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)

Glenn Brightman 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: 2/28

Date of reporting period: 8/31/2023

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) 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, 2023

Invesco AMT-Free Municipal Income Fund

Nasdaq:

A: OPTAX ∎ C: OMFCX ∎ Y: OMFYX ∎ R6: IORAX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
24	Financial Statements
27	Financial Highlights
28	Notes to Financial Statements
34	Fund Expenses
35	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is 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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/23 to 8/31/23, 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	1.38	%
Class C Shares	1.00
Class Y Shares	1.50
Class R6 Shares	1.53
S&P Municipal Bond 5+ Year Investment Grade Index▼	1.08
U.S. Consumer Price Index∎	2.06
Source(s): ▼RIMES Technologies Corp.; ∎Bloomberg LP
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 U.S. Consumer Price Index is a measure of change in consumer prices as determined by the US 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.

2 Invesco AMT-Free Municipal Income Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (10/27/76)	5.36	%
10 Years	4.70
5 Years	1.46
1 Year	-2.66
Class C Shares
Inception (8/29/95)	3.94	%
10 Years	4.51
5 Years	1.56
1 Year	-0.06
Class Y Shares
Inception (11/29/10)	5.88	%
10 Years	5.40
5 Years	2.57
1 Year	1.94
Class R6 Shares
10 Years	5.28	%
5 Years	2.61
1 Year	2.02

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 was subsequently renamed the Invesco AMT-Free Municipal Income Fund (the Fund). Returns shown above, for periods ending on or 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 on and 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.

3 Invesco AMT-Free Municipal Income Fund

 

 

 

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), 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 17, 2023, 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 January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during 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.

4 Invesco AMT-Free Municipal Income Fund

Schedule of Investments

August 31, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Municipal Obligations–101.32%
Alabama–6.06%
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority; Series 2018 A, RB		5.00%		07/01/2048	$	2,500	$	2,528,655
Birmingham (City of), AL Private Educational Building Authority (Birmingham-Southern College); Series 1996, RB		6.13%		12/01/2025		290		260,919
Birmingham (City of), AL Water Works Board; Series 2016 B, Ref. RB(a)(b)		5.00%		01/01/2027		16,150		17,128,682
Black Belt Energy Gas District (The);
Series 2023 A, RB(b)		5.25%		10/01/2030		5,000		5,197,078
Series 2023 B, RB(b)		5.25%		12/01/2030		5,000		5,273,243
Energy Southeast, A Cooperative District; Series 2023 A-1, RB(b)		5.50%		01/01/2031		10,000		10,559,557
Fort Deposit (Town of), AL Cooperative District; Series 2003, RB		6.00%		02/01/2036		165		156,751
Homewood (City of), AL Educational Building Authority (Samford University); Series 2017 A, Ref. RB		5.00%		12/01/2047		4,500		4,560,419
