended 07/31/18			3.16			0.09			0.02				0.11				(0.10	)			3.17		3.43				180,248		0.73			0.73			0.60			3.03			20
Year ended 07/31/17			3.30			0.11			(0.13	)			(0.02	)			(0.12	)			3.16		(0.57	)			192,683		0.67			0.67			0.57			3.43			21
Year ended 07/31/16			3.21			0.12			0.09				0.21				(0.12	)			3.30		6.76				146,620		0.71			0.71			0.57			3.78			13
Year ended 07/31/15			3.30			0.12			(0.08	)			0.04				(0.13	)			3.21		1.22				160,037		0.65			0.65			0.55			3.76			39
Class R6
Six months ended 08/31/20			3.41			0.05			(0.08	)			(0.03	)			(0.05	)			3.33		(0.91	)			12,633		0.56	(d)		0.57	(d)		0.48			2.91	(d)		18
Period ended 02/29/20			3.32			0.05			0.09				0.14				(0.05	)			3.41		4.38				9,052		0.50	(e)		0.56	(e)		0.50			2.94	(e)		13
Period ended 07/31/19(f)			3.29			0.02			0.03				0.05				(0.02	)			3.32		1.44				166		0.60	(e)		0.65	(e)		0.52			3.09	(e)		36

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $246,534, $67,404, $274,082 and $9,845 for Class A, Class C, Class Y and Class R6 shares, respectively.

^(e)  Annualized.

^(f)  Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21 Invesco Limited Term California Municipal Fund

Notes to Financial Statements

August 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Limited Term California Municipal Fund (the “Fund”), formerly Invesco Oppenheimer Rochester^® Limited Term California Municipal Fund is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek tax-free income.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature will change from ten years to eight years. The first conversion of Class C shares to Class A shares would occur at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. 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.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to

22 Invesco Limited Term California Municipal Fund

shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.

H. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote.

J. Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

K. Securities Purchased on a When-Issued and Delayed Delivery Basis – The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
First $100 million		0.500%
Next $150 million		0.450%
Next $1.75 billion		0.400%
Over $2 billion		0.390%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended August 31, 2020, the effective advisory fee rate incurred by the Fund was 0.41%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 0.81%, 1.57%, 0.57% and 0.47%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to

23 Invesco Limited Term California Municipal Fund

waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

The Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended August 31, 2020, the Adviser reimbursed class level expenses of $0, $0, $0, and $511 of Class A, Class C, Class Y and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2020, IDI advised the Fund that IDI retained $2,820 in front-end sales commissions from the sale of Class A shares and $14,202 and $1,181 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 the 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 August 31, 2020, 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.

NOTE 4–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 5–Cash Balances and Borrowings

The Fund has entered into a $2.5 billion revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds, and which will expire on February 25, 2021. The revolving credit and security agreement is secured by the assets of the Fund.

During the six months ended August 31, 2020, the average daily balance of borrowing under the revolving credit and security agreement was $9,771,196 with a weighted interest rate of 1.29%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees. At August 31, 2020, the Fund had no borrowings outstanding under this agreement.

24 Invesco Limited Term California Municipal Fund

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of February 29, 2020, as follows:

Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	17,521,828	$	43,269,242	$	60,791,070

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2020 was $120,870,747 and $109,779,704, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	28,622,114
Aggregate unrealized (depreciation) of investments		(12,324,902	)
Net unrealized appreciation of investments	$	16,297,212

Cost of investments for tax purposes is $610,985,332.

NOTE 8–Share Information

	Summary of Share Activity
	Six months ended August 31, 2020(a)						Seven months ended February 29, 2020						Year ended July 31, 2019
	Shares			Amount			Shares			Amount			Shares		Amount
Sold:
Class A		15,755,101		$	52,100,210			14,461,114		$	48,460,961			19,934,970	$	64,737,195
Class C		1,871,243			6,085,707			2,363,634			7,877,021			3,311,988		10,619,660
Class Y		25,637,087			84,369,429			22,886,707			77,022,683			34,589,393		111,574,259
Class R6(b)		1,279,427			4,229,465			2,600,520			8,785,555			50,014		165,015
Issued as reinvestment of dividends:
Class A		565,647			1,846,351			900,373			3,023,110			1,245,311		4,021,539
Class C		125,301			406,620			172,506			576,478			370,885		1,190,862
Class Y		721,051			2,360,180			1,142,878			3,848,743			1,544,428		5,007,152
Class R6		38,814			126,921			2,682			9,056			185		615
Automatic conversion of Class C shares to Class A shares:
Class A		3,599,924			11,991,866			1,363,818			4,561,001			-		-
Class C		(3,611,290	)		(11,991,866	)		(1,368,467	)		(4,561,001	)		-		-

25 Invesco Limited Term California Municipal Fund

	Summary of Share Activity
	Six months ended August 31, 2020(a)						Seven months ended February 29, 2020						Year ended July 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Reacquired:
Class A		(10,929,546	)	$	(35,513,889	)		(8,362,783	)	$	(28,045,765	)		(12,543,890	)	$	(40,348,153	)
Class C		(2,713,601	)		(8,811,603	)		(2,596,951	)		(8,658,194	)		(10,544,696	)		(34,203,753	)
Class Y		(23,738,351	)		(77,294,462	)		(12,569,245	)		(42,325,034	)		(17,447,258	)		(56,325,675	)
Class R6		(181,640	)		(586,680	)		(1,106	)		(3,733	)		(303	)		(1,000	)
Net increase in share activity		8,419,167		$	29,318,249			20,995,680		$	70,570,881			20,511,027		$	66,437,716

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 57% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Commencement date after the close of business on May 24, 2019.

NOTE 9–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared 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 Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

26 Invesco Limited Term California Municipal Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning     Account Value     (03/01/20)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized     Expense     Ratio
			Ending     Account Value     (08/31/20)1		Expenses     Paid During     Period2		Ending     Account Value     (08/31/20)		Expenses     Paid During     Period2
Class A		$1,000.00		$989.40		$4.36		$1,020.82		$4.43		0.87%
Class C		1,000.00		985.60		8.11		1,017.04		8.24		1.62
Class Y		1,000.00		990.70		3.11		1,022.08		3.16		0.62
Class R6		1,000.00		990.90		2.81		1,022.38		2.85		0.56

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

27 Invesco Limited Term California Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Limited Term California Municipal Fund’s (formerly, Invesco Oppenheimer Rochester^® Limited Term California Municipal Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner

that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise

with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays 5 Year Municipal Bond Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional

28 Invesco Limited Term California Municipal Fund

information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that there were only four funds (including the Fund) in the expense group. The Board noted that the Fund’s total expenses were ranked three out of four of its expense group and discussed with management reasons for such relative total expenses.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information

from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

29 Invesco Limited Term California Municipal Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov. Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-07890 and 033-66242                     Invesco Distributors, Inc.                                                            O-ROLTCAM-SAR-1                                     

	Semiannual Report to Shareholders	August 31, 2020
	Invesco Limited Term Municipal Income Fund
	Nasdaq:
	A: ATFAX ∎ A2: AITFX ∎ C: ATFCX ∎ Y: ATFYX ∎ R5: ATFIX ∎ R6: ATFSX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
24	Financial Statements
27	Financial Highlights
28	Notes to Financial Statements
33	Fund Expenses
34	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

     Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco

provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.      Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Limited Term Municipal Income Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/29/20 to 8/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	0.92	%
Class A2 Shares	1.05
Class C Shares	0.55
Class Y Shares	1.05
Class R5 Shares	1.08
Class R6 Shares	1.08
S&P 500 Municipal Bond Index▼ (Broad Market Index)	0.29
S&P Municipal Bond Investment Grade Short Intermediate Index▼ (Style-Specific Index)	1.37
Lipper Short-Intermediate Municipal Debt Funds Index∎ (Peer Group Index)	1.03
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market.   The S&P Municipal Bond Investment Grade Short Intermediate Index is an unmanaged index considered representative of investment-grade US municipal bonds with maturities between one and eight years.   The Lipper Short-Intermediate Municipal Debt Funds Index is an unmanaged index considered representative of short-intermediate municipal debt funds tracked by Lipper.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                     Invesco Limited Term Municipal Income Fund

Average Annual Total Returns
As of 8/31/20, including maximum applicable sales charges
Class A Shares
Inception (10/31/02)	2.98	%
10 Years	2.16
5 Years	1.51
1 Year	0.02
Class A2 Shares
Inception (5/11/87)	4.64	%
10 Years	2.57
5 Years	2.08
1 Year	1.74
Class C Shares
10 Years	1.65	%
5 Years	1.27
1 Year	0.79
Class Y Shares
Inception (10/3/08)	3.76	%
10 Years	2.68
5 Years	2.29
1 Year	2.81
Class R5 Shares
Inception (7/30/04)	3.43	%
10 Years	2.68
5 Years	2.30
1 Year	2.88
Class R6 Shares
10 Years	2.54	%
5 Years	2.24
1 Year	2.88

Class C shares incepted on June 28, 2013. Performance shown prior to that date is that of Class A2 shares at net asset value, restated to reflect the higher 12b-1 fees applicable to Class C shares.

    Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum applicable sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 2.50% sales charge. Class A2 share performance reflects the maximum 1% sales charge. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge

or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                     Invesco Limited Term Municipal Income Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not

acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                     Invesco Limited Term Municipal Income Fund

Schedule of Investments

August 31, 2020

(Unaudited)

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Municipal Obligations–99.03%
Alabama–2.05%
Black Belt Energy Gas District (The); Series 2016 A, RB(a)		4.00%		06/01/2021	$	5,000	$       5,116,250
Black Belt Energy Gas District (The) (No. 4); Series 2019 A-1, RB(a)		4.00%		12/01/2025		28,000	32,078,200
Selma (City of), AL Industrial Development Board (International Paper Co.); Series 2019, Ref. RB(a)		2.00%		10/01/2024		2,000	2,088,760
Southeast Alabama Gas Supply District (The) (No. 1);
Series 2018 B, RB (67% of 1 mo. USD LIBOR + 0.90%)(a)(b)		1.96%		04/01/2024		8,625	8,616,375
Series 2018 C, RB (SIFMA Municipal Swap Index + 0.65%)(a)(b)		1.80%		04/01/2024		2,875	2,860,165
							50,759,750
Alaska–0.41%
Alaska (State of) Municipal Bond Bank Authority; Series 2016-3, Ref. RB		5.00%		12/01/2025		4,635	5,613,170
North Slope (Borough of), AK;
Series 2018 A, GO Bonds		5.00%		06/30/2021		1,000	1,039,850
Series 2018 A, GO Bonds		5.00%		06/30/2022		1,710	1,775,083
Valdez (City of), AK (BP Pipelines); Series 2003 B, Ref. RB		5.00%		01/01/2021		1,800	1,828,224
							10,256,327
Arizona–4.30%
Arizona (State of);
Series 2019, Ref. RB		5.00%		07/01/2026		10,000	12,613,800
Series 2019, Ref. RB		5.00%		07/01/2027		10,500	13,590,150
Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 B, VRD RB (LOC -BK Tokyo-Mitsubishi UFJ)(c)(d)		0.02%		01/01/2046		24,550	24,550,000
Arizona (State of) Industrial Development Authority; Series 2019 A-2, RB		3.63%		05/20/2033		15,777	16,472,814
Arizona (State of) Industrial Development Authority (Great Laked Senior Living Community);
Series 2019 A, RB		5.00%		01/01/2023		550	553,927
Series 2019 A, RB		5.00%		01/01/2024		555	559,873
Series 2019 A, RB		5.00%		01/01/2025		605	610,584
Series 2019 A, RB		5.00%		01/01/2026		735	741,446
Series 2019 A, RB		5.00%		01/01/2027		800	805,120
Series 2019 B, RB		5.00%		01/01/2043		2,520	2,195,222
Arizona (State of) Water Infrastructure Finance Authority; Series 2014 A, Ref. RB		5.00%		10/01/2024		5,000	5,947,650
La Paz (County of), AZ Industrial Development Authority (Charter School Solutions- Harmony Public Schools); Series 2016 A, RB(e)		5.00%		02/15/2026		1,150	1,265,426
Maricopa (County of), AZ Industrial Development Authority (Banner Health); Series 2017 C, RB(a)		5.00%		10/18/2024		7,500	8,821,650
Maricopa (County of), AZ Special Health Care District;
Series 2018 C, GO Bonds		5.00%		07/01/2024		2,000	2,335,280
Series 2018 C, GO Bonds		5.00%		07/01/2025		2,475	2,980,939
Maricopa County Pollution Control Corp. (Southern California Edison Co.); Series 2000 B, Ref. RB		5.00%		06/01/2035		2,000	2,005,900
Phoenix Civic Improvement Corp.;
Series 2014 B, Ref. RB		5.00%		07/01/2027		2,450	2,882,156
Series 2017 D, Ref. RB		5.00%		07/01/2024		5,080	5,870,905
Pima (County of), AZ Industrial Development Authority (Tucson Electric Power Co.); Series 2010 A, IDR		5.25%		10/01/2040		1,620	1,624,309
							106,427,151
California–4.89%
Bay Area Toll Authority (San Francisco Bay Area); Series 2017 D, Ref. RB (70% of 3 mo. USD LIBOR + 0.55%)(a)(b)		0.76%		04/01/2021		1,000	995,880
California (State of);
Series 2003 A-2, VRD GO Bonds (LOC - Bank Of Montreal)(c)(d)		0.01%		05/01/2033		500	500,000
Series 2013 E, GO Bonds (SIFMA Municipal Swap Index + 0.43%)(a)(b)		0.51%		12/01/2023		7,000	7,002,590
Series 2016 B, GO Bonds (70% of 1 mo. USD LIBOR + 0.76%)(a)(b)		0.87%		12/01/2021		10,000	10,003,400
California (State of) Health Facilities Financing Authority (Providence St. Joseph Health); Series 2016 B-2, Ref. RB(a)		4.00%		10/01/2024		5,000	5,694,850
California (State of) Infrastructure & Economic Development Bank; Series 2019, Ref. RB(a)		1.75%		08/01/2026		5,240	5,316,714

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                     Invesco Limited Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
California–(continued)
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2016 A, Ref. RB		4.00%		06/01/2026	$	1,725	$       1,836,487
California (State of) Municipal Finance Authority (Humangood Obligation Group);
Series 2019 A, Ref. RB		4.00%		10/01/2028		750	852,030
Series 2019 A, Ref. RB		4.00%		10/01/2029		1,000	1,131,710
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing);
Series 2019, RB (INS - BAM)(f)		5.00%		05/15/2024		350	395,304
Series 2019, RB (INS - BAM)(f)		5.00%		05/15/2025		500	579,660
California Infrastructure & Economic Development Bank (California Academy of Sciences); Series 2018 C, Ref. RB (70% of 1 mo. USD LIBOR +0.38%)(a)(b)		0.49%		08/01/2021		5,000	4,981,900
Corona-Norco Unified School District (Election of 2006); Series 2009 C, GO Bonds (INS - AGM)(f)(g)		0.00%		08/01/2021		1,500	1,494,810
Golden State Tobacco Securitization Corp.;
Series 2017 A-1, Ref. RB		5.00%		06/01/2024		6,500	7,537,140
Series 2017 A-1, Ref. RB		5.00%		06/01/2025		10,000	11,911,300
Series 2017 A-1, Ref. RB		5.00%		06/01/2028		11,765	14,550,834
Grossmont-Cuyamaca Community College District (Election of 2002); Series 2008 C, GO Bonds (INS - AGC)(f)(g)		0.00%		08/01/2025		3,000	2,904,960
Los Angeles (City of), CA Harbor Department; Series 2009 C, Ref. RB		5.00%		08/01/2021		2,000	2,082,140
Mizuho Floater/Residual Trust; Series 2020, VRD RB(c)(e)		0.38%		10/01/2036		18,828	18,828,000
Rowland Unified School District (Election of 2006); Series 2009 B, GO Bonds(g)		0.00%		08/01/2023		1,300	1,281,176
Sacramento (County of), CA;
Series 2010, RB		5.00%		07/01/2023		500	500,810
Series 2018 B, Ref. RB(h)		5.00%		07/01/2022		750	814,440
Series 2018 B, Ref. RB		5.00%		07/01/2023		1,000	1,132,110
San Diego Association of Governments (Mid-Coast Corridor Transit) (Green Bonds); Series 2019 A, RB		5.00%		11/15/2025		3,000	3,519,570
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.);
Series 2019, Ref. RB		5.00%		06/01/2027		1,500	1,897,215
Series 2019, Ref. RB		5.00%		06/01/2028		1,500	1,943,595
Torrance Unified School District (Election of 2008-Measure Z);
Series 2009 B-1, GO Bonds(g)		0.00%		08/01/2022		1,900	1,886,206
Series 2009 B-1, GO Bonds(g)		0.00%		08/01/2023		2,000	1,970,460
Tustin Unified School District (Community Facilities District No. 88-1);
Series 2015, Ref. RB (INS - BAM)(f)		5.00%		09/01/2022		1,500	1,637,130
Series 2015, Ref. RB (INS - BAM)(f)		5.00%		09/01/2023		1,000	1,135,820
Tustin Unified School District (Community Facilities District No. 97-1);
Series 2015 A, Ref. RB		5.00%		09/01/2022		1,000	1,083,470
Series 2015 A, Ref. RB		5.00%		09/01/2023		650	731,230
Series 2015 A, Ref. RB		5.00%		09/01/2024		1,500	1,736,790
West Contra Costa Unified School District (Election of 2005); Series 2008 B, GO Bonds		6.00%		08/01/2027		1,000	1,344,780
							121,214,511
Colorado–2.12%
Arkansas (State of) River Power Authority;
Series 2006, RB(h)		5.88%		10/01/2021		2,035	2,097,637
Series 2006, RB(h)		5.88%		10/01/2026		3,500	4,193,175
Colorado (State of); Series 2018 A, COP		5.00%		12/15/2023		2,000	2,309,080
Colorado (State of) Health Facilities Authority (Adventhealth Obligated); Series 2019, Ref. RB(a)		5.00%		11/19/2026		8,500	10,681,355
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group); Series 2018 B, RB(a)		5.00%		11/20/2025		4,600	5,632,056
Colorado (State of) Health Facilities Authority (Commonspirit Health); Series 2019 B-1, Ref. RB(a)		5.00%		08/01/2025		7,500	8,655,450
Colorado Springs (City of), CO; Series 2018 A-1, Ref. RB		5.00%		11/15/2023		2,990	3,446,902
Denver (City & County of), CO; Series 2012 B, RB		5.00%		11/15/2025		2,000	2,179,400
E-470 Public Highway Authority;
Series 2017 B, Ref. RB (67% of 1 mo. USD LIBOR + 1.05%)(a)(b)		1.15%		09/01/2021		2,000	2,000,740
Series 2019, Ref. RB (67% of 1 mo. USD LIBOR + 0.42%)(a)(b)		0.53%		09/01/2021		1,500	1,491,630
Grand Elk Ranch General Improvement District; Series 2007, Ref. GO Bonds (INS - AGC)(f)		4.65%		12/01/2028		1,835	1,836,927
Prairie Center Metropolitan District No. 7; Series 2020, GO Bonds(e)		4.13%		12/15/2036		925	929,468
Public Authority for Colorado Energy;
Series 2008, RB		6.13%		11/15/2023		1,295	1,414,891
Series 2008, RB		6.25%		11/15/2028		2,000	2,572,860

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                     Invesco Limited Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Colorado–(continued)
Vauxmont Metropolitan District;
Series 2019, Ref. GO Bonds (INS - AGM)(f)		5.00%		12/15/2027	$	130	$          154,575
Series 2019, Ref. GO Bonds (INS - AGM)(f)		5.00%		12/15/2028		125	148,058
Series 2019, Ref. GO Bonds (INS - AGM)(f)		5.00%		12/15/2029		125	147,566
Series 2019, Ref. GO Bonds (INS - AGM)(f)		5.00%		12/15/2030		125	147,069
Series 2020, Ref. GO Bonds (INS - AGM)(f)		5.00%		12/01/2026		385	470,308
Series 2020, Ref. GO Bonds (INS - AGM)(f)		5.00%		12/01/2027		400	499,308
Series 2020, Ref. GO Bonds (INS - AGM)(f)		5.00%		12/01/2028		415	527,809
Series 2020, Ref. GO Bonds (INS - AGM)(f)		5.00%		12/01/2029		420	543,564
Series 2020, Ref. GO Bonds (INS - AGM)(f)		5.00%		12/01/2030		435	559,262
							52,639,090
Connecticut–1.30%
Connecticut (State of);
Series 2013 A, GO Bonds (SIFMA Municipal Swap Index + 0.85%)(b)		0.93%		03/01/2022		5,000	5,008,550
Series 2018 C, GO Bonds		5.00%		06/15/2022		1,350	1,464,196
Series 2018 C, GO Bonds		4.00%		06/15/2024		7,035	7,969,178
Connecticut (State of) (Transportation Infrastructure);
Series 2018, RB		5.00%		01/01/2023		9,000	9,976,590
Series 2018, RB		5.00%		01/01/2027		3,000	3,765,060
Connecticut (State of) Health & Educational Facility Authority (Sacred Heart University); Series 2012 H, Ref. RB(h)		4.00%		07/01/2022		2,590	2,770,730
New Haven (City of), CT; Series 2018 A, GO Bonds		5.00%		08/01/2025		1,160	1,322,876
							32,277,180
District of Columbia–0.45%
District of Columbia (Georgetown University);
Series 2011, RB(a)(h)		5.00%		04/01/2021		2,055	2,112,930
Series 2017, Ref. RB(h)		5.00%		04/01/2023		1,000	1,119,350
Series 2017, Ref. RB(h)		5.00%		04/01/2024		1,500	1,746,210
Metropolitan Washington Airports Authority; Series 2019 B, Ref. RB		5.00%		10/01/2026		5,000	6,240,050
							11,218,540
Florida–3.29%
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics);
Series 2019, Ref. RB		5.00%		12/01/2020		550	555,643
Series 2019, Ref. RB		5.00%		12/01/2021		500	525,745
Series 2019, Ref. RB		5.00%		12/01/2022		600	656,568
Brevard County School District; Series 2013 A, Ref. COP		5.00%		07/01/2024		2,000	2,248,500
Broward (County of), FL; Series 2012 B, Ref. RB		5.00%		10/01/2023		3,555	3,902,466
Broward (County of), FL School Board; Series 2017 C, Ref. COP		5.00%		07/01/2025		5,000	5,985,250
Citizens Property Insurance Corp.;
Series 2012 A-1, RB		5.00%		06/01/2022		8,000	8,635,680
Series 2015 A-1, RB		5.00%		06/01/2025		6,000	7,062,840
Florida (State of) (Department of Transportation); Series 2016 A, Ref. GO Bonds		5.00%		07/01/2025		2,610	3,189,446
Florida (State of) (State Board of Education); Series 2011 D, Ref. GO Bonds		5.00%		06/01/2025		10,000	10,360,500
Florida (State of) Higher Educational Facilities Financial Authority (Florida Institute of Technology);
Series 2019, RB		5.00%		10/01/2021		450	461,718
Series 2019, RB		5.00%		10/01/2022		495	518,696
Series 2019, RB		5.00%		10/01/2024		350	379,771
Series 2019, RB		5.00%		10/01/2025		475	522,030
Florida (State of) Mid-Bay Bridge Authority;
Series 2015 A, Ref. RB		5.00%		10/01/2022		2,485	2,681,389
Series 2015 A, Ref. RB		5.00%		10/01/2023		1,000	1,115,340
Florida (State of) Municipal Power Agency (All-Requirements Power Supply);
Series 2017-A, Ref. RB		5.00%		10/01/2026		4,000	4,965,200
Series 2019 A, Ref. RB		5.00%		10/01/2026		5,200	6,454,760
Gulf Breeze (City of), FL (Local Government Loan Program); Series 1985 J, RB(i)		4.50%		12/01/2020		3,050	3,081,384

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                     Invesco Limited Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Florida–(continued)
Hillsborough (County of), FL Aviation Authority (Tampa International Airport);
Series 2018 F, RB		5.00%		10/01/2023	$	1,250	$       1,416,950
Series 2018 F, RB		5.00%		10/01/2024		1,050	1,232,658
Hillsborough (County of), FL School Board;
Series 2015, Ref. RB (INS - AGM)(f)		5.00%		10/01/2021		1,700	1,785,561
Series 2015, Ref. RB (INS - AGM)(f)		5.00%		10/01/2022		1,500	1,644,630
JEA Water & Sewer System Revenue; Series 2017 A, Ref. RB		5.00%		10/01/2025		4,500	5,539,005
Manatee (County of), FL School District; Series 2017, RB (INS - AGM)(f)		5.00%		10/01/2024		2,600	3,030,560
Miami-Dade (County of), FL; Series 2010 B, Ref. RB (INS - AGM)(f)		5.00%		10/01/2023		3,500	3,511,830
							81,464,120
Georgia–1.16%
Atlanta (City of), GA;
Series 2009 B, RB (INS - AGM)(f)		5.25%		11/01/2027		2,000	2,560,200
Series 2018 C, Ref. RB		5.00%		11/01/2024		2,000	2,391,660
Atlanta (City of), GA Department of Aviation;
Series 2019 F, Ref. RB		5.00%		07/01/2023		3,000	3,379,080
Series 2019 F, Ref. RB		5.00%		07/01/2024		2,000	2,336,100
Brookhaven Development Authority (Children’s Healthcare of Atlanta, Inc.);
Series 2019 A, RB		5.00%		07/01/2024		1,875	2,186,212
Series 2019 A, RB		5.00%		07/01/2025		1,050	1,265,198
Burke (County of), GA Development Authority (Georgia Power Co. Plant Vogtle);
Series 1994, RB(a)		2.25%		05/25/2023		3,000	3,111,840
Series 1994, RB(a)		2.15%		06/13/2024		2,000	2,084,520
DeKalb (County of), GA Hospital Authority (DeKalb Medical Center, Inc.); Series 2010, RAC(h)		5.25%		09/01/2020		540	540,000
Gainesville (City of) & Hall (County of), GA Development Authority (Acts Retirement-Life Community); Series 2012, RB		5.00%		11/15/2022		1,600	1,704,576
Georgia (State of) Municipal Electric Authority of Georgia (Plant Vogtle Units 3 & 4);
Series 2019, RB		5.00%		01/01/2025		355	419,322
Series 2019, RB		5.00%		01/01/2026		300	364,977
Series 2019, RB		5.00%		01/01/2028		800	1,022,664
Main Street Natural Gas, Inc.; Series 2019 B, RB(a)		4.00%		12/02/2024		3,000	3,408,570
Private Colleges & Universities Authority (Emory University); Series 2013 B, Ref. RB (SIFMA Municipal Swap Index + 0.42%)(a)(b)		0.50%		08/16/2022		2,000	1,995,900
							28,770,819
Guam–0.08%
Guam (Territory of) Power Authority; Series 2012 A, Ref. RB (INS - AGM)(f)		5.00%		10/01/2020		2,070	2,077,576
Hawaii–0.92%
Hawaii (State of);
Series 2010 A, RB		5.75%		07/01/2035		2,000	2,007,160
Series 2013, GO Bonds		5.00%		08/01/2028		7,000	7,925,050
Series 2016 FE, Ref. GO Bonds		5.00%		10/01/2026		4,845	6,122,142
Series 2016 FE, Ref. GO Bonds		5.00%		10/01/2027		5,265	6,642,061
							22,696,413
Idaho–0.29%
Idaho (State of) Health Facilities Authority (St. Luke’s Health System);
Series 2018 A, Ref. RB		5.00%		03/01/2023		2,000	2,208,960
Series 2018 A, Ref. RB		5.00%		03/01/2024		1,350	1,540,174
Regents of the University of Idaho; Series 2011, Ref. RB(a)		5.25%		04/01/2021		3,305	3,386,766
							7,135,900

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                     Invesco Limited Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Illinois–12.49%
Chicago (City of), IL;
Series 2003 B, Ref. GO Bonds		5.00%		01/01/2024	$	3,205	$       3,482,553
Series 2004, Ref. RB		5.00%		11/01/2022		5,675	6,165,093
Series 2004, Ref. RB		5.00%		11/01/2023		2,475	2,779,326
Series 2004, Ref. RB		5.00%		11/01/2024		14,440	16,663,471
Series 2012, RB		5.00%		01/01/2027		1,000	1,046,000
Series 2014, RB		5.00%		11/01/2021		1,000	1,050,710
Series 2017 B, Ref. RB		5.00%		01/01/2025		3,520	4,060,109
Chicago (City of), IL (O’Hare International Airport);
Series 2010 C, RB (INS - AGC)(f)		5.25%		01/01/2021		1,025	1,029,039
Series 2015 B, Ref. RB		5.00%		01/01/2022		3,650	3,856,444
Series 2015 B, Ref. RB		5.00%		01/01/2023		5,000	5,495,750
Chicago (City of), IL Board of Education; Series 1998 B-1, GO Bonds (INS - NATL)(f)(g)		0.00%		12/01/2025		735	644,970
Chicago (City of), IL Transit Authority;
Series 2010, Ref. RB (INS - AGM)(f)		5.00%		06/01/2028		755	756,533
Series 2011, RB(a)(h)		5.25%		12/01/2021		4,050	4,243,546
Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds);
Series 2015, Ref. RB		5.00%		06/01/2021		8,000	8,236,320
Series 2017, Ref. RB		5.00%		06/01/2025		4,000	4,718,920
Chicago (City of), IL Transit Authority (FTA Section 5337 State of Good Repair Formula Funds); Series 2017, Ref. RB		5.00%		06/01/2025		1,500	1,769,595
Cook (County of), IL;
Series 2010 A, Ref. GO Bonds		5.25%		11/15/2033		4,775	4,807,136
Series 2011 A, Ref. GO Bonds		5.25%		11/15/2028		8,785	9,172,594
Cook County School District No. 144 (Prairie Hills); Series 2010 A, GO Bonds(h)		4.25%		12/01/2020		555	560,578
Cook County Township High School District No. 220 Reavis; Series 2012, GO Bonds		3.00%		12/01/2024		1,035	1,069,072
Illinois (State of);
Series 2007, GO Bonds (INS - NATL)(f)		4.75%		04/01/2032		5,955	5,963,456
Series 2010, Ref. GO Bonds		5.00%		01/01/2022		5,000	5,013,700
Series 2010, Ref. GO Bonds		5.00%		01/01/2023		525	526,234
Series 2011, RB		5.00%		06/15/2027		10,500	10,757,040
Series 2011, RB		5.00%		06/15/2028		5,500	5,628,040
Series 2012, Ref. GO Bonds		5.00%		08/01/2025		4,710	4,950,445
Series 2013, GO Bonds		5.00%		07/01/2021		2,500	2,570,650
Series 2013, GO Bonds		5.50%		07/01/2026		2,000	2,163,900
Series 2013, RB		5.00%		06/15/2026		500	543,810
Series 2014, GO Bonds		5.00%		02/01/2025		4,695	5,089,427
Series 2017 D, GO Bonds		5.00%		11/01/2024		3,480	3,800,264
Series 2017 D, GO Bonds		5.00%		11/01/2027		1,065	1,203,546
Series 2020, GO Bonds		5.50%		05/01/2024		3,500	3,889,165
Series 2020, GO Bonds		5.50%		05/01/2025		5,000	5,682,400
Series 2020, GO Bonds		5.50%		05/01/2026		6,750	7,789,432
Illinois (State of) Finance Authority (Advocate Health Care Network); Series 2008 A, Ref. RB		5.00%		11/01/2030		3,000	3,600,000
Illinois (State of) Finance Authority (Edward-Elmhurst Heathcare); Series 2018 B, Ref. RB (SIFMA Municipal Swap Index + 0.75%)(a)(b)		0.83%		07/01/2023		3,750	3,732,562
Illinois (State of) Finance Authority (Field Museum); Series 2019, Ref. RB (68% of 1 mo. USD LIBOR + 1.00%)(a)(b)		0.61%		09/01/2022		6,925	6,845,016
Illinois (State of) Finance Authority (Navistar International Corp.); Series 2020, Ref. RB(a)(e)		4.75%		08/01/2030		11,000	11,306,240
Illinois (State of) Finance Authority (Northwestern Memorial Healthcare); Series 2017 B, RB(a)		5.00%		12/15/2022		10,750	11,868,645
Illinois (State of) Finance Authority (OSF Healthcare System);
Series 2018 B, Ref. VRD RB (LOC - JP Morgan Chase Bank N.A.)(c)(d)		0.02%		11/15/2037		17,200	17,200,000
Series 2018 C, Ref. VRD RB (LOC - PNC Bank N.A.)(c)(d)		0.03%		11/15/2037		17,700	17,700,000
Illinois (State of) Finance Authority (Palos Hospital);
Series 2010 C, RB		5.38%		05/15/2025		6,000	6,021,420
Series 2010, Ref. RB		5.13%		05/15/2035		15,000	15,040,200
Illinois (State of) Finance Authority (University of Chicago Medical); Series 2009 D-1, VRD RB (LOC - PNC Bank N.A.)(c)(d)		0.03%		08/01/2043		13,060	13,060,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                     Invesco Limited Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois–(continued)
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2002, RB(a)(h)		5.70%		06/15/2022	$	875	$          966,473
Series 2002, RB (INS - NATL)(f)		5.70%		06/15/2025		3,125	3,355,406
Series 2002, RB (INS - NATL)(f)(g)		0.00%		12/15/2032		25,000	16,921,500
Illinois (State of) Toll Highway Authority;
Series 2013 A, RB		5.00%		01/01/2032		1,250	1,364,188
Series 2015 A, RB		5.00%		01/01/2032		1,635	1,936,707
Long Grove (Village of), IL (Sunset Grove);
Series 2020, Ref. RB		2.35%		01/01/2021		230	230,630
Series 2020, Ref. RB		2.50%		01/01/2022		240	243,084
Series 2020, Ref. RB		2.50%		01/01/2023		245	250,517
Series 2020, Ref. RB		3.00%		01/01/2026		280	293,409
Series 2020, Ref. RB		3.10%		01/01/2027		290	303,360
Series 2020, Ref. RB		3.25%		01/01/2028		305	319,301
Series 2020, Ref. RB		3.35%		01/01/2029		320	333,114
Series 2020, Ref. RB		3.50%		01/01/2030		330	343,177
Series 2020, Ref. RB		3.60%		01/01/2031		345	357,613
Series 2020, Ref. RB		3.70%		01/01/2032		490	507,988
Railsplitter Tobacco Settlement Authority;
Series 2010, RB(a)(h)		5.50%		06/01/2021		1,500	1,559,910
Series 2017, RB		5.00%		06/01/2025		7,000	8,365,560
Regional Transportation Authority;
Series 1997, Ref. RB (INS - NATL)(f)		6.00%		06/01/2023		1,460	1,572,026
Series 2002 A, RB (INS - NATL)(f)		6.00%		07/01/2021		2,055	2,144,495
Rosemont (Village of), IL; Series 2017 A, GO Bonds (INS - AGM)(f)		5.00%		12/01/2046		4,000	4,774,960
Sales Tax Securitization Corp.; Series 2017 A, Ref. RB		5.00%		01/01/2025		6,700	7,697,563
Springfield (City of), IL Electric Revenue; Series 2015, Ref. RB		5.00%		03/01/2023		2,000	2,219,480
							309,613,812
Indiana–1.41%
Indiana (State of) Finance Authority; Series 2016 C, Ref. RB		5.00%		12/01/2025		7,000	8,659,700
Indiana (State of) Finance Authority (Kings Daughters Hospital & Health); Series 2010, RB		5.50%		08/15/2040		7,955	7,970,751
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.);
Series 2010 A, RB		3.00%		11/01/2030		4,350	4,493,159
Series 2012 B, RB		3.00%		11/01/2030		2,000	2,065,820
Series 2012 C, RB		3.00%		11/01/2030		3,000	3,098,730
Indiana (State of) Municipal Power Agency;
Series 2011 A, RB		5.00%		01/01/2021		250	253,930
Series 2011 A, RB(a)(h)		5.00%		07/01/2021		250	259,825
Indiana Bond Bank; Series 2007 B-1, RB (67% of 3 mo. USD LIBOR + 0.97%)(b)		1.15%		10/15/2022		2,875	2,875,316
Indianapolis (City of), IN Department of Public Utilities; Series 2018 A, Ref. RB		5.00%		10/01/2025		1,350	1,657,881
Purdue University; Series 2016 CC, Ref. RB		5.00%		07/01/2023		3,115	3,536,958
							34,872,070
Iowa–0.50%
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2013, RB		5.25%		12/01/2025		6,000	6,281,760
Iowa (State of) Finance Authority (Iowa Health System); Series 2018, Ref. RB (SIFMA Municipal Swap Index + 0.58%)(a)(b)(e)		1.73%		01/04/2024		6,095	6,054,285
							12,336,045
Kansas–1.07%
Kansas (State of) Development Finance Authority;
Series 2011 K, RB		5.00%		12/01/2020		1,460	1,465,490
Series 2015 G, RB		5.00%		04/01/2027		5,000	5,545,500
Series 2015 G, RB		5.00%		04/01/2028		5,000	5,532,350
Kansas (State of) Development Finance Authority (Adventist Health System/Subelt Obligated Group); Series 2012 A, Ref. RB		5.00%		11/15/2032		11,975	12,794,928
Wyandotte (County of) & Kansas City (City of), KS Unified Government; Series 2014 A, Ref. RB		5.00%		09/01/2021		1,000	1,046,760
							26,385,028

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                     Invesco Limited Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Kentucky–3.32%
Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health Initiatives); Series 2011 B, RB (SIFMA Municipal Swap Index + 1.40%)(a)(b)		1.48%		02/01/2025	$	2,340	$       2,293,364
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway);
Series 2015 A, RB		5.00%		07/01/2025		1,635	1,817,302
Series 2015, RB		5.00%		07/01/2022		850	889,304
Kentucky (Commonwealth of) Municipal Power Agency;
Series 2015 A, Ref. RB (INS - NATL)(f)		5.00%		09/01/2026		2,000	2,386,400
Series 2015 A, Ref. RB (INS - NATL)(f)		5.00%		09/01/2027		3,380	4,008,207
Series 2015 A, Ref. RB (INS - NATL)(f)		5.00%		09/01/2028		2,870	3,378,392
Kentucky (Commonwealth of) Municipal Power Agency (Prairie State);
Series 2010 A, RB (INS - AGM)(f)		5.00%		09/01/2021		5,860	5,860,000
Series 2010 A, RB (INS - AGM)(f)		5.00%		09/01/2022		4,560	4,560,000
Series 2010 A, RB (INS - AGM)(f)		5.00%		09/01/2023		1,000	1,000,000
Kentucky (Commonwealth of) Property & Building Commission; Series 2020 C, Ref. RB		5.00%		11/01/2021		5,000	5,275,250
Kentucky (Commonwealth of) Property & Building Commission (No. 108); Series 2015 A, Ref. RB		5.00%		08/01/2029		4,000	4,660,680
Kentucky (Commonwealth of) Property & Building Commission (No. 112); Series 2016 B, Ref. RB		5.00%		11/01/2026		13,290	16,300,584
Kentucky (Commonwealth of) Public Energy Authority;
Series 2018 A, RB(a)		4.00%		04/01/2024		7,830	8,646,669
Series 2018 B, RB(a)		4.00%		01/01/2025		5,000	5,621,250
Kentucky (Commonwealth of) Turnpike Authority (Revitalization); Series 2017 B, Ref. RB		4.00%		07/01/2026		3,750	4,295,737
Louisville & Jefferson (Counties of), KY Metropolitan Sewer District;
Series 2017 A, RB		5.00%		05/15/2025		4,025	4,901,444
Series 2017, Ref. RB		5.00%		05/15/2025		5,285	6,435,809
							82,330,392
Louisiana–2.82%
East Baton Rouge (Parish of), LA Industrial Development Board, Inc. (ExxonMobil); Series 2010 A, VRD RB(c)		0.03%		08/01/2035		1,051	1,051,000
Jefferson Sales Tax District;
Series 2019 A, Ref. RB (INS - AGM)(f)		5.00%		12/01/2023		1,000	1,143,660
Series 2019 A, Ref. RB (INS - AGM)(f)		5.00%		12/01/2024		1,000	1,183,120
Louisiana (State of);
Series 2012 A, GO Bonds		5.00%		08/01/2024		1,980	2,160,220
Series 2013 A, RB		5.00%		06/15/2033		1,050	1,166,098
Series 2014 C, Ref. GO Bonds		5.00%		08/01/2025		2,400	2,841,024
Series 2016 B, Ref. GO Bonds		5.00%		08/01/2025		10,000	12,053,900
Series 2019 A, RB		5.00%		09/01/2026		2,000	2,473,180
Louisiana (State of) Public Facilities Authority (LA Children’s Medical Center); Series 2015 A-2, RB(a)		5.00%		06/01/2025		5,000	5,959,950
Louisiana Citizens Property Insurance Corp.; Series 2015, Ref. RB (INS - AGM)(f)		5.00%		06/01/2022		14,575	15,733,129
Louisiana State University & Agricultural & Mechanical College Board of Supervisors; Series 2016 A, Ref. RB		5.00%		07/01/2023		3,250	3,599,505
New Orleans (City of), LA;
Series 2015, RB		5.00%		06/01/2023		700	783,258
Series 2015, RB		5.00%		12/01/2023		600	682,860
Series 2015, RB		5.00%		06/01/2024		400	464,196
Series 2015, RB		5.00%		12/01/2024		750	883,538
Series 2015, RB		5.00%		06/01/2025		500	599,610
Series 2015, RB		5.00%		12/01/2025		825	999,108
Series 2015, RB		5.00%		06/01/2026		250	299,958
Series 2015, RB		5.00%		12/01/2026		500	602,100
Series 2015, RB		5.00%		06/01/2027		350	418,348
Series 2015, RB		5.00%		12/01/2027		750	899,280
Series 2015, Ref. GO Bonds		5.00%		12/01/2022		500	552,590
Series 2015, Ref. GO Bonds		5.00%		12/01/2023		500	574,275
Series 2015, Ref. GO Bonds		5.00%		12/01/2024		1,000	1,189,610
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 B, Ref. RB (INS - AGM)(f)		5.00%		10/01/2026		200	245,602
St. Charles (Parish of), LA (Valero Energy Corp.); Series 2010, RB(a)		4.00%		06/01/2022		2,865	2,991,604
St. John the Baptist (Parish of), LA (Marathon Oil Corp.); Series 2017, Ref. RB(a)		2.10%		07/01/2024		3,000	3,016,500

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                     Invesco Limited Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Louisiana–(continued)
Tobacco Settlement Financing Corp.; Series 2013 A, Ref. RB		5.00%		05/15/2022	$	5,000	$       5,269,600
							69,836,823
Maine–0.07%
Lewiston (City of), ME (UBS Financial Services, Inc.);
Series 2008 B, GO Bonds (INS - AGM)(f)		5.00%		12/15/2020		870	873,419
Series 2008 B, GO Bonds (INS - AGM)(f)		5.50%		12/15/2023		950	954,009
							1,827,428
Maryland–0.91%
Maryland (State of);
Series 2014 B, GO Bonds		5.00%		08/01/2021		5,000	5,222,300
Series 2017 C, Ref. GO Bonds		5.00%		08/01/2024		10,000	11,865,300
Maryland Economic Development Corp. (CNX Marine Terminal, Inc. - Port of Baltimore Facility); Series 2010, Ref. RB		5.75%		09/01/2025		5,400	5,414,796
							22,502,396
Massachusetts–2.92%
Massachusetts (Commonwealth of) Department of Transportation;
Series 2019 A, Ref. RB		5.00%		01/01/2026		4,000	4,889,760
Series 2019 A, Ref. RB		5.00%		01/01/2027		5,000	6,226,200
Massachusetts (Commonwealth of) Department of Transportation (Contract Assistance); Series 2019 A, Ref. RB(a)		5.00%		01/01/2023		4,750	5,240,818
Massachusetts (Commonwealth of) Development Finance Agency;
Series 2019 A, Ref. RB		5.00%		07/01/2025		845	986,174
Series 2019 A, Ref. RB		5.00%		07/01/2027		2,300	2,799,629
Massachusetts (Commonwealth of) Development Finance Agency (Beth Israel Lahey Health); Series 2019, Ref. RB		5.00%		07/01/2025		1,000	1,194,430
Massachusetts (Commonwealth of) Development Finance Agency (Boston University); Series 2019 DD, RB(a)		5.00%		04/01/2024		6,880	7,814,717
Massachusetts (Commonwealth of) Development Finance Agency (Caregroup); Series 2017 S-5, Ref. RB (SIFMA Municipal Swap Index + 0.50%)(a)(b)		0.50%		01/27/2022		300	299,295
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University);
Series 2016 A, Ref. RB		5.00%		07/15/2024		4,735	5,620,587
Series 2017 S-4, Ref. RB(a)		5.00%		01/25/2024		15,000	17,328,000
Massachusetts (Commonwealth of) Development Finance Agency (International Charter School); Series 2015, Ref. RB		5.00%		04/15/2025		1,750	1,894,690
Massachusetts (Commonwealth of) Development Finance Agency (Suffolk University); Series 2017, Ref. RB		5.00%		07/01/2024		1,000	1,132,620
Metropolitan Boston Transit Parking Corp.; Series 2011, RB		5.00%		07/01/2041		15,265	15,719,592
University of Massachusetts Building Authority; Series 2015-2, Ref. RB		5.00%		11/01/2023		975	1,117,223
							72,263,735
Michigan–1.66%
Great Lakes Water Authority; Series 2018 A, Ref. RB		5.00%		07/01/2024		2,425	2,800,560
Michigan (State of) Building Authority (Facilities Program); Series 2019, Ref. RB		5.00%		04/15/2025		2,100	2,538,102
Michigan (State of) Finance Authority (Bronson Healthcare Group); Series 2019 B, RB(a)		3.50%		11/15/2022		4,000	4,241,760
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);
Series 2014 D-1, Ref. RB (INS - AGM)(f)		5.00%		07/01/2021		4,000	4,158,200
Series 2014 D-1, Ref. RB (INS - AGM)(f)		5.00%		07/01/2022		10,000	10,868,900
Michigan (State of) Finance Authority (Local Government Loan Program); Series 2014, Ref. RB		3.88%		10/01/2023		2,000	2,073,400
Michigan (State of) Finance Authority (Mclaren Health Care); Series 2015 D-1, Ref. RB (68% of 1 mo. USD LIBOR + 0.40%)(a)(b)		0.51%		10/15/2021		6,985	6,935,895
Michigan (State of) Finance Authority (Trinity Health Corp.); Series 2015, Ref. RB(a)(h)		5.00%		06/01/2022		7,000	7,575,470
							41,192,287
Minnesota–0.59%
Maple Grove (City of), MN (Maple Grove Hospital Corp.);
Series 2017, Ref. RB		5.00%		05/01/2023		500	547,955
Series 2017, Ref. RB		5.00%		05/01/2024		1,200	1,353,552
Series 2017, Ref. RB		5.00%		05/01/2025		800	923,048

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13                     Invesco Limited Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Minnesota–(continued)
Minneapolis & St. Paul (Cities of), MN Housing & Redevelopment Authority (Allina Health System);
Series 2017 A, Ref. RB		5.00%		11/15/2024	$	1,780	$       2,100,418
Series 2019, Ref. RB		5.00%		11/15/2023		1,600	1,823,520
Series 2019, Ref. RB		5.00%		11/15/2024		1,900	2,242,019
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission;
Series 2011, Ref. RB		5.00%		01/01/2021		1,240	1,257,608
Series 2016 C, RB		4.00%		01/01/2021		175	176,967
Series 2016 C, RB		5.00%		01/01/2022		250	264,587
Series 2016 C, RB		5.00%		01/01/2023		225	247,806
Series 2016 C, RB		5.00%		01/01/2024		200	228,660
Minneapolis-St. Paul (Cities of), MN Metropolitan Airports Commission; Series 2016 B, Ref. RB		5.00%		01/01/2023		1,000	1,096,950
Minnesota (State of) Higher Education Facilities Authority (Concordia University, St. Paul); Series 2007 Six-Q, VRD RB (LOC - U.S. Bank N.A.)(c)(d)		0.04%		04/01/2037		2,290	2,290,000
							14,553,090
Mississippi–1.59%
Mississippi (State of) Hospital Equipment & Facilities Authority (Forrest Co. General Hospital);
Series 2019 B, Ref. RB		5.00%		01/01/2024		400	455,184
Series 2019 B, Ref. RB		5.00%		01/01/2025		1,105	1,297,469
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.);
Series 2007 E, VRD IDR(c)		0.03%		12/01/2030		9,000	9,000,000
Series 2010 G, VRD RB(c)		0.03%		11/01/2035		14,500	14,500,000
Series 2010 H, VRD IDR(c)		0.03%		11/01/2035		4,710	4,710,000
Series 2010 I, VRD IDR(c)		0.03%		11/01/2035		4,500	4,500,000
Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2019, Ref. RB		2.50%		04/01/2022		5,000	5,033,200
							39,495,853
Missouri–0.68%
Health & Educational Facilities Authority of the State of Missouri (Mercy Health); Series 2018 A, Ref. RB		5.00%		06/01/2026		120	146,431
Kansas City (City of), MO;
Series 2010 B, Ref. RB		4.13%		01/01/2021		2,000	2,005,900
Series 2017 C, Ref. RB		5.00%		09/01/2023		1,500	1,692,705
Series 2017 C, Ref. RB		5.00%		09/01/2024		2,675	3,125,952
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2019 B, RB(a)		2.88%		02/01/2022		3,600	3,585,384
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.); Series 2010 A, RB		5.00%		11/15/2020		1,000	1,009,040
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie Street);
Series 2015 A, Ref. RB		5.00%		06/01/2027		2,600	3,115,788
Series 2015 A, Ref. RB		5.00%		12/01/2027		1,140	1,363,349
St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills); Series 2013 A, RB		5.00%		09/01/2023		870	895,830
							16,940,379
Nebraska–0.41%
Central Plains Energy Project (No. 4); Series 2018, RB(a)		5.00%		01/01/2024		7,750	8,757,113
Lincoln (City of), NE; Series 2012, Ref. RB		5.00%		09/01/2023		1,250	1,369,475
							10,126,588
Nevada–0.12%
Clark (County of), NV (Las Vegas-McCarran International Airport); Series 2015, Ref. RB		5.00%		07/01/2022		2,000	2,163,780
Sparks (City of), NV (Tourism Improvement District No. 1); Series 2019 A, Ref. RB(e)		2.50%		06/15/2024		900	894,186
							3,057,966
New Hampshire–0.05%
New Hampshire (State of) Health & Education Facilities Authority (Concord Hospital);
Series 2011, RB(a)(h)		5.25%		10/01/2021		525	553,187
Series 2011, RB(a)(h)		5.50%		10/01/2021		510	538,759
New Hampshire (State of) Housing Finance Authority; Series 2009 A, RB		5.13%		07/01/2029		230	233,452
							1,325,398

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14                     Invesco Limited Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Jersey–5.88%
New Jersey (State of) Economic Development Authority;
Series 2005 N-1, Ref. RB (INS - NATL)(f)		5.50%		09/01/2022	$	5,000	$    5,435,500
Series 2012, Ref. RB		5.00%		06/15/2022		1,500	1,558,125
Series 2012, Ref. RB		5.00%		06/15/2025		215	222,162
Series 2017 A, Ref. RB (INS - BAM)(f)		5.00%		07/01/2027		8,200	9,954,554
Series 2017 A, Ref. RB (INS - BAM)(f)		5.00%		07/01/2028		5,005	6,043,287
New Jersey (State of) Transportation Trust Fund Authority;
Series 2005 B, RB (INS - NATL)(f)		5.50%		12/15/2020		3,295	3,338,362
Series 2005 B, RB (INS - AGC)(f)		5.50%		12/15/2021		6,000	6,375,240
Series 2005 B, RB (INS - NATL)(f)		5.50%		12/15/2021		10,000	10,589,400
Series 2005 B, RB (INS - AMBAC)(f)		5.25%		12/15/2023		505	570,807
Series 2006 A, RB (INS - AGM)(f)		5.25%		12/15/2021		1,820	1,927,999
Series 2006, RB (INS - NATL)(f)		5.25%		12/15/2021		7,990	8,435,443
Series 2010 D, RB		5.25%		12/15/2023		3,305	3,725,363
Series 2011-B, RB		5.00%		06/15/2021		1,000	1,031,710
Series 2013 AA, RB		5.00%		06/15/2021		6,000	6,190,260
Series 2014, RN (SIFMA Municipal Swap Index + 1.20%)(a)(b)		1.28%		12/15/2021		1,000	999,960
Series 2016, RB		5.00%		06/15/2023		1,250	1,376,950
Series 2016, RN		5.00%		06/15/2030		2,025	2,338,895
Series 2018 A, Ref. RB		5.00%		12/15/2025		5,000	5,839,050
Series 2018 A, Ref. RN		5.00%		06/15/2023		8,500	9,363,260
Series 2018 A, Ref. RN		5.00%		06/15/2030		5,000	5,780,950
Series 2018-A, Ref. RN		5.00%		06/15/2024		8,750	9,911,562
Series 2019, Ref. RB		5.00%		12/15/2025		2,500	2,919,525
Series 2019, Ref. RB		5.00%		12/15/2027		10,250	12,331,570
Subseries 2016 A-1, RN		5.00%		06/15/2024		4,500	5,097,375
Subseries 2016 A-1, RN		5.00%		06/15/2028		1,140	1,334,564
New Jersey (State of) Turnpike Authority;
Series 2005 D-4, RB (INS - AGM)(f)		5.25%		01/01/2026		5,000	6,170,850
Series 2017 C-6, Ref. RB (70% of 1 mo. USD LIBOR + 0.75%)(a)(b)		0.86%		01/01/2023		10,000	9,985,600
Tobacco Settlement Financing Corp.;
Series 2018 A, Ref. RB		5.00%		06/01/2023		3,000	3,358,230
Series 2018 A, Ref. RB		5.00%		06/01/2024		2,000	2,318,580
Series 2018 A, Ref. RB		5.00%		06/01/2025		1,000	1,195,000
							145,720,133
New Mexico–0.28%
Albuquerque (City of) & Bernalillo (County of), NM Water Utility Authority; Series 2015, Ref. RB		5.00%		07/01/2023		5,170	5,865,572
New Mexico (State of) Hospital Equipment Loan Council (Haverland Charter Lifestyle Group); Series 2013, RB		4.00%		07/01/2022		1,140	1,152,141
							7,017,713
New York–12.96%
Hempstead (Town of), NY; Series 2019 B, Ref. GO Bonds		5.00%		08/01/2024		1,215	1,433,809
Jefferson Civic Facility Development Corp. (Samaritan Medical Center);
Series 2017 A, Ref. RB		5.00%		11/01/2023		1,185	1,313,099
Series 2017 A, Ref. RB		5.00%		11/01/2024		1,245	1,418,740
Long Island (City of), NY Power Authority;
Series 2014 C, Ref. RN (70% of 1 mo. USD LIBOR + 0.75%)(a)(b)		0.86%		10/01/2023		15,000	14,955,900
Series 2016 B, Ref. RB		5.00%		09/01/2024		2,485	2,951,509
Series 2017, RB		5.00%		09/01/2025		1,000	1,229,430
Long Island Power Authority; Series 2019 B, RB(a)		1.65%		09/01/2024		4,000	4,126,840

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15                     Invesco Limited Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
New York–(continued)
Metropolitan Transportation Authority;
Series 2011 C, Ref. RB		5.00%		11/15/2027	$	3,405	$       3,484,745
Series 2012 F, Ref. RB		5.00%		11/15/2026		5,085	5,304,469
Series 2012 F, Ref. RB		5.00%		11/15/2030		4,085	4,239,127
Series 2012 G-1, VRD Ref. RB (LOC - Barclays Bank PLC)(c)(d)		0.02%		11/01/2032		5,400	5,400,000
Series 2014 C, RB		5.00%		11/15/2023		5,000	5,325,600
Series 2016 B, Ref. RB		5.00%		11/15/2022		1,250	1,310,350
Series 2016 C-1, RB		5.00%		11/15/2025		2,125	2,330,233
Subseries 2002 G-1H, Ref. RB (67% of 1 mo. USD LIBOR + 0.82%)(a)(b)		0.92%		02/01/2022		3,190	3,091,589
Subseries 2005 D-2, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(c)(d)		0.05%		11/01/2035		15,700	15,700,000
Subseries 2008 A-2A, Ref. RB (SIFMA Municipal Swap Index + 0.45%)(a)(b)		0.53%		06/01/2022		11,780	11,338,721
Subseries 2012 G-4, Ref. RB (67% of 1 mo. USD LIBOR + 0.55%)(a)(b)		1.61%		11/01/2022		11,870	11,271,158
Subseries 2018 C-2, RB		5.00%		09/01/2021		5,000	5,120,850
Subseries 2018 D-1, RB (67% of 1 mo. USD LIBOR + 0.65%)(a)(b)		0.75%		07/01/2021		4,790	4,698,271
Metropolitan Transportation Authority (Green Bonds);
Series 2016 A2, Ref. RB		5.00%		11/15/2023		1,000	1,065,120
Series 2016 A2, Ref. RB		5.00%		11/15/2027		9,000	9,963,180
Series 2017 B, Ref. RB		5.00%		11/15/2024		8,905	9,601,549
Series 2017 C1, RB		5.00%		11/15/2023		3,000	3,195,360
Series 2018 B, Ref. RB		5.00%		11/15/2023		5,000	5,325,600
Monroe County Industrial Development Corp. (St. Ann’s Community); Series 2019, Ref. RB		5.00%		01/01/2040		1,500	1,564,245
New York (City of), NY;
Series 2012 F, Ref. GO Bonds		5.00%		08/01/2023		9,165	9,771,631
Series 2017 C, Ref. GO Bonds		5.00%		08/01/2024		8,050	9,427,677
New York (City of), NY Industrial Development Agency (Liberty 123 Wash); Series 2007, VRD RB (LOC - Bank Of China, Ltd.)(c)(d)		0.06%		10/01/2042		22,055	22,055,000
New York (City of), NY Industrial Development Agency (Yankee Stadium);
Series 2006, RB (CPI Rate + 0.87%) (INS - FGIC)(b)(f)		3.36%		03/01/2025		1,025	992,641
Series 2006, RB (CPI Rate + 0.88%) (INS - FGIC)(b)(f)		3.37%		03/01/2026		2,725	2,611,831
Series 2006, RB (CPI Rate + 0.89%) (INS - FGIC)(b)(f)		3.38%		03/01/2027		5,500	5,244,580
New York (City of), NY Municipal Water Finance Authority; Subseries 2012 A-1, VRD RB(c)		0.02%		06/15/2044		41,205	41,205,000
New York (City of), NY Water & Sewer System (2nd Generation Resolution); Series 2008 BB-2, VRD RB(c)		0.04%		06/15/2039		8,000	8,000,000
New York (State of) Dormitory Authority; Series 2019 A, Ref. RB		5.00%		03/15/2024		5,000	5,820,350
New York (State of) Dormitory Authority (Montefiore Obligated Group);
Series 2018 A, Ref. RB		5.00%		08/01/2024		1,250	1,426,850
Series 2018 A, Ref. RB		5.00%		08/01/2025		3,000	3,513,210
New York (State of) Dormitory Authority (New York University); Series 1998 A, RB (INS - NATL)(f)		5.75%		07/01/2027		2,000	2,406,780
New York (State of) Dormitory Authority (Northwell Health Obligated Group); Series 2019 B-3, RB(a)		5.00%		05/01/2026		4,000	4,746,720
New York (State of) Housing Finance Agency (160 Madison Avenue); Series 2014 A, VRD RB (LOC - Landesbank Hessen-thrgn)(c)(d)		0.03%		11/01/2046		13,700	13,700,000
New York (State of) Thruway Authority;
Series 2018 L, Ref. RB		5.00%		01/01/2025		780	919,503
Series 2018 L, Ref. RB		5.00%		01/01/2026		1,000	1,212,520
New York State Dormitory Authority;
Series 2013 A, RB(a)(h)		5.00%		02/15/2023		5	5,576
Series 2013 A, RB		5.00%		02/15/2024		5,370	5,967,198
New York State Urban Development Corp.; Series 2017 A, Ref. RB		5.00%		03/15/2024		10,000	11,629,200
Triborough Bridge & Tunnel Authority; Subseries 2016 B-4A, Ref. RB (67% of 1 mo. USD LIBOR + 0.70%)(a)(b)		0.80%		02/01/2021		13,225	13,233,332
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);
Series 2018 D, RB (67% of SOFR + 0.50%)(a)(b)		0.56%		10/01/2020		4,850	4,849,369
Subseries 2005 B-2, Ref. VRD RB (LOC-Citibank N.A.)(c)(d)		0.03%		01/01/2032		3,500	3,500,000
TSASC, Inc.;
Series 2017 A, Ref. RB		5.00%		06/01/2024		4,500	5,135,760
Series 2017 A, Ref. RB		5.00%		06/01/2025		5,000	5,866,150

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16                     Invesco Limited Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
New York–(continued)
Yonkers (City of), NY;
Series 2010 A, GO Bonds(a)(h)		5.00%		11/15/2020	$	500	$          504,965
Series 2010 A, GO Bonds (INS - AGM)(f)		5.00%		11/15/2020		655	661,412
							321,166,749
North Carolina–2.28%
Charlotte (City of) & Mecklenburg (County of), NC Hospital Authority (Carolinas HealthCare System); Series 2018 E, Ref. RB (SIFMA Municipal Swap Index + 0.45%)(a)(b)		1.60%		12/01/2021		5,000	4,993,150
Charlotte-Mecklenburg Hospital Authority (The); Series 2007 B, Ref. VRD RB(c)		0.02%		01/15/2038		4,900	4,900,000
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health); Series 2018 H, VRD RB(c)		0.02%		01/15/2048		3,300	3,300,000
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2007 C, Ref. VRD RB(c)		0.02%		01/15/2037		12,750	12,750,000
Columbus (County of), NC Industrial Facilities & Pollution Control Financing Authority (International Paper Co.); Series 2019, Ref. RB(a)		2.00%		10/01/2024		850	887,723
North Carolina (State of) Municipal Power Agency No. 1 (Catawba);
Series 2015 A, Ref. RB		5.00%		01/01/2028		1,615	1,935,965
Series 2015 B, Ref. RB		5.00%		01/01/2022		1,875	1,993,481
Series 2019 A, Ref. RB		5.00%		01/01/2021		7,180	7,292,870
Series 2019 A, Ref. RB		5.00%		01/01/2023		2,335	2,565,955
Series 2019 B, Ref. RB		5.00%		01/01/2021		5,545	5,632,167
North Carolina (State of) Turnpike Authority;
Series 2017, Ref. RB (INS - AGM)(f)		5.00%		01/01/2024		1,150	1,309,470
Series 2017, Ref. RB		5.00%		01/01/2025		2,025	2,344,039
Series 2017, Ref. RB (INS - AGM)(f)		5.00%		01/01/2026		1,350	1,632,204
University of North Carolina at Chapel Hill; Series 2012, RB (67% of 1 mo. USD LIBOR + 0.40%)(a)(b)		0.50%		11/09/2022		5,000	5,001,600
							56,538,624
Ohio–1.60%
Allen (County of), OH (Catholic Healthcare Partners); Series 2010 B, RB		5.00%		09/01/2020		2,920	2,920,000
American Municipal Power, Inc. (AMP Fremont Energy Center); Series 2017 A, Ref. RB		5.00%		02/15/2027		5,000	6,334,550
American Municipal Power, Inc. (Combined Hydroelectric); Series 2018 A, RB(a)		2.25%		08/15/2021		2,500	2,514,525
Cleveland (City of), OH;
Series 2006 A, RB (INS - AMBAC)(f)		5.25%		01/01/2021		3,980	4,037,073
Series 2011 A, RB		5.00%		01/01/2022		2,315	2,346,299
Franklin (County of), OH (OhioHealth Corp.); Series 2011 B, Ref. RB(a)		5.00%		05/15/2023		4,995	5,582,662
Hancock (County of), OH (Blanchard Valley Regional Health Center); Series 2011 A, RB(a)(h)		5.75%		06/01/2021		250	260,257
Miami University (A State University of Ohio);
Series 2014, Ref. RB		5.00%		09/01/2023		1,465	1,672,004
Series 2017, Ref. RB		5.00%		09/01/2023		1,995	2,276,893
Ohio (State of); Series 2014 A, GO Bonds(a)(h)		5.00%		03/01/2022		4,190	4,491,848
Ohio (State of) (Cleveland Clinic Health System Obligated Group);
Series 2011 B-1, Ref. RB		5.00%		01/01/2024		1,000	1,015,400
Series 2017, Ref. RB		5.00%		01/01/2026		1,205	1,480,837
Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.); Series 2014, RB(a)		2.40%		10/01/2029		4,500	4,667,220
							39,599,568
Oklahoma–0.26%
Grand River Dam Authority; Series 2016 A, Ref. RB		5.00%		06/01/2024		2,500	2,926,600
Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools); Series 2016, RB		5.00%		09/01/2026		3,100	3,526,033
							6,452,633
Oregon–1.08%
Clackamas (County of), OR Hospital Facility Authority (Rose Villa); Series 2020, Ref. RB		2.75%		11/15/2025		2,000	2,019,380
Multnomah (County of), OR; Series 2017, GO Bonds		5.00%		06/01/2023		6,960	7,877,676
Oregon (State of) Department of Transportation;
Series 2017 C, Ref. RB		5.00%		11/15/2025		3,525	4,354,891
Series 2017 C, Ref. RB		5.00%		11/15/2026		2,000	2,543,060
Portland (City of), OR; Series 2011 B, RB		5.25%		06/15/2029		1,000	1,037,290
Portland (City of), OR Community College District; Series 2013, GO Bonds		5.00%		06/15/2022		6,000	6,518,880

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17                     Invesco Limited Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Oregon–(continued)
Salem-Keizer School District No. 24J; Series 2009 B, GO Bonds (CEP - Oregon School Bond Guaranty)(g)		0.00%		06/15/2023	$	2,500	$       2,469,750
							26,820,927
Pennsylvania–3.45%
Bethlehem (City of), PA;
Series 2014, Ref. RB (INS - BAM)(f)		5.00%		11/15/2020		1,475	1,488,939
Series 2014, Ref. RB (INS - BAM)(f)		5.00%		11/15/2021		1,400	1,478,582
Commonwealth Financing Authority;
Series 2015 A, RB		5.00%		06/01/2034		6,000	7,047,960
Series 2018, RB		5.00%		06/01/2025		5,500	6,584,325
Series 2018, RB		5.00%		06/01/2026		2,000	2,461,860
Delaware Valley Regional Financial Authority; Series 2018 B, RB (SIFMA Municipal Swap Index + 0.42%)(a)(b)		0.50%		09/01/2022		4,000	3,974,560
DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare); Series 2018, Ref. RB		5.00%		07/15/2021		500	518,420
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University);
Series 2018 A, Ref. RB		5.00%		09/01/2022		1,350	1,464,925
Series 2018 A, Ref. RB		5.00%		09/01/2023		1,050	1,181,880
Series 2018 A, Ref. RB		5.00%		09/01/2024		1,000	1,164,710
Series 2018 C, RB (SIFMA Municipal Swap Index + 0.72%)(a)(b)		1.87%		09/01/2023		4,700	4,700,141
Montgomery (County of), PA Industrial Development Authority (ACTS Retirement-Life Communities, Inc.);
Series 2012, Ref. IDR(a)(h)		5.00%		05/15/2022		2,000	2,160,240
Series 2012, Ref. RB(a)(h)		5.00%		05/15/2022		1,000	1,080,120
Pennsylvania (Commonwealth of);
First Series 2016, Ref. GO Bonds		5.00%		09/15/2026		5,000	6,279,350
First Series 2016, Ref. GO Bonds		5.00%		02/01/2028		1,690	2,074,610
Second Series 2016, Ref. GO Bonds		5.00%		09/15/2028		2,455	3,068,333
Series 2013, GO Bonds		5.00%		10/15/2032		1,475	1,675,379
Series 2018 A, Ref. COP		5.00%		07/01/2023		500	565,600
Series 2018 A, Ref. COP		5.00%		07/01/2025		500	600,365
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Philadelphia Biosolids Facility); Series 2009, RB		6.25%		01/01/2032		3,045	3,101,789
Pennsylvania (Commonwealth of) Turnpike Commission;
Series 2011 A, RB		5.00%		12/01/2022		1,500	1,649,580
Series 2011 A, RB		5.00%		12/01/2023		1,500	1,713,915
Series 2014, Ref. RB		5.00%		12/01/2033		5,000	5,706,000
Series 2018 A-1, Ref. RB (SIFMA Municipal Swap Index + 0.43%)(b)		0.51%		12/01/2021		4,000	3,999,480
Series 2019 A, RB		5.00%		12/01/2026		1,000	1,220,230
Series 2019 A, RB		5.00%		12/01/2027		1,500	1,870,065
Series 2019 A, RB		5.00%		12/01/2028		2,000	2,540,120
Philadelphia (City of), PA;
Series 2017 A, Ref. GO Bonds		5.00%		08/01/2023		1,000	1,125,320
Series 2019 B, GO Bonds		5.00%		02/01/2024		850	974,117
Series 2019 B, GO Bonds		5.00%		02/01/2025		1,000	1,185,750
Series 2019 B, GO Bonds		5.00%		02/01/2026		1,200	1,464,528
Philadelphia (City of), PA Gas Works;
Series 2015, Ref. RB		5.00%		08/01/2022		2,250	2,413,935
Series 2015, Ref. RB		5.00%		08/01/2023		4,000	4,436,200
Philadelphia (City of), PA Industrial Development Authority (Discovery Charter School); Series 2012, RB		5.50%		04/01/2027		1,320	1,345,925
Pittsburgh (City of), PA Water & Sewer Authority; Series 2019 A, RB (INS - AGM)(f)		5.00%		09/01/2024		1,000	1,182,470
							85,499,723
Puerto Rico–2.19%
Children’s Trust Fund;
Series 2002, RB		5.38%		05/15/2033		1,805	1,816,119
Series 2002, RB		5.50%		05/15/2039		7,000	7,043,120

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18                     Invesco Limited Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Puerto Rico–(continued)
Puerto Rico (Commonwealth of);
Series 2003 A, GO Bonds (INS - AGC)(f)		5.00%		07/01/2027	$	1,485	$       1,495,514
Series 2003 C-7, Ref. GO Bonds (INS - NATL)(f)		6.00%		07/01/2027		3,400	3,488,400
Series 2004 A, GO Bonds (INS - AGC)(f)		5.00%		07/01/2029		250	251,575
Series 2007 A, GO Bonds (INS - AGC)(f)		5.00%		07/01/2023		335	337,231
Series 2011 A, Ref. GO Bonds (INS - AGM)(f)		5.25%		07/01/2024		8,415	8,648,516
Puerto Rico (Commonwealth of) Convention Center District Authority; Series 2006 A, RB (INS - AGC)(f)		5.00%		07/01/2027		295	297,089
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2004 PP, Ref. RB (INS - NATL)(f)		5.00%		07/01/2025		300	302,448
Series 2005 RR, RB (INS - NATL)(f)		5.00%		07/01/2021		450	452,178
Series 2005 SS, Ref. RB (INS - NATL)(f)		5.00%		07/01/2021		125	125,605
Series 2005 SS, Ref. RB (INS - NATL)(f)		5.00%		07/01/2024		5,645	5,691,063
Series 2005 SS, Ref. RB (INS - NATL)(f)		5.00%		07/01/2025		355	357,897
Series 2007 TT, RB (INS - NATL)(f)		5.00%		07/01/2023		225	226,460
Series 2007 TT, RB (INS - NATL)(f)		5.00%		07/01/2026		270	272,203
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 1998 A, RB (INS - NATL)(f)		4.75%		07/01/2038		970	976,324
Series 2002 D, RB (INS - AGM)(f)		5.00%		07/01/2027		615	619,354
Series 2002 D, RB (INS - AGM)(f)		5.00%		07/01/2032		435	437,740
Series 2003, RB (INS - AGC)(f)		5.00%		07/01/2028		1,070	1,077,126
Series 2004 J, RB (INS - NATL)(f)		5.00%		07/01/2029		1,575	1,586,592
Series 2007 M, RB (INS - AGC)(f)		5.00%		07/01/2032		160	160,810
Series 2007 M, RB (INS - AGC)(f)		5.00%		07/01/2037		280	280,487
Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2006 B, RB (INS - AGC)(f)		5.00%		07/01/2023		100	100,666
Puerto Rico (Commonwealth of) Public Buildings Authority;
Series 2002 F, Ref. RB (INS - AGC)(f)		5.25%		07/01/2021		1,500	1,542,060
Series 2007 M3, Ref. RB (INS - NATL)(f)		6.00%		07/01/2027		1,145	1,174,770
Series 2007 M-3, Ref. RB (INS - NATL)(f)		6.00%		07/01/2024		300	307,800
Series 2007 M-3, Ref. RB (INS - NATL)(f)		6.00%		07/01/2028		100	102,600
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(g)		0.00%		07/01/2024		11,002	10,163,648
Series 2018 A-1, RB(g)		0.00%		07/01/2027		5,752	4,886,842
							54,222,237
Rhode Island–0.48%
Rhode Island Health & Educational Building Corp. (University of Rhode Island - Auxiliary Enterprise); Series 2009 B, RB (INS - AGC)(f)		5.25%		09/15/2029		1,265	1,269,794
Tobacco Settlement Financing Corp.;
Series 2015 A, Ref. RB		5.00%		06/01/2026		2,435	2,810,307
Series 2015 A, Ref. RB		5.00%		06/01/2027		3,600	4,145,292
Series 2015 A, Ref. RB		5.00%		06/01/2028		1,920	2,205,888
Series 2015 B, Ref. RB		2.25%		06/01/2041		1,440	1,485,302
							11,916,583
South Carolina–1.69%
Patriots Energy Group Financing Agency; Series 2018 A, RB(a)		4.00%		02/01/2024		8,000	8,874,080
SCAGO Educational Facilities Corp. for Pickens School District; Series 2015, Ref. RB		5.00%		12/01/2026		2,250	2,660,940
South Carolina (State of) Jobs-Economic Development Authority (AnMed Health); Series 2018 A, Ref. RB		5.00%		05/01/2025		1,500	1,752,810
South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance); Series 2013 A, Ref. RB(h)		5.00%		08/01/2021		1,300	1,356,693
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group);
Series 2018 A, Ref. RB		5.00%		05/01/2024		1,000	1,135,630
Series 2018 C, VRD RB(c)		0.35%		05/01/2048		10,000	10,000,000
South Carolina Transportation Infrastructure Bank;
Series 2012 A, Ref. RB(a)(h)		5.00%		10/01/2021		10,000	10,521,200
Series 2012 B, Ref. RB(a)(h)		5.00%		10/01/2022		5,000	5,498,050
							41,799,403

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19    ��                Invesco Limited Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
South Dakota–0.04%
South Dakota (State of) Health & Educational Facilities Authority (Regional Health); Series 2010, RB(a)(h)		5.00%		09/01/2020	$	1,000	$     1,000,000
Tennessee–2.85%
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group);
Series 2018 A, Ref. RB		5.00%		07/01/2023		1,800	1,993,572
Series 2018 A, Ref. RB		5.00%		07/01/2024		2,000	2,203,240
Series 2018 A, Ref. RB		5.00%		07/01/2025		2,000	2,199,100
Memphis (City of) & Shelby (County of), TN Airport Authority; Series 2011 D, Ref. RB		5.00%		07/01/2022		2,165	2,243,611
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (Blakeford at Green Hills); Series 2012, Ref. RB		5.00%		07/01/2021		885	902,824
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (Lipscomb University); Series 2016 A, Ref. RB		5.00%		10/01/2021		745	767,626
Shelby (County of), TN Health, Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare); Series 2017 A, RB		5.00%		05/01/2024		1,840	2,125,384
Tennessee Energy Acquisition Corp.;
Series 2006 A, RB		5.25%		09/01/2021		4,385	4,589,209
Series 2006 A, RB		5.25%		09/01/2023		39,950	45,390,791
Series 2017 A, RB(a)		4.00%		05/01/2023		3,420	3,695,960
Series 2018, RB(a)		4.00%		11/01/2025		4,000	4,575,800
							70,687,117
Texas–7.16%
Austin Convention Enterprises, Inc.;
Series 2017, Ref. RB		5.00%		01/01/2022		350	359,772
Series 2017, Ref. RB		5.00%		01/01/2025		900	901,454
Board of Regents of The University of Texas System; Series 2010, Ref. RB		5.00%		08/15/2021		5,340	5,587,562
Central Texas Regional Mobility Authority; Series 2018, RB		4.00%		01/01/2022		2,500	2,565,225
Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2013, RB		5.00%		08/15/2023		575	613,738
Dallas-Fort Worth (Cities of), TX International Airport; Series 2013 F, Ref. RB		5.25%		11/01/2033		4,490	5,039,576
Denton Independent School District; Series 2015, Ref. GO Bonds (CEP - Texas Permanent School Fund)		5.00%		08/15/2024		6,685	7,926,471
Dickinson Independent School District; Series 2000, Ref. GO Bonds (CEP - Texas Permanent School Fund)		6.00%		02/15/2028		11,370	14,105,508
Frisco Independent School District; Series 2016 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)		5.00%		08/15/2025		2,500	3,071,750
Galveston (City of), TX; Series 2011, Ref. RB		5.00%		02/01/2021		1,000	1,018,750
Grand Parkway Transportation Corp. (TELA Supported); Series 2018 B, RB(a)		5.00%		10/01/2023		5,000	5,630,150
Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB(c)		0.01%		11/01/2041		16,300	16,300,000
Harris (County of), TX Metropolitan Transit Authority; Series 2017 B, Ref. RB		5.00%		11/01/2025		3,040	3,732,178
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System);
Series 2013 A, Ref. RB		5.00%		12/01/2023		1,625	1,784,673
Series 2014 A, RB(a)(h)		5.00%		12/01/2024		1,445	1,730,720
Harris County Cultural Education Facilities Finance Corp. (YMCA of the Greater Houston Area);
Series 2013 A, Ref. RB		5.00%		06/01/2021		535	543,143
Series 2013 A, Ref. RB		5.00%		06/01/2022		855	883,566
Houston (City of), TX;
Series 2014 C, Ref. RB		5.00%		05/15/2024		3,685	4,327,406
Series 2016 A, Ref. GO Bonds		5.00%		03/01/2024		3,060	3,554,251
Series 2017 A, Ref. GO Bonds		5.00%		03/01/2028		5,350	6,776,470
Series 2018 C, Ref. RB (70% of 1 mo. USD LIBOR +0.36%)(a)(b)		0.47%		08/01/2021		4,000	3,989,800
Houston Independent School District; Series 2016 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)		5.00%		02/15/2025		3,750	4,527,037
Leander Independent School District; Series 2014 D, Ref. GO Bonds (CEP - Texas Permanent School Fund)(g)		0.00%		08/15/2027		5,675	4,932,142
Lower Colorado River Authority (LCRA Transmission Services Corp.);
Series 2018, Ref. RB		5.00%		05/15/2023		1,900	2,131,173
Series 2018, Ref. RB		5.00%		05/15/2024		2,430	2,829,152
North East Texas Regional Mobility Authority; Series 2016, RB		5.00%		01/01/2026		1,870	2,194,969
North Texas Tollway Authority; Series 2019 B, Ref. RB		5.00%		01/01/2025		2,000	2,367,080

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20                     Invesco Limited Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Texas–(continued)
Northside Independent School District (School Building); Series 2012, GO Bonds (CEP - Texas Permanent School Fund)(a)		1.75%		06/01/2022	$	2,900	$       2,903,770
San Antonio (City of), TX;
Series 2016, RB(h)		5.00%		02/01/2023		5,345	5,955,613
Series 2016, RB		5.00%		02/01/2023		1,155	1,288,876
Series 2018, Ref. RB		5.00%		02/01/2021		5,000	5,100,300
San Antonio (City of), TX Water System; Series 2013 B, Ref. RB		5.00%		05/15/2031		2,720	3,049,365
San Antonio Independent School District; Series 2019, Ref. GO Bonds (CEP - Texas Permanent School Fund)		5.00%		08/15/2025		5,400	6,617,106
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health); Series 2018 A, Ref. RB		5.00%		07/01/2024		1,850	2,149,423
Texas (State of) Water Development Board (State Water Implementation Revenue Fund);
Series 2018 A, RB		5.00%		10/15/2022		2,500	2,754,450
Series 2018 A, RB		5.00%		10/15/2024		2,500	2,983,625
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB		6.25%		12/15/2026		4,845	5,734,687
Texas Municipal Gas Acquisition & Supply Corp. III;
Series 2012, RB		5.00%		12/15/2021		5,485	5,759,963
Series 2012, RB		5.00%		12/15/2022		500	543,645
Series 2012, RB		5.00%		12/15/2023		8,050	8,737,148
Series 2012, RB		5.00%		12/15/2028		200	214,738
Texas Public Finance Authority; Series 2018 A, Ref. GO Bonds		5.00%		10/01/2023		5,000	5,732,300
Texas State University Board of Regents;
Series 2017 A, Ref. RB		5.00%		03/15/2023		2,150	2,406,323
Series 2017 A, Ref. RB		5.00%		03/15/2024		4,000	4,659,200
Tyler Health Facilities Development Corp. (Mother Frances Hospital Regional Health Care Center); Series 2011, RB(h)		5.00%		07/01/2021		1,285	1,334,948
							177,349,196
Utah–0.19%
Utah (County of), UT (IHC Health Services, Inc.); Series 2018 B, RB(a)		5.00%		08/01/2024		4,000	4,610,480
Virgin Islands–0.34%
Virgin Islands (Government of) Public Finance Authority;
Series 2010 A, Ref. RB (INS - AGM)(f)		5.00%		10/01/2029		215	219,119
Series 2015, RB(e)		5.00%		09/01/2022		2,220	2,375,866
Series 2015, RB(e)		5.00%		09/01/2023		1,500	1,654,050
Series 2015, RB(e)		5.00%		09/01/2024		1,650	1,869,500
Series 2015, RB(e)		5.00%		09/01/2025		1,500	1,739,850
Virgin Islands (Government of) Water & Power Authority (Electric System); Series 2010 B, RB (INS - AGM)(f)		5.00%		07/01/2022		580	585,185
							8,443,570
Virginia–2.08%
Chesapeake Bay Bridge & Tunnel District; Series 2019, RAN		5.00%		11/01/2023		17,645	19,838,097
Fairfax (County of), VA Economic Development Authority (Wiehle Ave Metrorail Station); Series 2020, Ref. RB		5.00%		08/01/2027		1,400	1,805,188
Stafford (County of) & Staunton (City of), VA Industrial Development Authority; Series 2008 B, RB		6.50%		08/01/2028		1,165	1,165,058
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs); Series 2015 A, RB		5.00%		02/01/2024		4,075	4,739,144
Virginia Commonwealth Transportation Board;
Series 2016, RB		5.00%		03/15/2024		1,500	1,751,820
Series 2016, RB		5.00%		09/15/2024		1,015	1,208,591
Series 2017 A, Ref. RB		5.00%		05/15/2024		5,395	6,342,092
Series 2017, RB		5.00%		05/15/2025		5,640	6,873,976
Series 2017, Ref. RB		5.00%		09/15/2023		5,000	5,730,150
York (County of), VA Economic Development Authority; Series 2009 A, Ref. PCR(a)		1.90%		06/01/2023		2,000	2,066,360
							51,520,476
Washington–1.61%
Energy Northwest (Columbia Generating Station); Series 2011 A, Ref. RB		5.00%		07/01/2023		2,500	2,600,175
Energy Northwest (Project #3); Series 2018 C, Ref. RB		5.00%		07/01/2023		4,000	4,538,160
Seattle (City of), WA; Series 2015 A, Ref. GO Bonds		5.00%		06/01/2023		4,000	4,527,400

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21                     Invesco Limited Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Washington–(continued)
Seattle (Port of), WA; Series 2015 B, Ref. RB		5.00%		03/01/2022	$	1,205	$       1,290,109
Washington (State of); Series 1998 C, GO Bonds		5.50%		07/01/2023		2,815	3,091,236
Washington (State of) Health Care Facilities Authority (Catholic Health Initiatives); Series 2013, RB (SIFMA Municipal Swap Index + 1.40%)(a)(b)		2.55%		01/01/2025		5,650	5,576,663
Washington (State of) Health Care Facilities Authority (Fred Hutchinson Cancer Research Center); Series 2017, Ref. RB (67% of 1 mo. USD LIBOR + 1.10%)(a)(b)		1.20%		07/01/2022		5,000	4,998,850
Washington (State of) Health Care Facilities Authority (PeaceHealth); Series 2014 A, Ref. RB		5.00%		11/15/2020		500	504,415
Washington (State of) Tobacco Settlement Authority;
Series 2018, Ref. RB		5.00%		06/01/2023		2,500	2,778,200
Series 2018, Ref. RB		5.00%		06/01/2024		3,750	4,157,588
Washington Health Care Facilities Authority (CommonSpirit Health); Series 2019 B-3, Ref. RB(a)		5.00%		08/01/2026		5,000	5,898,350
							39,961,146
West Virginia–0.39%
Mason (County of), WV (Appalachian Power Co.); Series 2003 L, PCR		2.75%		10/01/2022		2,500	2,603,825
West Virginia (State of) Economic Development Authority; Series 2017, Ref. RB		5.00%		06/15/2027		5,610	7,149,216
							9,753,041
Wisconsin–0.30%
Wisconsin (State of); Series 2017-1, Ref. RB		5.00%		07/01/2025		3,790	4,649,799
Wisconsin (State of) Health & Educational Facilities Authority (Advocate Aurora Health Credit Group); Series 2018 B-3, Ref. RB(a)		5.00%		01/31/2024		2,495	2,864,809
							7,514,608
Wyoming–0.05%
Wyoming (State of) Municipal Power Agency; Series 2017 A, Ref. RB (INS - BAM)(f)		5.00%		01/01/2024		1,000	1,148,660
TOTAL INVESTMENTS IN SECURITIES(j)–99.03% (Cost $2,362,357,539)							2,454,339,254
OTHER ASSETS LESS LIABILITIES–0.97%							23,946,903
NET ASSETS –100.00%							$2,478,286,157

Investment Abbreviations:
AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BAM	– Build America Mutual Assurance Co.
CEP	– Credit Enhancement Provider
COP	– Certificates of Participation
CPI	– Consumer Price Index
FGIC	– Financial Guaranty Insurance Company
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
LIBOR	– London Interbank Offered Rate
LOC	– Letter of Credit
NATL	– National Public Finance Guarantee Corp.
PCR	– Pollution Control Revenue Bonds
RAC	– Revenue Anticipation Certificates
RAN	– Revenue Anticipation Notes
RB	– Revenue Bonds
Ref.	– Refunding
RN	– Revenue Notes
SIFMA	– Securities Industry and Financial Markets Association
SOFR	– Secured Overnight Financing Rate
UCR	– University of California Riverside
USD	– U.S. Dollar
VRD	– Variable Rate Demand
YMCA	– Young Men’s Christian Association

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22                     Invesco Limited Term Municipal Income Fund

Notes to Schedule of Investments:

^(a)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020.

^(c)  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 August 31, 2020.

^(d)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(e)  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 August 31, 2020 was $46,916,871, which represented 1.89% of the Fund’s Net Assets.

^(f)  Principal and/or interest payments are secured by the bond insurance company listed.

^(g)  Zero coupon bond issued at a discount.

^(h)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

⁽ⁱ⁾  Security subject to crossover refunding.

^(j)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the borrower’s obligations but may be called upon to satisfy the borrower’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2020

Revenue Bonds	71.8%
General Obligation Bonds	13.9
Other	11.6
Pre-Refunded Bonds	2.7

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23                     Invesco Limited Term Municipal Income Fund

Statement of Assets and Liabilities

August 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $2,362,357,539)	$	2,454,339,254
Cash		1,236,180
Receivable for:
Investments sold		314,299
Fund shares sold		7,880,236
Interest		21,600,656
Investment for trustee deferred compensation and retirement plans		242,529
Other assets		136,490
Total assets		2,485,749,644
Liabilities:
Payable for:
Investments purchased		2,427,116
Dividends		1,091,556
Fund shares reacquired		2,774,652
Accrued fees to affiliates		744,682
Accrued trustees’ and officers’ fees and benefits		2,708
Accrued other operating expenses		158,534
Trustee deferred compensation and retirement plans		264,239
Total liabilities		7,463,487
Net assets applicable to shares outstanding	$	2,478,286,157
Net assets consist of:
Shares of beneficial interest	$	2,427,846,196
Distributable earnings		50,439,961
	$	2,478,286,157

Net Assets:
Class A	$	1,239,864,854
Class A2	$	32,991,079
Class C	$	104,543,002
Class Y	$	812,036,788
Class R5	$	2,390,951
Class R6	$	286,459,483
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		107,616,529
Class A2		2,861,784
Class C		9,078,225
Class Y		70,517,038
Class R5		207,542
Class R6		24,880,685
Class A:
Net asset value per share	$	11.52
Maximum offering price per share (Net asset value of $11.52 ÷ 97.50%)	$	11.82
Class A2:
Net asset value per share	$	11.53
Maximum offering price per share (Net asset value of $11.53 ÷ 99.00%)	$	11.65
Class C:
Net asset value and offering price per share	$	11.52
Class Y:
Net asset value and offering price per share	$	11.52
Class R5:
Net asset value and offering price per share	$	11.52
Class R6:
Net asset value and offering price per share	$	11.51

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24                     Invesco Limited Term Municipal Income Fund

Statement of Operations

For the six months ended August 31, 2020

(Unaudited)

Investment income:
Interest	$	27,809,813
Expenses:
Advisory fees		2,654,104
Administrative services fees		158,301
Custodian fees		11,147
Distribution fees:
Class A		1,432,674
Class C		542,481
Transfer agent fees – A, A2, C and Y		841,833
Transfer agent fees – R5		(1,607	)
Transfer agent fees – R6		14,987
Trustees’ and officers’ fees and benefits		13,792
Registration and filing fees		89,515
Reports to shareholders		53,924
Professional services fees		29,582
Other		70,041
Total expenses		5,910,774
Less: Expense offset arrangement(s)		(130	)
Net expenses		5,910,644
Net investment income		21,899,169
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(3,757,741	)
Change in net unrealized appreciation of investment securities		2,656,677
Net realized and unrealized gain (loss)		(1,101,064	)
Net increase in net assets resulting from operations	$	20,798,105

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25                     Invesco Limited Term Municipal Income Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2020 and the year ended February 29, 2020

(Unaudited)

	August 31, 2020			February 29, 2020
Operations:
Net investment income		$     21,899,169			$     43,776,856
Net realized gain (loss)		(3,757,741	)		672,817
Change in net unrealized appreciation		2,656,677			56,060,334
Net increase in net assets resulting from operations		20,798,105			100,510,007
Distributions to shareholders from distributable earnings:
Class A		(10,445,707	)		(23,041,136	)
Class A2		(403,905	)		(1,208,339	)
Class C		(587,240	)		(1,414,451	)
Class Y		(7,412,854	)		(16,772,304	)
Class R5		(24,818	)		(60,846	)
Class R6		(2,834,451	)		(5,958,958	)
Total distributions from distributable earnings		(21,708,975	)		(48,456,034	)
Share transactions-net:
Class A		123,393,982			56,991,094
Class A2		(14,377,328	)		(5,518,380	)
Class C		(4,271,067	)		10,720,200
Class Y		91,660,286			27,557,962
Class R5		13,886			(495,211	)
Class R6		20,597,837			48,411,822
Net increase in net assets resulting from share transactions		217,017,596			137,667,487
Net increase in net assets		216,106,726			189,721,460
Net assets:
Beginning of period		2,262,179,431			2,072,457,971
End of period		$2,478,286,157			$2,262,179,431

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26                     Invesco Limited Term Municipal Income Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/20		$11.52		$0.11		$(0.01	)		$0.10			$(0.10	)		$11.52		1.05	%		$1,239,865		0.60	%(d)		0.60	%(d)		1.85	%(d)		11	%
Year ended 02/29/20		11.25		0.22		0.30			0.52			(0.25	)		11.52		4.68			1,115,905		0.61			0.61			1.98			26
Year ended 02/28/19		11.22		0.24		0.02			0.26			(0.23	)		11.25		2.38			1,033,140		0.63			0.63			2.17			45
Year ended 02/28/18		11.31		0.21		(0.10	)		0.11			(0.20	)		11.22		0.93			1,048,359		0.62			0.62			1.86			20
Year ended 02/28/17		11.57		0.21		(0.27	)		(0.06	)		(0.20	)		11.31		(0.51	)		1,274,653		0.60			0.60			1.79			29
Year ended 02/29/16		11.62		0.24		(0.04	)		0.20			(0.25	)		11.57		1.76			1,183,160		0.61			0.61			2.14			13
Class A2
Six months ended 08/31/20		11.53		0.12		0.00			0.12			(0.12	)		11.53		0.92			32,991		0.35	(d)		0.35	(d)		2.10	(d)		11
Year ended 02/29/20		11.25		0.25		0.31			0.56			(0.28	)		11.53		5.02			47,719		0.36			0.36			2.23			26
Year ended 02/28/19		11.22		0.27		0.02			0.29			(0.26	)		11.25		2.64			52,007		0.38			0.38			2.42			45
Year ended 02/28/18		11.31		0.24		(0.11	)		0.13			(0.22	)		11.22		1.18			57,533		0.37			0.37			2.11			20
Year ended 02/28/17		11.58		0.23		(0.27	)		(0.04	)		(0.23	)		11.31		(0.35	)		72,115		0.35			0.35			2.04			29
Year ended 02/29/16		11.63		0.27		(0.04	)		0.23			(0.28	)		11.58		2.02			93,226		0.36			0.36			2.39		��	13
Class C
Six months ended 08/31/20		11.52		0.06		0.00			0.06			(0.06	)		11.52		0.55			104,543		1.35	(d)		1.35	(d)		1.10	(d)		11
Year ended 02/29/20		11.24		0.14		0.31			0.45			(0.17	)		11.52		3.99			108,818		1.36			1.36			1.23			26
Year ended 02/28/19		11.21		0.16		0.02			0.18			(0.15	)		11.24		1.61			95,674		1.38			1.38			1.42			45
Year ended 02/28/18		11.30		0.13		(0.11	)		0.02			(0.11	)		11.21		0.18			304,861		1.37			1.37			1.11			20
Year ended 02/28/17		11.56		0.12		(0.26	)		(0.14	)		(0.12	)		11.30		(1.26	)		390,826		1.35			1.35			1.04			29
Year ended 02/29/16		11.62		0.16		(0.06	)		0.10			(0.16	)		11.56		0.91			264,598		1.36			1.36			1.39			13
Class Y
Six months ended 08/31/20		11.52		0.12		0.00			0.12			(0.12	)		11.52		1.05			812,037		0.35	(d)		0.35	(d)		2.10	(d)		11
Year ended 02/29/20		11.24		0.25		0.31			0.56			(0.28	)		11.52		5.02			721,346		0.36			0.36			2.23			26
Year ended 02/28/19		11.21		0.27		0.02			0.29			(0.26	)		11.24		2.64			677,051		0.38			0.38			2.42			45
Year ended 02/28/18		11.30		0.24		(0.11	)		0.13			(0.22	)		11.21		1.18			737,222		0.37			0.37			2.11			20
Year ended 02/28/17		11.56		0.23		(0.26	)		(0.03	)		(0.23	)		11.30		(0.27	)		801,182		0.35			0.35			2.04			29
Year ended 02/29/16		11.61		0.27		(0.04	)		0.23			(0.28	)		11.56		2.02			674,461		0.36			0.36			2.39			13
Class R5
Six months ended 08/31/20		11.51		0.13		0.00			0.13			(0.12	)		11.52		1.08			2,391		0.13	(d)		0.13	(d)		2.32	(d)		11
Year ended 02/29/20		11.23		0.26		0.31			0.57			(0.29	)		11.51		5.10			2,377		0.29			0.29			2.30			26
Year ended 02/28/19		11.21		0.27		0.01			0.28			(0.26	)		11.23		2.54			2,812		0.38			0.38			2.42			45
Year ended 02/28/18		11.30		0.24		(0.11	)		0.13			(0.22	)		11.21		1.18			10,237		0.37			0.37			2.11			20
Year ended 02/28/17		11.57		0.23		(0.27	)		(0.04	)		(0.23	)		11.30		(0.33	)		10,893		0.35			0.35			2.04			29
Year ended 02/29/16		11.62		0.28		(0.05	)		0.23			(0.28	)		11.57		2.06			16,076		0.31			0.31			2.44			13
Class R6
Six months ended 08/31/20		11.51		0.12		0.00			0.12			(0.12	)		11.51		1.08			286,459		0.28	(d)		0.28	(d)		2.17	(d)		11
Year ended 02/29/20		11.24		0.26		0.30			0.56			(0.29	)		11.51		5.01			266,014		0.28			0.28			2.31			26
Year ended 02/28/19		11.21		0.28		0.02			0.30			(0.27	)		11.24		2.71			211,774		0.30			0.30			2.50			45
Period ended 02/28/18(e)		11.30		0.22		(0.10	)		0.12			(0.21	)		11.21		1.10			167,084		0.29	(f)		0.29	(f)		2.19	(f)		20

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,136,790, $38,513, $107,614, $709,613 , $2,315 and $262,622 for Class A, Class A2, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Commencement date of April 4, 2017.

^(f)  Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27                     Invesco Limited Term Municipal Income Fund

Notes to Financial Statements

August 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Limited Term Municipal Income Fund (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

    The Fund’s investment objective is federal tax-exempt current income.

    The Fund currently consists of six different classes of shares: Class A, Class A2, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A and Class A2 shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion feature will change from ten years to eight years. The first conversion of Class C shares to Class A shares would occur at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

    As of the close of business on October 30, 2002, Class A2 shares are closed to new investors.

    The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

    The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. 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.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to

28                     Invesco Limited Term Municipal Income Fund

shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H. Indemnifications - Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote.

I. Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $500 million		0.300	%
Over $500 million up to and including $1 billion		0.250	%
Over $1 billion		0.200	%

For the six months ended August 31, 2020, the effective advisory fee rate incurred by the Fund was 0.23%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class A2, Class C, Class Y, Class R5 and Class R6 shares to 1.50%, 1.25%, 2.25%, 1.25%, 1.25% and 1.25%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

29                     Invesco Limited Term Municipal Income Fund

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class A2, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plan, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Rule 12b-1 payment, up to 0.25% of the average daily net assets of the Class A and Class C shares may be paid to furnish continuing personal shareholder services to customers who purchase and own Class A and Class C shares of the Fund. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) also impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A and Class A2 shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2020, IDI advised the Fund that IDI retained $0 and $0 in front-end sales commissions from the sale of Class A and Class A2 shares, respectively, and $0, $0 and $0 from Class A, Class A2 and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 the 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 August 31, 2020, 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.

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended August 31, 2020, the Fund engaged in securities purchases of $269,441,473 and securities sales of $165,405,097, which did not result in any net realized gains (losses).

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $130.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

30                     Invesco Limited Term Municipal Income Fund

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund had a capital loss carryforward as of February 29, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	22,388,298	$	17,382,782	$39,771,080

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2020 was $358,774,411 and $245,392,570, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	96,079,785
Aggregate unrealized (depreciation) of investments		(3,626,795	)
Net unrealized appreciation of investments	$	92,452,990

    Cost of investments for tax purposes is $2,361,886,264.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended August 31, 2020(a)						Year ended February 29, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		24,291,487		$	276,293,629			31,701,054		$	360,812,060
Class A2		16,800			190,043			196,872			2,242,397
Class C		1,909,508			21,534,760			4,124,490			46,971,435
Class Y		24,969,364			284,107,911			23,268,809			264,853,316
Class R5		16,322			185,886			13,456			153,332
Class R6		5,387,330			61,216,460			8,232,518			93,631,072
Issued as reinvestment of dividends:
Class A		686,162			7,802,699			1,504,896			17,140,801
Class A2		20,352			231,481			51,387			585,435
Class C		43,534			494,626			105,186			1,197,535
Class Y		390,308			4,436,125			885,511			10,080,052
Class R5		831			9,429			1,914			21,776
Class R6		214,210			2,434,204			451,146			5,135,549
Automatic conversion of Class C shares to Class A shares:
Class A		217,693			2,502,647			73,124			832,910
Class C		(217,716	)		(2,502,647	)		(73,138	)		(832,910	)
Reacquired:
Class A		(14,426,236	)		(163,204,993	)		(28,302,030	)		(321,794,677	)
Class A2		(1,314,472	)		(14,798,852	)		(731,267	)		(8,346,212	)
Class C		(2,105,323	)		(23,797,806	)		(3,219,660	)		(36,615,860	)
Class Y		(17,478,674	)		(196,883,750	)		(21,759,404	)		(247,375,406	)
Class R5		(16,093	)		(181,429	)		(59,174	)		(670,319	)
Class R6		(3,823,792	)		(43,052,827	)		(4,426,729	)		(50,354,799	)
Net increase (decrease) in share activity		18,781,595		$	217,017,596			12,038,961		$	137,667,487

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 48% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared 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 Fund’s ability to achieve its

31                     Invesco Limited Term Municipal Income Fund

investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

    The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

32                     Invesco Limited Term Municipal Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized   Expense   Ratio2
	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)1	Expenses Paid During Period2,3	Ending Account Value (08/31/20)	Expenses Paid During Period2,4
Class A	$1,000.00	$1,010.50	$3.04	$1,022.18	$3.06	0.60%
Class A2	1,000.00	1,009.20	1.77	1,023.44	1.79	0.35
Class C	1,000.00	1,005.50	6.82	1,018.40	6.87	1.35
Class Y	1,000.00	1,010.50	1.77	1,023.44	1.79	0.35
Class R5	1,000.00	1,010.80	0.66	1,024.55	0.66	0.13
Class R6	1,000.00	1,010.80	1.42	1,023.79	1.43	0.28

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year. Class R5 shares annualized expense ratio includes an expense accrual adjustment of $2,062. The annualized expense ratio for Class R5 shares excluding this adjustment would have been 0.31%.

³  The actual expenses paid for Class R5 shares excluding the adjustment discussed above are $1.57.

⁴  The hypothetical expenses paid for Class R5 shares excluding the adjustment discussed above are $1.58.

33                     Invesco Limited Term Municipal Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Limited Term Municipal Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world.

As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond Investment Grade Short Intermediate Index. The Board noted that performance of Class A2 shares of the Fund was in the third quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A2 shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A2 shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit

34                     Invesco Limited Term Municipal Income Fund

expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by

the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

35                     Invesco Limited Term Municipal Income Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-07890 and 033-66242 Invesco Distributors, Inc.             LTMI-SAR-1

	Semiannual Report to Shareholders	August 31, 2020
	Invesco Municipal Income Fund
	Nasdaq:
	A: VKMMX ∎ C: VMICX ∎ Y: VMIIX ∎ Investor: VMINX ∎ R6: VKMSX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
29	Financial Statements
32	Financial Highlights
33	Notes to Financial Statements
39	Fund Expenses
40	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

     Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco

provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Municipal Income Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/29/20 to 8/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-2.49	%
Class C Shares	-2.81
Class Y Shares	-2.44
Investor Class Shares	-2.45
Class R6 Shares	-2.41
S&P Municipal Bond Index▼ (Broad Market Index)	0.29
S&P Municipal Bond 5+ Year Investment Grade Index▼ (Style-Specific Index)	0.18
Lipper General Municipal Debt Funds Index∎ (Peer Group Index)	-1.22
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market.   The S&P Municipal Bond 5+ Year Investment Grade Index seeks to measure the performance of investment grade US municipal bonds with maturities equal to or greater than five years.   The Lipper General Municipal Debt Funds Index is an unmanaged index considered representative of general municipal debt funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                     Invesco Municipal Income Fund

Average Annual Total Returns
As of 8/31/20, including maximum applicable sales charges
Class A Shares
Inception (8/1/90)	4.79	%
10 Years	3.64
5 Years	2.87
1 Year	-2.81
Class C Shares
Inception (8/13/93)	3.93	%
10 Years	3.30
5 Years	2.99
1 Year	-0.23
Class Y Shares
Inception (8/12/05)	4.12	%
10 Years	4.35
5 Years	4.01
1 Year	1.70
Investor Class Shares
10 Years	4.17	%
5 Years	3.87
1 Year	1.61
Class R6 Shares
10 Years	4.18	%
5 Years	3.96
1 Year	1.76

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen Municipal Income Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Van Kampen Municipal Income Fund (renamed Invesco Municipal Income Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y are those for Class A Class C and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Investor Class shares incepted on July 15, 2013. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will

fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Investor Class and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                     Invesco Municipal Income Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not

acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                     Invesco Municipal Income Fund

Schedule of Investments

August 31, 2020

(Unaudited)

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Municipal Obligations–107.99%
Alabama–2.11%
Alabama (State of) Special Care Facilities Financing Authority (Ascension Health Senior Credit Group); Series 2016 B, Ref. RB		5.00%		11/15/2046	$	11,790	$     13,838,984
Auburn University; Series 2011 A, RB(a)(b)		5.00%		06/01/2021		1,000	1,036,200
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB		5.75%		06/01/2035		4,200	4,348,932
Birmingham (City of), AL Water Works Board; Series 2015 A, Ref. RB(a)(b)(c)		5.00%		01/01/2025		10,005	12,021,908
Black Belt Energy Gas District (The) (No. 4); Series 2019 A-1, RB(b)		4.00%		12/01/2025		15,000	17,184,750
Hoover (City of), AL Industrial Development Board (United States Steel Corp.); Series 2019, RB(d)		5.75%		10/01/2049		5,000	4,357,850
Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village); Series 2007, RB(e)		5.50%		01/01/2043		900	582,660
Lower Alabama Gas District (The); Series 2016 A, RB(c)		5.00%		09/01/2046		6,000	8,469,300
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(f)		5.25%		05/01/2044		5,000	5,565,800
UAB Medicine Finance Authority; Series 2019, RB		4.00%		09/01/2044		7,250	8,303,353
							75,709,737
Alaska–0.42%
Alaska (State of) Industrial Development & Export Authority (Providence Health Services);
Series 2011 A, RB		5.00%		10/01/2040		1,250	1,289,912
Series 2011 A, RB		5.50%		10/01/2041		3,000	3,110,340
Alaska Municipal Bond Bank Authority; Series 2017 A, RB(c)		5.50%		10/01/2042		9,000	10,728,000
							15,128,252
Arizona–2.97%
Arizona (State of) Health Facilities Authority (Catholic Healthcare West); Series 2011 B-1, RB		5.25%		03/01/2039		5,000	5,104,450
Arizona (State of) Industrial Development Authority; Series 2020 A, RB		4.00%		11/01/2050		2,500	2,858,325
Arizona (State of) Industrial Development Authority (Basis Schools); Series 2017 A, Ref. RB(f)		5.25%		07/01/2047		4,500	4,801,770
Arizona (State of) Industrial Development Authority (Great Laked Senior Living Community); Series 2019 A, RB		5.00%		01/01/2043		2,045	1,862,893
Arizona (State of) Industrial Development Authority (Kaizen Education Foundation); Series 2016, RB(f)		5.50%		07/01/2036		5,840	6,234,901
Arizona (State of) Industrial Development Authority (Pinecrest Academy of Nevada-Horizon, Inspirada and St. Rose Campus Projects); Series 2018 A, RB(f)		5.75%		07/15/2048		3,150	3,449,470
City of Phoenix Civic Improvement Corp.; Series 2019, RB		5.00%		07/01/2049		13,155	15,760,611
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus);
Series 2017, Ref. RB		5.00%		11/15/2032		2,560	2,736,435
Series 2017, Ref. RB		5.00%		11/15/2036		2,200	2,318,074
Maricopa (County of), AZ Industrial Development Authority (Paradise Schools); Series 2016, Ref. RB(f)		5.00%		07/01/2036		2,500	2,678,400
Phoenix (City of), AZ Industrial Development Authority (Great Hearts Academies);
Series 2012, RB(a)(b)		6.30%		07/01/2021		1,000	1,048,180
Series 2012, RB(a)(b)		6.40%		07/01/2021		400	419,600
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(f)		6.50%		07/01/2034		1,095	1,235,193
Phoenix (City of), AZ Industrial Development Authority (Rowan University);
Series 2012, RB		5.25%		06/01/2034		3,000	3,144,840
Series 2012, RB		5.00%		06/01/2042		5,000	5,189,450
Phoenix Civic Improvement Corp.; Series 2019 A, RB		4.00%		07/01/2045		4,235	4,444,887
Pima (County of), AZ Industrial Development Authority (American Leadership Academy);
Series 2017, RB(f)		4.75%		06/15/2037		2,000	2,003,940
Series 2017, RB(f)		5.00%		06/15/2052		5,000	5,010,600
Pima (County of), AZ Industrial Development Authority (Desert Heights Charter School); Series 2014, Ref. RB		7.00%		05/01/2034		1,000	1,094,800
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB(f)		5.25%		07/01/2048		5,000	5,058,350

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                     Invesco Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Arizona–(continued)
Pima (County of), AZ Industrial Development Authority (Tucson Electric Power Co.); Series 2010 A, IDR		5.25%		10/01/2040	$	1,925	$       1,930,120
Pinal (County of), AZ Electric District No. 3; Series 2011, Ref. RB(a)(b)		5.25%		07/01/2021		2,000	2,084,460
Salt Verde Financial Corp.; Series 2007, RB		5.00%		12/01/2037		15,155	20,749,165
Verrado Community Facilities District No. 1;
Series 2013 A, Ref. GO Bonds(f)		6.00%		07/15/2027		2,000	2,099,560
Series 2013 B, GO Bonds(f)		5.70%		07/15/2029		775	802,257
Series 2013 B, GO Bonds(f)		6.00%		07/15/2033		710	732,535
Yavapai (County of), AZ Industrial Development Authority (Northern Arizona Healthcare System);
Series 2011, Ref. RB		5.25%		10/01/2025		1,000	1,050,070
Series 2011, Ref. RB		5.25%		10/01/2026		500	524,100
							106,427,436
Arkansas–0.25%
Arkansas (State of) Development Finance Authority (Baptist Memorial Health); Series 2020, Ref. RB		5.00%		09/01/2044		2,500	2,981,425
Pulaski (County of), AR Public Facilities Board; Series 2014, RB		5.00%		12/01/2042		5,530	6,155,111
							9,136,536
California–9.49%
Anaheim (City of), CA Public Financing Authority (Electric System Distribution Facilities); Series 2011 A, RB(a)(b)		5.38%		04/01/2021		735	757,498
Bay Area Toll Authority; Series 2019 S-8, Ref. RB		5.00%		04/01/2056		5,000	6,023,150
Bay Area Toll Authority (San Francisco Bay Area); Series 2017 F-1, RB(c)		5.00%		04/01/2056		12,000	14,047,560
Beverly Hills Unified School District (Election of 2008); Series 2009, GO Bonds(g)		0.00%		08/01/2031		40	33,987
Big Bear Lake (City of), CA; Series 1996, Ref. RB (INS - NATL)(h)		6.00%		04/01/2022		655	691,018
California (County of), CA Tobacco Securitization Agency;
Series 2020 A, Ref. RB		4.00%		06/01/2049		1,500	1,686,615
Series 2020 B-1, Ref. RB		5.00%		06/01/2049		650	768,177
Series 2020 B-2, Ref. RB(g)		0.00%		06/01/2055		10,000	1,790,200
California (County of), CA Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2006 A, RB(g)		0.00%		06/01/2046		20,000	4,646,800
California (State of);
Series 2011, GO Bonds		5.00%		10/01/2041		5,000	5,240,400
Series 2012, GO Bonds		5.00%		09/01/2036		5,000	5,440,100
Series 2020, GO Bonds		3.00%		03/01/2046		4,400	4,735,676
Series 2020, GO Bonds		4.00%		03/01/2046		2,500	2,966,325
Series 2020, GO Bonds		3.00%		03/01/2050		2,500	2,678,225
Series 2020, GO Bonds		4.00%		03/01/2050		2,190	2,590,945
California (State of) Educational Facilities Authority (Stanford University); Series 2019 V-1, RB(c)		5.00%		05/01/2049		15,000	24,448,050
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford); Series 2017, RB		5.00%		11/15/2056		3,000	3,552,180
California (State of) Housing Finance Agency;
Series 2019 2, Class A, Revenue Ctfs.		4.00%		03/20/2033		2,970	3,281,756
Series 2019 A-1, RB		4.25%		01/15/2035		3,697	4,168,450
California (State of) Municipal Finance Authority (Emerson College);
Series 2011, RB(a)(b)		5.00%		01/01/2022		1,250	1,326,388
Series 2011, RB(a)(b)		5.75%		01/01/2022		450	481,977
Series 2011, RB		5.00%		01/01/2028		275	287,755
California (State of) Municipal Finance Authority (Linxs APM); Series 2018 A, RB(d)		5.00%		12/31/2043		12,550	14,420,954
California (State of) Pollution Control Finance Authority;
Series 2012, RB(d)(f)		5.00%		07/01/2030		3,160	3,332,410
Series 2012, RB(d)(f)		5.00%		07/01/2037		6,955	7,257,612
California (State of) Pollution Control Financing Authority (San Diego County Water Authority);
Series 2019, Ref. RB(f)		5.00%		11/21/2045		5,250	6,039,547
California (State of) Public Works Board (Various Correctional Facilities); Series 2014 A, RB		5.00%		09/01/2039		2,500	2,901,075
California (State of) School Finance Authority (New Designs Charter School); Series 2012, RB		5.50%		06/01/2042		2,000	2,046,620
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing); Series 2016, Ref. RB(f)		5.00%		06/01/2046		3,000	3,040,140

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                     Invesco Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
California–(continued)
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center);
Series 2016 A, RB(f)		5.00%		12/01/2041	$	6,475	$       7,069,729
Series 2016 A, RB(f)		5.25%		12/01/2056		6,150	6,622,504
California (State of) Statewide Communities Development Authority (Pooled Financing Program); Series 2004 A, RB (INS - AGM)(h)		5.25%		10/01/2024		270	271,083
Clovis Unified School District (Election of 2004); Series 2004 A, GO Bonds (INS - NATL)(g)(h)		0.00%		08/01/2029		1,585	1,404,579
Clovis Unified School District (Election of 2012); Series 2015 D, GO Bonds(g)		0.00%		08/01/2033		3,270	2,150,450
Corona-Norco Unified School District (Election of 2006); Series 2009 C, GO Bonds (INS - AGM)(g)(h)		0.00%		08/01/2039		1,000	606,050
Earlimart School District; Series 1994 1, GO Bonds (INS - AMBAC)(h)		6.70%		08/01/2021		70	72,683
El Segundo Unified School District (Election of 2008);
Series 2009 A, GO Bonds(g)		0.00%		08/01/2032		5,030	4,129,077
Series 2009 A, GO Bonds(g)		0.00%		08/01/2033		4,185	3,339,002
Golden State Tobacco Securitization Corp.; Series 2018 A-1, Ref. RB		5.00%		06/01/2047		5,000	5,141,100
Hacienda La Puente Unified School District Facilities Financing Authority (Unified School District GO Bond Program); Series 2007, RB (INS - AGM)(h)		5.00%		08/01/2026		2,000	2,489,040
Hayward Unified School District (Election of 2008); Series 2010 A, GO Bonds (INS - AGM)(g)(h)		0.00%		08/01/2034		1,500	1,145,775
Inland Empire Tobacco Securitization Corp.; Series 2007 C-1, RB(g)		0.00%		06/01/2036		25,000	8,959,500
Long Beach Unified School District (Election of 2008); Series 2009, GO Bonds		5.75%		08/01/2033		305	306,293
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport);
Series 2017, RB(d)		5.00%		05/15/2046		6,000	6,904,860
Series 2018 A, RB(c)(d)(i)		5.25%		05/15/2048		12,000	14,478,840
Los Angeles Unified School District; Series 2020 RYQ, GO Bonds		4.00%		07/01/2044		6,500	7,696,000
Menifee Union School District (Election of 2008); Series 2009 C, GO Bonds (INS - AGC)(g)(h)		0.00%		08/01/2035		3,260	2,422,050
Morongo Band of Mission Indians (The); Series 2018 A, RB(f)		5.00%		10/01/2042		4,800	5,267,424
Mt. San Antonio Community College District (Election of 2008); Series 2013 A, GO Bonds(j)		6.25%		08/01/2043		6,965	7,513,842
Oakland (Port of), CA; Series 2012 P, Ref. RB(d)		5.00%		05/01/2028		2,000	2,139,220
Patterson Joint Unified School District (Election of 2008);
Series 2009 B, GO Bonds (INS - AGM)(g)(h)		0.00%		08/01/2037		1,170	791,482
Series 2009 B, GO Bonds (INS - AGM)(g)(h)		0.00%		08/01/2038		4,770	3,113,570
Series 2009 B, GO Bonds (INS - AGM)(g)(h)		0.00%		08/01/2039		5,010	3,164,466
Series 2009 B, GO Bonds (INS - AGM)(g)(h)		0.00%		08/01/2040		5,260	3,200,815
Series 2009 B, GO Bonds (INS - AGM)(g)(h)		0.00%		08/01/2041		5,520	3,240,461
Placentia-Yorba Linda Unified School District (Election of 2008); Series 2011 D, GO Bonds(g)		0.00%		08/01/2035		1,500	1,124,355
Riverside (County of), CA Transportation Commission; Series 2013 A, RB		5.75%		06/01/2044		2,500	2,728,050
Sacramento (City of), CA Municipal Utility District; Series 2020 H, RB		4.00%		08/15/2045		5,000	6,105,650
Sacramento (County of), CA; Series 2010, RB		5.00%		07/01/2040		4,300	4,306,966
San Buenaventura (City of), CA (Community Memorial Health System);
Series 2011, RB		6.25%		12/01/2020		1,000	1,010,780
Series 2011, RB		6.50%		12/01/2021		2,000	2,114,240
Series 2011, RB		6.50%		12/01/2022		2,000	2,113,820
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);
Series 2011 C, Ref. RB(a)(b)(d)		5.00%		05/01/2021		10,000	10,311,400
Series 2018 D, RB(d)		5.25%		05/01/2048		14,190	17,163,656
Series 2019 A, Ref. RB(d)		5.00%		05/01/2039		5,000	6,149,950
San Joaquin (County of), CA Transportation Authority (Measure K); Series 2011 A, RB(a)(b)		5.25%		03/01/2021		1,500	1,538,010
San Joaquin Hills Transportation Corridor Agency; Series 2014 B, Ref. RB		5.25%		01/15/2044		5,000	5,539,100
San Jose (City of), CA;
Series 2011 A-1, RB(d)		5.25%		03/01/2026		2,730	2,788,777
Series 2011 A-1, RB(d)		6.25%		03/01/2034		2,500	2,563,275
San Mateo (City of), CA Foster School District (Election 2008); Series 2010, GO Bonds(j)		6.63%		08/01/2042		4,915	5,466,217
Santa Margarita Water District (Community Facilities District No. 2013-1); Series 2013, RB		5.38%		09/01/2029		2,430	2,675,090
Silicon Valley Tobacco Securitization Authority (Santa Clara);
Series 2007 A, RB(g)		0.00%		06/01/2036		22,000	9,187,200
Series 2007 A, RB(g)		0.00%		06/01/2041		5,000	1,564,650
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.); Series 2019, Ref. RB		5.00%		06/01/2048		5,500	6,494,290
Torrance Unified School District (Election of 2008-Measure Z); Series 2009 B-1, GO Bonds(g)		0.00%		08/01/2026		1,250	1,185,813
Transbay Joint Powers Authority (Green Bonds); Series 2020 A, RB		5.00%		10/01/2049		1,200	1,486,272

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                     Invesco Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
California–(continued)
West Contra Costa Unified School District; Series 2005, GO Bonds (INS - NATL)(g)(h)		0.00%		08/01/2027	$	7,865	$       7,293,686
Western Riverside (County of), CA Water & Wastewater Financing Authority (Eastern Municipal Water District Improvement); Series 2009, RB (INS - AGC)(h)		5.50%		09/01/2034		1,000	1,004,110
Yosemite Community College District (Election of 2004); Series 2008 C, GO Bonds (INS - AGM)(g)(h)		0.00%		08/01/2024		3,570	3,481,571
							339,718,413
Colorado–3.49%
Amber Creak Metropolitan District; Series 2017 A, Ref. GO Bonds		5.13%		12/01/2047		1,075	1,086,460
Belleview Station Metropolitan District No. 2;
Series 2017, Ref. GO Bonds		5.00%		12/01/2036		1,000	1,017,390
Series 2017, Ref. GO Bonds		5.13%		12/01/2046		2,375	2,408,725
Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2017, Ref. RB(f)		5.00%		12/01/2037		3,000	3,091,800
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group); Series 2018 A, RB		5.00%		11/15/2048		5,000	6,008,650
Colorado (State of) Health Facilities Authority (Evangelical Lutheran Good Samaritan Society (The));
Series 2013, RB(a)(b)		5.63%		06/01/2023		2,500	2,866,900
Series 2017, Ref. RB(a)(b)		5.00%		06/01/2027		3,500	4,538,275
Colorado (State of) High Performance Transportation Enterprise (C-470 Express Lanes); Series 2017, RB		5.00%		12/31/2051		6,220	6,729,045
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3);
Series 2010, RB		6.50%		01/15/2030		2,400	2,405,688
Series 2010, RB		6.00%		01/15/2041		2,650	2,655,220
Colorado Health Facilities Authority; Series 2020-XX1130, Ctfs.(c)(i)		5.00%		08/01/2044		15,770	19,017,358
Colorado Springs (City of), CO; Series 2010 D-1, RB(a)(b)		5.25%		11/15/2020		1,000	1,010,290
Denver (City & County of), CO; Series 2018 A, Ref. RB(c)(d)		5.25%		12/01/2043		15,000	18,296,550
Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB(d)		5.00%		10/01/2032		5,000	5,059,800
Denver (City of), CO Convention Center Hotel Authority; Series 2016, Ref. RB		5.00%		12/01/2040		2,500	2,657,575
Denver (State of) Health & Hospital Authority;
Series 2019 A, Ref. RB		4.00%		12/01/2039		1,000	1,069,670
Series 2019 A, Ref. RB		4.00%		12/01/2040		1,000	1,066,530
Leyden Rock Metropolitan District No. 10; Series 2016 A, GO Bonds		5.00%		12/01/2045		1,250	1,283,137
Neu Towne Metropolitan District; Series 2018 A, Ref. GO Bonds		5.38%		12/01/2046		3,000	3,077,280
Public Authority for Colorado Energy; Series 2008, RB		6.50%		11/15/2038		24,825	39,581,725
							124,928,068
Connecticut–1.22%
Connecticut (State of);
Series 2019 A, GO Bonds		5.00%		04/15/2035		2,000	2,531,620
Series 2019 A, GO Bonds		5.00%		04/15/2036		2,600	3,277,430
Series 2019 A, GO Bonds		5.00%		04/15/2039		1,600	1,997,968
Connecticut (State of) Development Authority (Aquarion Water Co.); Series 2011, RB(d)		5.50%		04/01/2021		3,000	3,078,630
Connecticut (State of) Health & Educational Facilities Authority (Church Home of Hartford, Inc.); Series 2016 A, RB(f)		5.00%		09/01/2046		3,990	4,100,164
Connecticut (State of) Health & Educational Facilities Authority (Duncaster, Inc.);
Series 2014 A, RB		5.00%		08/01/2035		1,000	1,049,910
Series 2014 A, RB		5.00%		08/01/2044		5,000	5,192,150
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare); Series 2011 A, RB(a)(b)		5.00%		07/01/2021		6,700	6,960,429
Connecticut (State of) Health & Educational Facilities Authority (The Griffin Hospital); Series 2020, G-1, Ref. RB(f)		5.00%		07/01/2044		3,850	4,111,569
Connecticut (State of) Health & Educational Facilities Authority (Western Connecticut Health
Network); Series 2011 M, RB(a)(b)		5.38%		07/01/2021		5,000	5,214,200
Hamden (Town of), CT (Whitney Center); Series 2019, Ref. RB		5.00%		01/01/2040		6,190	6,151,622
							43,665,692
Delaware–0.16%
Delaware (State of) River & Bay Authority; Series 2019, Ref. RB		4.00%		01/01/2044		5,000	5,636,800

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                     Invesco Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
District of Columbia–3.13%
District of Columbia;
Series 2006 B-1, RB (INS - NATL)(h)		5.00%		02/01/2031	$	945	$          947,003
Series 2019 A, RB		4.00%		03/01/2044		6,665	7,880,829
District of Columbia (Center for Strategic & International Studies, Inc.);
Series 2011, RB(a)(b)		6.38%		03/01/2021		2,545	2,622,292
Series 2011, RB(a)(b)		6.63%		03/01/2021		1,100	1,134,595
District of Columbia (Georgetown University); Series 2017, Ref. RB(a)(b)		5.00%		04/01/2027		8,305	10,766,733
District of Columbia (Ingleside at Rock Creek); Series 2017 A, RB		5.00%		07/01/2052		2,250	2,053,418
District of Columbia Tobacco Settlement Financing Corp.; Series 2006 A, RB(g)		0.00%		06/15/2046		25,000	5,114,000
Metropolitan Washington Airports Authority;
Series 2016 A, Ref. RB(d)		5.00%		10/01/2034		5,295	6,282,306
Series 2018 A, Ref. RB(d)		5.00%		10/01/2043		15,800	19,054,958
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement);
Series 2010 A, RB (INS - AGM)(g)(h)		0.00%		10/01/2037		17,565	10,775,601
Series 2014 A, Ref. RB		5.00%		10/01/2053		13,710	14,230,980
Series 2019 B, Ref. RB		4.00%		10/01/2049		16,045	17,631,048
Metropolitan Washington Airports Authority Dulles Toll Road (Dulles Metrorail and Capital Improvement); Series 2019 B, Ref. RB		4.00%		10/01/2044		12,185	13,471,492
							111,965,255
Florida–6.47%
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics); Series 2019, RB		4.00%		12/01/2049		7,500	8,447,775
Broward (County of), FL;
Series 2015 A, RB(d)		5.00%		10/01/2045		5,030	5,697,229
Series 2019 A, RB		4.00%		10/01/2042		6,540	7,667,496
Series 2019 B, RB(d)		4.00%		09/01/2044		5,000	5,383,400
Capital Trust Agency (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. RB(f)		5.00%		07/01/2037		2,765	2,774,318
Capital Trust Agency, Inc. (Franklin Academy); Series 2020, RB(f)		5.00%		12/15/2050		2,000	2,104,300
Collier (County of), FL Industrial Development Authority (The Arlington of Naples);
Series 2014 A, RB (Acquired 12/16/2013; Cost $1,000,000)(e)(f)		7.25%		05/15/2026		1,000	750,000
Series 2014 A, RB (Acquired 12/16/2013; Cost $2,442,456)(e)(f)		7.75%		05/15/2035		2,500	1,875,000
Davie (Town of), FL (Nova Southeastern University);
Series 2013 A, RB(a)(b)		6.00%		04/01/2023		3,250	3,717,675
Series 2018, Ref. RB		5.00%		04/01/2048		10,605	12,129,363
Florida (State of) Mid-Bay Bridge Authority; Series 1991 A, RB(a)		6.88%		10/01/2022		1,130	1,206,219
Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB		5.00%		01/01/2048		5,000	5,652,400
Florida Development Finance Corp. (Renaissance Charter School, Inc.);
Series 2015, RB(f)		6.00%		06/15/2035		2,935	3,263,778
Series 2020 C, Ref. RB(f)		5.00%		09/15/2050		2,200	2,328,194
Greater Orlando Aviation Authority; Series 2019 A, RB(d)		4.00%		10/01/2044		10,000	11,218,600
Highlands (County of), FL Health Facilities Authority (Trousdale Foundation Properties); Series 2018 A, RB		6.00%		04/01/2038		6,000	3,626,280
Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2018 E, RB(c)(d)		5.00%		10/01/2048		15,000	17,858,850
Lee Memorial Health System; Series 2019 A1, Ref. RB		5.00%		04/01/2044		4,225	5,157,246
Martin (County of), FL Health Facilities Authority (Martin Memorial Medical Center); Series 2012, RB(a)(b)		5.50%		11/15/2021		6,500	6,911,970
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center);
Series 2014, Ref. RB		5.00%		11/15/2039		1,010	1,115,858
Series 2014, Ref. RB		5.00%		11/15/2044		1,045	1,142,697
Miami-Dade (County of), FL;
Series 2010 B, RB (INS - AGM)(h)		5.00%		10/01/2035		1,205	1,209,073
Series 2010, Ref. RB(a)(b)		5.00%		10/01/2020		4,500	4,517,685
Series 2012 A, Ref. RB(a)(b)(d)		5.00%		10/01/2022		2,000	2,192,620
Series 2012 B, Ref. RB (INS - AGM)(h)		5.00%		10/01/2035		3,800	4,132,386
Series 2017 B, Ref. RB(d)		5.00%		10/01/2040		6,000	7,062,840
Series 2019 B, RB		4.00%		10/01/2049		10,000	11,788,000
Miami-Dade (County of), FL (Miami International Airport); Series 2010, RB(a)(b)		5.38%		10/01/2020		3,105	3,118,036
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami); Series 2018 A, RB(c)		5.00%		04/01/2053		9,000	10,500,120

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                     Invesco Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Florida–(continued)
Miami-Dade (County of), FL Expressway Authority; Series 2010 A, Ref. RB (INS - AGM)(h)		5.00%		07/01/2035	$	3,350	$       3,360,184
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group); Series 2019 A, RB		5.00%		10/01/2047		10,000	12,151,800
Orlando (City of), FL Greater Orlando Aviation Authority; Series 2017 A, RB(d)		5.00%		10/01/2047		8,570	9,988,249
Osceola (County of), FL; Series 2020 A-1, Ref. RB		5.00%		10/01/2049		2,500	3,011,625
Palm Beach (County of), FL Health Facilities Authority (Baptist Health South Florida); Series 2019, RB		4.00%		08/15/2049		10,170	11,465,149
Pinellas (County of), FL Industrial Development Authority (2017 Foundation for Global Understanding); Series 2019, RB		5.00%		07/01/2039		2,000	2,245,500
Putnam (County of), FL Development Authority (Seminole Electric Cooperative); Series 2018 B, Ref. PCR		5.00%		03/15/2042		4,920	5,962,154
Putnam (County of), FL Development Authority (Seminole); Series 2018 A, Ref. RB		5.00%		03/15/2042		12,125	14,702,896
Reunion East Community Development District;
Series 2005, RB(e)(k)		5.80%		05/01/2036		197	2
Series 2015-2, RB		6.60%		05/01/2036		185	185,616
Sunrise (City of), FL; Series 1998, Ref. RB(a)(b)		5.20%		10/01/2020		850	853,409
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB		5.00%		12/01/2055		4,500	4,975,110
Tampa (City of), FL;
Series 2020 A, RB(g)		0.00%		09/01/2040		1,000	506,490
Series 2020 A, RB(g)		0.00%		09/01/2041		1,000	482,770
Series 2020 A, RB(g)		0.00%		09/01/2042		1,025	471,849
Series 2020 A, RB(g)		0.00%		09/01/2045		1,950	782,282
Series 2020 A, RB(g)		0.00%		09/01/2049		2,600	875,602
Series 2020 A, RB(g)		0.00%		09/01/2053		2,600	730,964
Tampa Bay Water; Series 2001 A, Ref. RB (INS - NATL)(h)		6.00%		10/01/2029		3,000	4,327,620
							231,628,679
Georgia–2.30%
Atlanta (City of), GA;
Series 2010 C, Ref. RB		5.25%		01/01/2030		1,500	1,522,080
Series 2010 C, Ref. RB (INS - AGM)(h)		5.25%		01/01/2030		1,500	1,522,080
Series 2010 C, Ref. RB		6.00%		01/01/2030		1,000	1,017,860
Series 2015, Ref. RB(c)		5.00%		11/01/2040		18,420	21,676,656
Brookhaven Development Authority (Children’s Healthcare of Atlanta, Inc.);
Series 2019 A, RB		4.00%		07/01/2044		3,500	3,980,340
Series 2019 A, RB		4.00%		07/01/2049		2,400	2,712,576
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4);
Series 2019 A, RB		5.00%		01/01/2039		4,500	5,509,800
Series 2019 A, RB		5.00%		01/01/2049		5,000	6,019,000
Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System); Series 2017, RAC		5.00%		08/01/2043		7,750	8,921,180
Macon-Bibb (County of), GA Urban Development Authority (Academy for Classical Education, Inc.);
Series 2017 A, RB(f)		5.88%		06/15/2047		1,680	1,702,781
Series 2017 A, RB(f)		6.00%		06/15/2052		1,530	1,557,096
Main Street Natural Gas, Inc.;
Series 2019 A, RB		5.00%		05/15/2043		3,000	3,549,450
Series 2019 B, RB(b)		4.00%		12/02/2024		7,000	7,953,330
Marietta (City of), GA Developing Authority (Life University, Inc.); Series 2017 A, Ref. RB(f)		5.00%		11/01/2037		5,250	5,478,743
Rockdale (County of), GA Development Authority (Pratt Paper (GA), LLC); Series 2018, Ref. RB(d)(f)		4.00%		01/01/2038		7,210	7,550,384
Savannah (City of), GA Economic Development Authority (SSU Community Development I, LLC); Series 2010, RB (INS - AGM)(h)		5.50%		06/15/2035		1,020	1,023,641
Thomasville (City of), GA Hospital Authority (John D. Archbold Memorial Hospital, Inc.); Series 2010, RAC(a)(b)		5.13%		11/02/2020		750	756,188
							82,453,185
Guam–0.10%
Guam (Territory of) Power Authority; Series 2010 A, RB(a)(b)		5.00%		10/01/2020		1,100	1,104,323
Guam (Territory of) Waterworks Authority; Series 2020 A, RB		5.00%		01/01/2050		2,000	2,434,520
							3,538,843
Hawaii–0.22%
Hawaii (State of) Department of Budget & Finance; Series 2012, Ref. RB		5.25%		11/15/2037		1,250	1,342,513

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                     Invesco Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Hawaii–(continued)
Hawaii (State of) Department of Budget & Finance (Hawaiian Electric Co., Inc.); Series 2015, Ref. RB(d)		3.25%		01/01/2025	$	4,500	$       4,813,200
Hawaii (State of) Department of Budget & Finance (Kahala Nui); Series 2012, Ref. RB		5.13%		11/15/2032		1,500	1,616,460
							7,772,173
Illinois–10.26%
Bartlett (Village of), IL (Quarry Redevelopment); Series 2007, Ref. RB		5.60%		01/01/2023		1,270	1,271,016
Bolingbrook (Village of), IL; Series 2005, RB		6.25%		01/01/2024		806	756,656
Chicago (City of), IL;
Series 2002 B, GO Bonds		5.50%		01/01/2032		3,300	3,632,970
Series 2007 E, Ref. GO Bonds		5.50%		01/01/2035		1,500	1,641,240
Series 2008 C, Ref. RB		5.00%		01/01/2039		5,000	5,667,900
Series 2011 A, RB(a)(b)		5.00%		01/01/2022		1,000	1,063,330
Series 2011, COP		7.13%		05/01/2021		955	955,290
Series 2014, RB		5.00%		11/01/2044		1,905	2,101,406
Series 2015 A, GO Bonds		5.50%		01/01/2034		4,440	4,862,466
Series 2015 A, GO Bonds		5.50%		01/01/2035		2,000	2,188,320
Series 2017 A, RB (INS - AGM)(h)		5.25%		01/01/2042		2,000	2,415,360
Series 2017 A, Ref. GO Bonds		6.00%		01/01/2038		8,500	9,811,550
Series 2019 A, GO Bonds		5.50%		01/01/2049		8,000	9,079,040
Chicago (City of), IL (83rd/Stewart Redevelopment); Series 2013, COP(f)		7.00%		01/15/2029		3,010	3,011,831
Chicago (City of), IL (Cottage View Terrace Apartments); Series 2000 A, RB (CEP - GNMA)(d)		6.13%		02/20/2042		1,280	1,282,483
Chicago (City of), IL (Diversey/Narragansett); Series 2006, COP(k)		7.46%		02/15/2026		363	259,346
Chicago (City of), IL (Midway Airport);
Series 2013 A, Ref. RB(d)		5.50%		01/01/2032		5,000	5,446,300
Series 2014 A, Ref. RB(d)		5.00%		01/01/2041		2,725	2,967,361
Chicago (City of), IL (O’Hare International Airport);
Series 2012 B, Ref. RB(d)		5.00%		01/01/2030		5,000	5,255,850
Series 2016 C, Ref. RB		5.00%		01/01/2037		2,500	2,884,400
Series 2017 D, RB		5.25%		01/01/2036		4,600	5,491,940
Series 2017 D, RB(c)(d)		5.00%		01/01/2047		7,500	8,557,125
Chicago (City of), IL (Roosevelt Square/ABLA Redevelopment); Series 2009 A, Ref. COP		7.13%		03/15/2022		1,052	1,052,326
Chicago (City of), IL Board of Education;
Series 2017 H, GO Bonds		5.00%		12/01/2036		5,750	6,380,660
Series 2018 C, Ref. GO Bonds		5.00%		12/01/2023		3,000	3,262,380
Series 2018 D, Ref. GO Bonds		5.00%		12/01/2046		3,000	3,294,900
Chicago (City of), IL Metropolitan Water Reclamation District;
Series 2011 B, GO Bonds(c)		5.00%		12/01/2024		15,000	15,845,250
Series 2015 C, GO Bonds(c)		5.00%		12/01/2027		6,805	7,973,010
Series 2015 C, GO Bonds(c)		5.00%		12/01/2028		4,000	4,677,440
Chicago (City of), IL Transit Authority;
Series 2011, RB(a)(b)(c)(i)		5.25%		12/01/2021		12,000	12,515,160
Series 2014, RB		5.00%		12/01/2044		8,195	9,118,822
Cook County School District No. 122 (Ridgeland); Series 2000, GO Bonds(a)(g)		0.00%		12/01/2020		4,050	4,046,800
Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Series 2014 A, RB		5.38%		03/01/2034		552	525,194
Illinois (State of);
Series 1991, RB (INS - AMBAC)(h)		6.25%		12/15/2020		495	500,831
Series 2013, GO Bonds		5.25%		07/01/2031		4,000	4,247,600
Series 2014, GO Bonds		5.25%		02/01/2033		2,650	2,829,405
Series 2014, GO Bonds		5.00%		05/01/2039		4,710	4,951,576
Series 2017 C, GO Bonds		5.00%		11/01/2029		5,000	5,602,500
Series 2018 A, GO Bonds		6.00%		05/01/2028		10,235	12,494,888
Series 2018 A, GO Bonds		5.00%		05/01/2030		2,775	3,161,169
Series 2019 B, GO Bonds		4.00%		11/01/2035		4,450	4,609,710
Series 2020, GO Bonds		5.50%		05/01/2039		6,250	7,309,125
Illinois (State of) Finance Authority (Centegra Health System);
Series 2014 A, RB		5.00%		09/01/2039		1,865	2,099,002
Series 2014 A, RB		5.00%		09/01/2042		1,290	1,442,220
Illinois (State of) Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(d)		8.00%		06/01/2032		1,270	1,270,457

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                     Invesco Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Illinois–(continued)
Illinois (State of) Finance Authority (DePaul University); Series 2011 A, RB(a)(b)		6.00%		04/01/2021	$	1,000	$       1,033,570
Illinois (State of) Finance Authority (Evangelical Hospitals);
Series 1992 A, Ref. RB(a)		6.25%		04/15/2022		435	462,783
Series 1992 C, RB(a)		6.25%		04/15/2022		500	531,855
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);
Series 2019 A, Ref. RB		5.00%		11/01/2035		3,430	3,679,910
Series 2019 A, Ref. RB		5.00%		11/01/2040		2,245	2,373,324
Illinois (State of) Finance Authority (Navistar International Corp.); Series 2020, Ref. RB(b)(f)		4.75%		08/01/2030		5,000	5,139,200
Illinois (State of) Finance Authority (OSF Healthcare System); Series 2018 B, Ref. VRD RB (LOC - JP Morgan Chase Bank N.A.)(l)(m)		0.02%		11/15/2037		800	800,000
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB(e)		2.00%		05/15/2055		203	2,033
Illinois (State of) Finance Authority (Peace Village); Series 2013, RB(a)(b)		6.75%		08/15/2023		2,000	2,347,200
Illinois (State of) Finance Authority (Plymouth Place);
Series 2015, Ref. RB		5.00%		05/15/2037		1,050	1,077,332
Series 2015, Ref. RB		5.25%		05/15/2045		2,355	2,414,911
Illinois (State of) Finance Authority (Rosalind Franklin University Research Building); Series 2017, RB		5.00%		08/01/2049		2,450	2,631,986
Illinois (State of) Finance Authority (Rosalind Franklin University); Series 2017, Ref. RB		5.00%		08/01/2047		1,025	1,102,449
Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB		5.00%		11/15/2038		6,750	7,661,925
Illinois (State of) Finance Authority (The Carle Foundation);
Series 2011 A, RB		5.75%		08/15/2034		1,000	1,040,080
Series 2011 A, RB (INS - AGM)(h)		6.00%		08/15/2041		650	677,911
Series 2011 A, RB		6.00%		08/15/2041		4,000	4,165,920
Illinois (State of) Finance Authority (University of Chicago); Series 2015 A, RB(c)		5.00%		10/01/2040		10,000	11,638,400
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2002, Ref. RB(a)		5.65%		06/15/2022		3,660	4,002,979
Series 2002, Ref. RB (INS - NATL)(h)		5.65%		06/15/2022		16,340	17,277,099
Series 2012 A, RB		5.00%		06/15/2042		3,175	3,275,647
Series 2020, Ref. RB		4.00%		06/15/2050		6,645	6,826,475
Illinois (State of) Sports Facilities Authority (The);
Series 2014, Ref. RB (INS - AGM)(h)		5.25%		06/15/2031		2,630	2,935,211
Series 2014, Ref. RB (INS - AGM)(h)		5.25%		06/15/2032		2,395	2,664,605
Illinois (State of) Toll Highway Authority;
Series 2013 A, RB(c)		5.00%		01/01/2038		8,000	8,667,040
Series 2015 A, RB(c)		5.00%		01/01/2040		14,190	16,575,197
Metropolitan Water Reclamation District of Greater Chicago;
Series 2007 B, Ref. GO Bonds		5.25%		12/01/2035		5,000	7,248,400
Series 2015 A, GO Bonds(c)		5.00%		12/01/2044		12,000	13,534,680
Plano (City of), IL Special Service Area No. 10 (Lakewood Springs Club); Series 2007, RB(e)(k)		5.80%		03/01/2037		1,500	165,000
Railsplitter Tobacco Settlement Authority;
Series 2010, RB		5.25%		06/01/2021		1,000	1,035,220
Series 2010, RB(a)(b)		6.00%		06/01/2021		10,000	10,435,100
Series 2017, RB		5.00%		06/01/2026		8,000	9,822,240
Sales Tax Securitization Corp.; Series 2018 C, Ref. RB		5.25%		01/01/2043		5,000	5,864,050
Tender Option Bonds Receipt; Series 2019, RB(c)(d)		5.00%		01/01/2042		6,500	7,479,615
University of Illinois; Series 2011 A, RB		5.13%		04/01/2036		1,000	1,019,160
							367,422,112
Indiana–1.21%
Indiana (State of) Finance Authority (CWA Authority); Series 2011 B, RB		5.00%		10/01/2041		11,000	11,460,680
Indiana (State of) Finance Authority (CWA Authority) (Green Bonds); Series 2016 A, RB (INS - NATL)(h)		5.00%		10/01/2046		15,000	17,639,400
Indiana (State of) Finance Authority (Good Samaritan Hospital); Series 2016 A, RB		5.50%		04/01/2041		4,555	5,067,073
Indiana (State of) Finance Authority (Ohio Valley Electric Corp.);
Series 2012 A, RB		5.00%		06/01/2032		1,220	1,270,984
Series 2012 A, RB		5.00%		06/01/2039		2,500	2,588,375
Northern Indiana Commuter Transportation District;
Series 2016, RB		5.00%		07/01/2035		1,700	2,020,790
Series 2016, RB		5.00%		07/01/2041		1,500	1,756,395
Valparaiso (City of), IN (Pratt Paper, LLC); Series 2013, RB(d)		6.75%		01/01/2034		1,500	1,668,885
							43,472,582

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13                     Invesco Municipal Income Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Iowa–0.98%
Iowa (State of) Finance Authority (Iowa Fertilizer Co.);
Series 2013, RB(f)		5.88%		12/01/2026	$	1,580	$       1,644,669
Series 2013, RB(f)		5.88%		12/01/2027		6,795	7,072,576
Series 2013, Ref. RB(b)		5.25%		12/01/2037		8,140	8,564,827
Series 2019, Ref. RB		3.13%		12/01/2022		1,665	1,686,112
Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2018 A, RB		5.00%		05/15/2043		4,760	5,063,069
Iowa (State of) Tobacco Settlement Authority;
Series 2005 C, RB		5.63%		06/01/2046		2,690	2,729,651
Series 2005 E, RB(g)		0.00%		06/01/2046		50,000	8,245,500
							35,006,404
Kansas–0.38%
Kansas (State of) Municipal Energy Agency (Jameson Energy Center); Series 2013, RB		5.25%		07/01/2044		2,000	2,222,040
Lenexa (City of), KS (Lakeview Village, Inc.); Series 2018 A, Ref. RB		5.00%		05/15/2039		1,500	1,609,740
Wichita (City of), KS (Kansas Masonic Home); Series 2016 II-A, RB		5.38%		12/01/2046		6,960	6,801,451
Wichita (City of), KS (Presbyterian Manors, Inc.); Series 2013 IV-A, RB		6.38%		05/15/2043		1,500	1,593,465
Wyandotte (County of) & Kansas City (City of), KS Unified Government; Series 2014 A, Ref. RB		5.00%		09/01/2044		1,180	1,336,692
							13,563,388
Kentucky–2.56%
Ashland (City of), KY (King’s Daughters Medical Center);
Series 2019, Ref. RB		4.00%		02/01/2035		465	496,076
Series 2019, Ref. RB		4.00%		02/01/2036		380	404,195
Series 2019, Ref. RB		4.00%		02/01/2037		375	397,575
Series 2019, Ref. RB		4.00%		02/01/2038		375	396,240
Christian (County of), KY (Jennie Stuart Medical Center, Inc.);
Series 2016, Ref. RB		5.38%		02/01/2036		3,000	3,334,410
Series 2016, Ref. RB		5.50%		02/01/2044		5,000	5,506,550
Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare System); Series 2017 B, RB		5.00%		08/15/2046		5,000	5,752,500
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.); Series 2017 A, Ref. RB (INS - AGM)(h)		5.00%		12/01/2045		15,300	18,015,138
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway);
Series 2015 A, RB		5.00%		07/01/2037		1,700	1,814,376
Series 2015 A, RB		5.00%		07/01/2040		12,705	13,491,948
Series 2015 A, RB		5.00%		01/01/2045		4,175	4,401,368
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); Series 2017 A, Ref. RB		5.00%		06/01/2045		8,950	9,786,735
Kentucky (Commonwealth of) Municipal Power Agency (Prairie State); Series 2019 A, Ref. RB		4.00%		09/01/2045		13,555	14,542,482
Kentucky (Commonwealth of) Public Energy Authority; Series 2018 B, RB(b)		4.00%		01/01/2025		6,000	6,745,500
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.); Series 2013 A, RB		5.75%		10/01/2042		5,870	6,535,188
							91,620,281
Louisiana–1.83%
Caddo & Bossier (Parishes of), LA Port Commission; Series 2011, Ref. RB(a)(b)		5.00%		04/01/2021		550	565,180
Jefferson (Parish of), LA Hospital Service District No. 1 (West Jefferson Medical Center);
Series 2011 A, Ref. RB(a)(b)		5.38%		01/01/2021		400	406,780
Series 2011 A, Ref. RB(a)(b)		6.00%		01/01/2021		3,000	3,056,850
Jefferson Sales Tax District; Series 2019 B, RB (INS - AGM)(h)		4.00%		12/01/2038		6,000	7,009,200
Lafayette (City of), LA Public Trust Financing Authority (Ragin’ Cajun Facilities, Inc. - Housing & Parking); Series 2010, RB(a)(b)		5.00%		10/01/2020		1,000	1,003,890
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2002 B, RB(a)(b)		5.50%		05/15/2026		1,010	1,298,153
Louisiana (State of) Public Facilities Authority (Provident Group-Flagship Properties LLC- Louisiana State University Nicholson Gateway); Series 2016, RB		5.00%		07/01/2051		12,400	13,543,652
New Orleans (City of), LA;
Series 2014, Ref. RB		5.00%		06/01/2044		605	681,091
Series 2015, RB		5.00%		12/01/2040		3,000	3,445,470
Series 2015, RB		5.00%		12/01/2045		5,500	6,272,365

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14                     Invesco Municipal Income Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Louisiana–(continued)
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 A, RB (INS - AGM)(h)		5.00%		10/01/2048	$	5,000	$       5,872,650
Regional Transit Authority; Series 2010, RB(a)		5.00%		12/01/2030		2,580	2,606,084
St. John the Baptist (Parish of), LA (Marathon Oil Corp.);
Series 2017, Ref. RB(b)		2.13%		07/01/2024		4,000	4,025,680
Series 2017, Ref. RB(b)		2.38%		07/01/2026		4,000	4,057,800
Terrebonne (Parish of), LA; Series 2011 ST, RB(a)(b)		5.00%		04/01/2021		2,645	2,718,769
Tobacco Settlement Financing Corp.; Series 2013 A, Ref. RB		5.25%		05/15/2035		8,500	9,166,570
							65,730,184
Maine–0.17%
Maine (State of) Health & Higher Educational Facilities Authority (Eastern Maine Medical Center Obligated Group); Series 2013, RB		5.00%		07/01/2043		5,700	5,952,510
Maryland–2.01%
Baltimore (City of), MD (Convention Center Hotel); Series 2017, Ref. RB		5.00%		09/01/2039		7,100	6,311,048
Baltimore (City of), MD (East Baltimore Research Park); Series 2017, Ref. RB		5.00%		09/01/2038		1,650	1,731,345
Baltimore (County of), MD (Oak Crest Village, Inc.);
Series 2020, Ref. RB		4.00%		01/01/2045		1,750	1,881,110
Series 2020, Ref. RB		4.00%		01/01/2050		2,500	2,676,825
Maryland (State of) Health & Higher Educational Facilities Authority (Adventist Healthcare);
Series 2011 A, RB		6.25%		01/01/2031		3,175	3,339,052
Series 2011 A, RB		6.13%		01/01/2036		4,000	4,176,840
Maryland (State of) Health & Higher Educational Facilities Authority (Charlestown Community); Series 2010, RB(a)(b)		6.13%		01/01/2021		4,250	4,333,003
Maryland (State of) Health & Higher Educational Facilities Authority (Green Street Academy);
Series 2017 A, RB(f)		5.13%		07/01/2037		1,265	1,343,822
Series 2017 A, RB(f)		5.25%		07/01/2047		4,295	4,515,849
Series 2017 A, RB(f)		5.38%		07/01/2052		1,530	1,615,236
Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health);
Series 2011, RB(a)(b)		6.00%		07/01/2021		1,000	1,047,410
Series 2016, Ref. RB		5.00%		07/01/2047		5,000	5,753,800
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health);
Series 2011, RB(a)(b)		5.00%		08/15/2021		5,000	5,227,350
Series 2017 A, RB		5.00%		05/15/2042		5,000	5,864,600
Maryland (State of) Health & Higher Educational Facilities Authority (UPMC);
Series 2020 B, RB		4.00%		04/15/2045		3,500	3,964,730
Series 2020 B, RB		4.00%		04/15/2050		2,500	2,815,000
Maryland (State of) Transportation Authority (Transportation Facilities); Series 2020, RB		4.00%		07/01/2050		5,000	5,864,600
Prince Georges (County of), MD (Collington Episcopal Life Care Community, Inc.);
Series 2017, Ref. RB		5.25%		04/01/2037		2,000	2,054,720
Series 2017, Ref. RB		5.25%		04/01/2047		4,035	4,077,287
Rockville (City of), MD (Ingleside at King Farm); Series 2017 B, RB		5.00%		11/01/2042		3,500	3,467,380
							72,061,007
Massachusetts–1.72%
Massachusetts (Commonwealth of) Bay Transportation Authority; Series 2016 A, Ref. RB(g)		0.00%		07/01/2031		13,000	10,419,500
Massachusetts (Commonwealth of) Development Finance Agency; Series 2019 A, Ref. RB		5.00%		07/01/2044		4,000	4,609,440
Massachusetts (Commonwealth of) Development Finance Agency (Caregroup);
Series 2016 I, Ref. RB		5.00%		07/01/2036		3,000	3,533,700
Series 2016 I, Ref. RB		5.00%		07/01/2038		2,045	2,397,947
Series 2018 J-2, RB		5.00%		07/01/2043		4,100	4,939,516
Series 2018 J-2, RB		5.00%		07/01/2048		5,000	5,966,800
Massachusetts (Commonwealth of) Development Finance Agency (Emerson College); Series 2016 A, RB		5.00%		01/01/2047		5,000	5,574,750
Massachusetts (Commonwealth of) Development Finance Agency (International Charter School); Series 2015, Ref. RB		5.00%		04/15/2040		2,000	2,179,440
Massachusetts (Commonwealth of) Development Finance Agency (Lawrence General Hospital);
Series 2017, Ref. RB		5.00%		07/01/2042		1,000	899,300
Series 2017, Ref. RB		5.00%		07/01/2047		3,000	2,667,750

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15                     Invesco Municipal Income Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Massachusetts–(continued)
Massachusetts (Commonwealth of) Development Finance Agency (Lesley University); Series 2011 B-1, RB(a)(b)		5.25%		07/01/2021	$	750	$          781,350
Massachusetts (Commonwealth of) Development Finance Agency (Merrimack College); Series 2012 A, RB		5.25%		07/01/2042		1,050	1,074,937
Massachusetts (Commonwealth of) Development Finance Agency (Tufts Medical Center); Series 2011 I, RB(a)(b)		6.75%		01/01/2021		1,000	1,021,730
Massachusetts (Commonwealth of) Development Finance Agency (Umass Memorial);
Series 2011 H, RB(a)(b)		5.50%		07/01/2021		950	992,085
Series 2011 H, RB		5.50%		07/01/2031		50	51,445
Massachusetts (Commonwealth of) Port Authority;
Series 2019 A, Ref. RB(d)		5.00%		07/01/2039		4,000	4,951,960
Series 2019 A, Ref. RB(d)		5.00%		07/01/2040		1,000	1,234,690
Massachusetts (Commonwealth of) Port Authority (Bosfuel); Series 2019 A, Ref. RB(d)		5.00%		07/01/2049		7,000	8,252,720
							61,549,060
Michigan–2.21%
Kalamazoo (City of), MI Economic Development Corp. (Heritage Community of Kalamazoo);
Series 2019, Ref. RB		5.00%		05/15/2037		2,450	2,539,033
Series 2019, Ref. RB		5.00%		05/15/2042		3,310	3,394,306
Michigan (State of) Building Authority (Facilities Program);
Series 2011 I-A, Ref. RB		5.00%		10/15/2029		500	524,730
Series 2019, Ref. RB		4.00%		10/15/2049		7,000	8,053,360
Michigan (State of) Finance Authority; Series 2014 C-1, RB(a)(b)		5.00%		07/01/2022		2,720	2,956,857
Michigan (State of) Finance Authority (Beaumont Health Credit Group); Series 2016, RB		5.00%		11/01/2044		9,000	10,245,330
Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center); Series 2018, RB		5.00%		11/01/2043		2,500	3,086,600
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);
Series 2014 C-6, Ref. RB		5.00%		07/01/2033		1,355	1,542,857
Series 2014 D-1, Ref. RB (INS - AGM)(h)		5.00%		07/01/2037		2,000	2,261,240
Series 2014 D-2, Ref. RB (INS - AGM)(h)		5.00%		07/01/2027		4,000	4,616,200
Series 2014 D-4, Ref. RB		5.00%		07/01/2029		1,355	1,562,640
Michigan (State of) Finance Authority (Henry Ford Health System); Series 2019 A, RB		5.00%		11/15/2048		6,845	8,374,310
Michigan (State of) Finance Authority (Local Government Loan Program); Series 2014 F, Ref. RB		4.50%		10/01/2029		4,000	4,204,440
Michigan (State of) Tobacco Settlement Finance Authority; Series 2007 A, RB		6.00%		06/01/2048		5,000	5,024,750
Oakland University Board of Trustees;
Series 2016, RB		5.00%		03/01/2041		5,000	5,717,000
Series 2016, RB		5.00%		03/01/2047		2,500	2,836,425
Summit Academy North;
Series 2016, Ref. RB		5.00%		11/01/2031		3,000	3,049,230
Series 2016, Ref. RB		5.00%		11/01/2035		3,255	3,295,460
Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport);
Series 2012 B, RB(d)		5.00%		12/01/2032		1,500	1,614,510
Series 2012 B, RB(d)		5.00%		12/01/2037		1,500	1,609,335
Series 2012 D, Ref. RB(d)		5.00%		12/01/2028		2,500	2,704,150
							79,212,763
Minnesota–0.61%
Minnesota (State of) Higher Education Facilities Authority (Bethel University); Series 2017, Ref. RB		5.00%		05/01/2047		7,615	8,131,449
St. Paul (City of), MN Housing & Redevelopment Authority (Fairview Health Services); Series 2017 A, Ref. RB		5.00%		11/15/2047		9,000	10,648,890
St. Paul (City of), MN Housing & Redevelopment Authority (Hmong College Prep Academy); Series 2016, Ref. RB		5.75%		09/01/2046		2,000	2,211,920
Woodbury (City of), MN Housing & Redevelopment Authority (St. Therese of Woodbury); Series 2014, RB		5.25%		12/01/2049		1,000	1,017,410
							22,009,669
Mississippi–0.14%
West Rankin Utility Authority; Series 2018, RB (INS - AGM)(h)		5.00%		01/01/2048		4,050	4,849,146

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16                     Invesco Municipal Income Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)			Value
Missouri–2.20%
Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District); Series 2011 A, Ref. RB		5.50%		09/01/2024	$	5,990	��	$       6,298,665
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport); Series 2019 B, RB (INS - AGM)(d)(h)		5.00%		03/01/2049		11,975		14,365,210
Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2016 A, Ref. RB(f)		5.00%		04/01/2046		1,150		1,109,738
Kansas City (City of), MO Land Clearance for Redevelopment Authority (Convention Center Hotel); Series 2018 B, RB(f)		5.00%		02/01/2040		1,500		1,572,885
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights);
Series 2017 A, Ref. RB		5.25%		05/15/2050		2,900		2,925,839
Series 2017, Ref. RB		5.25%		05/15/2042		1,675		1,702,286
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services);
Series 2016 B, Ref. Senior Living Facilities RB		5.00%		02/01/2046		4,000		4,281,240
Series 2019 A, RB		5.00%		02/01/2042		3,000		3,253,200
Missouri (State of) Health & Educational Facilities Authority (Medical Research Lutheran Services); Series 2016 A, RB		5.00%		02/01/2036		3,200		3,475,872
Missouri (State of) Health & Educational Facilities Authority (Mercy Health); Series 2017 C, Ref. RB(c)		5.00%		11/15/2042		25,000		29,867,000
St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills); Series 2013 A, RB		5.88%		09/01/2043		1,750		1,862,665
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2018 A, RB		5.13%		09/01/2048		7,500		8,009,100
								78,723,700
Montana–0.10%
Kalispell (City of), MT (Immanuel Lutheran Corp.); Series 2017, Ref. RB		5.25%		05/15/2047		2,645		2,641,006
Montana (State of) Facility Finance Authority (Benefit Health System Obligated Group); Series 2011 A, RB(a)(b)		5.75%		01/01/2021		1,000		1,018,190
								3,659,196
Nebraska–0.89%
Central Plains Energy Project (No. 3);
Series 2012, RB(n)		5.00%		09/01/2032		4,900		5,274,458
Series 2017 A, Ref. RB		5.00%		09/01/2037		5,010		6,854,882
Series 2017 A, Ref. RB		5.00%		09/01/2042		10,000		13,920,600
Public Power Generation Agency (Whelan Energy Center Unit 2); Series 2016 A, Ref. RB		5.00%		01/01/2037		5,000		6,017,250
								32,067,190
Nevada–0.48%
Las Vegas (City of), NV Convention & Visitors Authority; Series 2018 B, RB		5.00%		07/01/2043		12,320		14,078,557
Nevada (State of) Department of Business & Industry (Doral Academy of Nevada); Series 2017 A, RB(f)		5.00%		07/15/2047		2,900		3,003,646
								17,082,203
New Hampshire–0.45%
New Hampshire (State of) Business Finance Authority; Series 2020 A, Ref. RB(b)(f)		3.63%		07/02/2040		740		744,055
New Hampshire (State of) Business Finance Authority (Green Bonds); Series 2020 B, Ref. RB(b)(d)(f)		3.75%		07/02/2040		1,205		1,211,314
New Hampshire (State of) Health & Education Facilities Authority (Southern New Hampshire University); Series 2012, RB		5.00%		01/01/2042		6,000		6,239,220
New Hampshire (State of) Health & Education Facilities Authority (Wentworth Douglas Hospital); Series 2011 A, RB(a)(b)		6.00%		01/01/2021		1,100		1,121,032
New Hampshire Business Finance Authority; Series 2020-1, Class A		4.13%		01/20/2034		6,451		6,973,735
								16,289,356
New Jersey–4.62%
Garden State Preservation Trust; Series 2005 A, RB (INS - AGM)(h)		5.75%		11/01/2028		7,500		9,465,825
Gloucester (County of), NJ Pollution Control Financing Authority (Logan); Series 2014 A, Ref. PCR(d)		5.00%		12/01/2024		3,390		3,554,483

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17                     Invesco Municipal Income Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New Jersey–(continued)
New Jersey (State of) Economic Development Authority;
Series 2005 N-1, Ref. RB (INS - NATL)(c)(h)(i)		5.50%		09/01/2022	$	7,500	$       8,153,250
Series 2005, Ref. RB (INS - AMBAC)(h)		5.50%		09/01/2024		3,885	4,500,306
Series 2012 II, Ref. RB		5.00%		03/01/2023		2,150	2,268,938
Series 2012, Ref. RB		5.00%		06/15/2025		3,000	3,099,930
Series 2012, Ref. RB		5.00%		06/15/2026		1,000	1,030,660
Series 2012, Ref. RB		5.00%		06/15/2028		3,000	3,077,970
Series 2017 A, Ref. RB		5.00%		07/01/2033		2,800	3,170,160
New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology, Inc.);
Series 2012 C, RB		5.00%		07/01/2032		675	683,073
Series 2012 C, RB		5.30%		07/01/2044		2,380	2,398,802
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); Series 2013, RB(d)		5.38%		01/01/2043		1,500	1,650,570
New Jersey (State of) Health Care Facilities Financing Authority (Barnabas Health); Series 2011 A, Ref. RB(a)(b)		5.63%		07/01/2021		8,000	8,355,840
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group); Series 2017 A, Ref. RB		5.25%		07/01/2057		6,375	7,764,112
New Jersey (State of) Health Care Facilities Financing Authority (Princeton HealthCare System); Series 2016 A, Ref. RB		5.00%		07/01/2039		7,000	8,255,310
New Jersey (State of) Health Care Facilities Financing Authority (Valley Health System Obligated Group); Series 2019, RB		4.00%		07/01/2044		2,500	2,811,175
New Jersey (State of) Transportation Trust Fund Authority;
Series 2006 C, RB (INS - AGC)(g)(h)		0.00%		12/15/2026		10,000	8,791,500
Series 2006 C, RB (INS - NATL)(g)(h)		0.00%		12/15/2031		7,410	5,358,393
Series 2010 D, RB		5.25%		12/15/2023		2,000	2,254,380
Series 2015 AA, RB		5.25%		06/15/2041		2,500	2,770,850
Series 2015 AA, RB		5.00%		06/15/2045		3,420	3,743,122
Series 2018 A, Ref. RB		5.00%		12/15/2035		7,030	8,218,351
Series 2018 A, Ref. RN(c)(i)		5.00%		06/15/2030		5,000	5,780,950
Series 2018 A, Ref. RN(c)(i)		5.00%		06/15/2031		7,500	8,626,725
Series 2019, RB		5.25%		06/15/2043		5,000	5,885,700
Series 2019, Ref. RB		5.00%		12/15/2032		2,500	3,005,450
Subseries 2016 A-1, RN		5.00%		06/15/2027		10,000	11,785,000
New Jersey (State of) Turnpike Authority;
Series 2016 A, Ref. RB		5.00%		01/01/2034		5,000	5,849,400
Series 2019 A, RB		4.00%		01/01/2048		10,285	11,526,297
Tobacco Settlement Financing Corp.; Series 2018 A, Ref. RB		5.00%		06/01/2046		10,000	11,673,800
							165,510,322
New Mexico–0.04%
New Mexico (State of) Hospital Equipment Loan Council (La Vida Expansion); Series 2019 A, RB		5.00%		07/01/2049		1,250	1,293,288
New York–12.06%
Brooklyn Arena Local Development Corp. (Barclays Center); Series 2009, RB(g)		0.00%		07/15/2035		5,000	2,758,550
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB		5.00%		06/01/2045		5,850	5,853,627
Hudson Yards Infrastructure Corp.; Series 2017 A, Ref. RB (INS - AGM)(h)		4.00%		02/15/2047		8,000	8,768,960
Metropolitan Transportation Authority;
Series 2011 A, RB(a)(b)		5.00%		11/15/2021		2,000	2,116,520
Series 2013 A, RB		5.00%		11/15/2038		3,025	3,148,722
Series 2019 D-1, RB		5.00%		09/01/2022		5,000	5,221,800
Series 2020 A-2, RB		4.00%		02/01/2022		5,000	5,089,800
Subseries 2005 D-2, VRD RB (LOC - Landesbank Hessen-Thueringen Girozentrale)(l)(m)		0.05%		11/01/2035		800	800,000
Metropolitan Transportation Authority (Green Bonds);
Series 2017 C-1, Ref. RB		5.00%		11/15/2024		3,670	3,957,067
Series 2019 C, RB (INS - AGM)(h)		4.00%		11/15/2045		10,000	11,120,600
Series 2020 C-1, RB		5.00%		11/15/2050		4,000	4,418,680
Subseries 2017 A-1, RB		5.25%		11/15/2057		2,280	2,491,333

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18                     Invesco Municipal Income Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
Monroe County Industrial Development Corp. (St. Ann’s Community);
Series 2019, Ref. RB		5.00%		01/01/2040	$	4,985	$       5,198,508
Series 2019, Ref. RB		5.00%		01/01/2050		2,015	2,074,342
New York & New Jersey (States of) Port Authority;
Ninety-Third Series 1994, RB		6.13%		06/01/2094		5,250	6,036,765
Series 2019, RB(d)		5.00%		11/01/2044		6,500	7,916,285
New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC); Series 2010, RB		6.00%		12/01/2042		3,000	3,036,690
New York (City of), NY;
Series 2019 A, GO Bonds		4.00%		08/01/2040		11,930	13,795,255
Series 2019 B-1, GO Bonds		5.00%		10/01/2042		3,000	3,729,330
Series 2019 B-1, GO Bonds		5.00%		10/01/2043		3,000	3,720,630
New York (City of), NY Industrial Development Agency (Liberty 123 Wash); Series 2007, VRD RB (LOC - Bank Of China, Ltd.)(l)(m)		0.06%		10/01/2042		400	400,000
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium); Series 2009, RB (INS - AGC)(h)		6.38%		01/01/2039		1,000	1,004,720
New York (City of), NY Municipal Water Finance Authority; Subseries 2012 A-1, VRD RB(l)		0.02%		06/15/2044		200	200,000
New York (City of), NY Transitional Finance Authority;
Series 2019 B-1, RB		4.00%		11/01/2045		6,000	6,890,100
Subseries 2009 A-1, RB(a)(c)		5.00%		05/01/2028		3,058	3,058,000
Subseries 2013, RB(c)		5.00%		11/01/2038		5,465	6,142,441
Subseries 2013, RB(c)		5.00%		11/01/2042		12,625	14,156,286
Subseries 2020 A-3, RB		4.00%		05/01/2044		10,000	11,437,800
New York (Counties of), NY Tobacco Trust VI; Subseries 2016 A-1, Ref. RB		5.75%		06/01/2043		10,000	11,751,700
New York (State of) Dormitory Authority; Series 2020 D, Ref. RB		4.00%		02/15/2047		11,000	12,718,200
New York (State of) Dormitory Authority (General Purpose);
Series 2011 A, RB(c)		5.00%		03/15/2031		21,885	22,421,183
Series 2014 C, RB(c)		5.00%		03/15/2040		12,030	13,652,606
New York (State of) Dormitory Authority (North Shore - Long Island Jewish Obligated Group); Series 2011 A, RB(a)(b)		5.00%		05/01/2021		2,000	2,064,060
New York (State of) Dormitory Authority (State University Dormitory Facilities); Series 2011A, RB(a)(b)		5.00%		07/01/2021		1,000	1,040,330
New York (State of) Housing Finance Agency (160 Madison Avenue); Series 2014 A, VRD RB (LOC - Landesbank Hessen-thrgn)(l)(m)		0.03%		11/01/2046		5,175	5,175,000
New York (State of) Housing Finance Agency (Clinton Park Housing); Series 2010 A, VRD RB(l)		0.07%		11/01/2044		4,000	4,000,000
New York (State of) Thruway Authority; Series 2019 B, RB		4.00%		01/01/2053		10,000	11,389,700
New York City (City of), NY Transitional Finance Authority; Series 2019 B-1, RB		4.00%		11/01/2038		1,715	2,001,594
New York City Water & Sewer System; Series 2012 FF, RB(c)		5.00%		06/15/2045		28,610	30,784,360
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. RB(f)		5.00%		11/15/2044		10,905	11,573,586
New York Liberty Development Corp. (Goldman Sachs Headquarters); Series 2005, Ref. RB		5.25%		10/01/2035		6,000	8,373,660
New York Power Authority;
Series 2002 A, RB		4.00%		11/15/2045		7,000	8,342,040
Series 2002 A, RB		4.00%		11/15/2050		5,000	5,910,550
New York State Urban Development Corp.;
Series 2019 A, Ref. RB		4.00%		03/15/2042		10,080	11,644,920
Series 2020 A, RB		5.00%		03/15/2041		2,750	3,520,742
Series 2020 A, RB		5.00%		03/15/2042		800	1,018,560
Series 2020 A, RB		4.00%		03/15/2045		6,200	7,229,882
Series 2020 A, RB		4.00%		03/15/2049		8,250	9,571,650
Series 2020 C, Ref. RB		5.00%		03/15/2047		8,000	10,126,960
New York Transportation Development Corp. (American Airlines, Inc.); Series 2016, Ref. RB(d)		5.00%		08/01/2026		20,990	21,072,701
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment);
Series 2018, RB(d)		5.00%		01/01/2034		6,970	7,505,017
Series 2018, RB(d)		5.00%		01/01/2036		1,235	1,333,899
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016 A, RB(d)		5.25%		01/01/2050		14,815	16,021,089
Rockland Tobacco Asset Securitization Corp.;
Series 2001, RB		5.63%		08/15/2035		2,355	2,377,137
Series 2005 A, RB(f)(g)		0.00%		08/15/2045		57,500	13,560,225

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19                     Invesco Municipal Income Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
Suffolk (County of), NY Water Authority; Series 2011, Ref. RB(a)(b)		5.00%		06/01/2021	$	2,135	$       2,212,629
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);
Series 2020 A, RB		5.00%		11/15/2049		4,500	5,696,145
Subseries 2005 B-2, Ref. VRD RB (LOC-Citibank N.A.)(l)(m)		0.03%		01/01/2032		14,755	14,755,000
TSASC, Inc.; Series 2016 B, Ref. RB		5.00%		06/01/2045		8,265	8,570,805
							431,958,741
North Carolina–1.06%
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health); Series 2018 H, VRD RB(l)		0.02%		01/15/2048		9,040	9,040,000
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2007 C, Ref. VRD RB(l)		0.02%		01/15/2037		8,500	8,500,000
North Carolina (State of) Department of Transportation (I-77 HOT Lanes); Series 2015, RB(d)		5.00%		06/30/2054		5,475	5,811,986
North Carolina (State of) Medical Care Commission (Lutheran Services); Series 2012, Ref. RB		4.25%		03/01/2024		1,210	1,226,662
North Carolina (State of) Medical Care Commission (Pennybyrn at Maryfield);
Series 2020, RB		5.00%		10/01/2040		1,050	1,153,561
Series 2020, RB		5.00%		10/01/2045		1,000	1,087,300
Series 2020, RB		5.00%		10/01/2050		1,500	1,618,020
North Carolina (State of) Turnpike Authority; Series 2018, Ref. RB		5.00%		01/01/2040		7,000	8,384,670
Raleigh & Durham (Cities of), NC Airport Authority; Series 2008 C, Ref. VRD RB (LOC - TD Bank N.A.)(l)(m)		0.04%		05/01/2036		1,100	1,100,000
							37,922,199
North Dakota–0.45%
Burleigh (County of), ND (University of Mary); Series 2016, RB		5.20%		04/15/2046		2,700	2,640,033
Fargo (City of), ND (Sanford); Series 2011, RB		6.25%		11/01/2031		1,250	1,318,200
Ward (County of), ND (Trinity Obligated Group); Series 2017 C, RB		5.00%		06/01/2048		11,065	12,121,265
							16,079,498
Ohio–4.90%
Akron, Bath & Copley Joint Township Hospital District (Medical Center of Akron); Series 2012, RB		5.00%		11/15/2032		1,000	1,056,930
Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, Ref. RB		5.25%		11/15/2046		5,000	5,857,050
American Municipal Power, Inc. (Greenup Hydroelectric); Series 2016 A, RB		5.00%		02/15/2046		10,000	11,624,600
Buckeye Tobacco Settlement Financing Authority;
Series 2020 B-2, Ref. RB		5.00%		06/01/2055		23,735	26,108,500
Series 2020 B-3, Ref. RB(g)		0.00%		06/01/2057		21,475	3,120,747
Centerville (City of), OH (Graceworks Lutheran Services); Series 2017, Ref. RB		5.25%		11/01/2047		5,400	5,545,476
Chillicothe (City of), OH (Adena Health System Obligated Group); Series 2017, Ref. RB		5.00%		12/01/2037		5,000	5,937,350
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools);
Series 2014 A, Ref. RB		5.75%		01/01/2024		500	523,980
Series 2014 A, Ref. RB		6.50%		01/01/2034		2,450	2,566,620
Cleveland (City of), OH;
Series 1993 G, Ref. RB(a)		5.50%		01/01/2021		640	651,226
Series 2008 B-1, RB (INS - NATL)(g)(h)		0.00%		11/15/2025		2,895	2,762,814
Series 2012 A, Ref. RB(a)(b)		5.00%		01/01/2022		5,000	5,320,100
Cuyahoga (County of), OH (Metrohealth System);
Series 2017, Ref. RB		5.50%		02/15/2052		7,000	8,115,380
Series 2017, Ref. RB		5.00%		02/15/2057		2,150	2,384,522
Cuyahoga (County of), OH (Metrohealth); Series 2017, Ref. RB		5.00%		02/15/2052		5,000	5,556,350
Hamilton (County of), OH (Christ Hospital);
Series 2012, RB(a)(b)		5.50%		06/01/2022		6,000	6,551,040
Series 2012, RB		5.25%		06/01/2027		3,295	3,521,465
Hamilton (County of), OH (Life Enriching Communities);
Series 2016, Ref. RB		5.00%		01/01/2051		1,695	1,747,630
Series 2016, Ref.RB		5.00%		01/01/2046		6,505	6,738,269
Hamilton (County of), OH (UC Health); Series 2020, RB		5.00%		09/15/2050		12,040	14,286,785
Lucas (County of), OH (ProMedica Healthcare System); Series 2018 A, Ref. RB		5.25%		11/15/2048		16,500	18,916,920
Middleburg Heights (City of), OH (Southwest General Health Center);
Series 2011, RB(a)		5.13%		08/01/2031		1,750	1,822,555
Series 2011, RB(a)		5.25%		08/01/2036		1,500	1,563,885

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20                     Invesco Municipal Income Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Ohio–(continued)
Montgomery (County of), OH Hospital Facilities (Premier Health Partners Obligated Group); Series 2019 A, Ref. RB		4.00%		11/15/2042	$	4,000	$       4,300,920
Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB		5.00%		02/15/2044		7,740	8,030,018
Ohio (State of); Series 2020 A, Ref. RB		5.00%		01/15/2050		6,095	7,437,850
Ohio (State of) (Portsmouth Bypass); Series 2015, RB(d)		5.00%		12/31/2025		2,000	2,354,420
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group); Series 2013 B-2, VRD RB(l)		0.03%		01/01/2039		360	360,000
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic); Series 2008 B4, Ref. VRD RB(l)		0.02%		01/01/2043		4,800	4,800,000
Ohio (State of) Housing Finance Agency (Covenant House Apartments); Series 2008 C, RB (CEP - GNMA)(d)		6.10%		09/20/2049		2,845	2,848,755
Tuscarawas (County of), OH Economic Development and Finance Alliance (Ashland University); Series 2015, Ref. RB		6.00%		03/01/2045		3,000	3,140,850
							175,553,007
Oklahoma–0.88%
Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB		5.25%		08/15/2048		8,500	9,936,075
Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources, Inc.-Cross Village Student Housing);
Series 2017, RB(e)		5.00%		08/01/2052		2,000	800,000
Series 2017, RB(e)		5.25%		08/01/2057		2,610	1,044,000
Oklahoma Development Finance Authority; Series 2018 B, RB(c)(i)		5.50%		08/15/2057		6,000	7,030,920
Tulsa (City of), OK Municipal Airport Trust; Series 2001 B, Ref. RB(d)		5.50%		12/01/2035		7,500	7,583,025
Tulsa (City of), OK Municipal Airport Trust (American Airlines Group, Inc.); Series 2015, Ref. RB(b)(d)		5.00%		06/01/2025		5,000	5,045,850
							31,439,870
Oregon–0.68%
Clackamas (County of), OR Hospital Facility Authority (Mary’s Woods at Marylhurst, Inc.);
Series 2018 A, RB		5.00%		05/15/2048		1,090	1,133,960
Series 2018 A, RB		5.00%		05/15/2052		500	518,985
Clackamas (County of), OR Hospital Facility Authority (Rose Villa);
Series 2020 A, Ref. RB		5.13%		11/15/2040		1,000	1,062,670
Series 2020 A, Ref. RB		5.25%		11/15/2050		1,250	1,325,987
Clackamas (County of), OR Hospital Facility Authority (Willamette View);
Series 2017 A, Ref. RB		5.00%		11/15/2047		2,415	2,535,388
Series 2017 A, Ref. RB		5.00%		11/15/2052		2,960	3,098,202
Forest Grove (City of), OR (Pacific University); Series 2014 A, Ref. RB		5.25%		05/01/2034		2,000	2,068,580
Medford (City of), OR Hospital Facilities Authority (Asante); Series 2020 A, Ref. RB		5.00%		08/15/2050		3,750	4,695,375
Oregon (State of) Facilities Authority (Samaritan Health Services); Series 2010 A, Ref. RB(a)(b)		5.00%		10/01/2020		1,500	1,505,775
Portland (City of), OR; Series 2011 B, RB		5.25%		06/15/2029		900	933,561
Portland (Port of), OR (Portland International Airport); Series 2017 24 B, RB(d)		5.00%		07/01/2047		3,000	3,433,140
Salem (City of), OR Hospital Facility Authority (Capital Manor, Inc.);
Series 2012, Ref. RB		5.75%		05/15/2027		1,000	1,059,490
Series 2012, Ref. RB		5.63%		05/15/2032		1,000	1,050,020
							24,421,133
Pennsylvania–2.45%
Allegheny (County of), PA Higher Education Building Authority (Duquesne University); Series 2011 A, RB(a)(b)		5.25%		03/01/2021		700	717,598
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB		5.00%		04/01/2047		15,410	18,259,309
Allegheny (County of), PA Port Authority; Series 2011, Ref. RB		5.75%		03/01/2029		1,385	1,420,788
Erie (City of), PA Parking Authority;
Series 2010, RB(a)(b)		5.20%		09/01/2020		260	260,000
Series 2010, RB (INS - AGM)(h)		5.20%		09/01/2035		740	740,000
Lehigh (County of), PA General Purpose Authority (Bible Fellowship Church Homes, Inc.); Series 2013, RB		4.75%		07/01/2022		2,125	2,179,676
Pennsylvania (Commonwealth of) Economic Development Financing Authority (National Gypson Co.); Series 2014, Ref. RB(d)		5.50%		11/01/2044		3,300	3,391,014
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Drexel University); Series 2011 A, RB(a)(b)		5.13%		05/01/2021		500	516,525

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21                     Invesco Municipal Income Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Pennsylvania–(continued)
Pennsylvania (Commonwealth of) Turnpike Commission;
Series 2018 B, RB		5.25%		12/01/2048	$	7,995	$       9,794,115
Subseries 2010 B-2, RB(a)(b)		5.75%		12/01/2020		4,550	4,612,756
Subseries 2010 B-2, RB(a)(b)		6.00%		12/01/2020		2,750	2,789,632
Subseries 2014 A-2, RB(j)		5.13%		12/01/2040		5,500	5,693,160
Subseries 2017 B-1, RB		5.25%		06/01/2047		9,325	10,979,348
Philadelphia (City of), PA; Series 2017 B, Ref. RB(d)		5.00%		07/01/2047		7,500	8,625,750
Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group); Series 2017, Ref. RB		5.00%		07/01/2042		3,000	2,991,900
Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University Health System); Series 2012 A, RB		5.63%		07/01/2042		5,530	5,835,699
Philadelphia (City of), PA Industrial Development Authority (Thomas Jefferson University); Series 2017 A, Ref. RB		5.00%		09/01/2042		3,500	4,065,180
Philadelphia School District; Series 2007 A, Ref. GO Bonds (INS - NATL)(h)		5.00%		06/01/2026		2,360	2,909,455
Pittsburgh (City of) & Allegheny (County of), PA Sports & Exhibition Authority (Regional Asset District); Series 2010, Ref. RB (INS - AGM)(h)		5.00%		02/01/2031		2,000	2,004,240
							87,786,145
Puerto Rico –1.13%
Children’s Trust Fund;
Series 2002, RB		5.50%		05/15/2039		6,450	6,489,732
Series 2008 B, RB(g)		0.00%		05/15/2057		10,000	402,200
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2008 A, RB		6.00%		07/01/2038		1,795	1,824,169
Series 2008 A, RB		6.00%		07/01/2044		1,970	2,002,012
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2007 VV, Ref. RB (INS - NATL)(h)		5.25%		07/01/2030		2,700	2,778,975
Series 2012 A, RB		5.00%		07/01/2042		5,525	3,812,250
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2007 N, Ref. RB (INS - AGC)(h)		5.25%		07/01/2034		2,500	2,727,275
Series 2007 N, Ref. RB (INS - AGC)(h)		5.25%		07/01/2036		4,100	4,449,771
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB		4.50%		07/01/2034		1,400	1,481,732
Series 2018 A-1, RB		4.55%		07/01/2040		1,583	1,685,512
Series 2018 A-1, RB(g)		0.00%		07/01/2046		10,000	2,868,700
Series 2018 A-1, RB(g)		0.00%		07/01/2051		25,000	5,168,000
Series 2018 A-1, RB		4.75%		07/01/2053		4,500	4,729,680
							40,420,008
Rhode Island–0.01%
Rhode Island (State of) Turnpike & Bridge Authority; Series 2010 A, RB(a)(b)		5.00%		12/01/2020		500	505,890
South Carolina–1.31%
Greenwood (County of), SC (Self Regional Healthcare); Series 2012 B, Ref. RB		5.00%		10/01/2031		2,120	2,235,688
Horry (County of), SC; Series 2010 A, RB		5.00%		07/01/2040		2,000	2,006,760
Patriots Energy Group Financing Agency; Series 2018 A, RB(b)		4.00%		02/01/2024		5,000	5,546,300
Piedmont Municipal Power Agency;
Series 2011 C, Ref. RB (INS - AGC)(h)		5.00%		01/01/2030		500	515,745
Series 2011 D, Ref. RB (INS - AGC)(h)		5.75%		01/01/2034		1,000	1,034,970
South Carolina (State of) Jobs-Economic Development Authority (Lutheran Homes);
Series 2013, RB		5.00%		05/01/2028		2,000	2,018,720
Series 2017, Ref. RB		5.00%		05/01/2037		2,860	2,805,918
South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance); Series 2013 A, Ref. RB(a)(b)		5.25%		08/01/2023		3,850	4,407,326
South Carolina (State of) Ports Authority; Series 2015, RB(a)(b)(d)		5.00%		07/01/2025		10,000	12,193,100
South Carolina (State of) Public Service Authority; Series 2015 E, RB		5.25%		12/01/2055		7,365	8,551,354
South Carolina (State of) Public Service Authority (Santee Cooper Revenue Obligations); Series 2013 E, RB		5.50%		12/01/2053		5,000	5,555,250
							46,871,131