Jefferson (County of), AL;
Series 2013 C, Revenue Wts. (INS - AGM)(c)(d)		6.90%		10/01/2050		8,750		9,152,720
Series 2013 D, Revenue Wts.		6.00%		10/01/2042		8,000		8,407,422
Series 2013 D, Revenue Wts.		7.00%		10/01/2051		4,000		4,205,741
Series 2013 D, Revenue Wts.		6.50%		10/01/2053		7,500		7,883,149
Series 2013 F, Revenue Wts.(c)		7.75%		10/01/2046		20,185		21,133,305
Series 2013 F, Revenue Wts.(c)		7.90%		10/01/2050		20,000		20,939,032
Series 2017, Ref. Revenue Wts.		5.00%		09/15/2035		4,500		4,647,836
Lower Alabama Gas District (The); Series 2016 A, RB		5.00%		09/01/2046		5,000		5,115,121
Mobile (City of), AL Improvement District (McGowin Park); Series 2016 A, RB		5.25%		08/01/2030		200		190,581
Southeast Energy Authority A Cooperative District (No. 2); Series 2021 B, RB(b)		4.00%		12/01/2031		7,895		7,528,135
Southeast Energy Authority A Cooperative District (No. 3); Series 2022 A-1, RB(b)		5.50%		12/01/2029		4,105		4,306,108
Southeast Energy Authority A Cooperative District (No. 4); Series 2022 B-1, RB(b)		5.00%		08/01/2028		7,000		7,142,856
								146,317,310
Alaska–0.00%
Alaska (State of) Industrial Development & Export Authority (Boys & Girls Home & Family Services, Inc.); Series 2007 C, RB(e)		5.88%		12/01/2027		600		1,560
Arizona–1.50%
Arizona (State of) Industrial Development Authority (Academies of Math & Science);
Series 2017 A, Ref. RB (CEP - Ohio School District)		5.00%		07/01/2042		675		675,884
Series 2017 A, Ref. RB (CEP - Ohio School District)		5.00%		07/01/2047		925		912,612
Series 2017 A, Ref. RB (CEP - Ohio School District)		5.00%		07/01/2051		1,000		975,639
Series 2018 A, Ref. RB (CEP - Ohio School District)		5.00%		07/01/2038		500		504,507
Series 2018 A, Ref. RB (CEP - Ohio School District)		5.00%		07/01/2048		1,800		1,764,798
Series 2018 A, Ref. RB (CEP - Ohio School District)		5.00%		07/01/2052		2,125		2,068,665
Arizona (State of) Industrial Development Authority (Provident Group - Eastern Michigan University Parking);
Series 2018, RB(e)		5.00%		05/01/2048		1,100		660,000
Series 2018, RB(e)		5.00%		05/01/2051		1,000		600,000
Arizona (State of) Industrial Development Authority (Provident Group-NCCU Properties LLC); Series 2019 A, RB (INS - BAM)(d)		5.00%		06/01/2058		570		585,674
Arizona (State of) Industrial Development Authority (Social Bonds); Series 2020 A, RB		4.00%		11/01/2050		2,100		1,792,082
Chandler (City of), AZ Industrial Development Authority (Intel Corp.); Series 2005, RB(b)		3.80%		06/15/2028		5,000		4,994,090
Festival Ranch Community Facilities District (Assessment Districts Nos. 4 & 5); Series 2007, RB		5.75%		07/01/2032		273		260,443
Maricopa (County of), AZ Industrial Development Authority (GreatHearts Arizona);
Series 2017 C, RB (CEP - Ohio School District)		5.00%		07/01/2037		80		82,024
Series 2017 C, RB (CEP - Ohio School District)		5.00%		07/01/2048		145		146,043
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB(f)		5.00%		07/01/2049		1,400		1,227,203
Merrill Ranch Community Facilities District No. 1 (Assessment Area One); Series 2006, RB		5.30%		07/01/2030		167		166,998
Phoenix (City of), AZ Industrial Development Authority (Espiritu Community Development Corp. Charter School); Series 2006 A, RB		6.25%		07/01/2036		390		363,277