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22                     Invesco Municipal Income Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
South Dakota–0.12%
South Dakota (State of) Health & Educational Facilities Authority (Avera Health); Series 2012 A, RB(a)(b)		5.00%		07/01/2021	$	4,000	$       4,150,360
Tennessee–1.82%
Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health); Series 2016 A, Ref. RB		5.00%		01/01/2042		14,000	16,306,500
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities
Board (Blakeford at Green Hills);
Series 2012, Ref. RB		5.00%		07/01/2027		2,000	2,071,740
Series 2012, Ref. RB		5.00%		07/01/2032		1,500	1,542,450
Series 2012, Ref. RB		5.00%		07/01/2037		1,100	1,125,223
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities
Board (The) (Vanderbilt University Medical Center);
Series 2016 A, RB		5.00%		07/01/2046		8,015	9,181,824
Series 2017 A, RB		5.00%		07/01/2048		1,500	1,740,375
Nashville (City of), TN Metropolitan Airport Authority; Series 2019 B, RB(d)		5.00%		07/01/2049		7,820	9,546,891
Shelby (County of), TN Health, Educational & Housing Facilities Board (The Village at Germantown, Inc.);
Series 2014, RB		5.00%		12/01/2034		1,000	1,003,340
Series 2014, RB		5.25%		12/01/2044		1,165	1,182,160
Tennessee Energy Acquisition Corp.; Series 2017 A, RB(b)		4.00%		05/01/2023		20,000	21,613,800
							65,314,303
Texas–7.69%
Aldine Independent School District; Series 2017 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)(c)		5.00%		02/15/2045		15,000	18,166,650
Angelina & Neches River Authority Industrial Development Corp. (Aspen Power LLC); Series 2007 A, RB(d)(e)(k)		6.50%		11/01/2029		430	4
Arlington Higher Education Finance Corp. (Universal Academy); Series 2014 A, RB		7.00%		03/01/2034		1,000	1,089,510
Bexar County Health Facilities Development Corp. (St. Luke’s Lutheran Hospital); Series 1991, RB(a)		7.00%		05/01/2021		180	187,594
Central Texas Regional Mobility Authority;
Series 2011, RB(a)(b)		5.75%		01/01/2021		1,000	1,018,530
Series 2011, RB(a)(b)		6.00%		01/01/2021		5,000	5,096,450
Series 2016, Ref. RB		5.00%		01/01/2046		8,705	9,992,295
Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2013, RB		6.00%		08/15/2043		2,000	2,218,600
Clifton Higher Education Finance Corp. (International Leadership of Texas);
Series 2015 A, RB		5.13%		08/15/2030		2,000	2,240,140
Series 2018 D, RB		6.00%		08/15/2038		5,000	5,685,500
Dallas (City of), TX (Civic Center Convention Complex); Series 2009, Ref. RB (INS - AGC)(h)		5.25%		08/15/2034		4,000	4,015,080
Decatur (City of), TX Hospital Authority (Wise Regional Health System);
Series 2014 A, Ref. RB		5.00%		09/01/2034		1,250	1,363,763
Series 2014 A, Ref. RB		5.25%		09/01/2044		1,500	1,614,495
Galena Park Independent School District; Series 1996, Ref. GO Bonds (CEP - Texas Permanent School Fund)(g)		0.00%		08/15/2023		2,000	1,975,820
Grand Parkway Transportation Corp.;
Series 2013 B, RB(a)(b)		5.25%		10/01/2023		14,360	16,552,341
Series 2020, Ref. RB		4.00%		10/01/2045		10,000	11,743,900
Harris (County of), TX; Series 2007 C, Ref. GO Bonds (INS - AGM)(h)		5.25%		08/15/2031		6,665	9,561,276
Hopkins (County of), TX Hospital District; Series 2008, RB		5.50%		02/15/2023		1,140	1,144,058
Houston (City of), TX;
Series 2019 A, Ref. GO Bonds		4.00%		03/01/2049		6,130	7,047,293
Series 2020 C, Ref. RB		4.00%		11/15/2049		4,085	4,850,978
Houston (City of), TX (United Airlines, Inc.);
Series 2020 C, Ref. RB(d)		5.00%		07/15/2027		3,875	4,031,821
Series 2020, Ref. RB(d)		5.00%		07/15/2027		1,500	1,589,985
Houston (City of), TX Convention & Entertainment Facilities Department;
Series 2001 B, RB (INS - AGM)(g)(h)		0.00%		09/01/2026		8,750	8,021,737
Series 2001 B, RB (INS - AGM)(g)(h)		0.00%		09/01/2027		3,600	3,217,680
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.);
Series 2011 A, RB(a)(b)		6.88%		05/15/2021		1,700	1,779,152
Series 2011, RB(a)(b)		6.50%		05/15/2021		1,740	1,816,093

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23                     Invesco Municipal Income Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Texas–(continued)
Love Field Airport Modernization Corp. (Southwest Airlines Co.);
Series 2010, RB		5.25%		11/01/2040	$	1,000	$       1,004,380
Series 2012, RB(d)		5.00%		11/01/2028		2,000	2,077,640
Lower Colorado River Authority;
Series 2012 A, Ref. RB(a)(b)		5.00%		05/15/2022		10	10,792
Series 2012 A, Ref. RB		5.00%		05/15/2030		4,585	4,926,353
Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2019, Ref. RB		5.00%		05/15/2044		3,395	4,068,161
Lower Neches Valley Authority Industrial Development Corp. (Exxonmobil); Series 2001 A, Ref. VRD RB(l)		0.03%		11/01/2029		5,300	5,300,000
Mesquite Health Facilities Development Corp. (Christian Care Centers, Inc.);
Series 2014, Ref. RB		5.13%		02/15/2030		1,750	1,620,430
Series 2014, Ref. RB		5.13%		02/15/2042		2,135	1,776,277
Series 2016, Ref. RB		5.00%		02/15/2030		280	256,791
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(d)(f)		4.63%		10/01/2031		2,500	2,648,550
New Hope Cultural Education Facilities Corp. (Presbyterian Village North); Series 2018, Ref. RB		5.00%		10/01/2035		1,820	1,861,205
New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); Series 2017, Ref. RB		5.00%		01/01/2047		3,000	3,214,440
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries); Series 2013, RB		6.50%		01/01/2043		2,350	2,469,168
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford);
Series 2016 A, RB		5.00%		11/15/2026		1,250	1,197,163
Series 2016 A, RB		5.38%		11/15/2036		865	741,945
Series 2016 A, RB		5.50%		11/15/2046		1,250	1,013,438
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North);
Series 2018, Ref. RB		5.00%		10/01/2039		3,260	3,298,761
Series 2018, Ref. RB		5.25%		10/01/2049		5,000	5,065,450
New Hope Cultural Education Facilities Finance Corp. (Tarleton State University); Series 2014 A, RB(a)(b)		5.00%		04/01/2024		3,000	3,423,270
North East Texas Regional Mobility Authority;
Series 2016 A, RB		5.00%		01/01/2041		6,750	7,523,685
Series 2016, RB		5.00%		01/01/2036		3,400	3,824,150
North Texas Tollway Authority;
Series 2008 D, Ref. RB (INS - AGC)(g)(h)		0.00%		01/01/2028		12,800	11,550,848
Series 2008 D, Ref. RB (INS - AGC)(g)(h)		0.00%		01/01/2029		2,165	1,903,338
Series 2008 D, Ref. RB (INS - AGC)(g)(h)		0.00%		01/01/2031		4,710	3,909,253
Series 2011, Ref. RB		5.00%		01/01/2038		1,000	1,012,240
Pottsboro Higher Education Finance Corp. (Imagine International Academy of North Texas LLC); Series 2016 A, RB		5.00%		08/15/2046		3,000	3,085,380
Red River Health Facilities Development Corp. (MRC Crossing); Series 2014 A, RB		6.75%		11/15/2024		850	905,038
Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area);
Series 2016, RB		5.38%		09/15/2030		400	414,004
Series 2016, RB		5.75%		09/15/2036		150	152,534
San Jacinto River Authority (Groundwater Reduction Plan Division);
Series 2011, RB (INS - AGM)(h)		5.00%		10/01/2032		1,250	1,254,375
Series 2011, RB (INS - AGM)(h)		5.00%		10/01/2037		1,000	1,003,660
Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.); Series 2007, RB(e)		5.75%		11/16/2037		345	224,250
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2007, RB		5.75%		02/15/2025		1,485	1,187,510
Series 2007, RB		5.75%		02/15/2029		1,500	1,198,125
Series 2017 A, RB		6.38%		02/15/2048		1,000	797,310
Series 2017 A, RB		6.38%		02/15/2052		5,000	3,986,050
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
Series 2020, Ref. RB		6.63%		11/15/2041		500	501,590
Series 2020, Ref. RB		6.75%		11/15/2051		500	501,395
Series 2020, Ref. RB		6.88%		11/15/2055		500	501,565
Texas (State of) Transportation Commission;
Series 2019, RB(g)		0.00%		08/01/2045		4,000	1,357,720
Series 2019, RB(g)		0.00%		08/01/2046		3,180	1,024,596
Texas (State of) Transportation Commission (Central Texas Turnpike System);
Series 2015 B, Ref. RB(g)		0.00%		08/15/2036		7,670	4,115,569
Series 2015 B, Ref. RB(g)		0.00%		08/15/2037		9,995	5,117,640

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24                     Invesco Municipal Income Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Texas–(continued)
Texas (State of) Turnpike Authority (Central Texas Turnpike System);
Series 2002 A, RB (INS - BHAC)(g)(h)		0.00%		08/15/2027	$	970	$          899,559
Series 2002, RB(a)(g)		0.00%		08/15/2027		30	28,637
Texas Municipal Gas Acquisition & Supply Corp. III;
Series 2012, RB		5.00%		12/15/2023		2,000	2,170,720
Series 2012, RB		5.00%		12/15/2028		6,310	6,774,984
Series 2012, RB		5.00%		12/15/2031		1,875	2,000,775
Series 2012, RB		5.00%		12/15/2032		3,865	4,115,375
Texas Private Activity Bond Surface Transportation Corp. (Blueridge Transportation Group, LLC SH 288 Toll Lanes);
Series 2016, RB(d)		5.00%		12/31/2045		7,550	7,973,328
Series 2016, RB(d)		5.00%		12/31/2050		4,095	4,306,957
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes); Series 2019 A, Ref. RB		4.00%		12/31/2038		8,000	8,921,280
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility); Series 2013, RB(d)		7.00%		12/31/2038		3,475	3,994,443
Tyler Health Facilities Development Corp. (Mother Frances Hospital Regional Health Care Center);
Series 2011, RB(a)(b)		5.13%		07/01/2021		1,655	1,721,034
Series 2011, RB(a)(b)		5.25%		07/01/2021		2,000	2,081,880
Ysleta Independent School District Public Facility Corp.; Series 2001, Ref. RB (INS - AMBAC)(h)		5.38%		11/15/2024		1,300	1,313,416
							275,349,172
Utah–0.89%
Murray (City of), UT; Series 2005 B, VRD RB(l)		0.02%		05/15/2037		3,835	3,835,000
Salt Lake City Corp. Airport Revenue; Series 2017 A, RB(c)(d)(i)		5.00%		07/01/2042		14,000	16,450,000
Weber (County of), UT; Series 2000 C, VRD RB(l)		0.02%		02/15/2035		11,540	11,540,000
							31,825,000
Vermont–0.03%
Vermont (State of) Economic Development Authority (Central Vermont Public Service Corp.); Series 2010, RB		5.00%		12/15/2020		1,250	1,264,925
Virgin Islands–0.25%
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note);
Series 2009 B, Ref. RB		5.00%		10/01/2025		5,500	5,448,245
Series 2010 A, RB		5.00%		10/01/2025		850	842,002
Series 2010 A, RB		5.00%		10/01/2029		2,750	2,706,577
							8,996,824
Virginia–1.83%
Ballston Quarter Communities Development Authority; Series 2016 A, RB		5.50%		03/01/2046		2,500	2,160,150
Hanover (County of), VA Economic Development Authority (Covenant Woods);
Series 2018, Ref. RB		5.00%		07/01/2048		700	710,878
Series 2018, Ref. RB		5.00%		07/01/2051		1,000	1,013,790
Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group); Series 2020, Ref. RB		5.00%		07/01/2047		15,540	24,415,205
Tobacco Settlement Financing Corp.; Series 2007 B-2, RB		5.20%		06/01/2046		4,000	4,031,200
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC); Series 2017, RB(d)		5.00%		07/01/2034		5,000	5,202,450
Virginia (Commonwealth of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC);
Series 2012, RB(d)		5.00%		07/01/2027		4,465	4,714,058
Series 2012, RB(d)		5.50%		01/01/2042		4,920	5,163,146
Virginia (Commonwealth of) Small Business Financing Authority (Express Lanes, LLC);
Series 2012, RB(d)		5.00%		07/01/2034		6,735	7,007,700
Series 2012, RB(d)		5.00%		01/01/2040		2,535	2,629,556
Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3); Series 2017, RB(d)		5.00%		12/31/2056		7,500	8,439,300
							65,487,433
Washington–2.35%
Seattle (Port of), WA; Series 2018 A, RB(c)(d)		5.00%		05/01/2043		21,000	24,287,550

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25                     Invesco Municipal Income Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Washington–(continued)
Washington (State of); Series 2021 A, Ref. GO Bonds		5.00%		06/01/2038	$	2,750	$       3,572,745
Washington (State of) Convention Center Public Facilities District;
Series 2018, RB(c)(i)		5.00%		07/01/2048		15,000	16,737,300
Series 2018, RB		5.00%		07/01/2048		20,000	21,983,200
Washington (State of) Health Care Facilities Authority (Fred Hutchinson Cancer Research Center);
Series 2011, RB(a)(b)		5.63%		01/01/2021		1,250	1,272,225
Series 2011, RB(a)(b)		6.00%		01/01/2021		1,500	1,528,425
Washington (State of) Housing Finance Commission (Bayview Manor Homes); Series 2016 A, Ref. RB(f)		5.00%		07/01/2046		7,255	7,472,505
Washington (State of) Housing Finance Commission (Heron’s Key Senior Living);
Series 2015 A, RB(f)		6.50%		07/01/2030		800	871,608
Series 2015 A, RB(f)		6.75%		07/01/2035		820	886,305
Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.); Series 2016, Ref. RB(f)		5.00%		01/01/2036		1,875	1,924,988
Washington (State of) Housing Finance Commission (The Hearthstone);
Series 2018 A, Ref. RB(f)		5.00%		07/01/2048		2,000	2,006,280
Series 2018 A, Ref. RB(f)		5.00%		07/01/2053		1,500	1,499,895
							84,043,026
West Virginia–0.22%
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2017 A, Ref. RB(f)		5.50%		06/01/2037		2,500	2,618,725
West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC);
Series 2016, RB(d)(f)		6.75%		02/01/2026		4,035	3,858,953
Series 2018, RB(d)(f)		8.75%		02/01/2036		1,300	1,314,365
							7,792,043
Wisconsin–2.41%
Public Finance Authority (American Dream at Meadowlands); Series 2017, RB(f)		6.75%		08/01/2031		3,000	2,583,270
Public Finance Authority (KU Campus Development Corp. -Central District Development); Series 2016, RB(c)		5.00%		03/01/2041		10,000	11,501,000
Public Finance Authority (The Evergreens Obligated Group); Series 2019 A, Ref. RB		5.00%		11/15/2044		4,000	4,327,600
Public Finance Authority (WhiteStone); Series 2017, Ref. RB(f)		5.00%		03/01/2052		1,075	1,110,260
Superior (City of), WI (Superior Water, Light & Power Co.); Series 2007 A, Ref. RB(d)		5.38%		11/01/2021		2,000	2,008,240
Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the Midwest Obligated Group); Series 2017, Ref. RB		5.00%		08/01/2039		3,500	3,307,465
Wisconsin (State of) Health & Educational Facilities Authority (Catholic Residential Services); Series 2007, Ref. RB		5.25%		05/01/2028		1,055	947,675
Wisconsin (State of) Health & Educational Facilities Authority (Meriter Hospital, Inc.);
Series 2011 A, RB(a)(b)		5.50%		05/01/2021		2,000	2,070,420
Series 2011 A, RB(a)(b)		5.75%		05/01/2021		1,000	1,036,870
Wisconsin (State of) Health & Educational Facilities Authority (Rogers Memorial Hospital, Inc.); Series 2014, Ref. RB		5.00%		07/01/2044		3,125	3,435,562
Wisconsin (State of) Health & Educational Facilities Authority (St. John’s Communities, Inc.);
Series 2018 A, RB		5.00%		09/15/2040		1,000	1,021,140
Series 2018 A, RB		5.00%		09/15/2050		5,000	5,084,300
Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); Series 2017, RB(f)		7.00%		12/01/2050		6,100	5,302,913
Wisconsin (State of) Public Finance Authority (Explore Academy); Series 2020 A, RB(f)		6.13%		02/01/2050		2,500	2,540,025
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. Central District Development); Series 2016, RB		5.00%		03/01/2036		4,500	5,228,640
Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 A-1, RB(f)		6.25%		01/01/2038		5,250	4,382,910
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.);
Series 2018 A, RB		5.20%		12/01/2037		5,000	5,553,800
Series 2018 A, RB		5.35%		12/01/2045		4,000	4,417,400
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center);
Series 2016 A, Ref. RB		5.00%		06/01/2032		2,000	2,367,400
Series 2016 A, Ref. RB		5.00%		06/01/2034		7,180	8,446,337
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB		5.75%		04/01/2035		1,955	2,128,389

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26                     Invesco Municipal Income Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Wisconsin–(continued)
Wisconsin (State of) Public Finance Authority (Wittenberg University); Series 2016, RB(f)		5.25%		12/01/2039	$	7,285	$       7,465,158
							86,266,774
Wyoming–0.26%
West Park Hospital District (West Park Hospital); Series 2011 A, RB		6.50%		06/01/2031		1,000	1,033,440
Wyoming (State of) Municipal Power Agency; Series 2017 A, Ref. RB (INS - BAM)(c)(h)		5.00%		01/01/2047		7,000	8,278,060
							9,311,500
TOTAL INVESTMENTS IN SECURITIES(o) –107.99% (Cost $3,609,242,351)							3,867,542,412
FLOATING RATE NOTE OBLIGATIONS–(8.75)%
Notes with interest and fee rates ranging from 0.61% to 1.16% at 08/31/2020 and contractual maturities of collateral ranging from 09/01/2022 to 08/15/2057 (See Note 1J)(p)							(313,345,000)
OTHER ASSETS LESS LIABILITIES–0.76%							27,190,193
NET ASSETS –100.00%							$3,581,387,605

Investment Abbreviations:

AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BAM	– Build America Mutual Assurance Co.
BHAC	– Berkshire Hathaway Assurance Corp.
CEP	– Credit Enhancement Provider
COP	– Certificates of Participation
Ctfs.	– Certificates
GNMA	– Government National Mortgage Association
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
LOC	– Letter of Credit
NATL	– National Public Finance Guarantee Corp.
PCR	– Pollution Control Revenue Bonds
RAC	– Revenue Anticipation Certificates
RB	– Revenue Bonds
Ref.	– Refunding
RN	– Revenue Notes
VRD	– Variable Rate Demand

Notes to Schedule of Investments:

^(a)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(b)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(c)  Underlying security related to TOB Trusts entered into by the Fund. See Note 1J.

^(d)  Security subject to the alternative minimum tax.

^(e)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2020 was $5,442,949, which represented less than 1% of the Fund’s Net Assets.

^(f)  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 August 31, 2020 was $224,595,611, which represented 6.27% of the Fund’s Net Assets.

^(g)  Zero coupon bond issued at a discount.

^(h)  Principal and/or interest payments are secured by the bond insurance company listed.

⁽ⁱ⁾  Security is subject to a reimbursement agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $64,415,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

^(j)  Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

^(k)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(l)  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 August 31, 2020.

^(m)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

⁽ⁿ⁾  Security subject to crossover refunding.

^(o)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

^(p)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2020. At August 31, 2020, the Fund’s investments with a value of $524,100,390 are held by TOB Trusts and serve as collateral for the $313,345,000 in the floating rate note obligations outstanding at that date.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27                     Invesco Municipal Income Fund

Open Futures Contracts^(a)

													Unrealized
	Number of		Expiration		Notional								Appreciation
Short Futures Contracts	Contracts		Month		Value				Value				(Depreciation)
Interest Rate Risk
U.S. Treasury 10 Year Notes		508		December-2020		$	(70,739,000	)		$	(44,733	)		$	(44,733	)

^(a)  Futures contracts collateralized by $1,325,000 cash held with Goldman Sachs International, the futures commission merchant.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2020

Revenue Bonds	83.4	%
General Obligation Bonds	8.0
Pre-Refunded Bonds	6.8
Other	1.8

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28                     Invesco Municipal Income Fund

Statement of Assets and Liabilities

August 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $3,609,242,351)	$3,867,542,412
Deposits with brokers:
Cash collateral – exchange-traded futures contracts	1,325,000
Cash	5,422,454
Receivable for:
Investments sold	500,000
Fund shares sold	2,746,044
Interest	40,730,579
Investments matured, at value (Cost $870,481)	565,813
Investment for trustee deferred compensation and retirement plans	378,581
Other assets	154,980
Total assets	3,919,365,863
Liabilities:
Floating rate note obligations	313,345,000
Other investments:
Variation margin payable - futures contracts	79,375
Payable for:
Investments purchased	17,792,433
Dividends	3,047,570
Fund shares reacquired	1,976,758
Accrued fees to affiliates	1,220,474
Accrued trustees’ and officers’ fees and benefits	6,674
Accrued other operating expenses	54,968
Trustee deferred compensation and retirement plans	455,006
Total liabilities	337,978,258
Net assets applicable to shares outstanding	$3,581,387,605

Net assets consist of:
Shares of beneficial interest	$	3,484,459,740
Distributable earnings		96,927,865
	$	3,581,387,605
Net Assets:
Class A	$	2,534,427,493
Class C	$	252,074,788
Class Y	$	461,951,225
Investor Class	$	96,750,959
Class R6	$	236,183,140
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		187,940,102
Class C		18,776,395
Class Y		34,262,077
Investor Class		7,167,293
Class R6		17,516,006
Class A:
Net asset value per share	$	13.49
Maximum offering price per share (Net asset value of $13.49 ÷ 95.75%)	$	14.09
Class C:
Net asset value and offering price per share	$	13.43
Class Y:
Net asset value and offering price per share	$	13.48
Investor Class:
Net asset value and offering price per share	$	13.50
Class R6:
Net asset value and offering price per share	$	13.48

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29                     Invesco Municipal Income Fund

Statement of Operations

For the six months ended August 31, 2020

(Unaudited)

Investment income:
Interest	$	72,427,154
Expenses:
Advisory fees		7,915,882
Administrative services fees		252,954
Custodian fees		12,608
Distribution fees:
Class A		3,020,325
Class C		1,345,386
Investor Class		51,241
Interest, facilities and maintenance fees		1,752,825
Transfer agent fees – A, C, Y and Investor		1,147,868
Transfer agent fees – R6		11,322
Trustees’ and officers’ fees and benefits		22,291
Registration and filing fees		126,075
Reports to shareholders		64,053
Professional services fees		35,512
Other		14,491
Total expenses		15,772,833
Less: Expense offset arrangement(s)		(846	)
Net expenses		15,771,987
Net investment income		56,655,167
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains from securities sold to affiliates of $ 500,816)		(45,836,465	)
Futures contracts		(2,536,107	)
		(48,372,572	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(105,216,242	)
Futures contracts		(44,733	)
		(105,260,975	)
Net realized and unrealized gain (loss)		(153,633,547	)
Net increase (decrease) in net assets resulting from operations	$	(96,978,380	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

30                     Invesco Municipal Income Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2020 and the year ended February 29, 2020

(Unaudited)

	August 31,			February 29,
	2020			2020
Operations:
Net investment income		$     56,655,167			$   106,735,640
Net realized gain (loss)		(48,372,572	)		(4,946,345	)
Change in net unrealized appreciation (depreciation)		(105,260,975	)		249,061,063
Net increase (decrease) in net assets resulting from operations		(96,978,380	)		350,850,358
Distributions to shareholders from distributable earnings:
Class A		(35,281,139	)		(75,591,307	)
Class C		(2,920,677	)		(5,117,033	)
Class Y		(7,190,740	)		(16,415,197	)
Investor Class		(1,468,418	)		(3,518,570	)
Class R6		(3,652,110	)		(7,224,670	)
Total distributions from distributable earnings		(50,513,084	)		(107,866,777	)
Share transactions–net:
Class A		108,777,602			372,653,767
Class C		(33,395,351	)		149,343,209
Class Y		(17,905,010	)		59,750,854
Investor Class		(2,184,823	)		(4,608,765	)
Class R6		2,830,916			75,838,918
Net increase in net assets resulting from share transactions		58,123,334			652,977,983
Net increase (decrease) in net assets		(89,368,130	)		895,961,564
Net assets:
Beginning of period		3,670,755,735			2,774,794,171
End of period		$3,581,387,605			$3,670,755,735

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

31                     Invesco Municipal Income Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/20		$14.04		$0.22		$(0.58	)		$(0.36	)		$(0.19	)		$13.49		(2.49	)%		$2,534,427		0.91	%(d)		0.91	%(d)		0.81	%(d)		3.27	%(d)		17	%
Year ended 02/29/20		13.02		0.45		1.03			1.48			(0.46	)		14.04		11.56			2,525,163		1.05			1.05			0.82			3.35			9
Year ended 02/28/19		13.19		0.50		(0.14	)		0.36			(0.53	)		13.02		2.78			1,982,214		1.01			1.01			0.85			3.85			27
Year ended 02/28/18		13.22		0.53		(0.06	)		0.47			(0.50	)		13.19		3.53			1,935,019		1.10			1.10			0.87			3.94			17
Year ended 02/28/17		13.70		0.52		(0.47	)		0.05			(0.53	)		13.22		0.28			1,927,685		0.99			0.99			0.83			3.79			25
Year ended 02/29/16		13.75		0.59		(0.06	)		0.53			(0.58	)		13.70		3.94			1,766,102		0.93			0.93			0.85			4.29			12
Class C
Six months ended 08/31/20		13.97		0.17		(0.57	)		(0.40	)		(0.14	)		13.43		(2.81	)		252,075		1.66	(d)		1.66	(d)		1.56	(d)		2.52	(d)		17
Year ended 02/29/20		12.96		0.35		1.02			1.37			(0.36	)		13.97		10.69			298,433		1.80			1.80			1.57			2.60			9
Year ended 02/28/19		13.12		0.40		(0.13	)		0.27			(0.43	)		12.96		2.08			133,292		1.76			1.76			1.60			3.10			27
Year ended 02/28/18		13.16		0.42		(0.07	)		0.35			(0.39	)		13.12		2.68			248,013		1.85			1.85			1.62			3.19			17
Year ended 02/28/17		13.64		0.41		(0.47	)		(0.06	)		(0.42	)		13.16		(0.48	)		250,828		1.74			1.74			1.58			3.04			25
Year ended 02/29/16		13.68		0.48		(0.05	)		0.43			(0.47	)		13.64		3.24			156,712		1.68			1.68			1.60			3.54			12
Class Y
Six months ended 08/31/20		14.04		0.23		(0.58	)		(0.35	)		(0.21	)		13.48		(2.44	)		461,951		0.66	(d)		0.66	(d)		0.56	(d)		3.52	(d)		17
Year ended 02/29/20		13.02		0.48		1.03			1.51			(0.49	)		14.04		11.83			500,893		0.80			0.80			0.57			3.60			9
Year ended 02/28/19		13.18		0.54		(0.14	)		0.40			(0.56	)		13.02		3.11			406,923		0.76			0.76			0.60			4.10			27
Year ended 02/28/18		13.22		0.56		(0.07	)		0.49			(0.53	)		13.18		3.71			442,757		0.85			0.85			0.62			4.19			17
Year ended 02/28/17		13.70		0.55		(0.47	)		0.08			(0.56	)		13.22		0.54			524,417		0.74			0.74			0.58			4.04			25
Year ended 02/29/16		13.74		0.62		(0.05	)		0.57			(0.61	)		13.70		4.27			449,882		0.68			0.68			0.60			4.54			12
Investor Class
Six months ended 08/31/20		14.05		0.23		(0.58	)		(0.35	)		(0.20	)		13.50		(2.45	)(e)		96,751		0.77	(d)(e)		0.77	(d)(e)		0.67	(d)(e)		3.41	(d)(e)		17
Year ended 02/29/20		13.03		0.46		1.03			1.49			(0.47	)		14.05		11.65	(e)		102,850		0.98	(e)		0.98	(e)		0.75	(e)		3.42	(e)		9
Year ended 02/28/19		13.19		0.52		(0.14	)		0.38			(0.54	)		13.03		2.96	(e)		99,887		0.88	(e)		0.88	(e)		0.72	(e)		3.98	(e)		27
Year ended 02/28/18		13.24		0.54		(0.08	)		0.46			(0.51	)		13.19		3.48	(e)		105,159		1.03	(e)		1.03	(e)		0.80	(e)		4.01	(e)		17
Year ended 02/28/17		13.71		0.53		(0.46	)		0.07			(0.54	)		13.24		0.47	(e)		108,489		0.87	(e)		0.87	(e)		0.71	(e)		3.91	(e)		25
Year ended 02/29/16		13.76		0.60		(0.06	)		0.54			(0.59	)		13.71		4.06	(e)		114,690		0.82	(e)		0.82	(e)		0.74	(e)		4.40	(e)		12
Class R6
Six months ended 08/31/20		14.04		0.24		(0.59	)		(0.35	)		(0.21	)		13.48		(2.41	)		236,183		0.60	(d)		0.60	(d)		0.50	(d)		3.58	(d)		17
Year ended 02/29/20		13.02		0.49		1.03			1.52			(0.50	)		14.04		11.90			243,417		0.74			0.74			0.51			3.66			9
Year ended 02/28/19		13.18		0.54		(0.13	)		0.41			(0.57	)		13.02		3.18			152,478		0.69			0.69			0.53			4.17			27
Period ended 02/28/18(f)		13.25		0.51		(0.10	)		0.41			(0.48	)		13.18		3.13			141,275		0.79	(g)		0.79	(g)		0.56	(g)		4.25	(g)		17

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $2,396,229, $266,839, $449,853, $96,759 and $224,254 for Class A, Class C, Class Y, Investor Class and Class R6 shares, respectively.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.11%, 0.17%, 0.13%, 0.18%, 0.13% and 0.14% for the six months ended August 31, 2020 and for the years ended February 29, 2020, February 28, 2019, February 28, 2018, February 28, 2017 and February 29, 2016, respectively.

^(f)  Commencement date of April 04, 2017.

^(g) Annualized.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

32                     Invesco Municipal Income Fund

Notes to Financial Statements

August 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Municipal Income Fund (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to provide investors with a high level of current income exempt from federal income tax, consistent with preservation of capital.

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Investor Class and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Investor Class and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature will change from ten years to eight years. The first conversion of Class C shares to Class A shares would occur at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. 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.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of

33                     Invesco Municipal Income Fund

the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Interest, Facilities and Maintenance Fees - Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.

H. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications - Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote.

J. Floating Rate Note Obligations - The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider

34                     Invesco Municipal Income Fund

will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

K. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

L. Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

M. Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $ 500 million		0.500	%
Over $500 million		0.450	%

For the six months ended August 31, 2020, the effective advisory fee rate incurred by the Fund was 0.46%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.50% and 1.25%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

35                     Invesco Municipal Income Fund

Shares of the Fund are distributed by Invesco Distributors, Inc. (“IDI”). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the “Plans”) for Class A shares, Class C shares and Investor Class shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A and Investor Class average daily net assets and up to 1.00% of Class C average daily net assets. The fees are accrued daily and paid monthly.

With respect to Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class C maximum annual reimbursement rate, respectively. With respect to Class A and Investor Class shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

For the six months ended August 31, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2020, IDI advised the Fund that IDI retained $165,560 in front-end sales commissions from the sale of Class A shares and $72,948 and $4,751 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 the 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.

The following is a summary of the tiered valuation input levels, as of August 31, 2020. 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
Municipal Obligations	$	–			$3,867,118,060		$424,352		$3,867,542,412
Other Investments - Assets*
Investments Matured		–			565,813		–		565,813
Other Investments - Liabilities*
Futures Contracts		(44,733	)		–		–		(44,733	)
Total Investments	$	(44,733	)		$3,867,683,873		$424,352		$3,868,063,492

* Futures contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.

NOTE 4–Derivative Investments

The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of August 31, 2020:

	Value
Derivative Liabilities	Interest Rate Risk
Unrealized depreciation on futures contracts – Exchange-Traded(a)	$	(44,733	)
Derivatives not subject to master netting agreements		44,733
Total Derivative Liabilities subject to master netting agreements	$	-

^(a)  The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

36                     Invesco Municipal Income Fund

Effect of Derivative Investments for the six months ended August 31, 2020

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

	Location of Gain (Loss) on Statement of Operations
	Interest Rate Risk
Realized Gain (Loss):
Futures contracts	$(2,536,107)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts	(44,733)
Total	$(2,580,840)
The table below summarizes the average notional value of derivatives held during the period.

	Futures Contracts
Average notional value	$	107,939,323

NOTE 5–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended August 31, 2020, the Fund engaged in securities purchases of $165,914,747 and securities sales of $206,817,744, which resulted in net realized gains of $500,816.

NOTE 6–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $846.

NOTE 7–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 8–Cash Balances and Borrowings

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2020 were $304,755,857 and 1.11%, respectively.

NOTE 9–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of February 29, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	67,434,507	$	54,958,601	$122,393,108

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

37                     Invesco Municipal Income Fund

NOTE 10–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2020 was $718,676,535 and $632,422,203, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	289,363,286
Aggregate unrealized (depreciation) of investments		(31,412,626	)
Net unrealized appreciation of investments	$	257,950,660

Cost of investments for tax purposes is $3,610,112,832.

NOTE 11–Share Information

	Summary of Share Activity
	Six months ended August 31, 2020(a)						Year ended February 29, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		22,353,827		$	294,431,197			44,759,270		$	604,782,920
Class C		2,845,395			37,174,655			15,455,350			208,409,624
Class Y		3,190,246			41,813,186			8,315,377			112,195,062
Investor Class		437,437			5,702,716			431,706			5,832,042
Class R6		3,140,554			41,323,762			7,412,069			99,896,391
Issued as reinvestment of dividends:
Class A		1,679,218			22,079,635			3,473,727			46,992,526
Class C		176,473			2,307,688			287,735			3,883,419
Class Y		305,535			4,014,019			668,610			9,041,710
Investor Class		81,377			1,070,501			191,480			2,590,322
Class R6		214,264			2,816,014			417,059			5,645,621
Automatic conversion of Class C shares to Class A shares:
Class A		753,290			10,086,513			833,876			11,246,368
Class C		(756,680	)		(10,086,513	)		(837,704	)		(11,246,368	)
Reacquired:
Class A		(16,723,131	)		(217,819,743	)		(21,446,199	)		(290,368,047	)
Class C		(4,845,049	)		(62,791,181	)		(3,835,694	)		(51,703,466	)
Class Y		(4,920,487	)		(63,732,215	)		(4,559,671	)		(61,485,918	)
Investor Class		(672,502	)		(8,958,040	)		(967,246	)		(13,031,129	)
Class R6		(3,180,252	)		(41,308,860	)		(2,201,328	)		(29,703,094	)
Net increase (decrease) in share activity		4,079,515		$	58,123,334			48,398,417		$	652,977,983

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 63% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 12–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared 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 Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

38                     Invesco Municipal Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value (03/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)
		Ending Account Value (08/31/20)1	Expenses Paid During Period2	Ending Account Value (08/31/20)	Expenses Paid During Period2	Annualized   Expense   Ratio
Class A	$1,000.00	$975.10	$4.53	$1,020.62	$4.63	0.91%
Class C	1,000.00	971.90	8.25	1,016.84	8.44	1.66
Class Y	1,000.00	975.60	3.29	1,021.88	3.36	0.66
Investor Class	1,000.00	975.50	3.83	1,021.32	3.92	0.77
Class R6	1,000.00	975.90	2.99	1,022.18	3.06	0.60

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

39                     Invesco Municipal Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Municipal Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also

discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world.

As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond 5+ Year Investment Grade Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s actual and contractual management fees and total

40                     Invesco Municipal Income Fund

expense ratio were in the fourth, fifth and fifth quintile of its expense group, respectively, and discussed with management reasons for such relative actual and contractual management fees and total expenses.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other

independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

41                     Invesco Municipal Income Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

 A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-07890 and 033-66242 Invesco Distributors, Inc.             VK-MINC-SAR-1

	Semiannual Report to Shareholders	August 31, 2020
	Invesco New Jersey Municipal Fund
	Effective September 30, 2020, Invesco Oppenheimer Rochester® New Jersey Municipal Fund was renamed Invesco New Jersey Municipal Fund.
	Nasdaq:
	A: ONJAX ∎ C: ONJCX ∎ Y: ONJYX ∎ R6: IORJX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
11	Financial Statements
14	Financial Highlights
15	Notes to Financial Statements
21	Fund Expenses
22	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

     Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco

provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                         Invesco New Jersey Municipal Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/29/20 to 8/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-2.97	%
Class C Shares	-3.24
Class Y Shares	-2.83
Class R6 Shares	-2.77
Bloomberg Barclays Municipal Bond Index▼	0.19
U.S. Consumer Price Index∎	0.48
Source(s): ▼RIMES Technologies Corp.; ∎Bloomberg L.P.
The Bloomberg Barclays Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market.   The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the U.S. Bureau of Labor Statistics.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                         Invesco New Jersey Municipal Fund

Average Annual Total Returns
As of 8/31/20, including maximum applicable  sales charges
Class A Shares
Inception (3/1/94)	4.46	%
10 Years	3.66
5 Years	3.90
1 Year	-3.17
Class C Shares
Inception (8/29/95)	4.41	%
10 Years	3.37
5 Years	4.10
1 Year	-0.58
Class Y Shares
Inception (11/29/10)	4.80	%
5 Years	5.02
1 Year	1.25
Class R6 Shares
10 Years	4.16	%
5 Years	4.89
1 Year	1.49

Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Rochester New Jersey Municipal Fund, (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Rochester^® New Jersey Municipal Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R6 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a

CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                         Invesco New Jersey Municipal Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing

HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                         Invesco New Jersey Municipal Fund

Schedule of Investments

August 31, 2020

(Unaudited)

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Municipal Obligations–105.94%
New Jersey–81.26%
Atlantic City (City of), NJ; Series 2017 A, Ref. GO Bonds (INS - BAM)(a)		5.00%		03/01/2042	$	1,250	$    1,477,162
Casino Reinvestment Development Authority;
Series 2004, RB (INS - AMBAC)(a)		5.25%		01/01/2022		770	771,478
Series 2004, RB (INS - AMBAC)(a)		5.25%		01/01/2024		1,665	1,667,897
Series 2004, RB (INS - AMBAC)(a)		5.00%		01/01/2025		420	420,609
Series 2014, Ref. RB (INS - AGM)(a)		5.00%		11/01/2028		1,000	1,101,220
Series 2014, Ref. RB (INS - AGM)(a)		5.00%		11/01/2031		2,000	2,181,500
Series 2014, Ref. RB		5.25%		11/01/2039		3,000	3,065,730
Series 2014, Ref. RB		5.25%		11/01/2044		3,000	3,047,520
Deutsche Bank Spears/Lifers Trust;
Series 2013, RB(b)(c)(d)		5.25%		12/01/2035		6,330	9,489,335
Series 2013, RB(b)(c)(d)		5.25%		12/01/2035		5,380	8,060,182
Series 2013, RB(b)(c)(d)		5.25%		12/01/2035		4,000	5,986,460
Essex (County of), NJ Improvement Authority; Series 1999, RB (INS - AMBAC)(a)		5.12%		04/01/2029		110	110,197
Essex (County of), NJ Improvement Authority (Newark); Series 2010 A, RB(e)(f)		6.25%		11/01/2020		250	252,438
Essex (County of), NJ Utilities Authority; Series 2009, Ref. RB (INS - AGC)(a)		4.13%		04/01/2022		75	75,188
Garden State Preservation Trust;
Series 2003 B, RB (INS - AGM)(a)(g)		0.00%		11/01/2026		140	128,317
Series 2005 A, RB (INS - AGM)(a)		5.75%		11/01/2028		460	580,571
Hudson (County of), NJ Improvement Authority; Series 2011, RB		5.50%		06/01/2041		2,655	2,752,226
Lavallette School District; Series 2005, GO Bonds		4.20%		02/01/2025		10	10,030
Middlesex (County of), NJ Improvement Authority; Series 2000, RB     (INS - AMBAC)(a)(h)		5.50%		09/01/2030		20	20,083
New Brunswick (City of), NJ Parking Authority;
Series 2012, Ref. RB		5.00%		09/01/2027		445	477,249
Series 2012, Ref. RB		5.00%		09/01/2029		605	647,229
New Jersey (State of) Building Authority;
Series 2016 A, Ref. RB (INS - BAM)(a)		5.00%		06/15/2028		600	712,848
Series 2016 A, Ref. RB (INS - BAM)(a)		5.00%		06/15/2029		300	355,173
New Jersey (State of) Economic Development Authority;
Series 1997 A, RB(e)(g)		0.00%		07/01/2021		65	64,747
Series 1997 A, Ref. RB		5.87%		12/01/2026		2,385	2,388,649
Series 1998 B, RB(h)		6.50%		04/01/2031		90	94,936
Series 1999 A, RB		6.25%		07/01/2024		25	25,102
Series 2005 N-1, Ref. RB (INS - NATL)(a)		5.50%		09/01/2023		100	112,686
Series 2011 GG, Ref. RB(i)		5.25%		09/01/2026		1,000	1,019,410
Series 2012 A, RB(h)		5.00%		06/15/2037		1,515	1,597,628
Series 2012 A, RB(h)		5.13%		06/15/2043		1,250	1,317,850
Series 2012, Ref. RB		5.00%		06/15/2028		2,095	2,149,449
Series 2012, Ref. RB		5.00%		06/15/2029		900	921,249
Series 2013, RB		6.00%		10/01/2043		3,200	3,473,248
Series 2014 A, RB(b)		6.00%		10/01/2034		515	544,664
Series 2014, RB		5.25%		01/01/2044		1,700	1,648,728
Series 2015 WW, Ref. RB		5.00%		06/15/2035		3,000	3,320,310
Series 2015 WW, Ref. RB		5.00%		06/15/2036		3,000	3,312,240
Series 2017 A, RB		5.00%		07/01/2037		500	472,535
Series 2017 A, Ref. RB (INS - BAM)(a)		5.00%		07/01/2033		3,000	3,526,860
Series 2017, RB		5.00%		07/15/2047		1,000	1,103,160
Series 2017, Ref. RB (INS - AGM)(a)		5.00%		06/01/2042		1,000	1,159,610
Series 2018 A, RB(b)		5.37%		09/01/2033		275	272,844
Series 2018 A, RB(b)		5.00%		10/01/2033		1,000	1,045,930
Series 2018 A, RB		5.00%		07/01/2038		350	394,219
Series 2018 A, RB(b)		5.62%		09/01/2038		765	762,001
Series 2018 A, RB(b)		5.25%		10/01/2038		2,500	2,606,825
Series 2018 A, RB(b)		6.25%		11/01/2038		525	590,205

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                         Invesco New Jersey Municipal Fund

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
New Jersey–(continued)
Series 2018 A, RB		5.00%		06/15/2047	$	3,000	$    3,410,160
Series 2018 A, RB		5.00%		12/01/2048		3,000	3,278,160
Series 2018 A, RB		5.00%		07/01/2050		1,000	1,105,140
Series 2018 A, RB(b)		6.50%		11/01/2052		2,500	2,841,925
Series 2018 B, RB(b)		6.00%		11/01/2022		365	367,205
Series 2019, RB		4.00%		06/15/2044		1,000	1,064,840
New Jersey (State of) Economic Development Authority (American Water Co., Inc.); Series 2019, Ref. RB(f)(h)		2.20%		12/03/2029		2,500	2,657,300
New Jersey (State of) Economic Development Authority (Beloved Community Charter School, Inc.); Series 2019 A, RB(b)		5.00%		06/15/2054		725	749,954
New Jersey (State of) Economic Development Authority (Black Horse EHT Urban Renewal LLC); Series 2019 A, RB(b)		5.00%		10/01/2039		2,000	1,923,780
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); Series 1999, RB(h)		5.25%		09/15/2029		1,100	1,125,806
New Jersey (State of) Economic Development Authority (Elite Pharmaceuticals, Inc. - 2005); Series 2005 A, RB(h)		6.50%		09/01/2030		25	21,768
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB		5.13%		06/15/2037		2,428	2,981,633
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); Series 2013, RB(h)		5.37%		01/01/2043		10,650	11,719,047
New Jersey (State of) Educational Facilities Authority (Georgian Court University);
Series 2017 G, Ref. RB		5.00%		07/01/2030		1,395	1,447,522
Series 2017 G, Ref. RB		5.00%		07/01/2033		1,590	1,624,996
Series 2017 G, Ref. RB		5.00%		07/01/2035		1,485	1,508,404
Series 2017 G, Ref. RB		5.00%		07/01/2036		1,640	1,657,384
New Jersey (State of) Educational Facilities Authority (New Jersey City University); Series 2007 F, Ref. RB (INS - NATL)(a)		4.13%		07/01/2025		10	10,016
New Jersey (State of) Educational Facilities Authority (Public Library); Series 2002 A, RB (INS - AMBAC)(a)		5.00%		09/01/2022		5	5,019
New Jersey (State of) Educational Facilities Authority (Rider University);
Series 2012 A, RB		5.00%		07/01/2037		1,000	1,002,350
Series 2017 F, RB		5.00%		07/01/2035		185	189,175
Series 2017 F, RB		5.00%		07/01/2036		300	305,889
Series 2017 F, RB		5.00%		07/01/2047		3,250	3,249,772
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds); Series 2020 A, RB		4.00%		07/01/2050		3,000	3,256,680
New Jersey (State of) Educational Facilities Authority (William Paterson University of New Jersey (The)); Series 2017 B, RB (INS - AGM)(a)		5.00%		07/01/2047		2,000	2,328,780
New Jersey (State of) Health Care Facilities Financing Authority;
Series 2013, Ref. RB		5.00%		08/15/2034		1,960	2,126,757
Series 2017, Ref. RB		5.00%		10/01/2038		2,000	2,233,860
New Jersey (State of) Health Care Facilities Financing Authority (Barnabas Health); Series 2014, Ref. RB		5.00%		07/01/2044		3,000	3,319,050
New Jersey (State of) Health Care Facilities Financing Authority (University Hospital); Series 2015 A, RB (INS - AGM)(a)		5.00%		07/01/2046		2,000	2,235,900
New Jersey (State of) Higher Education Student Assistance Authority;
Series 2011 1, RB(h)		5.50%		12/01/2025		1,210	1,271,008
Series 2011 1, RB(h)		5.75%		12/01/2029		30	31,485
Series 2019 C, Ref. RB(h)		3.63%		12/01/2049		1,000	993,150
New Jersey (State of) Housing & Mortgage Finance Agency;
Series 2018 A, Ref. RB		3.95%		11/01/2043		870	960,950
Series 2018 BB, Ref. RB(h)		3.80%		10/01/2032		935	1,034,690
Series 2019 A, Ref. RB		3.00%		11/01/2044		510	533,185
Series 2019 A, Ref. RB		3.05%		11/01/2049		865	912,203
Series 2020 E, Ref. RB		2.45%		10/01/2050		650	640,289

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                         Invesco New Jersey Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New Jersey–(continued)
New Jersey (State of) Transportation Trust Fund Authority;
Series 2008 A, RB (INS - BAM)(a)(g)		0.00%		12/15/2037	$	2,000	$    1,171,180
Series 2008 A, RB(g)		0.00%		12/15/2038		2,000	1,054,720
Series 2010 A, RB (INS - BAM)(a)(g)		0.00%		12/15/2028		1,200	989,712
Series 2013 AA, RB		5.25%		06/15/2033		1,335	1,441,960
Series 2018 A, Ref. RB		4.25%		12/15/2038		7,790	8,487,438
Series 2018 A, Ref. RN		5.00%		06/15/2030		1,125	1,300,714
Series 2018 A, Ref. RN		5.00%		06/15/2031		3,540	4,071,814
Series 2019 BB, RB		4.00%		06/15/2050		1,000	1,051,220
New Jersey (State of) Turnpike Authority; Series 2019 A, RB		5.00%		01/01/2048		2,000	2,410,040
New Jersey Transportation Trust Fund Authority; Series 2012 A, RB		5.00%		06/15/2042		1,625	1,693,526
Newark (City of), NJ;
Series 2015 A, GO Bonds		5.50%		07/15/2021		1,000	1,025,440
Series 2015 A, GO Bonds		5.00%		07/15/2029		3,000	3,387,750
Series 2015 B, GO Bonds		5.00%		07/15/2029		430	481,647
Series 2020 C, Ref. GO Bonds (INS - AGM)(a)		4.00%		10/01/2039		305	347,871
Newark (City of), NJ Housing Authority;
Series 2007, Ref. RB (INS - NATL)(a)		5.00%		01/01/2032		760	893,000
Series 2017, Ref. RB		4.00%		01/01/2037		1,000	1,106,960
Salem (County of), NJ Pollution Control Financing Authority (Chambers); Series 2014 A, Ref. PCR(h)		5.00%		12/01/2023		2,000	2,103,400
South Jersey Port Corp.; Series 2016 S-1, Ref. RB		5.00%		01/01/2039		1,350	1,497,987
South Jersey Transportation Authority; Series 2019 A, Ref. RB (INS - AGM)(a)		5.00%		11/01/2033		750	952,020
South Jersey Transportation Authority LLC; Series 2014 A, Ref. RB		5.00%		11/01/2039		3,650	3,996,020
State of New Jersey; Series 2017 XF0553, GO Bonds(c)		5.00%		06/01/2028		5,000	6,140,900
Tobacco Settlement Financing Corp.;
Series 2018 A, Ref. RB		5.00%		06/01/2046		4,000	4,669,520
Series 2018 A, Ref. RB		5.25%		06/01/2046		1,000	1,184,820
Series 2018 B, Ref. RB		5.00%		06/01/2046		3,400	3,854,240
Union (County of), NJ Improvement Authority; Series 1998 A, RB (INS - NATL)(a)(h)		5.00%		03/01/2028		55	55,199
							198,810,057
Puerto Rico–14.48%
Children’s Trust Fund; Series 2002, RB		5.62%		05/15/2043		19,000	19,096,520
Puerto Rico (Commonwealth of);
Series 2007 A, GO Bonds(j)		5.25%		07/01/2037		2,150	1,534,563
Series 2011 C, Ref. GO Bonds(j)		6.50%		07/01/2040		3,000	1,980,000
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2010 AAA, RB(j)		5.25%		07/01/2031		550	380,188
Series 2010 AAA-RSA-1, RB(j)		5.25%		07/01/2030		500	345,625
Series 2012 A, RB(j)		5.05%		07/01/2042		45	31,050
Series 2016 E-1, RB(j)		10.00%		01/01/2021		165	126,094
Series 2016 E-2, RB(j)		10.00%		07/01/2021		165	126,094
Series 2016 E-2, RB(j)		10.00%		01/01/2022		55	42,032
Series 2016 E-4, RB(j)		10.00%		07/01/2022		55	42,031
Puerto Rico (Commonwealth of) Industrial Tourist, Educational, Medical & Environmental Control Facilities Financing Authority;
Series 2000, RB(h)		6.62%		06/01/2026		175	181,125
Series 2002 A, Ref. RB (INS - ACA)(a)		5.00%		08/01/2032		1,000	1,002,210
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University System);
Series 2006, RB		5.00%		03/01/2036		930	895,590
Series 2012, Ref. RB		5.13%		04/01/2032		100	98,902
Series 2012, Ref. RB		5.38%		04/01/2042		100	98,414
Puerto Rico (Commonwealth of) Infrastructure Financing Authority;
Series 2005 A, RB (INS - AMBAC)(a)(g)		0.00%		07/01/2035		975	495,651
Series 2005 B, RB(j)		5.00%		07/01/2037		4,750	516,563
Series 2005 B, RB(j)		5.00%		07/01/2041		2,610	283,838
Series 2006 B, RB(j)		5.00%		07/01/2027		575	62,531
Puerto Rico (Commonwealth of) Infrastructure Financing Authority (MEPSI Campus); Series 2007 A, RB(j)		6.50%		10/01/2037		400	121,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                         Invesco New Jersey Municipal Fund

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Puerto Rico–(continued)
Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2007 M-3, Ref. RB (INS - NATL)(a)		6.00%		07/01/2028	$	1,000	$    1,026,000
Puerto Rico Public Finance Corp.; Series 2011 B, RB(j)		6.00%		08/01/2026		5,235	96,324
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(g)		0.00%		07/01/2031		486	358,201
Series 2018 A-1, RB(g)		0.00%		07/01/2033		1,940	1,314,990
Series 2018 A-1, RB		4.50%		07/01/2034		401	424,410
Series 2018 A-1, RB(g)		0.00%		07/01/2046		7,086	2,032,761
Series 2018 A-1, RB(g)		0.00%		07/01/2051		5,771	1,192,981
Series 2018 A-1, RB		5.00%		07/01/2058		1,371	1,463,817
Series 2019 A-2, RB		4.54%		07/01/2053		60	62,206
							35,431,711
New York–8.74%
New York & New Jersey (States of) Port Authority;
Series 2017 206, Ref. RB(h)		5.00%		11/15/2037		850	1,017,314
Series 2019 220, RB(h)		4.00%		11/01/2059		2,000	2,206,320
Series 2019, RB(h)		5.00%		11/01/2044		1,500	1,826,835
New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC);
Series 1997 6, RB (INS - NATL)(a)(h)		5.75%		12/01/2022		1,889	1,914,369
Series 1997 6, RB (INS - NATL)(a)(h)		5.75%		12/01/2025		9,095	9,217,236
Series 2010 8, RB		6.50%		12/01/2028		5,100	5,168,493
Series 2010, RB		6.00%		12/01/2042		20	20,245
							21,370,812
Virgin Islands–0.65%
Tobacco Settlement Financing Corp.;
Series 2006, RB(g)		0.00%		05/15/2035		1,100	418,616
Series 2006, RB(g)		0.00%		05/15/2035		3,100	1,031,835
Virgin Islands (Government of) Water & Power Authority (Electric System);
Series 2007 A, RB		5.00%		07/01/2024		50	46,879
Series 2007 A, RB		5.00%		07/01/2026		15	13,682
Series 2007 A, RB		5.00%		07/01/2027		85	76,679
							1,587,691
Northern Mariana Islands–0.64%
Northern Mariana Islands (Commonwealth of) Ports Authority; Series 1998 A, RB (h)		6.25%		03/15/2028		1,665	1,574,857
Guam–0.17%
Guam (Territory of) Power Authority;
Series 2012 A, Ref. RB (INS - AGM)(a)		5.00%		10/01/2024		125	135,266
Series 2012 A, Ref. RB (INS - AGM)(a)		5.00%		10/01/2030		250	267,897
Guam Housing Corp.; Series 1998 A, RB (CEP - FHLMC)(h)		5.75%		09/01/2031		10	10,340
							413,503
TOTAL INVESTMENTS IN SECURITIES(k) –105.94% (Cost $258,495,532)							259,188,631
FLOATING RATE NOTE OBLIGATIONS–(8.75)%
Notes with interest and fee rates ranging from 0.64% to 0.96% at 08/31/2020 and contractual maturities of collateral ranging from 06/01/2028 to 12/01/2035 (See Note 1J)(l)							(21,415,000)
OTHER ASSETS LESS LIABILITIES–2.81%							6,888,338
NET ASSETS–100.00%							$244,661,969

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                         Invesco New Jersey Municipal Fund

Investment Abbreviations:
ACA	– ACA Financial Guaranty Corp.
AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BAM	– Build America Mutual Assurance Co.
CEP	– Credit Enhancement Provider
FHLMC	– Federal Home Loan Mortgage Corp.
GO	– General Obligation
INS	– Insurer
NATL	– National Public Finance Guarantee Corp.
PCR	– Pollution Control Revenue Bonds
RB	– Revenue Bonds
Ref.	– Refunding
RN	– Revenue Notes

Notes to Schedule of Investments:

^(a)  Principal and/or interest payments are secured by the bond insurance company listed.

^(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 August 31, 2020 was $35,241,310, which represented 14.40% of the Fund’s Net Assets.

^(c)  Underlying security related to TOB Trusts entered into by the Fund. See Note 1J.

^(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020.

^(e)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(f)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(g)  Zero coupon bond issued at a discount.

^(h)  Security subject to the alternative minimum tax.

⁽ⁱ⁾  Security subject to crossover refunding.

^(j)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2020 was $5,687,933, which represented 2.32% of the Fund’s Net Assets.

^(k)  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entity	Percent
National Public Finance Guarantee Corp.		5.10%

^(l)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2020. At August 31, 2020, the Fund’s investments with a value of $29,676,877 are held by TOB Trusts and serve as collateral for the $21,415,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2020

Revenue Bonds	93.7%
General Obligation Bonds	6.2
Pre-Refunded Bonds	0.1

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                         Invesco New Jersey Municipal Fund

Statement of Assets and Liabilities

August 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $258,495,532)	$	259,188,631
Cash		3,665,808
Receivable for:
Fund shares sold		404,744
Interest		2,865,609
Investments matured, at value (Cost $336,193)		255,927
Investment for trustee deferred compensation and retirement plans		33,672
Other assets		107,675
Total assets		266,522,066
Liabilities:
Floating rate note obligations		21,415,000
Payable for:
Dividends		138,102
Fund shares reacquired		111,286
Accrued fees to affiliates		99,050
Accrued trustees’ and officers’ fees and benefits		27,525
Accrued other operating expenses		35,462
Trustee deferred compensation and retirement plans		33,672
Total liabilities		21,860,097
Net assets applicable to shares outstanding	$	244,661,969

Net assets consist of:
Shares of beneficial interest	$	390,697,333
Distributable earnings (loss)		(146,035,364	)
	$	244,661,969
Net Assets:
Class A	$	186,263,626
Class C	$	29,467,496
Class Y	$	28,920,898
Class R6	$	9,949
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		19,215,227
Class C		3,035,025
Class Y		2,980,144
Class R6		1,027
Class A:
Net asset value per share	$	9.69
Maximum offering price per share (Net asset value of $9.69 ÷ 95.75%)	$	10.12
Class C:
Net asset value and offering price per share	$	9.71
Class Y:
Net asset value and offering price per share	$	9.70
Class R6:
Net asset value and offering price per share	$	9.69

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                         Invesco New Jersey Municipal Fund

Statement of Operations

For the six months ended August 31, 2020

(Unaudited)

Investment income:
Interest	$	5,555,325
Expenses:
Advisory fees		703,214
Administrative services fees		17,628
Custodian fees		710
Distribution fees:
Class A		225,893
Class C		140,838
Interest, facilities and maintenance fees		194,545
Transfer agent fees – A, C and Y		98,854
Transfer agent fees – R6		5
Trustees’ and officers’ fees and benefits		2,379
Registration and filing fees		49,978
Reports to shareholders		15,627
Professional services fees		31,625
Other		(15,412	)
Total expenses		1,465,884
Less: Expenses reimbursed and/or expense offset arrangement(s)		(18,203	)
Net expenses		1,447,681
Net investment income		4,107,644
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities (includes net gains from securities sold to affiliates of $ 41,115)		(1,064,481	)
Change in net unrealized appreciation (depreciation) of investment securities		(11,573,658	)
Net realized and unrealized gain (loss)		(12,638,139	)
Net increase (decrease) in net assets resulting from operations	$	(8,530,495	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                         Invesco New Jersey Municipal Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2020, period ended February 29, 2020, and year ended July 31, 2019

(Unaudited)

	Six Months Ended August 31, 2020			Seven Months Ended February 29, 2020			Year Ended July 31, 2019
Operations:
Net investment income		$    4,107,644			$  4,869,017			$    9,941,606
Net realized gain (loss)		(1,064,481	)		336,834			(12,129,504	)
Change in net unrealized appreciation (depreciation)		(11,573,658	)		9,802,577			26,566,793
Net increase (decrease) in net assets resulting from operations		(8,530,495	)		15,008,428			24,378,895
Distributions to shareholders from distributable earnings:
Class A		(5,028,063	)		(3,212,851	)		(4,598,763	)
Class C		(742,166	)		(483,762	)		(1,478,183	)
Class Y		(820,720	)		(526,105	)		(780,744	)
Class R6		(292	)		(190	)		(60	)
Total distributions from distributable earnings		(6,591,241	)		(4,222,908	)		(6,857,750	)
Share transactions–net:
Class A		(239,372	)		(2,036,929	)		17,676,806
Class C		(3,860,984	)		(4,913,864	)		(37,356,560	)
Class Y		(1,330,781	)		2,452,957			4,762,512
Class R6		–			–			10,000
Net increase (decrease) in net assets resulting from share transactions		(5,431,137	)		(4,497,836	)		(14,907,242	)
Net increase (decrease) in net assets		(20,552,873	)		6,287,684			2,613,903
Net assets:
Beginning of period		265,214,842			258,927,158			256,313,255
End of period		$244,661,969			$265,214,842			$258,927,158

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13                         Invesco New Jersey Municipal Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/20		$10.27		$0.17		$(0.49	)		$(0.32	)		$(0.26	)		$9.69		(2.97	)%		$186,264		1.13	%(d)		1.15	%(d)		0.97	%(d)		3.43	%(d)		12	%
Seven months ended 02/29/20		9.85		0.19		0.40			0.59			(0.17	)		10.27		6.00			197,732		1.18	(e)		1.21	(e)		0.97	(e)		3.30	(e)		12
Year ended 07/31/19		9.19		0.39		0.54			0.93			(0.27	)		9.85		10.29			191,704		1.36			1.37			1.00			4.08			17
Year ended 07/31/18		9.02		0.29		0.16			0.45			(0.28	)		9.19		5.22			162,955		1.30			1.30			1.07			3.36			23
Year ended 07/31/17		9.70		0.38		(0.66	)		(0.28	)		(0.40	)		9.02		(3.01	)		207,958		1.09			1.09			0.90			4.05			9
Year ended 07/31/16		9.34		0.43		0.40			0.83			(0.47	)		9.70		9.25			257,608		1.13			1.13			0.87			4.55			11
Year ended 07/31/15		9.67		0.48		(0.31	)		0.17			(0.50	)		9.34		1.64			263,873		1.17			1.17			0.87			4.89			7
Class C
Six months ended 08/31/20		10.28		0.13		(0.47	)		(0.34	)		(0.23	)		9.71		(3.24	)		29,467		1.78	(d)		1.80	(d)		1.62	(d)		2.78	(d)		12
Seven months ended 02/29/20		9.87		0.15		0.39			0.54			(0.13	)		10.28		5.54			35,355		1.83	(e)		1.86	(e)		1.62	(e)		2.64	(e)		12
Year ended 07/31/19		9.20		0.32		0.56			0.88			(0.21	)		9.87		9.66			38,798		2.02			2.02			1.66			3.42			17
Year ended 07/31/18		9.04		0.24		0.15			0.39			(0.23	)		9.20		4.41			71,388		1.96			1.96			1.73			2.70			23
Year ended 07/31/17		9.71		0.31		(0.64	)		(0.33	)		(0.34	)		9.04		(3.70	)		97,517		1.81			1.81			1.62			3.36			9
Year ended 07/31/16		9.35		0.36		0.40			0.76			(0.40	)		9.71		8.54			124,488		1.87			1.87			1.61			3.80			11
Year ended 07/31/15		9.68		0.40		(0.30	)		0.10			(0.43	)		9.35		0.87			131,468		1.92			1.92			1.62			4.06			7
Class Y
Six months ended 08/31/20		10.28		0.18		(0.48	)		(0.30	)		(0.28	)		9.70		(2.83	)		28,921		0.89	(d)		0.91	(d)		0.73	(d)		3.67	(d)		12
Seven months ended 02/29/20		9.87		0.21		0.38			0.59			(0.18	)		10.28		6.04			32,117		0.94	(e)		0.97	(e)		0.73	(e)		3.54	(e)		12
Year ended 07/31/19		9.20		0.41		0.55			0.96			(0.29	)		9.87		10.65			28,415		1.13			1.13			0.77			4.32			17
Year ended 07/31/18		9.04		0.32		0.14			0.46			(0.30	)		9.20		5.35			21,970		1.06			1.06			0.83			3.61			23
Year ended 07/31/17		9.71		0.38		(0.63	)		(0.25	)		(0.42	)		9.04		(2.83	)		36,708		0.92			0.92			0.73			4.10			9
Year ended 07/31/16		9.35		0.44		0.40			0.84			(0.48	)		9.71		9.51			28,817		0.97			0.97			0.71			4.66			11
Year ended 07/31/15		9.68		0.49		(0.30	)		0.19			(0.52	)		9.35		1.79			23,579		1.02			1.02			0.72			5.02			7
Class R6
Six months ended 08/31/20		10.27		0.18		(0.48	)		(0.30	)		(0.28	)		9.69		(2.77	)		10		0.79	(d)		0.92	(d)		0.63	(d)		3.77	(d)		12
Seven months ended 02/29/20		9.85		0.21		0.40			0.61			(0.19	)		10.27		6.21			11		0.84	(e)		0.94	(e)		0.63	(e)		3.64	(e)		12
Period ended 07/31/19(f)		9.74		0.08		0.08			0.16			(0.05	)		9.85		1.73			10		0.99	(e)		1.07	(e)		0.63	(e)		4.46	(e)		17

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $182,485, $31,042, $28,269 and $10 for Class A, Class C, Class Y and Class R6 shares, respectively.

^(e)  Annualized.

^(f)  Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14                         Invesco New Jersey Municipal Fund

Notes to Financial Statements

August 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco New Jersey Municipal Fund (the “Fund”), formerly Invesco Oppenheimer Rochester New Jersey Municipal Fund, is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek tax-free income.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature will change from ten years to eight years. The first conversion of Class C shares to Class A shares would occur at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. 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.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date

15                         Invesco New Jersey Municipal Fund

purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

F. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

H. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote.

J. Floating Rate Note Obligations - The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

16                         Invesco New Jersey Municipal Fund

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

K. Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claim.

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
Up to $200 million	0.600%
Next $100 million	0.550%
Next $200 million	0.500%
Next $250 million	0.450%
Next $250 million	0.400%
Over $1 billion	0.350%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended August 31, 2020, the effective advisory fee rate incurred by the Fund was 0.58%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 0.97%, 1.62%, 0.73% and 0.63%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the six months ended August 31, 2020, the Adviser reimbursed class level expenses of $13,849, $2,958, $1,268, and $6 of Class A, Class C, Class Y and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 0.90% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the

17                     Invesco New Jersey Municipal Fund

Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2020, IDI advised the Fund that IDI retained $2,305 in front-end sales commissions from the sale of Class A shares and $1,119 and $2,721 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 the 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.

The following is a summary of the tiered valuation input levels, as of August 31, 2020. 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
Municipal Obligations		$–		$259,188,631		$–		$259,188,631
Other Investments - Assets
Investments Matured		–		255,927		–		255,927
Total Investments		$–		$259,444,558		$–		$259,444,558

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended August 31, 2020, the Fund engaged in securities sales of $577,554, which resulted in net realized gains of $41,115.

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $122.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances and Borrowings

The Fund has entered into a $2.5 billion revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds, and which will expire on February 25, 2021. The revolving credit and security agreement is secured by the assets of the Fund.

    During the six months ended August 31, 2020, the average daily balance of borrowing under the revolving credit and security agreement was $1,409,239 with a weighted interest rate of 1.12%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees. At August 31, 2020, the Fund had no borrowings outstanding under this agreement.

    Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

18                         Invesco New Jersey Municipal Fund

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2020 were $15,530,000 and 1.37%, respectively.

The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of February 29, 2020, as follows:

Capital Loss Carryforward*

Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	15,156,931	$	135,207,836	$	150,364,767

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2020 was $31,143,398 and $46,789,493, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	14,508,429
Aggregate unrealized (depreciation) of investments		(15,580,180	)
Net unrealized appreciation (depreciation) of investments	$	(1,071,751	)

Cost of investments for tax purposes is $260,516,309.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended August 31, 2020(a)						Seven months ended February 29, 2020						Year ended July 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		588,880		$	5,647,568			759,143		$	7,603,419			4,714,727		$ 45,818,878
Class C		171,938			1,656,561			254,757			2,552,156			596,803		5,648,750
Class Y		321,040			3,083,784			566,765			5,685,995			1,464,606		13,864,517
Class R6(b)		-			-			-			-			1,027		10,000
Issued as reinvestment of dividends:
Class A		302,325			2,852,272			280,325			2,805,968			403,248		3,823,677
Class C		50,181			473,481			45,002			450,862			143,539		1,360,030
Class Y		65,261			616,441			52,092			522,206			79,490		754,862
Automatic conversion of Class C shares to Class A shares:
Class A		368,142			3,529,793			509,277			5,078,798			-		-
Class C		(367,606	)		(3,529,793	)		(508,737	)		(5,078,798	)		-		-
Reacquired:
Class A		(1,295,052	)		(12,269,005	)		(1,753,533	)		(17,525,114	)		(3,394,413	)	(31,965,749)
Class C		(257,708	)		(2,461,233	)		(284,101	)		(2,838,084	)		(4,567,086	)	(44,365,340)
Class Y		(528,858	)		(5,031,006	)		(376,228	)		(3,755,244	)		(1,051,885	)	(9,856,867)
Net increase (decrease) in share activity		(581,457	)	$	(5,431,137	)		(455,238	)	$	(4,497,836	)		(1,609,944	)	$(14,907,242)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 48% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Commencement date after the close of business on May 24, 2019.

19                         Invesco New Jersey Municipal Fund

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared 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 Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

    The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

20                     Invesco New Jersey Municipal Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

										HYPOTHETICAL
										(5% annual return before
				ACTUAL						expenses)
	Beginning			Ending			Expenses			Ending			Expenses			Annualized
	Account Value			Account Value			Paid During			Account Value			Paid During			Expense
	(03/01/20)			(08/31/20)1			Period2			(08/31/20)			Period2			Ratio
Class A		$	1,000.00		$	970.30		$	5.61		$	1,019.51		$	5.75		1.13	%
Class C			1,000.00			967.60			8.83			1,016.23			9.05		1.78
Class Y			1,000.00			971.70			4.42			1,020.72			4.53		0.89
Class R6			1,000.00			972.30			3.93			1,021.22			4.02		0.79

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

21                     Invesco New Jersey Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco New Jersey Municipal Fund’s (formerly, Invesco Oppenheimer Rochester® New Jersey Municipal Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

    As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to

meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the

Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays Municipal Bond Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The

22                     Invesco New Jersey Municipal Fund

Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s actual and contractual management fees and total expense ratio were each in the fifth quintile of its expense group and discussed with management reasons for such relative actual and contractual management fees and total expenses.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The

Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

23                         Invesco New Jersey Municipal Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-07890 and 033-66242 Invesco Distributors, Inc. O-RONJM-SAR-1

	Semiannual Report to Shareholders	August 31, 2020
	Invesco Pennsylvania Municipal Fund
	Effective September 30, 2020, Invesco Oppenheimer Rochester® Pennsylvania Municipal Fund was renamed Invesco Pennsylvania Municipal Fund.
	Nasdaq:
	A: OPATX ∎ C: OPACX ∎ Y: OPAYX ∎ R6: IORPX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
17	Financial Statements
20	Financial Highlights
21	Notes to Financial Statements
27	Fund Expenses
28	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees

that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.     On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Pennsylvania Municipal Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/29/20 to 8/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	–1.58	%
Class C Shares	–2.00
Class Y Shares	–1.46
Class R6 Shares	–1.44
Bloomberg Barclays Municipal Bond Indexq	0.19
U.S. Consumer Price Index∎	0.48
Source(s): qRIMES Technologies Corp.; ∎Bloomberg L.P.
The Bloomberg Barclays Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market.     The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the U.S. Bureau of Labor Statistics.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                     Invesco Pennsylvania Municipal Fund

Average Annual Total Returns
As of 8/31/20, including maximum applicable sales charges
Class A Shares
Inception (9/18/89)	5.56	%
10 Years	4.84
5 Years	5.03
1 Year	–1.89
Class C Shares
Inception (8/29/95)	5.00	%
10 Years	4.53
5 Years	5.23
1 Year	0.84
Class Y Shares
Inception (11/29/10)	5.99	%
5 Years	6.20
1 Year	2.84
Class R6 Shares
10 Years	5.33	%
5 Years	6.03
1 Year	2.88

Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Rochester Pennsylvania Municipal Fund, (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Rochester^® Pennsylvania Municipal Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R6 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a

CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                     Invesco Pennsylvania Municipal Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for

addressing HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                     Invesco Pennsylvania Municipal Fund

Schedule of Investments

August 31, 2020

(Unaudited)

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Municipal Obligations–101.85%
Guam–0.44%
Guam (Territory of); Series 2011 A, RB		5.13%		01/01/2042	$	785	$      805,551
Guam (Territory of) Power Authority;
Series 2010 A, RB(a)(b)		5.50%		10/01/2020		410	411,775
Series 2012 A, Ref. RB (INS - AGM)(c)		5.00%		10/01/2023		185	200,251
Series 2012 A, Ref. RB (INS - AGM)(c)		5.00%		10/01/2024		235	254,301
Series 2012 A, Ref. RB (INS - AGM)(c)		5.00%		10/01/2030		420	450,068
Series 2012 A, Ref. RB		5.00%		10/01/2034		520	547,555
Guam (Territory of) Waterworks Authority; Series 2014 A, Ref. RB		5.00%		07/01/2029		285	320,594
Guam Housing Corp.; Series 1998 A, RB (CEP - FHLMC)(d)		5.75%		09/01/2031		700	723,765
							3,713,860
Northern Mariana Islands–0.24%
Northern Mariana Islands (Commonwealth of); Series 2007 B, Ref. GO Bonds		5.00%		10/01/2022		355	345,777
Northern Mariana Islands (Commonwealth of) Ports Authority;
Series 1998 A, RB(d)		6.25%		03/15/2028		970	917,485
Series 1998 A, RB(d)		6.60%		03/15/2028		730	706,377
							1,969,639
Pennsylvania–84.43%
Aliquippa School District; Series 2018, Ref. GO Bonds (INS - BAM)(c)		4.00%		12/01/2041		1,750	1,972,547
Allegheny (County of), PA;
Series 2016 C-76, GO Bonds(e)		5.00%		11/01/2041		2,820	3,443,812
Series 2016 C-76, GO Bonds		5.00%		11/01/2041		11,500	14,043,915
Series 2018 C-77, GO Bonds		5.00%		11/01/2043		4,960	6,179,019
Allegheny (County of), PA Higher Education Building Authority (Carlow University);
Series 2011, RB(a)		6.00%		11/01/2021		570	590,868
Series 2011, RB(a)(b)		6.75%		11/01/2021		1,125	1,208,959
Allegheny (County of), PA Higher Education Building Authority (Chatham University); Series 2012 A, RB		5.00%		09/01/2035		2,000	2,038,440
Allegheny (County of), PA Higher Education Building Authority (Duquesne University); Series 2011 A, RB(a)(b)		5.50%		03/01/2021		550	564,509
Allegheny (County of), PA Higher Education Building Authority (Robert Morris University);
Series 1998 A, Ref. RB (INS - ACA)(c)		6.00%		05/01/2028		180	200,052
Series 2010 A, RB		5.50%		10/15/2030		2,250	2,257,177
Series 2010 A, RB		5.75%		10/15/2040		3,650	3,660,220
Series 2017, RB		5.00%		10/15/2037		615	650,406
Series 2017, RB		5.00%		10/15/2047		1,500	1,560,000
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB		5.00%		04/01/2047		15,615	18,502,213
Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center);
Series 2007 A-1, RB (67% of 3 mo. USD LIBOR + 0.82%)(f)		0.99%		02/01/2037		750	730,643
Series 2019 A, Ref. RB		4.00%		07/15/2038		1,035	1,184,019
Allegheny (County of), PA Industrial Development Authority (Propel Charter School - East);
Series 2010 C, RB		5.90%		08/15/2026		235	235,719
Series 2010 C, RB		6.38%		08/15/2035		1,200	1,203,216
Allegheny (County of), PA Industrial Development Authority (Propel Charter School - Montour); Series 2010 A, RB		6.75%		08/15/2035		680	682,020
Allegheny (County of), PA Industrial Development Authority (Propel Charter School - Sunrise); Series 2013, RB		6.00%		07/15/2038		1,500	1,583,820
Allegheny (County of), PA Redevelopment Authority (Pittsburgh Mills); Series 2004, RB		5.60%		07/01/2023		9,085	8,176,500
Allegheny (County of), PA Residential Finance Authority (Allegheny Independence House Apartments); Series 2007 B, RB (CEP - GNMA)(d)		6.10%		01/20/2043		1,180	1,183,776
Allegheny (County of), PA Residential Finance Authority (Broadview Manor Apartments); Series 2007 A, RB (CEP - GNMA)(d)		5.95%		01/20/2043		1,515	1,518,727
Allegheny (County of), PA Residential Finance Authority (Versailles-Archer Apartments); Series 2007 C, RB (CEP - GNMA)(d)		6.16%		01/20/2043		1,520	1,524,940

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                     Invesco Pennsylvania Municipal Fund

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Pennsylvania–(continued)
Allegheny (County of), PA Sanitary Authority; Series 2015, Ref. RB(e)		5.00%		12/01/2045	$	2,120	$      2,487,672
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center);
Series 2018, RB(g)		5.00%		05/01/2042		615	646,101
Series 2018, RB(g)		5.38%		05/01/2042		4,000	4,195,520
Allentown City School District;
Series 2018 B, GO Bonds (INS - BAM)(c)		5.00%		06/01/2036		1,250	1,498,287
Series 2018 B, GO Bonds (INS - BAM)(c)		5.00%		06/01/2037		1,255	1,501,984
Berks (County of), PA Industrial Development Authority (Highlands at Wyomissing (The));
Series 2017 A, Ref. RB		5.00%		05/15/2037		1,125	1,208,295
Series 2017 A, Ref. RB		5.00%		05/15/2042		500	531,230
Series 2017 A, Ref. RB		5.00%		05/15/2047		600	633,852
Series 2017 C, RB		5.00%		05/15/2047		475	501,800
Series 2017, RB		5.00%		05/15/2042		600	637,470
Berks (County of), PA Industrial Development Authority (Tower Health); Series 2017, Ref. RB		5.00%		11/01/2047		13,900	14,908,584
Berks (County of), PA Municipal Authority (Reading Hospital Medical Center); Series 2012 A, RB		5.00%		11/01/2040		1,000	1,023,010
Bethlehem (City of), PA;
Series 2011 A, Ref. GO Bonds(a)(b)		6.50%		06/01/2021		1,750	1,831,585
Series 2014, Ref. RB (INS - BAM)(c)		5.00%		11/15/2030		425	466,756
Series 2014, Ref. RB (INS - BAM)(c)		5.00%		11/15/2031		425	466,756
Bethlehem Area School District; Series 2015 A, GO Bonds (INS - BAM)(c)		5.00%		08/01/2035		3,000	3,576,150
Bucks (County of), PA Industrial Development Authority (Pennswood Village); Series 2018, Ref. RB		5.00%		10/01/2037		270	291,006
Central Bradford Progress Authority (Guthrie Healthcare System); Series 2011, RB(a)(b)		5.38%		12/01/2021		1,100	1,169,014
Centre (County of), PA Hospital Authority (Mt. Nittany Medical Center);
Series 2011, RB(a)(b)		6.25%		11/15/2021		950	1,019,132
Series 2011, RB(a)(b)		7.00%		11/15/2021		2,000	2,162,020
Series 2016 A, Ref. RB		5.00%		11/15/2046		500	567,895
Cheltenham (Township of), PA;
Series 2018, GO Bonds(a)(b)		4.00%		07/01/2023		170	187,665
Series 2018, GO Bonds		4.00%		07/01/2048		2,660	2,782,546
Chester (County of), PA Health & Education Facilities Authority (Main Line Health System); Series 2017 A, Ref. RB		5.00%		10/01/2052		2,000	2,362,240
Chester (County of), PA Health & Education Facilities Authority (Simpson Senior Services);
Series 2019, Ref. RB		3.25%		12/01/2029		195	180,492
Series 2019, Ref. RB		4.00%		12/01/2039		305	264,151
Series 2019, Ref. RB		5.00%		12/01/2051		6,000	5,824,140
Chester (County of), PA Industrial Development Authority (Avon Grove Charter School); Series 2017 A, Ref. RB		5.00%		12/15/2051		770	844,551
Chester (County of), PA Industrial Development Authority (Collegium Charter School); Series 2017 A, RB		5.25%		10/15/2047		695	734,782
Chester (County of), PA Industrial Development Authority (Longwood Gardens);
Series 2019, RB		5.00%		12/01/2044		1,500	1,887,495
Series 2019, RB		4.00%		12/01/2049		1,500	1,722,330
Chester (County of), PA Industrial Development Authority (Renaissance Academy Charter School); Series 2014, RB		5.00%		10/01/2044		1,000	1,062,340
Chester (County of), PA Industrial Development Authority (University Student Housing, LLC at West Chester University of Pennsylvania);
Series 2013 A, RB		5.00%		08/01/2035		1,000	1,024,360
Series 2013, RB		5.00%		08/01/2045		750	760,793
Clairton (City of), PA Municipal Authority; Series 2012 B, RB		5.00%		12/01/2037		1,000	1,075,920
Clarion (County of), PA Industrial Development Authority (Clarion University Foundation, Inc. Student Housing at Clarion University of Pennsylvania);
Series 2014 A, RB		5.00%		07/01/2034		2,310	2,559,526
Series 2014 A, RB		5.00%		07/01/2045		1,000	1,091,260
Series 2014, Ref. RB		5.00%		07/01/2024		1,220	1,398,010
Series 2014, Ref. RB		5.00%		07/01/2029		2,430	2,728,647
Series 2014, Ref. RB		5.00%		07/01/2033		3,500	3,883,810

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                     Invesco Pennsylvania Municipal Fund

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Pennsylvania–(continued)
Coatesville School District;
Series 2020 A, GO Bonds (INS - BAM)(c)(h)		0.00%		10/01/2034	$	300	$      178,068
Series 2020 A, GO Bonds (INS - BAM)(c)(h)		0.00%		10/01/2038		2,700	1,328,130
Series 2020 B, Ref. GO Bonds (INS - BAM)(c)(h)		0.00%		10/01/2033		500	310,460
Series 2020 B, Ref. GO Bonds (INS - BAM)(c)(h)		0.00%		10/01/2034		980	581,689
Series 2020 C, Ref. GO Bonds (INS - BAM)(c)(h)		0.00%		10/01/2033		640	397,389
Commonwealth Financing Authority;
Series 2018, RB(e)(i)		5.00%		06/01/2034		2,500	3,102,675
Series 2018, RB(e)(i)		5.00%		06/01/2035		500	618,775
Cumberland (County of), PA Municipal Authority (Asbury Pennsylvania Obligated Group); Series 2012, Ref. RB		5.25%		01/01/2041		2,750	2,755,747
Cumberland (County of), PA Municipal Authority (Diakon Lutheran Ministries); Series 2015, Ref. RB		5.00%		01/01/2038		1,270	1,337,526
Cumberland (County of), PA Municipal Authority (Messiah Village);
Series 2018, Ref. RB		5.00%		07/01/2031		1,565	1,673,188
Series 2018, Ref. RB		5.00%		07/01/2035		3,210	3,390,209
Cumberland (County of), PA Municipal Authority (Penn State Health); Series 2019, RB		4.00%		11/01/2044		2,000	2,273,480
Dallas Area Municipal Authority (Misericordia University);
Series 2019, Ref. RB		5.00%		05/01/2039		905	1,003,518
Series 2019, Ref. RB		5.00%		05/01/2048		3,440	3,753,625
Dauphin (County of), PA General Authority (Pinnacle Health System); Series 2016 A, Ref. RB		5.00%		06/01/2034		510	598,123
Delaware (County of), PA Authority (Eastern University); Series 2012, RB		5.25%		10/01/2032		5,225	5,110,572
Delaware (County of), PA Authority (Elywn);
Series 2017, Ref. RB		5.00%		06/01/2027		500	532,595
Series 2017, Ref. RB		5.00%		06/01/2037		3,500	3,596,530
Delaware (County of), PA Authority (Mercy Health Corp.); Series 1993 A, RB(a)		5.38%		11/15/2023		45	46,662
Delaware (County of), PA Authority (Neumann University);
Series 2010, RB		5.00%		10/01/2025		1,150	1,150,391
Series 2010, RB		5.25%		10/01/2031		1,250	1,250,212
Series 2016, Ref. RB		5.00%		10/01/2031		1,425	1,429,375
Series 2016, Ref. RB		5.00%		10/01/2035		2,305	2,292,830
Delaware (County of), PA Authority (Villanova University); Series 2015, RB		5.00%		08/01/2045		215	242,589
Delaware (County of), PA Industrial Development Authority (Mercy Health Corp. of Southeastern PA); Series 2016 A, RB(g)		5.13%		06/01/2046		1,980	2,015,818
Delaware River Port Authority (Port District);
Series 2012, Ref. RB		5.00%		01/01/2025		540	580,014
Series 2012, Ref. RB		5.00%		01/01/2027		535	570,556
Delaware Valley Regional Financial Authority; Series 2002, RB		5.75%		07/01/2032		1,000	1,426,340
Doylestown (City of), PA Hospital Authority; Series 2019 A, RB		4.00%		07/01/2045		250	263,763
DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare); Series 2018, Ref. RB		5.00%		07/15/2048		650	759,272
East Hempfield (Township of), PA Industrial Development Authority (Student Services, Inc. Student Housing at Millersville University of Pennsylvania);
Series 2013, RB		5.00%		07/01/2030		1,000	1,018,680
Series 2013, RB		5.00%		07/01/2035		1,750	1,774,762
Series 2014, RB		5.00%		07/01/2039		250	254,163
Series 2015, RB		5.00%		07/01/2030		820	845,108
Series 2015, RB		5.00%		07/01/2035		1,060	1,084,560
East Hempfield (Township of), PA Industrial Development Authority (Willow Valley Communities);
Series 2016, Ref. RB		5.00%		12/01/2030		630	721,993
Series 2016, Ref. RB		5.00%		12/01/2039		370	411,359
Erie (City & County of), PA City Water Authority;
Series 2014, Ref. RB (INS - AGM)(c)		5.00%		12/01/2049		5,000	5,817,300
Series 2018 A, Ref. RB (INS - AGM)(c)		5.00%		12/01/2043		1,280	1,592,845
Erie (City of), PA Higher Education Building Authority (Gannon University);
Series 2010 A, RB		5.38%		05/01/2030		1,000	1,001,810
Series 2010 A, RB		5.50%		05/01/2040		2,565	2,568,668
Series 2013, RB		5.00%		05/01/2038		7,840	8,071,829

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                     Invesco Pennsylvania Municipal Fund

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Pennsylvania–(continued)
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.);
Series 2018, Ref. RB		5.00%		12/01/2043	$	475	$      481,375
Series 2018, Ref. RB		5.00%		12/01/2053		700	703,234
Series 2019, RB		5.00%		12/01/2039		755	772,357
Series 2019, RB		5.00%		12/01/2054		3,000	3,011,850
Franklin Regional School District; Series 2019, GO Bonds		4.00%		05/01/2046		2,000	2,282,480
Fulton (County of), PA Industrial Development Authority (The Fulton County Medical Center); Series 2016, Ref. RB		5.00%		07/01/2040		1,515	1,547,376
Geisinger Authority (Geisinger Health System);
Series 2011 A-1, RB		5.13%		06/01/2041		500	512,775
Series 2017 A-1, Ref. RB		5.00%		02/15/2045		2,190	2,587,397
Series 2017 XF0602, Revenue Ctfs.(e)		5.00%		02/15/2045		17,715	20,929,564
Series 2020, Ref. RB		4.00%		04/01/2050		5,000	5,714,900
General Authority of Southcentral Pennsylvania (WellSpan Health Obligated Group); Series 2019 A, Ref. RB		5.00%		06/01/2049		750	917,205
Lancaster (City of), PA Industrial Development Authority (Willow Valley Communities);
Series 2019, RB		5.00%		12/01/2044		1,850	2,099,139
Series 2019, RB		5.00%		12/01/2049		2,755	3,102,791
Lancaster (County of), PA Hospital Authority (Brethren Village); Series 2017, Ref. RB		5.13%		07/01/2037		1,135	1,184,384
Lancaster (County of), PA Hospital Authority (Landis Homes Retirement Community); Series 2015, Ref. RB		5.00%		07/01/2045		625	641,394
Lancaster (County of), PA Hospital Authority (Masonic Villages); Series 2015, Ref. RB		5.00%		11/01/2035		210	232,189
Lancaster (County of), PA Hospital Authority (St. Annes Retirement Community, Inc.);
Series 2020, Ref. RB		5.00%		03/01/2040		625	646,419
Series 2020, Ref. RB		5.00%		03/01/2045		475	486,894
Series 2020, Ref. RB		5.00%		03/01/2050		625	638,013
Langhorne Manor (Borough of), PA Higher Education & Health Authority (Woods Services); Series 2013, RB		4.00%		11/15/2033		15	15,029
Lehigh (County of), PA (Lehigh Valley Health Network);
Series 2019 A, RB		5.00%		07/01/2044		1,000	1,225,800
Series 2019, Ref. RB		4.00%		07/01/2049		2,500	2,783,400
Lehigh (County of), PA General Purpose Authority (Bible Fellowship Church Homes, Inc.); Series 2013, RB		5.25%		07/01/2042		825	842,102
Lehigh (County of), PA General Purpose Authority (Kidspeace Obligation Group);
Series 2014 A, RB		7.50%		02/01/2044		5,336	5,345,366
Series 2014 B, RB(j)		7.50%		02/01/2044		2,920	1,248,379
Series 2014 C, RB(k)		0.00%		02/01/2044		3,238	809
Lycoming (County of), PA Authority (Pennsylvania College of Technology); Series 2011, RB		5.00%		07/01/2030		750	777,293
Montgomery (County of), PA Higher Education & Health Authority (Holy Redeemer Health System); Series 2014, Ref. RB		5.00%		10/01/2027		390	431,270
Montgomery (County of), PA Higher Education & Health Authority (Philadelphia Presbytery Homes, Inc.);
Series 2010, RB(a)(b)		6.50%		12/01/2021		300	323,214
Series 2017, Ref. RB		5.00%		12/01/2037		750	807,518
Series 2017, Ref. RB		5.00%		12/01/2047		1,000	1,063,610
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University);
Series 2018 A, Ref. RB		5.00%		09/01/2048		4,270	5,056,406
Series 2019, Ref. RB		4.00%		09/01/2049		4,000	4,375,840
Montgomery (County of), PA Industrial Development Authority (ACTS Retirement-Life Communities, Inc.);
Series 2012, Ref. RB(a)(b)		5.00%		05/15/2022		900	972,108
Series 2020 C, RB		4.00%		11/15/2043		350	384,353
Series 2020 C, RB		5.00%		11/15/2045		675	799,544
Montgomery (County of), PA Industrial Development Authority (ACTS Retirement-Life Communities. Inc.); Series 2016, Ref. RB		5.00%		11/15/2036		11,075	12,821,749
Montgomery (County of), PA Industrial Development Authority (Albert Einstein Healthcare); Series 2015, Ref. RB		5.25%		01/15/2045		850	895,730
Montgomery (County of), PA Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB(a)(b)		6.63%		12/01/2021		1,500	1,618,410
Montgomery (County of), PA Industrial Development Authority (Waverly Heights Ltd.); Series 2019, Ref. RB		5.00%		12/01/2049		1,000	1,105,480

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                     Invesco Pennsylvania Municipal Fund

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Pennsylvania–(continued)
Northampton (County of), PA General Purpose Authority (LaFayette College); Series 2017, Ref. RB		5.00%		11/01/2047	$	6,135	$      7,298,319
Northampton (County of), PA General Purpose Authority (Moravian College);
Series 2012, RB		5.00%		07/01/2031		2,860	2,953,779
Series 2016, Ref. RB		5.00%		10/01/2036		2,250	2,391,502
Northampton (County of), PA General Purpose Authority (St. Luke’s University Health Network);
Series 2016, Ref. RB		5.00%		08/15/2036		330	382,655
Series 2018 A, Ref. RB		4.00%		08/15/2048		8,430	9,184,569
Northampton (County of), PA Industrial Development Authority;
Series 2013 A, RB(l)(m)		5.00%		12/31/2023		14,826	3,706,652
Series 2013, RB(l)(m)		5.00%		12/31/2023		4,517	1,129,300
Northampton (County of), PA Industrial Development Authority (Morningstar Senior Living, Inc.);
Series 2012, RB		5.00%		07/01/2032		920	934,729
Series 2019, Ref. RB		5.00%		11/01/2039		500	519,715
Series 2019, Ref. RB		5.00%		11/01/2044		950	976,667
Series 2019, Ref. RB		5.00%		11/01/2049		1,050	1,073,951
Northeastern Pennsylvania (State of) Hospital & Education Authority (Kings College); Series 2019, RB		5.00%		05/01/2044		1,000	1,082,960
Penn Hills School District; Series 2020, Ref. GO Bonds (INS - BAM)(c)		3.00%		10/01/2042		4,000	4,237,760
Pennsylvania (Commonwealth of);
First Series 2014, GO Bonds(e)		5.00%		06/15/2034		3,000	3,472,830
Series 2018 A, Ref. COP		4.00%		07/01/2046		540	608,656
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Philadelphia Biosolids Facility); Series 2009, RB		6.25%		01/01/2032		3,795	3,865,777
Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC); Series 2018 A, Ref. COP		5.00%		07/01/2043		590	712,018
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Amtrak); Series 2012 A, Ref. RB(d)		5.00%		11/01/2041		1,200	1,291,812
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Capital Region Parking System); Series 2013, RB		6.00%		07/01/2053		920	1,042,792
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Covanta Holding Corp.) (Green Bonds); Series 2019 A, RB(d)(g)		3.25%		08/01/2039		1,250	1,229,125
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Forum Place); Series 2012, RB(a)(b)		5.00%		03/01/2022		3,000	3,213,750
Pennsylvania (Commonwealth of) Economic Development Financing Authority (National Gypson Co.); Series 2014, Ref. RB(d)		5.50%		11/01/2044		635	652,513
Pennsylvania (Commonwealth of) Economic Development Financing Authority (PA Bridges Finco L.P.); Series 2015, RB(d)		5.00%		12/31/2034		775	887,220
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement);
Series 2015, RB(d)		5.00%		12/31/2038		460	521,415
Series 2015, RB(d)		5.00%		06/30/2042		8,500	9,540,655
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC); Series 2020 A-1, RB		4.00%		04/15/2050		1,500	1,689,000
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (AICUP Financing Program-Del Valley College); Series 2012, RB		5.00%		11/01/2042		1,070	1,071,017
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (AICUP Financing Program-Gwynedd-Mercy College); Series 2012 KK1, RB		5.38%		05/01/2042		1,300	1,342,419
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (AICUP Financing Program-St. Francis University);
Series 2011 JJ2, RB(a)(b)		6.00%		11/01/2021		1,750	1,867,075
Series 2011 JJ2, RB(a)(b)		6.25%		11/01/2021		2,250	2,407,072
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Holy Family University); Series 2013 A, RB		6.25%		09/01/2033		320	339,747
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (La Salle University);
Series 2012, RB		5.00%		05/01/2029		2,650	2,742,114
Series 2012, RB		5.00%		05/01/2042		1,180	1,204,532
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Pennsylvania State University); Series 2002, RB		5.00%		03/01/2022		20	20,078

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                     Invesco Pennsylvania Municipal Fund

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Pennsylvania–(continued)
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Shippensburg University Services, Inc. Student Housing at Shippensburg University of Pennsylvania);
Series 2011, RB(a)(b)		6.00%		10/01/2021	$	3,000	$      3,179,610
Series 2011, RB(a)(b)		6.25%		10/01/2021		7,000	7,437,920
Series 2012, RB(a)(b)		5.00%		10/01/2022		1,400	1,537,914
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (St. Joseph’s University); Series 2010 A, RB		5.00%		11/01/2034		500	503,870
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Temple University); First Series 2012, RB(a)(b)		5.00%		04/01/2022		570	612,870
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (The Foundation for Indiana University of Pennsylvania Student Housing at Indiana University of Pennsylvania); Series 2012 A, Ref. RB(a)(b)		5.00%		07/01/2022		750	812,423
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University); Series 2015, Ref. RB		5.25%		09/01/2050		1,070	1,219,832
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees of the University of Pennsylvania); Series 2017, RB(e)		5.00%		08/15/2046		2,200	2,618,484
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System);
Series 2017 A, RB		5.00%		08/15/2042		1,075	1,297,471
Series 2019, RB		4.00%		08/15/2049		1,465	1,670,569
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Ursinus College); Series 2012 A, RB		5.00%		01/01/2029		1,000	1,025,720
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Widener College); Series 2014, Ref. RB		5.00%		07/15/2038		1,000	1,036,820
Pennsylvania (Commonwealth of) Housing Finance Agency; Series 2019-131 A, Ref. RB		3.10%		10/01/2044		2,500	2,648,500
Pennsylvania (Commonwealth of) Public School Building Authority (Harrisburg Area Community College); Series 2011, RB		5.00%		10/01/2031		5,000	5,127,600
Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District);
Series 2012, RB(a)(b)		5.00%		04/01/2022		250	268,595
Series 2016 A, Ref. RB		5.00%		06/01/2027		3,750	4,613,775
Series 2016 A, Ref. RB (INS - AGM)(c)		5.00%		06/01/2032		8,795	10,632,188
Series 2016, Ref. RB		5.00%		06/01/2036		4,800	5,714,256
Pennsylvania (Commonwealth of) Turnpike Commission;
Series 2009 C, RB (INS - AGM)(c)		6.25%		06/01/2033		2,000	2,565,060
Series 2009 E, RB		6.38%		12/01/2038		11,435	14,741,888
Series 2014 A-1, RB		5.00%		12/01/2032		2,000	2,275,520
Series 2015 B, RB		5.00%		12/01/2030		500	594,780
Series 2015 B, RB		5.00%		12/01/2031		1,000	1,184,880
Series 2017 A, RB		5.50%		12/01/2042		5,000	6,020,500
Series 2017 A-1, RB		5.00%		12/01/2035		1,050	1,289,221
Series 2018 A-2, RB		5.00%		12/01/2043		535	651,560
Series 2018 A-2, RB		5.00%		12/01/2048		6,000	7,237,860
Series 2018 B, RB		5.25%		12/01/2048		630	771,769
Series 2019 A, RB		5.00%		12/01/2044		1,000	1,230,720
Series 2019 A, RB (INS - AGM)(c)		4.00%		12/01/2049		3,800	4,297,002
Subseries 2010 A-2, RB(a)(b)		5.50%		12/01/2020		1,080	1,094,191
Subseries 2010 A-2, Ref. RB(a)(b)		5.50%		12/01/2020		4,920	4,985,288
Subseries 2010 B-2, RB(a)(b)		5.00%		12/01/2020		360	364,288
Subseries 2010 B-2, RB(a)(b)		5.13%		12/01/2020		500	506,170
Subseries 2010 B-2, RB(a)(b)		6.00%		12/01/2020		4,000	4,057,646
Subseries 2010 B-2, Ref. RB(a)(b)		5.00%		12/01/2020		265	268,188
Subseries 2017 B-1, RB		5.25%		06/01/2047		1,000	1,177,410
Pennsylvania State University;
Series 2016 A, RB		5.00%		09/01/2041		1,430	1,707,263
Series 2017 A, RB		5.00%		09/01/2047		2,500	3,034,800
Series 2019 A, RB		5.00%		09/01/2044		1,330	1,695,963

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                     Invesco Pennsylvania Municipal Fund

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Pennsylvania–(continued)
Philadelphia (City of), PA;
Ninth Series 2010, RB		5.25%		08/01/2040	$	610	$      612,391
Series 2010 A, RB		5.25%		06/15/2030		125	125,950
Series 2010 D, Ref. RB(d)		5.25%		06/15/2024		4,840	4,876,784
Series 2017 A, RB		5.00%		10/01/2052		1,895	2,292,059
Series 2017 A, RB(e)(i)		5.25%		10/01/2052		2,070	2,537,944
Series 2017 A, Ref. GO Bonds (INS - AGM)(c)		5.00%		08/01/2035		3,500	4,321,765
Series 2017 A, Ref. GO Bonds		5.00%		08/01/2036		700	849,100
Series 2017 B, Ref. RB(d)		5.00%		07/01/2047		19,700	22,656,970
Series 2017, Ref. GO Bonds		5.00%		08/01/2041		1,000	1,198,280
Series 2018 A, RB		5.00%		10/01/2053		7,000	8,576,540
Series 2019 B, GO Bonds		5.00%		02/01/2039		300	375,231
Series 2019 B, RB		5.00%		11/01/2049		4,635	5,775,256
Series 2019 B, RB		5.00%		11/01/2054		11,030	13,702,348
Philadelphia (City of), PA (Philadelphia Gas Works Co.); Series 2017 15, Ref. RB		5.00%		08/01/2047		3,620	4,144,610
Philadelphia (City of), PA Authority for Industrial Development (Cultural and Commercials Corridors); Series 2016, Ref. RB		5.00%		12/01/2031		840	1,011,058
Philadelphia (City of), PA Authority for Industrial Development (Global Leadership Academy Charter School); Series 2010, RB		5.75%		11/15/2030		1,000	1,004,100
Philadelphia (City of), PA Authority for Industrial Development (Independence Charter School - West);
Series 2019, RB		4.00%		06/15/2029		350	357,207
Series 2019, RB		5.00%		06/15/2039		500	516,285
Series 2019, RB		5.00%		06/15/2050		350	356,587
Philadelphia (City of), PA Authority for Industrial Development (International Apartments at Temple University);
Series 2010 A, IDR		5.38%		06/15/2030		2,040	2,043,386
Series 2010 A, IDR		5.63%		06/15/2042		4,000	4,005,160
Philadelphia (City of), PA Authority for Industrial Development (PresbyHomes Germantown/ Morrisville); Series 2005 A, RB		5.63%		07/01/2035		2,630	2,630,736
Philadelphia (City of), PA Authority for Industrial Development (Richard Allen Preparatory Charter School); Series 2006, RB		6.25%		05/01/2033		1,640	1,494,007
Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University); Series 2020 A, Ref. RB		4.00%		11/01/2045		1,900	2,121,673
Philadelphia (City of), PA Authority for Industrial Development (Tacony Academy Charter School);
Series 2013 A-1, RB		6.75%		06/15/2033		2,000	2,166,560
Series 2013 A-1, RB		7.00%		06/15/2043		3,090	3,331,020
Philadelphia (City of), PA Authority for Industrial Development (Temple University); First Series 2015, Ref. RB		5.00%		04/01/2045		530	599,213
Philadelphia (City of), PA Authority for Industrial Development (The Childrens Hospital of Philadelphia); Series 2014 A, RB(e)		5.00%		07/01/2042		1,500	1,681,965
Philadelphia (City of), PA Authority for Industrial Development (University Square Apartments); Series 2017, RB		5.00%		12/01/2058		4,165	4,745,476
Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group);
Series 2017, Ref. RB		5.00%		07/01/2042		1,000	997,300
Series 2017, Ref. RB		5.00%		07/01/2049		500	489,500
Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University Health System);
Series 2012 A, RB		5.63%		07/01/2042		1,000	1,055,280
Series 2017, Ref. RB		5.00%		07/01/2032		1,000	1,152,970
Philadelphia (City of), PA Housing Authority;
Series 2002 A, RB (INS - AGM)(c)		5.00%		12/01/2021		250	250,978
Series 2017, RB		5.00%		05/01/2039		1,300	1,533,766
Series 2017, RB		5.00%		05/01/2042		2,415	2,830,573
Series 2017, RB		5.00%		05/01/2047		3,335	3,882,440
Philadelphia (City of), PA Industrial Development Authority (Architecture & Design Charter High School); Series 2013, RB(a)(b)		6.13%		03/15/2023		3,085	3,522,607
Philadelphia (City of), PA Industrial Development Authority (Discovery Charter School);
Series 2012, RB		5.88%		04/01/2032		450	460,422
Series 2012, RB		6.25%		04/01/2042		1,500	1,531,050

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                     Invesco Pennsylvania Municipal Fund

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Pennsylvania–(continued)
Philadelphia (City of), PA Industrial Development Authority (First Philadelphia Preparatory Charter School); Series 2014 A, RB		7.00%		06/15/2033	$	875	$      985,959
Philadelphia (City of), PA Industrial Development Authority (Global Leadership Academy Charter School); Series 2010, RB		6.38%		11/15/2040		500	502,210
Philadelphia (City of), PA Industrial Development Authority (Kipp Philadelphia Charter School); Series 2016 B, RB		5.00%		04/01/2046		640	660,390
Philadelphia (City of), PA Industrial Development Authority (MaST I Charter School); Series 2016 A, Ref. RB		5.25%		08/01/2046		1,500	1,646,025
Philadelphia (City of), PA Industrial Development Authority (New Foundations Charter School); Series 2012, RB(a)(b)		6.63%		12/15/2022		750	855,578
Philadelphia (City of), PA Industrial Development Authority (Performing Arts Charter School); Series 2013, RB(g)		6.50%		06/15/2033		945	947,249
Philadelphia (City of), PA Industrial Development Authority (Thomas Jefferson University); Series 2017 A, Ref. RB		5.00%		09/01/2047		13,365	15,426,952
Philadelphia (City of), PA Industrial Development Authority (University of the Arts); Series 2017, Ref. RB(g)		5.00%		03/15/2045		540	550,514
Philadelphia (City of), PA Parking Authority; Series 1999 A, RB (INS - AMBAC)(c)		5.25%		02/15/2029		25	25,102
Philadelphia School District;
Series 2007 A, Ref. GO Bonds (INS - NATL)(c)		5.00%		06/01/2025		535	641,583
Series 2016 F, Ref. GO Bonds		5.00%		09/01/2028		10,000	12,280,800
Series 2016 F, Ref. GO Bonds		5.00%		09/01/2029		10,000	12,228,700
Series 2016 F, Ref. GO Bonds		5.00%		09/01/2032		1,000	1,206,120
Series 2019 A, GO Bonds		5.00%		09/01/2044		1,000	1,224,650
Pittsburgh (City of) & Allegheny (County of), PA Sports & Exhibition Authority; Series 2010, Ref. RB (INS - AGM)(c)		5.00%		02/01/2035		1,225	1,227,315
Pittsburgh (City of) & Allegheny (County of), PA Sports & Exhibition Authority (Regional Asset District); Series 2010, Ref. RB (INS - AGM)(c)		5.00%		02/01/2031		1,000	1,002,120
Pittsburgh (City of), PA Urban Redevelopment Authority (Marian Plaza); Series 2007, RB (CEP - GNMA)(d)		6.13%		01/20/2043		2,590	2,595,957
Pittsburgh (City of), PA Water & Sewer Authority;
Series 2013 A, Ref. RB		5.00%		09/01/2031		500	564,710
Series 2019 A, RB (INS - AGM)(c)		5.00%		09/01/2044		1,200	1,504,020
Pottsville (City of), PA Hospital Authority (Lehigh Valley); Series 2016 B, Ref. RB		5.00%		07/01/2041		4,000	4,689,440
Reading (City of), PA Housing Authority;
Series 2010, RB		5.63%		06/01/2042		900	905,472
Series 2010, RB ( CEP - GNMA)		5.88%		06/01/2052		2,895	2,913,181
Reading School District;
Series 2017, Ref. GO Bonds (INS - AGM)(c)		5.00%		03/01/2037		1,500	1,798,590
Series 2017, Ref. GO Bonds (INS - AGM)(c)		5.00%		03/01/2038		1,500	1,789,185
Scranton School District;
Series 2017 E, Ref. GO Bonds (INS - BAM)(c)		5.00%		12/01/2034		820	1,008,584
Series 2017 E, Ref. GO Bonds (INS - BAM)(c)		5.00%		12/01/2035		750	919,148
Southcentral Pennsylvania General Authority (Hanover Hospital, Inc.); Series 2015, Ref. RB		5.00%		12/01/2029		1,000	1,177,650
State Public School Building Authority (Harrisburg School District); Series 2016 A, Ref. RB (INS - AGM)(c)		5.00%		12/01/2030		1,055	1,288,049
State Public School Building Authority (Philadelphia School District); Series 2012, RB(a)(b)		5.00%		04/01/2022		2,780	2,986,776
Susquehanna Area Regional Airport Authority;
Series 2012 A, RB(d)		5.00%		01/01/2027		1,185	1,232,673
Series 2017, Ref. RB(d)		5.00%		01/01/2038		1,350	1,434,834
Union (County of), PA Hospital Authority (Evangelical Community Hospital); Series 2011, Ref. RB(a)(b)		7.00%		08/01/2021		1,000	1,060,620
Washington (County of), PA Redevelopment Authority (Victory Centre); Series 2018, Ref. RB		5.00%		07/01/2028		500	519,105
West Shore Area Authority (Holy Spirit Hospital of the Sisters of Christian Charity);
Series 2011 B, RB(a)(b)		5.63%		01/01/2022		2,000	2,143,260
Series 2011, RB(a)(b)		6.50%		01/01/2021		1,835	1,873,058
Westmoreland (County of), PA Municipal Authority; Series 2016, Ref. RB (INS - BAM)(c)		5.00%		08/15/2038		2,000	2,369,720
Wilkes-Barre (City of), PA Finance Authority (University of Scranton); Series 2010, RB(a)(b)		5.00%		11/01/2020		850	855,729
Wilkes-Barre Area School District;
Series 2016 B, GO Bonds (INS - BAM)(c)		5.00%		08/01/2034		2,600	3,148,158
Series 2016 B, GO Bonds (INS - BAM)(c)		5.00%		08/01/2036		2,125	2,546,642
							709,569,972

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13                     Invesco Pennsylvania Municipal Fund

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Puerto Rico–15.68%
Children’s Trust Fund;
Series 2002, RB		5.38%		05/15/2033	$	155	$      155,955
Series 2002, RB		5.50%		05/15/2039		17,000	17,104,720
Series 2005 A, RB(h)		0.00%		05/15/2050		53,320	7,979,338
Series 2008 A, RB(h)		0.00%		05/15/2057		451,500	28,963,725
Puerto Rico (Commonwealth of);
Series 2001, GO Bonds (INS - AGM)(c)		5.13%		07/01/2030		7,405	7,456,613
Series 2003 C-7, Ref. GO Bonds (INS - NATL)(c)		6.00%		07/01/2027		15	15,390
Series 2004 A, GO Bonds(k)		5.00%		07/01/2029		2,185	1,554,081
Series 2009 B, Ref. GO Bonds(k)		6.50%		07/01/2037		1,000	723,750
Series 2009 B, Ref. GO Bonds(k)		5.75%		07/01/2038		120	85,050
Series 2009 B, Ref. GO Bonds(k)		6.00%		07/01/2039		50	35,938
Series 2009 C, Ref. GO Bonds(k)		6.00%		07/01/2039		9,745	6,858,044
Series 2011 A, GO Bonds(k)		5.75%		07/01/2041		3,000	1,976,250
Series 2011 A, Ref. GO Bonds(k)		6.00%		07/01/2028		790	555,962
Series 2011 C, Ref. GO Bonds(k)		5.75%		07/01/2036		9,000	5,906,250
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2008 A, RB		6.13%		07/01/2024		1,400	1,494,444
Series 2012 A, RB		5.25%		07/01/2029		810	841,387
Series 2012 A, RB		5.13%		07/01/2037		3,000	3,086,250
Series 2012 A, RB		5.75%		07/01/2037		1,460	1,520,225
Series 2012 A, RB		6.00%		07/01/2047		1,005	1,048,969
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2005 SS, Ref. RB (INS - NATL)(c)		5.00%		07/01/2025		6,000	6,048,960
Series 2007 TT, RB(k)		5.00%		07/01/2032		1,450	1,000,500
Series 2010 AAA-RSA-1, RB(k)		5.25%		07/01/2024		1,435	991,944
Series 2010 XX, RB(k)		5.25%		07/02/2040		2,445	1,690,106
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 1998 A, RB(k)		5.00%		07/01/2038		10	4,425
Series 2002 D, RB (INS - AGM)(c)		5.00%		07/01/2032		965	971,079
Series 2003 AA-2, Ref. RB(k)		5.30%		07/02/2035		1,000	880,000
Series 2003 H, Ref. RB(k)		5.00%		07/01/2028		325	143,812
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University System);
Series 2006, RB		5.00%		03/01/2036		1,250	1,203,750
Series 2012, Ref. RB		5.13%		04/01/2032		125	123,628
Series 2012, Ref. RB		5.38%		04/01/2042		185	182,066
Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2005 B, RB(k)		5.00%		07/01/2041		270	29,363
Puerto Rico (Commonwealth of) Infrastructure Financing Authority (MEPSI Campus); Series 2007 A, RB(k)		6.50%		10/01/2037		1,400	423,500
Puerto Rico (Commonwealth of) Public Buildings Authority;
Series 2002 D, RB(k)		5.25%		07/01/2036		1,015	781,550
Series 2007 M, Ref. RB(b)(k)		10.00%		07/01/2034		3,000	2,475,000
Series 2007 M-2, Ref. RB (INS - AMBAC)(c)		10.00%		07/01/2035		1,000	1,061,590
Series 2009 P, Ref. RB(k)		6.50%		07/01/2030		1,500	1,205,625
Series 2009 P, Ref. RB(k)		6.75%		07/01/2036		1,000	807,500
Series 2011 S, RB(k)		6.00%		07/01/2041		2,070	1,617,187
Puerto Rico Public Finance Corp.; Series 2011 B, RB(k)		5.50%		08/01/2031		5,725	105,340
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(h)		0.00%		07/01/2031		716	527,721
Series 2018 A-1, RB(h)		0.00%		07/01/2033		5,940	4,026,310
Series 2018 A-1, RB		4.50%		07/01/2034		590	624,444
Series 2018 A-1, RB(h)		0.00%		07/01/2046		7,662	2,197,998
Series 2018 A-1, RB(h)		0.00%		07/01/2051		6,242	1,290,346
Series 2018 A-1, RB		4.75%		07/01/2053		2,190	2,301,778
Series 2018 A-1, RB		5.00%		07/01/2058		5,537	5,911,855
Series 2019 A-2, RB		4.54%		07/01/2053		91	94,346
Series 2019 A-2, RB		4.78%		07/01/2058		1,216	1,280,825

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14                     Invesco Pennsylvania Municipal Fund

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Puerto Rico–(continued)
University of Puerto Rico;
Series 2006 P, Ref. RB		5.00%		06/01/2030	$	3,235	$      3,170,300
Series 2006 Q, RB		5.00%		06/01/2030		1,300	1,274,000
							131,809,189
Virgin Islands–1.06%
Tobacco Settlement Financing Corp.;
Series 2001, RB		5.00%		05/15/2031		970	972,008
Series 2006, RB(h)		0.00%		05/15/2035		13,345	4,613,504
Virgin Islands (Government of) Port Authority; Series 2014 A, Ref. RB(d)		5.00%		09/01/2029		575	558,469
Virgin Islands (Government of) Public Finance Authority; Series 2014 C, Ref. RB		5.00%		10/01/2039		2,500	2,263,675
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2009 B, Ref. RB		5.00%		10/01/2025		500	495,295
							8,902,951
TOTAL INVESTMENTS IN SECURITIES(n) –101.85% (Cost $829,663,797)							855,965,611
FLOATING RATE NOTE OBLIGATIONS–(2.77)%
Notes with interest and fee rates ranging from 0.61% to 0.71% at 08/31/2020 and contractual maturities of collateral ranging from 06/01/2034 to 10/01/2052 (See Note 1J)(o)							(23,295,000)
BORROWINGS–(0.26)%							(2,200,000)
OTHER ASSETS LESS LIABILITIES–1.18%							9,941,671
NET ASSETS –100.00%							$      840,412,282

Investment Abbreviations:

ACA	– ACA Financial Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BAM	– Build America Mutual Assurance Co.
CEP	– Credit Enhancement Provider
COP	– Certificates of Participation
Ctfs.	– Certificates
FHLMC	– Federal Home Loan Mortgage Corp.
GNMA	– Government National Mortgage Association
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
LIBOR	– London Interbank Offered Rate
NATL	– National Public Finance Guarantee Corp.
RB	– Revenue Bonds
Ref.	– Refunding
USD	– U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15                     Invesco Pennsylvania Municipal Fund

Notes to Schedule of Investments:

^(a)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(b)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(c)  Principal and/or interest payments are secured by the bond insurance company listed.

^(d)  Security subject to the alternative minimum tax.

^(e)  Underlying security related to TOB Trusts entered into by the Fund. See Note 1K.

^(f)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020.

^(g)  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 August 31, 2020 was $9,584,327, which represented 1.14% of the Fund’s Net Assets.

^(h)  Zero coupon bond issued at a discount.

⁽ⁱ⁾  Security is subject to a reimbursement agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $3,380,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

^(j)  Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

^(k)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2020 was $29,851,986, which represented 3.55% of the Fund’s Net Assets.

^(l)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(m)  The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

⁽ⁿ⁾  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entity	Percent
Assured Guaranty Municipal Corp.	5.64%

^(o) Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2020. At August 31, 2020, the Fund’s investments with a value of $40,893,721 are held by TOB Trusts and serve as collateral for the $23,295,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2020

Revenue Bonds	79.4	%
General Obligation Bonds	13.8
Pre-Refunded Bonds	6.8

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16                     Invesco Pennsylvania Municipal Fund

Statement of Assets and Liabilities

August 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $829,663,797)	$	855,965,611
Cash		215,067
Receivable for:
Fund shares sold		446,253
Interest		9,836,923
Investments matured, at value (Cost $1,316,308)		994,606
Investment for trustee deferred compensation and retirement plans		110,342
Other assets		59,314
Total assets		867,628,116
Liabilities:
Floating rate note obligations		23,295,000
Payable for:
Borrowings		2,200,000
Dividends		486,065
Fund shares reacquired		605,848
Accrued fees to affiliates		355,625
Accrued trustees’ and officers’ fees and benefits		43,758
Accrued other operating expenses		115,243
Trustee deferred compensation and retirement plans		114,295
Total liabilities		27,215,834
Net assets applicable to shares outstanding	$	840,412,282

Net assets consist of:
Shares of beneficial interest	$	929,467,489
Distributable earnings (loss)		(89,055,207	)
	$	840,412,282
Net Assets:
Class A	$	636,713,095
Class C	$	108,348,316
Class Y	$	94,575,082
Class R6	$	775,789
Common shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		56,330,905
Class C		9,618,438
Class Y		8,361,501
Class R6		68,669
Class A:
Net asset value per share	$	11.30
Maximum offering price per share
(Net asset value of $11.30 ÷ 95.75%)	$	11.80
Class C:
Net asset value and offering price per share	$	11.26
Class Y:
Net asset value and offering price per share	$	11.31
Class R6:
Net asset value and offering price per share	$	11.30

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17                     Invesco Pennsylvania Municipal Fund

Statement of Operations

For the six months ended August 31, 2020

(Unaudited)

Investment income:
Interest	$	16,763,300
Expenses:
Advisory fees		1,830,361
Administrative services fees		55,710
Custodian fees		2,537
Distribution fees:
Class A		695,043
Class C		515,100
Interest, facilities and maintenance fees		430,884
Transfer agent fees – A, C and Y		308,186
Transfer agent fees – R6		153
Trustees’ and officers’ fees and benefits		242
Registration and filing fees		50,538
Reports to shareholders		19,660
Professional services fees		32,218
Other		2,283
Total expenses		3,942,915
Less: Expense offset arrangement(s)		(431	)
Net expenses		3,942,484
Net investment income		12,820,816
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities (includes net gains from securities sold to affiliates of $ 60,399)		(1,125,933	)
Change in net unrealized appreciation (depreciation) of investment securities		(17,281,208	)
Net realized and unrealized gain (loss)		(18,407,141	)
Net increase (decrease) in net assets resulting from operations	$	(5,586,325	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18                     Invesco Pennsylvania Municipal Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2020, period ended February 29, 2020, and the year ended July 31, 2019

(Unaudited)

	Six Months Ended August 31, 2020			Seven Months Ended February 29, 2020			Year Ended July 31, 2019
Operations:
Net investment income	$	12,820,816		$	14,061,452		$	26,830,533
Net realized gain (loss)		(1,125,933	)		490,923			(34,584,554	)
Change in net unrealized appreciation (depreciation)		(17,281,208	)		29,025,991			76,354,420
Net increase (decrease) in net assets resulting from operations		(5,586,325	)		43,578,366			68,600,399
Distributions to shareholders from distributable earnings:
Class A		(9,730,273	)		(9,689,778	)		(14,650,196	)
Class C		(1,455,588	)		(1,632,128	)		(4,303,794	)
Class Y		(1,571,943	)		(1,563,782	)		(2,165,871	)
Class R6		(13,576	)		(5,994	)		(68	)
Total distributions from distributable earnings		(12,771,380	)		(12,891,682	)		(21,119,929	)
Share transactions–net:
Class A		114,439,327			13,489,503			44,220,407
Class C		1,454,388			(4,523,338	)		(63,117,124	)
Class Y		12,955,880			8,818,928			17,376,645
Class R6		64,020			697,458			10,000
Net increase (decrease) in net assets resulting from share transactions		128,913,615			18,482,551			(1,510,072	)
Net increase in net assets		110,555,910			49,169,235			45,970,398
Net assets:
Beginning of period		729,856,372			680,687,137			634,716,739
End of period	$	840,412,282		$	729,856,372		$	680,687,137

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19                     Invesco Pennsylvania Municipal Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/20	$	11.68	$	0.19	$	(0.38	)	$	(0.19	)	$	(0.19	)	$	11.30		(1.58	)%(d)	$	636,713		0.95	%(d)(e)		0.95	%(d)(e)		0.84	%(d)(e)		3.40	%(d)(e)		7	%
Seven months ended 02/29/20		11.19		0.23		0.47			0.70			(0.21	)		11.68		6.36			534,700		0.88	(f)		1.03	(f)		0.88	(f)		3.54	(f)		6
Year ended 07/31/19		10.40		0.46		0.69			1.15			(0.36	)		11.19		11.32			498,743		0.91			1.19			0.91			4.30			21
Year ended 07/31/18		10.44		0.41		(0.03	)		0.38			(0.42	)		10.40		3.84			423,210		0.97			1.18			0.97			4.09			13
Year ended 07/31/17		10.67		0.47		(0.16	)		0.31			(0.54	)		10.44		2.96			500,340		0.83			1.00			0.83			4.50			20
Year ended 07/31/16		10.49		0.59		0.20			0.79			(0.61	)		10.67		7.84			526,247		0.80			0.97			0.80			5.59			6
Year ended 07/31/15		10.38		0.63		0.09			0.72			(0.61	)		10.49		6.98			552,146		0.77			0.95			0.77			5.93			12
Class C
Six months ended 08/31/20		11.65		0.15		(0.39	)		(0.24	)		(0.15	)		11.26		(2.00	)(d)		108,348		1.68	(d)(e)		1.68	(d)(e)		1.57	(d)(e)		2.67	(d)(e)		7
Seven months ended 02/29/20		11.15		0.19		0.48			0.67			(0.17	)		11.65		6.07			110,395		1.54	(f)		1.69	(f)		1.54	(f)		2.88	(f)		6
Year ended 07/31/19		10.37		0.39		0.68			1.07			(0.29	)		11.15		10.52			110,166		1.57			1.85			1.57			3.64			21
Year ended 07/31/18		10.42		0.34		(0.04	)		0.30			(0.35	)		10.37		3.07			161,664		1.62			1.83			1.62			3.43			13
Year ended 07/31/17		10.64		0.40		(0.15	)		0.25			(0.47	)		10.42		2.23			199,497		1.56			1.73			1.56			3.79			20
Year ended 07/31/16		10.47		0.51		0.19			0.70			(0.53	)		10.64		7.06			220,769		1.55			1.72			1.55			4.84			6
Year ended 07/31/15		10.36		0.55		0.09			0.64			(0.53	)		10.47		6.19			226,296		1.52			1.70			1.52			5.17			12
Class Y
Six months ended 08/31/20		11.69		0.20		(0.38	)		(0.18	)		(0.20	)		11.31		(1.46	)		94,575		0.71	(e)		0.71	(e)		0.60	(e)		3.64	(e)		7
Seven months ended 02/29/20		11.19		0.25		0.48			0.73			(0.23	)		11.69		6.60			84,030		0.64	(f)		0.79	(f)		0.64	(f)		3.78	(f)		6
Year ended 07/31/19		10.40		0.49		0.69			1.18			(0.39	)		11.19		11.58			71,769		0.67			0.95			0.67			4.54			21
Year ended 07/31/18		10.45		0.44		(0.05	)		0.39			(0.44	)		10.40		3.98			49,843		0.72			0.93			0.72			4.33			13
Year ended 07/31/17		10.68		0.47		(0.14	)		0.33			(0.56	)		10.45		3.14			54,584		0.65			0.82			0.65			4.53			20
Year ended 07/31/16		10.50		0.60		0.20			0.80			(0.62	)		10.68		7.99			30,357		0.65			0.82			0.65			5.73			6
Year ended 07/31/15		10.38		0.65		0.10			0.75			(0.63	)		10.50		7.23			29,137		0.62			0.80			0.62			6.07			12
Class R6
Six months ended 08/31/20		11.68		0.21		(0.39	)		(0.18	)		(0.20	)		11.30		(1.44	)		776		0.67	(e)		0.67	(e)		0.56	(e)		3.68	(e)		7
Seven months ended 02/29/20		11.18		0.25		0.48			0.73			(0.23	)		11.68		6.63			732		0.62	(f)		0.77	(f)		0.62	(f)		3.83	(f)		6
Period ended 07/31/19(g)		11.05		0.10		0.10			0.20			(0.07	)		11.18		1.86			10		0.62	(f)		0.90	(f)		0.62	(f)		4.59	(f)		21

^(a)  Calculated using average shares outstanding.

^(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c) Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended August 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $134,448,765 in connection with the acquisition of Invesco Pennsylvania Tax Free Fund into the Fund.

^(d) The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for Class A and 0.97% for Class C for the six months ended August 31, 2020.

^(e) Ratios are annualized and based on average daily net assets (000’s omitted) of $571,446, $105,599, $86,070 and $735 for Class A, Class C, Class Y and Class R6 shares, respectively.

^(f) Annualized.

^(g) Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20                     Invesco Pennsylvania Municipal Fund

Notes to Financial Statements

August 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Pennsylvania Municipal Fund (the “Fund”), formerly Invesco Oppenheimer Rochester Pennsylvania Municipal Fund, is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek tax-free income.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature will change from ten years to eight years. The first conversion of Class C shares to Class A shares would occur at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. 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.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Securities Purchased on a When-Issued and Delayed Delivery Basis – The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date

21                     Invesco Pennsylvania Municipal Fund

purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

F. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

H. Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.

I. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

J. Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote.

K. Floating Rate Note Obligations – The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB

22                     Invesco Pennsylvania Municipal Fund

Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

L. Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

M. Collateral –To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
First $500 million		0.510%
Next $250 million		0.410%
Next $250 million		0.400%
Next $1 billion		0.380%
Next $3 billion		0.345%
Over $5 billion		0.330%

Prior to May 15, 2020, the Fund accrued daily and paid monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
Up to $200 million		0.600%
Next $100 million		0.550%
Next $200 million		0.500%
Next $250 million		0.450%
Next $250 million		0.400%
Next $4 billion		0.350%
Over $5 billion		0.330%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended August 31, 2020, the effective advisory fee rate incurred by the Fund was 0.48%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit the total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 0.98%, 1.62%, 0.72% and 0.62%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expenses on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to

23                     Invesco Pennsylvania Municipal Fund

intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 0.90% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2020, IDI advised the Fund that IDI retained $21,109 in front-end sales commissions from the sale of Class A shares and $1,705 and $1,266 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 the 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.

The following is a summary of the tiered valuation input levels, as of August 31, 2020. 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
Municipal Obligations		$–	$	851,129,659		$4,835,952	$	855,965,611
Other Investments - Assets
Investments Matured		–		994,606		–		994,606
Total Investments		$–	$	852,124,265		$4,835,952	$	856,960,217

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended August 31, 2020, the Fund engaged in securities sales of $848,609, which resulted in net realized gains of $60,399.

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $431.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 7–Cash Balances

The Fund has entered into a $2.5 billion revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds, and which will expire on February 25, 2021. The revolving credit and security agreement is secured by the assets of the Fund.

24                     Invesco Pennsylvania Municipal Fund

During the six months ended August 31, 2020, the average daily balance of borrowing under the revolving credit and security agreement was $2,445,652 with a weighted interest rate of 0.37%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2020 were $24,590,714 and 1.66%, respectively.

The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

NOTE 8–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of February 29, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$7,959,887	$	120,418,506	$	128,378,393

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2020 was $49,628,049 and $62,839,677, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	61,748,330
Aggregate unrealized (depreciation) of investments		(34,227,080	)
Net unrealized appreciation of investments	$	27,521,250

Cost of investments for tax purposes is $829,438,967.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Seven months ended						Year ended
	August 31, 2020(a)						February 29, 2020						July 31, 2019
	Shares			Amount			Shares			Amount			Shares		Amount
Sold:
Class A		2,378,016		$	26,323,218			2,531,453		$	28,736,146			8,440,089	$	92,835,347
Class C		703,602			7,839,294			1,110,562			12,538,251			1,288,613		13,745,931
Class Y		1,027,908			11,476,648			1,272,564			14,430,706			2,576,054		27,505,316
Class R6(b)		–			–			63,861			720,330			905		10,000
Issued as reinvestment of dividends:
Class A		504,880			5,567,526			751,494			8,545,463			1,163,062		12,457,740
Class C		77,634			851,698			134,060			1,519,816			372,761		3,972,929
Class Y		83,701			923,372			132,257			1,505,176			188,318		2,022,099
Class R6(b)		736			8,102			478			5,489			–		–
Automatic conversion of Class C shares to Class A shares:
Class A		671,200			7,477,474			986,066			11,169,106			–		–
Class C		(673,119	)		(7,477,474	)		(989,372	)		(11,169,106	)		–		–

25                     Invesco Pennsylvania Municipal Fund

	Summary of Share Activity
	Six months ended						Seven months ended						Year ended
	August 31, 2020(a)						February 29, 2020						July 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Issued in connection with acquisitions:(c)
Class A		10,930,875		$	118,411,672			–		$	–			–		$	–
Class C		726,971			7,851,112			–			–			–			–
Class Y		1,100,157			11,924,713			–			–			–			–
Class R6		7,821			84,676			–			–			–			–
Reacquired:
Class A		(3,922,630	)		(43,340,563	)		(3,085,674	)		(34,961,212	)		(5,718,182	)		(61,072,680	)
Class C		(695,019	)		(7,610,242	)		(654,611	)		(7,412,299	)		(7,373,461	)		(80,835,984	)
Class Y		(1,038,634	)		(11,368,853	)		(628,378	)		(7,116,954	)		(1,143,062	)		(12,150,770	)
Class R6(b)		(2,607	)		(28,758	)		(2,525	)		(28,361	)		–			–
Net increase (decrease) in share activity		11,881,492		$	128,913,615			1,622,235		$	18,482,551			(204,903	)	$	(1,510,072	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b) Commencement date after the close of business on May 24, 2019.

^(c) After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Pennsylvania Tax Free Income Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 12,765,824 shares of the Fund for 8,851,572 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $138,272,173, including $1,207,530 of unrealized appreciation, were combined with those of the Fund.

The net assets of the Fund immediately before the acquisition were $663,848,942 and $802,121,115 immediately after the acquisition.

    The pro forma results of operations for the six months ended August 31, 2020 assuming the reorganization had been completed on March 1, 2020, the beginning of the semi-annual reporting period are as follows:

Net investment income	$	13,737,388
Net realized/unrealized gains		(30,396,286	)
Change in net assets resulting from operations	$	(16,658,898	)

    As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 16, 2020.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared 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 Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

    The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

26                     Invesco Pennsylvania Municipal Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

    The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

    Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning   Account Value   (03/01/20)	Ending   Account Value   (08/31/20)1	Expenses   Paid During   Period2	Ending   Account Value   (08/31/20)	Expenses   Paid During   Period2	Annualized     Expense Ratio
Class A	$1,000.00	$984.20	$4.75	$1,020.42	$4.84	0.95%
Class C	1,000.00	980.00	8.38	1,016.74	8.54	1.68
Class Y	1,000.00	985.40	3.55	1,021.63	3.62	0.71
Class R6	1,000.00	985.60	3.35	1,021.83	3.41	0.67

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

27                     Invesco Pennsylvania Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Pennsylvania Municipal Fund’s (formerly, Invesco Oppenheimer Rochester^® Pennsylvania Municipal Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to

meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the

Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays Municipal Bond Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was above the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective May 2020 and that the Broadridge materials did not reflect this reduced contractual management fee schedule. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes

28                     Invesco Pennsylvania Municipal Fund

using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s actual and contractual management fees and total expense ratio were each in the fifth quintile, respectively, of its expense group and discussed with management reasons for such relative actual and contractual management fees and total expenses. The Board also discussed with management any impact that the reduction of the Fund’s contractual management fee schedule effective May 2020 would have on the Fund’s actual and contractual management fees and total expense ratio peer group ranking

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are

financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

29                     Invesco Pennsylvania Municipal Fund

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Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-07890 and 033-66242 Invesco Distributors, Inc.                          O-ROPAM-SAR-1

	Semiannual Report to Shareholders	August 31, 2020
	Invesco Rochester® AMT-Free New York Municipal Fund Effective September 30, 2020, Invesco Oppenheimer Rochester® AMT-Free New York Municipal Fund was renamed Invesco Rochester® AMT-Free New York Municipal Fund.
	Nasdaq: A: OPNYX ∎ C: ONYCX ∎ Y: ONYYX ∎ R6: IORNX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
17	Financial Statements
20	Financial Highlights
21	Notes to Financial Statements
27	Fund Expenses
28	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services

Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”      In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

    For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Rochester^® AMT-Free New York Municipal Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/29/20 to 8/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-3.71	%
Class C Shares	-4.16
Class Y Shares	-3.67
Class R6 Shares	-3.47
Bloomberg Barclays Municipal Bond Index▼	0.19
U.S. Consumer Price Index∎	0.48
Source(s): ▼RIMES Technologies Corp; ∎Bloomberg L.P.
The Bloomberg Barclays Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market.   The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the U.S. Bureau of Labor Statistics.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3 Invesco Rochester^® AMT-Free New York Municipal Fund

Average Annual Total Returns
As of 8/31/20, including maximum applicable sales charges
Class A Shares
Inception (8/16/84)	6.27	%
10 Years	4.20
5 Years	4.14
1 Year	-4.19
Class C Shares
Inception (8/29/95)	4.69	%
10 Years	3.85
5 Years	4.25
1 Year	-1.66
Class Y Shares
Inception (1/31/11)	6.29	%
5 Years	5.29
1 Year	0.31
Class R6 Shares
10 Years	4.70	%
5 Years	5.15
1 Year	0.48

Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Rochester AMT-Free New York Municipal Fund, (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Rochester^® AMT-Free New York Municipal Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R6 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a

CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4 Invesco Rochester^® AMT-Free New York Municipal Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing

HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5 Invesco Rochester^® AMT-Free New York Municipal Fund

Schedule of Investments

August 31, 2020

(Unaudited)

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Municipal Obligations–104.35%
Guam–0.12%
Guam (Territory of) Power Authority; Series 2012 A, Ref. RB (INS - AGM)(a)		5.00%		10/01/2023	$	210	$	227,313
Series 2012 A, Ref. RB (INS - AGM)(a)		5.00%		10/01/2024		260		281,354
Series 2012 A, Ref. RB (INS - AGM)(a)		5.00%		10/01/2030		470		503,647
								1,012,314
New York–95.49%
Albany (County of), NY Industrial Development Agency (Sage Colleges); Series 1999 A, RB		5.30%		04/01/2029		3,555		3,343,193
Albany Capital Resource Corp. (College Saint Rose (The)); Series 2011 A, RB		5.38%		07/01/2026		500		507,130
Series 2011 A, RB		5.63%		07/01/2031		500		506,420
Series 2011 A, RB		5.88%		07/01/2041		1,000		1,011,990
Albany Capital Resource Corp. (Empire Commons Student Housing); Series 2016 A, Ref. RB		5.00%		05/01/2027		200		228,288
Series 2016 A, Ref. RB		5.00%		05/01/2032		200		223,224
Amherst Development Corp. (Daemen College); Series 2018, Ref. RB		5.00%		10/01/2024		570		619,379
Brookhaven (Town of), NY Industrial Development Agency (Dowling College Civic Facility); Series 2002, RB(b)(c)		6.75%		11/01/2032		8,755		88
Brookhaven Local Development Corp. (Jefferson’s Ferry); Series 2016, Ref. RB		5.25%		11/01/2036		215		234,567
Brooklyn Arena Local Development Corp. (Barclays Center); Series 2016 A, Ref. RB		5.00%		07/15/2042		4,000		4,351,640
Buffalo & Erie County Industrial Land Development Corp. (Buffalo State College Foundation Housing Corp.); Series 2011, RB(d)(e)		5.38%		04/01/2021		270		278,151
Series 2011, RB(d)(e)		6.00%		04/01/2021		130		134,380
Buffalo & Erie County Industrial Land Development Corp. (Charter School for Applied Technology); Series 2017 A, Ref. RB		5.00%		06/01/2035		160		174,514
Buffalo & Erie County Industrial Land Development Corp. (Medaille College); Series 2013, Ref. RB		5.00%		04/01/2022		365		369,745
Series 2013, Ref. RB		5.25%		04/01/2035		4,555		4,593,399
Series 2018, Ref. RB(f)		5.00%		10/01/2038		1,200		1,197,120
Build NYC Resource Corp. (Children’s Aid Society (The)); Series 2019, RB		4.00%		07/01/2044		450		509,837
Build NYC Resource Corp. (Consortium for Worker Education, Inc.); Series 2020, RB(f)		5.00%		12/01/2049		1,360		1,412,972
Build NYC Resource Corp. (Manhattan College); Series 2017, Ref. RB		5.00%		08/01/2032		170		200,449
Series 2017, Ref. RB		5.00%		08/01/2036		290		337,383
Series 2017, Ref. RB		5.00%		08/01/2047		600		683,700
Build NYC Resource Corp. (New Dawn Charter Schools); Series 2019, RB(f)		5.63%		02/01/2039		190		199,696
Series 2019, RB(f)		5.75%		02/01/2049		230		240,633
Build NYC Resource Corp. (New York Law School); Series 2016, Ref. RB		5.00%		07/01/2041		650		670,508
Build NYC Resource Corp. (Special Needs Facilities Pooled Program); Series 2013 A-1, RB		5.25%		07/01/2023		710		700,060
Series 2013 A-1, RB		5.38%		07/01/2028		1,490		1,414,517
Series 2013 A-1, RB		5.75%		07/01/2033		790		751,408
Bushnell’s Basin Fire Association, Inc.; Series 2005 B, RB		5.75%		11/01/2030		240		232,625
Canandaigua & Bristol (Towns of), NY; Series 2007, GO Bonds		5.00%		12/15/2027		25		25,223
Series 2007, GO Bonds		5.00%		12/15/2028		30		30,260
Series 2007, GO Bonds		5.00%		12/15/2029		30		30,252
Series 2007, GO Bonds		5.00%		12/15/2030		30		30,245
Series 2007, GO Bonds		5.00%		12/15/2031		35		35,277
Series 2007, GO Bonds		5.00%		12/15/2032		35		35,268
Series 2007, GO Bonds		5.00%		12/15/2033		35		35,262
Series 2007, GO Bonds		5.00%		12/15/2034		40		40,298
Series 2007, GO Bonds		5.00%		12/15/2035		40		40,296

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6 Invesco Rochester^® AMT-Free New York Municipal Fund

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
New York-(continued)
Series 2007, GO Bonds		5.00%		12/15/2036	$	45	$	45,330
Series 2007, GO Bonds		5.00%		12/15/2037		45		45,327
Series 2007, GO Bonds		5.00%		12/15/2038		50		50,357
Series 2007, GO Bonds		5.00%		12/15/2039		50		50,353
Series 2007, GO Bonds		5.00%		12/15/2040		55		55,382
Series 2007, GO Bonds		5.00%		12/15/2041		55		55,376
Series 2007, GO Bonds		5.00%		12/15/2042		60		60,403
Cattaraugus (County of), NY (St. Bonaventure University); Series 2014, RB		5.00%		05/01/2034		100		106,292
Series 2014, RB		5.00%		05/01/2039		100		105,307
Deerfield (Town of), NY; Series 2006, GO Bonds		5.50%		06/15/2021		15		15,179
Series 2006, GO Bonds		5.50%		06/15/2022		15		15,160
Series 2006, GO Bonds		5.50%		06/15/2023		15		15,154
Series 2006, GO Bonds		5.50%		06/15/2024		15		15,154
Series 2006, GO Bonds		5.50%		06/15/2025		20		20,194
Series 2006, GO Bonds		5.60%		06/15/2026		20		20,181
Series 2006, GO Bonds		5.60%		06/15/2027		20		20,176
Series 2006, GO Bonds		5.60%		06/15/2028		20		20,169
Series 2006, GO Bonds		5.60%		06/15/2029		25		25,208
Series 2006, GO Bonds		5.60%		06/15/2030		25		25,206
Series 2006, GO Bonds		5.60%		06/15/2031		25		25,205
Series 2006, GO Bonds		5.60%		06/15/2032		25		25,202
Series 2006, GO Bonds		5.60%		06/15/2033		30		30,234
Series 2006, GO Bonds		5.60%		06/15/2034		30		30,234
Series 2006, GO Bonds		5.60%		06/15/2035		30		30,230
Series 2006, GO Bonds		5.60%		06/15/2036		35		35,266
Dutchess County Local Development Corp. (Anderson Center Services, Inc.); Series 2010, RB		6.00%		10/01/2030		405		405,628
Dutchess County Local Development Corp. (Health Quest Systems, Inc.); Series 2016 B, RB		5.00%		07/01/2046		12,200		13,840,778
Series 2019 B, Ref. RB		4.00%		07/01/2044		120		131,436
Dutchess County Local Development Corp. (Nuvance Health); Series 2019 B, Ref. RB		4.00%		07/01/2049		300		326,577
Dutchess County Local Development Corp. (Vassar College); Series 2017, Ref. RB		5.00%		07/01/2034		160		196,080
Series 2017, Ref. RB		5.00%		07/01/2036		160		194,782
Series 2017, Ref. RB		5.00%		07/01/2037		235		285,304
Series 2017, Ref. RB		5.00%		07/01/2042		500		598,350
Erie County Industrial Development Agency (The) (School District Buffalo); Series 2011 A, RB		5.25%		05/01/2030		265		273,546
Series 2011 A, RB		5.25%		05/01/2031		225		232,243
Series 2011 A, RB		5.25%		05/01/2032		135		139,336
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB		5.00%		06/01/2031		75		75,045
Series 2005 A, RB		5.00%		06/01/2038		5,000		5,003,150
Series 2005 D, RB(g)		0.00%		06/01/2055		74,000		5,305,060
Genesee (County of), NY Industrial Development Agency (United Memorial Medical Center); Series 2007, RB		5.00%		12/01/2027		545		546,978
Glen Cove Local Economic Assistance Corp. (Garvies Point Public Improvement); Series 2016 B, RB(g)		0.00%		01/01/2045		18,750		5,733,000
Glen Cove Local Economic Assistance Corp. (Tiegerman School); Series 2018 A, RB(f)		5.50%		07/01/2044		965		918,130
Guilderland (Town of), NY Industrial Development Agency; Series 2017 A, RB(b)(f)		5.88%		01/01/2052		5,000		3,750,000
Hempstead Town Local Development Corp. (Evergreen Charter School); Series 2019, Ref. RB(f)		6.80%		12/01/2044		1,640		1,853,052

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Invesco Rochester^® AMT-Free New York Municipal Fund

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
New York-(continued)
Hempstead Town Local Development Corp. (Molloy College); Series 2014, RB		5.00%		07/01/2029	$	300	$	330,996
Series 2014, RB		5.00%		07/01/2034		300		326,280
Series 2014, RB		5.00%		07/01/2039		250		269,453
Series 2014, RB		5.00%		07/01/2044		200		214,100
Series 2017, Ref. RB		5.00%		07/01/2029		100		116,812
Series 2017, Ref. RB		5.00%		07/01/2030		80		92,916
Series 2017, Ref. RB		5.00%		07/01/2031		75		86,645
Series 2017, Ref. RB		5.00%		07/01/2032		135		155,103
Series 2017, Ref. RB		5.00%		07/01/2035		135		153,548
Series 2017, Ref. RB		5.00%		07/01/2036		110		124,914
Series 2017, Ref. RB		5.00%		07/01/2038		80		90,329
Hudson Yards Infrastructure Corp.; Series 2017 A, RB(h)		5.00%		02/15/2042		25,765		30,625,052
Series 2017 A, Ref. RB(h)		5.00%		02/15/2045		5,000		5,910,650
Huntington Local Development Corp.; Series 2016, RB(f)		6.50%		12/01/2046		2,235		2,083,445
Long Island (City of), NY Power Authority; Series 2014 A, Ref. RB		5.00%		09/01/2039		1,185		1,362,015
Series 2014 A, Ref. RB		5.00%		09/01/2044		2,970		3,407,362
Series 2017, RB		5.00%		09/01/2042		4,000		4,855,840
Long Island Power Authority; Series 2016 B, Ref. RB		5.00%		09/01/2036		1,250		1,506,062
Series 2016, Ref. RB		5.00%		09/01/2035		2,500		3,020,100
Series 2016, Ref. RB		5.00%		09/01/2041		1,680		2,009,196
Series 2018, RB		5.00%		09/01/2034		5,000		6,362,300
Series 2018, RB		5.00%		09/01/2039		1,000		1,249,410
Metropolitan Transportation Authority; Series 2012 D, Ref. RB		5.00%		11/15/2032		350		362,859
Series 2012 H, RB(d)(e)		5.00%		11/15/2022		215		237,519
Series 2012 H, RB		5.00%		11/15/2033		185		191,756
Series 2014 B, RB		5.25%		11/15/2039		900		959,805
Series 2014 B, RB		5.00%		11/15/2044		2,000		2,095,200
Series 2016 B, Ref. RB		5.00%		11/15/2037		10,000		10,903,200
Series 2016 C-1, RB		5.25%		11/15/2056		2,000		2,173,040
Series 2016, Ref. RB		5.00%		11/15/2035		2,000		2,183,280
Metropolitan Transportation Authority (Green Bonds); Series 2016 A1, RB		5.25%		11/15/2056		20,475		22,113,205
Series 2017 A1, RB		5.00%		11/15/2051		5,000		5,380,850
Series 2017, RB		5.25%		11/15/2057		10,000		11,808,900
Subseries 2017 A-1, RB		5.25%		11/15/2057		2,565		2,802,749
Monroe County Industrial Development Corp. (Monroe Community College); Series 2014, Ref. RB (INS - AGM)(a)		5.00%		01/15/2028		350		394,531
Series 2014, Ref. RB (INS - AGM)(a)		5.00%		01/15/2029		500		561,925
Series 2014, Ref. RB (INS - AGM)(a)		5.00%		01/15/2038		150		164,933
Monroe County Industrial Development Corp. (Nazareth College of Rochester); Series 2011, RB(d)(e)		5.00%		10/01/2021		150		157,683
Series 2011, RB(d)(e)		5.25%		10/01/2021		75		79,044
Monroe County Industrial Development Corp. (Rochester General Hospital (The)); Series 2013 A, Ref. RB		5.00%		12/01/2032		1,450		1,553,385
Series 2017, RB		5.00%		12/01/2036		1,400		1,630,720
Series 2017, RB		5.00%		12/01/2046		3,200		3,681,568
Monroe County Industrial Development Corp. (St. Ann’s Community); Series 2019, Ref. RB		5.00%		01/01/2050		3,000		3,088,350
Monroe County Industrial Development Corp. (St. John Fisher College); Series 2011, RB		5.63%		06/01/2026		150		154,166
Series 2011, RB		6.00%		06/01/2034		250		256,540
Series 2014 A, RB		5.00%		06/01/2029		100		110,218
Series 2014 A, RB		5.50%		06/01/2034		180		199,265
Series 2014 A, RB		5.00%		06/01/2044		285		306,589
Monroe County Industrial Development Corp. (University of Rochester); Series 2020 A, RB		4.00%		07/01/2050		5,200		6,018,948

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Rochester^® AMT-Free New York Municipal Fund

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
New York-(continued)
Montgomery County Capital Resource Corp.; Series 2020 A-1, RB		4.95%		07/01/2030	$	1,080	$	993,060
Series 2020 A-2, RB		5.40%		07/01/2050		6,865		6,041,131
Series 2020 B, Ref. RB		5.38%		07/01/2025		385		377,781
MTA Hudson Rail Yards Trust Obligations; Series 2016 A, RB		5.00%		11/15/2051		1,000		1,050,500
Series 2016 A, RB		5.00%		11/15/2056		17,000		18,898,390
Nassau (County of), NY; Series 2018 B, GO Bonds (INS - AGM)(a)		5.00%		07/01/2040		1,060		1,304,330
Series 2018 B, GO Bonds (INS - AGM)(a)		5.00%		07/01/2045		1,490		1,806,863
Series 2018 B, GO Bonds (INS - AGM)(a)		5.00%		07/01/2049		2,235		2,710,161
Nassau (County of), NY Industrial Development Agency; Series 2003 A-C, RB		7.00%		09/01/2028		1,110		1,089,298
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside); Series 2014 A, RB		6.50%		01/01/2032		135		114,283
Series 2014 A, RB		6.70%		01/01/2049		3,307		2,462,963
Series 2014 C, RB(b)		2.00%		01/01/2049		1,221		122,056
Nassau County Local Economic Assistance Corp. (Hispanic Counseling Center, Inc.); Series 2018 A2, Ref. RB		5.20%		12/01/2037		290		258,378
Nassau County Local Economic Assistance Corp. (South Nassau Communities Hospital); Series 2012, Ref. RB		5.00%		07/01/2031		2,000		2,121,340
Nassau County Tobacco Settlement Corp.; Series 2006 A-2, RB		5.25%		06/01/2026		3,240		3,240,259
Series 2006 D, RB(g)		0.00%		06/01/2060		60,000		2,433,600
New Rochelle (City of), NY (70 Nardozzi/City DPW); Series 2018 A-2, RB		5.13%		08/01/2050		3,095		2,739,973
New Rochelle (City of), NY (Iona College); Series 2015 A, Ref. RB		5.00%		07/01/2032		350		383,796
Series 2015 A, Ref. RB		5.00%		07/01/2033		565		616,488
Series 2015 A, Ref. RB		5.00%		07/01/2034		450		489,911
Series 2015 A, Ref. RB		5.00%		07/01/2040		200		215,178
Series 2015 A, Ref. RB		5.00%		07/01/2045		225		240,523
New York & New Jersey (States of) Port Authority; Series 2011, RB		5.25%		07/15/2036		5,000		5,070,750
Series 2016, Ref. RB		5.00%		11/15/2041		9,475		11,325,183
Series 2017, Ref. RB		5.00%		10/15/2047		6,000		7,106,220
Series 2019 217, RB		4.00%		11/01/2049		10,240		11,750,605
Two Hundred Fifth Series 2017, Ref. RB(h)		5.25%		11/15/2057		11,300		13,650,513
New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC); Series 2010 8, RB		6.50%		12/01/2028		2,300		2,330,889
New York (City of), NY; Series 1993 F, GO Bonds		6.00%		05/15/2022		45		45,208
Series 1997 C, GO Bonds		5.50%		11/15/2037		15		15,065
Series 2016 B-1, GO Bonds		5.00%		12/01/2037		7,360		8,868,211
Series 2016 CC1, Ref. RB		5.00%		06/15/2038		6,065		7,444,241
Series 2018 F-1, GO Bonds		5.00%		04/01/2039		10,000		12,201,500
Series 2019 A-1, GO Bonds		4.00%		08/01/2044		5,000		5,730,100
Series 2019 B-1, GO Bonds		5.00%		10/01/2043		5,000		6,201,050
Series 2020 FF, Ref. RB		4.00%		06/15/2041		950		1,127,583
Series 2020, GG-1, RB		4.00%		06/15/2050		1,500		1,754,025
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium); Series 2009, RB (INS - AGC)(a)		6.50%		01/01/2046		2,000		2,009,740
New York (City of), NY Industrial Development Agency (Yankee Stadium); Series 2006, RB (INS - FGIC)(a)		5.00%		03/01/2046		1,050		1,052,173
Series 2009, RB (INS - AGC)(a)		7.00%		03/01/2049		7,715		7,757,741
New York (City of), NY Municipal Water Finance Authority; Series 2019 CC-1, RB		4.00%		06/15/2049		1,050		1,220,719
New York (City of), NY Transitional Finance Authority; Series 2018 C-3, RB(h)		5.00%		05/01/2040		9,340		11,462,141
Series 2011 S-1, RB		5.25%		07/15/2037		5,500		5,714,060
New York (City of), NY Trust for Cultural Resources (Wildlife Conservation Society); Series 2013 A, RB(d)(e)		5.00%		08/01/2023		1,000		1,138,130
New York (Counties of), NY Tobacco Trust V; Series 2005 S-3, RB(g)		0.00%		06/01/2055		84,200		4,647,840

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Rochester^® AMT-Free New York Municipal Fund

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
New York-(continued)
New York (Counties of), NY Tobacco Trust VI; Subseries 2016 A-1, Ref. RB		5.75%		06/01/2043	$	2,085	$	2,450,229
New York (State of) Dormitory Authority; Series 2015 A-1, Ref. RB(f)		4.80%		12/01/2023		1,800		1,773,846
New York (State of) Dormitory Authority (Alliance Long Island AGYS, Inc.); Series 2015 A2, Ref. RB(f)		5.35%		12/01/2035		5,985		5,615,247
Series 2015 B1, Ref. RB(f)		6.18%		12/01/2031		1,960		1,864,234
New York (State of) Dormitory Authority (Brooklyn Law School); Series 2012 A, RB(d)(e)		5.00%		07/01/2022		440		478,060
New York (State of) Dormitory Authority (Catholic Health System Obligated Group); Series 2012 A, RB		4.75%		07/01/2039		1,250		1,308,675
Series 2012 B, RB		5.00%		07/01/2032		125		132,481
Series 2012 B, RB		4.75%		07/01/2039		300		314,082
New York (State of) Dormitory Authority (Cornell University) (Green Bonds); Series 2019, RB		5.00%		07/01/2035		2,255		3,370,413
New York (State of) Dormitory Authority (Culinary Institute of America); Series 2012, RB		5.00%		07/01/2034		50		51,828
New York (State of) Dormitory Authority (Fashion Institute of Technology Student Housing Corp.); Series 2007, RB (INS - NATL)(a)		5.25%		07/01/2027		6,425		7,364,335
Series 2007, RB (INS - NATL)(a)		5.25%		07/01/2028		3,765		4,352,829
New York (State of) Dormitory Authority (Fordham University); Series 2014, RB		5.00%		07/01/2030		100		114,301
Series 2016 A, Ref. RB		5.00%		07/01/2041		765		893,925
Series 2020, RB		4.00%		07/01/2046		2,000		2,288,180
New York (State of) Dormitory Authority (Highland Hospital); Series 2010, RB		5.00%		07/01/2026		750		752,385
Series 2010, RB		5.20%		07/01/2032		750		752,175
New York (State of) Dormitory Authority (Iona College); Series 2012 A, RB		5.00%		07/01/2032		250		261,403
New York (State of) Dormitory Authority (Long Island University); Series 2012, RB		5.00%		09/01/2025		3,200		3,393,952
New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2018 A, Ref. RB		5.00%		08/01/2034		415		494,136
Series 2018 A, Ref. RB		5.00%		08/01/2035		480		569,376
Series 2020 A, Ref. RB		4.00%		09/01/2050		700		756,861
New York (State of) Dormitory Authority (New School (The)); Series 2016 A, Ref. RB		5.00%		07/01/2046		6,650		7,478,390
New York (State of) Dormitory Authority (New York University); Series 2015 A, Ref. RB		5.00%		07/01/2045		1,110		1,306,237
Series 2016, Ref. RB		5.00%		07/01/2035		5,000		6,103,800
Series 2019 A, RB		5.00%		07/01/2042		740		924,726
Series 2019 A, RB		5.00%		07/01/2049		4,460		5,518,759
New York (State of) Dormitory Authority (North Shore - Long Island Jewish Obligated Group); Series 2009, RB		5.00%		05/01/2039		1,000		1,050,940
New York (State of) Dormitory Authority (NYU Hospitals Center); Series 2014, Ref. RB		5.00%		07/01/2028		645		736,287
New York (State of) Dormitory Authority (Orange Regional Medical Center); Series 2017, Ref. RB(f)		5.00%		12/01/2029		600		713,928
Series 2017, Ref. RB(f)		5.00%		12/01/2030		400		473,288
Series 2017, Ref. RB(f)		5.00%		12/01/2032		300		351,384
Series 2017, Ref. RB(f)		5.00%		12/01/2033		300		350,115
Series 2017, Ref. RB(f)		5.00%		12/01/2035		300		347,880
Series 2017, Ref. RB(f)		5.00%		12/01/2036		200		230,928
Series 2017, Ref. RB(f)		5.00%		12/01/2037		200		230,348
New York (State of) Dormitory Authority (Ozanam Hall of Queens Nursing Home, Inc.); Series 2006, RB (LOC - Allied Irish Banks PLC)(i)		5.00%		11/01/2026		325		330,236
New York (State of) Dormitory Authority (Pratt Institute); Series 2016, Ref. RB		5.00%		07/01/2046		500		569,865
New York (State of) Dormitory Authority (Rochester Institute of Technology); Series 2019 A, RB		4.00%		07/01/2044		830		956,102
Series 2019 A, RB		5.00%		07/01/2049		800		992,832
New York (State of) Dormitory Authority (Rockefeller University); Series 2019 C, Ref. RB		4.00%		07/01/2049		3,150		3,663,859
New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds); Series 2019 B, RB		5.00%		07/01/2050		1,800		2,273,544
New York (State of) Dormitory Authority (St. John’s University); Series 2012 A, RB(d)(e)		5.00%		07/01/2022		250		271,625
Series 2012, RB(d)(e)		5.00%		07/01/2022		5		5,437
Series 2012, RB		5.00%		07/01/2030		1,015		1,070,358
Series 2015 A, Ref. RB		5.00%		07/01/2034		100		112,408

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Rochester^® AMT-Free New York Municipal Fund

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
New York-(continued)
New York (State of) Dormitory Authority (State University Dormitory Facilities); Series 2015 B, Ref. RB		5.00%		07/01/2030	$	1,350	$	1,583,820
Series 2015 B, Ref. RB		5.00%		07/01/2032		1,400		1,630,328
Series 2015 B, Ref. RB		5.00%		07/01/2033		1,750		2,030,822
Series 2015 B, Ref. RB		5.00%		07/01/2040		1,750		2,010,575
New York (State of) Dormitory Authority (State University Educational Facilities); Series 2012, RB		5.00%		05/15/2030		1,000		1,066,320
New York (State of) Dormitory Authority (State University of New York); Series 2019 A, RB		4.00%		07/01/2049		850		960,704
New York (State of) Dormitory Authority (The New School); Series 2011, Ref. RB		5.00%		07/01/2031		1,000		1,024,380
Series 2015 A, Ref. RB		5.00%		07/01/2040		400		442,976
Series 2016 A, Ref. RB		5.00%		07/01/2035		1,855		2,132,248
Series 2016 A, Ref. RB		5.00%		07/01/2036		1,915		2,194,322
Series 2016 A, Ref. RB		5.00%		07/01/2037		1,265		1,445,832
Series 2016 A, Ref. RB		5.00%		07/01/2041		595		674,141
New York (State of) Dormitory Authority (United Cerebral Palsy Association); Series 2017 A, RB(f)		5.50%		12/01/2047		3,030		2,609,860
Series 2017 A2, RB(f)		5.38%		09/01/2050		4,800		4,322,304
Series 2017 A2, Ref. RB (Acquired 10/25/2017; Cost $1,425,000)(f)		5.38%		10/01/2042		1,425		1,309,831
New York (State of) Dormitory Authority (Yeshiva University); Series 2009, RB		5.00%		09/01/2038		4,330		4,332,208
Series 2011 A, RB		5.00%		11/01/2031		1,110		1,124,086
New York (State of) State Dormitory Authority; Series 2016 A, RB		5.00%		02/15/2041		5,000		6,002,900
New York (State of) Thruway Authority; Series 2018 L, Ref. RB		5.00%		01/01/2033		190		235,475
Series 2018 L, Ref. RB		5.00%		01/01/2034		340		419,536
Series 2018 L, Ref. RB		5.00%		01/01/2035		385		473,458
Series 2019 B, RB		4.00%		01/01/2045		10,000		11,486,200
Series 2019 B, RB		4.00%		01/01/2050		12,000		13,699,680
New York City (City of), NY Industrial Development Agency (Comprehensive Care Management); Series 2005 C-2, RB		6.00%		05/01/2026		95		88,629
Series 2005 E-2, RB		6.13%		11/01/2035		285		241,563
New York City (City of), NY Industrial Development Agency (Guttmacher Institute, Inc.); Series 2007 B, RB		5.75%		12/01/2036		1,305		1,306,318
New York City (City of), NY Industrial Development Agency (The Child School); Series 2003, RB		7.55%		06/01/2033		3,815		3,841,362
New York City (City of), NY Industrial Development Agency (United Jewish Appeal); Series 2004, RB		5.00%		07/01/2034		4,600		4,884,694
New York City (City of), NY Industrial Development Agency (Yankee Stadium); Series 2006, RB (CPI Rate + 0.84%), (INS - FGIC)(a)(j)		3.33%		03/01/2022		1,200		1,191,324
Series 2006, RB (INS - NATL)(a)		5.00%		03/01/2036		120		120,040
New York City (City of), NY Transitional Finance Authority; Series 2015 S, RB		5.00%		07/15/2034		1,395		1,630,113
Series 2016 E-1, RB		5.00%		02/01/2040		2,387		2,846,187
Series 2017 C, Ref. RB		5.00%		11/01/2030		920		1,150,009
Series 2017 C, Ref. RB		5.00%		11/01/2032		1,470		1,814,686
Series 2019 S1B, RB		4.00%		07/15/2041		5,800		6,661,474
Series 2019 S1B, RB		4.00%		07/15/2042		5,620		6,438,272
New York City (City of), NY Trust for Cultural Resources (Juilliard School (The)); Series 2018 A, Ref. RB		5.00%		01/01/2033		290		374,845
Series 2018 A, Ref. RB		5.00%		01/01/2034		300		385,608
Series 2018 A, Ref. RB		5.00%		01/01/2037		400		507,504
Series 2018 A, Ref. RB		5.00%		01/01/2038		300		379,476
Series 2018 A, Ref. RB		4.00%		01/01/2039		1,100		1,278,871
New York City Health & Hospitals Corp.; Series 2010 A, RB		5.00%		02/15/2030		5,000		5,014,550
New York City Housing Development Corp.; Series 1999 E, RB		6.25%		05/01/2036		5		5,017

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Rochester^® AMT-Free New York Municipal Fund

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
New York-(continued)
New York City Transitional Finance Authority; Series 2020 C-1, RB		4.00%		05/01/2036	$	300	$	359,355
Series 2020 C-1, RB		4.00%		05/01/2037		550		656,106
Series 2020 C-1, RB		4.00%		05/01/2038		600		713,184
Series 2020 C-1, RB		4.00%		05/01/2039		520		612,368
Series 2020 C-1, RB		4.00%		05/01/2040		235		276,116
Series 2020 C-1, RB		4.00%		05/01/2045		3,375		3,911,085
New York Counties Tobacco Trust I; Series 2000 A, RB		6.50%		06/01/2035		1,315		1,315,750
New York Counties Tobacco Trust II; Series 2001, RB		5.63%		06/01/2035		1,670		1,676,413
Series 2001, RB		5.75%		06/01/2043		15		15,017
New York Counties Tobacco Trust III; Series 2003, RB		6.00%		06/01/2043		190		190,342
New York Counties Tobacco Trust IV; Series 2005 A, RB		5.00%		06/01/2038		850		855,712
New York Counties Tobacco Trust V; Series 2005 S4B, RB(g)		0.00%		06/01/2060		155,400		4,590,516
New York Counties Tobacco Trust VI; Series 2016 A, Ref. RB		5.63%		06/01/2035		14,260		15,322,513
Series 2016 A, Ref. RB		6.00%		06/01/2043		2,605		2,859,743
Series 2016 A2, Ref. RB		5.00%		06/01/2051		1,125		1,160,021
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. RB(f)		5.00%		11/15/2044		14,875		15,786,986
New York Liberty Development Corp. (4 World Trade Center); Series 2011, Ref. RB		5.00%		11/15/2031		2,000		2,096,120
Series 2011, Ref. RB		5.75%		11/15/2051		10,000		10,549,900
New York Liberty Development Corp. (Goldman Sachs Headquarters); Series 2005, Ref. RB		5.25%		10/01/2035		15,580		21,743,604
Series 2007, RB		5.50%		10/01/2037		5,025		7,293,335
New York Power Authority; Series 2002 A, RB		4.00%		11/15/2050		3,750		4,432,912
Series 2002 A, RB		4.00%		11/15/2055		3,300		3,853,938
New York State Dormitory Authority; Series 2016 A, Ref. RB		5.00%		07/01/2036		1,000		1,180,930
Series 2019 A, RB		4.00%		07/01/2045		1,400		1,614,984
New York State Urban Development Corp.; Series 2020 A, RB		4.00%		03/15/2045		4,000		4,664,440
Series 2020 A, RB		4.00%		03/15/2049		5,000		5,801,000
Niagara Area Development Corp. (Niagara University); Series 2012 A, RB(d)(e)		5.00%		05/01/2022		250		267,490
Oneida County Local Development Corp. (Mohawk Valley Health System); Series 2019, Ref. RB (INS - AGM)(a)		4.00%		12/01/2038		180		211,106
Series 2019, Ref. RB (INS - AGM)(a)		4.00%		12/01/2049		580		658,428
Onondaga (County of), NY Industrial Development Agency (Salina Free Library); Series 2002 A, RB		5.50%		12/01/2022		55		55,201
Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.); Series 2017, Ref. RB		5.00%		05/01/2033		280		313,048
Series 2017, Ref. RB		5.00%		05/01/2034		200		222,712
Series 2017, Ref. RB		5.00%		05/01/2037		250		276,170
Series 2017, Ref. RB		5.00%		05/01/2040		150		164,571
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University); Series 2011, RB(d)(e)		5.00%		12/01/2021		2,250		2,385,630
Series 2019, Ref. RB		4.00%		12/01/2041		900		1,054,161
Series 2019, Ref. RB		5.00%		12/01/2043		1,850		2,358,010
Series 2019, Ref. RB		5.00%		12/01/2045		2,650		3,365,553
Series 2019, Ref. RB		4.00%		12/01/2047		1,500		1,735,335
Series 2019, Ref. RB		4.00%		12/01/2049		1,675		1,933,084
Onondaga Civic Development Corp.; Series 2015, Ref. RB		5.00%		10/01/2030		1,060		1,078,974
Series 2015, Ref. RB		5.00%		10/01/2040		2,345		2,315,641
Onondaga Civic Development Corp. (Upstate Properties Development, Inc.); Series 2011, RB(d)(e)		5.25%		12/01/2021		535		568,566
Orange County Funding Corp.; Series 2013, RB		6.50%		01/01/2046		750		751,672
Rockland Tobacco Asset Securitization Corp.; Series 2001, RB		5.63%		08/15/2035		1,305		1,317,267
Series 2001, RB		5.75%		08/15/2043		3,160		3,189,704

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Rochester^® AMT-Free New York Municipal Fund

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
New York-(continued)
Schenectady Metroplex Development Authority; Series 2014 A, RB (INS - AGM)(a)		5.50%		08/01/2033	$	1,000	$	1,145,040
St. Lawrence (County of), NY Industrial Development Agency (Clarkson University); Series 2011, RB		6.00%		09/01/2034		100		103,618
Series 2012 A, RB		5.00%		09/01/2041		240		247,236
St. Lawrence (County of), NY Industrial Development Agency (St. Lawrence University); Series 2012, RB		5.00%		07/01/2030		225		242,638
Series 2012, RB		5.00%		07/01/2031		230		247,586
Series 2012, RB		5.00%		07/01/2032		815		873,558
Suffolk (County of), NY Industrial Development Agency; Series 1996, Ref. RB(b)(c)		6.70%		12/01/2020		110		1
Suffolk County Economic Development Corp.; Series 2010 A, RB		7.38%		12/01/2040		270		273,534
Suffolk County Economic Development Corp. (Peconic Landing at Southold, Inc.); Series 2010, Ref. RB(d)		6.00%		12/01/2040		1,000		1,013,870
Suffolk Tobacco Asset Securitization Corp.; Series 2008 B, RB		6.00%		06/01/2048		1,390		1,391,612
Series 2008 B-1, RB		5.38%		06/01/2028		1,075		1,077,128
Series 2008 D, RB(g)		0.00%		06/01/2048		15,750		1,474,830
Series 2012 B, RB		5.00%		06/01/2032		750		776,610
Series 2012 B, RB		5.25%		06/01/2037		700		726,705
Sullivan (County of), NY (Adelaar Infratructure); Series 2016 A2, RB(f)		5.35%		11/01/2049		8,220		8,336,888
Series 2016 B2, RB(f)		5.35%		11/01/2049		1,175		1,191,708
Series 2016 C2, RB(f)		5.35%		11/01/2049		1,160		1,176,495
Series 2016 D2, RB(f)		5.35%		11/01/2049		760		770,807
Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.); Series 2013 A, RB(k)		5.00%		07/01/2032		330		181,500
Series 2013 A, RB(k)		5.00%		07/01/2038		2,785		1,531,750
Triborough Bridge & Tunnel Authority; Series 2012 B, Ref. RB		5.00%		11/15/2030		400		435,604
Series 2013 A, Ref. RB		5.00%		11/15/2029		300		331,200
Series 2016 A, Ref. RB		5.00%		11/15/2046		1,260		1,477,879
Series 2017 A, RB		5.00%		11/15/2038		300		362,736
Series 2017 A, RB		5.00%		11/15/2047		1,000		1,191,310
Series 2017 B, Ref. RB		5.00%		11/15/2032		875		1,079,864
Series 2017 B, Ref. RB		5.00%		11/15/2033		900		1,105,299
Series 2017 B, Ref. RB		5.00%		11/15/2034		575		704,478
Series 2017 B, Ref. RB		5.00%		11/15/2037		2,500		3,031,700
Series 2017 B, Ref. RB		5.00%		11/15/2038		1,900		2,297,328
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2019 C, RB		4.00%		11/15/2042		3,500		4,074,245
Series 2019 C, RB		4.00%		11/15/2043		3,500		4,064,410
Series 2020 A, RB		4.00%		11/15/2054		2,900		3,353,879
Series 2020 A, RB		5.00%		11/15/2054		700		881,699
TSASC, Inc.; Series 2016 B, Ref. RB		5.00%		06/01/2045		8,000		8,296,000
Series 2017 A, Ref. RB		5.00%		06/01/2030		3,275		3,956,462
Series 2017 A, Ref. RB		5.00%		06/01/2034		5,000		5,921,400
Series 2017 A, Ref. RB		5.00%		06/01/2035		3,000		3,540,690
Series 2017 A, Ref. RB		5.00%		06/01/2036		3,000		3,528,180
Utility Debt Securitization Authority; Series 2017, RB		5.00%		12/15/2038		8,460		10,642,511
Series 2017, RB		5.00%		12/15/2040		15,000		18,780,000
Westchester County Healthcare Corp.; Series 2000 A, RB(d)		5.00%		11/01/2030		7,410		7,706,326
Series 2010 B, RB		6.13%		11/01/2037		325		327,782
Series 2010 C, RB(d)(e)		6.13%		11/01/2020		80		80,753
Series 2010 C-2, RB		6.13%		11/01/2037		10		10,086
Series 2014 A, RB		5.00%		11/01/2044		2,406		2,619,220
Westchester County Local Development Corp. (Wartburg Senior Housing); Series 2015 A, Ref. RB(f)		5.00%		06/01/2030		500		486,060
Westchester Tobacco Asset Securitization Corp.; Series 2016 C, Ref. RB		5.00%		06/01/2045		7,050		7,360,059

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco Rochester^® AMT-Free New York Municipal Fund

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
New York-(continued)
Westchester Tobacco Asset Securitization Corp. (Westchester Medical Center); Series 2016, Ref. RB		5.00%		11/01/2029	$	1,000	$	1,115,140
Series 2016, Ref. RB		5.00%		11/01/2032		1,500		1,654,290
Yonkers Economic Development Corp. (Charter School Education Excellence); Series 2019 A, RB		5.00%		10/15/2039		420		446,200
Series 2019 A, RB		5.00%		10/15/2049		640		668,070
								830,294,320
Northern Mariana Islands-0.08%
Northern Mariana Islands (Commonwealth of); Series 2007 B, Ref. GO Bonds		5.00%		10/01/2022		710		691,554
Puerto Rico-8.66%
Children’s Trust Fund; Series 2002, RB		5.38%		05/15/2033		350		352,156
Series 2002, RB		5.50%		05/15/2039		3,455		3,476,283
Series 2002, RB		5.63%		05/15/2043		9,700		9,749,276
Series 2005 A, RB(g)		0.00%		05/15/2050		6,300		942,795
Puerto Rico (Commonwealth of); Series 2007 A, GO Bonds (INS - AGC)(a)		5.00%		07/01/2024		75		75,531
Series 2008 A, GO Bonds(b)		5.13%		07/01/2028		3,120		2,211,300
Series 2008 A, GO Bonds(b)		5.38%		07/01/2033		2,500		1,765,625
Series 2011 C, Ref. GO Bonds(b)		5.75%		07/01/2036		8,000		5,250,000
Series 2011 E, Ref. GO Bonds(b)		5.63%		07/01/2033		1,500		990,000
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2008 A, RB		6.13%		07/01/2024		5,880		6,276,665
Series 2008 A, RB		6.00%		07/01/2038		6,280		6,382,050
Puerto Rico (Commonwealth of) Electric Power Authority; Series 2005 RR, RB (INS - SGI)(a)		5.00%		07/01/2027		1,000		1,000,060
Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 1998 A, RB(b)		5.00%		07/01/2038		5		2,213
Series 2003 AA-2, Ref. RB(b)		5.30%		07/02/2035		1,000		880,000
Series 2003, RB(b)		5.00%		07/03/2028		355		53,250
Series 2005 K, RB(b)		5.00%		07/01/2030		7,405		3,276,712
Series 2007 CC, Ref. RB(b)		5.50%		07/01/2030		2,150		1,892,000
Puerto Rico (Commonwealth of) Industrial Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 1995 A, RB		5.63%		07/01/2022		280		280,350
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University System); Series 2006, RB		5.00%		03/01/2036		1,100		1,059,300
Series 2012, Ref. RB		5.13%		04/01/2032		130		128,573
Series 2012, Ref. RB		5.38%		04/01/2042		190		186,987
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Pollution Control Facilities Financing Authority; Series 2012, Ref. RB		5.00%		10/01/2031		100		104,408
Series 2012, Ref. RB		5.00%		10/01/2042		150		135,375
Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2005 A, RB (INS - FGIC)(a)(k)		5.50%		07/01/2024		725		585,981
Series 2005 A, RB (INS - FGIC)(a)(b)(g)		0.00%		07/01/2030		4,600		2,050,082
Series 2005 B, RB(b)		5.00%		07/01/2041		4,000		435,000
Puerto Rico (Commonwealth of) Infrastructure Financing Authority (MEPSI Campus); Series 2007 A, RB(b)		6.50%		10/01/2037		2,500		756,250
Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2004 I, RB(b)		5.25%		07/02/2029		810		632,812
Series 2009 P, Ref. RB(b)		6.75%		07/01/2036		3,500		2,826,250
Series 2009 Q, RB(b)		5.63%		07/01/2039		4,795		3,770,069
Series 2011 S, RB(b)		6.00%		07/01/2041		235		183,594
Puerto Rico Public Finance Corp.; Series 2011 B, RB(b)		5.50%		08/01/2031		4,055		74,612

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco Rochester^® AMT-Free New York Municipal Fund

					Principal
	Interest		Maturity		Amount
	Rate		Date		(000)		Value
Puerto Rico-(continued)
Puerto Rico Sales Tax Financing Corp.; Series 2018 A-1, RB		4.50%		07/01/2034	$	475	$	502,731
Series 2018 A-1, RB		4.55%		07/01/2040		199		211,931
Series 2018 A-1, RB(g)		0.00%		07/01/2046		12,897		3,699,762
Series 2018 A-1, RB		4.75%		07/01/2053		1,455		1,529,263
Series 2018 A-1, RB		5.00%		07/01/2058		6,182		6,600,521
Series 2019 A-2, RB		4.54%		07/01/2053		71		73,611
Series 2019 A-2, RB		4.78%		07/01/2058		953		1,003,804
University of Puerto Rico; Series 2006 Q, RB		5.00%		06/01/2025		1,000		982,500
Series 2006 Q, RB		5.00%		06/01/2030		3,000		2,940,000
								75,329,682
Total Municipal Obligations (Cost $900,931,323)								907,327,870
					Shares
Common Stocks & Other Equity Interests-0.89%
New York-0.89%
CMS Liquidating Trust (Cost $9,920,000)(c)(l)						3,100		7,765,500
TOTAL INVESTMENTS IN SECURITIES(m) –105.24% (Cost $910,851,323)								915,093,370
FLOATING RATE NOTE OBLIGATIONS–(3.91)%
Notes with interest and fee rates ranging from 0.65% to 0.66% at 08/31/2020 and contractual maturities of collateral ranging from 05/01/2040 to 11/15/2057 (See Note 1J)(n)								(34,020,000	)
BORROWINGS-(2.53)%								(22,000,000	)
OTHER ASSETS LESS LIABILITIES-1.20%								10,418,166
NET ASSETS - 100.00%							$	869,491,536

Investment Abbreviations:

AGC	- Assured Guaranty Corp.
AGM	- Assured Guaranty Municipal Corp.
CPI	- Consumer Price Index
FGIC	- Financial Guaranty Insurance Company
GO	- General Obligation
INS	- Insurer
LOC	- Letter of Credit
NATL	- National Public Finance Guarantee Corp.
NYU	- New York University
RB	- Revenue Bonds
Ref.	- Refunding
SGI	- Syncora Guarantee, Inc.

Notes to Schedule of Investments:

^(a)  Principal and/or interest payments are secured by the bond insurance company listed.

^(b)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2020 was $30,921,914, which represented 3.56% of the Fund’s Net Assets.

^(c)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(d)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(e)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(f)  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 August 31, 2020 was $59,597,185, which represented 6.85% of the Fund’s Net Assets.

^(g)  Zero coupon bond issued at a discount.

^(h)  Underlying security related to TOB Trusts entered into by the Fund. See Note 1J.

⁽ⁱ⁾  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(j)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020.

^(k)  The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

^(l)  Non-income producing security.

^(m)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

⁽ⁿ⁾  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2020. At August 31, 2020, the Fund’s investments with a value of $61,648,356 are held by TOB Trusts and serve as collateral for the $34,020,000 in the floating rate note obligations outstanding at that date.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15 Invesco Rochester^® AMT-Free New York Municipal Fund

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2020

Revenue Bonds	92.8%
General Obligation Bonds	5.6
Pre-Refunded Bonds	1.6

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16 Invesco Rochester^® AMT-Free New York Municipal Fund

Statement of Assets and Liabilities

August 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $910,851,323)	$	915,093,370
Cash		1,136,699
Receivable for:
Investments sold		130,000
Fund shares sold		220,345
Interest		9,697,844
Investments matured, at value (Cost $1,017,676)		349,806
Investment for trustee deferred compensation and retirement plans		76,120
Other assets		256,817
Total assets		926,961,001
Liabilities:
Floating rate note obligations		34,020,000
Payable for:
Borrowings		22,000,000
Dividends		472,467
Fund shares reacquired		480,759
Accrued fees to affiliates		303,801
Accrued interest expense		28,528
Accrued trustees’ and officers’ fees and benefits		55,343
Accrued other operating expenses		32,447
Trustee deferred compensation and retirement plans		76,120
Total liabilities		57,469,465
Net assets applicable to shares outstanding	$	869,491,536

Net assets consist of:
Shares of beneficial interest	$	966,667,865
Distributable earnings (loss)		(97,176,329	)
	$	869,491,536
Net Assets:
Class A	$	750,413,038
Class C	$	38,127,022
Class Y	$	80,941,486
Class R6	$	9,990
Common shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		63,825,021
Class C		3,240,943
Class Y		6,875,015
Class R6		849
Class A:
Net asset value per share	$	11.76
Maximum offering price per share (Net asset value of $11.76 ÷ 95.75%)	$	12.28
Class C:
Net asset value and offering price per share	$	11.76
Class Y:
Net asset value and offering price per share	$	11.77
Class R6:
Net asset value and offering price per share	$	11.77

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17 Invesco Rochester^® AMT-Free New York Municipal Fund

Statement of Operations

For the six months ended August 31, 2020

(Unaudited)

Investment income:
Interest	$	17,387,599
Expenses:
Advisory fees		2,125,587
Administrative services fees		63,176
Custodian fees		3,888
Distribution fees:
Class A		885,734
Class C		214,659
Interest, facilities and maintenance fees		952,987
Transfer agent fees - A, C and Y		279,987
Transfer agent fees - R6		27
Trustees’ and officers’ fees and benefits		(2,720	)
Registration and filing fees		51,807
Reports to shareholders		18,652
Professional services fees		35,619
Other		(44,784	)
Total expenses		4,584,619
Less: Fees waived and/or expense offset arrangement(s)		(416	)
Net expenses		4,584,203
Net investment income		12,803,396
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(653,779	)
Change in net unrealized appreciation (depreciation) of investment securities		(50,717,998	)
Net realized and unrealized gain (loss)		(51,371,777	)
Net increase (decrease) in net assets resulting from operations	$	(38,568,381	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18 Invesco Rochester^® AMT-Free New York Municipal Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2020, period ended February 29, 2020, and the year ended September 30, 2019

(Unaudited)

	Six Months Ended			Five Months Ended			Year Ended
	August 31, 2020			February 29, 2020			September 30, 2019
Operations:
Net investment income	$	12,803,396		$	11,456,823		$	34,095,567
Net realized gain (loss)		(653,779	)		(340,477	)		4,476,699
Change in net unrealized appreciation (depreciation)		(50,717,998	)		29,343,353			48,110,716
Net increase (decrease) in net assets resulting from operations		(38,568,381	)		40,459,699			86,682,982
Distributions to shareholders from distributable earnings:
Class A		(11,819,223	)		(9,886,427	)		(22,866,222)
Class C		(511,568	)		(455,985	)		(1,714,245)
Class Y		(1,342,014	)		(1,027,135	)		(2,104,295)
Class R6		(1,138	)		(718	)		(118)
Total distributions from distributable earnings		(13,673,943	)		(11,370,265	)		(26,684,880)
Share transactions-net:
Class A		(32,164,024	)		(5,183,718	)		18,026,354
Class C		(9,111,081	)		(3,099,647	)		(38,402,384)
Class Y		1,483,101			8,651,424			9,278,929
Class R6		(60,791	)		61,075			10,000
Net increase (decrease) in net assets resulting from share transactions		(39,852,795	)		429,134			(11,087,101)
Net increase (decrease) in net assets		(92,095,119	)		29,518,568			48,911,001
Net assets:
Beginning of period		961,586,655			932,068,087			883,157,086
End of period	$	869,491,536		$	961,586,655		$	932,068,087

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19 Invesco Rochester^® AMT-Free New York Municipal Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/20		$12.41		$0.17		$(0.64	)		$(0.47	)		$(0.18	)		$11.76		(3.71	)%(d)		$750,413		1.04	%(d)(e)		1.04	%(d)(e)		0.82	%(d)(e)		2.94	%(d)(e)		6	%
Five months ended 02/29/20		12.03		0.15		0.38			0.53			(0.15	)		12.41		4.43			827,596		1.02	(f)		1.02	(f)		0.83	(f)		2.98	(f)		11
Year ended 09/30/19		11.26		0.45		0.67			1.12			(0.35	)		12.03		10.11			807,767		1.17			1.17			0.85			3.86			15
Year ended 09/30/18		11.11		0.39		0.09			0.48			(0.33	)		11.26		4.46			739,216		1.28			1.28			0.92			3.58			15
Year ended 09/30/17		11.52		0.39		(0.38	)		0.01			(0.42	)		11.11		0.08			872,008		1.01			1.01			0.82			3.52			47
Year ended 09/30/16		11.08		0.47		0.53			1.00			(0.56	)		11.52		9.24			995,737		1.13			1.13			1.00			4.20			34
Year ended 09/30/15		11.24		0.59		(0.14	)		0.45			(0.61	)		11.08		4.07			930,256		0.95			0.95			0.83			5.26			7
Class C
Six months ended 08/31/20		12.42		0.13		(0.65	)		(0.52	)		(0.14	)		11.76		(4.16	)		38,127		1.80	(e)		1.80	(e)		1.58	(e)		2.18	(e)		6
Five months ended 02/29/20		12.04		0.11		0.38			0.49			(0.11	)		12.42		4.09			50,011		1.78	(f)		1.78	(f)		1.59	(f)		2.22	(f)		11
Year ended 09/30/19		11.26		0.36		0.68			1.04			(0.26	)		12.04		9.36			51,593		1.94			1.94			1.62			3.09			15
Year ended 09/30/18		11.12		0.31		0.08			0.39			(0.25	)		11.26		3.57			84,896		2.05			2.05			1.69			2.81			15
Year ended 09/30/17		11.53		0.31		(0.39	)		(0.08	)		(0.33	)		11.12		(0.68	)		104,010		1.78			1.78			1.59			2.78			47
Year ended 09/30/16		11.09		0.39		0.53			0.92			(0.48	)		11.53		8.41			125,732		1.89			1.89			1.76			3.44			34
Year ended 09/30/15		11.25		0.50		(0.14	)		0.36			(0.52	)		11.09		3.28			116,022		1.71			1.71			1.59			4.50			7
Class Y
Six months ended 08/31/20		12.43		0.19		(0.66	)		(0.47	)		(0.19	)		11.77		(3.67	)		80,941		0.80	(e)		0.80	(e)		0.58	(e)		3.15	(e)		6
Five months ended 02/29/20		12.05		0.16		0.38			0.54			(0.16	)		12.43		4.52			83,905		0.78	(f)		0.78	(f)		0.59	(f)		3.22	(f)		11
Year ended 09/30/19		11.27		0.47		0.68			1.15			(0.37	)		12.05		10.45			72,698		0.93			0.93			0.61			4.09			15
Year ended 09/30/18		11.13		0.42		0.08			0.50			(0.36	)		11.27		4.61			59,045		1.05			1.05			0.69			3.82			15
Year ended 09/30/17		11.54		0.41		(0.38	)		0.03			(0.44	)		11.13		0.32			69,378		0.78			0.78			0.59			3.69			47
Year ended 09/30/16		11.09		0.49		0.55			1.04			(0.59	)		11.54		9.58			59,503		0.89			0.89			0.76			4.40			34
Year ended 09/30/15		11.25		0.62		(0.15	)		0.47			(0.63	)		11.09		4.22			45,449		0.71			0.71			0.59			5.50			7
Class R6
Six months ended 08/31/20		12.41		0.19		(0.63	)		(0.44	)		(0.20	)		11.77		(3.47	)		10		0.71	(e)		0.71	(e)		0.49	(e)		3.27	(e)		6
Five months ended 02/29/20		12.03		0.17		0.38			0.55			(0.17	)		12.41		4.56			74		0.68	(f)		0.78	(f)		0.59	(f)		3.32	(f)		11
Period ended 09/30/19(g)		11.78		0.18		0.20			0.38			(0.13	)		12.03		3.25			10		0.81	(f)		0.87	(f)		0.55	(f)		4.20	(f)		15

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended `August 31, 2020.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $745,311, $42,582, $78,752 and $66 for Class A, Class C, Class Y and Class R6 shares, respectively. (f) Annualized.