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

5 Invesco AMT-Free Municipal Income Fund

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Arizona–(continued)
Phoenix (City of), AZ Industrial Development Authority (Great Hearts Academies); Series 2016 A, Ref. RB		5.00%		07/01/2041	$	1,200	$	1,162,995
Phoenix Civic Improvement Corp.;
Series 2019 A, RB		4.00%		07/01/2045		2,765		2,565,468
Series 2019, RB		4.00%		07/01/2044		6,855		6,543,804
Pima (County of), AZ Industrial Development Authority (Arizona Charter Schools); Series 2013 Q, Ref. RB		5.38%		07/01/2031		1,590		1,541,054
Pima (County of), AZ Industrial Development Authority (Christian Care Tuscon, Inc.);
Series 2017 A, Ref. RB(a)(b)		5.00%		06/15/2025		550		569,980
Series 2017 C, RB(a)(b)		5.00%		06/15/2025		1,010		1,046,691
Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB(f)		5.50%		09/01/2046		900		799,220
Pima (County of), AZ Industrial Development Authority (Paideia Academies (The));
Series 2019, RB		5.13%		07/01/2039		195		179,200
Series 2019, RB		5.25%		07/01/2049		240		210,247
Pima (County of), AZ Industrial Development Authority (Tuscon Country Day School); Series 2007, Ref. RB		5.00%		06/01/2037		725		618,849
Salt Verde Financial Corp.;
Series 2007, RB		5.50%		12/01/2029		100		105,606
Series 2007, RB		5.00%		12/01/2032		3,000		3,118,263
								36,241,316
Arkansas–0.14%
Arkansas (State of) Development Finance Authority (Baptist Memorial Health); Series 2020, Ref. RB		5.00%		09/01/2044		2,000		2,003,165
Cave Springs Municipal Property Owners’ Improvement District No. 3; Series 2007, GO Bonds(g)		6.25%		02/01/2038		1,480		1,480,000
								3,483,165
California–9.82%
Bay Area Toll Authority (San Francisco Bay Area); Series 2019 S-8, Ref. RB(a)(b)		5.00%		10/01/2029		5,000		5,642,432
California (State of);
Series 2016, Ref. GO Bonds		5.00%		09/01/2037		10,085		10,549,568
Series 2018, GO Bonds		5.00%		10/01/2047		13,500		13,920,715
Series 2020, GO Bonds		3.00%		03/01/2050		1,500		1,162,621
Series 2020, GO Bonds		4.00%		03/01/2050		2,600		2,561,698
Series 2021, Ref. GO Bonds		5.00%		10/01/2041		1,500		1,639,287
Series 2022, GO Bonds		4.00%		04/01/2049		1,325		1,313,058
California (State of) Community Choice Financing Authority (Green Bonds);
Series 2023 C, RB(b)		5.25%		10/01/2031		3,250		3,370,934
Series 2023, RB(b)		5.00%		08/01/2029		5,000		5,151,605
California (State of) County Tobacco Securitization Agency; Series 2006 B, RB(h)		0.00%		06/01/2050		129,820		21,605,748
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2002, RB		5.88%		06/01/2035		10		10,147
California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.);
Series 2006 A, RB(h)		0.00%		06/01/2046		7,000		1,635,028
Series 2006 B, RB(h)		0.00%		06/01/2046		6,000		1,355,615
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2002 A, RB		5.88%		06/01/2043		2,450		2,450,255
California (State of) Health Facilities Financing Authority (Commonspirit Health); Series 2020 A, Ref. RB		4.00%		04/01/2049		1,500		1,322,317
California (State of) Health Facilities Financing Authority (Sutter Health);
Series 2016 B, Ref. RB(a)(b)		5.00%		11/15/2026		4,080		4,340,178
Series 2016 B, Ref. RB		5.00%		11/15/2046		5,920		6,054,849
California (State of) Housing Finance Agency;
Series 2019 A, RB		4.25%		01/15/2035		164		160,357
Series 2019 A-2, RB		4.00%		03/20/2033		7,066		6,822,247
California (State of) Housing Finance Agency (Social Certificates); Series 2023-1, RB		4.38%		09/20/2036		3,494		3,398,650
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); Series 2018, RB (INS - BAM)(d)		5.00%		05/15/2043		4,250		4,363,935
California (State of) Statewide Communities Development Authority (Community Facilities District No. 2007-01); Series 2015, Ref. RB		5.00%		09/01/2030		830		847,339

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
California–(continued)
Cathedral (City of), CA Redevelopment Agency Successor Agency (Merged Redevelopment);
Series 2014 A, Ref. RB (INS - AGM)(d)		5.00%		08/01/2032	$	1,450	$	1,466,862
Series 2014 A, Ref. RB (INS - AGM)(d)		5.00%		08/01/2033		885		895,302
Golden State Tobacco Securitization Corp.; Series 2017 A-1, Ref. RB(a)(b)		5.00%		06/01/2027		170		182,988
Grossmont-Cuyamaca Community College District (Election of 2012); Series 2018 B, GO Bonds		4.00%		08/01/2047		3,165		3,086,201
Inland Empire Tobacco Securitization Corp.; Series 2007 F, RB(f)(h)		0.00%		06/01/2057		345,750		19,103,137
Lammersville Joint Unified School District; Series 2013, RB(a)(b)		6.00%		09/01/2023		2,750		2,750,000
Long Beach (City of), CA Bond Finance Authority; Series 2007 A, RB		5.50%		11/15/2037		2,000		2,135,689
Los Angeles (City of), CA Department of Airports (Green Bonds); Series 2022 I, RB		5.00%		05/15/2048		3,000		3,242,553
Los Angeles (City of), CA Department of Water & Power; Series 2017 A, RB		5.00%		07/01/2042		5,000		5,207,317
Los Angeles Department of Water & Power Water System Revenue; Series 2022, RB(i)		5.00%		07/01/2042		25,000		27,572,443
Los Angeles Unified School District (Sustainability Bonds); Series 2022 QRR, GO Bonds		5.25%		07/01/2047		5,000		5,518,275
M-S-R Energy Authority;
Series 2009 B, RB		7.00%		11/01/2034		10,000		12,205,460
Series 2009 B, RB		6.50%		11/01/2039		9,820		11,668,590
Oak Grove School District (Election of 2008); Series 2018 E, Ref. GO Bonds(c)		5.00%		08/01/2042		4,500		2,489,128
Oxnard (City of), CA Financing Authority;
Series 2014, Ref. RB (INS - AGM)(d)		5.00%		06/01/2032		1,250		1,263,688
Series 2014, Ref. RB (INS - AGM)(d)		5.00%		06/01/2033		1,500		1,515,877
Series 2014, Ref. RB (INS - AGM)(d)		5.00%		06/01/2034		850		858,500
Paramount Unified School District (Election of 2016); Series 2017 A, GO Bonds (INS - AGM)(d)		5.25%		08/01/2046		2,575		2,703,445
Poway Unified School District Public Financing Authority;
Series 2015 B, Ref. RB (INS - BAM)(d)		5.00%		09/01/2033		1,725		1,788,455
Series 2015 B, Ref. RB (INS - BAM)(d)		5.00%		09/01/2034		3,075		3,182,424
San Diego (County of), CA Regional Airport Authority;
Series 2019 A, Ref. RB		5.00%		07/01/2044		5,000		5,274,991
Series 2021 A, RB (INS - AGM)(d)		5.00%		07/01/2051		15,000		15,992,463
Santa Cruz (County of), CA Redevelopment Successor Agency; Series 2015 A, Ref. RB (INS - AGM)(d)		5.00%		09/01/2035		1,880		1,936,781
Transbay Joint Powers Authority (Green Bonds); Series 2020 A, RB		5.00%		10/01/2049		2,000		2,008,060
Twin Rivers Unified School District; Series 2020, GO Bonds (INS - AGM)(d)(h)		0.00%		08/01/2044		8,990		3,197,022
								236,924,234
Colorado–3.62%
Aurora (City of), CO (Pipeline/Interceptor); Series 2023, RB		4.00%		08/01/2053		13,285		12,199,833
Berthoud-Heritage Metropolitan District No. 1; Series 2019, RB		5.63%		12/01/2048		2,000		1,895,000
BNC Metropolitan District No. 1; Series 2017 A, Ref. GO Bonds (INS - BAM)(d)		5.00%		12/01/2037		550		579,091
Colorado (State of) Educational & Cultural Facilities Authority (Stargate Charter School); Series 2018 A, Ref. RB		5.00%		12/01/2038		1,000		1,025,617
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group); Series 2019 A, Ref. RB		4.00%		11/15/2043		2,000		1,918,600
Colorado (State of) Health Facilities Authority (Christian Living Neighborhoods); Series 2016, Ref. RB		5.00%		01/01/2031		1,400		1,351,624
Colorado (State of) Health Facilities Authority (CommonSpirit Health); Series 2022, RB		5.25%		11/01/2052		7,500		7,647,064
Denver (City & County of), CO;
Series 2018 B, Ref. RB		5.00%		12/01/2048		12,500		12,858,575
Series 2022 B, RB		5.00%		11/15/2047		6,250		6,688,183
Series 2022 B, RB		5.25%		11/15/2053		8,000		8,653,505
Series 2022 C, Ref. RB		5.25%		11/15/2053		6,120		6,619,931
E-470 Public Highway Authority; Series 1997 B, RB (INS - NATL)(d)(h)		0.00%		09/01/2025		125		115,804
Ebert Metropolitan District;
Series 2018 A-1, GO Bonds (INS - BAM)(d)		5.00%		12/01/2043		7,000		7,312,383
Series 2018 A-2, GO Bonds (INS - BAM)(d)		5.00%		12/01/2043		1,605		1,676,625
Hunters Overlook Metropolitan District No. 5;
Series 2019 A, GO Bonds		5.00%		12/01/2039		887		838,590
Series 2019 A, GO Bonds		5.00%		12/01/2049		1,360		1,216,187
Hunting Hill Metropolitan District; Series 2018, Ref. GO Bonds		5.63%		12/01/2048		2,075		1,996,988
Powhaton Road Metropolitan District No. 2; Series 2019 A, GO Bonds(a)(b)		5.63%		12/01/2023		710		734,337
Public Authority for Colorado Energy;
Series 2008, RB		6.25%		11/15/2028		1,495		1,587,464
Series 2008, RB		6.50%		11/15/2038		1,920		2,251,963