^(g)  Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20 Invesco Rochester^® AMT-Free New York Municipal Fund

Notes to Financial Statements

August 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Rochester^® AMT-Free New York Municipal Fund, formerly Invesco Oppenheimer Rochester^® AMT-Free New York Municipal Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek tax-free income.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature will change from ten years to eight years. The first conversion of Class C shares to Class A shares would occur at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. 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.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to

21 Invesco Rochester^® AMT-Free New York Municipal Fund

shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Interest, Facilities and Maintenance Fees - Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.

H. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote.

J. Floating Rate Note Obligations - The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

22 Invesco Rochester^® AMT-Free New York Municipal Fund

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

K. Other Risks - The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

L. Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
Up to $200 million		0.600%
Next $100 million		0.550%
Next $200 million		0.500%
Next $250 million		0.450%
Next $250 million		0.400%
Next $4 billion		0.350%
Over $5 billion		0.330%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended August 31, 2020, the effective advisory fee rate incurred by the Fund was 0.49%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 0.83%, 1.59%, 0.59% and 0.49%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the six months ended August 31, 2020, the Adviser waived advisory fees of $7 and reimbursed class level expenses of $0, $0, $0 and $27 of Class A, Class C, Class Y and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including

23 Invesco Rochester^® AMT-Free New York Municipal Fund

asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2020, IDI advised the Fund that IDI retained $8,537 in front-end sales commissions from the sale of Class A shares and $4,377 and $2,186 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 the 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.

The following is a summary of the tiered valuation input levels, as of August 31, 2020. 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
Municipal Obligations		$-	$907,327,781	$	89	$	907,327,870
Common Stocks & Other Equity Interests		-	-		7,765,500		7,765,500
Total Investments in Securities		-	907,327,781		7,765,589		915,093,370
Other Investments - Assets
Investments Matured		-	349,806		-		349,806
Total Investments		$-	$907,677,587	$	7,765,589	$	915,443,176

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $382.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances and Borrowings

The Fund has entered into a $2.5 billion revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds, and which will expire on February 25, 2021. The revolving credit and security agreement is secured by the assets of the Fund.

During the six months ended August 31, 2020, the average daily balance of borrowing under the revolving credit and security agreement was $15,328,804 with a weighted interest rate of 0.91%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2020 were $36,511,429 and 3.02%, respectively.

The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

24 Invesco Rochester^® AMT-Free New York Municipal Fund

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of February 29, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	24,915,606	$	86,282,129	$	111,197,735

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2020 was $58,219,949 and $106,862,653, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	41,979,797
Aggregate unrealized (depreciation) of investments		(44,607,753	)
Net unrealized appreciation (depreciation) of investments	$	(2,627,956	)

Cost of investments for tax purposes is $918,071,132.

NOTE 9–Share Information

							Summary of Share Activity
	Six months ended						Five months ended						Year ended
	August 31, 2020(a)						February 29, 2020						September 30, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		1,174,920		$	13,588,690			1,504,288		$	18,114,050			7,459,586		$	86,731,891
Class C		110,073			1,289,400			102,996			1,240,997			536,696			6,207,340
Class Y		882,574			10,239,903			993,567			11,947,910			1,970,388			22,705,210
Class R6(b)		-			-			5,090			60,521			849			10,000
Issued as reinvestment of dividends:
Class A		597,173			6,820,445			728,712			8,796,173			1,717,541			19,862,074
Class C		27,630			315,262			32,158			388,466			131,975			1,518,598
Class Y		67,784			775,616			71,152			860,384			149,614			1,733,754
Class R6(b)		76			862			46			554			-			-
Automatic conversion of Class C shares to Class A shares:
Class A		475,021			5,545,388			152,805			1,848,449			-			-
Class C		(474,884	)		(5,545,388	)		(152,693	)		(1,848,449	)		-			-
Reacquired:
Class A		(5,116,300	)		(58,118,547	)		(2,818,905	)		(33,942,390	)		(7,716,348	)		(88,567,611	)
Class C		(449,766	)		(5,170,355	)		(239,629	)		(2,880,661	)		(3,920,946	)		(46,128,322	)
Class Y		(827,869	)		(9,532,418	)		(345,343	)		(4,156,870	)		(1,325,207	)		(15,160,035	)
Class R6(b)		(5,212	)		(61,653	)		-			-			-			-
Net increase (decrease) in share activity		(3,538,780	)	$	(39,852,795	)		34,244		$	429,134			(995,852	)	$	(11,087,101	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 49% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Commencement date after the close of business on May 24, 2019.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared 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 Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

25 Invesco Rochester^® AMT-Free New York Municipal Fund

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

26 Invesco Rochester^® AMT-Free New York Municipal Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

				HYPOTHETICAL
		ACTUAL		(5% annual return before expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(03/01/20)	(08/31/20)1	Period2	(08/31/20)	Period2	Ratio
Class A	$1,000.00	$962.90	$5.15	$1,019.96	$5.30	1.04%
Class C	1,000.00	958.40	8.89	1,016.13	9.15	1.80
Class Y	1,000.00	963.30	3.96	1,021.17	4.08	0.80
Class R6	1,000.00	965.30	3.52	1,021.63	3.62	0.71

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

27 Invesco Rochester^® AMT-Free New York Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Rochester^® AMT-Free New York Municipal Fund’s (formerly, Invesco Oppenheimer Rochester^® AMT-Free New York Municipal Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner

that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise

with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays Municipal Bond Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most

28 Invesco Rochester^® AMT-Free New York Municipal Fund

recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s actual and contractual management fees and total expense ratio were in the fifth, fourth and fifth quintile, respectively, of its expense group and discussed with management reasons for such relative actual and contractual management fees and total expenses.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

29 Invesco Rochester^® AMT-Free New York Municipal Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-07890 and 033-66424                        Invesco Distributors, Inc.                                                                               O-ROAFNYM-SAR-1

	Semiannual Report to Shareholders	August 31, 2020
	Invesco Rochester® Limited Term New York Municipal Fund
	Effective September 30, 2020, Invesco Oppenheimer Rochester® Limited Term New York Municipal Fund was renamed Invesco Rochester® Limited Term New York Municipal Fund. Nasdaq: A: LTNYX ∎ C: LTNCX ∎ Y: LTBYX ∎ R6: IORMX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
20	Financial Statements
23	Financial Highlights
24	Notes to Financial Statements
29	Fund Expenses
30	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges

for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Rochester^® Limited Term New York Municipal Fund

Fund Performance

Performance summary
Fund vs. Indexes Cumulative total returns, 2/29/20 to 8/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-1.13	%
Class C Shares	-1.51
Class Y Shares	-1.00
Class R6 Shares	-0.98
Bloomberg Barclays 5 Year Municipal Bond Index▼	1.48
U.S. Consumer Price Index∎	0.48
Source(s): ▼RIMES Technologies Corp; ∎Bloomberg L.P. The Bloomberg Barclays 5 Year Municipal Bond Index is an unmanaged index of fixed-rate, investment-grade municipal securities with maturities of four to six years. The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the U.S. Bureau of Labor Statistics. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

     Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                     Invesco Rochester^® Limited Term New York Municipal Fund

Average Annual Total Returns
As of 8/31/20, including maximum applicable sales charges
Class A Shares
Inception (9/18/91)	4.41	%
10 Years	2.44
5 Years	3.21
1 Year	–1.01
Class C Shares
Inception (5/1/97)	3.56	%
10 Years	1.92
5 Years	2.93
1 Year	–0.19
Class Y Shares
Inception (3/30/11)	3.35	%
5 Years	4.01
1 Year	1.80
Class R6 Shares
10 Years	2.75	%
5 Years	3.83
1 Year	1.84

Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Rochester Limited Term New York Municipal Fund, (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Rochester^® Limited Term New York Municipal Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R6 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 2.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a

CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                     Invesco Rochester^® Limited Term New York Municipal Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing

HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                     Invesco Rochester^® Limited Term New York Municipal Fund

Schedule of Investments

August 31, 2020

(Unaudited)

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Municipal Obligations–103.99%
Guam–0.88%
Guam (Territory of); Series 2012 B-1, RB		5.00%		01/01/2027	$	1,435	$       1,484,235
Guam (Territory of) Power Authority;
Series 2012 A, Ref. RB (INS - AGM)(a)		5.00%		10/01/2020		1,350	1,354,941
Series 2012 A, Ref. RB (INS - AGM)(a)		5.00%		10/01/2021		1,350	1,408,469
Series 2012 A, Ref. RB (INS - AGM)(a)		5.00%		10/01/2024		200	216,426
Series 2012 A, Ref. RB (INS - AGM)(a)		5.00%		10/01/2025		3,185	3,442,252
Series 2012 A, Ref. RB (INS - AGM)(a)		5.00%		10/01/2026		2,690	2,901,057
Series 2012 A, Ref. RB (INS - AGM)(a)		5.00%		10/01/2030		4,000	4,286,360
							15,093,740
New York–90.97%
Akron Central School District; Series 2009, Ref. GO Bonds		5.00%		06/15/2021		10	10,039
Albany (County of), NY Airport Authority;
Series 2018 A, RB		5.00%		12/15/2035		745	887,057
Series 2018 A, RB		5.00%		12/15/2036		780	925,314
Series 2018 A, RB		5.00%		12/15/2037		820	969,855
Series 2018 A, RB		5.00%		12/15/2038		500	589,730
Series 2018 B, RB(b)		5.00%		12/15/2030		240	288,053
Series 2018 B, RB(b)		5.00%		12/15/2031		300	357,465
Series 2018 B, RB(b)		5.00%		12/15/2032		320	378,685
Albany Capital Resource Corp. (College Saint Rose (The)); Series 2011 A, RB		5.63%		07/01/2031		1,475	1,493,939
Amherst Development Corp. (Daemen College);
Series 2018, Ref. RB		5.00%		10/01/2027		655	737,563
Series 2018, Ref. RB		5.00%		10/01/2028		690	781,390
Series 2018, Ref. RB		5.00%		10/01/2029		730	821,527
Series 2018, Ref. RB		5.00%		10/01/2030		760	849,703
Series 2018, Ref. RB		5.00%		10/01/2031		805	895,740
Brookhaven Local Development Corp. (Jefferson’s Ferry);
Series 2016, Ref. RB		5.25%		11/01/2027		500	565,265
Series 2016, Ref. RB		5.25%		11/01/2028		1,000	1,126,320
Series 2016, Ref. RB		5.25%		11/01/2029		1,000	1,121,530
Series 2016, Ref. RB		5.25%		11/01/2030		650	726,291
Series 2016, Ref. RB		5.25%		11/01/2031		650	722,826
Brooklyn Arena Local Development Corp. (Barclays Center); Series 2016 A, Ref. RB (INS - AGM)(a)		4.00%		07/15/2029		1,750	1,969,817
Broome County Local Development Corp. (United Health Services Hospital);
Series 2020, Ref. RB (INS - AGM)(a)		4.00%		04/01/2038		1,500	1,757,250
Series 2020, Ref. RB (INS - AGM)(a)		4.00%		04/01/2040		2,900	3,370,960
Buffalo & Erie County Industrial Land Development Corp. (Buffalo State College Foundation Housing Corp.); Series 2011, RB(c)(d)		5.75%		04/01/2021		1,350	1,393,686
Buffalo & Erie County Industrial Land Development Corp. (Global Concepts Charter School Program);
Series 2018, Ref. RB		5.00%		10/01/2026		150	177,419
Series 2018, Ref. RB		5.00%		10/01/2027		150	180,450
Series 2018, Ref. RB		5.00%		10/01/2028		165	201,463
Series 2018, Ref. RB		5.00%		10/01/2029		175	212,322
Series 2018, Ref. RB		5.00%		10/01/2030		200	240,556
Series 2018, Ref. RB		5.00%		10/01/2031		200	239,072
Build NYC Resource Corp. (Bronx Lighthouse Charter School);
Series 2018, RB		4.00%		06/01/2028		1,450	1,537,188
Series 2018, RB		5.00%		06/01/2033		1,190	1,316,604
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB(b)(e)		5.25%		12/31/2033		5,000	5,307,750
Build NYC Resource Corp. (Children’s Aid Society (The));
Series 2019, RB		4.00%		07/01/2036		125	145,424
Series 2019, RB		4.00%		07/01/2037		150	173,900
Series 2019, RB		4.00%		07/01/2038		150	173,355

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                     Invesco Rochester^® Limited Term New York Municipal Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
Build NYC Resource Corp. (Consortium for Worker Education, Inc.); Series 2020, RB(e)		5.00%		12/01/2039	$	2,040	$       2,154,260
Build NYC Resource Corp. (Manhattan College);
Series 2017, Ref. RB		5.00%		08/01/2025		465	541,181
Series 2017, Ref. RB		5.00%		08/01/2028		600	723,150
Series 2017, Ref. RB		5.00%		08/01/2030		1,140	1,358,321
Series 2017, Ref. RB		5.00%		08/01/2032		635	748,735
Build NYC Resource Corp. (New Dawn Charter Schools); Series 2019, RB(e)		5.00%		02/01/2033		1,315	1,360,920
Build NYC Resource Corp. (Royal Charter Properties, Inc. - New York & Presbyterian Hospital Leasehold); Series 2012, RB (INS - AGM)(a)		4.75%		12/15/2026		2,000	2,154,920
Build NYC Resource Corp. (Wagner College Program);
Series 2012, RB (INS - AGM)(a)		5.00%		07/01/2024		1,395	1,504,717
Series 2012, RB (INS - AGM)(a)		5.00%		07/01/2025		1,705	1,836,814
Series 2012, RB (INS - AGM)(a)		5.00%		07/01/2026		1,650	1,775,581
Series 2012, RB (INS - AGM)(a)		5.00%		07/01/2028		1,705	1,829,431
Build NYC Resource Corp. (YMCA of Greater New York);
Series 2012, RB(c)		5.00%		08/01/2021		600	625,998
Series 2012, RB(c)(d)		5.00%		08/01/2022		1,000	1,090,230
Series 2012, RB(c)		5.00%		08/01/2022		500	545,115
Cattaraugus County Capital Resource Corp. (St. Bonaventure University Ref.);
Series 2016 A, Ref. RB		5.00%		05/01/2021		330	336,399
Series 2016 A, Ref. RB		5.00%		05/01/2022		345	361,557
Series 2016 A, Ref. RB		5.00%		05/01/2023		365	392,141
Series 2016 A, Ref. RB		5.00%		05/01/2024		380	416,765
Series 2016 A, Ref. RB		5.00%		05/01/2025		400	446,428
Series 2016 A, Ref. RB		5.00%		05/01/2026		415	469,448
Series 2016 A, Ref. RB		5.00%		05/01/2027		445	500,345
Series 2016 A, Ref. RB		5.00%		05/01/2028		465	520,023
Series 2016 A, Ref. RB		5.00%		05/01/2029		485	538,636
City of Albany Capital Resource Corp. (Albany Law School of Union University);
Series 2017 A, Ref. RB		5.00%		07/01/2029		1,500	1,659,240
Series 2017 A, Ref. RB		5.00%		07/01/2031		1,520	1,656,253
City of Albany Capital Resource Corp. (Empire Commons Student Housing, Inc.);
Series 2016 A, Ref. RB		5.00%		05/01/2024		400	442,180
Series 2016 A, Ref. RB		5.00%		05/01/2025		300	338,736
Series 2016 A, Ref. RB		5.00%		05/01/2026		300	344,493
City of Albany Capital Resource Corp. (St. Peter’s Hospital of the City of Albany); Series 2011, RB(c)(d)		6.00%		11/15/2020		200	202,300
City of Geneva Development Corp. (Hobart & William Smith Colleges); Series 2012, Ref. RB		5.00%		09/01/2025		500	531,625
City of New Rochelle Corp. for Local Development (70 Nardozzi/City DPW); Series 2018 A-1, RB(e)		4.20%		08/01/2028		3,450	3,188,179
City of New Rochelle Corp. for Local Development (Iona College);
Series 2015 A, Ref. RB		5.00%		07/01/2025		325	370,318
Series 2015 A, Ref. RB		5.00%		07/01/2029		1,100	1,224,707
City of Troy Capital Resource Corp. (Rensselaer Polytechnic Institute); Series 2020, Ref. RB		5.00%		09/01/2025		1,150	1,347,144
Corning (City of), NY; Series 2006, GO Bonds (INS - AGC)(a)		4.00%		12/01/2020		20	20,181
Dutchess County Local Development Corp. (Anderson Center Services, Inc.); Series 2010, RB		6.00%		10/01/2030		2,330	2,333,611
Dutchess County Local Development Corp. (Health Quest Systems, Inc.); Series 2016 B, RB		5.00%		07/01/2030		8,600	10,131,746
East Syracuse Housing Authority (FHA Insured Mortgage Loan - Bennett Manor Section 8 Assisted); Series 2001 A, Ref. RB		6.70%		04/01/2021		40	40,187
Elmira City (City of), NY;
Series 2020, GO Bonds		5.00%		07/01/2026		1,175	1,306,365
Series 2020, GO Bonds		5.00%		07/01/2035		1,500	1,702,110
Erie (County of), NY;
Series 2012 A, GO Bonds		5.00%		04/01/2023		600	643,968
Series 2012 A, GO Bonds		5.00%		04/01/2024		525	563,383
Series 2012 A, GO Bonds		5.00%		04/01/2025		500	536,060
Series 2012 A, GO Bonds		5.00%		04/01/2026		700	750,372
Series 2020, GO Notes		3.00%		06/24/2021		10,000	10,211,800
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB		5.00%		06/01/2031		29,615	29,632,769

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                     Invesco Rochester^® Limited Term New York Municipal Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
Essex County Capital Resource Corp. (North Country Community College Association, Inc.);
Series 2017, Ref. RB		5.00%		06/01/2022	$	145	$          149,486
Series 2017, Ref. RB		5.00%		06/01/2024		155	167,589
Series 2017, Ref. RB		5.00%		06/01/2026		175	193,340
Series 2017, Ref. RB		5.00%		06/01/2027		100	112,199
Series 2017, Ref. RB		5.00%		06/01/2028		100	111,426
Series 2017, Ref. RB		5.00%		06/01/2031		320	348,909
Series 2017, Ref. RB		5.00%		06/01/2035		255	272,853
Essex County Capital Resource Corp. (North Country Community College Foundation, Inc.);
Series 2017, Ref. RB		5.00%		06/01/2021		220	224,220
Series 2017, Ref. RB		5.00%		06/01/2022		235	245,385
Series 2017, Ref. RB		5.00%		06/01/2023		250	266,788
Series 2017, Ref. RB		5.00%		06/01/2024		255	277,022
Series 2017, Ref. RB		5.00%		06/01/2025		270	297,189
Franklin (County of), NY Solid Waste Management Authority;
Series 2012, RB		5.00%		06/01/2027		835	889,542
Series 2015 A, RB(b)		5.00%		06/01/2023		270	298,987
Series 2015 A, RB(b)		5.00%		06/01/2024		285	325,501
Series 2019, RB(b)		4.00%		06/01/2021		780	798,962
Series 2019, RB(b)		4.00%		06/01/2022		810	852,695
Series 2019, RB(b)		4.00%		06/01/2023		845	912,896
Series 2019, RB(b)		4.00%		06/01/2024		875	967,321
Franklin County Civic Development Corp. (North Country Community College Foundation, Inc.);
Series 2017, Ref. RB		5.00%		06/01/2021		170	173,261
Series 2017, Ref. RB		5.00%		06/01/2022		180	187,954
Series 2017, Ref. RB		5.00%		06/01/2023		185	197,473
Series 2017, Ref. RB		5.00%		06/01/2024		195	211,986
Series 2017, Ref. RB		5.00%		06/01/2025		205	225,453
Geneseo Central School District; Series 2009, GO Bonds (INS - AGC)(a)		4.00%		05/01/2022		10	10,059
Glen Cove Local Economic Assistance Corp. (Tiegerman School); Series 2018 A, RB(e)		4.75%		07/01/2028		1,465	1,489,422
Hempstead Town Local Development Corp. (Molloy College);
Series 2017, Ref. RB		5.00%		07/01/2029		200	233,624
Series 2017, Ref. RB		5.00%		07/01/2030		170	197,447
Series 2017, Ref. RB		5.00%		07/01/2031		150	173,289
Series 2017, Ref. RB		5.00%		07/01/2032		275	315,950
Hudson Yards Infrastructure Corp.;
Series 2012 A, RB		5.75%		02/15/2047		5,000	5,116,000
Series 2017 A, Ref. RB		5.00%		02/15/2038		2,125	2,547,981
Long Island Power Authority;
Series 2012 B, RB		5.00%		09/01/2026		10,000	10,834,300
Series 2012 B, RB		5.00%		09/01/2027		10,000	10,819,700
Series 2012 B, RB		5.00%		09/01/2029		14,825	16,024,787
Series 2016 B, Ref. RB		5.00%		09/01/2034		6,635	8,036,644
Series 2018, RB		5.00%		09/01/2035		11,000	13,931,940
Series 2020 A, RB		4.00%		09/01/2039		1,650	1,971,238
Series 2020 A, RB		4.00%		09/01/2040		215	256,084
Metropolitan Transportation Authority;
Series 2002 D-1, Ref. RB		5.00%		11/01/2025		4,000	4,173,800
Series 2002 D-1, Ref. RB		5.00%		11/01/2026		11,800	12,301,500
Series 2002 D-1, Ref. RB		5.00%		11/01/2028		5,075	5,271,301
Series 2011 D, RB(c)(d)		5.00%		11/15/2021		5,000	5,291,300
Series 2012 C, Ref. RB(c)(d)		5.00%		11/15/2022		8,315	9,185,913
Series 2012 C, Ref. RB		5.00%		11/15/2029		7,135	7,409,127
Series 2012 C, Ref. RB		5.00%		11/15/2030		3,565	3,699,650
Series 2012 F, Ref. RB		5.00%		11/15/2030		20,000	20,754,600
Metropolitan Transportation Authority (Green Bonds);
Series 2016 B-1, Ref. RB		5.00%		11/15/2036		10,000	11,651,300
Series 2017 B-2, Ref. RB		5.00%		11/15/2034		1,875	2,246,981

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                     Invesco Rochester^® Limited Term New York Municipal Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
Monroe County Industrial Development Corp. (Highland Hospital of Rochester); Series 2015, Ref. RB		5.00%		07/01/2026	$	350	$          414,901
Monroe County Industrial Development Corp. (Nazareth College of Rochester);
Series 2011, RB(c)(d)		5.00%		10/01/2021		200	210,244
Series 2017, Ref. RB		4.00%		10/01/2034		600	621,576
Monroe County Industrial Development Corp. (Rochester General Hospital (The));
Series 2013 A, Ref. RB		5.00%		12/01/2026		400	433,632
Series 2013 A, Ref. RB		5.00%		12/01/2027		345	373,438
Series 2013 A, Ref. RB		5.00%		12/01/2028		660	712,741
Monroe County Industrial Development Corp. (St. Ann’s Community); Series 2019, Ref. RB		4.00%		01/01/2030		1,500	1,505,220
Monroe County Industrial Development Corp. (St. John Fisher College); Series 2012 A, Ref. RB		5.00%		06/01/2023		615	650,369
Monroe County Industrial Development Corp. (Unity Hospital of Rochester (The));
Series 2010, RB		5.75%		08/15/2030		400	408,628
Series 2010, Ref. RB		5.75%		08/15/2035		2,000	2,038,700
Nassau (County of), NY;
Series 2016 A, Ref. GO Bonds		5.00%		01/01/2032		2,100	2,493,309
Series 2016 C, GO Bonds		5.00%		04/01/2029		3,160	3,815,826
Series 2017 B, GO Bonds		5.00%		04/01/2031		365	444,205
Series 2018 B, GO Bonds (INS - AGM)(a)		5.00%		07/01/2036		5,850	7,286,643
Series 2018 B, GO Bonds (INS - AGM)(a)		5.00%		07/01/2038		5,450	6,726,335
Series 2018 B, GO Bonds (INS - AGM)(a)		5.00%		07/01/2039		4,775	5,889,867
Series 2019 B, Ref. GO Bonds (INS - AGM)(a)		5.00%		04/01/2039		2,895	3,706,497
Series 2019 B, Ref. GO Bonds (INS - AGM)(a)		5.00%		04/01/2040		3,950	5,042,491
Nassau (County of), NY Industrial Development Agency;
Series 2007 A-A, RB		5.95%		11/01/2022		250	243,790
Series 2007 A-C, RB		5.95%		11/01/2022		200	195,066
Series 2007 A-F, RB		5.95%		11/01/2022		200	195,110
Series 2007 A-G, RB		6.15%		11/01/2022		475	464,051
Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group); Series 2014, Ref. RB		5.00%		07/01/2032		660	739,240
Nassau County Local Economic Assistance Corp. (Hispanic Counseling Center, Inc.); Series 2018 A-2, Ref. RB		4.70%		12/01/2028		1,685	1,574,734
Nassau County Local Economic Assistance Corp. (South Nassau Communities Hospital); Series 2012, Ref. RB		5.00%		07/01/2027		5,690	6,080,618
Nassau County Local Economic Assistance Corp. (Winthrop-University Hospital Association); Series 2012, Ref. RB(c)(d)		5.00%		07/01/2022		4,500	4,897,935
Nassau County Tobacco Settlement Corp.; Series 2006 A-2, RB		5.25%		06/01/2026		2,000	2,000,160
New Rochelle (City of), NY Industrial Development Agency (College of New Rochelle); Series 1999, Ref. RB(f)		5.25%		07/01/2027		4,326	86,529
New York & New Jersey (States of) Port Authority;
Series 2012 172, RB(b)		5.00%		10/01/2025		7,005	7,467,610
Series 2012 172, RB(b)		5.00%		10/01/2028		10,000	10,624,500
Series 2012 172, RB(b)		5.00%		10/01/2030		13,075	13,870,221
Series 2014 185, Ref. RB(b)		5.00%		09/01/2026		12,500	14,441,375
Series 2014 186, Ref. RB(b)		5.00%		10/15/2031		3,775	4,345,855
Series 2017 202, Ref. RB(b)		5.00%		04/15/2037		12,235	14,482,080
Series 2017 206, Ref. RB(b)		5.00%		11/15/2042		5,000	5,914,650
Series 2018 207, Ref. RB(b)		5.00%		09/15/2030		3,385	4,199,329
Series 2018 207, Ref. RB(b)		5.00%		09/15/2032		1,555	1,907,332
Series 2019 217, RB		4.00%		11/01/2039		3,750	4,384,275
Series 2019 218, RB(b)		5.00%		11/01/2039		9,000	11,103,390
New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC);
Series 1997 6, RB (INS - NATL)(a)(b)		5.75%		12/01/2022		24,420	24,747,961
Series 1997 6, RB (INS - NATL)(a)(b)		5.75%		12/01/2025		46,510	47,135,094
Series 2010 8, RB		6.50%		12/01/2028		39,900	40,435,857
Series 2010 8, RB (INS - AGM)(a)		6.50%		12/01/2028		2,600	2,645,162

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                     Invesco Rochester^® Limited Term New York Municipal Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
New York (City of), NY;
Series 1990 I, GO Bonds		7.75%		08/15/2027	$	45	$            46,545
Series 1996 J, GO Bonds		6.00%		02/15/2024		5	5,024
Series 1996 J, GO Bonds		5.50%		02/15/2026		5	5,022
Series 1996 J, GO Bonds (INS - FGIC)(a)		5.50%		02/15/2026		10	10,043
Series 1997 C, GO Bonds (INS - NATL)(a)		5.50%		11/15/2037		10	10,043
Series 2002 D, GO Bonds		5.50%		06/01/2028		5	5,022
Series 2004 B, GO Bonds		5.13%		08/01/2022		5	5,020
Series 2005 O, GO Bonds		5.00%		06/01/2023		5	5,020
Series 2012 I, GO Bonds		5.00%		08/01/2029		2,000	2,171,560
Series 2013 XF2155-A, Ref. GO Ctfs.(g)		5.00%		08/01/2026		22,970	25,532,074
Series 2013 XF2155-B, Ref. GO Ctfs.(g)		5.00%		08/01/2026		18,760	20,852,490
Series 2013 XF2155-C, Ref. GO Ctfs.(g)		5.00%		08/01/2027		26,090	28,966,683
Series 2013 XF2155-D, Ref. GO Ctfs.(g)		5.00%		08/01/2027		28,685	31,847,808
Series 2017, Ref. RB		5.00%		06/15/2038		15,000	18,637,200
Series 2018 DD-2, Ref. RB		5.00%		06/15/2040		4,000	5,011,200
Series 2019 CC-1, RB		4.00%		06/15/2038		4,705	5,599,562
Series 2020 FF, Ref. RB		4.00%		06/15/2041		7,150	8,486,549
New York (City of), NY Industrial Development Agency (2002 Rosco, Inc.); Series 2002, IDR(b)		5.63%		06/01/2022		680	671,724
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium);
Series 2006, RB (INS - AMBAC)(a)		5.00%		01/01/2031		30	30,005
Series 2009, RB (INS - AGC)(a)		6.13%		01/01/2029		190	190,912
Series 2009, RB (INS - AGC)(a)		6.50%		01/01/2046		4,085	4,104,894
New York (City of), NY Industrial Development Agency (TrIPs Obligated Group); Series 2012 A, Ref. RB(b)		5.00%		07/01/2021		250	256,790
New York (City of), NY Industrial Development Agency (Yankee Stadium);
Series 2006, RB (CPI Rate + 0.85%), (INS - NATL)(a)(h)		3.34%		03/01/2023		6,550	6,484,500
Series 2006, RB (CPI Rate + 0.86%), (INS - NATL)(a)(h)		3.35%		03/01/2024		195	191,989
Series 2006, RB (CPI Rate + 0.87%) (INS - FGIC)(a)(h)		3.36%		03/01/2025		200	193,686
Series 2006, RB (CPI Rate + 0.88%) (INS - FGIC)(a)(h)		3.37%		03/01/2026		985	944,093
Series 2006, RB (CPI Rate + 0.89%) (INS - FGIC)(a)(h)		3.38%		03/01/2027		1,000	953,560
Series 2006, RB (INS - FGIC)(a)		5.00%		03/01/2031		15	15,004
Series 2009, RB (INS - AGC)(a)		7.00%		03/01/2049		22,200	22,322,988
New York (City of), NY Municipal Water Finance Authority;
Series 2011 HH, RB		5.00%		06/15/2029		10,755	11,160,248
Series 2011 HH, RB		5.00%		06/15/2031		25,000	25,934,000
New York (City of), NY Transitional Finance Authority;
Series 2009 A, RB		5.00%		05/01/2036		65	65,257
Series 2011 A, RB		5.00%		11/01/2027		1,650	1,739,991
Series 2011 C, RB		4.50%		11/01/2026		100	100,721
Series 2011 C, RB(c)		5.00%		11/01/2039		15,875	15,983,744
Series 2011 D, RB		5.25%		11/01/2027		3,215	3,228,342
Series 2012 S-1, RB		5.00%		07/15/2027		1,880	2,041,624
Series 2012 S-1, RB		5.00%		07/15/2028		9,000	9,764,910
Series 2012 S-1, RB		5.00%		07/15/2029		10,000	10,840,100
Series 2012 S-1, RB		5.00%		07/15/2030		11,325	12,265,315
Series 2016 A-1, RB		5.00%		05/01/2037		3,085	3,719,276
Series 2017 A-E-1, RB		5.00%		02/01/2038		7,980	9,603,292
Series 2018 A-1, RB		5.00%		08/01/2037		1,655	2,058,588
Series 2018 A-1, RB		5.00%		08/01/2038		10,000	12,395,700
Series 2018 A-1, RB		5.00%		08/01/2040		17,600	21,707,488
Series 2018 C-2, RB		5.00%		05/01/2038		5,000	6,166,600
Series 2018 S-3, RB		5.00%		07/15/2037		2,450	3,030,454
Series 2018 S-3, Ref. RB		5.00%		07/15/2036		15,000	18,622,950

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                     Invesco Rochester^® Limited Term New York Municipal Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts);
Series 2020 A, Ref. RB		5.00%		12/01/2031	$	425	$          555,020
Series 2020 A, Ref. RB		5.00%		12/01/2032		535	693,419
Series 2020 A, Ref. RB		4.00%		12/01/2033		700	827,603
Series 2020 A, Ref. RB		4.00%		12/01/2034		950	1,119,138
Series 2020 A, Ref. RB		4.00%		12/01/2035		300	351,657
New York (Counties of), NY Tobacco Trust VI; Subseries 2016 A-1, Ref. RB		5.75%		06/01/2043		2,095	2,461,981
New York (State of) Dormitory Authority;
Series 2012 A, Ref. RB		5.00%		12/15/2029		17,000	18,686,910
Series 2012 B, RB		5.00%		03/15/2028		10,000	10,678,700
Series 2012 D, RB(c)(d)		5.00%		02/15/2022		1,135	1,212,101
Series 2012 D, RB		5.00%		02/15/2028		4,660	4,959,265
Series 2015 A-1, Ref. RB(e)		4.80%		12/01/2023		1,500	1,478,205
Series 2018 A, RB		5.00%		03/15/2037		8,000	9,925,280
Series 2018 A, RB		5.00%		03/15/2038		3,500	4,330,445
Series 2018 A, RB		5.00%		07/01/2040		4,250	5,229,625
Series 2018 C, Ref. RB		5.00%		03/15/2034		14,000	17,545,080
Series 2018 C, Ref. RB		5.00%		03/15/2036		2,000	2,489,340
Series 2018 E, Ref. RB		5.00%		03/15/2037		8,000	10,045,040
Series 2018 E, Ref. RB		5.00%		03/15/2039		10,000	12,486,300
Series 2018 E, Ref. RB		5.00%		03/15/2040		5,000	6,227,450
Series 2020 B, RN		5.00%		03/31/2021		10,000	10,282,100
Series 2020 D, Ref. RB		4.00%		02/15/2038		2,000	2,364,320
Series 2020 D, Ref. RB		4.00%		02/15/2039		4,415	5,202,636
New York (State of) Dormitory Authority (Brooklyn Law School); Series 2012 A, Ref. RB(c)(d)		5.00%		07/01/2022		1,255	1,363,557
New York (State of) Dormitory Authority (Cerebral Palsy Affiliates Program - Jawonio, Inc.); Series 2017 A, RB(e)		4.63%		12/01/2027		1,465	1,356,312
New York (State of) Dormitory Authority (Cerebral Palsy Affiliates Program - United Cerebral Palsy Associations of New York State, Inc.);
Series 2017 A-1, RB(e)		4.88%		09/01/2027		3,975	3,771,361
Series 2017 A-2, Ref. RB(e)		4.63%		10/01/2027		1,875	1,808,212
New York (State of) Dormitory Authority (Culinary Institute of America);
Series 2012, Ref. RB		5.00%		07/01/2028		500	524,440
Series 2013, RB		6.00%		07/01/2038		1,000	1,002,880
New York (State of) Dormitory Authority (Iona College);
Series 2012 A, Ref. RB		5.00%		07/01/2022		1,110	1,178,831
Series 2012 A, Ref. RB		5.00%		07/01/2023		1,000	1,065,030
Series 2012 A, Ref. RB		5.00%		07/01/2024		1,000	1,062,960
Series 2012 A, Ref. RB		5.00%		07/01/2025		1,000	1,060,520
Series 2012 A, Ref. RB		5.00%		07/01/2026		1,000	1,056,560
Series 2012 A, Ref. RB		5.00%		07/01/2027		1,000	1,054,250
New York (State of) Dormitory Authority (Montefiore Obligated Group);
Series 2018 A, Ref. RB		5.00%		08/01/2027		1,000	1,217,020
Series 2018 A, Ref. RB		5.00%		08/01/2028		1,000	1,235,350
Series 2018 A, Ref. RB		5.00%		08/01/2029		1,000	1,231,690
Series 2018 A, Ref. RB		5.00%		08/01/2033		4,000	4,775,200
New York (State of) Dormitory Authority (New School (The));
Series 2011, Ref. RB		5.00%		07/01/2023		5,165	5,318,400
Series 2016 A, Ref. RB		5.00%		07/01/2029		1,000	1,177,950
Series 2016 A, Ref. RB		5.00%		07/01/2030		1,800	2,108,934
New York (State of) Dormitory Authority (North General Hospital); Series 2003, Ref. RB		5.00%		02/15/2025		8,475	8,506,696
New York (State of) Dormitory Authority (Orange Regional Medical Center);
Series 2017, Ref. RB(e)		4.00%		12/01/2020		2,000	2,013,440
Series 2017, Ref. RB(e)		5.00%		12/01/2022		1,000	1,082,590
Series 2017, Ref. RB(e)		5.00%		12/01/2023		2,800	3,129,112
Series 2017, Ref. RB(e)		5.00%		12/01/2025		1,300	1,534,078
Series 2017, Ref. RB(e)		5.00%		12/01/2026		1,500	1,802,430
Series 2017, Ref. RB(e)		5.00%		12/01/2027		1,300	1,570,777

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                     Invesco Rochester^® Limited Term New York Municipal Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
New York (State of) Dormitory Authority (Ozanam Hall of Queens Nursing Home, Inc.); Series 2006, RB (LOC - Allied Irish Banks PLC)(i)		5.00%		11/01/2021	$	10	$            10,033
New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program);
Series 2012 C, RB		5.00%		10/01/2026		1,025	1,127,674
Series 2012 F, Ref. RB (INS - AGM)(a)		5.00%		10/01/2025		1,675	1,836,872
Series 2012 F, Ref. RB (INS - AGM)(a)		5.00%		10/01/2027		400	438,308
Series 2012 F, Ref. RB (INS - AGM)(a)		5.00%		10/01/2028		200	218,934
Series 2012 H, Ref. RB		5.00%		10/01/2026		1,690	1,852,206
Series 2012 H, Ref. RB		5.00%		10/01/2027		500	547,665
Series 2012 H, Ref. RB		5.00%		10/01/2028		400	437,428
Series 2012 H, Ref. RB		5.00%		10/01/2029		500	546,460
Series 2013 A, RB (INS - AGM)(a)		5.00%		10/01/2026		2,740	3,127,628
Series 2013 A, RB (INS - AGM)(a)		5.00%		10/01/2027		2,485	2,834,093
Series 2013 C, RB		5.00%		10/01/2026		1,665	1,898,899
Series 2013 C, RB		5.00%		10/01/2027		1,885	2,147,939
Series 2013 E, RB (INS - AGM)(a)		5.00%		10/01/2026		3,190	3,641,289
Series 2017 B, Ref. RB (INS - AGM)(a)		5.00%		10/01/2033		1,345	1,656,502
New York (State of) Dormitory Authority (St. John’s University);
Series 2012 A, RB(c)(d)		5.00%		07/01/2022		995	1,081,067
Series 2012, RB(c)(d)		5.00%		07/01/2022		3,285	3,572,339
Series 2012, RB		5.00%		07/01/2030		3,565	3,759,435
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities);
Series 2018 A, RB		5.00%		07/01/2036		3,060	3,733,537
Series 2018 A, RB		5.00%		07/01/2038		1,850	2,244,087
New York (State of) Dormitory Authority (United Cerebral Palsy Affiliates Pooled Loan Program No. 1); Series 2002 A, Ref. RB (INS - AMBAC)(a)		5.13%		07/01/2021		20	19,867
New York (State of) Dormitory Authority (Yeshiva University); Series 2009, Ref. RB		5.00%		09/01/2027		1,130	1,131,412
New York (State of) Housing Finance Agency; Series 2019, RB		1.63%		05/01/2023		1,500	1,507,815
New York (State of) Housing Finance Agency (Division Street); Series 2006 A, RB(b)		5.00%		02/15/2026		260	260,783
New York (State of) Housing Finance Agency (Golden Age Apartments); Series 2006 A, RB (LOC - Bank Of Ny Mellon)(b)(i)		5.00%		02/15/2037		490	491,029
New York (State of) Housing Finance Agency (Green Bonds); Series 2018 H, RB		2.75%		11/01/2022		4,000	4,018,160
New York (State of) Housing Finance Agency (Secured Mortgage Program);
Series 2001 A, RB(b)		5.60%		08/15/2033		1,285	1,288,482
Series 2001 K, RB(b)		5.60%		02/15/2026		825	827,780
Series 2002 C, RB(b)		5.30%		08/15/2022		90	90,311
New York (State of) Housing Finance Agency (Tri-Senior Development Housing); Series 2007 A, RB (LOC - Fannie Mae)(b)(i)		5.10%		11/15/2023		940	943,365
New York (State of) Metropolitan Transportation Authority; Series 2012 C, RB		5.00%		11/15/2028		9,985	10,377,311
New York (State of) State Dormitory Authority (Maimonides Medical Center);
Series 2020, RB		4.00%		02/01/2038		300	345,354
Series 2020, RB		4.00%		02/01/2039		400	459,632
Series 2020, RB		4.00%		02/01/2040		400	458,584
New York (State of) Thruway Authority;
Series 2012 I, RB(c)(d)		5.00%		01/01/2022		45,500	48,425,650
Series 2018 L, Ref. RB		5.00%		01/01/2035		3,995	4,912,891
New York City (City of), NY Industrial Development Agency (Yankee Stadium); Series 2006, RB (CPI Rate + 0.84%), (INS - FGIC)(a)(h)		3.33%		03/01/2022		8,655	8,592,424
New York City (City of), NY Transitional Finance Authority; Series 2016 E-1, RB		5.00%		02/01/2037		3,905	4,678,776
New York City Health & Hospitals Corp.;
Series 2008 A, Ref. RB		5.50%		02/15/2021		100	100,411
Series 2010 A, RB		5.00%		02/15/2030		37,400	37,508,834
New York City Housing Development Corp.;
Series 1999 E, RB		6.25%		05/01/2036		35	35,119
Series 2013 L-2-A, Ref. RB		3.60%		11/01/2033		3,000	3,098,640
Series 2016, Ref. RB		2.00%		11/01/2020		5,375	5,377,419
Series 2017 C-2, RB		1.70%		07/01/2021		20,000	20,031,600
New York City Housing Development Corp. (Ocean Gate Development); Series 2007 B, RB(b)		5.35%		06/01/2025		2,040	2,064,276

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                     Invesco Rochester^® Limited Term New York Municipal Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
New York Counties Tobacco Trust I;
Series 2000 A, RB		6.50%		06/01/2035	$	2,995	$       2,996,707
Series 2000 A, RB		6.63%		06/01/2042		3,295	3,296,647
New York Counties Tobacco Trust II;
Series 2001, RB		5.63%		06/01/2035		60	60,230
Series 2001, RB		5.75%		06/01/2043		135	135,155
New York Counties Tobacco Trust III; Series 2003, RB		6.00%		06/01/2043		690	691,242
New York Counties Tobacco Trust IV; Series 2005 A, Ref. RB		4.75%		06/01/2026		2,860	2,861,373
New York Counties Tobacco Trust VI;
Series 2016 A, Ref. RB		6.25%		06/01/2025		30	32,517
Series 2016 A, Ref. RB		5.63%		06/01/2035		500	537,255
Series 2016 A, Ref. RB		6.75%		06/01/2035		8,040	8,606,096
Series 2016 A, Ref. RB		6.45%		06/01/2040		830	945,644
Series 2016 A, Ref. RB		6.00%		06/01/2043		9,435	10,357,649
New York Liberty Development Corp. (4 World Trade Center); Series 2011, Ref. RB		5.00%		11/15/2031		5,000	5,240,300
New York State Environmental Facilities Corp.; Series 2004, RB		4.50%		06/15/2024		100	100,349
New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority Projects - 2nd Resolution Bonds);
Series 2004 C, Ref. RB		4.50%		06/15/2030		15	15,044
Series 2017 E, RB		5.00%		06/15/2042		12,375	15,292,159
Series 2018 B, RB		5.00%		06/15/2038		2,755	3,507,363
New York State Urban Development Corp.;
Series 2020 A, RB		4.00%		03/15/2040		20,000	23,627,800
Series 2020 C, Ref. RB		4.00%		03/15/2037		3,500	4,176,585
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment);
Series 2016 A, RB(b)		5.00%		07/01/2034		4,250	4,636,877
Series 2018, RB(b)		5.00%		01/01/2034		3,370	3,628,681
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);
Series 2016 A, RB(b)		5.00%		07/01/2030		1,000	1,102,260
Series 2016 A, RB(b)		4.00%		07/01/2033		4,000	4,155,280
Newburgh (City of), NY Industrial Development Agency (Bourne & Kenney Redevelopment Co. LLC); Series 1999 A, RB(b)		5.75%		02/01/2032		2,535	2,547,041
Niagara Area Development Corp. (Niagara University); Series 2012 A, Ref. RB(c)(d)		5.00%		05/01/2022		320	342,387
Niagara Falls (City of), NY;
Series 2016, Ref. GO Bonds (INS - BAM)(a)		5.00%		05/15/2028		750	923,565
Series 2016, Ref. GO Bonds (INS - BAM)(a)		5.00%		05/15/2029		850	1,045,636
Niagara Frontier Transportation Authority (Buffalo Niagara International Airport);
Series 2019, Ref. RB(b)		5.00%		04/01/2023		1,500	1,646,790
Series 2019, Ref. RB(b)		5.00%		04/01/2024		3,285	3,722,201
Series 2019, Ref. RB(b)		5.00%		04/01/2031		700	875,343
Series 2019, Ref. RB(b)		5.00%		04/01/2033		725	895,513
Niagara Tobacco Asset Securitization Corp.; Series 2014, Ref. RB		4.00%		05/15/2029		2,635	2,637,688
North Babylon Volunteer Fire Co., Inc.; Series 1997, RB (INS - AGC)(a)		5.75%		08/01/2022		265	265,864
Oneida County Local Development Corp. (Mohawk Valley Health System);
Series 2019, Ref. RB (INS - AGM)(a)		4.00%		12/01/2034		1,000	1,191,010
Series 2019, Ref. RB (INS - AGM)(a)		4.00%		12/01/2035		1,000	1,185,570
Series 2019, Ref. RB (INS - AGM)(a)		4.00%		12/01/2036		1,250	1,475,700
Series 2019, Ref. RB (INS - AGM)(a)		4.00%		12/01/2037		1,000	1,176,540
Onondaga (County of), NY Resource Recovery Agency;
Series 2019, RB (INS - AGM)(a)(b)		5.00%		05/01/2029		780	975,515
Series 2019, RB (INS - AGM)(a)(b)		5.00%		05/01/2030		275	342,007
Series 2019, RB (INS - AGM)(a)(b)		5.00%		05/01/2031		350	432,947
Series 2019, RB (INS - AGM)(a)(b)		5.00%		05/01/2032		455	559,532
Series 2019, RB (INS - AGM)(a)(b)		5.00%		05/01/2033		475	581,101
Series 2019, RB (INS - AGM)(a)(b)		5.00%		05/01/2034		500	609,640

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13                     Invesco Rochester^® Limited Term New York Municipal Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.);
Series 2017, Ref. RB		5.00%		05/01/2027	$	450	$        520,142
Series 2017, Ref. RB		5.00%		05/01/2028		600	690,738
Series 2017, Ref. RB		5.00%		05/01/2029		450	515,970
Series 2017, Ref. RB		5.00%		05/01/2030		835	951,382
Series 2017, Ref. RB		5.00%		05/01/2032		600	675,054
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University);
Series 2019, Ref. RB		5.00%		12/01/2038		2,250	2,907,675
Series 2019, Ref. RB		5.00%		12/01/2039		5,865	7,557,404
Onondaga Civic Development Corp.; Series 2015, Ref. RB		5.00%		10/01/2025		115	119,860
Onondaga Civic Development Corp. (Le Moyne College);
Series 2012, Ref. RB		5.00%		07/01/2022		465	493,835
Series 2012, Ref. RB		5.00%		07/01/2023		490	520,213
Series 2012, Ref. RB		5.00%		07/01/2024		515	546,173
Series 2012, Ref. RB		5.00%		07/01/2025		540	571,271
Onondaga Civic Development Corp. (Upstate Properties Development, Inc.); Series 2011, RB(c)(d)		5.50%		12/01/2021		1,000	1,065,850
Orange (County of), NY Industrial Development Agency (St. Luke’s Hospital of Newburgh, New York); Series 2001 A, Ref. RB (INS - AGC)(a)		5.38%		12/01/2021		825	828,391
Orange County Funding Corp. (Mount St. Mary College);
Series 2012 A, Ref. RB		5.00%		07/01/2021		505	515,549
Series 2012 A, Ref. RB		5.00%		07/01/2022		530	545,821
Series 2012 B, Ref. RB		5.00%		07/01/2021		765	780,981
Series 2012 B, Ref. RB		5.00%		07/01/2022		805	834,841
Otsego County Capital Resource Corp. (Hartwick College);
Series 2015 A, Ref. RB		5.00%		10/01/2022		650	654,823
Series 2015 A, Ref. RB		5.00%		10/01/2023		700	705,929
Series 2015 A, Ref. RB		5.00%		10/01/2024		660	664,811
Pleasantville Union Free School District; Series 2011, Ref. GO Bonds		5.00%		11/01/2024		500	503,970
Poughkeepsie (City of), NY; Series 2019, Ref. GO Bonds		5.00%		06/01/2031		600	631,602
Public Housing Capital Fund Revenue Trust I; Series 2012, RB(e)		4.50%		07/01/2022		216	219,065
Ramapo Local Development Corp.; Series 2013, Ref. RB		5.00%		03/15/2028		295	315,739
Rensselaer (County of), NY Industrial Development Agency (Franciscan Heights, L.P.); Series 2004 A, IDR (LOC - JP Morgan Chase Bank)(b)(i)		5.38%		12/01/2025		1,200	1,204,032
Rockland (County of), NY;
Series 2012 B, GO Bonds		5.00%		12/15/2020		575	582,906
Series 2012 B, GO Bonds		5.00%		12/15/2022		600	665,052
Rockland Tobacco Asset Securitization Corp.; Series 2001, RB		5.63%		08/15/2035		70	70,658
Saratoga County Capital Resource Corp. (Skidmore College); Series 2014 B, Ref. RB		5.00%		07/01/2024		195	227,770
Spring Valley (Village of), NY;
Series 2005, GO Bonds (INS - NATL)(a)(b)		5.00%		05/01/2021		310	311,212
Series 2005, GO Bonds (INS - NATL)(a)(b)		5.00%		05/01/2022		325	326,251
Series 2005, GO Bonds (INS - NATL)(a)(b)		5.00%		05/01/2023		335	336,246
Series 2005, GO Bonds (INS - NATL)(a)(b)		5.00%		05/01/2024		350	351,278
Series 2005, GO Bonds (INS - NATL)(a)(b)		5.00%		05/01/2025		365	366,332
Series 2007, GO Bonds (INS - AMBAC)(a)(b)		5.00%		06/15/2021		385	386,505
Series 2007, GO Bonds (INS - AMBAC)(a)(b)		5.00%		06/15/2022		405	406,369
St. Lawrence (County of), NY Industrial Development Agency (Clarkson University);
Series 2012 A, RB		5.25%		09/01/2033		1,050	1,090,719
Series 2017, Ref. RB		5.00%		09/01/2028		500	580,555
St. Lawrence (County of), NY Industrial Development Agency (St. Lawrence University);
Series 2012, Ref. RB		5.00%		07/01/2024		300	327,213
Series 2012, Ref. RB		5.00%		07/01/2025		920	1,001,659
Series 2016 A, Ref. RB		5.00%		07/01/2028		300	360,678
Series 2016 A, Ref. RB		5.00%		07/01/2030		785	935,367
Series 2016 A, Ref. RB		5.00%		07/01/2031		450	533,966

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14                     Invesco Rochester^® Limited Term New York Municipal Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
Suffern (Village of), NY;
Series 2016, GO Bonds		5.00%		03/15/2021	$	375	$          384,248
Series 2016, GO Bonds		5.00%		03/15/2022		395	405,262
Series 2016, GO Bonds		5.00%		03/15/2023		310	318,004
Series 2016, GO Bonds		5.00%		03/15/2026		475	487,265
Suffolk (County of), NY; Series 2020 A, GO Notes		5.00%		11/13/2020		10,000	10,081,600
Suffolk (County of), NY Industrial Development Agency;
Series 1996, Ref. RB(f)(j)		6.70%		12/01/2020		2,330	23
Series 2007 A-C, RB		5.95%		11/01/2022		200	200,002
Series 2007 A-D, RB		5.95%		11/01/2022		290	289,817
Series 2007 A-F, RB		5.95%		11/01/2022		295	294,103
Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./Developmental Disabilities Institute, Inc. Civic Facility); Series 2005 A-B, RB		6.00%		10/01/2020		105	104,930
Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./East End Disability Associates, Inc. Civic Facility); Series 2005 A-C, RB		6.00%		10/01/2020		105	104,898
Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./Life’s W.O.R.C., Inc. Civic Facility); Series 2005 A-G, RB		6.00%		10/01/2020		100	100,026
Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./Suffolk Hostels, Inc. Civic Facility); Series 2005 A-F, RB		6.00%		10/01/2020		85	84,931
Suffolk (County of), NY Industrial Development Agency (Nissequogue Cogen Partners); Series 1998, Ref. RB(b)		5.50%		01/01/2023		720	726,610
Suffolk County Economic Development Corp. (Family Residences and Essential Enterprises, Inc.); Series 2012 B-A, RB(e)		6.75%		06/01/2027		400	385,504
Suffolk Tobacco Asset Securitization Corp.; Series 2012 B, RB		5.00%		06/01/2021		1,145	1,166,618
Sullivan County Infrastructure Local Development Corp. (Adelaar Infrastructure);
Series 2016 A-1, RB(e)		4.85%		11/01/2031		15,085	15,376,895
Series 2016 B-1, RB(e)		4.85%		11/01/2031		2,165	2,206,893
Series 2016 C-1, RB(e)		4.85%		11/01/2031		2,115	2,155,925
Series 2016 D-1, RB(e)		4.85%		11/01/2031		1,395	1,421,993
Syracuse (City of), NY Industrial Development Agency (Carousel Center);
Series 2016 A, Ref. RB(b)		5.00%		01/01/2028		2,205	2,055,744
Series 2016 A, Ref. RB(b)		5.00%		01/01/2030		6,000	5,475,240
Series 2016 A, Ref. RB(b)		5.00%		01/01/2031		8,825	7,968,887
Series 2016 A, Ref. RB(b)		5.00%		01/01/2033		3,800	3,350,688
Town of Hempstead Local Development Corp. (Evergreen Charter School);
Series 2019, RB(e)		6.25%		12/01/2022		650	648,102
Series 2019, Ref. RB(e)		6.15%		12/01/2029		2,470	2,804,981
Triborough Bridge & Tunnel Authority; Series 2017 B, Ref. RB		5.00%		11/15/2036		11,110	13,507,094
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);
Series 2018 C, Ref. RB		5.00%		11/15/2036		10,950	13,779,042
Series 2018 C, Ref. RB		5.00%		11/15/2038		5,000	6,250,900
Troy (City of), NY Industrial Development Authority (Rensselaer Polytechnic Institute); Series 2002 E, RB		5.00%		09/01/2031		1,000	1,028,820
TSASC, Inc.;
Series 2016 B, Ref. RB		5.00%		06/01/2045		3,130	3,245,810
Series 2017 A, Ref. RB		5.00%		06/01/2030		5,000	6,040,400
Series 2017 A, Ref. RB		5.00%		06/01/2031		5,000	6,008,750
Series 2017 A, Ref. RB		5.00%		06/01/2032		5,000	5,971,950
Series 2017 A, Ref. RB		5.00%		06/01/2033		5,000	5,941,350
Tuckahoe Union Free School District; Series 2008, GO Bonds (INS - AGC)(a)		4.25%		09/01/2026		20	20,064
Valley Health Development Corp. (Valley Health Services); Series 2000 A, Ref. RB (CEP - GNMA)		6.75%		05/20/2022		35	35,177
Westhampton Beach Union Free School District;
Series 2007, GO Bonds		4.60%		03/01/2026		75	75,242
Series 2007, GO Bonds		4.63%		03/01/2027		10	10,032
White Plains Housing Development Corp. (Battle Hill Houses, Section 8 Assisted); Series 1996 A, Ref. RB		6.65%		02/01/2025		40	43,863
Yonkers (City of), NY; Series 2011 A, GO Bonds(c)(d)		5.00%		10/01/2021		3,000	3,157,020
Yonkers (City of), NY Industrial Development Agency (Monastery Manor Associates, L.P.); Series 2005, RB(b)		5.00%		04/01/2025		1,455	1,460,311

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15                     Invesco Rochester^® Limited Term New York Municipal Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
Yonkers Economic Development Corp. (Lamartine/Warburton LLC - Charter School of Educational Excellence); Series 2019 A, RB		4.00%		10/15/2029	$	200	$          205,276
							1,562,784,345
Puerto Rico–11.32%
Children’s Trust Fund;
Series 2002, RB		5.38%		05/15/2033		25,615	25,772,788
Series 2002, RB		5.50%		05/15/2039		38,385	38,621,452
Massachusetts (State of); Series 2006 A, GO CPI-Linked Bonds (CPI Rate + 0.90%), (INS - FGIC)(a)(h)(k)		2.66%		07/01/2021		400	331,800
Puerto Rico (Commonwealth of);
Series 1998, GO Bonds(f)		5.00%		07/01/2028		25	17,750
Series 2007 A, GO Bonds(f)		5.00%		07/01/2024		165	117,356
Series 2007 A, GO Bonds(f)		5.25%		07/01/2029		15	10,706
Series 2008 A, Ref. GO Bonds(f)		5.50%		07/01/2023		10,000	7,137,500
Series 2011 E, Ref. GO Bonds(f)		5.38%		07/01/2030		1,400	918,750
Series 2012 A, Ref. GO Bonds(f)		5.50%		07/01/2026		240	158,400
Puerto Rico (Commonwealth of) Commonwealth Aqueduct & Sewer Authority; Series 2012 A, RB		5.25%		07/01/2024		7,750	8,088,132
Puerto Rico (Commonwealth of) Convention Center District Authority; Series 2006 A, RB (INS - FGIC)(a)(k)		5.00%		07/01/2023		150	121,238
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2004 PP, Ref. RB (INS - NATL)(a)		5.00%		07/01/2024		500	504,080
Series 2005 RR, RB (INS - NATL)(a)		5.00%		07/01/2021		285	286,379
Series 2005 RR, RB (INS - NATL)(a)		5.00%		07/01/2022		50	50,242
Series 2005 RR, RB (INS - NATL)(a)		5.00%		07/01/2024		280	282,285
Series 2005 SS, Ref. RB (INS - NATL)(a)		5.00%		07/01/2022		100	100,484
Series 2005 SS, Ref. RB (INS - NATL)(a)		5.00%		07/01/2023		830	835,387
Series 2008 WW-RSA-1, RB(f)		5.25%		07/01/2025		5,000	3,456,250
Series 2010 DDD, Ref. RB(f)		5.00%		07/01/2022		100	69,000
Series 2016 E-1, RB(f)		10.00%		01/01/2021		1,501	1,146,574
Series 2016 E-2, RB(f)		10.00%		07/01/2021		1,501	1,146,574
Series 2016 E-2, RB(f)		10.00%		01/01/2022		501	382,191
Series 2016 E-4, RB(f)		10.00%		07/01/2022		500	382,191
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2002 D, RB (INS - AGM)(a)		5.00%		07/01/2027		835	840,912
Series 2003, RB(f)		5.75%		07/01/2022		7,995	1,199,250
Series 2003, RB(f)		5.00%		07/01/2023		135	20,250
Series 2003, RB(f)		5.00%		07/03/2028		90	13,500
Series 2005 K, RB(f)		5.00%		07/01/2021		4,355	1,927,087
Series 2005 K, RB(f)		5.00%		07/01/2024		7,760	3,433,800
Series 2005 K, RB(f)		5.00%		07/01/2025		14,545	6,436,162
Puerto Rico (Commonwealth of) Highway & Transportation Authority (Puerto Rico State Infrastructure Bank);
Series 1998, RB(f)		5.00%		07/01/2022		90	13,500
Series 1998, RB(f)		5.00%		07/01/2028		425	63,750
Series 1998, RB (INS - NATL)(a)		5.00%		07/01/2028		50	50,063
Puerto Rico (Commonwealth of) Housing Finance Authority (Capital Fund Modernization Program); Series 2003, RB		5.00%		12/01/2020		85	85,462
Puerto Rico (Commonwealth of) Industrial Tourist, Educational, Medical & Environmental Control Facilities Financing Authority;
Series 2000, RB(b)		6.63%		06/01/2026		20,400	21,114,000
Series 2012, Ref. RB		5.00%		10/01/2021		865	880,846
Series 2012, Ref. RB		5.00%		10/01/2022		415	414,610
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University System);
Series 2012, Ref. RB		5.00%		04/01/2021		650	658,034
Series 2012, Ref. RB		5.00%		04/01/2022		650	655,584
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ryder Memorial Hospital); Series 1994 A, RB		6.70%		05/01/2024		1,235	1,037,301

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16                     Invesco Rochester^® Limited Term New York Municipal Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Puerto Rico–(continued)
Puerto Rico (Commonwealth of) Infrastructure Financing Authority (MEPSI Campus); Series 2007 A, RB(f)		6.25%		10/01/2024	$	885	$          267,713
Puerto Rico (Commonwealth of) Municipal Finance Agency;
Series 2002 A, RB (INS - AGM)(a)		5.25%		08/01/2021		70	70,510
Series 2002 A, RB (INS - AGM)(a)		4.75%		08/01/2022		20	20,065
Series 2002 A, RB (INS - AGM)(a)		5.00%		08/01/2027		500	503,540
Series 2005 A, RB		5.25%		08/01/2024		10,000	8,225,000
Puerto Rico (Commonwealth of) Public Buildings Authority;
Series 2004 I, RB(f)		5.25%		07/02/2029		10,000	7,812,500
Series 2007 M, Ref. RB(f)		10.00%		07/01/2034		1,400	1,155,000
Series 2007 M-2, Ref. RB (INS - AMBAC)(a)		10.00%		07/01/2035		1,250	1,326,987
Series 2009 P, Ref. RB(f)		6.25%		07/01/2026		50	40,375
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities);
Series 2002 D, Ref. RB(f)		5.13%		07/01/2024		275	213,125
Series 2007 M, Ref. RB(f)		6.25%		07/01/2023		1,270	1,027,113
Series 2007 N, Ref. RB(f)		5.50%		07/01/2025		30	23,700
Puerto Rico Public Finance Corp.; Series 2011 A, RB(f)		6.50%		08/01/2028		105,030	1,932,552
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(l)		0.00%		07/01/2024		246	227,255
Series 2018 A-1, RB(l)		0.00%		07/01/2027		5,930	5,038,069
Series 2018 A-1, RB(l)		0.00%		07/01/2029		6,759	5,366,714
Series 2018 A-1, RB(l)		0.00%		07/01/2031		10,000	7,370,400
Series 2018 A-1, RB(l)		0.00%		07/01/2033		665	450,757
Series 2018 A-1, RB		4.50%		07/01/2034		487	515,431
Series 2018 A-1, RB		4.55%		07/01/2040		246	261,985
Series 2018 A-1, RB(l)		0.00%		07/01/2046		1	287
Series 2018 A-1, RB(l)		0.00%		07/01/2051		1	207
Series 2018 A-1, RB		4.75%		07/01/2053		1,809	1,901,331
Series 2018 A-1, RB		5.00%		07/01/2058		2,074	2,214,410
Series 2019 A-2, RB		4.33%		07/01/2040		2,504	2,629,225
Series 2019 A-2, RB		4.54%		07/01/2053		75	77,758
Series 2019 A-2, RB		4.78%		07/01/2058		1,004	1,057,523
University of Puerto Rico;
Series 2006 P, Ref. RB		5.00%		06/01/2022		8,500	8,383,125
Series 2006 Q, RB		5.00%		06/01/2023		7,410	7,298,850
Series 2006 Q, RB		5.00%		06/01/2030		300	294,000
							194,487,127
Virgin Islands–0.82%
Tobacco Settlement Financing Corp.; Series 2001, RB		5.00%		05/15/2031		620	621,283
Virgin Islands (Government of) (Matching Fund Loan Note - Diago); Series 2009 A, RB		6.75%		10/01/2037		660	660,337
Virgin Islands (Government of) Public Finance Authority;
Series 2006, RB (INS - NATL)(a)		5.00%		10/01/2023		3,380	3,437,527
Series 2006, RB (INS - NATL)(a)		5.00%		10/01/2024		850	864,467
Series 2006, RB (INS - NATL)(a)		5.00%		10/01/2025		3,760	3,823,845
Series 2006, RB (INS - NATL)(a)		5.00%		10/01/2026		1,715	1,744,069
Virgin Islands (Government of) Public Finance Authority (Federal Highway Grant Anticipation Revenue Loan Note); Series 2015, RB(e)		5.00%		09/01/2033		1,500	1,677,960
Virgin Islands (Government of) Public Finance Authority (Virgin Islands Gross Receipts Taxes Loan Note);
Series 2006, Ref. RB (INS - NATL)(a)		5.00%		10/01/2027		50	50,847
Series 2006, Ref. RB (INS - NATL)(a)		5.00%		10/01/2028		280	284,735
Series 2012, Ref. RB (INS - AGM)(a)		4.00%		10/01/2022		230	239,113
Virgin Islands (Government of) Public Finance Authority (Virgin Islands Matching Fund Loan Notes);
Series 2009 C, Ref. RB		5.00%		10/01/2022		20	19,809
Series 2010 A, RB		5.00%		10/01/2020		585	585,193

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17                     Invesco Rochester^® Limited Term New York Municipal Fund

	Interest Rate			Maturity   Date		Principal   Amount (000)		Value
Virgin Islands–(continued)
Virgin Islands (Government of) Water & Power Authority (Electric System); Series 2003, RB (INS - AMBAC)(a)		4.50	%		07/01/2028	$	125	$	125,225
									14,134,410
Total Municipal Obligations (Cost $1,862,471,565)									1,786,499,622
						Shares
Common Stocks & Other Equity Interests–0.31%
New York–0.31%
CMS Liquidating Trust (Cost $6,838,400)(j)(m)							2,137		5,353,185
TOTAL INVESTMENTS IN SECURITIES(n)–104.30% (Cost $1,869,309,965)									1,791,852,807
FLOATING RATE NOTE OBLIGATIONS–(2.81)%
Notes with interest and fee rates ranging from 0.65% to 0.65% at 08/31/2020 and contractual maturities of collateral ranging from 08/01/2026 to 08/01/2027 (See Note 1K)(o)									(48,250,000	)
BORROWINGS–(3.07)%									(52,700,000	)
OTHER ASSETS LESS LIABILITIES–1.58%									27,006,284
NET ASSETS –100.00%								$	1,717,909,091

Investment Abbreviations:
AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BAM	– Build America Mutual Assurance Co.
CEP	– Credit Enhancement Provider
CPI	– Consumer Price Index
Ctfs.	– Certificates
FGIC	– Financial Guaranty Insurance Company
FHA	– Federal Housing Adminstration
GNMA	– Government National Mortgage Association
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
LOC	– Letter of Credit
NATL	– National Public Finance Guarantee Corp.
RB	– Revenue Bonds
Ref.	– Refunding
RN	– Revenue Notes

Notes to Schedule of Investments:

^(a)  Principal and/or interest payments are secured by the bond insurance company listed.

^(b)  Security subject to the alternative minimum tax.

^(c)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(d)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(e)  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 August 31, 2020 was $59,944,366, which represented 3.49% of the Fund’s Net Assets.

^(f)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2020 was $40,609,171, which represented 2.36% of the Fund’s Net Assets.

^(g)  Underlying security related to TOB Trusts entered into by the Fund. See Note 1J.

^(h)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020.

⁽ⁱ⁾  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(j)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(k)  The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

^(l)  Zero coupon bond issued at a discount.

^(m)  Non-income producing security.

⁽ⁿ⁾  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entity	Percent
National Public Finance Guarantee Corp.		5.17	%

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18                     Invesco Rochester^® Limited Term New York Municipal Fund

^(o)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2020. At August 31, 2020, the Fund’s investments with a value of $107,199,055 are held by TOB Trusts and serve as collateral for the $48,250,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2020

Revenue Bonds	84.0%
General Obligation Bonds	10.5
Pre-Refunded Bonds	5.5

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19                     Invesco Rochester^® Limited Term New York Municipal Fund

Statement of Assets and Liabilities

August 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $1,869,309,965)	$1,791,852,807
Cash	1,013,138
Receivable for:
Investments sold	2,166,958
Fund shares sold	3,390,166
Interest	20,100,589
Investments matured, at value (Cost $5,676,350)	3,260,726
Investment for trustee deferred compensation and retirement plans	256,385
Other assets	537,976
Total assets	1,822,578,745
Liabilities:
Floating rate note obligations	48,250,000
Payable for:
Borrowings	52,700,000
Dividends	896,846
Fund shares reacquired	1,514,881
Accrued fees to affiliates	688,210
Accrued interest expense	64,741
Accrued trustees’ and officers’ fees and benefits	5,353
Accrued other operating expenses	101,765
Trustee deferred compensation and retirement plans	447,858
Total liabilities	104,669,654
Net assets applicable to shares outstanding	$1,717,909,091

Net assets consist of:
Shares of beneficial interest	$	2,168,869,444
Distributable earnings (loss)		(450,960,353	)
	$	1,717,909,091
Net Assets:
Class A	$	1,336,969,333
Class C	$	148,404,707
Class Y	$	232,306,243
Class R6	$	228,808
Common shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		440,124,459
Class C		49,147,162
Class Y		76,466,362
Class R6		75,326
Class A:
Net asset value per share	$	3.04
Maximum offering price per share (Net asset value of $3.04 ÷ 97.50%)	$	3.12
Class C:
Net asset value and offering price per share	$	3.02
Class Y:
Net asset value and offering price per share	$	3.04
Class R6:
Net asset value and offering price per share	$	3.04

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20                     Invesco Rochester^® Limited Term New York Municipal Fund

Statement of Operations    

For the six months ended August 31, 2020    

(Unaudited)    

Investment income:
Interest	$  32,975,603
Expenses:
Advisory fees	3,392,462
Administrative services fees	124,005
Custodian fees	5,697
Distribution fees:
Class A	1,608,335
Class C	870,775
Interest, facilities and maintenance fees	1,202,993
Transfer agent fees – A, C and Y	643,376
Transfer agent fees – R6	44
Trustees’ and officers’ fees and benefits	55,131
Registration and filing fees	51,106
Reports to shareholders	29,742
Professional services fees	43,252
Taxes	2,132
Other	(36,436	)
Total expenses	7,992,614
Less: Fees waived and/or expense offset arrangement(s)	(659	)
Net expenses	7,991,955
Net investment income	24,983,648
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities	(1,680,540	)
Change in net unrealized appreciation (depreciation) of investment securities	(48,863,426	)
Net realized and unrealized gain (loss)	(50,543,966	)
Net increase (decrease) in net assets resulting from operations	$(25,560,318	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21                     Invesco Rochester^® Limited Term New York Municipal Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2020, period ended February 29, 2020, and the year ended December 31, 2019

(Unaudited)

	Six Months Ended August 31, 2020			Two Months Ended February 29, 2020			Year Ended December 31, 2019
Operations:
Net investment income		$     24,983,648			$       7,649,563			$     49,442,632
Net realized gain (loss)		(1,680,540	)		(7,940,222	)		(11,691,002	)
Change in net unrealized appreciation (depreciation)		(48,863,426	)		42,780,899			84,069,674
Net increase (decrease) in net assets resulting from operations		(25,560,318	)		42,490,240			121,821,304
Distributions to shareholders from distributable earnings:
Class A		(19,046,233	)		(6,558,733)			(42,982,279	)
Class C		(1,866,331	)		(715,798)			(7,207,733	)
Class Y		(3,517,968	)		(1,211,042)			(7,338,117	)
Class R6		(2,985	)		(673)			(613	)
Total distributions from distributable earnings		(24,433,517	)		(8,486,246)			(57,528,742	)
Share transactions–net:
Class A		4,083,682			6,744,020			125,612,091
Class C		(41,381,416	)		(5,524,456	)		(194,003,712	)
Class Y		2,974,015			6,972,700			47,252,278
Class R6		101,415			578			124,586
Net increase (decrease) in net assets resulting from share transactions		(34,222,304	)		8,192,842			(21,014,757	)
Net increase (decrease) in net assets		(84,216,139	)		42,196,836			43,277,805
Net assets:
Beginning of period		1,802,125,230			1,759,928,394			1,716,650,589
End of period		$1,717,909,091			$1,802,125,230			$1,759,928,394

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22                     Invesco Rochester^® Limited Term New York Municipal Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/20		$	3.12		$	0.04		$	(0.08	)		$	(0.04	)		$	(0.04	)		$	3.04		(1.13	)%		$	1,336,969		0.89	%(d)		0.89	%(d)		0.75	%(d)		2.96	%(d)		6	%
Two months ended 02/29/20			3.06			0.01			0.07				0.08				(0.02	)			3.12		2.45				1,370,661		0.76	(e)		0.90	(e)		0.76	(e)		2.67	(e)		1
Year ended 12/31/19			2.95			0.09			0.12				0.21				(0.10	)			3.06		7.27				1,338,074		0.75			0.90			0.75			2.91			11
Year ended 12/31/18			2.76			0.08			0.20				0.28				(0.09	)			2.95		10.38				1,168,856		0.85			1.03			0.85			2.77			36
Year ended 12/31/17			2.95			0.08			(0.18	)			(0.10	)			(0.09	)			2.76		(3.51	)			1,198,772		0.82			0.96			0.82			2.85			9
Year ended 12/31/16			3.01			0.10			(0.05	)			0.05				(0.11	)			2.95		1.64				1,613,157		0.88			0.98			0.88			3.29			21
Year ended 12/31/15			3.16			0.12			(0.15	)			(0.03	)			(0.12	)			3.01		(1.02	)			1,854,409		0.78			0.85			0.78			3.73			9
Class C
Six months ended 08/31/20			3.10			0.03			(0.08	)			(0.05	)			(0.03	)			3.02		(1.51	)			148,405		1.65	(d)		1.65	(d)		1.51	(d)		2.20	(d)		6
Two months ended 02/29/20			3.04			0.01			0.06				0.07				(0.01	)			3.10		2.34				195,347		1.51	(e)		1.65	(e)		1.51	(e)		1.92	(e)		1
Year ended 12/31/19			2.93			0.06			0.13				0.19				(0.08	)			3.04		6.51				197,113		1.51			1.66			1.51			2.15			11
Year ended 12/31/18			2.74			0.06			0.20				0.26				(0.07	)			2.93		9.63				377,338		1.61			1.79			1.61			2.02			36
Year ended 12/31/17			2.93			0.06			(0.18	)			(0.12	)			(0.07	)			2.74		(4.27	)			432,706		1.57			1.71			1.57			2.13			9
Year ended 12/31/16			3.00			0.08			(0.06	)			0.02				(0.09	)			2.93		0.55				670,317		1.63			1.73			1.63			2.54			21
Year ended 12/31/15			3.14			0.09			(0.13	)			(0.04	)			(0.10	)			3.00		(1.45	)			787,924		1.53			1.60			1.53			2.97			9
Class Y
Six months ended 08/31/20			3.12			0.05			(0.08	)			(0.03	)			(0.05	)			3.04		(1.00	)			232,306		0.65	(d)		0.65	(d)		0.51	(d)		3.20	(d)		6
Two months ended 02/29/20			3.06			0.01			0.07				0.08				(0.02	)			3.12		2.49				235,989		0.51	(e)		0.65	(e)		0.51	(e)		2.92	(e)		1
Year ended 12/31/19			2.95			0.10			0.12				0.22				(0.11	)			3.06		7.53				224,615		0.51			0.66			0.51			3.15			11
Year ended 12/31/18			2.76			0.09			0.20				0.29				(0.10	)			2.95		10.65				170,457		0.60			0.78			0.60			3.02			36
Year ended 12/31/17			2.95			0.09			(0.18	)			(0.09	)			(0.10	)			2.76		(3.28	)			142,546		0.57			0.71			0.57			3.04			9
Year ended 12/31/16			3.01			0.11			(0.05	)			0.06				(0.12	)			2.95		1.89				166,668		0.63			0.73			0.63			3.53			21
Year ended 12/31/15			3.16			0.12			(0.14	)			(0.02	)			(0.13	)	��		3.01		(0.77	)			154,422		0.53			0.60			0.53			3.97			9
Class R6
Six months ended 08/31/20			3.12			0.05			(0.08	)			(0.03	)			(0.05	)			3.04		(0.98	)			229		0.61	(d)		0.61	(d)		0.47	(d)		3.24	(d)		6
Two months ended 02/29/20			3.06			0.02			0.06				0.08				(0.02	)			3.12		2.50				128		0.48	(e)		0.62	(e)		0.48	(e)		2.95	(e)		1
Period ended 12/31/19(f)			3.05			0.06			0.02				0.08				(0.07	)			3.06		2.79				125		0.47	(e)		0.62	(e)		0.47	(e)		3.20	(e)		11

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,305,174, $172,735, $222,055 and $186 for Class A, Class C, Class Y and Class R6 shares, respectively.

^(e)  Annualized.

^(f)  Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23                     Invesco Rochester^® Limited Term New York Municipal Fund

Notes to Financial Statements

August 31, 2020

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Rochester^® Limited Term New York Municipal Fund, formerly Invesco Oppenheimer Rochester^® Limited Term New York Municipal Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek tax-free income.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature will change from ten years to eight years. The first conversion of Class C shares to Class A shares would occur at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. 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.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to

24                     Invesco Rochester^® Limited Term New York Municipal Fund

shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.

H. Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications – Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote.

J. Floating Rate Note Obligations – The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

25                     Invesco Rochester^® Limited Term New York Municipal Fund

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

K. Other Risks – The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claim.

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
Up to $100 million	0.500%
Next $150 million	0.450%
Next $1.75 billion	0.400%
Next $3 billion	0.390%
Next $5 billion	0.380%
Over $10 billion	0.370%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended August 31, 2020, the effective advisory fee rate incurred by the Fund was 0.40%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 0.82%, 1.57%, 0.57% and 0.47%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

The Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended August 31, 2020, the Adviser reimbursed class level expenses of $0, $0, $0, and $9 of Class A, Class C, Class Y and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the

26                     Invesco Rochester^® Limited Term New York Municipal Fund

shareholder. During the six months ended August 31, 2020, IDI advised the Fund that IDI retained $13,067 in front-end sales commissions from the sale of Class A shares and $26,116 and $11,521 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3—Additional Valuation Information

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 the 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.

The following is a summary of the tiered valuation input levels, as of August 31, 2020. 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
Municipal Obligations		$–	$	1,786,499,599	$	23	$	1,786,499,622
Common Stocks & Other Equity Interests		–		–		5,353,185		5,353,185
Total Investments in Securities		–		1,786,499,599		5,353,208		1,791,852,807
Other Investments – Assets
Investments Matured		–		3,260,726		0		3,260,726
Total Investments		$–	$	1,789,760,325	$	5,353,208	$	1,795,113,533

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $650.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6—Cash Balances and Borrowings

The Fund has entered into a $2.5 billion revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds, and which will expire on February 25, 2021. The revolving credit and security agreement is secured by the assets of the Fund.

During the six months ended August 31, 2020, the average daily balance of borrowing under the revolving credit and security agreement was $44,683,152 with a weighted interest rate of 1.30%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2020 were $48,250,000 and 0.95%, respectively.

The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

NOTE 7—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

27                     Invesco Rochester^® Limited Term New York Municipal Fund

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of February 29, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term		Total
Not subject to expiration	$30,054,661	$	368,007,941	$	398,062,602

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8—Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2020 was $102,046,202 and $130,284,132, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	79,422,586
Aggregate unrealized (depreciation) of investments		(170,263,613	)
Net unrealized appreciation (depreciation) of investments	$	(90,841,027	)

Cost of investments for tax purposes is $1,885,954,560.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended						Two months ended						Year ended
	August 31, 2020(a)						February 29, 2020						December 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		17,578,677		$	53,046,387			7,436,592		$	23,018,905			38,639,062		$	117,325,551
Class C		2,958,443			8,870,882			1,340,683			4,123,225			7,643,214			23,018,840
Class Y		11,529,274			34,783,903			4,369,871			13,520,947			28,162,858			85,436,352
Class R6(b)		33,688			99,603			-			-			40,727			124,218
Issued as reinvestment of dividends:
Class A		3,875,385			11,601,050			1,684,259			5,237,836			11,929,412			36,361,392
Class C		413,165			1,227,941			178,358			551,094			2,035,685			6,144,165
Class Y		729,983			2,185,036			333,563			1,037,394			2,189,621			6,676,525
Class R6(b)		605			1,812			186			578			120			368
Automatic conversion of Class C shares to Class A shares:
Class A		11,787,438			35,655,200			1,563,838			4,855,276			51,971,451			159,265,381
Class C		(11,862,849	)		(35,655,200	)		(1,573,978	)		(4,855,276	)		(52,309,312	)		(159,265,381	)
Reacquired:
Class A		(32,124,202	)		(96,218,955	)		(8,517,145	)		(26,367,997	)		(61,599,101	)		(187,340,233	)
Class C		(5,311,622	)		(15,825,039	)		(1,738,856	)		(5,343,499	)		(21,200,802	)		(63,901,336	)
Class Y		(11,372,125	)		(33,994,924	)		(2,448,632	)		(7,585,641	)		(14,756,792	)		(44,860,599	)
Net increase (decrease) in share activity		(11,764,140	)	$	(34,222,304	)		2,628,739		$	8,192,842			(7,253,857	)	$	(21,014,757	)

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 56% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

^(b)  Commencement date after the close of business on May 24, 2019.

NOTE 10—Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared 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 Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

28                     Invesco Rochester^® Limited Term New York Municipal Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value (03/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (08/31/20)1	Expenses Paid During Period2	Ending Account Value (08/31/20)	Expenses Paid During Period2
Class A	$1,000.00	$988.70	$4.46	$1,020.72	$4.53	0.89%
Class C	1,000.00	984.90	8.26	1,016.89	8.39	1.65
Class Y	1,000.00	990.00	3.26	1,021.93	3.31	0.65
Class R6	1,000.00	990.20	3.06	1,022.13	3.11	0.61

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

29                     Invesco Rochester^® Limited Term New York Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Rochester^® Limited Term New York Municipal Fund’s (formerly, Invesco Oppenheimer Rochester^® Limited Term New York Municipal Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner

that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise

with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays 5 Year Municipal Bond Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional

30                     Invesco Rochester^® Limited Term New York Municipal Fund

information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

    The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

    The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the

performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

31                     Invesco Rochester® Limited Term New York Municipal Fund

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-07890 and 033-66242 Invesco Distributors, Inc.             O-ROLTNYM-SAR-1

	Semiannual Report to Shareholders	August 31, 2020
	Invesco Rochester® Municipal Opportunities Fund
	Effective September 30, 2020, Invesco Oppenheimer Rochester® High Yield Municipal Fund was renamed Invesco Rochester® Municipal Opportunities Fund.
	Nasdaq:
	A: ORNAX ∎ C: ORNCX ∎ Y: ORNYX ∎ R5: IORHX ∎ R6: IORYX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
41	Financial Statements
45	Financial Highlights
46	Notes to Financial Statements
52	Fund Expenses
53	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

     Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it

charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.
All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Rochester® Municipal Opportunities Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/29/20 to 8/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-3.74	%
Class C Shares	-4.02
Class Y Shares	-3.61
Class R5 Shares	-3.69
Class R6 Shares	-3.56
Bloomberg Barclays Municipal Bond Index▼	0.19
U.S. Consumer Price Index∎	0.48
Source(s): ▼RIMES Technologies Corp; ∎Bloomberg L.P.
The Bloomberg Barclays Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market.   The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the U.S. Bureau of Labor Statistics.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).    A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

  Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3                     Invesco Rochester® Municipal Opportunities Fund

Average Annual Total Returns
As of 8/31/20, including maximum applicable sales charges
Class A Shares
Inception (10/1/93)	4.80	%
10 Years	6.57
5 Years	7.24
1 Year	-2.29
Class C Shares
Inception (8/29/95)	4.76	%
10 Years	6.28
5 Years	7.45
1 Year	0.43
Class Y Shares
Inception (11/29/10)	7.89	%
5 Years	8.41
1 Year	2.27
Class R5 Shares
10 Years	7.11	%
5 Years	8.29
1 Year	2.60
Class R6 Shares
10 Years	7.08	%
5 Years	8.24
1 Year	2.33

Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Rochester High Yield Municipal Fund, (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Rochester^® High Yield Municipal Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R5 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    Class R6 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will

fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4                     Invesco Rochester® Municipal Opportunities Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing

HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5                     Invesco Rochester® Municipal Opportunities Fund

Schedule of Investments

August 31, 2020

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations–110.16%(a)
Alabama–4.00%
Alabama (State of) Port Authority;
Series 2017 A, Ref. RB (INS - AGM)(b)(c)		5.00%		10/01/2028	$	2,710	$      3,392,053
Series 2017 A, Ref. RB (INS - AGM)(b)(c)		5.00%		10/01/2029		2,380	2,954,794
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority;
Series 2018 A, RB		4.00%		07/01/2043		7,040	7,065,555
Series 2018 A, RB		5.00%		07/01/2048		28,620	30,648,872
Series 2018 D, RB		5.00%		05/01/2035		1,365	1,632,363
Series 2018 D, RB		5.00%		05/01/2036		1,170	1,393,950
Birmingham (City of), AL;
Series 2018 B, GO Wts.		5.00%		12/01/2036		1,700	2,120,257
Series 2018 B, GO Wts.		5.00%		12/01/2037		1,535	1,908,987
Series 2018 B, GO Wts.		5.00%		12/01/2038		1,575	1,953,520
Series 2018 B, GO Wts.		5.00%		12/01/2043		5,190	6,361,539
Birmingham-Jefferson Civic Center Authority; Series 2018, RB		5.00%		05/01/2048		12,870	14,958,157
Homewood (City of), AL Educational Building Authority (Samford University); Series 2017 A, Ref. RB		5.00%		12/01/2047		4,500	5,068,620
Hoover (City of), AL Industrial Development Board (United States Steel Corp.); Series 2019, RB(b)		5.75%		10/01/2049		7,500	6,536,775
Jefferson (County of), AL;
Series 2013 A, Revenue Wts. (INS - AGM)(c)		5.50%		10/01/2053		5,000	5,582,050
Series 2013 C, Wts. (INS - AGM)(c)(d)		6.75%		10/01/2046		20,045	19,633,677
Series 2013 C, Wts. (INS - AGM)(c)(d)		6.90%		10/01/2050		17,500	17,114,125
Series 2013 D, Wts.		7.00%		10/01/2051		25,000	29,555,000
Series 2013 D, Wts.		6.50%		10/01/2053		31,500	36,743,175
Series 2013 F, Revenue Wts.(d)		7.50%		10/01/2039		21,895	21,569,859
Series 2013 F, Revenue Wts.(d)		7.75%		10/01/2046		30,000	29,375,400
Series 2013-F, Revenue Wts.(d)		7.90%		10/01/2050		24,050	23,505,267
Mobile (City of), AL Improvement District (McGowin Park);
Series 2016 A, RB		5.25%		08/01/2030		500	508,100
Series 2016 A, RB		5.50%		08/01/2035		1,300	1,312,064
Muscle Shoals, Sheffield & Tuscumbia Solid Waste Disposal Authority (Cherokee Industrial Landfill);
Series 2020 A, RB(b)(e)		6.00%		05/01/2040		6,000	6,122,820
Series 2020 B, RB(e)		8.00%		05/01/2029		1,780	1,793,564
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(e)		5.25%		05/01/2044		13,365	14,877,383
							293,687,926
Alaska–0.12%
Alaska (State of) Industrial Development & Export Authority (Boys & Girls Home & Family Services, Inc.);
Series 2007 C, RB(f)		5.88%		12/01/2027		1,650	82,500
Series 2007 C, RB(f)		6.00%		12/01/2036		500	25,000
Alaska (State of) Municipal Bond Bank Authority;
Series 2016 4, Ref. RB(b)		5.00%		12/01/2030		1,755	2,096,154
Series 2016 4, Ref. RB(b)		5.00%		12/01/2031		1,365	1,621,443
Series 2016 4, Ref. RB(b)		5.00%		12/01/2032		1,960	2,318,053
Series 2016 4, Ref. RB(b)		5.00%		12/01/2033		2,055	2,422,454
							8,565,604
Arizona–2.06%
Arizona (State of) Industrial Development Authority (Academies of Math & Science);
Series 2018 B, RB(e)		5.50%		07/01/2038		1,165	1,259,784
Series 2018 B, RB(e)		5.63%		07/01/2048		2,250	2,418,705
Series 2018 B, RB(e)		5.75%		07/01/2053		3,500	3,776,395

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Arizona–(continued)
Arizona (State of) Industrial Development Authority (ACCEL Schools);
Series 2018 A, RB(e)	5.13%		08/01/2038	$	2,515	$      2,640,800
Series 2018 A, RB(e)	5.25%		08/01/2048		3,945	4,108,007
Arizona (State of) Industrial Development Authority (Franklin Phonetic Charter School);
Series 2017, Ref. RB(e)	5.50%		07/01/2037		580	610,259
Series 2017, Ref. RB(e)	5.75%		07/01/2047		680	713,157
Series 2017, Ref. RB(e)	5.88%		07/01/2052		645	679,172
Arizona (State of) Industrial Development Authority (Leman Academy of Excellence - Parker Colorado Campus); Series 2019, RB(e)	5.00%		07/01/2054		3,000	3,089,100
Arizona (State of) Industrial Development Authority (Mater Academy of Nevada Mountain Vista Campus Project);
Series 2018 A, RB(e)	5.25%		12/15/2038		1,415	1,510,739
Series 2018 A, RB(e)	5.50%		12/15/2048		2,260	2,410,403
Arizona (State of) Industrial Development Authority (Provident Group-NCCU Properties LLC);
Series 2019 A, RB (INS - BAM)(c)	5.00%		06/01/2049		2,250	2,632,433
Series 2019 A, RB (INS - BAM)(c)	5.00%		06/01/2058		1,930	2,252,387
Cadence Community Facilities District (Assessment District No. 1); Series 2019, RB	4.50%		07/01/2043		445	456,396
East San Luis (City of), AZ Community Facilities District (Assessment Area One);
Series 2007, RB(f)(g)	6.38%		01/01/2028		800	729,416
Series 2009, Ref. RB(f)(g)	8.50%		01/01/2028		140	91,000
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); Series 2017, Ref. RB	5.00%		11/15/2045		3,100	3,209,678
La Paz (County of), AZ Industrial Development Authority (Charter School Solutions- Harmony Public Schools);
Series 2018 A, RB	5.00%		02/15/2038		500	560,770
Series 2018 A, RB	5.00%		02/15/2048		1,200	1,322,592
Maricopa (County of), AZ Industrial Development Authority (Christian Care Surprise, Inc.); Series 2016, RB(e)	6.00%		01/01/2048		11,475	11,100,226
Maricopa (County of), AZ Industrial Development Authority (GreatHearts Arizona);
Series 2017 C, RB	5.00%		07/01/2037		220	262,084
Series 2017 C, RB	5.00%		07/01/2048		405	473,510
Maricopa (County of), AZ Industrial Development Authority (Immanuel Campus of Care); Series 2006 B, Ref. RB(f)(g)	8.50%		04/20/2041		1,870	1,290,300
Merrill Ranch Community Facilities District No. 1 (Assessment Area One); Series 2006, RB	5.25%		07/01/2024		187	187,262
Merrill Ranch Community Facilities District No. 2; Series 2016, GO Bonds	5.25%		07/15/2040		810	937,656
Merrill Ranch Community Facilities District No. 2 (Assessment Area One);
Series 2006, RB	5.25%		07/01/2024		166	166,212
Series 2006, RB	5.30%		07/01/2030		409	409,384
Parkway Community Facilities District;
Series 2006, GO Bonds	5.30%		07/15/2025		420	378,399
Series 2006, GO Bonds	5.35%		07/15/2031		350	285,866
Phoenix (City of), AZ Industrial Development Authority (Downtown Phoenix Student Housing, LLC- Arizona State University); Series 2018 A, Ref. RB	5.00%		07/01/2042		1,000	1,059,680
Phoenix (City of), AZ Industrial Development Authority (Espiritu Community Development Corp. Charter School); Series 2006 A, RB	6.25%		07/01/2036		1,665	1,665,882
Phoenix (City of), AZ Industrial Development Authority (Freedom Academy, Inc.); Series 2016, RB(e)	5.50%		07/01/2046		4,135	4,366,395
Phoenix (City of), AZ Industrial Development Authority (Gourmet Boutique West LLC); Series 2007 B, IDR(b)	5.88%		11/01/2037		2,770	2,442,337
Phoenix (City of), AZ Industrial Development Authority (Leman Academy of Excellence - Oro Valley);
Series 2019 A, RB(e)	5.00%		07/01/2049		595	607,513
Series 2019 A, RB(e)	5.00%		07/01/2054		530	540,680
Phoenix (City of), AZ Industrial Development Authority (Vista College Preparatory); Series 2018 A, RB	5.00%		07/01/2048		1,185	1,401,085
Phoenix Civic Improvement Corp.;
Series 2018, RB(b)	5.00%		07/01/2048		10,000	11,854,900
Series 2020, RB	5.00%		07/01/2044		7,500	9,787,050
Pima (County of), AZ Industrial Development Authority (American Leadership Academy);
Series 2015, Ref. RB(e)	5.63%		06/15/2045		2,250	2,342,993
Series 2017, RB(e)	5.00%		06/15/2052		2,970	2,976,296

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Arizona–(continued)
Pima (County of), AZ Industrial Development Authority (Arizona Charter Schools Ref.); Series 2013 Q, Ref. RB(h)	5.38%		07/01/2031	$	4,070	$      4,195,478
Pima (County of), AZ Industrial Development Authority (Christian Care Tuscon, Inc.);
Series 2017 A, Ref. RB	5.00%		06/15/2037		1,550	1,739,984
Series 2017 C, RB	5.00%		12/15/2047		2,830	3,136,263
Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB(e)	5.50%		09/01/2046		2,400	2,417,040
Pima (County of), AZ Industrial Development Authority (Milestones Charter School Refunding); Series 2017 A, Ref. RB(e)	6.50%		11/01/2047		5,530	5,669,135
Pima (County of), AZ Industrial Development Authority (New Plan Learning, Inc.); Series 2011 A, RB	8.13%		07/01/2041		2,950	2,949,587
Pima (County of), AZ Industrial Development Authority (P.L.C. Charter Schools);
Series 2016, Ref. RB(e)	6.00%		12/01/2036		3,315	3,497,955
Series 2016, Ref. RB(e)	6.00%		12/01/2046		6,310	6,565,492
Pima (County of), AZ Industrial Development Authority (Paideia Academies (The));
Series 2015, RB(e)	6.00%		07/01/2035		1,025	1,082,820
Series 2015, RB(e)	6.13%		07/01/2045		3,310	3,460,572
Series 2019, RB	5.13%		07/01/2039		650	655,902
Series 2019, RB	5.25%		07/01/2049		810	813,362
Pinal (County of), AZ Industrial Development Authority (San Manuel Facility); Series 2006, RB(b)	6.25%		06/01/2026		500	535,300
Pinal (County of), AZ Industrial Development Authority (WOF SW GGP1 LLC) (Green Bonds); Series 2018, RB(b)(e)	7.25%		10/01/2033		20,000	16,232,000
Show Low Bluff Community Facilities District (Assessment Area One); Series 2007, RB(e)	5.60%		07/01/2031		206	185,346
Southside Community Facilities District No. 1; Series 2008, RB	7.25%		07/01/2032		1,022	566,188
Tempe (City of), AZ Industrial Development Authority (Friendship Village);
Series 2012 A, Ref. RB	6.00%		12/01/2032		695	707,447
Series 2012 A, Ref. RB	6.25%		12/01/2042		1,550	1,573,746
Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU);
Series 2017 A, RB(e)	6.00%		10/01/2037		1,010	1,051,844
Series 2017 A, RB(e)	6.13%		10/01/2052		2,360	2,425,915
Verrado Community Facilities District No. 1;
Series 2013 A, Ref. GO Bonds(e)	6.00%		07/15/2027		1,800	1,889,604
Series 2013 B, GO Bonds(e)	5.70%		07/15/2029		675	698,740
Series 2013 B, GO Bonds(e)	6.00%		07/15/2033		610	629,361
						151,685,984
Arkansas–0.05%
Cave Springs Municipal Property Owners’ Improvement District No. 3; Series 2007, GO Bonds(f)(g)	6.25%		02/01/2038		4,860	3,547,800
California–11.92%
Blythe (City of), CA Redevelopment Agency Successor Agency (Project No. 1); Series 2000 A, RB	6.20%		05/01/2031		165	165,277
California (County of), CA Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, RB(i)	0.00%		06/01/2055		212,950	16,216,142
California (County of), CA Tobacco Securitization Agency (Gold Country Settlement Funding Corp.); Series 2006, RB(i)	0.00%		06/01/2033		6,155	2,961,109
California (State of); Series 2019, GO Bonds	5.00%		04/01/2049		3,200	4,024,576
California (State of) County Tobacco Securitization Agency;
Series 2006 A, RB(i)	0.00%		06/01/2050		520,920	84,738,056
Series 2006 B, RB(i)	0.00%		06/01/2050		107,400	15,122,994
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.);
Series 2002, RB	5.88%		06/01/2035		2,720	2,722,638
Series 2002, RB	6.00%		06/01/2042		19,120	19,138,546
California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.);
Series 2002, RB	6.13%		06/01/2038		5,000	5,000,850
Series 2006 A, RB(i)	0.00%		06/01/2046		127,310	24,536,456
Series 2006 B, RB(i)	0.00%		06/01/2046		33,920	6,295,552
Series 2006 C, RB(i)	0.00%		06/01/2055		215,100	19,563,345

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California–(continued)
California (State of) County Tobacco Securitization Agency (Gold Country Funding Corp.); Series 2006, RB		5.25%		06/01/2046	$	7,000	$      7,000,140
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2002 A, RB		5.88%		06/01/2043		6,425	6,431,232
California (State of) Enterprise Development Authority (Sunpower Corp. - Headquarters); Series 2010, RB		8.50%		04/01/2031		9,125	9,226,014
California (State of) Housing Finance Agency; Series 2019 A-1, RB		4.25%		01/15/2035		598	674,803
California (State of) Municipal Finance Authority (Linxs APM);
Series 2018 A, RB(b)		5.00%		12/31/2043		10,800	12,410,064
Series 2018 A, RB(b)		5.00%		12/31/2047		2,750	3,146,935
Series 2018 B, RB(b)		5.00%		06/01/2048		2,575	2,942,427
California (State of) Pollution Control Financing Authority (Aemerge Redpak Services Southern California LLC); Series 2017, RB (Acquired 08/15/2017; Cost $3,000,000)(b)(e)(f)		8.00%		12/01/2027		3,000	900,000
California (State of) Pollution Control Financing Authority (CalPlant I) (Green Bonds);
Series 2017, RB(b)(e)(f)		7.50%		07/01/2032		6,075	3,523,500
Series 2017, RB(b)(e)(f)		8.00%		07/01/2039		14,995	8,697,100
California (State of) School Finance Authority (Escuela Popular); Series 2017, RB(e)		6.50%		07/01/2050		4,130	4,501,824
California (State of) School Finance Authority (Grimmway Schools); Series 2016 A, RB(e)		5.25%		07/01/2051		5,945	6,211,336
California (State of) School Finance Authority (Kepler Neighborhood School);
Series 2017 A, RB(e)		5.00%		05/01/2027		370	391,438
Series 2017 A, RB(e)		5.75%		05/01/2037		900	974,862
Series 2017 A, RB(e)		5.88%		05/01/2047		1,230	1,319,778
California (State of) School Finance Authority (Rocketship Education);
Series 2017 A, RB(e)		5.13%		06/01/2047		595	624,976
Series 2017 A, RB(e)		5.25%		06/01/2052		665	700,977
California (State of) Statewide Communities Development Authority (Guidance Charter School);
Series 2017 A, RB (Acquired 03/09/2017; Cost $4,020,000)(e)(f)(g)		6.50%		07/01/2037		4,020	1,567,800
Series 2017 A, RB (Acquired 03/09/2017; Cost $14,690,000)(e)(f)(g)		6.75%		07/01/2052		14,690	5,729,100
California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC-California College of the Arts); Series 2019, RB(e)		5.25%		07/01/2052		1,450	1,420,232
California (State of) Statewide Communities Development Authority (River Run Senior Apartments - Corona); Series 2003, RB(b)		6.75%		09/01/2037		10	10,016
California (State of) Statewide Communities Development Authority (Yucaipa Valley Water Reservoir); Series 2014, RB		6.00%		09/02/2044		7,505	7,721,970
California (State of) Statewide Finance Authority (Pooled Tobacco Securitization); Series 2002, RB		6.00%		05/01/2043		100	100,910
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program);
Series 2002 A, RB		6.00%		05/01/2037		4,515	4,531,660
Series 2002 B, RB		6.00%		05/01/2043		12,030	12,139,473
California Infrastructure & Economic Development Bank; Series 2017, RB(j)		5.00%		05/15/2052		31,530	38,534,390
City of Los Angeles Department of Airports;
Series 2018 C, RB(b)(j)		5.00%		05/15/2044		55,750	66,169,118
Series 2018, Ref. RB(b)(j)		5.00%		05/15/2043		25,000	30,381,000
County of Santa Clara CA; Series 2013 B, GO Bonds(j)		4.00%		08/01/2040		15,920	16,664,897
Del Mar Race Track Authority; Series 2015, Ref. RB		5.00%		10/01/2038		4,075	3,929,156
Desert Hot Springs (City of), CA Redevelopment Agency Successor Agency; Series 2017, Ref. RB (INS - BAM)(c)		5.00%		09/01/2030		1,215	1,511,484
Fremont Union High School District; Series 2013, GO Bonds(j)		4.00%		08/01/2043		18,275	19,835,868
Fresno Unified School District; Series 2016 B, Ref. GO Bonds(i)		0.00%		08/01/2042		7,780	3,865,415
Garden Grove Unified School District (Election of 2016); Series 2019, GO Bonds		4.00%		08/01/2048		4,625	5,254,925
Golden State Tobacco Securitization Corp.;
Series 2007 A-2, RB		5.30%		06/01/2037		31,350	32,496,469
Series 2017 A-1, Ref. RB		5.00%		06/01/2029		555	678,399
Lathrop (City of), CA (Community Facilities District No. 03-2); Series 2003, RB		7.00%		09/01/2033		1,100	1,104,136
Long Beach (City of), CA (Green Bonds); Series 2017 B, RB(b)		5.00%		05/15/2043		4,000	4,576,000
Los Angeles (City of), CA (Community Facilities District No. 8); Series 2010, RB		5.75%		09/01/2040		1,625	1,650,578
Los Angeles (City of), CA Department of Airports; Series 2016 A, RB(b)		5.00%		05/15/2033		1,500	1,770,450
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport);
Series 2018 A, RB(b)		5.00%		05/15/2035		1,000	1,222,750
Series 2018 A, RB(b)		5.00%		05/15/2036		1,385	1,687,152

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
California–(continued)
Los Angeles (City of), CA Department of Water & Power; Series 2017 A, RB	5.00%		07/01/2047	$	10,000	$    12,127,700
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building);
Series 2018 A, RB	5.00%		12/01/2043		13,345	16,537,391
Series 2018 A, RB	5.00%		12/01/2051		7,875	9,660,893
Los Angeles Unified School District; Series 2020 RYQ, GO Bonds	4.00%		07/01/2044		10,000	11,840,000
Maywood (City of), CA Public Financing Authority (Infrastructure Refinancing); Series 2008 A, Ref. RB	7.00%		09/01/2038		255	255,102
Morongo Band of Mission Indians (The); Series 2018 A, RB(e)	5.00%		10/01/2042		4,500	4,938,210
Northern California Tobacco Securitization Authority; Series 2005 A-1, RB	5.38%		06/01/2038		10,200	10,242,024
Placer (County of), CA (Placer Corporate Center Assessment District No. 1); Series 2000, RB	6.50%		09/02/2030		45	45,470
Regional Airports Improvement Corp. (Los Angeles International Airport - Continental Airlines, Inc. Cargo Facilities); Series 1994, RB(b)	9.25%		08/01/2024		5,485	5,506,830
Rialto (City of), CA Redevelopment Agency Successor Agency; Series 2018, Ref. RB	5.00%		09/01/2037		3,975	4,876,013
Sacramento (City of), CA (Convention Center Complex); Series 2018 A, RB	5.00%		06/01/2048		10,000	11,090,200
Sacramento (City of), CA Municipal Utility District; Series 2020 H, RB	5.00%		08/15/2050		30,000	39,125,700
San Buenaventura (City of), CA (Community Memorial Health System); Series 2011, RB	8.00%		12/01/2031		2,000	2,130,580
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);
Series 2018 D, RB(b)	5.00%		05/01/2048		4,700	5,584,446
Series 2019 E, RB(b)	5.00%		05/01/2050		58,000	69,947,420
San Francisco (City & County of), CA Redevelopment Financing Authority (Mission Bay North Redevelopment); Series 2011 C, RB(h)(k)	6.75%		02/01/2021		750	770,378
San Francisco (City & County of), CA Redevelopment Financing Authority (Mission Bay South Redevelopment); Series 2011 D, RB(h)(k)	7.00%		02/01/2021		1,000	1,027,560
Silicon Valley Tobacco Securitization Authority (Santa Clara);
Series 2007 A, RB(i)	0.00%		06/01/2036		60,785	25,383,816
Series 2007 A, RB(i)	0.00%		06/01/2047		58,990	13,122,325
Series 2007 B, RB(i)	0.00%		06/01/2047		13,505	2,889,125
Series 2007 C, RB(i)	0.00%		06/01/2056		61,600	6,708,240
State of California;
Series 2020, Ref. GO Bonds(j)	4.00%		03/01/2037		12,500	15,138,625
Series 2020, Ref. GO Bonds(j)	4.00%		03/01/2038		15,000	18,103,800
Series 2020, Ref. GO Bonds(j)	4.00%		03/01/2040		13,000	15,618,330
Stockton Unified School District;
Series 2011 D, GO Bonds (INS - AGM)(c)(i)	0.00%		08/01/2037		6,245	4,390,360
Series 2011 D, GO Bonds (INS - AGM)(c)(i)	0.00%		08/01/2038		12,115	8,265,943
Series 2011 D, GO Bonds (INS - AGM)(c)(i)	0.00%		08/01/2041		14,735	9,165,317
Series 2011 D, GO Bonds (INS - AGM)(c)(i)	0.00%		08/01/2043		17,145	9,997,935
Vacaville Unified School District;
Series 2020 D, GO Bonds	4.00%		08/01/2042		1,000	1,164,270
Series 2020 D, GO Bonds	4.00%		08/01/2045		1,850	2,141,801
West Hollywood (City of), CA Community Development Department (East Side Redevelopment); Series 2011 A, RB	7.50%		09/01/2042		3,500	3,739,050
						876,251,149
Colorado–4.60%
3rd and Havana Metropolitan District;
Series 2020 A, GO Bonds	4.50%		12/01/2030		2,485	2,487,883
Series 2020 A, GO Bonds	5.25%		12/01/2049		4,200	4,216,380
Series 2020 B, GO Bonds	7.75%		12/15/2049		1,925	1,930,486
Amber Creak Metropolitan District;
Series 2017 A, Ref. GO Bonds	5.13%		12/01/2047		1,075	1,086,460
Series 2017 B, GO Bonds	7.75%		12/15/2047		515	523,575
Arista Metroplitan District;
Series 2018 A, Ref. GO Bonds	5.00%		12/01/2038		1,240	1,281,466
Series 2018 A, Ref. GO Bonds	5.13%		12/01/2048		3,500	3,591,070
Banning Lewis Ranch Metropolitan District No. 4; Series 2018 A, GO Bonds	5.75%		12/01/2048		3,260	3,396,627
Banning Lewis Ranch Metropolitan District No. 5;
Series 2018 A, GO Bonds	5.75%		12/01/2048		2,195	2,286,992
Series 2018 B, GO Bonds	8.00%		12/15/2048		500	514,865
Base Village Metropolitan District No. 2; Series 2016 A, Ref. GO Bonds	5.75%		12/01/2046		3,100	3,208,066

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Colorado–(continued)
Bella Mesa Metropolitan District; Series 2020 A, GO Bonds(d)(e)	6.75%		12/01/2049	$	3,785	$      2,769,712
Belleview Village Metropolitan District; Series 2020, GO Bonds(e)	4.95%		12/01/2050		870	873,445
Berthoud-Heritage Metropolitan District No. 1; Series 2019, RB	5.63%		12/01/2048		3,000	3,130,440
Blue Lake Metropolitan District No. 2; Series 2016 B, GO Bonds	8.00%		12/15/2046		500	512,900
Blue Lake Metropolitan District No. 3; Series 2018 A, GO Bonds	5.25%		12/01/2048		1,750	1,516,970
BNC Metropolitan District No. 1; Series 2017 B, GO Bonds	7.38%		12/15/2047		551	561,998
Brighton Crossing Metropolitan District No. 4; Series 2017 B, GO Bonds	7.00%		12/15/2047		670	679,735
Broadway Station Metropolitan District No. 3; Series 2019, GO Bonds	5.00%		12/01/2049		1,750	1,770,772
Bromley Park Metropolitan District No. 2; Series 2018 B, Ref. GO Bonds	6.38%		12/15/2047		1,000	1,026,070
Broomfield (City and County of), CO Midcities Metropolitan District No. 2; Series 2016 B, Ref. GO Bonds	7.75%		12/15/2046		1,919	1,954,328
Buffalo Ridge Metropolitan District; Series 2018 B, GO Bonds	7.38%		12/15/2047		2,734	2,783,349
Canyons Metropolitan District No. 5; Series 2017 A, Ref. GO Bonds	6.13%		12/01/2047		4,500	4,699,080
Canyons Metropolitan District No. 6; Series 2017 A, Ref. GO Bonds	6.13%		12/01/2047		2,000	2,088,480
Cherrylane Metropolitan District;
Series 2018 A, GO Bonds	5.25%		12/01/2047		1,345	1,371,443
Series 2018 B, GO Bonds	7.38%		12/15/2047		574	584,361
City Center West Commercial Metropolitan District;
Series 2020 A, Ref. GO Bonds	7.00%		12/01/2049		3,995	4,277,167
Series 2020 B, GO Bonds	9.00%		12/15/2049		581	618,933
Clear Creek Station Metropolitan District No. 2; Series 2017 B, GO Bonds	7.38%		12/15/2047		500	511,510
Colliers Hill Metropolitan District No. 1; Series 2019 B, Ref. GO Bonds	8.00%		12/15/2048		1,500	1,487,475
Colorado (State of) Health Facilities Authority; Series 2019 A, Ref. RB	4.00%		01/01/2037		3,050	3,567,219
Colorado (State of) Health Facilities Authority (Commonspirit Health); Series 2019 A-2, Ref. RB	5.00%		08/01/2044		5,190	6,258,725
Colorado (State of) Health Facilities Authority (SCL Health System); Series 2019 B, Ref. RB	4.00%		01/01/2040		3,000	3,475,380
Colorado (State of) Health Facilities Authority (Volunteers of America Care); Series 2007 A, RB	5.30%		07/01/2037		705	594,886
Colorado (State of) International Center Metropolitan District No. 3; Series 2018 B, GO Bonds	7.50%		12/15/2038		1,040	1,066,239
Copper Ridge Metropolitan District;
Series 2019, RB	5.00%		12/01/2039		4,250	4,042,855
Series 2019, RB	5.00%		12/01/2043		1,750	1,644,562
Copperleaf Metropolitan District No. 3;
Series 2017 A, GO Bonds	5.00%		12/01/2037		500	512,710
Series 2017 A, GO Bonds	5.13%		12/01/2047		700	713,314
Series 2017 B, GO Bonds	7.63%		12/15/2047		506	518,443
Country Club Highlands Metropolitan District; Series 2007, GO Bonds(g)(l)	7.25%		12/01/2037		1,025	871,250
Creekside Village Metropolitan District;
Series 2019 A, GO Bonds	5.00%		12/01/2039		1,260	1,289,119
Series 2019 A, GO Bonds	5.00%		12/01/2049		2,165	2,191,088
Series 2019, GO Bonds	7.75%		12/15/2049		616	621,655
Cundall Farms Metropolitan District;
Series 2017 B, GO Bonds	7.38%		12/15/2047		750	760,395
Series 2017 C, GO Bonds	12.00%		12/15/2049		792	794,780
Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB(b)	5.00%		10/01/2032		3,000	3,035,880
Denver Connection West Metropolitan District; Series 2017 A, GO Bonds	5.38%		08/01/2047		1,250	1,285,225
Denver Gateway Center Metropolitan District;
Series 2018 A, GO Bonds	5.50%		12/01/2038		1,360	1,415,202
Series 2018 A, GO Bonds	5.63%		12/01/2048		2,130	2,208,597
Denver International Business Center Metropolitan District No. 1; Series 2019 B, GO Bonds	6.00%		12/01/2048		2,290	2,372,715
Deutsche Bank Spears/Lifers Trust; Series 2013, RB(e)(j)	5.25%		12/01/2035		14,350	17,157,506
Dinosaur Ridge Metropolitan District; Series 2019 A, Ref. RB	5.00%		06/01/2049		1,285	1,298,094
Dublin North Metropolitan District No. 2; Series 2018 A, GO Bonds	5.13%		12/01/2047		1,687	1,714,346
Eagle River Water and Sanitation District;
Series 2020 A, RB (INS -AGM)(c)	4.00%		12/01/2045		1,250	1,480,388
Series 2020 A, RB (INS -AGM)(c)	4.00%		12/01/2049		2,200	2,587,376
Elbert (County of), CO & Highway 86 Commercial Metropolitan District; Series 2008 A, RB(g)(l)	7.50%		12/01/2032		4,475	3,356,250
Elbert (County of), CO & Highway 86 Metropolitan District; Series 2016, Ref. GO Bonds(e)	5.75%		12/01/2046		2,600	2,786,810
Erie (Town of), CO Farm Metropolitan District;
Series 2016 A, GO Bonds	5.50%		12/01/2045		2,000	2,048,060
Series 2016 B, GO Bonds	7.75%		12/15/2045		600	611,790

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Colorado–(continued)
Erie Commons Metropolitan District No. 2; Series 2019 B, Ref. GO Bonds	6.95%		12/15/2054	$	3,100	$      3,086,515
First Creek Village Metropolitan District; Series 2019 B, GO Bonds	6.75%		08/01/2049		515	541,806
Fitzsimons Village Metropolitan District No. 1; Series 2020, Ref. GO Bonds	5.00%		12/01/2049		1,040	1,047,758
Flying Horse Metropolitan District No. 3; Series 2019, Ref. GO Bonds(e)	6.00%		12/01/2049		2,965	3,006,718
Forest Trace Metropolitan District No. 3; Series 2020 B, GO Bonds	7.88%		12/15/2049		933	941,621
Fossil Ridge Metropolitan District No. 1; Series 2010, Ref. GO Bonds	7.25%		12/01/2040		1,780	1,788,722
Godding Hollow Metropolitan District (In The Town of Frederick); Series 2018, GO Bonds	6.50%		12/01/2034		920	946,459
Green Valley Ranch East Metropolitan District No. 6; Series 2020 A, GO Bonds	5.88%		12/01/2050		3,325	3,432,996
Haskins Station Metropolitan District; Series 2019 A, GO Bonds	5.00%		12/01/2049		925	931,059
Hawthorn Metropolitan District No. 2; Series 2017 C, GO Bonds	10.00%		12/15/2051		928	938,969
Highlands-Mead Metropolitan District;
Series 2020 B, GO Bonds(e)	7.75%		12/15/2050		515	516,792
Series 2020, GO Bonds	5.13%		12/01/2050		1,395	1,400,441
Home Place Metropolitan District; Series 2020 A, GO Bonds	5.75%		12/01/2050		2,340	2,422,508
Hunters Overlook Metropolitan District No. 5; Series 2019 B, GO Bonds	8.50%		12/15/2049		1,825	1,841,899
Hunting Hill Metropolitan District; Series 2018, Ref. GO Bonds	5.63%		12/01/2048		5,015	5,210,184
Iliff Commons Metropolitan District No. 3; Series 2016 A, GO Bonds	6.00%		12/01/2046		772	785,533
Interpark Metropolitan District; Series 2018, GO Bonds(e)	5.50%		12/01/2048		2,235	2,300,642
Interquest South Business Improvement District; Series 2017, GO Bonds	5.00%		12/01/2047		1,365	1,379,442
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB	5.75%		12/15/2050		9,910	9,963,712
Karl’s Farm Metropolitan District No. 2; Series 2020 A, GO Bonds(e)	5.63%		12/01/2050		1,695	1,726,917
Lewis Pointe Metropolitan District; Series 2017, GO Bonds	7.75%		12/15/2047		1,619	1,546,210
Leyden Ranch Metropolitan District;
Series 2017 B, GO Bonds	7.00%		12/15/2047		500	509,560
Series 2017 C, GO Bonds	11.00%		12/15/2050		600	583,968
Leyden Rock Metropolitan District No. 10;
Series 2016 B, GO Bonds	7.25%		12/15/2045		1,195	1,224,935
Series 2017 C, Ref. GO Bonds	10.75%		12/15/2049		1,025	1,030,535
Littleton Village Metropolitan District No. 2; Series 2018, Ref. GO Bonds	7.63%		12/15/2028		1,140	1,185,680
Lochbuie Station Residential Metropolitan District;
Series 2020 A, GO Bonds	5.75%		12/01/2050		1,185	1,205,489
Series 2020 B, GO Bonds	8.00%		12/15/2050		521	529,159
Meadowlark Metropolitan District;
Series 2020 A, GO Bonds	5.13%		12/01/2050		750	752,925
Series 2020 B, GO Bonds	7.63%		12/15/2050		607	609,125
Millers Landing Business Improvement District;
Series 2018 A, RB(e)	6.00%		12/01/2048		8,065	8,211,057
Series 2018 B, RB(e)	8.00%		12/01/2048		2,185	2,206,937
Mirabelle Metropolitan District No. 2; Series 2020 B, GO Bonds	7.38%		12/15/2049		1,473	1,452,128
Mountain Shadows Metropolitan District; Series 2016, Ref. GO Bonds	5.00%		12/01/2046		1,000	1,019,840
Mountain Sky Metropolitan District; Series 2020 A, GO Bonds	5.00%		12/01/2049		980	988,536
North Holly Metropolitan District; Series 2018 A, GO Bonds	5.50%		12/01/2048		1,760	1,811,797
Painted Prairie Public Improvement Authority; Series 2019, RB	5.00%		12/01/2049		17,000	17,668,610
Penrith Park Metropolitan District;
Series 2019 A, GO Bonds	5.00%		12/01/2049		1,705	1,725,221
Series 2019 B, GO Bonds	8.75%		12/15/2049		900	902,799
Potomac Farms Metropolitan District;
Series 2007 A, Ref. GO Bonds	7.25%		12/01/2037		1,590	1,442,082
Series 2007 B, Ref. GO Bonds	7.63%		12/01/2023		165	161,990
Powhaton Road Metropolitan District No. 2; Series 2019 A, GO Bonds	5.63%		12/01/2048		2,290	2,381,966
Prairie Farm Metropolitan District;
Series 2018 A, GO Bonds	5.25%		12/01/2048		2,290	2,411,095
Series 2018 B, GO Bonds	7.38%		12/15/2048		1,270	1,329,220
Prairiestar Metropolitan District No. 2; Series 2016, GO Bonds	5.75%		12/01/2046		2,595	2,685,462
PV-ERU Holding Trust; Series 2019, RB(i)	0.00%		02/14/2039		12,585	2,642,850
Raindance Metropolitan District No. 2; Series 2019 B, GO Bonds	7.50%		12/15/2049		2,285	2,293,820
Rendezvous Metropolitan District No. 4; Series 2018 A, GO Bonds	5.63%		12/01/2048		4,340	4,508,913
Ritoro Metropolitan District; Series 2019 A, GO Bonds	5.00%		12/01/2049		2,000	2,043,480

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Colorado–(continued)
Sabell Metropolitan District;
Series 2020 A, GO Bonds(e)	5.00%		12/01/2050	$	1,060	$      1,074,766
Series 2020 B-3, GO Bonds(e)	8.25%		12/15/2050		605	588,223
Second Creek Farm Metropolitan District No. 3;
Series 2019 A, GO Bonds	5.00%		12/01/2049		6,195	6,269,650
Series 2019 B, GO Bonds	7.63%		12/15/2049		1,696	1,707,584
Settler’s Crossing Metropolitan District No. 1;
Series 2020 A, GO Bonds(e)	5.13%		12/01/2050		1,630	1,652,722
Series 2020 B, GO Bonds	7.63%		12/15/2050		598	601,145
Sheridan Station West Metropolitan District; Series 2017, GO Bonds	6.00%		12/01/2047		1,200	1,226,364
Sky Ranch Community Authority Board;
Series 2019 B, RB	7.63%		12/15/2049		880	889,187
Series 2019, RB	5.00%		12/01/2049		2,835	2,884,981
Sorrel Ranch Metropolitan District; Series 2006, GO Bonds(f)(g)	6.75%		12/15/2036		1,720	481,600
South Aurora Regional Improvement Authority; Series 2018, RB	6.25%		12/01/2057		2,815	2,884,784
South Timnath Metropolitan District No. 1;
Series 2019 A, GO Bonds	5.50%		12/01/2048		1,000	1,038,210
Series 2019 B, GO Bonds	8.00%		12/15/2048		2,208	2,262,471
Southglenn Metropolitan District; Series 2016, Ref. GO Bonds	5.00%		12/01/2036		810	826,443
Spring Valley Metropolitan District No. 3;
Series 2020 A, GO Bonds	5.00%		12/01/2049		1,360	1,388,111
Series 2020 B, GO Bonds	8.50%		12/15/2049		1,330	1,344,750
Spring Valley Metropolitan District No. 4;
Series 2020 A, GO Bonds	5.13%		12/01/2050		1,775	1,778,461
Series 2020 B, GO Bonds(e)	7.63%		12/15/2050		2,810	2,820,453
STC Metropolitan District No. 2; Series 2019 B, GO Bonds	8.00%		12/15/2049		3,954	3,901,175
Stone Creek Metropolitan District;
Series 2018 A, GO Bonds	5.63%		12/01/2047		2,000	2,077,100
Series 2018, GO Bonds	7.88%		12/15/2047		600	625,296
Tabernash Meadows Water & Sanitation District; Series 2010, Ref. GO Bonds(h)(k)	7.13%		12/01/2020		650	660,933
Table Mountain Metropolitan District; Series 2016 B, GO Bonds	7.75%		12/15/2045		569	585,012
Tailholt Metropolitan District No. 3; Series 2018 A, GO Bonds	6.00%		12/01/2048		7,550	7,872,007
Tallyn’s Reach Metropolitan District No. 3;
Series 2013, Ref. GO Bonds	5.00%		12/01/2033		294	301,321
Series 2016 A, GO Bonds	6.75%		11/01/2038		716	732,117
Talon Pointe Metropolitan District; Series 2019 A, Ref. GO Bonds	5.25%		12/01/2051		2,150	2,198,267
Thompson Crossing Metropolitan District No. 6; Series 2015 A, GO Bonds	6.00%		12/01/2044		745	766,784
Timnath Ranch Metropolitan District No. 4;
Series 2018 A, GO Bonds	5.25%		12/01/2037		1,500	1,547,385
Series 2018 A, GO Bonds	5.38%		12/01/2047		1,900	1,949,970
Series 2018 B, GO Bonds	7.75%		12/15/2047		953	983,334
Trails at Crowfoot Metropolitan District No. 3; Series 2019 A, GO Bonds	5.00%		12/01/2049		2,000	2,018,800
Two Bridges Metropolitan District;
Series 2018 A, GO Bonds	5.63%		08/01/2048		1,610	1,664,160
Series 2018 B, GO Bonds	7.88%		08/01/2048		508	518,993
Village at Dry Creek Metropolitan District No. 2 (The); Series 2019, GO Bonds	4.38%		12/01/2044		1,570	1,503,102
Village at Southgate Metropolitan District; Series 2018 A, GO Bonds(e)	5.63%		12/01/2048		1,375	1,420,141
Villas Eastlake Reservoir Metropolitan District; Series 2016 A, GO Bonds	6.50%		12/01/2046		1,645	1,700,716
Westcreek Metropolitan District No. 2; Series 2019 A, GO Bonds	5.38%		12/01/2048		1,300	1,336,647
White Buffalo Metropolitan District No. 3; Series 2020, Limited Tax GO Bonds	5.50%		12/01/2050		2,785	2,866,099
Wild Plum Metropolitan District;
Series 2019 A, GO Bonds	5.00%		12/01/2049		600	634,296
Series 2019 B, GO Bonds(e)	7.75%		12/15/2049		504	524,684
Willow Bend Metropolitan District; Series 2019 B, GO Bonds	7.63%		12/15/2049		755	766,453
Willow Springs Metropolitan District; Series 2019 B, GO Bonds	7.75%		12/15/2049		650	652,464
Woodmen Heights Metropolitan District No. 1;
Series 2012 A, Ref. GO Bonds	6.00%		12/01/2041		5,108	5,129,675
Series 2012 B, Ref. GO Bonds	7.30%		12/15/2041		26,763	20,002,843
						337,958,658

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Connecticut–0.14%
Connecticut (State of) Health & Educational Facilities Authority (Nuvance Health); Series 2019 A, Ref. RB	4.00%		07/01/2049	$	5,000	$      5,402,400
Connecticut (State of) Health and Education Facilities Authority (Nuvance Health); Series 2019 A, Ref. RB	4.00%		07/01/2041		3,870	4,237,456
Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds(f)(g)	5.13%		10/01/2036		470	56,400
Mashantucket Western Pequot Tribe; Series 2013, RB(f)	6.05%		07/01/2031		13,352	867,853
						10,564,109
Delaware–0.01%
Bridgeville (Town of), DE (Heritage Shores Special Development District); Series 2005 A, RB	5.45%		07/01/2035		1,072	1,047,944
District of Columbia–4.10%
District of Columbia (Howard University);
Series 2011 A, RB(h)(k)	6.25%		04/01/2021		985	1,018,904
Series 2011 A, RB(h)(k)	6.50%		04/01/2021		21,135	21,889,497
District of Columbia (Rocketship DC Obligated Group - Issue No. 1); Series 2019 B, RB(e)	5.30%		06/01/2023		310	310,502
District of Columbia Tobacco Settlement Financing Corp.;
Series 2001, RB	6.75%		05/15/2040		32,955	33,960,128
Series 2006 C, RB(i)	0.00%		06/15/2055		1,275,680	91,989,285
Series 2006 D, RB(i)	0.00%		06/15/2055		1,055,000	60,071,700
District of Columbia Water & Sewer Authority; Series 2018 B, RB	5.00%		10/01/2049		1,045	1,294,180
Metropolitan Washington Airports Authority;
Series 2016 A, Ref. RB(b)(j)	4.00%		10/01/2035		11,530	12,800,837
Series 2019 A, Ref. RB(b)	5.00%		10/01/2044		3,500	4,282,600
Series 2019 A, Ref. RB(b)	5.00%		10/01/2049		16,585	20,172,501
Series 2020 A, Ref. RB(b)	4.00%		10/01/2036		3,400	3,961,408
Series 2020 A, Ref. RB(b)	4.00%		10/01/2038		3,020	3,493,627
Series 2020 A, Ref. RB(b)	4.00%		10/01/2039		2,385	2,750,191
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement);
Series 2019 B, Ref. RB	4.00%		10/01/2049		20,000	21,977,000
Series 2019 B, Ref. RB (INS - AGM)(c)	4.00%		10/01/2053		5,000	5,511,350
Washington (State of) Metropolitan Airports Authority;
Series 2018 A, Ref. RB(b)	5.00%		10/01/2037		11,000	13,467,960
Series 2018 A, Ref. RB(b)	5.00%		10/01/2048		1,810	2,169,665
						301,121,335
Florida–8.47%
Alachua (County of), FL Health Facilities Authority (Oak Hammock at the University of Florida);
Series 2012 A, Ref. RB	8.00%		10/01/2032		750	830,595
Series 2012 A, Ref. RB	8.00%		10/01/2042		1,000	1,098,310
Series 2012 A, Ref. RB	8.00%		10/01/2046		1,000	1,096,400
Amelia Concourse Community Development District;
Series 2007, RB(f)(g)	5.75%		05/01/2038		4,655	4,236,050
Series 2016, RB	6.00%		05/01/2047		2,120	2,217,160
Series 2019 A, RB	5.65%		05/01/2049		2,995	3,188,806
Series 2019 B-2, RB	7.25%		05/01/2029		1,415	1,417,505
Arlington Ridge Community Development District; Series 2006 A, RB	5.50%		05/01/2036		2,755	2,662,570
Belle Isle (City of), FL (Cornerstone Charter Academy and Cornerstone Charter High School); Series 2012, RB	6.00%		10/01/2042		7,555	7,961,384
Broward (County of), FL;
Series 2019 A, RB	5.00%		09/01/2044		8,605	10,251,997
Series 2019 A, RB(b)	5.00%		10/01/2044		8,400	10,140,312
Series 2019 A, RB(b)	5.00%		10/01/2049		16,405	19,700,929
Buckeye Park Community Development District; Series 2008 A, RB(f)(g)	7.88%		05/01/2038		5,845	2,513,350
Canaveral Port Authority; Series 2018 A, RB(b)	5.00%		06/01/2045		9,320	10,534,303
Capital Trust Agency, Inc. (Advantage Academy of Hillsborough);
Series 2019 A, RB	5.00%		12/15/2049		1,545	1,670,099
Series 2019 A, RB	5.00%		12/15/2054		1,085	1,167,569
Capital Trust Agency, Inc. (Atlantic Housing Foundation Property); Series 2017 B, RB	6.00%		07/01/2042		3,200	3,105,056

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Florida–(continued)
Capital Trust Agency, Inc. (Elim Senior Housing, Inc.);
Series 2017, RB(e)	5.63%		08/01/2037	$	1,025	$         828,979
Series 2017, RB(e)	5.88%		08/01/2052		3,925	2,942,573
Capital Trust Agency, Inc. (Florida Charter Educational Foundation, Inc.);
Series 2018 A, RB(e)	5.38%		06/15/2038		850	904,077
Series 2018 A, RB(e)	5.38%		06/15/2048		1,590	1,665,525
Capital Trust Agency, Inc. (Franklin Academy);
Series 2020, RB(e)	5.00%		12/15/2050		3,955	4,161,253
Series 2020, RB(e)	5.00%		12/15/2055		2,845	2,985,771
Capital Trust Agency, Inc. (Paragon Academy of Technology and Sunshine Elementary Charter School);
Series 2019 A, RB(e)	5.75%		06/01/2054		3,735	3,856,350
Series 2019 B, RB(e)	6.00%		06/01/2028		390	389,992
Capital Trust Agency, Inc. (Viera Charter Schools, Inc.);
Series 2017 A, RB(e)	5.00%		10/15/2047		1,100	1,129,084
Series 2017 A, RB(e)	5.00%		10/15/2052		755	772,659
Carlton Lakes Community Development District;
Series 2015, RB	5.63%		11/01/2036		760	814,462
Series 2015, RB	5.75%		11/01/2047		1,860	2,002,123
CFM Community Development District;
Series 2004 A, RB(f)(g)	6.25%		05/01/2035		1,987	317,948
Series 2004 A-1, RB(d)	6.25%		05/01/2035		7,153	5,248,959
Series 2004 A-2, RB	6.25%		05/01/2035		7,695	6,822,233
Chapel Creek Community Development District; Series 2006 A, RB(f)(g)	5.50%		05/01/2038		7,075	6,367,500
City of South Miami Health Facilities Authority, Inc.; Series 2017, Ref. RB(j)	4.00%		08/15/2036		14,000	15,778,560
Clearwater Cay Community Development District; Series 2006 A, RB(f)(g)	5.50%		05/01/2037		13,074	7,452,213
Collier (County of), FL Industrial Development Authority (Gulf Coast Academy South);
Series 2017 A, RB(e)	5.00%		12/01/2037		1,150	1,156,164
Series 2017 A, RB(e)	5.00%		12/01/2047		1,875	1,847,419
County of Miami-Dade FL Transit System; Series 2018, RB(j)	4.00%		07/01/2045		11,000	12,632,950
County of Miami-Dade FL Water & Sewer System Revenue; Series 2019 B, RB(j)	4.00%		10/01/2049		80,000	94,304,000
Creekside Community Development District; Series 2006, RB(f)(g)	5.20%		05/01/2038		1,690	760,500
CrossCreek Community Development District;
Series 2007 A, RB(f)	5.60%		05/01/2039		15	11,819
Series 2016 A, RB	5.60%		05/01/2037		785	637,294
Series 2016 B, RB	6.75%		11/30/2021		745	730,882
Escambia (County of), FL Health Facilities Authority; Series 2020, Ref. RB	4.00%		08/15/2045		7,000	7,693,910
Florida Development Finance Corp. (Florida Charter Foundation, Inc.); Series 2016 A, RB(e)	5.00%		07/15/2046		6,045	6,350,091
Florida Development Finance Corp. (Learning Gate Community School);
Series 2018 A, Ref. RB	5.00%		02/15/2038		300	328,776
Series 2018 A, Ref. RB	5.00%		02/15/2048		985	1,073,118
Florida Development Finance Corp. (Virgin Trains USA Passenger Rail);
Series 2019 A, Ref. RB(b)(e)(h)	6.38%		01/01/2026		13,000	11,338,730
Series 2019 A, Ref. RB(b)(e)(h)	6.50%		01/01/2029		17,000	14,734,240
Glades Correctional Development Corp.;
Series 2017 A, RB	7.00%		03/01/2030		5,022	4,419,535
Series 2017 B, RB	1.00%		03/01/2030		2,653	1,326,713
Greater Lakes/Sawgrass Bay Community Development District; Series 2006 A, RB	5.50%		05/01/2038		2,625	2,625,131
Greater Orlando Aviation Authority;
Series 2017 A, RB(b)	4.00%		10/01/2052		7,500	8,128,875
Series 2019 A, RB(b)	5.00%		10/01/2044		16,420	19,896,442
Series 2019 A, RB(b)	5.00%		10/01/2049		18,755	22,590,585
Highland Meadows Community Development District; Series 2006 A, RB	5.50%		05/01/2036		310	310,102
Hillsborough (County of), FL Aviation Authority (Tampa International Airport);
Series 2018 A, RB(b)	5.00%		10/01/2048		11,500	13,645,325
Series 2018 E, RB(b)	5.00%		10/01/2043		13,120	15,715,398
Hillsborough (County of), FL Port District (Tamp Port Authority); Series 2018 B, RB(b)	5.00%		06/01/2046		9,700	11,224,743
Indigo Community Development District; Series 2005, RB(f)ShowZero	5.75%		05/01/2036		4,775	3,342,500

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Florida–(continued)
Lake (County of), FL (Imagine South Lake Charter School Program);
Series 2019, RB(e)	5.00%		01/15/2049	$	820	$          851,496
Series 2019, RB(e)	5.00%		01/15/2054		635	657,035
Lake (County of), FL (Village Veranda at Lady Lake); Series 2017 A-1, RB(e)	7.13%		01/01/2052		15,300	13,656,168
Lake Ashton II Community Development District; Series 2005 A, RB	5.38%		05/01/2036		2,096	1,982,137
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts);
Series 2018 A, RB(e)	5.50%		07/15/2048		1,685	1,702,558
Series 2018 A, RB(e)	5.75%		07/15/2053		1,830	1,893,007
Lee (County of), FL Industrial Development Authority (Preserve (The)); Series 2017 A, RB(e)	5.75%		12/01/2052		1,785	1,779,627
Legends Bay Community Development District; Series 2007 A, RB	5.88%		05/01/2038		2,725	2,727,398
Magnolia Creek Community Development District; Series 2007 A, RB(f)(g)	5.90%		05/01/2039		5,360	964,800
Magnolia West Community Development District; Series 2017, RB	5.35%		05/01/2037		185	186,439
Miami (City of) & Dade (County of), FL School Board; Series 2015 A, Ref. COP	5.00%		05/01/2032		10	11,800
Miami-Dade (County of), FL;
Series 2013 B, RB(b)	6.00%		10/01/2042		2,460	2,727,082
Series 2017 B, Ref. RB(b)	5.00%		10/01/2040		18,645	21,947,775
Montecito Community Development District; Series 2006 A, RB(f)(g)	5.50%		05/01/2037		5,210	3,959,600
Nassau (County of), FL (Nassau Care Centers, Inc.); Series 2008, RB	6.90%		01/01/2038		9,280	9,168,547
Naturewalk Community Development District; Series 2007 A, RB(f)(g)	5.50%		05/01/2038		4,345	3,432,550
Palm Beach (County of), FL Health Facilities Authority (Baptist Health South Florida); Series 2019, RB	4.00%		08/15/2049		11,440	12,896,884
Palm Beach (County of), FL Health Facilities Authority (Sinai Residences of Boca Raton); Series 2014 A, RB	7.50%		06/01/2049		3,000	3,195,900
Palm Coast Park Community Development District; Series 2006, RB	5.70%		05/01/2037		10,900	10,906,758
Palm River Community Development District; Series 2007 A, RB(f)(g)	5.38%		05/01/2036		1,565	782,500
Pine Ridge Plantation Community Development District; Series 2006 A, RB	5.40%		05/01/2037		4,909	4,909,593
Pinellas (County of), FL Educational Facilities Authority (Pinellas Preparatory Academy); Series 2011 A, RB(h)(k)	7.13%		09/15/2021		2,250	2,401,403
Pinellas (County of), FL Industrial Development Authority (2017 Foundation for Global Understanding); Series 2019, RB	5.00%		07/01/2039		1,750	1,964,813
Polk (County of), FL Industrial Development Authority (Carpenter’s Home Estates); Series 2019, Ref. IDR	5.00%		01/01/2055		800	824,696
Portofino Isles Community Development District (Portofino Court); Series 2005, RB(f)(g)	5.60%		05/01/2036		5,905	3,543,000
Reunion East Community Development District;
Series 2002 A-2, RB(f)(g)	7.38%		05/01/2033		1,425	14
Series 2005, RB(f)(g)	5.80%		05/01/2036		3,420	34
Series 2015-1, RB	6.60%		05/01/2033		445	449,236
Series 2015-2, RB	6.60%		05/01/2036		2,600	2,608,658
Ridgewood Trails Community Development District; Series 2007 A, RB	5.65%		05/01/2038		130	104,166
River Glen Community Development District; Series 2006 A, RB(f)(g)	5.45%		05/01/2038		7,580	4,169,000
Santa Rosa (City of), FL Bay Bridge Authority; Series 1996 C, RB (INS - ACA)(c)	6.25%		07/01/2028		134	134,161
Seminole (County of), FL Industrial Development Authority (Progressive Healthcare Providers/Fern Park, LLC Facility); Series 2005 A, RB	7.50%		03/01/2035		3,670	3,670,110
South Bay Community Development District;
Series 2005 A, RB(f)(g)	5.95%		05/01/2036		5,110	51
Series 2005 A-1, Ref. RB	5.95%		05/01/2036		6,535	5,369,875
Series 2005 A-2, Ref. RB(f)(g)	6.60%		05/01/2036		8,750	4,410,613
Series 2005 B-1, Ref. RB(f)	5.13%		05/01/2023		5,205	5,165,213
Series 2005 B-2, Ref. RB(f)(g)	6.60%		05/01/2025		3,240	1,631,534
South Fork East Community Development District; Series 2013 A, Ref. RB	6.50%		05/01/2038		3,355	3,355,570
St. Johns (County of), FL Industrial Development Authority (Bayview); Series 2007 A, Ref. RB(f)(g)	5.25%		10/01/2041		1,000	700,000
St. Petersburg (City of), FL; Series 2019 A, RB	5.00%		10/01/2049		7,495	9,494,666
State of Florida;
Series 2018, GO Bonds(j)	4.00%		07/01/2037		3,725	4,440,722
Series 2018, GO Bonds(j)	4.00%		07/01/2038		4,030	4,790,663
Series 2018, GO Bonds(j)	4.00%		07/01/2039		4,195	4,970,194
Series 2018, GO Bonds(j)	4.00%		07/01/2040		4,360	5,145,803
Tern Bay Community Development District; Series 2005 A, RB	5.38%		05/01/2037		590	590,401

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate			Maturity Date		Principal Amount (000)			Value
Florida–(continued)
Town Center at Palm Coast Community Development District; Series 2005, RB		6.00%			05/01/2036	$	12,945		$     12,949,272
Treeline Preserve Community Development District; Series 2007 A, RB(f)(g)		6.80%			05/01/2039		4,950		2,722,500
Villages of Avignon Community Development District; Series 2007 A, RB(f)(g)		5.40%			05/01/2037		755		52,850
Villages of Glen Creek Community Development District;
Series 2016 A, RB		4.75%			05/01/2026		420		424,469
Series 2016 A, RB		5.25%			05/01/2036		1,080		1,094,688
Series 2016 A, RB		5.38%			05/01/2046		4,245		4,299,421
Waterford Estates Community Development District; Series 2006 A, RB(f)(g)		5.50%			05/01/2037		2,754		1,927,977
Water’s Edge Community Development District;
Series 2012 A-1, Ref. RB		5.35%			05/01/2039		119		119,046
Series 2012 A-2, Ref. RB		6.60%			05/01/2039		1,870		1,887,017
Waterstone Community Development District;
Series 2007 A, RB(d)(g)		6.88%			05/01/2037		1,214		808,554
Series 2007 B, RB(g)(i)		0.00%			11/01/2028		8,232		4,435,036
West Villages Improvement District;
Series 2005 A-1, RB		5.75%			05/01/2036		8,705		7,007,786
Series 2005 A-2, RB(f)(g)		5.75%			05/01/2036		7,610		4,413,800
Westridge Community Development District; Series 2005, RB(f)		5.80%			05/01/2037		1,600		1,332,832
Westside Community Development District;
Series 2005, RB(f)(g)		5.65%			05/01/2037		250		117,500
Series 2007, RB(f)(g)		7.20%			05/01/2038		500		75,000
Series 2019 2, RB(f)(g)		5.65%			05/01/2037		1,065		798,494
Series 2019 2, RB(f)(g)		7.20%			05/01/2038		520		396,063
Wyld Palms Community Development District; Series 2007 A, RB(f)(g)		5.50%			05/01/2038		4,340		1,041,600
Zephyr Ridge Community Development District; Series 2006 A, RB(f)(g)		5.63%			05/01/2037		2,635		1,159,169
									622,395,222
Georgia–1.94%
Atlanta (City of), GA; Series 2019 D, RB(b)		4.00%			07/01/2040		4,000	��	4,541,560
Atlanta (City of), GA Department of Aviation; Series 2019 B, RB(b)		5.00%			07/01/2044		23,280		28,411,145
Cobb (County of), GA Development Authority;
Series 2016 A, Ref. RB (Acquired 10/03/2016; Cost $ 1,445,000)(e)(f)		6.00%			07/01/2036		1,445		1,163,543
Series 2016 A, Ref. RB (Acquired 10/03/2016; Cost $ 5,342,026)(e)(f)		6.00%			07/01/2051		5,440		3,944,490
DeKalb (County of), GA Housing Authority (Baptist Retirement Communities of Georgia, Inc. & Clairmont Crest, Inc.);
Series 2019 A, Ref. RB(e)		5.00%			01/01/2039		7,325		6,034,481
Series 2019 A, Ref. RB(e)		5.13%			01/01/2049		6,000		4,669,560
Series 2019 A, Ref. RB(e)		5.25%			01/01/2054		5,000		3,891,400
Series 2019 B, Ref. RB(e)		6.13%			01/01/2027		2,800		2,698,752
Floyd (County of), GA Development Authority;
Series 2018 A, RB		5.75%			12/01/2033		3,100		2,964,096
Series 2018 A, RB		6.00%			12/01/2038		6,850		6,500,239
Series 2018 A, RB		6.25%			12/01/2048		17,030		15,959,664
Series 2018 A, RB		6.50%			12/01/2053		9,710		9,326,649
Gainesville (City of) & Hall (County of), GA Development Authority;
Series 2017, Ref. RB		5.00%			03/01/2047		7,360		6,628,269
Series 2017, Ref. RB		5.13%			03/01/2052		225		204,183
Georgia (State of) Road & Tollway Authority;
Series 2014 A, RB(e)(i)		0.00%			06/01/2024		2,250		2,037,330
Series 2014 A, RB(e)(i)		0.00%			06/01/2034		3,750		1,577,325
Series 2014 B, RB(d)(e)		7.00%			06/01/2049		13,600		10,703,200
Georgia State Environmental Loan Acquisition Corp.; Series 2011, RB(h)(k)		5.13	%		03/15/2021		1,055		1,082,894
Houston (County of), GA Hospital Authority (Houston Hospitals, Inc.); Series 2016 A, Ref. RB		5.00	%		10/01/2031		8,500		9,077,915
Main Street Natural Gas, Inc.; Series 2019 A, RB		5.00	%		05/15/2043		3,400		4,022,710

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Georgia–(continued)
Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens);
Series 2018 A-1, RB	6.13%		12/01/2038	$	2,635	$     2,543,592
Series 2018 A-1, RB	6.25%		12/01/2048		3,675	3,497,277
Series 2018 A-1, RB	6.38%		12/01/2053		3,090	2,925,118
Series 2018 A-2, RB(h)	5.50%		12/01/2028		2,090	2,029,181
Series 2018, RB	5.50%		12/01/2028		6,375	6,125,291
						142,559,864
Hawaii–0.02%
Hawaii (State of) Department of Transportation; Series 1997, RB(b)	5.63%		11/15/2027		610	610,714
Kuakini Health System; Series 2002 A, RB	6.30%		07/01/2022		760	763,002
						1,373,716
Idaho–0.04%
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB	5.25%		11/15/2047		960	878,313
Idaho (State of) Housing & Finance Association (Compass Public Charter School, Inc.);
Series 2018 A, RB(e)	6.00%		07/01/2039		370	422,244
Series 2018 A, RB(e)	6.00%		07/01/2054		1,135	1,273,277
Series 2018 B, RB(e)	5.88%		07/01/2022		60	60,244
Nampa Local Improvement District No. 148; Series 2010, RB	6.63%		09/01/2030		84	86,608
						2,720,686
Illinois–5.61%
Carol Stream Park District; Series 2016, Ref. GO Bonds (INS - BAM)(c)	5.00%		01/01/2037		3,000	3,585,750
Caseyville (Village of), IL; Series 2004, RB(f)(g)	7.00%		12/30/2022		30,685	306,850
Chicago (City of), IL;
Series 2017, Ref. RB (INS - AGM)(c)	5.25%		11/01/2030		2,755	3,380,964
Series 2017, Ref. RB (INS - AGM)(c)	5.25%		11/01/2031		2,900	3,540,987
Series 2017, Ref. RB (INS - AGM)(c)	5.25%		11/01/2032		2,135	2,592,210
Series 2017, Ref. RB (INS - AGM)(c)	5.25%		11/01/2033		2,000	2,418,660
Series 2017, Ref. RB (INS - AGM)(c)	5.25%		11/01/2035		2,885	3,468,030
Chicago (City of), IL (Chicago Midway International Airport); Series 2014 A, Ref. RB(b)	5.00%		01/01/2033		3,000	3,303,390
Chicago (City of), IL (Chicago O’Hare International Airport);
Series 2018 B, RB	5.00%		01/01/2053		16,890	20,154,161
Series 2018, RB(b)	5.00%		07/01/2048		3,750	4,242,338
Chicago (City of), IL (Cottage View Terrace Apartments); Series 2000 A, RB (CEP - GNMA)(b)	6.13%		02/20/2042		30	30,058
Chicago (City of), IL (O’Hare International Airport);
Series 2017 D, RB(b)	5.00%		01/01/2047		2,500	2,852,375
Series 2017 D, RB(b)	5.00%		01/01/2052		5,000	5,670,000
Series 2018 A, Ref. RB(b)	5.00%		01/01/2048		24,000	28,321,920
Chicago (City of), IL Board of Education;
Series 2016 A, Ref. GO Bonds	7.00%		12/01/2044		7,000	8,380,960
Series 2016 B, GO Bonds	6.50%		12/01/2046		1,500	1,773,090
Series 2016, RB	6.00%		04/01/2046		5,700	6,660,222
Series 2018 A, Ref. GO Bonds (INS - AGM)(c)	5.00%		12/01/2023		1,850	2,069,965
Series 2018 A, Ref. GO Bonds (INS - AGM)(c)	5.00%		12/01/2024		3,500	4,034,275
Series 2018 A, Ref. GO Bonds (INS - AGM)(c)	5.00%		12/01/2025		2,500	2,955,700
Series 2018 A, Ref. GO Bonds (INS - AGM)(c)	5.00%		12/01/2026		1,725	2,083,041
Series 2018 A, Ref. GO Bonds (INS - AGM)(c)	5.00%		12/01/2027		2,100	2,587,179
Series 2018 A, Ref. GO Bonds (INS - AGM)(c)	5.00%		12/01/2029		2,000	2,492,020
Series 2018 A, Ref. GO Bonds (INS - AGM)(c)	5.00%		12/01/2032		1,250	1,529,600
Series 2018 A, Ref. GO Bonds (INS - AGM)(c)	5.00%		12/01/2035		3,000	3,630,000
Series 2018, RB	5.00%		04/01/2046		7,555	8,295,692
Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds); Series 2015 A, GO Bonds	5.00%		12/01/2044		6,870	7,748,604
Cook County School District No. 111;
Series 2016, GO Bonds (INS - AGM)(c)	4.00%		12/01/2033		1,190	1,340,916
Series 2016, GO Bonds (INS - AGM)(c)	4.00%		12/01/2035		1,000	1,121,180
Du Page (County of), IL Special Service Area No. 31; Series 2006, RB	5.63%		03/01/2036		900	901,323

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Illinois–(continued)
Franklin Park (Village of), IL; Series 2011, GO Bonds (INS - AGM)(c)	6.25%		07/01/2030	$	1,585	$       1,656,071
Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Series 2014 A, RB	5.38%		03/01/2034		2,069	1,969,476
Harvey (City of), IL;
Series 2007 A, Ref. GO Bonds(f)	5.50%		12/01/2027		6,165	4,223,025
Series 2007 A, Ref. GO Bonds(f)	5.63%		12/01/2032		1,800	1,233,000
Illinois (State of);
Series 2006, GO Bonds	5.50%		01/01/2029		5,000	5,976,550
Series 2014, GO Bonds	5.00%		02/01/2039		2,865	3,003,437
Series 2016 A, RB	4.00%		06/15/2032		5,000	5,392,850
Series 2016 C, Ref. RB (INS - BAM)(c)	4.00%		06/15/2029		5,000	5,506,300
Series 2016 C, Ref. RB	4.00%		06/15/2031		5,000	5,389,450
Series 2016 D, Ref. RB	4.00%		06/15/2030		10,625	11,585,712
Series 2017 C, GO Bonds	5.00%		11/01/2029		22,625	25,351,312
Series 2018 A, Ref. GO Bonds	5.00%		10/01/2029		6,500	7,474,220
Series 2018 A, Ref. GO Bonds	5.00%		10/01/2033		3,360	3,778,219
Series 2018 B, Ref. GO Bonds	5.00%		10/01/2030		3,000	3,429,270
Series 2019 B, GO Bonds	4.00%		11/01/2035		1,930	1,999,268
Series 2020, GO Bonds	5.50%		05/01/2039		10,000	11,694,600
Illinois (State of) Finance Authority;
Series 2006, RB(b)	6.50%		12/01/2037		9,375	8,584,594
Series 2007, RB(b)	6.10%		12/01/2041		5,275	4,637,305
Series 2012 A, RB	6.00%		10/01/2048		1,000	1,035,830
Series 2012, RB	6.50%		12/01/2032		11,625	11,488,522
Series 2017, Ref. RB	5.00%		02/15/2027		2,000	1,998,860
Series 2017, Ref. RB	5.00%		02/15/2037		7,000	6,439,020
Series 2017, Ref. RB	5.13%		05/15/2038		1,000	950,230
Series 2017, Ref. RB	5.25%		05/15/2042		3,220	3,032,950
Series 2017, Ref. RB	5.00%		08/01/2042		575	622,535
Series 2017, Ref. RB	5.13%		02/15/2045		3,120	2,761,169
Series 2017, Ref. RB	5.25%		05/15/2054		2,825	2,553,574
Illinois (State of) Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(b)	8.00%		06/01/2032		2,940	2,941,058
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); Series 2019 A, Ref. RB	5.00%		11/01/2049		2,450	2,555,987
Illinois (State of) Finance Authority (Northshore University);
Series 2020, Ref. RB	4.00%		08/15/2040		4,000	4,663,160
Series 2020, Ref. RB	4.00%		08/15/2041		1,750	2,032,713
Illinois (State of) Finance Authority (Rogers Park Montessori School);
Series 2014, Ref. RB	6.00%		02/01/2034		575	609,638
Series 2014, Ref. RB	6.13%		02/01/2045		1,310	1,377,884
Illinois (State of) Finance Authority (Rosalind Franklin University); Series 2017, Ref. RB	5.00%		08/01/2047		700	752,892
Illinois (State of) Finance Authority (Villa St. Benedict);
Series 2015, Ref. RB	6.13%		11/15/2035		3,795	4,009,455
Series 2015, Ref. RB	6.38%		11/15/2043		4,400	4,659,292
Illinois (State of) Housing Development Authority (Stonebridge of Gurnee);
Series 2016 A, RB(e)	5.45%		01/01/2046		1,640	1,585,257
Series 2016 A, RB(e)	5.60%		01/01/2056		1,775	1,747,985
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2010 B, Ref. RB (INS - AGM)(c)(i)	0.00%		06/15/2046		15,000	6,061,500
Series 2017, Ref. RB (INS - AGM)(c)(i)	0.00%		12/15/2056		22,000	6,005,780
Manhattan (Village of), IL; Series 2007, RB(f)(g)(h)	5.75%		03/01/2021		1,778	444,500
Metropolitan Pier & Exposition Authority;
Series 2010 B-1, Ref. RB (INS - AGM)(c)(i)	0.00%		06/15/2043		6,450	2,942,748
Series 2010 B-1, Ref. RB (INS - AGM)(c)(i)	0.00%		06/15/2044		10,225	4,475,278
Series 2010 B-1, Ref. RB (INS - AGM)(c)(i)	0.00%		06/15/2047		31,755	12,380,957
Series 2012 B, RB (INS - AGM)(c)(i)	0.00%		12/15/2041		5,000	2,441,450
Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2002 A, RB (INS - AGM)(c)(i)	0.00%		12/15/2040		15,000	7,667,100
Morton Grove (Village of), IL (Sawmill Station Redevelopment); Series 2019, RB	5.00%		01/01/2039		2,000	1,905,260
Mundelein (Village of), IL; Series 2019, GO Bonds (INS - AGM)(c)	4.00%		12/15/2044		4,500	5,226,480

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Illinois–(continued)
Plano (City of), IL Special Service Area No. 5 (Lakewood Springs Club); Series 2006, RB(f)(g)	6.00%		03/01/2036	$	1,781	$       1,451,515
Quad Cities Regional Economic Development Authority (Pheasant Ridge Apartments); Series 2005, RB(b)	6.38%		08/01/2040		5,155	3,621,185
Sales Tax Securitization Corp.;
Series 2018 A, Ref. RB (INS - BAM)(c)	5.00%		01/01/2038		12,830	14,945,667
Series 2018 A, Ref. RB	5.00%		01/01/2048		4,000	4,533,160
Southwestern Illinois Development Authority;
Series 2006, RB	5.63%		11/01/2026		2,795	2,237,845
Series 2008 A, Ref. RB(g)	7.00%		10/01/2022		9,150	5,307,000
Southwestern Illinois Development Authority (Eden Retirement Center, Inc.); Series 2006, RB	5.85%		12/01/2036		1,500	1,336,635
Upper Illinois River Valley Development Authority; Series 2012, RB	6.50%		12/01/2032		12,530	12,549,046
Will (County of), IL; Series 2019, GO Bonds	4.00%		11/15/2047		4,000	4,621,360
						412,328,596
Indiana–1.94%
Allen (County of), IN; Series 2019, RB	6.38%		02/01/2039		10,000	10,305,500
Anderson (City of), IN (Sweet Galilee at the Wigwam); Series 2020, RB	5.38%		01/01/2040		2,745	2,780,630
Columbus (City of), IN; Series 2019, RB	5.63%		05/01/2039		11,925	10,757,423
Evansville (City of), IN (Silver Birch of Evansville); Series 2017, RB	5.45%		01/01/2038		3,430	3,354,506
Fort Wayne (City of), IN;
Series 2017, RB	5.13%		01/01/2032		595	574,865
Series 2017, RB	5.35%		01/01/2038		3,850	3,714,865
Series 2018, RB(e)	5.63%		01/01/2038		7,000	7,118,020
Indiana (State of) Finance Authority;
Series 2011, RB	5.50%		11/15/2031		1,675	1,722,218
Series 2011, RB	5.75%		11/15/2041		2,850	2,928,803
Series 2017, Ref. RB	5.38%		07/01/2047		2,050	2,144,526
Indiana (State of) Finance Authority (Irvington Community School);
Series 2018 A, Ref. RB(e)	5.90%		07/01/2038		770	794,024
Series 2018 A, Ref. RB(e)	6.00%		07/01/2048		685	707,995
Indiana (State of) Finance Authority (Parkview Health); Series 2018 A, RB	4.00%		11/01/2048		10,000	11,224,100
Indiana (State of) Housing & Community Development Authority;
Series 2016 A, RB	5.75%		01/01/2036		6,225	6,336,427
Series 2016, RB	5.50%		01/01/2037		3,950	3,971,409
Indiana (State of) Housing & Community Development Authority (Lake Meadows Assisted Living); Series 2019 A, RB(e)	5.00%		01/01/2039		3,365	3,194,327
Kokomo (City of), IN;
Series 2017, RB	5.75%		01/01/2034		1,095	1,134,891
Series 2017, RB	5.88%		01/01/2037		4,570	4,737,079
Lafayette (City of), IN;
Series 2017, RB	5.60%		01/01/2033		1,060	1,055,251
Series 2017, RB	5.80%		01/01/2037		5,160	5,173,932
Merrillville (Town of), IN; Series 2016, RB	5.75%		04/01/2036		4,965	5,083,515
Michigan City (City of), IN; Series 2016, RB	5.15%		01/01/2037		14,565	13,529,574
Mishawaka (City of), IN;
Series 2017, RB(e)	5.10%		01/01/2032		500	489,445
Series 2017, RB(e)	5.38%		01/01/2038		5,475	5,309,546
Series 2018, RB	5.75%		10/01/2038		17,510	17,067,522
Muncie (City of), IN; Series 2016, RB	5.25%		01/01/2037		2,560	2,496,794
Plainfield (Town of), IN; Series 2018, RB	5.38%		09/01/2038		8,000	7,913,680
Terre Haute (City of), IN (Silver Birch of Terre Haute); Series 2017, RB	5.35%		01/01/2038		3,880	3,752,115
Vincennes (City of), IN; Series 2016, Ref. RB(e)	6.25%		01/01/2029		3,000	2,975,040
						142,348,022
Iowa–0.18%
Clear Lake (City of), IA (Timbercrest Apartments, LLC);
Series 2018, RB	6.00%		10/01/2043		1,405	1,435,727
Series 2018, RB	6.00%		10/01/2048		2,780	2,830,763

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Iowa–(continued)
Iowa (State of) Finance Authority;
Series 2007 B, RB	5.38%		06/01/2025	$	545	$          508,016
Series 2007, RB(f)	5.90%		12/01/2028		1,160	58,000
Series 2018, RB	5.00%		08/01/2038		750	758,753
Series 2018, RB	5.13%		08/01/2048		1,750	1,760,097
Series 2018, RB	5.25%		08/01/2055		2,500	2,514,925
Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2019, RB	2.88%		05/15/2049		1,000	1,004,310
Iowa (State of) Tobacco Settlement Authority; Series 2005 A, RB	6.50%		06/01/2023		2,605	2,607,371
						13,477,962
Kansas–0.02%
Olathe (City of), KS; Series 2006, RB(f)(g)	5.00%		03/01/2026		2,851	1,226,024
Pittsburg (City of), KS; Series 2006, RB	4.90%		04/01/2024		505	447,192
						1,673,216
Kentucky–0.25%
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); Series 2017 A, Ref. RB	5.00%		06/01/2045		1,000	1,093,490
Kentucky (Commonwealth of) Municipal Power Agency (Prairie State);
Series 2016 A, Ref. RB (INS - NATL)(c)	5.00%		09/01/2034		6,785	7,934,786
Series 2016 A, Ref. RB (INS - NATL)(c)	5.00%		09/01/2036		5,000	5,799,650
Kentucky (Commonwealth of) Property & Building Commission (Project No. 119);
Series 2018, RB (INS - BAM)(c)	5.00%		05/01/2033		900	1,125,846
Series 2018, RB (INS - BAM)(c)	5.00%		05/01/2034		800	997,624
Kuttawa (City of), KY; Series 1999, RB	6.75%		03/01/2029		1,540	1,517,578
						18,468,974
Louisiana–0.77%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority;
Series 2018 A, RB(b)(e)	5.25%		05/01/2043		1,220	1,255,929
Series 2019, RB(e)	4.40%		11/01/2044		3,385	3,391,736
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Glen Retirement System);
Series 2019 A, Ref. RB	5.00%		01/01/2049		16,535	14,415,378
Series 2019 A, Ref. RB	5.00%		01/01/2055		12,000	10,185,480
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Green Bonds); Series 2018, RB(e)	5.38%		11/01/2038		2,575	2,778,451
Louisiana Housing Corp.; Series 2009 A, RB	7.25%		09/01/2039		11,415	10,585,929
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System);
Series 2018 A, RB (INS - AGM)(c)	5.00%		10/01/2043		2,300	2,717,795
Series 2018 A, RB (INS - AGM)(c)	5.00%		10/01/2048		4,220	4,956,517
St. James (Parish of), LA (Nustar Logistics, L.P.);
Series 2010, RB(e)	6.35%		07/01/2040		5,115	6,090,686
Series 2010, RB(e)	6.35%		10/01/2040		440	523,930
						56,901,831
Maine–0.22%
Maine (State of) Finance Authority; Series 2015 R-2, RB(b)(e)(h)	4.38%		08/01/2025		2,000	2,167,540
Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center); Series 2011, RB	6.75%		07/01/2041		2,000	2,051,640
Rumford (Town of), ME; Series 2001, Ref. RB(b)	6.88%		10/01/2026		12,265	12,266,472
						16,485,652
Maryland–1.20%
Baltimore (City of), MD (Centerwest Development);
Series 2017 A, RB	5.38%		06/01/2036		1,100	1,116,456
Series 2017 A, RB	5.50%		06/01/2043		1,360	1,383,297

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Maryland–(continued)
Baltimore (City of), MD (Convention Center Hotel);
Series 2017, Ref. RB	5.00%		09/01/2027	$	2,780	$       2,517,818
Series 2017, Ref. RB	5.00%		09/01/2028		4,350	3,924,135
Series 2017, Ref. RB	5.00%		09/01/2029		3,630	3,266,347
Series 2017, Ref. RB	5.00%		09/01/2031		1,210	1,085,213
Series 2017, Ref. RB	5.00%		09/01/2033		1,000	894,610
Series 2017, Ref. RB	5.00%		09/01/2034		1,105	987,969
Series 2017, Ref. RB	5.00%		09/01/2035		2,250	2,009,632
Series 2017, Ref. RB	5.00%		09/01/2036		3,525	3,144,406
County of Baltimore MD; Series 2018, GO Bonds(j)	4.00%		03/01/2040		9,525	11,144,917
Maryland Economic Development Corp. (AFCO Airport Real Estate Group);
Series 2019, RB(b)	4.00%		07/01/2039		1,000	1,104,750
Series 2019, RB(b)	4.00%		07/01/2044		500	540,725
Maryland Stadium Authority; Series 2018, RB(g)(j)(k)	18.42%		05/01/2047		45,950	55,062,804
						88,183,079
Massachusetts–0.73%
Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Programs); Series 2019 A, RB	5.00%		06/01/2049		1,000	1,266,620
Massachusetts (Commonwealth of) Development Finance Agency;
Series 2011 B, RB(i)	0.00%		11/15/2056		1,400	209,524
Series 2011, RB	6.00%		07/01/2041		6,955	7,053,970
Series 2018, RB(e)	5.13%		11/15/2046		4,565	4,584,355
Massachusetts (Commonwealth of) Health & Educational Facilities Authority; Series 2007 E, RB(k)	5.00%		07/15/2032		9,820	9,839,738
Massachusetts (Commonwealth of) Port Authority;
Series 2019 A, Ref. RB(b)	5.00%		07/01/2038		5,000	6,207,600
Series 2019 A, Ref. RB(b)	5.00%		07/01/2039		6,000	7,427,940
Series 2019 A, Ref. RB(b)	5.00%		07/01/2040		4,000	4,938,760
Town of Saugus MA;
Series 2018, GO Bonds(j)	4.00%		03/01/2039		2,240	2,611,840
Series 2018, GO Bonds(j)	4.00%		03/01/2040		2,500	2,907,900
Series 2018, GO Bonds(j)	4.00%		03/01/2041		2,670	3,097,520
Series 2018, GO Bonds(j)	4.00%		03/01/2042		2,750	3,182,355
						53,328,122
Michigan–3.64%
Academy of Warren; Series 2020 A, Ref. RB(e)	5.50%		05/01/2050		1,000	1,007,680
Advanced Technology Academy;
Series 2019, Ref. RB	5.00%		11/01/2034		400	420,380
Series 2019, Ref. RB	5.00%		11/01/2044		1,175	1,199,170
American Montessori Academy; Series 2017, RB	7.00%		12/01/2046		1,580	1,674,421
Charyl Stockwell Academy;
Series 2015, Ref. RB	5.50%		10/01/2035		2,740	2,698,516
Series 2015, Ref. RB	5.75%		10/01/2045		4,140	4,168,152
Detroit (City of), MI;
Series 2003, GO Bonds (INS - SGI)(c)	5.25%		04/01/2021		343	342,738
Series 2003, GO Bonds (INS - SGI)(c)	5.25%		04/01/2023		15	15,506
Series 2004, GO Bonds (INS - AMBAC)(c)	5.00%		04/01/2021		907	907,022
Series 2004, GO Bonds (INS - AMBAC)(c)	5.25%		04/01/2022		206	206,249
Detroit (City of), MI Downtown Development Authority; Series 2018 A, Ref. RB (INS - AGM)(c)	5.00%		07/01/2048		13,450	15,057,409
Detroit (City of), MI Local Development Finance Authority;
Series 1997 B, RB	6.70%		05/01/2021		810	811,701
Series 1997 C, RB	6.85%		05/01/2021		365	365,810
Detroit City School District; Series 2013, GO Bonds (INS - AGM)(c)(e)(j)	5.25%		12/01/2035		10,100	21,119,605
Detroit Downtown Development Authority; Series 2018 A, Ref. RB (INS - AGM)(c)	5.00%		07/01/2043		1,550	1,737,085

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Michigan–(continued)
Grand Rapids (City of), MI Economic Development Corp. (Clark Retirement Community, Inc.);
Series 2019 A, Ref. RB	5.50%		04/01/2039	$	4,365	$       3,897,814
Series 2019 A, Ref. RB	5.75%		04/01/2049		20,310	17,774,093
Series 2019 A, Ref. RB	5.75%		04/01/2054		12,000	10,217,880
Series 2019 B, RB	6.00%		04/01/2027		5,420	5,329,161
Series 2019 C-2, RB	3.50%		04/01/2023		3,340	3,226,273
Haslett Public Schools; Series 2018, GO Bonds	5.00%		05/01/2048		3,150	3,819,155
Michigan (State of) Finance Authority;
Series 2005 A, RB	6.00%		12/01/2035		1,400	1,400,378
Series 2007, RB	6.50%		12/01/2037		595	595,589
Series 2008 C, RB(i)	0.00%		06/01/2058		1,600,000	78,880,000
Series 2010 A, RB	5.90%		12/01/2030		1,400	1,402,646
Series 2014, Ref. RB(e)	6.75%		07/01/2044		22,320	22,882,910
Series 2015 B, Ref. RB	5.00%		05/15/2034		1,215	1,392,026
Series 2017, Ref. RB	5.25%		02/01/2032		3,000	3,147,870
Series 2018, Ref. RB	5.75%		11/01/2040		2,000	2,174,840
Series 2019 A, RB	4.00%		11/15/2050		15,000	16,895,100
Michigan (State of) Finance Authority (Henry Ford Health System); Series 2016, Ref. RB	5.00%		11/15/2041		200	233,896
Michigan (State of) State Housing Development Authority;
Series 2019 A, RB	4.00%		12/01/2044		5,000	5,438,650
Series 2019 A, RB	4.00%		06/01/2049		2,500	2,706,525
Michigan State University Board of Trustees;
Series 2019 B, RB	5.00%		02/15/2044		3,820	4,762,929
Series 2019 B, RB	5.00%		02/15/2048		5,350	6,627,901
Pontiac (City of), MI Arts & Technology Academy; Series 2016, Ref. RB	6.00%		11/01/2046		3,465	3,437,557
Summit Academy North;
Series 2016, Ref. RB	5.00%		11/01/2031		3,500	3,557,435
Series 2016, Ref. RB	5.00%		11/01/2035		2,800	2,834,804
Wayne (County of), MI; Series 1999, RB(b)	6.00%		12/01/2029		13,445	13,464,092
						267,830,968
Minnesota–0.69%
Bethel (City of), MN;
Series 2018, RB	5.00%		06/01/2053		600	603,480
Series 2018, RB	5.25%		06/01/2058		1,625	1,648,010
Series 2019, RB	5.00%		05/01/2054		2,610	2,671,831
Bethel (City of), MN (Benedictine Health System - St. Peter Communities); Series 2018 A, Ref. RB	5.50%		12/01/2048		3,330	3,200,629
Brooklyn Center (City of), MN;
Series 2016 A, RB	5.50%		11/01/2035		6,895	6,329,058
Series 2016 B, RB	6.50%		11/01/2035		3,100	2,875,250
Dakota (County of), MN Community Development Agency; Series 2015, RB	6.00%		08/01/2035		5,735	5,893,229
Duluth (City of), MN Economic Development Authority;
Series 2018, RB	5.45%		12/01/2046		380	373,198
Series 2018, RB	5.63%		12/01/2055		1,000	993,070
International Falls (City of), MN; Series 1999, Ref. RB(b)	6.85%		12/01/2029		6,570	6,569,474
Minneapolis (City of), MN;
Series 2017 A, RB(e)	6.25%		07/01/2037		1,075	1,190,487
Series 2017 A, RB(e)	6.50%		07/01/2048		4,740	5,230,258
Series 2018, RB(e)	5.00%		08/01/2053		500	505,330
Minneapolis (City of), MN (Kipp North Star); Series 2020 A, RB	5.75%		07/01/2055		3,000	3,267,690
Red Wing (City of), MN; Series 2018 A, RB	5.00%		08/01/2053		515	466,616
St. Paul (City of), MN Housing & Redevelopment Authority;
Series 2004, RB	6.25%		03/01/2029		1,832	1,574,183
Series 2006, RB	5.63%		10/01/2033		1,392	1,396,225
Series 2017 A, RB(e)	5.50%		07/01/2052		1,075	1,146,004
Series 2019, RB	5.00%		07/01/2049		1,000	1,080,090
Series 2019, RB	5.00%		07/01/2055		1,000	1,072,960

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Minnesota–(continued)
St. Paul (City of), MN Housing & Redevelopment Authority (Hmong Academy); Series 2012 A, RB	5.50%		09/01/2043	$	2,305	$       2,331,162
						50,418,234
Mississippi–0.46%
Mississippi (State of) Development Bank (Jackson Convention Center); Series 2013 A, Ref. RB (INS - BAM)(c)	5.00%		03/01/2036		10,000	13,460,800
Mississippi State University Educational Building Corp.; Series 2017, Ref. RB(j)	4.00%		08/01/2043		13,015	14,716,841
Ridgeland (City of), MS (Colony Park);
Series 2009, RB	5.25%		10/01/2027		1,395	1,400,650
Series 2009, RB	5.38%		10/01/2028		1,755	1,762,283
Stonebridge Public Improvement District; Series 2007, RB(f)	7.50%		10/01/2042		16,410	1,312,800
Tunica (County of), MS; Series 2019, Ref. RB	6.00%		10/01/2040		1,385	1,365,222
						34,018,596
Missouri–0.91%
Branson (City of), MO Commerce Park Community Improvement District; Series 2007 A, RB(f)	5.75%		06/01/2026		4,900	1,078,000
Branson (City of), MO Industrial Development Authority;
Series 2005 A, RB(g)	7.05%		05/01/2027		11,600	7,943,216
Series 2005, RB	5.25%		06/01/2021		40	39,923
Series 2005, RB	5.50%		06/01/2029		2,970	2,893,374
Series 2007 A, RB(g)	5.75%		05/01/2026		2,185	1,524,933
Broadway-Fairview Transportation Development District; Series 2006 A, RB(g)(l)	6.13%		12/01/2036		570	370,500
Chesterfield Valley Transportation Development District; Series 2018, RB(d)	5.50%		05/15/2046		5,000	2,671,200
Chillicothe (City of), MO (South U.S. 65);
Series 2006, RB(g)	5.50%		04/01/2021		285	272,161
Series 2006, RB(g)	5.63%		04/01/2027		3,100	2,635,155
Dardenne Town Square Transportation Development District;
Series 2006 A, RB(g)(l)	5.00%		05/01/2026		3,020	966,400
Series 2006 A, RB(g)(l)	5.00%		05/01/2036		3,825	1,224,000
Grindstone Plaza Transportation Development District;
Series 2006 A, RB	5.25%		10/01/2021		140	137,556
Series 2006 A, RB	5.40%		10/01/2026		400	365,932
Series 2006 A, RB	5.55%		10/01/2036		115	91,899
I-470 Western Gateway Transportation Development District; Series 2019 A, RB(e)	5.25%		12/01/2048		4,900	4,980,409
Kansas City (City of), MO Industrial Development Authority;
Series 2004 A, RB(b)	6.75%		07/01/2036		1,059	1,022,983
Series 2019, RB(e)	5.00%		07/01/2040		5,835	5,501,588
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport); Series 2019 B, RB (INS - AGM)(b)(c)	5.00%		03/01/2049		5,000	5,998,000
Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2016 A, Ref. RB(e)	5.00%		04/01/2046		1,890	1,823,831
Lee’s Summit (City of), MO Industrial Development Authority;
Series 2007, RB(f)(g)	5.50%		03/01/2021		1,200	744,000
Series 2007, RB(f)(g)	5.75%		03/01/2029		750	465,000
Series 2012, RB	6.00%		05/01/2042		2,800	2,799,832
Move Rolla Transportation Development District; Series 2017, RB	4.63%		06/01/2042		2,095	2,258,368
Northwoods Transportation Development District; Series 2006 A, RB	5.85%		02/01/2031		678	584,850
Rock Hill (City of), MO Industrial Development Authority (Market at McKnight Redevelopment); Series 2015 A, RB	4.50%		11/01/2028		795	756,784
St Louis (County of), MO; Series 2007 A, RB(g)	5.50%		09/02/2028		1,108	498,600
St. Charles (County of), MO Industrial Development Authority (Suemandy/Mid-Rivers Community Improvement District); Series 2016, RB(e)	5.00%		10/01/2046		2,750	2,626,525
St. Louis (City of), MO;
Series 2007, RB(g)(l)	6.30%		04/01/2027		3,043	699,890
Series 2007, RB(g)	5.50%		05/29/2028		2,031	807,742
St. Louis (City of), MO Industrial Development Authority; Series 2010 A, RB(f)(g)	8.00%		04/27/2033		4,580	137,400
St. Louis (City of), MO Land Clearance for Redevelopment Authority;
Series 2018 A, RB	5.00%		04/01/2038		4,000	4,461,320
Series 2018 B, RB	6.38%		04/01/2043		2,000	1,954,440

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Missouri–(continued)
St. Louis (County of), MO;
Series 2006, RB(g)(l)	6.00%		08/21/2026	$	4,102	$       1,220,860
Series 2007 A, RB(g)	5.50%		01/20/2028		2,285	1,142,500
Series 2007 B, RB(g)(l)	5.50%		01/20/2028		1,510	362,400
St. Louis (County of), MO Industrial Development Authority; Series 2019 A, Ref. RB(e)	5.88%		03/01/2033		3,100	3,131,620
Stone Canyon Community Improvement District;
Series 2007, RB(f)(g)	5.70%		04/01/2022		1,865	484,900
Series 2007, RB(f)(g)	5.75%		04/01/2027		975	253,500
						66,931,591
Montana–0.01%
Hardin (City of), MT; Series 2006, RB(g)(l)	6.25%		09/01/2031		5,935	415,450
Nevada–0.95%
Clark (County of) (Stadium Improvement Bonds); Series 2018 A, GO Bonds	5.00%		05/01/2048		17,500	21,198,800
Clark (County of), NV;
Series 2007 A, RB	5.00%		02/01/2026		975	982,205
Series 2007 A, RB	5.05%		02/01/2031		750	754,463
Series 2018 A, GO Bonds	5.00%		06/01/2043		7,160	8,727,324
County of Clark NV; Series 2018 A, GO Bonds(j)	5.00%		05/01/2048		27,500	33,312,400
Las Vegas (City of), NV Special Improvement District No. 815; Series 2020, RB	5.00%		12/01/2049		1,000	1,058,110
Mesquite (City of), NV; Series 2005, RB	5.50%		08/01/2025		255	257,420
Reno (City of), NV (ReTRAC - Reno Transportation Rail Access Corridor); Series 2018 C, Ref. RB(e)(i)	0.00%		07/01/2058		27,500	3,752,650
						70,043,372
New Hampshire–0.40%
New Hampshire (State of) Business Finance Authority;
Series 2019 A, RB(e)	5.25%		07/01/2039		1,400	1,423,254
Series 2019 A, RB(e)	5.63%		07/01/2046		770	791,267
Series 2019 A, RB(e)	5.75%		07/01/2054		2,680	2,761,445
New Hampshire (State of) Health & Education Facilities Authority (Rivermead); Series 2011 A, RB	6.88%		07/01/2041		1,825	1,853,817
New Hampshire (State of) Health and Education Facilities Authority (Hillside Village);
Series 2017 A, RB (Acquired 06/14/2017-02/13/2020; Cost $1,175,134)(e)	5.25%		07/01/2027		1,100	990,506
Series 2017 A, RB (Acquired 06/12/2017; Cost $1,725,000)(e)	6.13%		07/01/2037		1,725	1,461,127
Series 2017 A, RB (Acquired 06/12/2017; Cost $865,000)(e)	6.25%		07/01/2042		865	713,737
Series 2017 A, RB (Acquired 06/12/2017-04/28/2020; Cost $12,692,763)(e)	6.13%		07/01/2052		14,375	11,105,550
New Hampshire Business Finance Authority; Series 2020-1, Class A	4.13%		01/20/2034		7,451	8,055,510
						29,156,213
New Jersey–1.86%
New Jersey (State of) Economic Development Authority;
Series 2014 A, RB(e)	6.00%		10/01/2034		565	597,544
Series 2014 A, RB(e)	6.20%		10/01/2044		750	788,460
Series 2016 AAA, RB	5.00%		06/15/2041		5,000	5,625,600
Series 2017 A, RB	5.00%		07/01/2047		650	580,437
Series 2017 A, RB(e)	5.38%		07/01/2047		1,865	1,904,911
Series 2017 A, Ref. RB(e)	5.13%		09/01/2052		2,055	2,112,725
Series 2017, RB	5.00%		07/15/2047		1,875	2,068,425
Series 2018 A, RB(e)	5.75%		09/01/2050		2,630	2,586,684
Series 2018 A, RB(e)	5.38%		10/01/2050		5,000	5,187,100
Series 2018 A, RB(e)	6.50%		11/01/2052		690	784,371
Series 2018 B, RB(e)	5.50%		10/01/2020		80	80,050
Series 2019 B, RB(e)	5.75%		10/01/2026		765	741,453
New Jersey (State of) Economic Development Authority (Black Horse EHT Urban Renewal LLC); Series 2019 A, RB(e)	5.00%		10/01/2039		6,000	5,771,340
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 2000 B, RB(b)	5.63%		11/15/2030		8,550	8,878,491
Series 2012, RB(b)	5.75%		09/15/2027		925	915,963

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
New Jersey–(continued)
New Jersey (State of) Economic Development Authority (Leap Academy); Series 2014 A, RB(e)		6.30%		10/01/2049	$	500	$        526,525
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB		5.13%		06/15/2037		3,205	3,935,804
New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology, Inc.); Series 2012 A, RB		6.10%		07/01/2044		1,000	1,032,360
New Jersey (State of) Economic Development Authority (State House); Series 2017 B, RB		5.00%		06/15/2035		2,050	2,400,817
New Jersey (State of) Educational Facilities Authority (College of St. Elizabeth (The)); Series 2016 D, Ref. RB		5.00%		07/01/2046		5,000	5,002,150
New Jersey (State of) Health Care Facilities Financing Authority; Series 2018, RB (Acquired 09/14/2018; Cost $5,000,000)(e)		5.75%		10/01/2038		5,000	4,549,900
New Jersey (State of) Transportation Trust Fund Authority;
Series 2008 A, RB (INS - BAM)(c)(i)		0.00%		12/15/2037		10,000	5,855,900
Series 2018 A, Ref. RN		5.00%		06/15/2031		3,300	3,795,759
Newark (City of), NJ; Series 2015 A, GO Bonds		5.00%		07/15/2029		3,583	4,046,103
Tobacco Settlement Financing Corp.;
Series 2018 A, Ref. RB		5.00%		06/01/2046		18,650	21,771,637
Series 2018 B, Ref. RB		5.00%		06/01/2046		39,350	44,607,160
Weehawken (Town of), NJ;
Series 2010 A, GO Bonds		6.00%		08/01/2021		210	210,638
Series 2010 A, GO Bonds		6.00%		08/01/2022		210	210,638
							136,568,945
New Mexico–0.05%
Boulders Public Improvement District; Series 2015, RB		5.75%		10/01/2044		615	621,704
Mariposa East Public Improvement District;
Series 2015 A, RB		5.90%		09/01/2032		60	59,796
Series 2015 B, RB		5.90%		09/01/2032		390	388,674
Series 2015 C, RB		5.90%		09/01/2032		480	468,331
Series 2015 D, RB(i)		0.00%		03/01/2032		400	184,000
Trails Public Improvement District; Series 2008, RB		7.75%		10/01/2038		1,775	1,727,838
							3,450,343
New York–18.13%
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB(b)(e)		5.50%		12/31/2040		9,655	10,140,936
Erie Tobacco Asset Securitization Corp.; Series 2005 D, RB(i)		0.00%		06/01/2055		17,700	1,268,913
Essex (County of), NY Industrial Development Agency; Series 2017, RB(b)		6.25%		06/01/2047		4,185	3,766,835
Guilderland (Town of), NY Industrial Development Agency; Series 2017 A, RB(e)(f)		5.88%		01/01/2052		5,400	4,050,000
Long Island (City of), NY Power Authority; Series 2017, RB		5.00%		09/01/2042		5,000	6,069,800
Metropolitan Transportation Authority;
Series 2013 D, RB(h)(k)		5.25%		11/15/2023		1,800	2,090,052
Series 2017 D, Ref. RB		4.00%		11/15/2042		4,680	4,740,700
Series 2017, RB(j)		5.25%		11/15/2057		10,000	11,808,900
Metropolitan Transportation Authority (Green Bonds);
Series 2016 A1, RB		5.25%		11/15/2056		5,005	5,405,450
Series 2016 B-1, RB		5.00%		11/15/2051		10,470	11,953,599
Series 2017 B-1, RB		5.00%		11/15/2042		3,000	3,521,910
Series 2020 A-1, RB		4.00%		11/15/2045		13,000	13,128,570
Series 2020 A-1, RB		5.00%		11/15/2049		22,270	24,619,485
Series 2020 A-1, RB		4.00%		11/15/2051		12,000	12,054,000
Series 2020 C-1, RB		4.75%		11/15/2045		27,000	29,412,990
Series 2020 C-1, RB		5.00%		11/15/2050		30,115	33,267,137
Monroe County Industrial Development Corp. (St. John Fisher College); Series 2011, RB		6.00%		06/01/2030		1,000	1,028,400
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside);
Series 2014 A, RB		5.88%		01/01/2023		100	88,420
Series 2014 A, RB		6.50%		01/01/2032		923	780,933
Series 2014 A, RB		6.70%		01/01/2049		7,842	5,839,532
Series 2014 C, RB(f)		2.00%		01/01/2049		2,937	293,741