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
Colorado–(continued)
Rampart Range Metropolitan District No. 1; Series 2017, Ref. RB (INS - AGM)(d)		5.00%		12/01/2047	$	6,165	$	6,251,283
Tallyn���s Reach Metropolitan District No. 3;
Series 2013, Ref. GO Bonds(a)(b)(f)		5.00%		12/01/2023		103		103,366
Series 2013, Ref. GO Bonds(a)(b)(f)		5.13%		12/01/2023		250		250,871
Vauxmont Metropolitan District; Series 2020, Ref. GO Bonds (INS - AGM)(d)		5.00%		12/01/2050		1,500		1,561,398
								87,334,282
Connecticut–0.87%
Connecticut (State of); Series 2020 A, RB		4.00%		05/01/2039		1,000		994,753
Connecticut (State of) Health & Educational Facilities Authority; Series 2020 G-1, Ref. RB(f)		5.00%		07/01/2050		1,100		965,836
Connecticut (State of) Health & Educational Facilities Authority (Fairfield University); Series 2017 R, Ref. RB		4.00%		07/01/2047		6,125		5,431,213
Connecticut (State of) Health & Educational Facilities Authority (Nuvance Health); Series 2019 A, Ref. RB		4.00%		07/01/2049		12,430		10,296,937
Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds(e)(g)		5.13%		10/01/2036		500		60,000
Hamden (Town of), CT; Series 2018 A, Ref. GO Bonds (INS - BAM)(d)		5.00%		08/15/2030		625		662,338
Mashantucket Western Pequot Tribe; Series 2013, RB(e)		6.05%		07/01/2031		11,260		2,505,364
								20,916,441
District of Columbia–2.75%
District of Columbia;
Series 2006 B-1, RB (INS - NATL)(d)		5.00%		02/01/2031		15		15,011
Series 2020 A, RB		4.00%		03/01/2045		4,335		4,148,321
District of Columbia Tobacco Settlement Financing Corp.;
Series 2001, RB		6.75%		05/15/2040		4,260		4,372,041
Series 2006 B, RB(h)		0.00%		06/15/2046		72,125		13,780,844
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement);
Series 2019 A, Ref. RB		5.00%		10/01/2044		5,000		5,158,829
Series 2019 B, Ref. RB		4.00%		10/01/2049		10,000		9,028,012
Washington (State of) Metropolitan Area Transit Authority; Series 2020 A, RB		4.00%		07/15/2045		25,600		24,477,189
Washington (State of) Metropolitan Area Transit Authority (Sustainability Bonds); Series 2023 A, RB		5.25%		07/15/2053		5,000		5,424,106
								66,404,353
Florida–6.39%
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.); Series 2019, Ref. RB		5.00%		12/01/2037		2,580		2,646,996
Amelia Concourse Community Development District; Series 2007, RB		5.75%		05/01/2038		310		299,267
Arlington Ridge Community Development District; Series 2006 A, RB		5.50%		05/01/2036		130		130,029
Broward (County of), FL; Series 2022 A, RB		4.00%		10/01/2047		5,005		4,767,248
Broward (County of), FL (Convention Center Expansion); Series 2021, RB		4.00%		09/01/2047		17,250		15,962,108
Broward (County of), FL School Board; Series 2022, GO Bonds		5.00%		07/01/2051		10,000		10,559,041
Canaveral Port Authority; Series 2018 B, RB		5.00%		06/01/2048		5,000		5,074,535
Capital Trust Agency, Inc. (Advantage Academy of Hillsborough);
Series 2019 A, RB		5.00%		12/15/2049		455		420,759
Series 2019 A, RB		5.00%		12/15/2054		320		291,764
Capital Trust Agency, Inc. (Florida Charter Educational Foundation, Inc.);
Series 2018 A, RB(f)		5.38%		06/15/2038		255		242,617
Series 2018 A, RB(f)		5.38%		06/15/2048		480		430,149
Chapel Creek Community Development District; Series 2006 A, RB(e)(g)		5.50%		05/01/2038		1,175		787,250
Clearwater Cay Community Development District; Series 2006 A, RB (Acquired 02/16/2010; Cost $539,852)(e)(g)(j)		5.50%		05/01/2037		826		470,787
Creekside Community Development District; Series 2006, RB(e)(g)		5.20%		05/01/2038		2,280		1,071,600
East Homestead Community Development District; Series 2013, RB		5.00%		11/01/2033		350		350,050
Greater Orlando Aviation Authority; Series 2015 XF2019, Revenue Ctfs.(i)		5.00%		10/01/2032		9,385		9,393,445
Heritage Isles Community Development District; Series 1999, RB(e)		7.10%		10/01/2023		195		27,300
Highland Meadows Community Development District; Series 2006 A, RB		5.50%		05/01/2036		80		80,022
Indigo Community Development District; Series 2005, RB(g)		5.75%		05/01/2036		218		156,935
Jacksonville (City of), FL (Brooks Rehabilitation); Series 2020, Ref. RB		5.00%		11/01/2050		5,000		5,001,258
Jacksonville (City of), FL Health Facilities Authority; Series 1997 B, RB(a)		5.25%		08/15/2027		15		15,206
Lake (County of), FL (Imagine South Lake Charter School Program); Series 2019, RB(f)		5.00%		01/15/2054		190		164,290