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
New York–(continued)
New York & New Jersey (States of) Port Authority;
Series 2020 221, RB(b)		4.00%		07/15/2050	$	7,550	$        8,423,610
Series 2020 221, RB(b)		4.00%		07/15/2055		10,000	11,138,700
Series 2020 221, RB(b)		4.00%		07/15/2060		17,975	19,937,510
Series 2020 222, Ref. RB		4.00%		07/15/2037		2,000	2,379,820
Series 2020 222, Ref. RB		4.00%		07/15/2038		2,250	2,668,073
Series 2020 222, Ref. RB		4.00%		07/15/2039		2,250	2,659,523
Series 2020, Ref. RB		4.00%		07/15/2040		2,000	2,356,920
New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC);
Series 1997 6, RB (INS - NATL)(b)(c)		5.75%		12/01/2025		200	202,688
Series 2010 8, RB		6.00%		12/01/2036		1,955	1,978,910
Series 2010, RB		6.00%		12/01/2042		12,960	13,118,501
New York (City of), NY;
Series 2018 D-1, GO Bonds		5.00%		12/01/2041		9,850	12,098,755
Series 2018 F-1, GO Bonds		5.00%		04/01/2039		1,975	2,409,796
Series 2019 B-1, GO Bonds		5.00%		10/01/2042		5,000	6,215,550
Series 2020 D-1, GO Bonds		4.00%		03/01/2050		32,725	37,520,521
New York (City of), NY Industrial Development Agency; Series 1997, RB(b)(k)		6.20%		10/01/2022		8,670	9,337,243
New York (City of), NY Transitional Finance Authority;
Series 2018 A-1, RB		5.00%		08/01/2040		2,450	3,021,781
Series 2018 S-4A, Ref. RB		4.00%		07/15/2037		5,000	5,794,800
Series 2019 A-3, RB		4.00%		05/01/2042		9,420	10,783,922
New York (State of) Dormitory Authority;
Series 2015 A, Ref. RB		5.00%		07/01/2048		6,705	7,880,051
Series 2018 C, Ref. RB		5.00%		03/15/2040		10,000	12,311,800
Series 2018 E, Ref. RB		5.00%		03/15/2037		6,500	8,161,595
Series 2018 E, Ref. RB		5.00%		03/15/2042		5,000	6,194,500
Series 2018 XF0685, Revenue Ctfs.(j)		5.00%		03/15/2040		15,000	18,467,700
Series 2019 A, Ref. RB		5.00%		03/15/2045		10,000	12,263,400
Series 2020 D, Ref. RB		4.00%		02/15/2047		5,000	5,781,000
New York (State of) Thruway Authority; Series 2019 B, RB		4.00%		01/01/2045		20,000	22,972,400
New York City (City of), NY Transitional Finance Authority; Series 2017 A-2, RB		5.00%		08/01/2039		9,500	11,527,015
New York City Transitional Finance Authority; Series 2020 C-1, RB		4.00%		05/01/2045		14,600	16,919,064
New York City Transitional Finance Authority Building Aid Revenue; Series 2018 S-3, Ref. RB(j)		5.00%		07/15/2035		25,000	31,157,250
New York City Transitional Finance Authority Future Tax Secured Revenue;
Series 2017 A-3, RB(j)		5.00%		08/01/2041		53,425	64,479,167
Series 2017 B-1, RB(j)		4.00%		08/01/2041		15,000	16,653,450
Series 2017 F-1, RB(j)		5.00%		05/01/2042		75,000	89,858,250
Series 2018 B-1, RB(j)		5.00%		08/01/2045		20,140	24,140,610
Series 2018 C-3, RB(j)		5.00%		05/01/2041		16,810	20,573,927
Series 2018, RB(j)		5.00%		08/01/2042		13,000	15,951,780
New York Counties Tobacco Trust V; Series 2005 S4B, RB(i)		0.00%		06/01/2060		234,000	6,912,360
New York Liberty Development Corp. (4 World Trade Center); Series 2011, Ref. RB		5.75%		11/15/2051		21,750	22,946,032
New York Power Authority;
Series 2002 A, RB		4.00%		11/15/2045		17,500	20,855,100
Series 2020 A, Ref. RB(j)		4.00%		11/15/2050		30,000	35,463,300
New York State Dormitory Authority;
Series 2017 A, RB(j)		5.00%		03/15/2044		15,000	17,971,200
Series 2018 A, RB(j)		5.00%		03/15/2039		13,270	16,376,640
Series 2018 C, Ref. RB(j)		5.00%		03/15/2037		25,000	31,016,500
Series 2018 C, Ref. RB(j)		5.00%		03/15/2041		31,720	38,951,843
Series 2018 E, Ref. RB(j)		5.00%		03/15/2041		10,000	12,420,800
New York State Environmental Facilities Corp.; Series 2018 B, RB		5.00%		06/15/2048		8,320	10,391,264

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
New York–(continued)
New York State Urban Development Corp.;
Series 2017 C-3, Ref. RB		5.00%		03/15/2041	$	5,750	$        6,966,470
Series 2020 A, RB		5.00%		03/15/2041		5,450	6,977,472
Series 2020 A, RB		5.00%		03/15/2042		1,575	2,005,290
Series 2020 A, RB		4.00%		03/15/2045		13,165	15,351,838
Series 2020 A, RB		4.00%		03/15/2049		16,700	19,375,340
Series 2020 C, Ref. RB		5.00%		03/15/2038		19,000	24,599,870
Series 2020 C, Ref. RB		5.00%		03/15/2047		13,000	16,456,310
Series 2020 C, Ref. RB		5.00%		03/15/2050		50,500	63,711,305
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport);
Series 2016, Ref. RB(b)		5.00%		08/01/2021		3,000	3,012,090
Series 2020, Ref. RB(b)		5.25%		08/01/2031		16,095	16,676,351
Series 2020, Ref. RB(b)		5.38%		08/01/2036		9,800	10,166,128
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB(b)		5.00%		08/01/2026		41,500	41,663,510
Series 2016, Ref. RB(b)		5.00%		08/01/2031		37,720	37,686,806
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment);
Series 2016 A, RB(b)		4.00%		07/01/2031		2,525	2,638,777
Series 2016 A, RB(b)		5.00%		07/01/2034		2,500	2,727,575
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016 A, RB(b)		5.00%		07/01/2046		2,500	2,680,900
Port Authority of New York & New Jersey;
Series 2017 206, Ref. RB(b)(j)		5.00%		11/15/2042		2,000	2,365,860
Series 2017, Ref. RB(b)(j)		18.22%		11/15/2047		19,725	23,181,017
Series 2017, Ref. RB(j)		5.00%		04/15/2057		11,050	13,005,408
Series 2017, Ref. RB(j)		5.00%		05/15/2057		13,000	15,488,070
Series 2019, RB(b)(j)		5.00%		11/01/2049		50,045	60,633,521
Suffolk Tobacco Asset Securitization Corp.; Series 2008 B, RB		6.00%		06/01/2048		8,385	8,394,727
Yonkers Economic Development Corp. (Charter School Education Excellence); Series 2019 A, RB		5.00%		10/15/2054		465	483,623
							1,332,223,182
North Carolina–0.40%
Charlotte (City of), NC;
Series 2019 B, Ref. COP		4.00%		06/01/2038		1,000	1,178,300
Series 2019 B, Ref. COP		4.00%		06/01/2039		750	877,837
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group); Series 2019, RB		4.00%		11/01/2052		16,500	18,671,400
North Carolina (State of) Medical Care Commission (WhiteStone); Series 2011 A, RB(h)(k)		7.75%		03/01/2021		1,650	1,708,740
North Carolina (State of) Turnpike Authority; Series 2018, Ref. RB (INS - AGM)(c)		5.00%		01/01/2038		5,375	6,666,344
							29,102,621
North Dakota–0.10%
Grand Forks (County of), ND (Red River Biorefinery LLC) (Green Bonds); Series 2020, Ref. RB(b)		6.38%		12/15/2043		8,925	7,550,818
Northern Mariana Islands–0.31%
Northern Mariana Islands (Commonwealth of); Series 2007 B, Ref. GO Bonds		5.00%		10/01/2033		25,025	22,487,715
Ohio–6.53%
Buckeye Tobacco Settlement Financing Authority;
Series 2020 A-2, Ref. RB		4.00%		06/01/2048		4,000	4,424,840
Series 2020 B-2, Ref. RB		5.00%		06/01/2055		232,000	255,200,000
Series 2020 B-3, Ref. RB(i)		0.00%		06/01/2057		239,895	34,861,541
Butler (County of), NY Port Authority; Series 2013, Ref. RB		7.00%		07/01/2043		5,645	5,899,646
Cleveland (City of) & Cuyahoga (County of), OH Port Authority;
Series 2018, Ref. RB		5.25%		12/01/2038		815	860,689
Series 2018, Ref. RB		5.50%		12/01/2043		735	775,785
Series 2018, Ref. RB		5.50%		12/01/2053		2,900	3,010,664
Columbus (City of) & Franklin (County of), OH Finance Authority; Series 2007 A, RB		6.00%		05/15/2035		205	205,615

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate		Maturity Date		Principal   Amount (000)			Value
Ohio–(continued)
Cuyahoga (County of), OH (Metrohealth System);
Series 2017, Ref. RB		5.50%		02/15/2052	$	14,550		$        16,868,397
Series 2017, Ref. RB		5.50%		02/15/2057		4,900		5,654,061
Darke (County of), OH (Wayne Healthcare);
Series 2019 A, RB		4.00%		09/01/2040		1,000		1,049,890
Series 2019 A, RB		4.00%		09/01/2045		1,750		1,833,598
FirstEnergy Solutions Corp.;
Class A3(g)		3.75%		12/01/2023		7,750		1,129,324
Class B5(g)		3.10%		03/01/2023		2,000		307,192
Gallia (County of), OH (Holzer Health System Obligated Group); Series 2012, Ref. RB		8.00%		07/01/2042		34,850		38,070,488
Greater Cincinnati (Port of), OH Development Authority;
Series 2004, RB		6.30%		02/15/2024		1,005		963,835
Series 2004, RB		6.40%		02/15/2034		2,500		2,166,525
Hickory Chase Community Authority; Series 2019, Ref. RB(e)		5.00%		12/01/2040		1,880		1,908,350
JPMorgan Chase Putters/Drivers Trust; Series 2011, RB(e)(j)		5.25%		12/01/2035		10,000		10,398,700
Lake (County of), OH; Series 2008 C, Ref. RB		5.75%		08/15/2038		20		20,061
Lorain (County of), OH Port Authority; Series 2005 A, RB(b)		6.00%		11/15/2025		245		245,238
Marion (County of), OH (United Church Homes, Inc.);
Series 2019, Ref. RB		5.00%		12/01/2039		1,150		1,189,503
Series 2019, Ref. RB		5.13%		12/01/2049		3,000		3,067,410
Norwood (City of), OH; Series 2017, RB		6.00%		12/01/2046		1,080		1,083,445
Ohio (State of) Air Quality Development Authority; Series 2019, RB(b)(e)		5.00%		07/01/2049		10,000		10,206,900
Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.); Series 2009 D, Ref. PCR(f)(h)		4.25%		09/15/2021		10,795		10,875,963
Ohio (State of) Higher Educational Facility Commission;
Series 2015, Ref. RB		6.00%		10/01/2041		23,700		25,109,913
Series 2018, Ref. RB		5.25%		01/01/2048		5,750		5,230,833
Series 2019, RB		5.00%		11/01/2044		10,960		13,748,005
Ohio (State of) Housing Finance Agency (Sanctuary at Springboro); Series 2017, RB(e)		5.45%		01/01/2038		5,400	��	5,408,154
Southeastern Ohio Port Authority (Memorial Health System); Series 2012, Ref. RB		5.75%		12/01/2032		4,100		4,312,954
Toledo (City of) & Lucas (County of), OH Port Authority; Series 2007 A, RB		5.40%		11/01/2036		1,388		1,208,854
Warren (County of), OH Port Authority;
Series 2019 D, RB(e)		4.00%		12/01/2039		2,305		2,394,157
Series 2019 D, RB(e)		5.00%		12/01/2052		3,670		4,067,021
Series 2019, RB(e)		5.25%		12/01/2052		6,105		5,804,512
								479,562,063
Oklahoma–0.34%
Atoka (County of), OK Health Care Authority (Atoka Memorial Hospital); Series 2007, RB		6.63%		10/01/2037		4,800		3,840,000
Oklahoma (State of) Ordnance Works Authority (Ralston Purina Co.); Series 1996, Ref. PCR(b)		6.50%		09/01/2026		100		100,443
Tulsa (City of), OK Municipal Airport Trust (American Airlines Group, Inc.); Series 2015, Ref. RB(b)(h)		5.00%		06/01/2025		20,660		20,849,452
								24,789,895
Oregon–0.10%
Clackamas (County of), OR Hospital Facility Authority (Rose Villa);
Series 2020 A, Ref. RB		5.25%		11/15/2050		1,000		1,060,790
Series 2020 A, Ref. RB		5.38%		11/15/2055		1,000		1,065,120
Oregon (State of) Facilities Authority;
Series 2010 A, RB(e)(h)(k)		6.13%		09/01/2020		655		655,000
Series 2015 A, RB(e)		5.75%		06/15/2046		1,740		1,801,526
Series 2016 A, RB		5.25%		06/15/2051		2,625		2,651,303
								7,233,739
Pennsylvania–1.57%
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB		5.00%		04/01/2047		17,800		21,091,220
Allegheny (County of), PA Industrial Development Authority (United States Steel Corp.); Series 2011, Ref. RB		6.55%		12/01/2027		2,115		2,031,098

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

29                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Pennsylvania–(continued)
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center); Series 2018, RB(e)		5.38%		05/01/2042	$	8,000	$        8,391,040
Allentown Neighborhood Improvement Zone Development Authority (City Center); Series 2018, RB(e)		5.00%		05/01/2033		1,000	1,065,620
Chester (County of), PA Industrial Development Authority;
Series 2016, RB		5.25%		01/01/2037		1,710	1,592,660
Series 2016, RB		5.50%		01/01/2052		11,080	10,069,282
Series 2018, RB(e)		5.00%		03/01/2038		525	531,877
Series 2018, RB(e)		5.13%		03/01/2048		1,049	1,055,808
Crawford (County of), PA Hospital Authority;
Series 2016 A, Ref. RB		6.00%		06/01/2046		2,750	2,996,675
Series 2016 A, Ref. RB		6.00%		06/01/2051		3,215	3,492,551
General Authority of Southcentral Pennsylvania (WellSpan Health Obligated Group); Series 2019 A, Ref. RB		5.00%		06/01/2049		7,500	9,172,050
Lancaster (City of), PA;
Series 2018, GO Bonds (INS - BAM)(c)		4.00%		11/01/2040		5	5,705
Series 2018, GO Bonds (INS - BAM)(c)		4.00%		11/01/2043		4,775	5,411,985
Montgomery (County of), PA Higher Education & Health Authority;
Series 2017, Ref. RB		5.00%		12/01/2032		1,260	1,137,478
Series 2017, Ref. RB		5.25%		12/01/2037		1,705	1,511,585
Series 2017, Ref. RB		5.30%		12/01/2038		500	441,235
Series 2017, Ref. RB		5.38%		12/01/2047		3,140	2,694,873
Northampton (County of), PA Industrial Development Authority;
Series 2013 A, RB(g)(l)		5.00%		12/31/2023		8,239	2,059,664
Series 2013, RB(g)(l)		5.00%		12/31/2023		2,510	627,521
Pennsylvania (Commonwealth of) Economic Development Financing Authority;
Series 2016, Ref. RB		4.00%		03/15/2036		1,210	1,352,961
Series 2019, RB(b)(e)		5.75%		06/01/2036		5,000	4,923,250
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority; Series 2012 A, RB		5.00%		01/01/2027		1,370	1,406,867
Pennsylvania (Commonwealth of) Housing Finance Agency; Series 2018, RB (CEP - FNMA)		3.60%		08/01/2035		13	14,735
Philadelphia (City of), PA; Series 2010 A, RB		5.25%		06/15/2030		6,000	6,045,600
Philadelphia (City of), PA Authority for Industrial Development;
Series 2012 A, RB		5.50%		06/15/2022		380	391,366
Series 2012 A, RB		5.50%		06/15/2032		2,000	2,049,360
Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University Health System);
Series 2012 A, RB		5.63%		07/01/2036		3,350	3,543,831
Series 2012 A, RB		5.63%		07/01/2042		5,250	5,540,220
Philadelphia (City of), PA Industrial Development Authority (Architecture & Design Charter High School); Series 2013, RB(h)(k)		6.13%		03/15/2023		1,500	1,712,775
Philadelphia (City of), PA Industrial Development Authority (University of the Arts); Series 2017, Ref. RB(e)		5.00%		03/15/2045		8,430	8,594,132
Reading School District;
Series 2017, Ref. GO Bonds (INS - AGM)(c)		5.00%		03/01/2035		785	953,516
Series 2017, Ref. GO Bonds (INS - AGM)(c)		5.00%		03/01/2036		720	868,255
Wilkes-Barre Area School District; Series 2019, GO Bonds (INS - BAM)(c)		4.00%		04/15/2049		2,500	2,844,575
							115,621,370
Puerto Rico–12.61%
Children’s Trust Fund;
Series 2002, RB		5.38%		05/15/2033		6,515	6,555,132
Series 2002, RB		5.50%		05/15/2039		35,925	36,146,298
Series 2002, RB		5.63%		05/15/2043		108,400	108,950,672
Series 2005 A, RB(i)		0.00%		05/15/2050		28,000	4,190,200
Series 2005 B, RB(i)		0.00%		05/15/2055		127,450	10,768,250

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

30                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Puerto Rico–(continued)
Puerto Rico (Commonwealth of);
Series 2001 A, GO Bonds(f)		5.13%		07/01/2031	$	450	$        318,938
Series 2004 A, GO Bonds(f)		5.00%		07/01/2024		1,500	1,066,875
Series 2004 A, GO Bonds(f)		5.00%		07/01/2034		1,660	1,180,675
Series 2004 A, GO Bonds (INS - AGC)(c)		5.00%		07/01/2034		10	10,052
Series 2007 A, GO Bonds(f)		5.25%		07/01/2037		2,165	1,545,269
Series 2008 A, Ref. GO Bonds(f)		5.25%		07/01/2026		1,920	1,365,600
Series 2009 B, Ref. GO Bonds(f)		6.50%		07/01/2037		14,550	10,530,562
Series 2009 B, Ref. GO Bonds(f)		5.75%		07/01/2038		3,000	2,126,250
Series 2009 B, Ref. GO Bonds(f)		6.00%		07/01/2039		12,250	8,804,687
Series 2009 C, Ref. GO Bonds(f)		6.00%		07/01/2039		9,265	6,520,244
Series 2011 A, GO Bonds(f)		5.75%		07/01/2041		65,250	42,983,437
Series 2011 A, Ref. GO Bonds (INS - AGM)(c)		5.25%		07/01/2024		5	5,139
Series 2011 C, Ref. GO Bonds(f)		6.00%		07/01/2035		2,625	1,729,219
Series 2011 C, Ref. GO Bonds(f)		5.75%		07/01/2036		11,540	7,573,125
Series 2011 C, Ref. GO Bonds (INS - AGM)(c)		5.75%		07/01/2037		1,345	1,358,531
Series 2011 C, Ref. GO Bonds(f)		6.50%		07/01/2040		13,000	8,580,000
Series 2012 A, Ref. GO Bonds(f)		5.50%		07/01/2026		17,950	11,847,000
Series 2012 A, Ref. GO Bonds(f)		5.50%		07/01/2027		340	224,400
Series 2012 A, Ref. GO Bonds(f)		5.00%		07/01/2033		2,550	1,670,250
Series 2012 A, Ref. GO Bonds(f)		5.13%		07/01/2037		2,000	1,300,000
Series 2012 A, Ref. GO Bonds(f)		5.00%		07/01/2041		6,765	4,236,581
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2008 A, RB		6.00%		07/01/2038		3,325	3,379,031
Series 2008 A, RB		6.00%		07/01/2044		13,645	13,866,731
Series 2012 A, RB		5.50%		07/01/2028		250	261,563
Series 2012 A, RB		5.25%		07/01/2029		8,130	8,445,037
Series 2012 A, RB		5.00%		07/01/2033		19,468	20,027,705
Series 2012 A, RB		5.75%		07/01/2037		25,035	26,067,694
Series 2012 A, RB		5.25%		07/01/2042		10,000	10,287,500
Series 2012 A, RB		6.00%		07/01/2047		37,380	39,015,375
Puerto Rico (Commonwealth of) Commonwealth Aqueduct & Sewer Authority; Series 2008 A, RB (INS - AGC)(c)		5.00%		07/01/2025		10	10,071
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2007 TT, RB(f)		5.00%		07/01/2026		895	617,550
Series 2007 TT, RB(f)		5.00%		07/01/2027		1,990	1,373,100
Series 2007 TT, RB(f)		5.00%		07/01/2032		3,680	2,539,200
Series 2007 TT-RSA-1, RB(f)		5.00%		07/01/2021		55	37,950
Series 2007 TT-RSA-1, RB(f)		5.00%		07/01/2022		210	144,900
Series 2007 TT-RSA-1, RB(f)		5.00%		07/01/2024		15	10,350
Series 2007 UU, Ref. RB (INS - AGC)(c)		5.00%		07/01/2026		7,905	7,960,967
Series 2007 VV, Ref. RB (INS - NATL)(c)		5.25%		07/01/2026		175	180,448
Series 2007 VV, Ref. RB (INS - NATL)(c)		5.25%		07/01/2033		22,000	22,614,020
Series 2007 VV, Ref. RB (INS - NATL)(c)		5.25%		07/01/2035		465	476,160
Series 2008 WW, RB(f)		5.50%		07/01/2038		605	419,719
Series 2008 WW-RSA-1, RB(f)		5.50%		07/01/2021		60	41,625
Series 2008 WW-RSA-1, RB(f)		5.38%		07/01/2022		85	58,863
Series 2008 WW-RSA-1, RB(f)		5.38%		07/01/2024		390	270,075
Series 2008 WW-RSA-1, RB(f)		5.25%		07/01/2033		415	286,869
Series 2010 AAA, RB(f)		5.25%		07/01/2021		40	27,650
Series 2010 AAA-RSA-1, RB(f)		5.25%		07/01/2022		40	27,650
Series 2010 AAA-RSA-1, RB(f)		5.25%		07/01/2023		10	6,913
Series 2010 AAA-RSA-1, RB(f)		5.25%		07/01/2028		2,600	1,797,250
Series 2010 AAA-RSA-1, RB(f)		5.25%		07/01/2029		445	307,606
Series 2010 AAA-RSA-1, RB(f)		5.25%		07/01/2030		95	65,669
Series 2010 AAA-RSA-1, Ref. RB(f)		5.25%		07/01/2026		4,570	3,159,012
Series 2010 CCC-RSA-1, RB(f)		5.00%		07/01/2022		310	213,900
Series 2010 CCC-RSA-1, RB(f)		5.00%		07/01/2024		35	24,150

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

31                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Puerto Rico–(continued)
Series 2010 CCC-RSA-1, RB(f)		5.00%		07/01/2027	$	285	$        196,650
Series 2010 CCC-RSA-1, RB(f)		5.25%		07/01/2027		2,570	1,776,512
Series 2010 CCC-RSA-1, RB(f)		5.00%		07/01/2028		540	372,600
Series 2010 DDD, Ref. RB(f)		5.00%		07/01/2022		185	127,650
Series 2010 XX, RB(f)		5.25%		07/01/2035		2,660	1,838,725
Series 2010 XX, RB(f)		5.25%		07/02/2040		28,430	19,652,237
Series 2010 XX-RSA-1, RB(f)		5.25%		07/01/2026		10	6,913
Series 2010 XX-RSA-1, RB(f)		5.25%		07/01/2027		845	584,106
Series 2010 XX-RSA-1, RB(f)		5.75%		07/01/2036		18,575	12,956,062
Series 2010 ZZ, Ref. RB(f)		5.25%		07/01/2026		1,135	784,569
Series 2010 ZZ-RSA-1, Ref. RB(f)		5.00%		07/01/2021		95	65,550
Series 2010 ZZ-RSA-1, Ref. RB(f)		5.25%		07/01/2021		25	17,281
Series 2010 ZZ-RSA-1, Ref. RB(f)		5.00%		07/01/2022		850	586,500
Series 2010 ZZ-RSA-1, Ref. RB(f)		5.25%		07/01/2022		50	34,563
Series 2010 ZZ-RSA-1, Ref. RB(f)		5.00%		07/01/2024		215	148,350
Series 2010 ZZ-RSA-1, Ref. RB(f)		4.63%		07/01/2025		190	130,150
Series 2010 ZZ-RSA-1, Ref. RB(f)		5.25%		07/01/2025		275	190,094
Series 2010 ZZ-RSA-1, Ref. RB(f)		5.00%		07/01/2026		10	6,900
Series 2012 A, RB(f)		5.00%		07/02/2029		3,100	2,139,000
Series 2012 A, RB(f)		5.05%		07/01/2042		11,925	8,228,250
Series 2013 A, RB(f)		7.00%		07/01/2040		480	339,000
Series 2013 A, RB(f)		7.00%		07/01/2043		9,080	6,412,750
Series 2013 A-RSA, RB(f)		7.25%		07/01/2030		160	113,400
Series 2016 E-1, RB(f)		10.00%		01/01/2021		1,629	1,244,188
Series 2016 E-2, RB(f)		10.00%		07/01/2021		1,629	1,244,188
Series 2016 E-2, RB(f)		10.00%		01/01/2022		543	414,729
Series 2016 E-4, RB(f)		10.00%		07/01/2022		543	414,730
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2002 D, RB (INS - AGM)(c)		5.00%		07/01/2027		45	45,319
Series 2002 E, RB (INS - AGM)(c)		5.50%		07/01/2023		25	26,791
Series 2003 AA, RB(f)		5.00%		07/01/2028		1,360	1,196,800
Series 2003 AA, RB(f)		5.00%		07/02/2035		1,035	910,800
Series 2003 AA-2, Ref. RB(f)		5.30%		07/02/2035		7,895	6,947,600
Series 2003 H, Ref. RB(f)		5.45%		07/01/2035		605	267,713
Series 2003, RB (INS - FGIC)(c)(l)		5.75%		07/01/2021		350	282,888
Series 2003, RB (INS - AGC)(c)		5.75%		07/01/2022		9,000	9,080,460
Series 2003, RB (INS - AGC)(c)		5.00%		07/01/2023		215	216,432
Series 2003, RB(f)		5.00%		07/03/2028		2,175	326,250
Series 2004 J, RB (INS - NATL)(c)		5.00%		07/01/2029		250	251,840
Series 2005 L, Ref. RB (INS - NATL)(c)		5.25%		07/01/2035		1,490	1,523,436
Series 2005 L, Ref. RB (INS - AMBAC)(c)		5.25%		07/01/2038		125	129,975
Series 2007 CC, Ref. RB(f)		5.50%		07/01/2029		5,000	4,400,000
Series 2007 CC, Ref. RB(f)		5.50%		07/01/2030		3,250	2,860,000
Series 2007 CC, Ref. RB (INS - AGM)(c)		5.25%		07/01/2033		80	87,198
Series 2007 M, RB(f)		5.00%		07/01/2046		4,715	2,086,387
Series 2007 N, Ref. RB (INS - NATL)(c)		5.25%		07/01/2033		165	169,605
Series 2007 N, Ref. RB (INS - AGM)(c)		5.25%		07/01/2034		60	65,455
Puerto Rico (Commonwealth of) Industrial Tourist, Educational, Medical & Environmental Control Facilities Financing Authority;
Series 2000, RB(b)		6.63%		06/01/2026		5,600	5,796,000
Series 2012, Ref. RB		5.00%		10/01/2020		300	300,024
Series 2012, Ref. RB		5.00%		10/01/2021		100	100,018
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical, & Environmental Control Facilities Financing Authority; Series 2011 A, Ref. RB		6.00%		07/01/2033		4,050	4,156,474
Puerto Rico (Commonwealth of) Infrastructure Financing Authority;
Series 2005 B, RB (INS - AGC)(c)		5.00%		07/01/2041		25	25,007
Series 2006 B, RB(f)		5.00%		07/01/2031		5,000	543,750
Series 2006 B, RB(f)		5.00%		07/01/2037		3,000	326,250

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

32                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Puerto Rico–(continued)
Puerto Rico (Commonwealth of) Infrastructure Financing Authority (MEPSI Campus); Series 2007 A, RB(f)		6.50%		10/01/2037	$	7,300	$        2,208,250
Puerto Rico (Commonwealth of) Public Buildings Authority;
Series 1993 L, Ref. RB (INS - AMBAC)(c)		5.50%		07/01/2021		197	200,786
Series 2002 D, RB(f)		5.25%		07/01/2036		1,515	1,166,550
Series 2007 M-3, Ref. RB (INS - NATL)(c)		6.00%		07/01/2028		400	410,400
Series 2007 N, RB(f)		5.00%		07/01/2032		3,870	2,999,250
Series 2007 N, RB(f)		5.00%		07/01/2037		150	115,875
Series 2009 P, Ref. RB(f)		6.13%		07/01/2023		12,000	9,600,000
Series 2009 P, Ref. RB(f)		6.25%		07/01/2026		5,100	4,118,250
Series 2009 P, Ref. RB(f)		6.75%		07/01/2036		4,980	4,021,350
Series 2009 Q, RB(f)		5.50%		07/01/2037		200	156,250
Series 2009 Q, RB(f)		5.63%		07/01/2039		5,860	4,607,425
Series 2011 S, RB(f)		5.75%		07/01/2022		12,845	9,954,875
Series 2011 S, RB(f)		5.50%		07/01/2023		260	198,250
Series 2011 S, RB(f)		5.88%		07/01/2039		7,000	5,425,000
Series 2011 S, RB(f)		6.00%		07/01/2041		8,825	6,894,531
Series 2012 U, Ref. RB(f)		5.25%		07/03/2023		100	70,625
Series 2012 U, Ref. RB(f)		5.25%		07/01/2042		73,395	51,376,500
Puerto Rico Public Finance Corp.; Series 2011 B, RB(f)		5.50%		08/01/2031		49,020	901,968
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(i)		0.00%		07/01/2029		11	8,734
Series 2018 A-1, RB		4.50%		07/01/2034		11	11,642
Series 2018 A-1, RB		4.55%		07/01/2040		3,337	3,553,838
Series 2018 A-1, RB(i)		0.00%		07/01/2046		207,376	59,489,953
Series 2018 A-1, RB(i)		0.00%		07/01/2051		148,344	30,665,672
Series 2018 A-1, RB		4.75%		07/01/2053		54,576	57,361,559
Series 2018 A-1, RB		5.00%		07/01/2058		49,448	52,795,630
Series 2019 A-2, RB		4.33%		07/01/2040		41,599	43,679,366
Series 2019 A-2, RB		4.54%		07/01/2053		4,576	4,744,260
Series 2019 A-2, RB		4.78%		07/01/2058		14,781	15,568,975
University of Puerto Rico;
Series 2006 P, Ref. RB		5.00%		06/01/2021		50	49,375
Series 2006 P, Ref. RB		5.00%		06/01/2022		100	98,625
Series 2006 P, Ref. RB		5.00%		06/01/2030		5,260	5,154,800
Series 2006 Q, RB		5.00%		06/01/2036		1,025	1,004,500
							926,370,872
Rhode Island–0.18%
Central Falls Detention Facility Corp.; Series 2005, Ref. RB(f)		7.25%		07/15/2035		44,240	7,963,200
Tobacco Settlement Financing Corp.; Series 2015 A, Ref. RB		5.00%		06/01/2040		5,000	5,432,250
							13,395,450
South Carolina–0.83%
Hardeeville (City of), SC; Series 2008 A, RB		7.75%		11/01/2039		5,524	5,527,701
Lancaster County School District/SC; Series 2018 XF252Series 2017, GO Bonds8, Revenue Ctfs.(j)		4.00%		03/01/2036		12,555	14,478,175
Richland (County of), SC; Series 2004, RB(g)		6.20%		11/01/2036		12,383	9,362,786
South Carolina (State of) Jobs-Economic Development Authority (Green Bonds); Series 2019 A, RB(b)(e)		7.00%		05/01/2039		5,000	4,476,400
South Carolina (State of) Ports Authority;
Series 2018, RB(b)		5.00%		07/01/2043		1,500	1,799,955
Series 2018, RB(b)		5.00%		07/01/2055		3,750	4,433,738
South Carolina (State of) Public Service Authority;
Series 2013 A, RB		5.50%		12/01/2033		6,465	7,305,321
Series 2015 A, Ref. RB		5.00%		12/01/2055		11,000	12,486,980
University of South Carolina; Series 2017 B, Ref. RB		5.00%		05/01/2029		1,165	1,433,451
							61,304,507

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

33                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Tennessee–1.18%
Bristol (City of), TN Industrial Development Board; Series 2016 B, RB(e)(i)		0.00%		12/01/2022	$	1,000	$        899,090
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health);
Series 2019 A-1, Ref. RB		4.00%		08/01/2038		775	873,603
Series 2019 A-1, Ref. RB		4.00%		08/01/2044		1,545	1,713,761
Series 2019 A-2, Ref. RB		5.00%		08/01/2044		1,160	1,398,867
Series 2019 A-2, Ref. RB		5.00%		08/01/2049		1,545	1,845,209
City of Memphis TN; Series 2018, GO Bonds(j)		4.00%		06/01/2047		10,765	11,967,128
Memphis (City of) & Shelby (County of), TN Airport Authority; Series 2018, RB(b)		5.00%		07/01/2043		7,250	8,545,575
Metropolitan Development and Housing Agency (Fifth + Broadway Development); Series 2018, RB(e)		5.13%		06/01/2036		600	629,928
Nashville (City of), TN Metropolitan Airport Authority;
Series 2019 B, RB(b)		5.00%		07/01/2044		20,000	24,577,400
Series 2019 B, RB(b)		5.00%		07/01/2049		4,430	5,408,277
Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor);
Series 2013 A, Ref. RB		5.50%		09/01/2047		9,000	8,368,020
Series 2013 B, Ref. RB(f)		8.00%		09/01/2044		6,350	317,500
Tennessee (State of) Metropolitan Nashville Airport Authority; Series 2019 B, RB(b)		5.00%		07/01/2054		16,500	20,061,195
							86,605,553
Texas–4.98%
Aledo Independent School District; Series 2020, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2045		4,000	4,707,920
Angelina & Neches River Authority Industrial Development Corp. (Aspen Power LLC); Series 2007 A, RB(b)(f)(g)		6.50%		11/01/2029		34,600	346
Argyle (Town of), TX;
Series 2017, RB		5.00%		09/01/2037		890	994,344
Series 2017, RB		5.25%		09/01/2047		1,475	1,640,746
Arlington Higher Education Finance Corp.;
Series 2020, RB (CEP -Texas Permanent School Fund)		4.00%		08/15/2045		1,100	1,301,014
Series 2020, RB (CEP -Texas Permanent School Fund)		4.00%		08/15/2050		2,500	2,934,450
Arlington Higher Education Finance Corp. (Great Hearts America);
Series 2020 A, RB (CEP -Texas Permanent School Fund)		4.00%		08/15/2045		1,500	1,772,625
Series 2020 A, RB (CEP -Texas Permanent School Fund)		4.00%		08/15/2055		3,175	3,720,528
Arlington Higher Education Finance Corp. (Leadership Prep School); Series 2016 A, RB		5.00%		06/15/2046		1,325	1,330,075
Arlington Higher Education Finance Corp. (UME Preparatory Academy); Series 2017 A, RB		5.00%		08/15/2053		785	806,305
Arlington Higher Education Finance Corp. (Winfree Academy Charter School); Series 2019, Ref. RB		5.75%		08/15/2043		4,345	4,744,827
Aubrey (City of), TX; Series 2015, RB		7.25%		09/01/2045		665	711,989
Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC); Series 2019, RB(b)		7.00%		03/01/2039		19,100	19,392,612
Cambridge Student Housing Financing Co. L.P.;
Series 2004 A, RB(f)(g)		7.00%		11/01/2039		15,135	6,054,000
Series 2004 C, RB(f)		9.70%		11/01/2039		4,502	900
Series 2004 D, RB(f)		1.00%		11/01/2039		3,659	732
Celina (City of), TX;
Series 2015, RB		5.38%		09/01/2028		525	540,750
Series 2015, RB		5.50%		09/01/2032		400	412,000
Series 2015, RB		5.88%		09/01/2040		1,100	1,133,000
Series 2015, RB		6.25%		09/01/2045		1,820	1,901,500
Series 2015, RB		7.25%		09/01/2045		985	1,032,093
Series 2015, RB		7.50%		09/01/2045		3,865	4,127,627
Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2011, RB(h)(k)		5.75%		08/15/2021		750	788,708
Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB		6.00%		08/15/2038		5,000	5,685,500
Edinburg Economic Development Corp.; Series 2019, RB(e)		5.00%		08/15/2044		1,645	1,649,244
Flower Mound (Town of), TX;
Series 2014, RB		6.13%		09/01/2028		1,095	1,113,352
Series 2014, RB		6.50%		09/01/2036		1,500	1,519,245
Series 2014, RB		6.75%		09/01/2043		2,000	2,021,860

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

34                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Texas–(continued)
Galveston (City of), TX;
Series 2014, RB		5.63%		09/01/2028	$	1,775	$        1,377,897
Series 2014, RB		6.00%		09/01/2038		3,700	2,608,537
Series 2014, RB		6.13%		09/01/2044		3,500	2,407,195
Grand Parkway Transportation Corp.;
Series 2015 XF2034, Revenue Ctfs.(h)(j)(k)		5.00%		10/01/2023		10,000	11,450,100
Series 2018 A, RB(j)		5.00%		10/01/2043		15,000	18,443,400
Series 2018 A, RB		5.00%		10/01/2048		5,000	6,112,400
Series 2018 XF2669, Revenue Ctfs.(j)		5.00%		10/01/2048		32,525	39,761,162
Gulf Coast Industrial Development Authority; Series 1998, RB(b)		8.00%		04/01/2028		20	20,011
Houston (City of), TX;
Series 2020 C, Ref. RB		4.00%		11/15/2043		3,500	4,194,330
Series 2020 C, Ref. RB		4.00%		11/15/2049		3,500	4,156,285
Houston (City of), TX (United Airlines, Inc.);
Series 2018, RB(b)		5.00%		07/15/2028		8,250	8,778,165
Series 2020 C, Ref. RB(b)		5.00%		07/15/2027		3,500	3,641,645
Series 2020, Ref. RB(b)		5.00%		07/15/2027		1,750	1,854,982
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2020 A, RB(b)		5.00%		07/01/2027		1,250	1,324,850
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.); Series 2011, RB(h)(k)		6.50%		05/15/2021		815	850,642
Leander (City of), TX;
Series 2014, RB		5.38%		09/01/2028		335	341,700
Series 2014, RB		5.75%		09/01/2038		600	612,000
Series 2014, RB		5.88%		09/01/2044		575	586,500
Mclendon-Chisholm (City of), TX (Sonoma Public Improvement Distribution Phase);
Series 2015, RB		5.38%		09/15/2035		450	464,337
Series 2015, RB		5.50%		09/15/2040		400	412,760
Mission Economic Development Corp. (CarbonLite Recycling LLC); Series 2016, RB(b)(e)		6.50%		12/01/2033		8,240	7,755,900
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(b)(e)		4.63%		10/01/2031		25,000	26,485,500
New Hope Cultural Education Facilities Finance Corp.;
Series 2013 A, RB(h)(k)		5.88%		04/01/2023		785	883,313
Series 2013 A, RB(h)(k)		6.00%		04/01/2023		1,950	2,198,293
Series 2016 A, RB		5.50%		08/15/2046		700	709,702
Series 2016 A, RB		5.00%		04/01/2048		3,395	3,225,964
Series 2016 A, RB		5.50%		08/15/2051		1,200	1,216,080
Series 2016 A-1, RB		5.00%		07/01/2031		350	354,431
Series 2017 A, Ref. RB		4.00%		08/15/2033		3,000	3,459,300
Series 2017 A, Ref. RB		4.00%		08/15/2034		2,000	2,293,800
Series 2018 A, RB(e)		6.00%		08/15/2037		1,000	1,070,960
Series 2018 A, RB(e)		6.00%		08/15/2047		13,435	14,150,951
Series 2018 A-1, RB (INS - AGM)(c)		5.00%		07/01/2038		500	576,260
Series 2018 A-1, RB (INS - AGM)(c)		5.00%		07/01/2048		1,750	1,984,482
Series 2018 A-1, RB (INS - AGM)(c)		5.00%		07/01/2058		2,400	2,708,568
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.);
Series 2016, RB		5.00%		07/01/2046		1,750	1,712,602
Series 2016, RB		5.00%		07/01/2051		1,750	1,650,320
New Hope Cultural Education Facilities Finance Corp. (Cumberland Academy);
Series 2020 A, RB(e)		5.00%		08/15/2040		2,390	2,466,026
Series 2020 A, RB(e)		5.00%		08/15/2050		2,220	2,270,727
New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center); Series 2017 A, RB(e)		5.13%		08/15/2047		2,085	2,095,050
New Hope Cultural Education Facilities Finance Corp. (Legacy Midtown Park); Series 2018 A, RB		5.50%		07/01/2054		8,250	7,849,132
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford);
Series 2016 A, RB		5.38%		11/15/2036		400	343,096
Series 2016 A, RB		5.50%		11/15/2046		650	526,988
Series 2016 A, RB		5.50%		11/15/2052		3,425	2,695,303
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); Series 2018, Ref. RB		5.25%		10/01/2049		2,500	2,532,725
New Hope Cultural Education Facilities Finance Corp. (Wesleyan Homes, Inc.); Series 2014, RB		5.50%		01/01/2049		1,300	1,317,355

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

35                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Texas–(continued)
Newark High Education Finance Corp. (Austin Achieve Public Schools, Inc.);
Series 2018, RB		5.00%		06/15/2038	$	375	$        383,329
Series 2018, RB		5.00%		06/15/2048		750	763,185
North Central Texas Housing Finance Corp.; Series 2012, RB(h)		6.15%		01/01/2029		1,550	1,588,006
Pottsboro Higher Education Finance Corp. (Imagine International Academy of North Texas LLC);
Series 2016 A, RB		5.00%		08/15/2036		655	685,143
Series 2016 A, RB		5.00%		08/15/2046		1,000	1,028,460
Red River Education Finance Corp.; Series 2017, Ref. RB		5.50%		10/01/2046		5,370	5,867,477
Red River Health Facilities Development Corp. (MRC Crossing); Series 2014 A, RB		8.00%		11/15/2049		3,000	3,235,710
Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area); Series 2016, RB		6.00%		09/15/2046		455	459,122
Sabine Neches Housing Finance Corp.; Series 2012, RB(h)		6.15%		01/01/2029		1,935	1,976,390
Sanger Industrial Development Corp.; Series 2012 C, RB(b)(f)(g)		7.50%		07/01/2038		26,820	6,705,000
Tarrant County Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.); Series 2007, RB(f)		5.75%		11/16/2037		3,810	2,476,500
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Senior Living - Ventana);
Series 2017, RB		6.75%		11/15/2047		3,500	3,780,770
Series 2017, RB		6.75%		11/15/2052		2,000	2,159,280
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2017 A, RB		6.38%		02/15/2048		5,710	4,552,640
Series 2017 A, RB		6.38%		02/15/2052		3,000	2,391,630
Series 2017, RB		6.38%		02/15/2041		2,075	1,655,020
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
Series 2020, Ref. RB		6.25%		11/15/2031		500	501,405
Series 2020, Ref. RB		6.63%		11/15/2041		2,000	2,006,360
Series 2020, Ref. RB		6.75%		11/15/2051		3,000	3,008,370
Series 2020, Ref. RB		6.88%		11/15/2055		3,555	3,566,127
Texas (State of) Transportation Commission;
Series 2019, RB(i)		0.00%		08/01/2043		3,750	1,422,412
Series 2019, RB(i)		0.00%		08/01/2044		4,400	1,576,872
Series 2019, RB(i)		0.00%		08/01/2046		1,000	322,200
Series 2019, RB(i)		0.00%		08/01/2047		1,000	305,730
Series 2019, RB(i)		0.00%		08/01/2048		1,000	290,310
Series 2019, RB(i)		0.00%		08/01/2050		1,500	389,640
Texas Private Activity Bond Surface Transportation Corp. (LBJ Infrastructure); Series 2010, RB		7.00%		06/30/2040		2,000	2,009,660
Texas State Public Finance Authority Charter School Finance Corp.; Series 2006 A, RB		6.25%		09/01/2036		400	400,524
Texas State Student Housing Corp.;
Series 2001, RB		6.75%		07/01/2021		145	144,983
Series 2001, RB		6.85%		07/01/2031		215	208,907
Texas Water Development Board; Series 2018, RB(j)		5.00%		10/15/2053		13,515	17,022,143
Trinity River Authority; Series 2017, Ref. RB		5.00%		08/01/2037		1,000	1,249,570
Vintage Township Public Facilities Corp.; Series 2008 A, RB		7.38%		10/01/2038		2,007	2,007,482
Waxahachie (City of), TX; Series 2015, RB		6.00%		08/15/2045		6,375	6,261,525
Wise (County of), TX;
Series 2011, RB		7.50%		08/15/2025		2,920	3,022,580
Series 2011, RB		7.75%		08/15/2028		4,615	4,773,756
							366,168,236
Utah–0.65%
Hideout (Town of), UT Local District No. 1;
Series 2014, RB		7.75%		08/01/2024		140	147,577
Series 2014, RB		8.25%		08/01/2034		610	628,941
Salt Lake (City of), UT;
Series 2018 A, RB(b)		5.00%		07/01/2048		4,000	4,738,800
Series 2018 A, RB(b)		5.25%		07/01/2048		7,410	8,910,154

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

36                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Utah–(continued)
Utah (State of) Charter School Finance Authority;
Series 2012, RB		5.50%		07/15/2022	$	265	$        270,615
Series 2012, RB		6.00%		07/15/2032		1,750	1,786,662
Series 2012, RB		6.25%		07/15/2042		3,870	3,950,419
Series 2016 A, Ref. RB(e)		5.00%		02/15/2046		855	876,289
Series 2017, Ref. RB(e)		5.25%		06/15/2037		4,810	5,286,863
Series 2017, Ref. RB(e)		5.38%		06/15/2048		7,415	8,063,887
Series 2018 A, RB(e)		5.25%		10/15/2048		2,205	2,217,458
Series 2019 A, RB(e)		5.38%		06/15/2049		3,645	3,685,059
Utah (State of) Charter School Finance Authority (Esperanza Elementary School); Series 2018 A, RB(e)		5.00%		10/15/2038		2,330	2,343,234
Utah (State of) Charter School Finance Authority (Leadership Learning Academy); Series 2019 A, RB(e)		5.00%		06/15/2050		2,000	2,065,920
Utah (State of) Charter School Finance Authority (Vista Entrada School of Performing Arts);
Series 2012, RB(h)(k)		6.30%		07/15/2022		750	832,778
Series 2012, RB(h)(k)		6.55%		07/15/2022		1,640	1,827,321
							47,631,977
Vermont–0.11%
East Central Vermont Telecommunications District;
Series 2018 A, RB(e)		5.75%		12/01/2036		1,450	1,508,174
Series 2018 A, RB(e)		5.60%		12/01/2043		960	981,427
Series 2019 A, RB(e)		5.00%		12/01/2048		4,330	4,112,980
Vermont (State of) Economic Development Authority; Series 2013, RB(b)(e)(h)		4.63%		04/03/2028		1,650	1,833,035
							8,435,616
Virgin Islands–0.16%
Tobacco Settlement Financing Corp.; Series 2006 A, RB(i)		0.00%		05/15/2035		28,550	11,557,611
Virginia–0.54%
Celebrate North Community Development Authority; Series 2003 B, RB(f)		6.75%		03/01/2034		1,425	855,000
Lewistown (City of), VA Commerce Center Community Development Authority; Series 2014 B, RB		6.05%		03/01/2044		2,775	2,154,066
Lewistown Commerce Center Community Development Authority;
Series 2014 A, RB		6.05%		03/01/2044		1,238	960,998
Series 2014 C, RB(f)		6.05%		03/01/2054		1,965	358,613
Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge); Series 2019 A, RB		5.25%		01/01/2054		3,300	3,438,237
Peninsula Town Center Community Development Authority; Series 2018, Ref. RB(e)		5.00%		09/01/2045		1,000	1,041,270
Richmond (City of), VA Redevelopment & Housing Authority; Series 2017, RB(e)		5.55%		01/01/2037		2,160	2,220,091
Roanoke (City of), VA Economic Development Authority (Richfield Living);
Series 2020, RB		5.00%		09/01/2050		1,960	1,921,192
Series 2020, RB		5.13%		09/01/2055		1,210	1,208,984
Roanoke (County of), VA Economic Development Authority;
Series 2019 A, Ref. RB		5.25%		09/01/2049		14,735	14,914,030
Series 2019 A, Ref. RB		5.38%		09/01/2054		7,215	7,367,164
Tobacco Settlement Financing Corp.; Series 2007 B-1, RB		5.00%		06/01/2047		1,515	1,522,499
Virginia (Commonwealth of) Small Business Financing Authority; Series 2018, RB(b)(e)(h)		5.00%		07/01/2038		1,690	1,753,510
							39,715,654
Washington–0.95%
Greater Wenatchee Regional Events Center Public Facilities District; Series 2012 A, RB		5.00%		09/01/2027		750	752,820
Kalispel Tribe of Indians;
Series 2018 A, RB(e)		5.00%		01/01/2032		2,200	2,481,358
Series 2018 A, RB(e)		5.25%		01/01/2038		3,000	3,361,410
Series 2018 B, RB(e)		5.00%		01/01/2032		500	563,945
Series 2018 B, RB(e)		5.25%		01/01/2038		1,000	1,120,470
Kelso (City of), WA Housing Authority; Series 1998, RB		5.60%		03/01/2028		165	165,157
Kitsap (County of), WA Consolidated Housing Authority; Series 2001 A, RB(b)		6.10%		10/01/2031		50	50,051

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

37                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate		Maturity Date		Principal   Amount (000)		Value
Washington–(continued)
Seattle (Port of), WA;
Series 2018 A, RB(b)		5.00%		05/01/2043	$	3,000	$        3,469,650
Series 2019, RB(b)		5.00%		04/01/2044		25,295	30,112,686
Tacoma (City of), WA Consolidated Local Improvement Districts; Series 2013, RB		5.75%		04/01/2043		2,079	2,081,208
Washington (State of) Economic Development Finance Authority; Series 2017 A, RB(b)(e)(f)		7.50%		01/01/2032		26,355	22,401,750
Washington (State of) Housing Finance Commission (Heron’s Key Senior Living);
Series 2015 A, RB(e)		7.00%		07/01/2045		1,000	1,077,690
Series 2015 A, RB(e)		7.00%		07/01/2050		1,700	1,824,576
							69,462,771
West Virginia–0.95%
Brooke (County of), WV;
Series 2011 A, RB		6.50%		10/01/2031		3,000	2,964,900
Series 2011 A, RB		6.75%		10/01/2037		4,500	4,436,955
Harrison (County of), WV Commission (Charles Pointe No. 2); Series 2013, Ref. RB (Acquired 06/26/2013; Cost $19,288,697)(e)(f)		7.00%		06/01/2035		27,145	13,572,500
Harrison (County of), WV County Commission (Charles Pointe Economic Opportunity Development District);
Series 2019 A, RB(e)		5.75%		06/01/2042		19,000	20,368,000
Series 2019 B, Ref. RB(e)		7.50%		06/01/2042		6,140	6,443,684
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District);
Series 2017 A, Ref. RB(e)		5.75%		06/01/2043		3,435	3,604,758
Series 2020, Ref. RB(e)		7.50%		06/01/2043		9,060	9,342,672
Ohio (County of), WV Development Authority; Series 2018, RB		5.00%		09/01/2048		10,465	9,339,175
							70,072,644
Wisconsin–2.18%
Public Finance Authority (American Dream at Meadowlands); Series 2017, RB(e)		6.75%		08/01/2031		63,000	54,248,670
Public Finance Authority (Capitol Encore Academy (The));
Series 2019 A, RB(e)		4.75%		06/01/2029		250	264,088
Series 2019 A, RB(e)		5.25%		06/01/2039		750	787,485
Series 2019 A, RB(e)		5.50%		06/01/2049		1,940	2,037,330
Wisconsin (State of) Health & Educational Facilities Authority; Series 2019, Ref. RB		5.00%		08/01/2049		2,750	2,328,123
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System);
Series 2019, Ref. RB		5.00%		11/01/2039		1,950	2,062,983
Series 2019, Ref. RB		5.00%		11/01/2046		2,100	2,190,846
Series 2019, Ref. RB		5.00%		11/01/2054		3,500	3,616,725
Wisconsin (State of) Public Finance Authority;
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $11,259)(e)(i)		0.00%		01/01/2047		156	3,705
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $9,680)(e)(i)		0.00%		01/01/2048		136	3,186
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $9,367)(e)(i)		0.00%		01/01/2049		134	3,064
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $8,913)(e)(i)		0.00%		01/01/2050		129	2,845
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $8,619)(e)(i)		0.00%		01/01/2051		127	2,744
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $11,015)(e)(i)		0.00%		01/01/2052		165	3,421
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $10,695)(e)(i)		0.00%		01/01/2053		163	3,308
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $10,171)(e)(i)		0.00%		01/01/2054		158	3,104
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $9,803)(e)(i)		0.00%		01/01/2055		154	2,969
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $9,445)(e)(i)		0.00%		01/01/2056		151	2,853
Series 2005 A-1, RB (Acquired 09/08/2005-07/31/2020; Cost $9,349,640)(e)(f)		5.50%		07/01/2056		7,795	5,668,939
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $10,304)(e)(i)		0.00%		01/01/2057		168	3,067
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $9,885)(e)(i)		0.00%		01/01/2058		163	2,913
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $9,477)(e)(i)		0.00%		01/01/2059		159	2,778
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $9,148)(e)(i)		0.00%		01/01/2060		156	2,627
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $8,891)(e)(i)		0.00%		01/01/2061		153	2,512
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $8,517)(e)(i)		0.00%		01/01/2062		149	2,376
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $8,217)(e)(i)		0.00%		01/01/2063		146	2,270
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $7,926)(e)(i)		0.00%		01/01/2064		143	2,175
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $7,702)(e)(i)		0.00%		01/01/2065		140	2,066
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $8,195)(e)(i)		0.00%		01/01/2066		151	2,112

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

38                     Invesco Rochester® Municipal Opportunities Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Wisconsin–(continued)
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $97,454)(e)(i)		0.00%			01/01/2067	$	1,821	$23,564
Series 2012 A-1, RB		7.00%			10/01/2042		6,883	6,636,726
Series 2012 B-1, RB(i)		0.00%			10/01/2042		1,055	412,948
Series 2012 C-1, RB(i)		0.00%			10/01/2042		2,000	41,200
Series 2012, RB		6.00%			09/01/2045		5,875	5,978,635
Series 2015 A, RB		6.00%			02/01/2045		1,910	1,990,086
Series 2016 A, RB(e)		5.25%			05/01/2046		2,500	2,552,550
Series 2016 A, RB		5.25%			01/01/2052		10,960	10,288,042
Series 2017 A, RB		5.00%			12/01/2052		865	880,717
Series 2018, RB (INS - AGM)(c)		5.00%			07/01/2058		7,900	9,132,084
Series 2019 A, RB(e)		5.38%			06/01/2044		1,480	1,410,292
Series 2019 A, RB(e)		5.50%			06/01/2054		1,840	1,735,157
Series 2019, RB(e)		5.00%			06/15/2054		455	462,503
Wisconsin (State of) Public Finance Authority (21st Century Public Academy);
Series 2020 A, RB(e)		5.00%			06/01/2040		760	768,124
Series 2020 A, RB(e)		5.00%			06/01/2049		1,340	1,317,810
Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); Series 2017, RB(e)		7.00%			12/01/2050		33,850	29,426,820
Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth); Series 2016 A, RB(e)		5.13%	��		06/01/2048		2,075	2,213,423
Wisconsin (State of) Public Finance Authority (Explore Knowledge Foundation);
Series 2012 A, RB		5.75%			07/15/2032		1,060	1,113,668
Series 2012 A, RB		6.00%			07/15/2042		1,345	1,406,359
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. Central District Development); Series 2016, RB		5.00%			03/01/2046		7,720	8,816,549
Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy); Series 2019, RB(e)		5.00%			06/15/2049		520	529,896
								160,398,437
Total Municipal Obligations (Cost $8,102,586,260)								8,095,199,894
						Shares
Common Stocks & Other Equity Interests–0.11%
Georgia–0.01%
Delta Air Lines, Inc.							7,679	236,897
Michigan–0.00%
General Motors Co.							2,919	86,490
Ohio–0.10%
Energy Harbor Corp.(m)							363,120	7,443,960
Total Common Stocks & Other Equity Interests (Cost $11,063,438)								7,767,347
	Interest Rate			Maturity Date		Principal Amount (000)
U.S. Dollar Denominated Bonds & Notes–0.02%
Texas–0.02%
Aspen Power LLC (Cost $ 19,250,000)(f)(g)		9.00%			11/15/2049	$	19,250	1,432,000
TOTAL INVESTMENTS IN SECURITIES(n) –110.29% (Cost $8,132,899,698)								8,104,399,241
FLOATING RATE NOTE OBLIGATIONS–(10.47)%
Notes with interest and fee rates ranging from 0.66% to 0.86% at 08/31/2020 and contractual maturities of collateral ranging from 07/15/2035 to 11/15/2057 (See Note 1K)(o)								(769,570,000)
BORROWINGS–(0.96)%								(70,400,000)
OTHER ASSETS LESS LIABILITIES–1.14%								83,937,603
NET ASSETS –100.00%								$7,348,366,844

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

39                     Invesco Rochester® Municipal Opportunities Fund

Investment Abbreviations:
ACA	- ACA Financial Guaranty Corp.
AGC	- Assured Guaranty Corp.
AGM	- Assured Guaranty Municipal Corp.
AMBAC	- American Municipal Bond Assurance Corp.
BAM	- Build America Mutual Assurance Co.
CEP	- Credit Enhancement Provider
COP	- Certificates of Participation
Ctfs.	- Certificates
FGIC	- Financial Guaranty Insurance Company
FNMA	- Federal National Mortgage Association
GNMA	- Government National Mortgage Association
GO	- General Obligation
IDR	- Industrial Development Revenue Bonds
INS	- Insurer
NATL	- National Public Finance Guarantee Corp.
PCR	- Pollution Control Revenue Bonds
RB	- Revenue Bonds
Ref.	- Refunding
RN	- Revenue Notes
Wts.	- Warrants

Notes to Schedule of Investments:

^(a)  Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.

^(b)  Security subject to the alternative minimum tax.

^(c)  Principal and/or interest payments are secured by the bond insurance company listed.

^(d)  Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

^(e)  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 August 31, 2020 was $856,770,646, which represented 11.66% of the Fund’s Net Assets.

^(f)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2020 was $505,680,433, which represented 6.88% of the Fund’s Net Assets.

^(g)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(h)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

⁽ⁱ⁾  Zero coupon bond issued at a discount.

^(j)  Underlying security related to TOB Trusts entered into by the Fund. See Note 1K.

^(k)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(l)  The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

^(m)  Non-income producing security.

⁽ⁿ⁾  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

^(o)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2020. At August 31, 2020, the Fund’s investments with a value of $1,223,109,446 are held by TOB Trusts and serve as collateral for the $769,570,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2020

Revenue Bonds	87.3%
General Obligation Bonds	11.1
Pre-Refunded Bonds	1.6

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

40                     Invesco Rochester® Municipal Opportunities Fund

Statement of Assets and Liabilities

August 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $8,132,899,698)		$8,104,399,241
Cash		3,134,147
Receivable for:
Investments sold		1,196,439
Fund shares sold		13,190,170
Interest		93,063,012
Investments matured, at value (Cost $44,652,921)		21,518,911
Investment for trustee deferred compensation and retirement plans		347,425
Other assets		2,739,016
Total assets		8,239,588,361
Liabilities:
Floating rate note obligations		769,570,000
Payable for:
Borrowings		70,400,000
Investments purchased		33,772,386
Dividends		5,952,174
Fund shares reacquired		8,467,673
Accrued fees to affiliates		2,309,443
Accrued interest expense		140,905
Accrued trustees’ and officers’ fees and benefits		210,250
Accrued other operating expenses		51,261
Trustee deferred compensation and retirement plans		347,425
Total liabilities		891,221,517
Net assets applicable to shares outstanding	$	7,348,366,844

Net assets consist of:
Shares of beneficial interest	$	8,786,469,000
Distributable earnings (loss)		(1,438,102,156	)
	$	7,348,366,844
Net Assets:
Class A	$	3,809,647,434
Class C	$	816,775,040
Class Y	$	2,705,794,589
Class R5	$	6,408,405
Class R6	$	9,741,376
Common shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		491,671,916
Class C		105,859,708
Class Y		349,661,004
Class R5		827,656
Class R6		1,256,968
Class A:
Net asset value per share	$	7.75
Maximum offering price per share (Net asset value of $7.75 ÷ 95.75%)	$	8.09
Class C:
Net asset value and offering price per share	$	7.72
Class Y:
Net asset value and offering price per share	$	7.74
Class R5:
Net asset value and offering price per share	$	7.74
Class R6:
Net asset value and offering price per share	$	7.75

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

41                     Invesco Rochester® Municipal Opportunities Fund

Statement of Operations

For the six months ended August 31, 2020

(Unaudited)

Investment income:
Interest	$	169,489,140
Dividends		1,109
Total investment income		169,490,249
Expenses:
Advisory fees		12,204,491
Administrative services fees		495,215
Custodian fees		19,872
Distribution fees:
Class A		4,488,436
Class C		3,864,257
Interest, facilities and maintenance fees		10,947,398
Transfer agent fees – A, C and Y		2,500,793
Transfer agent fees – R5		25
Transfer agent fees – R6		39
Trustees’ and officers’ fees and benefits		38,690
Registration and filing fees		149,030
Reports to shareholders		70,071
Professional services fees		86,450
Other		(176,754	)
Total expenses		34,688,013
Less: Expense offset arrangement(s)		(1,222	)
Net expenses		34,686,791
Net investment income		134,803,458
Realized and unrealized gain (loss) from:
Net realized gain from investment securities		17,222,380
Change in net unrealized appreciation (depreciation) of investment securities		(520,878,819	)
Net realized and unrealized gain (loss)		(503,656,439	)
Net increase (decrease) in net assets resulting from operations	$	(368,852,981	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

42                     Invesco Rochester® Municipal Opportunities Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2020, period ended February 29, 2020, and year ended July 31, 2019

(Unaudited)

	Six Months Ended			Seven Months Ended			Year Ended
	August 31, 2020			February 29, 2020			July 31, 2019
Operations:
Net investment income		$   134,803,458			$   191,531,451			$   296,066,753
Net realized gain (loss)		17,222,380			3,906,279			(194,746,898	)
Change in net unrealized appreciation (depreciation)		(520,878,819	)		473,319,492			595,643,647
Net increase (decrease) in net assets resulting from operations		(368,852,981	)		668,757,222			696,963,502
Distributions to shareholders from distributable earnings:
Class A		(103,222,319	)		(98,220,001	)		(146,096,755	)
Class C		(21,331,757	)		(20,691,030	)		(46,788,387	)
Class Y		(70,091,886	)		(68,785,001	)		(93,038,150	)
Class R5		(143,474	)		(5,714	)		(86	)
Class R6		(220,143	)		(252,655	)		(86	)
Total distributions from distributable earnings		(195,009,579	)		(187,954,401	)		(285,923,464	)
Share transactions–net:
Class A		(281,505,195	)		311,686,179			453,950,332
Class C		(132,147,691	)		(60,132,134	)		(287,744,063	)
Class Y		(68,800,430	)		371,352,632			477,395,184
Class R5		2,000,926			4,603,986			10,000
Class R6		(3,080,217	)		12,072,001			10,000
Net increase (decrease) in net assets resulting from share transactions		(483,532,607	)		639,582,664			643,621,453
Net increase (decrease) in net assets		(1,047,395,167	)		1,120,385,485			1,054,661,491
Net assets:
Beginning of period		8,395,762,011			7,275,376,526			6,220,715,035
End of period		$7,348,366,844			$8,395,762,011			$7,275,376,526

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

43                     Invesco Rochester® Municipal Opportunities Fund

Statement of Cash Flows

For the six months ended August 31, 2020

(Unaudited)

Cash provided by operating activities:
Net increase (decrease) in net assets resulting from operations	$    (368,852,981)
Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities:
Purchases of investments	(1,686,132,149)
Proceeds from sales of investments	2,266,344,189
Purchases of short-term investments, net	(8,491,432)
Amortization of premium on investment securities	22,515,772
Accretion of discount on investment securities	(26,484,347)
Decrease in receivables and other assets	3,744,033
Decrease in accrued expenses and other payables	(510,864)
Net realized gain from investment securities	(17,222,380)
Net change in unrealized depreciation on investment securities	520,878,819
Net cash provided by operating activities	705,788,660
Cash provided by (used in) financing activities:
Dividends paid to shareholders from distributable earnings	(96,034,897)
Proceeds from shares of beneficial interest sold	1,549,443,184
Proceeds of TOB Trusts	161,975,000
Repayments of TOB Trusts	(184,195,000)
Proceeds from borrowings	1,195,000,000
Repayment of borrowings	(1,260,900,000)
Disbursements from shares of beneficial interest reacquired	(2,124,320,826)
Net cash provided by (used in) financing activities	(759,032,539)
Net decrease in cash and cash equivalents	(53,243,879)
Cash and cash equivalents at beginning of period	56,378,026
Cash and cash equivalents at end of period	$        3,134,147
Non-cash financing activities:
Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders	$      97,075,848
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, facilities and maintenance fees	$      10,946,158

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

44                     Invesco Rochester® Municipal Opportunities Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/20		$	8.30		$	0.15		$	(0.49	)		$	(0.34	)		$	(0.21	)		$	7.75		(3.74	)%		$	3,809,647		1.01	%(d)		1.01	%(d)		0.70	%(d)		3.93	%(d)		17	%
Seven months ended 02/29/20			7.81			0.20			0.48				0.68				(0.19	)			8.30		8.87				4,389,039		0.95	(e)		0.95	(e)		0.69	(e)		4.26	(e)		9
Year ended 07/31/19			7.34			0.35			0.45				0.80				(0.33	)			7.81		11.26				3,825,646		1.20			1.20			0.76			4.64			34
Year ended 07/31/18			7.27			0.36			0.08				0.44				(0.37	)			7.34		6.34				3,164,888		1.04			1.04			0.81			4.94			34
Year ended 07/31/17			7.37			0.39			(0.07	)			0.32				(0.42	)			7.27		4.47				3,182,443		1.06			1.06			0.75			5.36			29
Year ended 07/31/16			6.86			0.46			0.52				0.98				(0.47	)			7.37		14.91				3,245,013		1.00			1.00			0.74			6.54			20
Year ended 07/31/15			7.01			0.51			(0.18	)			0.33				(0.48	)			6.86		4.59				2,968,690		0.99			0.99			0.74			7.19			16
Class C
Six months ended 08/31/20			8.26			0.12			(0.47	)			(0.35	)			(0.19	)			7.72		(4.02	)			816,775		1.66	(d)		1.66	(d)		1.35	(d)		3.28	(d)		17
Seven months ended 02/29/20			7.77			0.17			0.48				0.65				(0.16	)			8.26		8.51				1,020,424		1.61	(e)		1.61	(e)		1.35	(e)		3.61	(e)		9
Year ended 07/31/19			7.31			0.30			0.45				0.75				(0.29	)			7.77		10.45				1,019,084		1.86			1.86			1.42			3.99			34
Year ended 07/31/18			7.24			0.31			0.09				0.40				(0.33	)			7.31		5.68				1,231,057		1.69			1.69			1.46			4.29			34
Year ended 07/31/17			7.35			0.33			(0.07	)			0.26				(0.37	)			7.24		3.74				1,301,304		1.78			1.78			1.47			4.66			29
Year ended 07/31/16			6.83			0.41			0.53				0.94				(0.42	)			7.35		14.13				1,375,239		1.75			1.75			1.49			5.80			20
Year ended 07/31/15			6.99			0.46			(0.20	)			0.26				(0.42	)			6.83		3.68				1,234,906		1.75			1.75			1.50			6.43			16
Class Y
Six months ended 08/31/20			8.29			0.16			(0.48	)			(0.32	)			(0.23	)			7.74		(3.61	)			2,705,795		0.76	(d)		0.76	(d)		0.45	(d)		4.18	(d)		17
Seven months ended 02/29/20			7.80			0.21			0.49				0.70				(0.21	)			8.29		9.04				2,968,456		0.71	(e)		0.71	(e)		0.45	(e)		4.51	(e)		9
Year ended 07/31/19			7.33			0.37			0.45				0.82				(0.35	)			7.80		11.55				2,430,627		0.95			0.95			0.51			4.89			34
Year ended 07/31/18			7.26			0.38			0.08				0.46				(0.39	)			7.33		6.61				1,824,770		0.79			0.79			0.56			5.19			34
Year ended 07/31/17			7.37			0.39			(0.06	)			0.33				(0.44	)			7.26		4.66				1,334,351		0.88			0.88			0.57			5.40			29
Year ended 07/31/16			6.85			0.47			0.53				1.00				(0.48	)			7.37		15.10				920,958		0.85			0.85			0.59			6.68			20
Year ended 07/31/15			7.00			0.52			(0.18	)			0.34				(0.49	)			6.85		4.61				692,717		0.84			0.84			0.59			7.33			16
Class R5
Six months ended 08/31/20			8.29			0.16			(0.48	)			(0.32	)			(0.23	)			7.74		(3.69	)			6,408		0.68	(d)		0.68	(d)		0.37	(d)		4.26	(d)		17
Seven months ended 02/29/20			7.80			0.22			0.51				0.73				(0.24	)			8.29		9.49				4,697		0.64	(e)		0.64	(e)		0.38	(e)		4.57	(e)		9
Period ended 07/31/19(f)			7.71			0.07			0.08				0.15				(0.06	)			7.80		2.03				10		0.91	(e)		0.91	(e)		0.47	(e)		4.93	(e)		34
Class R6
Six months ended 08/31/20			8.29			0.16			(0.47	)			(0.31	)			(0.23	)			7.75		(3.56	)			9,741		0.68	(d)		0.68	(d)		0.37	(d)		4.26	(d)		17
Seven months ended 02/29/20			7.80			0.21			0.49				0.70				(0.21	)			8.29		9.05				13,146		0.67	(e)		0.67	(e)		0.41	(e)		4.54	(e)		9
Period ended 07/31/19(f)			7.71			0.07			0.08				0.15				(0.06	)			7.80		2.04				10		0.91	(e)		0.91	(e)		0.47	(e)		4.93	(e)		34

^(a) Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $3,595,148, $851,723, $2,345,441, $4,882 and $7,763 for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Annualized.

^(f)  Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

45                     Invesco Rochester® Municipal Opportunities Fund

Notes to Financial Statements

August 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Rochester^® Municipal Opportunities Fund, formerly Invesco Oppenheimer Rochester^® High Yield Municipal Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek tax-free income.

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature will change from ten years to eight years. The first conversion of Class C shares to Class A shares would occur at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value (“NAV”) per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. 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.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of

46                     Invesco Rochester® Municipal Opportunities Fund

the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Cash and Cash Equivalents - For the purposes of the Statement of Cash Flows, the Fund defines Cash and Cash Equivalents as cash (including foreign currency), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received.

F. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

G. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated to each share class based on relative net assets. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

H. Interest, Facilities and Maintenance Fees - Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.

I. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

J. Indemnifications - Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote.

K. Floating Rate Note Obligations - The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase

47                     Invesco Rochester® Municipal Opportunities Fund

tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

L. Other Risks - The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claim.

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund’s investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

M. Securities Purchased on a When-Issued and Delayed Delivery Basis - The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
Up to $200 million	0.600%
Next $100 million	0.550%
Next $200 million	0.500%
Next $250 million	0.450%
Next $250 million	0.400%
Next $10 billion	0.350%
Over $11 million	0.340%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended August 31, 2020, the effective advisory fee rate incurred by the Fund was 0.36%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 0.82%, 1.47%, 0.57%, 0.52% and 0.47%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the reporting period under this expense limit.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to

48                     Invesco Rochester® Municipal Opportunities Fund

intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 0.90% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2020, IDI advised the Fund that IDI retained $148,895 in front-end sales commissions from the sale of Class A shares and $223,380 and $153,539 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 the 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.

The following is a summary of the tiered valuation input levels, as of August 31, 2020. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended August 31, 2020, there were transfers from Level 3 to Level 2 of $1,712,775, due to availability of market data for this security and from Level 2 to Level 3 of $57,194,204, due to lack of availability of market data for these securities.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Obligations		$              –		$7,898,733,545		$196,466,349		$8,095,199,894
Common Stocks & Other Equity Interests		7,767,347		–		–		7,767,347
U.S. Dollar Denominated Bonds & Notes		–		–		1,432,000		1,432,000
Total Investments in Securities		7,767,347		7,898,733,545		197,898,349		8,104,399,241
Other Investments - Assets
Investments Matured		–		3,460,270		18,058,641		21,518,911
Total Investments		$7,767,347		$7,902,193,815		$215,956,990		$8,125,918,152

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the six months ended August 31, 2020:

													Change in
								Accrued					Unrealized			Transfers		Transfers
	Value 02/28/20		Purchases at Cost		Proceeds from Sales			Discounts/ Premiums			Realized Gain (Loss)		Appreciation (Depreciation)			into Level 3		out of Level 3			Value 08/31/20
Municipal Obligations	$	145,408,551	$	4,772,328	$	(6,133,906	)	$	(10,548	)	$	117,397	$	(3,168,902	)	$	57,194,204	$	(1,712,775	)	$	196,466,349
U.S. Dollar Denominated Bonds & Notes		1,432,000		-		-			-			-		-			-		-			1,432,000
Investments Matured		19,777,377		35,022		(722,766	)		-			114,923		(1,145,915	)		-		-			18,058,641
Total	$	166,617,928	$	4,807,350	$	(6,856,672	)	$	(10,548	)	$	232,320	$	(4,314,817	)	$	57,194,204	$	(1,712,775	)	$	215,956,990

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended August 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,222.

49                     Invesco Rochester® Municipal Opportunities Fund

NOTE 5—Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances and Borrowings

The Fund has entered into a $2.5 billion revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds, and which will expire on February 25, 2021. The revolving credit and security agreement is secured by the assets of the Fund.

    During the six months ended August 31, 2020, the average daily balance of borrowing under the revolving credit and security agreement was $128,540,217 with a weighted interest rate of 1.51%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees.

    Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

    Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2020 were $778,932,143 and 1.84%, respectively.

    The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

NOTE 7–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

    Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

    The Fund had a capital loss carryforward as of February 29, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	131,051,152	$	1,396,069,316	$1,527,120,468

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2020 was $1,352,078,394 and $2,267,540,628, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	525,679,142
Aggregate unrealized (depreciation) of investments		(676,399,721	)
Net unrealized appreciation (depreciation) of investments	$	(150,720,579	)

    Cost of investments for tax purposes is $8,276,638,731.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended August 31, 2020(a)				Seven months ended February 29, 2020				Year ended July 31, 2019
	Shares		Amount		Shares		Amount		Shares		Amount
Sold:
Class A		52,056,042	$	393,666,664		74,011,584	$	590,119,114		131,054,012	$	989,975,095
Class C		9,285,632		69,913,513		14,365,785		113,951,532		27,892,637		207,446,026
Class Y		141,365,135		1,060,015,811		89,913,451		716,659,553		160,665,832		1,198,634,680
Class R5(b)		347,679		2,643,867		565,381		4,602,340		1,297		10,000
Class R6(b)		994,551		7,429,551		2,564,780		20,210,999		1,297		10,000

50                     Invesco Rochester® Municipal Opportunities Fund

	Summary of Share Activity
	Six months ended August 31, 2020(a)						Seven months ended February 29, 2020						Year ended July 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		6,151,702		$	45,503,507			10,551,731		$	84,351,905			16,454,954		$	122,957,474
Class C		1,529,670			11,250,017			2,321,196			18,469,320			5,592,006			41,526,613
Class Y		5,412,127			40,073,515			7,822,661			62,472,815			10,851,809			81,178,318
Class R5(b)		17,771			132,089			361			2,978			-			-
Class R6(b)		15,885			116,720			30,023			242,420			-			-
Automatic conversion of Class C shares to
Class A shares:
Class A		11,918,237			90,733,073			10,634,641			84,788,564			-			-
Class C		(11,967,045	)		(90,733,073	)		(10,685,888	)		(84,788,564	)		-			-
Reacquired:
Class A		(107,429,186	)		(811,408,439	)		(56,259,163	)		(447,573,404	)		(88,765,384	)		(658,982,237	)
Class C		(16,548,406	)		(122,578,148	)		(13,581,413	)		(107,764,422	)		(70,838,918	)		(536,716,702	)
Class Y		(155,295,364	)		(1,168,889,756	)		(51,250,119	)		(407,779,736	)		(108,775,595	)		(802,417,814	)
Class R5(b)		(104,671	)		(775,030	)		(162	)		(1,332	)		-			-
Class R6(b)		(1,338,438	)		(10,626,488	)		(1,011,130	)		(8,381,418	)		-			-
Net increase (decrease) in share activity		(63,588,679	)	$	(483,532,607	)		79,453,719		$	639,582,664			84,133,947		$	643,621,453

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 54% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Commencement date after the close of business on May 24, 2019.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared 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 Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

51                     Invesco Rochester® Municipal Opportunities Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (03/01/20)	Ending Account Value (08/31/20)1	Expenses Paid During Period2	Ending Account Value (08/31/20)	Expenses Paid During Period2	Annualized Expense Ratio
Class A	$1,000.00	$962.60	$5.00	$1,020.11	$5.14	1.01%
Class C	1,000.00	959.80	8.20	1,016.84	8.44	1.66
Class Y	1,000.00	963.90	3.76	1,021.37	3.87	0.76
Class R5	1,000.00	963.10	3.36	1,021.78	3.47	0.68
Class R6	1,000.00	964.40	3.37	1,021.78	3.47	0.68

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

52                     Invesco Rochester® Municipal Opportunities Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Rochester^® Municipal Opportunities Fund’s (formerly, Invesco Oppenheimer Rochester^® High Yield Municipal Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to

meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the

Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays Municipal Bond Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The

53                     Invesco Rochester® Municipal Opportunities Fund

Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and the Affiliated Sub-Advisers to other similarly managed client accounts. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

54                     Invesco Rochester® Municipal Opportunities Fund

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-07890 and 033-66242 Invesco Distributors, Inc.             O-ROHYM-SAR-1

	Semiannual Report to Shareholders	August 31, 2020
	Invesco Rochester® New York Municipals Fund
	Effective September 30, 2020, Invesco Oppenheimer Rochester® New York Municipals Fund was renamed Invesco Rochester® New York Municipals Fund. Nasdaq: A: RMUNX ∎ C: RMUCX ∎ Y: RMUYX ∎ R6: IORUX

2	Letters to Shareholders
3	Fund Performance
5	Liquidity Risk Management Program
6	Schedule of Investments
25	Financial Statements
28	Financial Highlights
29	Notes to Financial Statements
35	Fund Expenses
36	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data provided by Invesco.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

     Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges

for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

     Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

    For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Rochester^® New York Municipals Fund

Fund Performance

Performance summary
Fund vs. Indexes Cumulative total returns, 2/29/20 to 8/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-2.99	%
Class C Shares	-3.38
Class Y Shares	-2.88
Class R6 Shares	-2.84
Bloomberg Barclays Municipal Bond Index▼	0.19
U.S. Consumer Price Index∎	0.48
Source(s): ▼RIMES Technologies Corp; ∎Bloomberg L.P. The Bloomberg Barclays Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market. The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the U.S. Bureau of Labor Statistics. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

Read the most recent quarterly commentary from your Fund’s portfolio managers by visiting invesco.com/us. Click on “Products” and select “Mutual Funds.” Use the “Product Finder” to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund’s investment strategies, holdings and performance.

    Also, visit blog.invesco.us.com, where many of Invesco’s investment professionals share their insights about market and economic news and trends.

3 Invesco Rochester^® New York Municipals Fund

Average Annual Total Returns
As of 8/31/20, including maximum applicable sales charges
Class A Shares
Inception (5/15/86)	6.24	%
10 Years	4.91
5 Years	6.27
1 Year	-3.11
Class C Shares
Inception (3/17/97)	5.06	%
10 Years	4.51
5 Years	6.35
1 Year	-0.55
Class Y Shares
Inception (4/28/00)	5.82	%
10 Years	5.55
5 Years	7.42
1 Year	1.44
Class R6 Shares
10 Years	5.41	%
5 Years	7.26
1 Year	1.49

Effective May 24, 2019, Class A, Class C and Class Y shares of the Oppenheimer Rochester Fund Municipals, (the predecessor fund), were reorganized into Class A, Class C and Class Y shares, respectively, of the Invesco Oppenheimer Rochester^® New York Municipals Fund (the Fund). Returns shown above, prior to May 24, 2019, for Class A, Class C and Class Y shares are those for Class A, Class C and Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

    Class R6 shares incepted on May 24, 2019. Performance shown prior to that date is that of the predecessor fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

    The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

    Class A share performance reflects the maximum 4.25% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a

CDSC; therefore, performance is at net asset value.

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

    Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.

4 Invesco Rochester^® New York Municipals Fund

Liquidity Risk Management Program

The Securities and Exchange Commission has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”) in order to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The Fund has adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Program is reasonably designed to assess and manage the Fund’s liquidity risk, which is the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board of Trustees of the Fund (the “Board”) has appointed Invesco Advisers, Inc. (“Invesco”), the Fund’s investment adviser, as the Program’s administrator, and Invesco has delegated oversight of the Program to the Liquidity Risk Management Committee (the “Committee”), which is composed of senior representatives from relevant business groups at Invesco.

As required by the Liquidity Rule, the Program includes policies and procedures providing for an assessment, no less frequently than annually, of the Fund’s liquidity risk that takes into account, as relevant to the Fund’s liquidity risk: (1) the Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Fund during both normal and reasonably foreseeable stressed conditions; and (3) the Fund’s holdings of cash and cash equivalents and any borrowing arrangements, including the terms of the Fund’s credit facility, the financial health of the institution providing the credit facility and the fact that the credit facility is shared among multiple funds. The Liquidity Rule also requires the classification of the Fund’s investments into categories that reflect the assessment of their relative liquidity under current market conditions. The Fund classifies its investments into one of four categories defined in the Liquidity Rule: “Highly Liquid,” “Moderately Liquid,” “Less Liquid” and “Illiquid.” Funds that are not invested primarily in “Highly Liquid Investments” that are assets (cash or investments that are reasonably expected to be convertible into cash within three business days without significantly changing the market value of the investment) are required to establish a “Highly Liquid Investment Minimum” (“HLIM”), which is the minimum percentage of net assets that must be invested in Highly Liquid Investments. Funds with HLIMs have procedures for addressing

HLIM shortfalls, including reporting to the Board and the SEC (on a non-public basis) as required by the Program and the Liquidity Rule. In addition, the Fund may not acquire an investment if, immediately after the acquisition, over 15% of the Fund’s net assets would consist of “Illiquid Investments” that are assets (an investment that cannot reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Liquidity Rule and the Program also require reporting to the Board and the SEC (on a non-public basis) if a Fund’s holdings of Illiquid Investments exceed 15% of the Fund’s assets.

At a meeting held on March 30-April 1, 2020, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report stated, in relevant part, that during the Program Reporting Period:

∎ The Program, as adopted and implemented, remained reasonably designed to assess and manage the Fund’s liquidity risk and was operated effectively to achieve that goal;

∎ The Fund’s investment strategy remained appropriate for an open-end fund;

∎ The Fund was able to meet requests for redemption without significant dilution of remaining investors’ interests in the Fund;

∎ The Fund did not breach the 15% limit on Illiquid Investments; and

∎ The Fund primarily held Highly Liquid Investments and therefore has not adopted an HLIM.