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
Florida–(continued)
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts);
Series 2018 A, RB(f)		5.50%		07/15/2048	$	565	$	494,181
Series 2018 A, RB(f)		5.75%		07/15/2053		600		550,525
Lakeland (City of), FL (Lakeland Regional Health); Series 2015, RB		5.00%		11/15/2040		5,000		5,004,322
Lee Memorial Health System; Series 2019 A-1, Ref. RB		4.00%		04/01/2037		4,000		3,899,483
Lucaya Community Development District; Series 2005, RB		5.38%		05/01/2035		1,030		1,030,331
Magnolia Creek Community Development District; Series 2007 A, RB(e)		5.90%		05/01/2039		195		99,600
Magnolia West Community Development District; Series 2017, RB		5.35%		05/01/2037		70		70,404
Manatee (County of), FL; Series 2023, Ref. RB		4.00%		10/01/2048		5,000		4,733,395
Miami-Dade (County of), FL;
Series 2009, RB (INS - BAM)(d)(h)		0.00%		10/01/2042		6,925		2,860,495
Series 2013 A, RB(a)(b)		5.50%		10/01/2023		3,000		3,004,461
Series 2019 B, RB		4.00%		10/01/2049		17,745		16,524,687
Series 2021, RB		4.00%		10/01/2051		5,000		4,643,837
Miami-Dade (County of), FL Transit System;
Series 2020 A, RB		4.00%		07/01/2048		12,185		11,337,527
Series 2020 A, RB		4.00%		07/01/2050		5,000		4,613,208
Miromar Lakes Community Development District; Series 2015, Ref. RB		5.00%		05/01/2035		1,195		1,196,108
Naturewalk Community Development District; Series 2007 A, RB(e)(g)		5.50%		05/01/2038		335		107,200
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group); Series 2022, RB		4.00%		10/01/2052		10,000		8,869,174
Orlando (City of), FL; Series 2008, RB (INS - AGC)(d)		5.50%		11/01/2038		130		130,145
Orlando (City of), FL Utilities Commission; Series 2018 A, RB		5.00%		10/01/2038		3,000		3,164,599
Osceola (County of), FL; Series 2020 A-1, Ref. RB		5.00%		10/01/2049		2,055		2,071,293
Palace Coral Gables Community Development District;
Series 2011, RB		5.00%		05/01/2032		385		385,222
Series 2011, RB		5.63%		05/01/2042		1,000		1,000,590
Polk (County of), FL Industrial Development Authority (Carpenter’s Home Estates); Series 2019, Ref. IDR		5.00%		01/01/2049		750		639,091
Reunion East Community Development District;
Series 2002 A-2, RB(e)(g)		7.38%		05/01/2033		860		9
Series 2005, RB(e)(g)		5.80%		05/01/2036		810		8
Ridgewood Trails Community Development District; Series 2007 A, RB		5.65%		05/01/2038		15		15,005
South Bay Community Development District;
Series 2005 A, RB(e)(g)		5.95%		05/01/2036		1,645		16
Series 2005 A-1, Ref. RB		5.95%		05/01/2036		1,620		1,611,964
Series 2005 A-2, Ref. RB(e)(g)		6.60%		05/01/2036		1,095		547,500
Series 2005 B-2, Ref. RB(e)(g)		6.60%		05/01/2025		935		467,501
Tampa (City of), FL;
Series 2020 A, RB(h)		0.00%		09/01/2033		210		134,260
Series 2020 A, RB(h)		0.00%		09/01/2034		880		535,404
Series 2020 A, RB(h)		0.00%		09/01/2035		750		426,900
Series 2020 A, RB(h)		0.00%		09/01/2036		850		453,330
Series 2020 A, RB(h)		0.00%		09/01/2037		825		411,377
Series 2020 A, RB(h)		0.00%		09/01/2038		1,050		492,503
Series 2020 A, RB(h)		0.00%		09/01/2039		1,000		441,456
Villages of Avignon Community Development District (The); Series 2007 A, RB(e)(g)		5.40%		05/01/2037		250		12,500
Vista Community Development District; Series 2006 A, RB		5.38%		05/01/2037		3,400		3,400,461
Waterford Estates Community Development District; Series 2006 A, RB		5.50%		05/01/2037		1,595		1,595,687
Waterstone Community Development District;
Series 2007 A, RB(c)(g)		6.88%		05/01/2037		146		94,826
Series 2007 B, RB(g)(h)		0.00%		11/01/2028		833		518,181
West Villages Improvement District;
Series 2005 A-1, RB		5.75%		05/01/2036		2,770		2,771,465
Series 2005 A-2, RB(e)(g)		5.75%		05/01/2036		2,925		1,696,500
Westridge Community Development District; Series 2005, RB		5.80%		05/01/2037		395		395,087
Westside Community Development District; Series 2019-2, RB(e)		5.65%		05/01/2037		525		347,508

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
Florida–(continued)
Wildwood (City of), FL Village Community Development Disctrict No. 15;
Series 2023, RB(f)		5.00%		05/01/2043	$	1,500	$	1,505,581
Series 2023, RB(f)		5.25%		05/01/2054		1,000		1,004,933
Zephyr Ridge Community Development District; Series 2006 A, RB(e)(g)		5.63%		05/01/2037		979		489,330
								154,141,826
Georgia–2.02%
Atlanta (City of), GA Department of Aviation (Green Bonds); Series 2023 B-1, RB		5.00%		07/01/2053		6,750		7,197,147
Atlanta (City of), GA Urban Residential Finance Authority (Trestletree Village Apartments); Series 2013 A, RB		5.00%		11/01/2048		565		413,184
Brookhaven (City of), GA Urban Redevelopment Agency; Series 2023 A, RB		4.00%		07/01/2053		5,000		4,789,244
Floyd (County of), GA Development Authority (The Spires at Berry College);
Series 2018 A, RB		5.75%		12/01/2033		1,155		1,129,575
Series 2018 A, RB		6.00%		12/01/2038		2,260		2,196,090
Series 2018 A, RB		6.25%		12/01/2048		5,565		5,306,823
Series 2018 A, RB		6.50%		12/01/2053		3,205		3,117,898
Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.);
Series 2016 A, Ref. RB		5.00%		07/01/2046		3,000		3,033,722
Series 2019, RB		4.00%		07/01/2049		11,150		10,075,703
George L Smith II Congress Center Authority (Convention Center Hotel); Series 2021, RB		4.00%		01/01/2054		2,200		1,816,545
Main Street Natural Gas, Inc.;
Series 2019 A, RB		5.00%		05/15/2043		1,040		1,045,788
Series 2023 C, RB(b)		5.00%		09/01/2030		5,000		5,193,391
Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens);
Series 2018 A-1, RB		6.13%		12/01/2038		880		793,957
Series 2018 A-1, RB		6.25%		12/01/2048		1,230		1,053,107
Series 2018 A-1, RB		6.38%		12/01/2053		1,030		880,161
Series 2018 A-2, RB(b)		5.50%		12/01/2028		700		635,657
								48,677,992
Guam–0.16%
Guam (Territory of); Series 2015 D, Ref. RB		5.00%		11/15/2039		2,500		2,445,535
Guam (Territory of) Waterworks Authority; Series 2020 A, RB		5.00%		01/01/2050		1,500		1,493,024
								3,938,559
Illinois–6.83%
Chicago (City of), IL; Series 2012, RB (INS - BAM)(d)		4.00%		01/01/2042		1,200		1,160,548
Chicago (City of), IL (O’Hare International Airport);
Series 2015 B, Ref. RB		5.00%		01/01/2034		2,500		2,536,791
Series 2016 B, Ref. RB		5.00%		01/01/2041		3,000		3,045,877
Series 2017 D, RB		5.00%		01/01/2052		3,000		3,035,688
Series 2018 B, RB		5.00%		01/01/2048		10,000		10,314,933
Series 2020 A, Ref. RB		4.00%		01/01/2036		5,000		5,051,706
Chicago (City of), IL Board of Education;
Series 1998 B-1, GO Bonds (INS - NATL)(d)(h)		0.00%		12/01/2024		915		867,784
Series 1999 A, GO Bonds (INS - NATL)(d)(h)		0.00%		12/01/2024		1,405		1,332,500
Series 2016, RB		6.00%		04/01/2046		4,300		4,505,819
Series 2018 A, Ref. GO Bonds (INS - AGM)(d)		5.00%		12/01/2026		775		797,205
Series 2018 A, Ref. GO Bonds (INS - AGM)(d)		5.00%		12/01/2028		2,250		2,356,423
Series 2018 A, Ref. GO Bonds (INS - AGM)(d)		5.00%		12/01/2031		1,000		1,047,394
Series 2018 A, Ref. GO Bonds (INS - AGM)(d)		5.00%		12/01/2034		1,205		1,256,221
Series 2022 A, GO Bonds		5.00%		12/01/2047		3,200		3,155,515
Chicago (City of), IL Transit Authority;
Series 2020 A, Ref. RB		5.00%		12/01/2045		20		20,633
Series 2020 A, Ref. RB		5.00%		12/01/2055		2,140		2,158,046
Cook (County of), IL; Series 2021 A, Ref. RB		4.00%		11/15/2041		3,500		3,380,569
Cook County Community School District No. 147; Series 2004 A, Ref. GO Bonds (INS - BAM)(d)		7.13%		06/01/2024		1,105		1,113,074
Du Page (County of), IL Special Service Area No. 31 (Monarch Landing, Inc.); Series 2006, RB		5.63%		03/01/2036		287		280,696
Gilberts (Village of), IL; Series 2014, Ref. RB (INS - AGM)(d)		5.00%		03/01/2035		2,000		2,007,916
Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Subseries 2014 A, RB		5.38%		03/01/2034		682		610,394