5 Invesco Rochester^® New York Municipals Fund

Schedule of Investments

August 31, 2020

(Unaudited)

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Municipal Obligations–105.22%
New York–90.13%
Albany (County of), NY Airport Authority;
Series 2018 A, RB		5.00%		12/15/2043	$	1,750	$    2,125,322
Series 2018 A, RB		5.00%		12/15/2048		2,585	3,120,406
Series 2018 B, RB(a)		5.00%		12/15/2033		335	394,771
Series 2018 B, RB(a)		5.00%		12/15/2034		250	293,733
Albany (County of), NY Industrial Development Agency (Rehabilitation Support Services, Inc. (The)); Series 1993 A, RB		8.37%		06/01/2023		250	250,150
Albany (County of), NY Industrial Development Agency (Sage Colleges); Series 1999 A, RB		5.30%		04/01/2029		1,665	1,565,800
Albany (County of), NY Parking Authority; Series 2018 A, Ref. RB (INS - AGM)(b)		5.00%		07/15/2025		315	378,176
Albany Capital Resource Corp. (College Saint Rose (The));
Series 2011 A, RB		5.38%		07/01/2026		1,525	1,546,746
Series 2011 A, RB		5.62%		07/01/2031		1,315	1,331,885
Series 2011 A, RB		5.87%		07/01/2041		8,165	8,262,899
Albany Capital Resource Corp. (Empire Commons Student Housing);
Series 2016 A, Ref. RB		5.00%		05/01/2027		300	342,432
Series 2016 A, Ref. RB		5.00%		05/01/2032		200	223,224
Amherst Development Corp. (Daemen College);
Series 2018, Ref. RB		4.00%		10/01/2037		2,575	2,640,920
Series 2018, Ref. RB		5.00%		10/01/2043		2,345	2,581,517
Series 2018, Ref. RB		5.00%		10/01/2048		2,435	2,652,178
Amherst Development Corp. (UBF Faculty-Student Housing Corp. - Greiner & Hadley Refunding Projects at SUNY Buffalo); Series 2017 A, Ref. RB (INS - AGM)(b)		5.00%		10/01/2045		1,000	1,161,190
Barclays Capital Municipal Trust Receipts; Series 2011, RB(c)(d)(e)		5.25%		12/01/2035		21,515	22,058,361
Battery Park (City of), NY Authority; Series 2019, RB		4.00%		11/01/2044		4,000	4,720,440
Brookhaven (City of), NY Industrial Development Agency (Enecon Corp.); Series 2007 B, RB(a)		6.30%		11/01/2033		2,620	2,517,925
Brookhaven Local Development Corp. (Jefferson’s Ferry); Series 2016, Ref. RB		5.25%		11/01/2036		1,725	1,881,993
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, RB(f)		0.00%		07/15/2034		3,685	2,130,446
Series 2016 A, Ref. RB		5.00%		07/15/2042		42,330	46,051,230
Broome County Local Development Corp. (United Health Services Hospital); Series 2020, Ref. RB (INS - AGM)(b)		4.00%		04/01/2050		3,500	4,023,110
Buffalo & Erie County Industrial Land Development Corp. (Buffalo State College Foundation Housing Corp.);
Series 2011, RB(g)(h)		5.38%		04/01/2021		1,770	1,823,436
Series 2011, RB(g)(h)		6.00%		04/01/2021		870	899,310
Buffalo & Erie County Industrial Land Development Corp. (Catholic Health System); Series 2015, RB		5.25%		07/01/2035		1,500	1,712,430
Buffalo & Erie County Industrial Land Development Corp. (Charter School for Applied Technology);
Series 2017 A, Ref. RB		4.50%		06/01/2027		1,500	1,636,575
Series 2017 A, Ref. RB		5.00%		06/01/2035		840	916,196
Buffalo & Erie County Industrial Land Development Corp. (Global Concepts Charter School Program);
Series 2018, Ref. RB		5.00%		10/01/2032		140	165,941
Series 2018, Ref. RB		5.00%		10/01/2033		150	176,978
Series 2018, Ref. RB		5.00%		10/01/2037		500	581,740
Buffalo & Erie County Industrial Land Development Corp. (Orchard Park); Series 2015, Ref. RB		5.00%		11/15/2037		1,035	1,084,111
Buffalo & Erie County Industrial Land Development Corp. (Tapestry Charter School); Series 2017 A, RB		5.00%		08/01/2037		825	874,376
Buffalo (City of), NY Municipal Water Finance Authority;
Series 2015 A, Ref. RB		5.00%		07/01/2029		300	359,430
Series 2015 A, Ref. RB		5.00%		07/01/2030		150	179,558
Series 2015 A, Ref. RB		5.00%		07/01/2031		210	250,830
Series 2015 A, Ref. RB		5.00%		07/01/2032		245	291,996
Build NYC Resource Corp.; Series 2015, RB		5.00%		07/01/2045		1,160	1,283,540
Build NYC Resource Corp. (Bronx Charter School for Excellence); Series 2013 A, RB		5.00%		04/01/2033		500	526,770

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6 Invesco Rochester^® New York Municipals Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
Build NYC Resource Corp. (Bronx Lighthouse Charter School);
Series 2018, RB		5.00%		06/01/2038	$	1,525	$    1,671,964
Series 2018, RB		5.00%		06/01/2048		2,415	2,615,517
Build NYC Resource Corp. (Chapin School); Series 2017, Ref. RB		5.00%		11/01/2047		8,000	12,736,000
Build NYC Resource Corp. (Children’s Aid Society (The));
Series 2019, RB		4.00%		07/01/2044		555	628,798
Series 2019, RB		4.00%		07/01/2049		1,300	1,458,288
Build NYC Resource Corp. (Manhattan College);
Series 2017, Ref. RB		5.00%		08/01/2032		880	1,037,617
Series 2017, Ref. RB		5.00%		08/01/2036		1,500	1,745,085
Series 2017, Ref. RB		5.00%		08/01/2047		4,430	5,047,985
Build NYC Resource Corp. (Methodist Hospital);
Series 2014, Ref. RB		5.00%		07/01/2026		1,100	1,252,801
Series 2014, Ref. RB		5.00%		07/01/2030		500	563,090
Build NYC Resource Corp. (Metropolitan Lighthouse Charter School); Series 2017 A, RB(c)		5.00%		06/01/2047		1,250	1,319,425
Build NYC Resource Corp. (New Dawn Charter Schools);
Series 2019, RB(c)		5.62%		02/01/2039		1,100	1,156,133
Series 2019, RB(c)		5.75%		02/01/2049		1,330	1,391,486
Build NYC Resource Corp. (Pratt Paper, Inc.);
Series 2014, Ref. RB(a)(c)		4.50%		01/01/2025		1,365	1,435,025
Series 2014, Ref. RB(a)(c)		5.00%		01/01/2035		4,350	4,655,022
Build NYC Resource Corp. (YMCA of Greater New York); Series 2012, RB(g)(h)		5.00%		08/01/2022		860	937,598
Bushnell’s Basin Fire Association, Inc.; Series 2005 B, RB		5.75%		11/01/2030		2,430	2,355,326
Cattaraugus (County of), NY (St. Bonaventure University);
Series 2014, RB		5.00%		05/01/2034		200	212,584
Series 2014, RB		5.00%		05/01/2039		250	263,268
Cattaraugus County Capital Resource Corp. (St. Bonaventure University Ref.);
Series 2016 A, Ref. RB		5.00%		05/01/2030		510	562,295
Series 2016 A, Ref. RB		5.00%		05/01/2031		540	591,770
Chautauqua (City & County of), NY Utility District;
Series 2006, GO Bonds		5.00%		06/01/2023		95	95,328
Series 2006, GO Bonds		5.00%		06/01/2025		105	105,361
Chemung (County of), NY Industrial Development Agency (Hathorn Redevelopment Co.);
Series 2001 A, IDR(a)		4.85%		07/01/2023		310	311,690
Series 2001 A, IDR(a)		5.00%		07/01/2033		1,515	1,522,363
City of Albany Capital Resource Corp. (Empire Commons Student Housing, Inc.);
Series 2016 A, Ref. RB		5.00%		05/01/2028		400	454,304
Series 2016 A, Ref. RB		5.00%		05/01/2029		550	622,177
Series 2016 A, Ref. RB		5.00%		05/01/2030		350	394,356
Series 2016 A, Ref. RB		5.00%		05/01/2031		350	392,396
Deutsche Bank Spears/Lifers Trust; Series 2013, RB(c)(d)(e)		5.25%		12/01/2035		31,750	33,663,255
Dutchess (County of), NY Water & Wastewater Authority; Series 1998 1, RB(f)		0.00%		06/01/2027		1,000	938,100
Dutchess County Local Development Corp. (Health Quest Systems, Inc.);
Series 2014 A, RB(g)(h)		5.00%		07/01/2024		1,195	1,407,746
Series 2016 A, Ref. RB		5.00%		07/01/2030		1,255	1,478,528
Series 2016 B, RB		4.00%		07/01/2034		6,410	7,051,833
Series 2016 B, RB		5.00%		07/01/2035		2,715	3,142,097
Series 2016 B, RB		5.00%		07/01/2046		25,775	29,241,480
Series 2019 B, Ref. RB		4.00%		07/01/2044		2,430	2,661,579
Dutchess County Local Development Corp. (Marist College); Series 2015 A, RB		5.00%		07/01/2036		2,335	2,661,223
Dutchess County Local Development Corp. (Nuvance Health); Series 2019 B, Ref. RB		4.00%		07/01/2049		3,570	3,886,266
Dutchess County Local Development Corp. (Vassar College);
Series 2017, Ref. RB		5.00%		07/01/2034		840	1,029,420
Series 2017, Ref. RB		5.00%		07/01/2036		840	1,022,608
Series 2017, Ref. RB		5.00%		07/01/2037		1,205	1,462,942
Series 2017, Ref. RB		5.00%		07/01/2042		2,535	3,033,634
Series 2020, Ref. RB		5.00%		07/01/2045		5,000	6,334,250
Series 2020, Ref. RB		4.00%		07/01/2049		5,000	5,759,450
East Rochester Housing Authority (Jefferson Park Association L.P.); Series 1999, RB(a)		6.75%		03/01/2030		1,445	1,396,968

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7 Invesco Rochester^® New York Municipals Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
Elmira (City of), NY Housing Authority (Eastgate Apartments L.P.); Series 2007, RB(a)		6.25%		06/01/2044	$	2,250	$    2,251,440
Erie Tobacco Asset Securitization Corp.;
Series 2005 A, RB		5.00%		06/01/2038		5,000	5,003,150
Series 2005 A, RB		5.00%		06/01/2045		1,275	1,275,791
Series 2005 D, RB(f)		0.00%		06/01/2055		194,300	13,929,367
Series 2006 A, RB(f)		0.00%		06/01/2060		434,000	19,725,300
Franklin (County of), NY Solid Waste Management Authority;
Series 2015 A, RB(a)		5.00%		06/01/2025		300	351,642
Series 2019, RB(a)		4.00%		06/01/2025		910	1,024,833
Series 2019, RB(a)		4.00%		06/01/2026		950	1,084,150
Series 2019, RB(a)		4.00%		06/01/2027		985	1,136,335
Genesee (County of), NY Industrial Development Agency (United Memorial Medical Center); Series 2007, Ref. RB		5.00%		12/01/2032		55	55,168
Glen Cove Local Economic Assistance Corp. (Tiegerman School); Series 2018 A, RB(c)		5.50%		07/01/2044		5,495	5,228,108
Hempstead Town Local Development Corp. (Evergreen Charter School); Series 2019, Ref. RB(c)		6.80%		12/01/2044		9,530	10,768,042
Hempstead Town Local Development Corp. (Molloy College);
Series 2014, RB		5.00%		07/01/2029		1,700	1,875,644
Series 2014, RB		5.00%		07/01/2034		1,500	1,631,400
Series 2014, RB		5.00%		07/01/2039		1,250	1,347,263
Series 2014, RB		5.00%		07/01/2044		1,000	1,070,500
Series 2017, Ref. RB		5.00%		07/01/2029		475	554,857
Series 2017, Ref. RB		5.00%		07/01/2030		425	493,616
Series 2017, Ref. RB		5.00%		07/01/2031		390	450,551
Series 2017, Ref. RB		5.00%		07/01/2032		700	804,237
Series 2017, Ref. RB		5.00%		07/01/2035		730	830,295
Series 2017, Ref. RB		5.00%		07/01/2036		570	647,281
Series 2017, Ref. RB		5.00%		07/01/2038		650	733,922
Hudson Yards Infrastructure Corp; Series 2017 XF0550, Ref. Revenue Ctfs.(d)		5.00%		02/15/2042		26,500	31,498,695
Hudson Yards Infrastructure Corp.;
Series 2011, RB		5.25%		02/15/2047		1,010	1,030,311
Series 2012 A, RB		5.75%		02/15/2047		13,660	13,976,912
Series 2017 A, Ref. RB		5.00%		02/15/2038		11,000	13,189,550
Series 2017 A, Ref. RB		5.00%		02/15/2039		15,705	18,788,991
Series 2017 A, Ref. RB		5.00%		02/15/2042		19,880	23,629,964
Series 2017 A, Ref. RB (INS - BAM)(b)		5.00%		02/15/2042		20,000	23,839,600
Series 2017 A, Ref. RB		5.00%		02/15/2045		30,750	36,350,497
Series 2017 A, Ref. RB (INS - AGM)(b)		4.00%		02/15/2047		575	630,269
Jefferson Civic Facility Development Corp. (Samaritan Medical Center); Series 2017 A, Ref. RB		4.00%		11/01/2047		555	534,360
Jefferson County Civic Facility Development Corp. (Samaritan Medical Center); Series 2017 A, Ref. RB		5.00%		11/01/2037		4,000	4,664,960
Livingston (County of), NY Industrial Development Agency (Nicholas H. Noyes Memorial Hospital); Series 2005, RB		6.00%		07/01/2030		1,000	1,000,590
Lockport (City of), NY;
Series 2014, GO Bonds		5.00%		10/15/2020		435	437,118
Series 2014, GO Bonds		5.00%		10/15/2021		455	474,206
Series 2014, GO Bonds		5.00%		10/15/2022		480	517,781
Series 2014, GO Bonds		5.00%		10/15/2023		505	562,626
Series 2014, GO Bonds		5.00%		10/15/2024		530	608,535
Long Island (City of), NY Power Authority;
Series 2014 A, Ref. RB		5.00%		09/01/2039		12,315	14,154,615
Series 2014 A, Ref. RB		5.00%		09/01/2044		14,530	16,669,688
Series 2017, RB		5.00%		09/01/2047		12,925	15,595,434

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Rochester^® New York Municipals Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
Long Island Power Authority;
Series 2012 A, RB(g)(h)		5.00%		09/01/2022	$	6,635	$    7,273,685
Series 2012 A, RB		5.00%		09/01/2042		13,365	14,232,388
Series 2016 B, Ref. RB		5.00%		09/01/2036		4,405	5,307,364
Series 2016, Ref. RB		5.00%		09/01/2035		6,280	7,586,491
Series 2016, Ref. RB		5.00%		09/01/2041		12,335	14,752,043
Series 2017, RB		5.00%		09/01/2029		750	955,905
Series 2017, RB		5.00%		09/01/2030		1,500	1,900,395
Series 2017, RB		5.00%		09/01/2037		3,405	4,181,680
Series 2017, RB (INS - BAM)(b)		5.00%		09/01/2042		14,000	17,077,900
Series 2017, RB (INS - BAM)(b)		5.00%		09/01/2047		25,000	30,311,500
Series 2018, RB		5.00%		09/01/2032		2,815	3,615,642
Series 2018, RB		5.00%		09/01/2036		2,000	2,518,160
Series 2018, RB		5.00%		09/01/2037		7,000	8,793,120
Series 2018, RB		5.00%		09/01/2038		5,000	6,263,300
Series 2018, RB		5.00%		09/01/2039		4,000	4,997,640
Series 2019 A, RB		4.00%		09/01/2038		1,000	1,162,460
Metropolitan Transportation Authority;
Series 2002 D-1, Ref. RB		5.00%		11/01/2028		3,500	3,635,380
Series 2012 D, Ref. RB		5.00%		11/15/2030		17,675	18,342,585
Series 2012 D, Ref. RB (INS - AGM)(b)		4.00%		11/15/2032		100	104,432
Series 2012 D, Ref. RB		5.00%		11/15/2032		2,150	2,228,991
Series 2012 H, RB		5.00%		11/15/2025		1,350	1,409,535
Series 2012 H, RB		5.00%		11/15/2030		340	352,842
Series 2012 H, RB		5.00%		11/15/2033		940	974,329
Series 2013 C, RB		5.00%		11/15/2038		4,000	4,163,600
Series 2014 B, RB		5.25%		11/15/2039		5,135	5,476,221
Series 2015 B, Ref. RB		5.25%		11/15/2055		9,000	9,606,060
Series 2015 C-1, Ref. RB		5.25%		11/15/2030		6,540	7,210,546
Series 2015 D-1, Ref. RB		5.00%		11/15/2033		10,000	10,793,300
Series 2016 B, Ref. RB		5.00%		11/15/2037		5,000	5,451,600
Series 2016 C-1, RB		5.00%		11/15/2056		16,170	17,294,138
Series 2016 C-1, RB		5.25%		11/15/2056		20,830	22,632,212
Series 2017 D, Ref. RB		5.00%		11/15/2031		8,665	9,653,070
Series 2017 D, Ref. RB		5.00%		11/15/2033		2,295	2,553,394
Series 2017 D, Ref. RB		5.00%		11/15/2035		5,695	6,327,771
Series 2017 XF0564, Ref. Revenue Ctfs.(d)		5.25%		11/15/2057		21,000	24,798,690
Series 2017 XF0583, Ref. Revenue Ctfs.(d)		5.25%		11/15/2056		23,860	25,769,039
Subseries 2002 G-1H, Ref. RB (67% of 1 mo. USD LIBOR + 0.82%)(e)(h)		0.92%		02/01/2022		795	770,474
Metropolitan Transportation Authority (Green Bonds);
Series 2015 A-2, RB(h)		5.00%		05/15/2030		18,000	20,867,940
Series 2016 B-1, Ref. RB		5.00%		11/15/2036		3,955	4,608,089
Series 2016 B-1, Ref. RB		5.00%		11/15/2056		10,345	11,739,092
Series 2017 C-1, Ref. RB (INS - BAM)(b)		5.00%		11/15/2031		18,000	22,249,260
Series 2017 C-1, Ref. RB (INS - BAM)(b)		5.00%		11/15/2034		24,700	30,121,403
Series 2017 C-2, Ref. RB(f)		0.00%		11/15/2040		3,750	1,660,837
Series 2017, RB		5.25%		11/15/2057		4,505	5,319,909
Series 2019 A-2, Ref. RB (INS - AGM)(b)		5.00%		11/15/2044		7,900	9,484,977
Series 2019 B, RB		5.00%		11/15/2052		15,000	16,409,400
Series 2019 C, RB (INS - AGM)(b)		4.00%		11/15/2045		560	622,754
Series 2020 C-1, RB		5.25%		11/15/2055		15,000	16,884,900
Subseries 2017 A-1, RB		5.25%		11/15/2057		6,835	7,468,536
Monroe (County of), NY Industrial Development Agency (Parma Senior Housing Associates, L.P.); Series 2005 A, RB(a)		6.50%		12/01/2042		2,190	2,189,825
Monroe (County of), NY Industrial Development Agency (Rochester Schools Modernization);
Series 2015, RB		5.00%		05/01/2030		1,000	1,190,540
Series 2015, RB		5.00%		05/01/2031		1,500	1,778,235

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Rochester^® New York Municipals Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
Monroe (County of), NY Industrial Development Agency (Volunteers of America of Western New York, Inc.); Series 1998, RB		5.75%		08/01/2028	$	2,345	$    2,306,894
Monroe County Industrial Development Corp. (Highland Hospital of Rochester); Series 2015, Ref. RB		5.00%		07/01/2034		375	429,101
Monroe County Industrial Development Corp. (Monroe Community College); Series 2014, Ref. RB (INS - AGM)(b)		5.00%		01/15/2038		890	978,600
Monroe County Industrial Development Corp. (Nazareth College of Rochester);
Series 2011, RB(g)(h)		5.00%		10/01/2021		850	893,537
Series 2011, RB(g)(h)		5.25%		10/01/2021		500	526,960
Series 2011, RB(g)(h)		5.50%		10/01/2021		1,840	1,944,181
Monroe County Industrial Development Corp. (Rochester General Hospital (The));
Series 2013 A, Ref. RB		5.00%		12/01/2037		50	53,270
Series 2013 A, Ref. RB		5.00%		12/01/2042		2,010	2,130,540
Series 2017, RB		5.00%		12/01/2046		5,000	5,752,450
Monroe County Industrial Development Corp. (St. John Fisher College);
Series 2011, RB		5.62%		06/01/2026		850	873,605
Series 2011, RB		6.00%		06/01/2034		1,495	1,534,109
Series 2014 A, RB		5.00%		06/01/2029		500	551,090
Series 2014 A, RB		5.50%		06/01/2034		960	1,062,749
Series 2014 A, RB		5.00%		06/01/2044		1,515	1,629,761
Monroe County Industrial Development Corp. (Unity Hospital of Rochester (The));
Series 2010, Ref. RB		5.75%		08/15/2035		15,100	15,392,185
Series 2010, Ref. RB		5.50%		08/15/2040		5,000	5,085,000
Monroe County Industrial Development Corp. (University of Rochester);
Series 2015 A, Ref. RB		5.00%		07/01/2028		180	214,547
Series 2015 A, Ref. RB		5.00%		07/01/2032		1,500	1,753,215
Series 2015 A, Ref. RB		5.00%		07/01/2033		1,785	2,077,704
Series 2017 C, Ref. RB		4.00%		07/01/2043		3,175	3,568,763
Series 2020 A, RB		4.00%		07/01/2050		32,600	37,734,174
Monroe Tobacco Asset Securitization Corp.; Series 2006 A, RB(f)		0.00%		06/01/2061		650,000	28,216,500
MTA Hudson Rail Yards Trust Obligations;
Series 2016 A, RB		5.00%		11/15/2051		10,405	10,930,452
Series 2016 A, RB		5.00%		11/15/2056		63,245	70,307,569
Municipal Assistance Corp. for the City of Troy;
Series 1996 C, RB (INS - NATL)(b)(f)		0.00%		07/15/2021		803	800,873
Series 1996 C, RB (INS - NATL)(b)(f)		0.00%		01/15/2022		1,218	1,213,175
Nassau (County of), NY;
Series 2015 B, GO Bonds (INS - BAM)(b)		5.00%		04/01/2030		4,025	4,566,765
Series 2016 A, Ref. GO Bonds		5.00%		01/01/2038		1,000	1,169,320
Series 2018 A, GO Bonds (INS - AGM)(b)		5.00%		04/01/2040		3,335	4,083,241
Series 2018 A, GO Bonds (INS - AGM)(b)		5.00%		04/01/2043		16,665	20,260,140
Series 2018 B, GO Bonds (INS - AGM)(b)		5.00%		07/01/2040		6,050	7,444,525
Series 2018 B, GO Bonds (INS - AGM)(b)		5.00%		07/01/2045		8,510	10,319,737
Series 2018 B, GO Bonds (INS - AGM)(b)		5.00%		07/01/2049		12,765	15,478,839
Nassau (County of), NY Industrial Development Agency;
Series 2006 A-A, RB		6.00%		06/01/2021		75	74,538
Series 2006 A-D, RB		6.00%		06/01/2021		75	74,527
Series 2007 A-C, RB		5.95%		11/01/2022		30	29,260
Series 2007 A-F, RB		5.95%		11/01/2022		45	43,900
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside);
Series 2014 A, RB		6.50%		01/01/2032		420	355,547
Series 2014 A, RB		6.70%		01/01/2049		180	134,039
Series 2014 C, RB(i)		2.00%		01/01/2049		2,167	216,662
Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group); Series 2014, RB		5.00%		07/01/2033		300	335,130
Nassau County Local Economic Assistance Corp. (Hispanic Counseling Center, Inc.); Series 2018 A2, Ref. RB		5.20%		12/01/2037		1,585	1,412,172
Nassau County Local Economic Assistance Corp. (South Nassau Communities Hospital); Series 2012, Ref. RB		5.00%		07/01/2027		930	993,845

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Rochester^® New York Municipals Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
Nassau County Tobacco Settlement Corp.;
Series 2006 A-2, RB		5.25%		06/01/2026	$	1,000	$    1,000,080
Series 2006 A-3, RB		5.00%		06/01/2035		750	750,068
Series 2006 A-3, RB		5.13%		06/01/2046		615	615,092
Series 2006 C, RB(f)		0.00%		06/01/2046		105,975	16,811,874
Series 2006 D, RB(f)		0.00%		06/01/2060		923,215	37,445,600
Series 2006 E, RB(f)		0.00%		06/01/2060		40,000	1,621,200
New Rochelle (City of), NY (70 Nardozzi/City DPW); Series 2018 A-2, RB		5.13%		08/01/2050		17,100	15,138,459
New Rochelle (City of), NY (Iona College); Series 2015 A, Ref. RB		5.00%		07/01/2040		1,250	1,344,863
New York & New Jersey (States of) Port Authority;
Series 2011 169, RB(a)		5.00%		10/15/2036		2,720	2,832,635
Series 2011 XF2025, Ref. Revenue Ctfs.(d)		5.25%		07/15/2036		15,000	15,212,250
Series 2012 172, RB(a)		5.00%		10/01/2034		400	423,028
Series 2016 197, Ref. RB(a)		5.00%		11/15/2035		7,000	8,353,240
Series 2016 197, Ref. RB(a)		5.00%		11/15/2041		10,000	11,842,600
Series 2017 200, Ref. RB		5.25%		10/15/2057		3,120	3,720,038
Series 2017, Ref. RB		5.00%		10/15/2047		3,000	3,553,110
Series 2018 207, Ref. RB(a)		4.00%		03/15/2035		10,000	11,273,200
Series 2018 211, Ref. RB		4.00%		09/01/2038		1,700	1,961,137
Series 2018, Ref. RB		5.00%		09/01/2048		12,475	15,104,979
Series 2019 217, RB		4.00%		11/01/2049		20,660	23,707,763
Series 2019, RB		4.00%		11/01/2041		600	697,164
Series 2019, RB(a)		4.00%		11/01/2041		9,000	10,105,380
Series 2019, RB (INS - BAM)(b)		4.00%		11/01/2041		19,400	22,541,636
Series 2019, RB(a)		4.00%		11/01/2047		25,350	28,179,820
Series 2020 221, RB(a)		4.00%		07/15/2045		5,000	5,607,000
New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC);
Series 1997 6, RB (INS - NATL)(a)(b)		5.75%		12/01/2022		19,195	19,452,789
Series 1997 6, RB (INS - NATL)(a)(b)		5.75%		12/01/2025		32,175	32,607,432
Series 2010 8, RB		6.50%		12/01/2028		345	349,633
Series 2010 8, RB		6.00%		12/01/2036		1,000	1,012,230
Series 2010, RB		6.00%		12/01/2042		860	870,518
New York (City of), NY;
Series 1990 I, GO Bonds		7.75%		08/15/2028		5	5,172
Series 1997 C, GO Bonds (INS - NATL)(b)		5.50%		11/15/2037		10	10,043
Series 2002 D, GO Bonds		5.25%		06/01/2027		230	230,945
Series 2002 D, GO Bonds		5.38%		06/01/2032		380	381,600
Series 2003 F, GO Bonds		5.32%		01/15/2028		5	5,021
Series 2012 A-1, GO Bonds		5.00%		10/01/2029		2,500	2,732,850
Series 2012 A-1, GO Bonds		5.00%		10/01/2030		350	382,291
Series 2012 A-1, GO Bonds		5.00%		10/01/2033		3,300	3,595,086
Series 2012 A-1, GO Bonds		5.00%		10/01/2034		1,915	2,084,573
Series 2013 F-1, GO Bonds		5.00%		03/01/2037		1,865	2,057,897
Series 2013 XF2040, GO Ctfs.(d)(g)		5.00%		10/01/2034		10,000	10,463,000
Series 2016 B-1, GO Bonds		5.00%		12/01/2038		5,200	6,255,236
Series 2017 A-1, GO Bonds		5.00%		08/01/2038		4,000	4,773,560
Series 2017 B-1, GO Bonds		5.00%		10/01/2037		3,000	3,655,230
Series 2017 B-1, GO Bonds		5.00%		12/01/2041		19,815	23,705,873
Series 2017 BB-1, RB		5.00%		06/15/2046		38,115	46,622,268
Series 2017 CC-1, RB		5.00%		06/15/2048		1,000	1,221,550
Series 2017 DD, RB		5.00%		06/15/2047		6,000	7,311,660
Series 2017, Ref. RB		5.00%		06/15/2038		10,000	12,424,800
Series 2018 E-1, GO Bonds		5.25%		03/01/2035		1,000	1,250,670
Series 2018 E-1, GO Bonds		5.00%		03/01/2044		25,000	30,091,000
Series 2018 F-1, GO Bonds		5.00%		04/01/2045		15,000	18,054,900
Series 2019 A, GO Bonds		5.00%		08/01/2045		880	1,084,186
Series 2019 A-1, GO Bonds		4.00%		08/01/2042		10,000	11,505,100
Series 2019 A-1, GO Bonds		5.00%		08/01/2043		8,880	10,981,541

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Rochester^® New York Municipals Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
Series 2019 B-1, GO Bonds		4.00%		10/01/2040	$	28,090	$    32,539,737
Series 2019 B-1, GO Bonds		5.00%		10/01/2042		595	739,650
Series 2019 DD-1, RB		5.25%		06/15/2049		5,000	6,294,850
Series 2019 FF-2, Ref. RB		4.00%		06/15/2041		8,000	9,354,960
Series 2020 FF, Ref. RB		4.00%		06/15/2041		5,850	6,943,540
Series 2020, GG-1, RB		4.00%		06/15/2050		9,500	11,108,825
New York (City of), NY Industrial Development Agency; Series 1997, RB(a)(g)		6.20%		10/01/2022		22,255	23,967,745
New York (City of), NY Industrial Development Agency (1996 Comprehensive Care Management Corp.);
Series 1998 C, RB		6.37%		11/01/2028		950	883,500
Series 1998, RB		6.37%		11/01/2028		2,390	2,221,816
New York (City of), NY Industrial Development Agency (Allied Metal Spinning Corp.); Series 1997 B, RB(a)		7.12%		12/01/2027		670	669,946
New York (City of), NY Industrial Development Agency (Cool Wind Ventilation Corp.); Series 2007 A-2, IDR(a)		6.07%		11/01/2027		4,790	4,794,024
New York (City of), NY Industrial Development Agency (Gourmet Boutique); Series 2006, IDR		10.00%		05/01/2021		795	797,131
New York (City of), NY Industrial Development Agency (MediSys Health Network, Inc.); Series 1999, RB		6.25%		03/15/2024		8,070	7,657,058
New York (City of), NY Industrial Development Agency (Queens Baseball Stadium);
Series 2006, RB (INS - AMBAC)(b)		5.00%		01/01/2036		1,140	1,140,194
Series 2006, RB (INS - AMBAC)(b)		4.75%		01/01/2042		3,000	3,000,180
New York (City of), NY Industrial Development Agency (Special Needs Facilities Pooled Program);
Series 1999 A-1, RB		6.65%		07/01/2023		200	200,150
Series 2007 B-1, RB (INS - ACA)(b)		5.25%		07/01/2022		155	155,147
New York (City of), NY Industrial Development Agency (Yankee Stadium);
Series 2006, RB (INS - FGIC)(b)		5.00%		03/01/2031		170	170,049
Series 2006, RB (INS - FGIC)(b)		5.00%		03/01/2046		19,985	20,026,369
Series 2009, RB (INS - AGC)(b)		7.00%		03/01/2049		16,500	16,591,410
New York (City of), NY Municipal Water Finance Authority;
Series 2017 EE, Ref. RB		5.00%		06/15/2037		515	641,834
Series 2019 BB-1, RB		4.00%		06/15/2049		4,800	5,580,432
Series 2019 CC-1, RB		4.00%		06/15/2049		6,450	7,498,705
Series 2019 CC-1, RB		5.00%		06/15/2049		20,990	26,778,832
Series 2020 DD-1, RB		4.00%		06/15/2050		15,000	17,540,250
New York (City of), NY Transitional Finance Authority;
Series 2009, RB		5.00%		05/01/2028		420	421,659
Series 2011 D, RB		5.25%		02/01/2030		2,105	2,146,363
Series 2013 XF2156, Revenue Ctfs.(d)		5.25%		07/15/2037		15,000	15,583,800
Series 2013 XF2157, Revenue Ctfs.(d)		5.00%		07/15/2037		25,000	26,939,000
Series 2016 S-1, RB		5.00%		07/15/2029		650	790,446
Series 2017 A-E-1, RB		5.00%		02/01/2039		10,000	12,000,600
Series 2017 E-1, RB		5.00%		02/01/2043		5,000	5,947,650
Series 2017 F-1, RB		5.00%		05/01/2039		7,310	8,821,342
Series 2017 S-2, Ref. RB		5.00%		07/15/2035		5,000	6,134,650
Series 2018 S-1, RB		5.00%		07/15/2043		34,000	41,430,020
Series 2018 S-3, RB		5.00%		07/15/2043		885	1,078,399
Series 2018 S-3, RB		5.25%		07/15/2045		11,475	14,189,641
Series 2020, Ref. RB		3.00%		11/01/2037		10,000	10,796,200
Series 2020, Ref. RB		4.00%		11/01/2038		6,750	8,009,617
Series 2020, Ref. RB		3.00%		11/01/2039		6,500	6,969,235
Subseries 2011 E, RB		5.00%		11/01/2024		660	681,140
Subseries 2020 A-3, RB		4.00%		05/01/2044		1,000	1,143,780
New York (City of), NY Trust for Cultural Resources (American Museum of Natural History);
Series 2014 A, Ref. RB		5.00%		07/01/2041		1,000	1,163,090
New York (City of), NY Trust for Cultural Resources (Carnegie Hall);
Series 2019, Ref. RB		5.00%		12/01/2034		300	369,555
Series 2019, Ref. RB		5.00%		12/01/2036		700	854,987

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Rochester^® New York Municipals Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts);
Series 2020 A, Ref. RB		5.00%		12/01/2031	$	1,375	$    1,795,654
Series 2020 A, Ref. RB		5.00%		12/01/2032		1,715	2,222,829
Series 2020 A, Ref. RB		4.00%		12/01/2033		2,300	2,719,267
Series 2020 A, Ref. RB		4.00%		12/01/2034		3,050	3,593,022
Series 2020 A, Ref. RB		4.00%		12/01/2035		950	1,113,581
New York (City of), NY Water & Sewer System;
Series 2011, RB(d)		5.37%		06/15/2043		7,300	7,400,704
Series 2019 AA, Ref. RB		4.00%		06/15/2040		1,500	1,773,195
New York (Counties of), NY Tobacco Trust V;
Series 2005 S-1, RB(f)		0.00%		06/01/2038		3,430	1,201,735
Series 2005 S-2, RB(f)		0.00%		06/01/2050		6,770	807,255
Series 2005 S-3, RB(f)		0.00%		06/01/2055		198,195	10,940,364
New York (Counties of), NY Tobacco Trust VI; Subseries 2016 A-1, Ref. RB		5.75%		06/01/2043		4,000	4,700,680
New York (State of) Dormitory Authority;
Series 2009 C, RB (INS - AGC)(b)		5.00%		10/01/2024		115	115,427
Series 2013 XF2042, Revenue Ctfs.(d)		5.00%		03/15/2034		15,915	16,292,663
Series 2015 A, Ref. RB		5.00%		07/01/2048		22,500	26,443,125
Series 2015 A-1, Ref. RB(c)		4.80%		12/01/2023		2,710	2,670,624
Series 2016 A, Ref. RB		5.00%		10/01/2033		600	716,922
Series 2017 A, RB		5.00%		03/15/2041		2,970	3,578,612
Series 2017 B, Ref. RB		5.00%		02/15/2041		11,015	13,330,243
Series 2018 A, RB		4.00%		07/01/2035		1,125	1,317,780
Series 2018 A, RB		5.00%		07/01/2038		4,580	5,667,704
Series 2018 A, RB		5.00%		07/01/2040		4,835	5,949,467
Series 2018 A, RB		5.00%		03/15/2044		33,330	40,666,266
Series 2019 A, RB		5.00%		10/01/2034		820	1,003,869
Series 2019 A, Ref. RB		4.00%		03/15/2048		14,800	16,893,460
Series 2020 A, RB		4.00%		07/01/2050		25,500	28,818,060
Series 2020 A, RB		4.00%		07/01/2053		20,000	22,491,000
Series 2020 B, RN		5.00%		03/31/2021		17,000	17,479,570
Series 2020 D, Ref. RB		4.00%		02/15/2047		3,000	3,468,600
New York (State of) Dormitory Authority (Alliance Long Island AGYS, Inc.);
Series 2015 A2, Ref. RB(c)		5.35%		12/01/2035		10,325	9,687,121
Series 2015 B1, Ref. RB(c)		6.17%		12/01/2031		4,700	4,470,358
New York (State of) Dormitory Authority (Barnard College);
Series 2020 A, Ref. RB		4.00%		07/01/2038		680	779,375
Series 2020 A, Ref. RB		4.00%		07/01/2040		675	766,962
Series 2020 A, Ref. RB		4.00%		07/01/2045		1,275	1,429,250
Series 2020 A, Ref. RB		4.00%		07/01/2049		1,350	1,506,425
New York (State of) Dormitory Authority (Brooklyn Law School);
Series 2012 A, RB(g)(h)		5.00%		07/01/2022		850	923,525
Series 2012 A, RB(g)(h)		5.00%		07/01/2022		430	467,195
Series 2012 A, RB(g)(h)		5.00%		07/01/2022		430	467,195
Series 2012 A, RB(g)(h)		5.00%		07/01/2022		850	923,525
New York (State of) Dormitory Authority (Catholic Health System Obligated Group);
Series 2012 A, RB		5.00%		07/01/2032		500	529,925
Series 2012 B, RB		5.00%		07/01/2032		260	275,561
Series 2019 A, Ref. RB		4.00%		07/01/2045		750	817,103
New York (State of) Dormitory Authority (Cerebral Palsy Affiliates Pooled Loan Program);
Series 2005 A, RB (INS - AGC)(b)		5.00%		07/01/2034		20	20,047
New York (State of) Dormitory Authority (City of New York);
Series 2005 A, RB (INS - AMBAC)(b)		5.50%		05/15/2027		710	922,744
Series 2005 A, RB (INS - AMBAC)(b)		5.50%		05/15/2030		750	1,041,248
Series 2005 A, RB (INS - AMBAC)(b)		5.50%		05/15/2031		555	780,319
New York (State of) Dormitory Authority (Columbia University);
Series 2011 A, RB		5.00%		10/01/2041		510	523,102
Series 2015, RB		5.00%		10/01/2045		115	184,268
New York (State of) Dormitory Authority (Culinary Institute of America); Series 2012, RB		5.00%		07/01/2034		300	310,965

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco Rochester^® New York Municipals Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
New York (State of) Dormitory Authority (Educational Housing Services - CUNY Student Housing); Series 2005, RB (INS - AMBAC)(b)		5.25%		07/01/2030	$	25	$        29,979
New York (State of) Dormitory Authority (Fashion Institute of Technology Student Housing Corp.); Series 2007, RB (INS - NATL)(b)		5.25%		07/01/2028		935	1,080,982
New York (State of) Dormitory Authority (Fordham University);
Series 2014, RB		5.00%		07/01/2030		200	228,602
Series 2016 A, Ref. RB		5.00%		07/01/2041		1,200	1,402,236
Series 2017, Ref. RB		5.00%		07/01/2030		650	810,505
Series 2017, Ref. RB		5.00%		07/01/2031		800	989,808
Series 2017, Ref. RB		5.00%		07/01/2032		750	922,785
Series 2017, Ref. RB		4.00%		07/01/2033		415	479,470
Series 2020, RB		4.00%		07/01/2046		17,870	20,444,888
Series 2020, RB		4.00%		07/01/2050		17,500	19,941,775
New York (State of) Dormitory Authority (General Purpose); Series 2018 A, Ref. RB		5.25%		03/15/2038		1,500	1,897,095
New York (State of) Dormitory Authority (Group 4); Series 2019 A, Ref. RB		4.00%		03/15/2049		22,935	26,148,423
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai);
Series 2015 A, Ref. RB		5.00%		07/01/2034		150	173,067
Series 2015 A, Ref. RB		5.00%		07/01/2040		2,800	3,182,508
Series 2015, Ref. RB		5.00%		07/01/2045		1,165	1,313,875
New York (State of) Dormitory Authority (Iona College); Series 2012 A, RB		5.00%		07/01/2032		3,000	3,136,830
New York (State of) Dormitory Authority (Marymount Manhattan College); Series 2009, RB		5.25%		07/01/2029		1,000	1,001,950
New York (State of) Dormitory Authority (Memorial Sloan-Kettering Cancer Center); Series 1998, RB (INS - NATL)(b)		5.50%		07/01/2023		1,250	1,369,563
New York (State of) Dormitory Authority (Montefiore Obligated Group);
Series 2018 A, Ref. RB		5.00%		08/01/2034		9,535	11,353,229
Series 2018 A, Ref. RB		5.00%		08/01/2035		6,695	7,941,609
Series 2018 A, Ref. RB		4.00%		08/01/2036		5,570	6,133,183
Series 2018 A, Ref. RB		4.00%		08/01/2037		2,050	2,250,326
Series 2020 A, Ref. RB		4.00%		09/01/2045		8,205	8,921,296
Series 2020 A, Ref. RB		4.00%		09/01/2050		39,975	43,222,169
New York (State of) Dormitory Authority (Municipal Health Facilities Improvement Program); Series 2006 A, RB (INS - NATL)(b)		4.50%		05/15/2036		30	30,080
New York (State of) Dormitory Authority (New School (The));
Series 2016 A, Ref. RB		5.00%		07/01/2030		1,545	1,810,168
Series 2016 A, Ref. RB		4.00%		07/01/2043		5,050	5,355,474
Series 2016 A, Ref. RB		5.00%		07/01/2046		6,330	7,118,528
New York (State of) Dormitory Authority (New York University);
Series 2001 1, RB (INS - BHAC)(b)		5.50%		07/01/2031		1,070	1,415,781
Series 2015 A, Ref. RB		5.00%		07/01/2045		5,890	6,931,293
Series 2016 A, RB		4.00%		07/01/2039		625	699,638
Series 2017 A, Ref. RB		4.00%		07/01/2036		5,000	5,733,550
Series 2019 A, RB		5.00%		07/01/2042		4,260	5,323,424
Series 2019 A, RB		5.00%		07/01/2049		25,540	31,602,941
New York (State of) Dormitory Authority (Northwell Health Obligated Group); Series 2015 A, Ref. RB		5.00%		05/01/2033		1,515	1,732,463
New York (State of) Dormitory Authority (NYU Hospitals Center); Series 2014, Ref. RB		5.00%		07/01/2036		2,475	2,766,406
New York (State of) Dormitory Authority (Orange Regional Medical Center);
Series 2015, Ref. RB(c)		5.00%		12/01/2045		425	467,177
Series 2017, Ref. RB(c)		5.00%		12/01/2029		3,200	3,807,616
Series 2017, Ref. RB(c)		5.00%		12/01/2030		1,900	2,248,118
Series 2017, Ref. RB(c)		5.00%		12/01/2032		1,200	1,405,536
Series 2017, Ref. RB(c)		5.00%		12/01/2033		1,700	1,983,985
Series 2017, Ref. RB(c)		5.00%		12/01/2035		1,300	1,507,480
Series 2017, Ref. RB(c)		5.00%		12/01/2036		2,100	2,424,744
Series 2017, Ref. RB(c)		5.00%		12/01/2037		800	921,392
New York (State of) Dormitory Authority (Pace University);
Series 2013 A, RB(g)(h)		5.00%		05/01/2023		20	22,504
Series 2013 A, RB		5.00%		05/01/2029		980	1,047,179

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco Rochester^® New York Municipals Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
New York (State of) Dormitory Authority (Pratt Institute);
Series 2015 A, Ref. RB		5.00%		07/01/2034	$	1,000	$      1,112,320
Series 2015 A, Ref. RB		5.00%		07/01/2044		925	1,013,717
Series 2016, Ref. RB		5.00%		07/01/2039		500	576,770
Series 2016, Ref. RB		5.00%		07/01/2046		500	569,865
New York (State of) Dormitory Authority (Rochester Institute of Technology);
Series 2019 A, RB		4.00%		07/01/2044		4,940	5,690,534
Series 2019 A, RB		5.00%		07/01/2049		5,640	6,999,466
New York (State of) Dormitory Authority (Rockefeller University); Series 2019 C, Ref. RB		4.00%		07/01/2049		19,350	22,506,565
New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds); Series 2019 B, RB		5.00%		07/01/2050		11,200	14,146,496
New York (State of) Dormitory Authority (St. John’s University);
Series 2012 A, RB(g)(h)		5.00%		07/01/2022		270	293,355
Series 2012, RB(g)(h)		5.00%		07/01/2022		25	27,187
Series 2012, RB		5.00%		07/01/2030		6,235	6,575,057
Series 2015 A, Ref. RB		5.00%		07/01/2034		400	449,632
New York (State of) Dormitory Authority (State University of New York);
Series 2015 B, Ref. RB		5.00%		07/01/2045		4,000	4,575,640
Series 2019 A, RB		4.00%		07/01/2049		5,180	5,854,643
New York (State of) Dormitory Authority (The New School);
Series 2011, Ref. RB		5.00%		07/01/2031		5,145	5,270,435
Series 2015 A, Ref. RB		5.00%		07/01/2040		2,100	2,325,624
Series 2016 A, Ref. RB		5.00%		07/01/2035		3,490	4,011,615
Series 2016 A, Ref. RB		5.00%		07/01/2036		2,490	2,853,191
Series 2016 A, Ref. RB		5.00%		07/01/2037		6,535	7,469,178
Series 2016 A, Ref. RB		5.00%		07/01/2041		2,905	3,291,394
New York (State of) Dormitory Authority (Touro College and University System);
Series 2014 A, RB		5.50%		01/01/2039		5,005	5,332,127
Series 2014 A, RB		5.50%		01/01/2044		5,835	6,177,748
Series 2017, RB		5.00%		01/01/2033		2,875	3,156,031
Series 2017, RB		5.00%		01/01/2038		4,045	4,370,056
New York (State of) Dormitory Authority (United Cerebral Palsy Association);
Series 2017 A, RB(c)		5.50%		12/01/2047		16,140	13,902,028
Series 2017 A2, RB(c)		5.38%		09/01/2050		25,010	22,521,005
Series 2017 A2, Ref. RB(c)		5.38%		10/01/2042		7,540	6,930,617
New York (State of) Dormitory Authority (University of Rochester); Series 2009 A, RB		5.75%		07/01/2039		135	135,147
New York (State of) Dormitory Authority (Yeshiva University);
Series 2009, RB		5.00%		09/01/2038		5,220	5,222,662
Series 2009, Ref. RB		5.00%		09/01/2034		2,785	2,786,782
New York (State of) Housing Finance Agency;
Series 2010 A, RB		5.00%		11/01/2042		2,000	2,001,960
Series 2014 C, RB		4.00%		11/01/2046		7,340	7,646,812
Series 2014 G, RB (CEP - GNMA)		4.00%		05/01/2047		3,080	3,254,451
Series 2015 C, RB		4.15%		05/01/2048		2,295	2,454,457
New York (State of) Housing Finance Agency (Golden Age Apartments); Series 2006 A, RB (LOC - Bank Of Ny Mellon)(a)(j)		5.00%		02/15/2037		865	866,817
New York (State of) Housing Finance Agency (Highland Avenue Senior Apartments); Series 2007 A, RB(a)		5.00%		02/15/2039		145	145,432
New York (State of) Housing Finance Agency (Horizons at Wawayanda); Series 2007 A, RB (CEP - FHLMC)(a)		5.15%		11/01/2040		115	115,261
New York (State of) Housing Finance Agency (Secured Mortgage Program);
Series 2001 K, RB(a)		5.65%		02/15/2034		1,710	1,714,668
Series 2002 A, RB (LOC - JP Morgan Chase Bank)(a)(j)		5.38%		02/15/2035		2,080	2,085,595
New York (State of) Housing Finance Agency (Tiffany Gardens); Series 2005 A, RB(a)		5.13%		08/15/2037		310	311,321
New York (State of) Power Authority; Series 2011 A, RB		5.00%		11/15/2038		730	769,858
New York (State of) State Dormitory Authority (Maimonides Medical Center); Series 2020, RB		4.00%		08/01/2043		1,000	1,136,300

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15 Invesco Rochester^® New York Municipals Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
New York (State of) Thruway Authority;
Series 2014 J, RB		5.00%		01/01/2034	$	1,620	$      1,819,017
Series 2016 A, RB		5.00%		01/01/2046		37,465	42,985,093
Series 2016 A, RB		5.25%		01/01/2056		38,695	44,514,728
Series 2018 L, Ref. RB		5.00%		01/01/2033		1,055	1,307,504
Series 2018 L, Ref. RB		5.00%		01/01/2034		1,860	2,295,110
Series 2018 L, Ref. RB		5.00%		01/01/2035		2,115	2,600,942
Series 2019 B, RB		4.00%		01/01/2045		11,000	12,634,820
Series 2019 B, Ref. RB		4.00%		01/01/2041		15,000	17,406,450
Series 2019 B, Ref. RB (INS - AGM)(b)		4.00%		01/01/2045		25,000	28,943,750
Series 2019 B, Ref. RB (INS - BAM)(b)		4.00%		01/01/2045		20,000	23,155,000
New York City (City of), NY Industrial Development Agency (Comprehensive Care Management);
Series 2005 C-2, RB		6.00%		05/01/2026		1,000	932,940
Series 2005 E-2, RB		6.12%		11/01/2035		2,800	2,373,252
New York City (City of), NY Industrial Development Agency (Guttmacher Institute, Inc.); Series 2007 B, RB		5.75%		12/01/2036		6,800	6,806,868
New York City (City of), NY Industrial Development Agency (The Child School); Series 2003, RB		7.55%		06/01/2033		7,500	7,551,825
New York City (City of), NY Industrial Development Agency (United Jewish Appeal); Series 2004, RB		5.00%		07/01/2034		5,000	5,309,450
New York City (City of), NY Industrial Development Agency (Yankee Stadium);
Series 2006, RB (CPI Rate + 0.84%), (INS - FGIC)(b)(e)		3.33%		03/01/2022		6,800	6,750,836
Series 2006, RB (INS - NATL)(b)		5.00%		03/01/2036		270	270,089
New York City (City of), NY Transitional Finance Authority; Series 2016 E-1, RB		5.00%		02/01/2040		2,388	2,847,380
New York City (City of), NY Trust for Cultural Resources (Juilliard School (The));
Series 2018 A, Ref. RB		5.00%		01/01/2033		1,645	2,126,278
Series 2018 A, Ref. RB		5.00%		01/01/2034		1,745	2,242,953
Series 2018 A, Ref. RB		5.00%		01/01/2037		2,250	2,854,710
Series 2018 A, Ref. RB		5.00%		01/01/2038		1,830	2,314,804
Series 2018 A, Ref. RB		4.00%		01/01/2039		6,370	7,405,826
New York City Housing Development Corp.; Series 2014 C-1-A, RB		4.30%		11/01/2047		5,030	5,257,607
New York City Transitional Finance Authority;
Series 2020 C-1, RB		4.00%		05/01/2036		1,950	2,335,807
Series 2020 C-1, RB		4.00%		05/01/2037		3,375	4,026,105
Series 2020 C-1, RB		4.00%		05/01/2038		3,565	4,237,502
Series 2020 C-1, RB		4.00%		05/01/2039		3,165	3,727,199
Series 2020 C-1, RB		4.00%		05/01/2040		1,415	1,662,568
Series 2020 C-1, RB		4.00%		05/01/2045		20,560	23,825,750
New York City Water & Sewer System;
Series 2018 XF2569, Revenue Ctfs.(d)		5.00%		06/15/2048		20,000	24,739,400
Series 2011, RB(d)(g)(h)		0.00%		12/15/2020		14,270	14,482,766
New York Convention Center Development Corp. (Hotel Unit Fee Secured);
Series 2015, Ref. RB		5.00%		11/15/2040		8,435	9,274,873
Series 2015, Ref. RB		5.00%		11/15/2045		4,500	4,929,480
Series 2016 A, RB		5.00%		11/15/2041		4,220	4,716,145
Series 2016 B, RB(f)		0.00%		11/15/2044		3,270	1,357,900
New York Counties Tobacco Trust I;
Series 2000 A, RB		6.50%		06/01/2035		4,295	4,297,448
Series 2000 A, RB		6.62%		06/01/2042		19,230	19,239,615
New York Counties Tobacco Trust II;
Series 2001, RB		5.62%		06/01/2035		2,195	2,203,429
Series 2001, RB		5.75%		06/01/2043		9,025	9,035,379
New York Counties Tobacco Trust III; Series 2003, RB		6.00%		06/01/2043		10	10,018
New York Counties Tobacco Trust IV;
Series 2005 D, RB(f)		0.00%		06/01/2050		66,335	11,850,084
Series 2005 E, RB(f)		0.00%		06/01/2055		154,690	11,202,650
New York Counties Tobacco Trust V; Series 2005 S4B, RB(f)		0.00%		06/01/2060		1,690,900	49,949,186

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16 Invesco Rochester^® New York Municipals Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
New York Counties Tobacco Trust VI;
Series 2016 A, Ref. RB		6.25%		06/01/2025	$	765	$        829,191
Series 2016 A, Ref. RB		6.45%		06/01/2040		3,005	3,423,687
Series 2016 A, Ref. RB		6.00%		06/01/2043		2,945	3,232,992
Series 2016 A2, Ref. RB		5.00%		06/01/2051		13,875	14,306,929
Series 2016 A-2B, Ref. RB		5.00%		06/01/2045		3,750	3,958,350
Series 2016 B, Ref. RB		5.00%		06/01/2036		1,000	1,119,950
Series 2016 B, Ref. RB		5.00%		06/01/2041		870	963,125
New York Liberty Development Corp.; Series 2019, Ref. RB		2.80%		09/15/2069		1,215	1,168,757
New York Liberty Development Corp. (3 World Trade Center);
Series 2014, Class 1, Ref. RB(c)		5.00%		11/15/2044		1,505	1,597,272
Series 2014, Class 3, Ref. RB(c)		7.25%		11/15/2044		415	449,632
New York Liberty Development Corp. (4 World Trade Center);
Series 2011, Ref. RB		5.00%		11/15/2031		1,875	1,965,112
Series 2011, Ref. RB		5.75%		11/15/2051		15,000	15,824,850
New York Liberty Development Corp. (7 World Trade Center); Series 2012, Class 2, Ref. RB		5.00%		09/15/2043		5,410	5,722,698
New York Liberty Development Corp. (Goldman Sachs Headquarters);
Series 2005, Ref. RB		5.25%		10/01/2035		64,915	90,596,023
Series 2007, RB		5.50%		10/01/2037		11,230	16,299,334
New York Power Authority;
Series 2002 A, RB		4.00%		11/15/2045		5,000	5,958,600
Series 2002 A, RB		4.00%		11/15/2050		27,375	32,360,261
Series 2002 A, RB		4.00%		11/15/2055		13,400	15,649,324
Series 2002 A, RB		4.00%		11/15/2060		9,000	10,502,190
New York State Dormitory Authority;
Series 2015 B, RB(g)(h)		5.00%		02/15/2025		5	6,029
Series 2016 A, RB		5.00%		02/15/2040		27,995	33,681,064
Series 2016 A, Ref. RB		5.00%		07/01/2036		275	324,756
Series 2017 A, RB		5.00%		02/15/2037		2,145	2,588,350
Series 2017 B, RB(g)(h)		5.00%		08/15/2027		10	13,151
Series 2019 A, RB		4.00%		07/01/2045		8,600	9,920,616
Series 2020, RB(d)		4.00%		02/15/2047		40,000	46,248,000
New York State Environmental Facilities Corp; Series 2018 XF2586, Revenue Ctfs.(d)		5.00%		06/15/2047		20,000	24,547,200
New York State Environmental Facilities Corp. (2010 Master Financing Program) (Green Bonds); Series 2017 C, RB		5.00%		08/15/2047		5,000	6,162,750
New York State Environmental Facilities Corp. (Municipal Water Finance Authority); Series 2011 B, Ref. RB		5.00%		06/15/2031		1,430	1,480,522
New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority Projects - 2nd Resolution Bonds);
Series 2016 A, Ref. RB		5.00%		06/15/2032		1,000	1,232,740
Series 2017 A, Ref. RB		5.00%		06/15/2046		19,030	23,373,788
Series 2018 B, RB		5.00%		06/15/2043		5,470	6,874,696
New York State Environmental Facilities Corp. (Pooled Financing Program); Series 2005 B, RB(g)		5.50%		04/15/2035		615	904,474
New York State Environmental Facilities Corp. (United Water New Rochelle); Series 2010 A, RB		4.88%		09/01/2040		4,000	4,006,400
New York State Urban Development Corp.;
Series 2017 C-2, Ref. RB		5.00%		03/15/2036		5,000	6,135,300
Series 2017 C-3, Ref. RB		5.00%		03/15/2041		18,040	21,856,542
Series 2019 A, RB		5.00%		03/15/2043		20,000	24,506,800
Series 2019 A, Ref. RB		5.00%		03/15/2039		11,555	14,659,366
Series 2019 A, Ref. RB		5.00%		03/15/2040		10,935	13,834,306
Series 2019 A, Ref. RB		4.00%		03/15/2045		10,000	11,475,700
Series 2020 A, RB		4.00%		03/15/2045		31,000	36,149,410
Series 2020 A, RB		4.00%		03/15/2049		32,000	37,126,400
Series 2020 C, Ref. RB		4.00%		03/15/2041		5,000	5,886,900
Series 2020 C, Ref. RB		4.00%		03/15/2045		17,000	19,823,870
Series 2020 C, Ref. RB		4.00%		03/15/2049		8,500	9,861,700
Series 2020, Ref. RB		3.00%		03/15/2040		11,435	12,365,580
New York State Urban Development Corp. (Bidding Group); Series 2019 A, Ref. RB		4.00%		03/15/2046		1,500	1,718,805
New York Transportation Development Corp. (American Airlines, Inc.); Series 2016, Ref. RB(a)		5.00%		08/01/2026		1,970	1,977,762

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17 Invesco Rochester^® New York Municipals Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment);
Series 2018, RB(a)		5.00%		01/01/2034	$	5,565	$      5,992,169
Series 2018, RB(a)		5.00%		01/01/2036		2,045	2,208,764
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);
Series 2016 A, RB (INS - AGM)(a)(b)		4.00%		07/01/2035		11,600	12,355,160
Series 2016 A, RB (INS - AGM)(a)(b)		4.00%		07/01/2036		3,500	3,720,290
Series 2016 A, RB (INS - AGM)(a)(b)		4.00%		07/01/2037		11,875	12,601,631
Series 2016 A, RB(a)		5.00%		07/01/2041		36,250	39,113,025
Series 2016 A, RB(a)		5.00%		07/01/2046		32,095	34,417,394
Series 2016 A, RB(a)		5.25%		01/01/2050		79,650	86,134,306
Series 2016 A, RB (INS - AGM)(a)(b)		4.00%		01/01/2051		8,900	9,326,844
Niagara Area Development Corp. (Covanta); Series 2018 A, Ref. RB(a)(c)		4.75%		11/01/2042		790	817,002
Niagara Area Development Corp. (Niagara University);
Series 2012 A, RB(g)(h)		5.00%		05/01/2022		500	534,980
Series 2012 A, RB(g)(h)		5.00%		05/01/2022		850	909,466
Niagara Frontier Transportation Authority (Buffalo Niagara International Airport);
Series 2014 A, Ref. RB(a)		5.00%		04/01/2021		280	286,978
Series 2014 A, Ref. RB(a)		5.00%		04/01/2029		725	815,785
Series 2019, Ref. RB(a)		5.00%		04/01/2035		780	956,569
Series 2019, Ref. RB(a)		5.00%		04/01/2037		750	912,750
Series 2019, Ref. RB(a)		5.00%		04/01/2039		720	871,128
Niagara Tobacco Asset Securitization Corp.; Series 2014, Ref. RB		5.25%		05/15/2040		275	289,317
North Syracuse Central School District; Series 2007, Ref. GO Bonds (INS - NATL)(b)		5.00%		06/15/2023		935	1,057,186
North Tonawanda Housing Development Corp. (Bishop Gibbons Apartments - Section 8); Series 1994 B, Ref. RB		7.37%		12/15/2021		695	732,064
Oneida County Local Development Corp. (Mohawk Valley Health System);
Series 2019, Ref. RB (INS - AGM)(b)		4.00%		12/01/2038		2,860	3,354,237
Series 2019, Ref. RB (INS - AGM)(b)		4.00%		12/01/2049		4,920	5,585,282
Oneida County Local Development Corp. (Utica College);
Series 2019, Ref. RB		5.00%		07/01/2026		100	113,062
Series 2019, Ref. RB		5.00%		07/01/2028		1,050	1,209,978
Series 2019, Ref. RB		5.00%		07/01/2030		1,160	1,335,763
Series 2019, Ref. RB		5.00%		07/01/2031		1,215	1,388,891
Series 2019, Ref. RB		5.00%		07/01/2032		775	878,005
Series 2019, Ref. RB		5.00%		07/01/2033		1,340	1,506,602
Series 2019, Ref. RB		5.00%		07/01/2034		1,410	1,577,071
Series 2019, Ref. RB		4.00%		07/01/2039		760	766,118
Series 2019, Ref. RB		5.00%		07/01/2049		3,250	3,510,357
Onondaga (County of), NY Industrial Development Agency (Free Library);
Series 2008, RB		5.13%		03/01/2030		1,035	1,054,976
Series 2008, RB		5.13%		03/01/2037		1,115	1,139,363
Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.);
Series 2017, Ref. RB		5.00%		05/01/2033		1,300	1,453,439
Series 2017, Ref. RB		5.00%		05/01/2034		840	935,390
Series 2017, Ref. RB		5.00%		05/01/2037		1,150	1,270,382
Series 2017, Ref. RB		5.00%		05/01/2040		650	713,141
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University);
Series 2019, Ref. RB		4.00%		12/01/2041		15,950	18,682,075
Series 2019, Ref. RB		5.00%		12/01/2043		10,980	13,995,108
Series 2019, Ref. RB		5.00%		12/01/2045		16,250	20,637,825
Series 2019, Ref. RB		4.00%		12/01/2047		14,290	16,531,958
Series 2019, Ref. RB		4.00%		12/01/2049		10,185	11,754,305
Onondaga Civic Development Corp. (Le Moyne College); Series 2012, Ref. RB		5.00%		07/01/2032		1,000	1,046,340
Onondaga Civic Development Corp. (Upstate Properties Development, Inc.); Series 2011, RB(g)(h)		5.25%		12/01/2021		3,465	3,682,394
Orange (County of), NY Industrial Development Agency (Cornwall Hospital (The));
Series 2001 B, Ref. RB (INS - AGC)(b)		5.38%		12/01/2021		740	742,856
Series 2001 B, Ref. RB (INS - AGC)(b)		5.38%		12/01/2026		2,235	2,242,755

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18 Invesco Rochester^® New York Municipals Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
Orange (County of), NY Industrial Development Agency (St. Luke’s Hospital of Newburgh, New York); Series 2001 A, Ref. RB (INS - AGC)(b)		5.38%		12/01/2026	$	6,330	$      6,354,560
Orange County Funding Corp.; Series 2013, RB		6.50%		01/01/2046		4,150	4,159,254
Orange County Funding Corp. (Mount St. Mary College);
Series 2012 A, Ref. RB		5.00%		07/01/2037		1,320	1,346,440
Series 2012 A, Ref. RB		5.00%		07/01/2042		1,435	1,458,835
Otsego County Capital Resource Corp. (Hartwick College);
Series 2015 A, Ref. RB		5.00%		10/01/2030		3,205	3,065,390
Series 2015 A, Ref. RB		5.00%		10/01/2035		2,000	1,801,400
Series 2015 A, Ref. RB		5.00%		10/01/2045		8,065	6,778,310
Oyster Bay (Town of), NY;
Series 2018 B, GO Bonds (INS - AGM)(b)		3.25%		02/01/2031		10,805	11,791,388
Series 2018 B, GO Bonds (INS - AGM)(b)		3.25%		02/01/2032		5,000	5,419,350
Series 2018 B, GO Bonds (INS - AGM)(b)		4.00%		02/01/2033		9,585	10,767,501
Port Authority of New York & New Jersey; Series 2017 XF0565, Ref. Revenue Ctfs.(d)		5.25%		11/15/2056		28,000	33,823,160
Poughkeepsie (City of), NY Industrial Development Agency (Eastman & Bixby Redevelopment Co. LLC); Series 2000 A, RB(a)		6.00%		08/01/2032		2,755	2,765,469
Ramapo Local Development Corp.; Series 2013, Ref. RB		5.00%		03/15/2033		2,525	2,672,788
Rensselaer (County of), NY Industrial Development Agency (Franciscan Heights, L.P.); Series 2004 A, IDR (LOC - JP Morgan Chase Bank)(a)(j)		5.37%		12/01/2036		2,500	2,507,800
Riverhead (City of), NY Industrial Development Agency; Series 2013, RB		7.00%		08/01/2048		1,300	1,440,205
Rockland Tobacco Asset Securitization Corp.;
Series 2001, RB		5.75%		08/15/2043		720	726,768
Series 2005 A, RB(c)(f)		0.00%		08/15/2045		4,000	943,320
Series 2005 C, RB(c)(f)		0.00%		08/15/2060		25,000	1,258,000
Saratoga County Capital Resource Corp. (Skidmore College); Series 2018, RB		5.00%		07/01/2048		3,515	4,279,020
Schenectady County Capital Resource Corp. (Union College); Series 2017, Ref. RB		5.00%		01/01/2047		10,720	12,607,363
St. Lawrence (County of), NY Industrial Development Agency (Clarkson University);
Series 2011, RB		6.00%		09/01/2034		520	538,814
Series 2011, RB		5.38%		09/01/2041		4,775	4,898,577
Series 2012 A, RB		5.00%		09/01/2041		1,510	1,555,526
St. Lawrence (County of), NY Industrial Development Agency (Curran Renewable Energy, LLC); Series 2007 B, RB(a)		7.25%		12/01/2029		3,860	3,124,593
St. Lawrence (County of), NY Industrial Development Agency (St. Lawrence University);
Series 2012, RB		5.00%		07/01/2030		1,280	1,380,339
Series 2012, RB		5.00%		07/01/2031		1,355	1,458,603
Series 2016 A, Ref. RB		5.00%		07/01/2036		540	626,967
Suffolk (County of), NY Industrial Development Agency; Series 2007 A-C, RB		5.95%		11/01/2022		75	75,001
Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./Adults and Children with Learning and Developmental Disabilities, Inc. Civic Facility);
Series 2006 A-A, RB		5.95%		10/01/2021		350	350,007
Series 2006 A-B, RB		5.95%		10/01/2021		485	485,010
Series 2006 A-C, RB		5.95%		10/01/2021		140	140,001
Series 2006 A-D1, RB		5.95%		10/01/2021		95	95,001
Series 2006 A-D2, RB		6.00%		10/01/2031		265	257,654
Series 2006 A-E, RB		5.95%		10/01/2021		225	225,005
Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./Independent Group Home Living Program, Inc. Civic Facility); Series 2005 A-E, RB		6.00%		10/01/2020		40	40,002
Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./Life’s W.O.R.C., Inc. Civic Facility); Series 2005 A-G, RB		6.00%		10/01/2020		60	60,016
Suffolk (County of), NY Industrial Development Agency (Nissequogue Cogen Partners); Series 1998, Ref. RB(a)		5.50%		01/01/2023		10,915	11,015,200
Suffolk County Economic Development Corp.; Series 2010 A, RB		7.37%		12/01/2040		4,200	4,254,978
Suffolk County Economic Development Corp. (Catholic Health Services of Long Island); Series 2011, Ref. RB		5.00%		07/01/2028		6,405	6,605,541
Suffolk County Economic Development Corp. (Family Residences and Essential Enterprises, Inc.); Series 2012 B-A, RB(c)		6.75%		06/01/2027		465	448,148
Suffolk County Economic Development Corp. (Peconic Landing at Southold, Inc.); Series 2010, Ref. RB(g)		6.00%		12/01/2040		465	471,450
Suffolk Economic Development Corp. (Catholic Health Services); Series 2014 C, RB		5.00%		07/01/2032		415	464,825

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19 Invesco Rochester^® New York Municipals Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
Suffolk Tobacco Asset Securitization Corp.;
Series 2008 C, RB		6.62%		06/01/2044	$	69,295	$      71,739,728
Series 2008 D, RB(f)		0.00%		06/01/2048		177,265	16,599,095
Sullivan (County of), NY (Adelaar Infratructure);
Series 2016 A2, RB(c)		5.35%		11/01/2049		40,865	41,446,100
Series 2016 B2, RB(c)		5.35%		11/01/2049		5,830	5,912,903
Series 2016 C2, RB(c)		5.35%		11/01/2049		5,760	5,841,907
Series 2016 D2, RB(c)		5.35%		11/01/2049		3,780	3,833,752
Syracuse (City of), NY; Series 2011 A, GO Bonds(a)		5.00%		11/01/2036		1,000	1,042,920
Syracuse (City of), NY Industrial Development Agency (Carousel Center);
Series 2016 A, Ref. RB(a)		5.00%		01/01/2028		1,500	1,398,465
Series 2016 A, Ref. RB(a)		5.00%		01/01/2029		3,475	3,210,796
Series 2016 A, Ref. RB(a)		5.00%		01/01/2030		2,000	1,825,080
Series 2016 A, Ref. RB(a)		5.00%		01/01/2031		2,000	1,805,980
Series 2016 A, Ref. RB(a)		5.00%		01/01/2032		6,250	5,575,062
Series 2016 A, Ref. RB(a)		5.00%		01/01/2033		14,400	12,697,344
Series 2016 A, Ref. RB(a)		5.00%		01/01/2035		16,855	14,575,867
Series 2016 A, Ref. RB(a)		5.00%		01/01/2036		3,800	3,254,966
Series 2016, Ref. RB(a)		5.00%		01/01/2034		10,050	8,783,599
Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.); Series 2013 A, RB(k)		5.00%		07/01/2032		3,125	1,718,750
Town of Hempstead Local Development Corp. (Adelphi University); Series 2019, Ref. RB		4.00%		02/01/2039		1,800	1,950,372
Triborough Bridge & Tunnel Authority;
Series 2012 B, Ref. RB		5.00%		11/15/2028		400	436,892
Series 2013 A, Ref. RB		5.00%		11/15/2029		1,500	1,656,000
Series 2017 A, RB		5.00%		11/15/2037		4,455	5,402,489
Series 2017 A, RB		5.00%		11/15/2038		1,515	1,831,817
Series 2017 A, RB		5.00%		11/15/2047		17,095	20,365,444
Series 2017 B, Ref. RB		5.00%		11/15/2034		2,790	3,418,252
Series 2017 B, Ref. RB		5.00%		11/15/2038		9,100	11,002,992
Series 2018 XF2587, Ref. Revenue Ctfs.(d)		5.00%		11/15/2044		20,000	24,351,600
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);
Series 2018 A, Ref. RB		5.00%		11/15/2044		3,000	3,652,740
Series 2018 A, Ref. RB		5.00%		11/15/2046		10,000	12,146,500
Series 2018 C, Ref. RB		5.00%		11/15/2035		5,270	6,656,537
Series 2019 A, RB		5.00%		11/15/2049		4,000	4,920,720
Series 2019 C, RB		4.00%		11/15/2042		21,500	25,027,505
Series 2019 C, RB		4.00%		11/15/2043		21,500	24,967,090
Series 2020 A, RB		4.00%		11/15/2054		21,100	24,402,361
Series 2020 A, RB		5.00%		11/15/2054		4,100	5,164,237
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute);
Series 2010 A, RB		5.00%		09/01/2030		1,250	1,250,000
Series 2010 A, RB		5.13%		09/01/2040		1,590	1,590,000
TSASC, Inc.;
Series 2016 B, Ref. RB		5.00%		06/01/2045		10,930	11,334,410
Series 2016 B, Ref. RB		5.00%		06/01/2048		14,195	14,644,840
Series 2017 A, Ref. RB		5.00%		06/01/2036		1,345	1,581,801
Series 2017 A, Ref. RB		5.00%		06/01/2041		16,855	19,020,193
Westchester (County of), NY Industrial Development Agency (Clearview School (The)); Series 2005 B, RB		7.25%		01/01/2035		870	819,740
Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB(a)(c)		7.00%		06/01/2046		470	494,252
Westchester County Healthcare Corp.;
Series 2011 B, RB		5.13%		11/01/2041		1,700	1,748,603
Series 2014 A, RB		5.00%		11/01/2044		4,350	4,735,497
Westchester County Local Development Corp. (Sarah Lawrence College);
Series 2016 A, Ref. RB		4.00%		06/01/2030		2,165	2,259,416
Series 2016 A, Ref. RB		4.00%		06/01/2031		2,190	2,277,140

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20 Invesco Rochester^® New York Municipals Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
New York–(continued)
Westchester County Local Development Corp. (Wartburg Senior Housing); Series 2015 A, Ref. RB(c)		5.00%		06/01/2030	$	1,500	$        1,458,180
Westchester Local Development Corp. (Westchester Medical Center Obligated Group); Series 2016, Ref. RB		5.00%		11/01/2046		30,515	32,229,333
Westchester Tobacco Asset Securitization Corp.;
Series 2016 C, Ref. RB		5.00%		06/01/2045		14,450	15,085,511
Series 2016 C, Ref. RB		5.13%		06/01/2051		1,295	1,433,539
Yonkers (City of), NY Parking Authority; Series 1999 A, RB		6.00%		06/15/2024		855	856,094
Yonkers Economic Development Corp. (Charter School Education Excellence);
Series 2010 A, RB		6.25%		10/15/2040		1,000	1,003,770
Series 2019 A, RB		5.00%		10/15/2039		420	446,200
Series 2019 A, RB		5.00%		10/15/2049		640	668,070
Series 2019 A, RB		5.00%		10/15/2054		465	483,623
							4,900,562,508
Puerto Rico–14.60%
Children’s Trust Fund;
Series 2002, RB		5.37%		05/15/2033		205	206,263
Series 2008 A, RB(f)		0.00%		05/15/2057		2,719,880	174,480,302
Series 2008 B, RB(f)		0.00%		05/15/2057		1,509,200	60,700,024
Puerto Rico (Commonwealth of);
Series 2003 A, GO Bonds(i)		5.00%		07/01/2033		2,000	1,420,000
Series 2003 C-7, Ref. GO Bonds (INS - NATL)(b)		6.00%		07/01/2028		1,270	1,303,020
Series 2006 B, Ref. GO Bonds(i)		5.25%		07/01/2032		2,500	1,784,375
Series 2008 A, GO Bonds(i)		5.38%		07/01/2033		5,000	3,531,250
Series 2008 A, Ref. GO Bonds(i)		5.25%		07/01/2026		2,200	1,564,750
Series 2008 A, Ref. GO Bonds(i)		5.50%		07/01/2032		15,700	11,088,125
Series 2009 B, Ref. GO Bonds(i)		5.87%		07/01/2036		770	553,438
Series 2009 C, Ref. GO Bonds(i)		6.00%		07/01/2039		390	274,463
Series 2011 A, Ref. GO Bonds(i)		6.00%		07/01/2028		1,000	703,750
Series 2011 A, Ref. GO Bonds(i)		6.00%		07/01/2040		3,670	2,486,425
Series 2011 C, Ref. GO Bonds(i)		6.00%		07/01/2035		2,700	1,778,625
Series 2011 C, Ref. GO Bonds(i)		5.75%		07/01/2036		25,000	16,406,250
Series 2011 E, Ref. GO Bonds(i)		5.62%		07/01/2033		3,205	2,115,300
Series 2012 A, Ref. GO Bonds(i)		5.75%		07/01/2028		3,000	1,980,000
Series 2012 A, Ref. GO Bonds(i)		5.50%		07/01/2039		5,000	3,312,500
Series 2012 A, Ref. GO Bonds(i)		5.00%		07/01/2041		15,820	9,907,275
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2008 A, RB		6.12%		07/01/2024		15,995	17,074,023
Series 2008 A, RB		6.00%		07/01/2044		25,135	25,543,444
Series 2008 A, RB (INS - AGC)(b)		5.13%		07/01/2047		49,000	49,012,250
Series 2012 A, RB		5.25%		07/01/2029		1,580	1,641,225
Series 2012 A, RB		6.00%		07/01/2047		3,250	3,392,187
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2005 RR, RB (INS - NATL)(b)		5.00%		07/01/2024		510	514,162
Series 2016 E-4, RB(i)		10.00%		07/01/2022		500	381,875
Puerto Rico (Commonwealth of) Government Employees Retirement System;
Series 2008 A, RB(i)		6.15%		07/01/2038		24,895	3,796,487
Series 2008 B, RB(i)		6.30%		07/01/2037		7,500	1,143,750
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2003 AA-2, Ref. RB(i)		5.30%		07/02/2035		4,945	4,351,600
Series 2003 G, RB(i)		5.00%		07/01/2033		8,980	3,973,650
Series 2003 G, RB(i)		5.00%		07/01/2042		1,840	814,200
Series 2003 H, Ref. RB(i)		5.45%		07/01/2035		1,120	495,600
Series 2003, RB(i)		5.00%		07/03/2028		9,515	1,427,250
Series 2005 K, RB(i)		5.00%		07/01/2027		6,500	2,876,250
Series 2005 K, RB(i)		5.00%		07/01/2030		1,145	506,663
Series 2005 L, Ref. RB (INS - NATL)(b)		5.25%		07/01/2023		2,600	2,663,622
Series 2005 L, Ref. RB (INS - FGIC)(b)(k)		5.25%		07/01/2030		915	739,549

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21 Invesco Rochester^® New York Municipals Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Puerto Rico–(continued)
Series 2007 M, RB(i)		5.00%		07/01/2046	$	78,610	$      34,784,925
Series 2007 N, Ref. RB (INS - NATL)(b)		5.25%		07/01/2032		3,235	3,328,297
Puerto Rico (Commonwealth of) Industrial Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2000, RB(a)		6.62%		06/01/2026		780	807,300
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ana G. Mendez University System);
Series 2002, Ref. RB		5.38%		12/01/2021		365	365,241
Series 2006, RB		5.00%		03/01/2036		6,285	6,052,455
Series 2012, Ref. RB		5.13%		04/01/2032		875	865,392
Series 2012, Ref. RB		5.38%		04/01/2042		1,200	1,180,968
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Ryder Memorial Hospital); Series 1994 A, RB		6.70%		05/01/2024		2,510	2,108,199
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (University Plaza); Series 2000 A, RB (INS - NATL)(b)		5.00%		07/01/2033		5,490	5,490,384
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Pollution Control Facilities Financing Authority;
Series 2012, Ref. RB		5.00%		10/01/2031		650	678,652
Series 2012, Ref. RB		5.00%		10/01/2042		200	180,500
Puerto Rico (Commonwealth of) Infrastructure Financing Authority;
Series 2005 B, RB(i)		5.00%		07/01/2037		675	73,406
Series 2005 B, RB(i)		5.00%		07/01/2041		141,985	15,440,869
Series 2006 B, RB(i)		5.00%		07/01/2031		25,255	2,746,481
Series 2006 B, RB(i)		5.00%		07/01/2037		17,490	1,902,037
Series 2006 B, RB(i)		5.00%		07/01/2046		41,740	4,539,225
Puerto Rico (Commonwealth of) Infrastructure Financing Authority (MEPSI Campus); Series 2007 A, RB(i)		6.50%		10/01/2037		1,680	508,200
Puerto Rico (Commonwealth of) Public Buildings Authority;
Series 2009 P, Ref. RB(i)		6.50%		07/01/2030		4,400	3,536,500
Series 2009 Q, RB(i)		5.50%		07/01/2037		850	664,062
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities); Series 2004 I, RB(i)		5.00%		07/01/2036		40,355	30,266,250
Puerto Rico Public Finance Corp.; Series 2011 B, RB(i)		5.50%		08/01/2031		11,810	217,304
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB		4.55%		07/01/2040		4,327	4,608,168
Series 2018 A-1, RB(f)		0.00%		07/01/2046		99,234	28,467,258
Series 2018 A-1, RB(f)		0.00%		07/01/2051		50,840	10,509,645
Series 2018 A-1, RB		4.75%		07/01/2053		13,361	14,042,945
Series 2018 A-1, RB		5.00%		07/01/2058		47,456	50,668,771
Series 2019 A-2, RB		4.33%		07/01/2040		36,000	37,800,360
Series 2019 A-2, RB		4.54%		07/01/2053		976	1,011,888
Series 2019 A-2, RB		4.78%		07/01/2058		13,060	13,756,229
University of Puerto Rico;
Series 2006 P, Ref. RB		5.00%		06/01/2030		7,280	7,134,400
Series 2006 Q, RB		5.00%		06/01/2026		4,555	4,469,594
Series 2006 Q, RB		5.00%		06/01/2030		24,375	23,887,500
Series 2006 Q, RB		5.00%		06/01/2036		67,190	65,846,200
							793,883,527
Northern Mariana Islands–0.20%
Northern Mariana Islands (Commonwealth of);
Series 2007 A, Ref. GO Bonds		5.00%		06/01/2030		5,835	5,382,379
Series 2007 B, Ref. GO Bonds		5.00%		10/01/2022		715	696,424
Northern Mariana Islands (Commonwealth of) Ports Authority; Series 1998 A, RB(a)		6.25%		03/15/2028		5,015	4,743,488
							10,822,291
Virgin Islands–0.15%
Virgin Islands (Government of) Port Authority; Series 2014 A, Ref. RB (a)		5.00%		09/01/2029		665	645,881

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22 Invesco Rochester^® New York Municipals Fund

	Interest Rate		Maturity   Date		Principal   Amount (000)		Value
Virgin Islands–(continued)
Virgin Islands (Government of) Public Finance Authority;
Series 2012 A, RB (INS - AGM)(b)		5.00%		10/01/2032	$	2,555	$        2,754,034
Series 2012 A, Ref. RB (INS - AGM)(b)		5.00%		10/01/2032		2,180	2,349,822
Series 2015, RB(c)		5.00%		09/01/2030		770	872,064
Virgin Islands (Government of) Public Finance Authority (Federal Highway Grant Anticipation Revenue Loan Note); Series 2015, RB(c)		5.00%		09/01/2033		1,500	1,677,960
							8,299,761
Guam–0.14%
Guam (Territory of);
Series 2011 A, RB		5.25%		01/01/2036		550	567,193
Series 2015 D, Ref. RB		5.00%		11/15/2039		750	818,153
Guam (Territory of) Government Waterworks Authority; Series 2013, RB (INS - NATL)(b)		5.25%		07/01/2025		1,735	1,936,659
Guam (Territory of) Power Authority;
Series 2012 A, Ref. RB (INS - AGM)(b)		5.00%		10/01/2023		1,230	1,331,401
Series 2012 A, Ref. RB (INS - AGM)(b)		5.00%		10/01/2024		1,560	1,688,123
Series 2012 A, Ref. RB		5.00%		10/01/2034		610	642,324
Guam (Territory of) Waterworks Authority; Series 2014 A, Ref. RB		5.00%		07/01/2029		325	365,589
Guam Housing Corp.; Series 1998 A, RB (CEP - FHLMC)(a)		5.75%		09/01/2031		345	356,713
							7,706,155
Total Municipal Obligations (Cost $5,904,128,983)							5,721,274,242
						Shares
Common Stocks & Other Equity Interests–0.07%
New York–0.07%
CMS Liquidating Trust;
(Cost $10,458,375)(l)(m)						1,401	3,509,505
TOTAL INVESTMENTS IN SECURITIES(n)–105.29% (Cost $5,914,587,358)							5,724,783,747
BORROWINGS-(1.47)%							(79,900,000)
FLOATING RATE NOTE OBLIGATIONS-(4.47)%
Notes with interest and fee rates ranging from 0.61% to 1.11% at 08/31/2020 and contractual maturities of collateral ranging from 03/15/2034 to 11/15/2057 (See Note 1J)(o)							(243,230,000)
OTHER ASSETS LESS LIABILITIES-0.65%							35,749,963
NET ASSETS-100.00%							$5,437,403,710

Investment Abbreviations:
ACA	- ACA Financial Guaranty Corp.
AGC	- Assured Guaranty Corp.
AGM	- Assured Guaranty Municipal Corp.
AMBAC	- American Municipal Bond Assurance Corp.
BAM	- Build America Mutual Assurance Co.
BHAC	- Berkshire Hathaway Assurance Corp.
CEP	- Credit Enhancement Provider
CPI	- Consumer Price Index
Ctfs.	- Certificates
FGIC	- Financial Guaranty Insurance Company
FHLMC	- Federal Home Loan Mortgage Corp.
GNMA	- Government National Mortgage Association
GO	- General Obligation
IDR	- Industrial Development Revenue Bonds
INS	- Insurer
LIBOR	- London Interbank Offered Rate
LOC	- Letter of Credit
NATL	- National Public Finance Guarantee Corp.
RB	- Revenue Bonds
Ref.	- Refunding
RN	- Revenue Notes
USD	- U.S. Dollar

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23 Invesco Rochester^® New York Municipals Fund

Notes to Schedule of Investments:

^(a)  Security subject to the alternative minimum tax.

^(b)  Principal and/or interest payments are secured by the bond insurance company listed.

^(c)  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 August 31, 2020 was $223,673,150, which represented 4.11% of the Fund’s Net Assets.

^(d)  Underlying security related to TOB Trusts entered into by the Fund. See Note 1J.

^(e)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2020.

^(f)  Zero coupon bond issued at a discount.

^(g)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

^(h)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

⁽ⁱ⁾  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2020 was $173,569,772, which represented 3.19% of the Fund’s Net Assets.

^(j)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(k)  The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

^(l) Non-income producing security.

^(m)  Security valued using significant unobservable inputs (Level 3). See Note 3.

⁽ⁿ⁾  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

^(o)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2020. At August 31, 2020, the Fund’s investments with a value of $397,871,583 are held by TOB Trusts and serve as collateral for the $243,230,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2020

Revenue Bonds	93.1	%
General Obligation Bonds	5.6
Pre-Refunded Bonds	1.3

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24 Invesco Rochester^® New York Municipals Fund

Statement of Assets and Liabilities

August 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $5,914,587,358)	$	5,724,783,747
Cash		11,207,964
Receivable for:
Investments sold		105,000
Fund shares sold		1,487,937
Interest		54,190,801
Investments matured, at value (Cost $3,262,237)		2,323,575
Investment for trustee deferred compensation and retirement plans		580,713
Other assets		1,256,031
Total assets		5,795,935,768
Liabilities:
Floating rate note obligations		243,230,000
Payable for:
Borrowings		79,900,000
Investments purchased		26,036,613
Dividends		3,381,272
Fund shares reacquired		3,004,536
Accrued fees to affiliates		1,792,161
Accrued interest expense		121,876
Accrued trustees’ and officers’ fees and benefits		11,752
Trustee deferred compensation and retirement plans		1,053,848
Total liabilities		358,532,058
Net assets applicable to shares outstanding	$	5,437,403,710

Net assets consist of:
Shares of beneficial interest	$	6,199,238,898
Distributable earnings (loss)		(761,835,188	)
	$	5,437,403,710
Net Assets:
Class A	$	4,399,170,819
Class C	$	412,110,821
Class Y	$	624,206,062
Class R6	$	1,916,008
Common shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		262,996,035
Class C		24,707,402
Class Y		37,306,540
Class R6		114,521
Class A: Net asset value per share	$	16.73
Maximum offering price per share (Net asset value of $16.73 ÷ 95.75%)	$	17.47
Class C: Net asset value and offering price per share	$	16.68
Class Y: Net asset value and offering price per share	$	16.73
Class R6: Net asset value and offering price per share	$	16.73

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25 Invesco Rochester^® New York Municipals Fund

Statement of Operations

For the six months ended August 31, 2020

(Unaudited)

Investment income:
Interest	$	110,804,387
Expenses:
Advisory fees		11,946,845
Administrative services fees		387,072
Custodian fees		14,929
Distribution fees:
Class A		5,237,048
Class C		2,180,474
Interest, facilities and maintenance fees		3,846,638
Transfer agent fees - A, C and Y		1,819,295
Transfer agent fees - R6		118
Trustees’ and officers’ fees and benefits		118,715
Registration and filing fees		62,002
Reports to shareholders		50,915
Professional services fees		172,228
Taxes		23,552
Other		(90,940	)
Total expenses		25,768,891
Net investment income		85,035,496
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(12,171,648	)
Change in net unrealized appreciation (depreciation) of investment securities		(253,087,332	)
Net realized and unrealized gain (loss)		(265,258,980	)
Net increase (decrease) in net assets resulting from operations	$	(180,223,484	)

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26 Invesco Rochester^® New York Municipals Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2020, period ended February 29, 2020, and the year ended December 31, 2019

(Unaudited)

	Six Months Ended August 31, 2020			Two Months Ended February 29, 2020			Year Ended December 31, 2019
Operations:
Net investment income		$     85,035,496			$     26,488,422			$   197,918,795
Net realized gain (loss)		(12,171,648	)		(32,767,127	)		(31,411,998	)
Change in net unrealized appreciation (depreciation)		(253,087,332	)		291,285,138			465,838,776
Net increase (decrease) in net assets resulting from operations		(180,223,484	)		285,006,433			632,345,573
Distributions to shareholders from distributable earnings:
Class A		(74,234,152	)		(25,918,305	)		(138,273,202	)
Class C		(5,853,611	)		(2,180,818	)		(15,652,667	)
Class Y		(11,039,062	)		(3,888,327	)		(18,613,060	)
Class R6		(41,232	)		(31,538	)		(18,778	)
Total distributions from distributable earnings		(91,168,057	)		(32,018,988	)		(172,557,707	)
Share transactions–net:
Class A		(9,868,922	)		16,446,449			244,938,860
Class C		(53,879,056	)		(3,763,279	)		(295,103,307	)
Class Y		(3,870,125	)		19,701,642			146,694,293
Class R6		(2,898,328	)		(36,603	)		4,971,989
Net increase (decrease) in net assets resulting from share transactions		(70,516,431	)		32,348,209			101,501,835
Net increase (decrease) in net assets		(341,907,972	)		285,335,654			561,289,701
Net assets:
Beginning of period		5,779,311,682			5,493,976,028			4,932,686,327
End of period		$5,437,403,710			$5,779,311,682			$5,493,976,028

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

27 Invesco Rochester^® New York Municipals Fund

Financial Highlights

(Unaudited)

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Supplemental ratio of expenses to average net assets with fee waivers (excluding interest, facilities and maintenance fees)			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 08/31/20		$	17.55		$	0.27		$	(0.81	)		$	(0.54	)		$	(0.28	)		$	16.73		(2.99	)%(d)		$	4,399,171		0.93	%(d)(e)		0.93	%(d)(e)		0.78	%(d)(e)		3.21	%(d)(e)		13	%
Two months ended 02/29/20			16.78			0.08			0.79				0.87				(0.10	)			17.55		5.18				4,625,668		0.79	(f)		0.92	(f)		0.79	(f)		2.92	(f)		2
Year ended 12/31/19			15.35			0.62			1.35				1.97				(0.54	)			16.78		12.97				4,407,000		0.80			1.06			0.80			3.78			25
Year ended 12/31/18			14.59			0.55			0.73				1.28				(0.52	)			15.35		8.88				3,807,000		0.87			1.21			0.87			3.64			26
Year ended 12/31/17			14.68			0.57			0.04				0.61				(0.70	)			14.59		4.11				3,975,000		0.83			1.02			0.83			3.79			23
Year ended 12/31/16			14.68			0.76			0.12				0.88				(0.88	)			14.68		6.06				4,425,000		0.80			0.97			0.80			5.05			33
Year ended 12/31/15			15.35			0.97			(0.68	)			0.29				(0.96	)			14.68		1.94				4,464,000		0.73			0.86			0.73			6.42			13
Class C
Six months ended 08/31/20			17.50			0.20			(0.80	)			(0.60	)			(0.22	)			16.68		(3.38	)			412,111		1.69	(e)		1.69	(e)		1.54	(e)		2.45	(e)		13
Two months ended 02/29/20			16.73			0.06			0.79				0.85				(0.08	)			17.50		5.07				489,818		1.54	(f)		1.67	(f)		1.54	(f)		2.16	(f)		2
Year ended 12/31/19			15.31			0.49			1.35				1.84				(0.42	)			16.73		12.10				472,000		1.56			1.82			1.56			3.02			25
Year ended 12/31/18			14.55			0.44			0.73				1.17				(0.41	)			15.31		8.09				705,000		1.62			1.96			1.62			2.88			26
Year ended 12/31/17			14.64			0.45			0.04				0.49				(0.58	)			14.55		3.32				761,000		1.62			1.81			1.62			3.02			23
Year ended 12/31/16			14.64			0.63			0.12				0.75				(0.75	)			14.64		5.18				865,000		1.66			1.83			1.66			4.19			33
Year ended 12/31/15			15.32			0.84			(0.69	)			0.15				(0.83	)			14.64		1.02				841,000		1.58			1.71			1.58			5.57			13
Class Y
Six months ended 08/31/20			17.55			0.29			(0.81	)			(0.52	)			(0.30	)			16.73		(2.88	)			624,206		0.69	(e)		0.69	(e)		0.54	(e)		3.45	(e)		13
Two months ended 02/29/20			16.78			0.09			0.79				0.88				(0.11	)			17.55		5.23				658,644		0.54	(f)		0.67	(f)		0.54	(f)		3.16	(f)		2
Year ended 12/31/19			15.35			0.66			1.35				2.01				(0.58	)			16.78		13.25				610,000		0.56			0.82			0.56			4.02			25
Year ended 12/31/18			14.60			0.59			0.72				1.31				(0.56	)			15.35		9.07				421,000		0.62			0.96			0.62			3.88			26
Year ended 12/31/17			14.68			0.59			0.06				0.65				(0.73	)			14.60		4.41				330,000		0.62			0.81			0.62			3.94			23
Year ended 12/31/16			14.68			0.77			0.13				0.90				(0.90	)			14.68		6.22				263,000		0.66			0.83			0.66			5.17			33
Year ended 12/31/15			15.35			0.99			(0.68	)			0.31				(0.98	)			14.68		2.09				212,000		0.58			0.71			0.58			6.57			13
Class R6
Six months ended 08/31/20			17.55			0.29			(0.80	)			(0.51	)			(0.31	)			16.73		(2.84	)			1,916		0.63	(e)		0.63	(e)		0.48	(e)		3.51	(e)		13
Two months ended 02/29/20			16.78			0.09			0.79				0.88				(0.11	)			17.55		5.23				5,181		0.51	(f)		0.64	(f)		0.51	(f)		3.20	(f)		2
Period ended 12/31/19(g)			16.44			0.40			0.29				0.69				(0.35	)			16.78		4.20				5,000		0.54	(f)		0.80	(f)		0.54	(f)		4.07	(f)		25

^(a)  Calculated using average shares outstanding.

^(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended August 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $142,218,871 in connection with the acquisition of Invesco New York Tax Free Income Fund into the Fund.

^(d)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended August 31, 2020.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $4,279,641, $432,664, $594,941 and $2,197 for Class A, Class C, Class Y and Class R6 shares, respectively.

^(f)  Annualized.

^(g)  Commencement date after the close of business on May 24, 2019.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

28 Invesco Rochester^® New York Municipals Fund

Notes to Financial Statements

August 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Rochester^® New York Municipals Fund, formerly Invesco Oppenheimer Rochester^® New York Municipals Fund, (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is to seek tax-free income.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature will change from ten years to eight years. The first conversion of Class C shares to Class A shares would occur at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations - Securities, including restricted securities, are valued according to the following policy.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. 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.

B. Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D. Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

E. Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to

29 Invesco Rochester^® New York Municipals Fund

shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

G. Interest, Facilities and Maintenance Fees - Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees and other expenses associated with lines of credit and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any.

H. Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

I. Indemnifications - Under the Fund’s organizational documents, each Trustee, officer, employee or other agent of the Fund is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the risk of material loss as a result of such indemnification claims is considered remote.

J. Floating Rate Note Obligations - The Fund invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Fund to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Fund’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Fund, the Fund will be required to repay the principal amount of the tendered securities, which may require the Fund to sell other portfolio holdings to raise cash to meet that obligation. The Fund could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Fund to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Fund may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund’s investment assets, and the related floating rate notes reflected as Fund liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The carrying amount of the Fund’s floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Fund wherein the Fund, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Fund’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Fund, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Fund would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the “Risk Retention Rules”). The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

30 Invesco Rochester^® New York Municipals Fund

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Fund in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Fund, and may adversely affect the Fund’s net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

K. Other Risks - The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities. There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claim.

The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates near historical lows. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund’s transaction costs.

L. Leverage Risk - The Fund may utilize leverage to seek to enhance the yield of the Fund by borrowing. There are risks associated with borrowing in an effort to increase the yield and distributions on the common shares, including that the costs of the financial leverage may exceed the income from investments purchased with such leverage proceeds, the higher volatility of the net asset value of the shares, and that fluctuations in the interest rates on the borrowing may affect the yield and distributions to the common shareholders. There can be no assurance that the Fund’s leverage strategy will be successful.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
First $ 500 million	0.480%
Next $4.5 billion	0.455%
Next $3 billion	0.450%
Next $6 billion	0.440%
Over $14 billion	0.420%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

Prior to May 15, 2020, the Fund accrued daily and paid monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets*	Rate
Up to $100 million		0.540	%
Next $150 million		0.520	%
Next $1.75 billion		0.470	%
Next $3 billion		0.460	%
Next $3 billion		0.450	%
Next $6 billion		0.440	%
Over $14 billion		0.420	%

* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the six months ended August 31, 2020, the effective advisory fee rate incurred by the Fund was 0.45%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 0.86%, 1.62%, 0.62% and 0.52%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under this expense limit.

31 Invesco Rochester^® New York Municipals Fund

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended August 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI in an amount up to an annual rate of 0.25% of the average daily net assets of Class A shares. Effective May 15, 2020, The Fund, pursuant to the Class C Plan, reimburses IDI in an amount up to an annual rate of 1.00% of the average daily net assets of Class C shares. Prior to May 15, 2020, The Fund pursuant to the Class C Plan paid IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended August 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended August 31, 2020, IDI advised the Fund that IDI retained $86,949 in front-end sales commissions from the sale of Class A shares and $110,278 and $34,192 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

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 the 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.

The following is a summary of the tiered valuation input levels, as of August 31, 2020. 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
Municipal Obligations		$–		$5,721,274,242	$	–		$5,721,274,242
Common Stocks & Other Equity Interests		–		–		3,509,505		3,509,505
Total Investments in Securities		–		5,721,274,242		3,509,505		5,724,783,747
Other Investments - Assets
Investments Matured		–		2,323,575		–		2,323,575
Total Investments		$–		$5,723,597,817		$3,509,505		$5,727,107,322

NOTE 4–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Obligations under the deferred compensation plan represent unsecured claims against the general assets of the Fund.

NOTE 5–Cash Balances and Borrowings

The Fund has entered into a $2.5 billion revolving credit and security agreement, which enables the Fund to participate with certain other Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Funds, and which will expire on February 25, 2021. The revolving credit and security agreement is secured by the assets of the Fund.

During the six months ended August 31, 2020, the average daily balance of borrowing under the revolving credit and security agreement was $20,226,630 with a weighted interest rate of 1.81%. The carrying amount of the Fund’s payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as Interest, facilities and maintenance fees.

32 Invesco Rochester^® New York Municipals Fund

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2020 were $250,380,714 and 1.56%, respectively.

The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

NOTE 6–Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of February 29, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration		$122,072,757		$506,205,794		$628,278,551

* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 7–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2020 was $711,478,766 and $748,903,297, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	275,221,202
Aggregate unrealized (depreciation) of investments		(505,941,856	)
Net unrealized appreciation (depreciation) of investments	$	(230,720,654	)

Cost of investments for tax purposes is $5,957,827,976.

NOTE 8–Share Information

	Summary of Share Activity
	Six months ended August 31, 2020(a)						Two months ended February 29, 2020						Year ended December 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		7,583,657		$	124,252,184			4,127,410		$	70,684,179			22,263,978		$	366,055,217
Class C		1,250,830			20,505,432			743,698			12,662,643			5,278,747			86,258,641
Class Y		5,820,202			95,352,203			2,391,879			40,957,516			13,429,030			220,190,773
Class R6(b)		14,541			229,313			-			-			298,058			4,983,613
Issued as reinvestment of dividends:
Class A		2,367,879			38,448,112			1,208,620			20,894,248			7,190,270			118,291,142
Class C		215,020			3,478,111			103,977			1,792,290			858,543			13,981,744
Class Y		404,453			6,571,258			183,157			3,166,657			978,897			16,137,032
Class R6(b)		990			16,094			1,698			29,351			1,107			18,566
Automatic conversion of Class C shares to Class A shares:
Class A		2,431,067			40,308,923			375,784			6,474,772			16,359,187			271,641,351
Class C		(2,438,302	)		(40,308,923	)		(376,878	)		(6,474,772	)		(16,400,229	)		(271,641,351	)
Issued in connection with acquisitions:(c)
Class A		7,461,312			119,039,117			-			-			-			-
Class C		798,987			12,711,724			-			-			-			-
Class Y		844,602			13,478,410			-			-			-			-
Class R6		14,973			238,948			-			-			-			-

33 Invesco Rochester^® New York Municipals Fund

	Summary of Share Activity
	Six months ended August 31, 2020(a)						Two months ended February 29, 2020						Year ended December 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Reacquired:
Class A		(20,478,051	)	$	(331,917,258	)		(4,758,003	)	$	(81,606,750	)		(31,084,981	)	$	(511,048,850	)
Class C		(3,114,604	)		(50,265,400	)		(687,757	)		(11,743,440	)		(7,593,038	)		(123,702,341	)
Class Y		(7,290,580	)		(119,271,996	)		(1,425,021	)		(24,422,531	)		(5,456,754	)		(89,633,512	)
Class R6(b)		(211,233	)		(3,382,683	)		(3,813	)		(65,954	)		(1,800	)		(30,190	)
Net increase (decrease) in share activity		(4,324,257	)	$	(70,516,431	)		1,884,751		$	32,348,209			6,121,015		$	101,501,835

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 56% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Commencement date after the close of business on May 24, 2019.

^(c)  After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco New York Tax Free Income Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 9,119,874 shares of the Fund for 9,795,620 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $145,468,199, including $991,897 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $5,050,850,871 and $5,196,319,070 immediately after the acquisition.

The pro forma results of operations for the six months ended August 31, 2020 assuming the reorganization had been completed on March 1, 2020, the beginning of the semi-annual reporting period are as follows:

Net investment income	$	90,927,107
Net realized/unrealized gains (losses)		(282,808,488	)
Change in net assets resulting from operations	$	(191,881,381	)

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 16, 2020.

NOTE 9–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared 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 Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

34 Invesco Rochester^® New York Municipals Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period March 1, 2020 through August 31, 2020.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning     Account Value       (03/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized       Expense   Ratio
		Ending     Account Value       (08/31/20)1	Expenses     Paid During       Period2	Ending     Account Value       (08/31/20)	Expenses     Paid During       Period2
Class A	$1,000.00	$970.10	$4.62	$1,020.52	$4.74	0.93%
Class C	1,000.00	966.20	8.38	1,016.69	8.59	1.69
Class Y	1,000.00	971.20	3.43	1,021.73	3.52	0.69
Class R6	1,000.00	971.60	3.13	1,022.03	3.21	0.63

¹ The actual ending account value is based on the actual total return of the Fund for the period March 1, 2020 through August 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

² Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

35 Invesco Rochester^® New York Municipals Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Rochester^® New York Municipals Fund’s (formerly, Invesco Oppenheimer Rochester^® New York Municipals Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

The Board’s Investments Committee has established Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to

meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the

Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Bloomberg Barclays Municipal Bond Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective May 2020 and that the Broadridge materials did not reflect this reduced contractual management fee schedule. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing

36 Invesco Rochester^® New York Municipals Fund

expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s actual and contractual management fees and total expense ratio were in the fourth, fourth and fifth quintile, respectively, of its expense group and discussed with management reasons for such relative actual and contractual management fees and total expenses. The Board also discussed with management any impact that the reduction of the Fund’s contractual management fee schedule effective May 2020 would have on the Fund’s total expense ratio peer group ranking.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are

financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.        

37 Invesco Rochester^® New York Municipals Fund

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Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ proxyguidelines. The information is also available on the SEC website, sec.gov. Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-07890 and 033-66242 Invesco Distributors, Inc. O-ROM-SAR-1

ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of October 14, 2020, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of October 14, 2020, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

13(a) (1)	Not applicable.
13(a) (2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.
13(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds)

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	November 6, 2020

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	November 6, 2020

By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	November 6, 2020