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
Illinois–(continued)
Harvey (City of), IL;
Series 2008, RB		6.88%		08/01/2028	$	2,310	$	2,098,316
Series 2023 A, GO Bonds		4.50%		09/15/2023		126		125,842
Series 2023 A, GO Bonds		4.50%		01/01/2054		3,585		2,836,150
Illinois (State of);
Series 2014, GO Bonds		5.00%		04/01/2025		2,000		2,009,701
Series 2014, GO Bonds		5.00%		02/01/2039		1,525		1,525,253
Series 2016, GO Bonds (INS - BAM)(d)		4.00%		06/01/2041		5,000		4,724,563
Series 2017 C, GO Bonds		5.00%		11/01/2029		3,000		3,153,028
Series 2018 A, GO Bonds		5.00%		05/01/2036		2,610		2,707,194
Series 2018 A, Ref. GO Bonds		5.00%		10/01/2029		6,500		6,919,843
Series 2018 A, Ref. GO Bonds		5.00%		10/01/2032		3,000		3,180,017
Series 2018 A, Ref. GO Bonds		5.00%		10/01/2033		750		791,187
Series 2018 B, Ref. GO Bonds		5.00%		10/01/2029		5,000		5,322,956
Series 2020, GO Bonds		5.50%		05/01/2039		3,750		4,027,549
Illinois (State of) Finance Authority (University of Illinois Health Services); Series 2020, RB		4.00%		10/01/2040		3,950		3,509,214
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 1998 A, RB (INS - AGM)(d)		5.50%		12/15/2023		200		201,046
Illinois (State of) Regional Transportation Authority;
Series 2018 B, RB		4.00%		06/01/2043		1,365		1,307,467
Series 2018 XF2618, Revenue Ctfs.(i)		4.00%		06/01/2043		18,000		17,241,322
Illinois (State of) Sports Facilities Authority;
Series 2014, Ref. RB (INS - AGM)(d)		5.25%		06/15/2032		2,000		2,018,102
Series 2019, Ref. RB (INS - BAM)(d)		5.00%		06/15/2028		2,520		2,600,095
Series 2019, Ref. RB (INS - BAM)(d)		5.00%		06/15/2029		1,455		1,511,440
Series 2019, Ref. RB (INS - BAM)(d)		5.00%		06/15/2030		245		254,757
Illinois (State of) Toll Highway Authority;
Series 2020 A, RB		5.00%		01/01/2045		21,090		22,237,397
Series 2021 A, RB		4.00%		01/01/2046		7,785		7,297,576
Jefferson County Township High School District No. 201;
Series 2012 A, GO Bonds		6.50%		12/30/2027		895		1,004,011
Series 2012 A, GO Bonds		6.50%		12/30/2028		955		1,095,964
Series 2012 A, GO Bonds		6.50%		12/30/2031		1,160		1,403,740
Lincolnshire (Village of), IL (Sedgewick); Series 2004, RB		6.25%		03/01/2034		1,859		1,860,095
Northern Illinois Municipal Power Agency; Series 2016 A, Ref. RB		4.00%		12/01/2041		1,050		983,165
Plano (City of), IL Special Service Area No. 5 (Lakewood Springs Club); Series 2006, RB		6.00%		03/01/2036		365		345,807
Sales Tax Securitization Corp.; Series 2018 C, Ref. RB (INS - BAM)(d)		5.25%		01/01/2048		5,000		5,187,426
Southwestern Illinois Development Authority; Series 2006, RB(e)		5.63%		11/01/2026		890		667,500
Stephenson County School District No. 145 Freeport;
Series 2018 A, GO Bonds(a)(b)		5.00%		02/01/2028		210		227,084
Series 2018 A, GO Bonds(a)(b)		5.00%		02/01/2028		135		145,983
Series 2018 A, GO Bonds(a)(b)		5.00%		02/01/2028		160		173,017
Series 2018 A, GO Bonds (INS - AGM)(d)		5.00%		02/01/2032		945		1,014,162
Series 2018 A, GO Bonds (INS - AGM)(d)		5.00%		02/01/2033		690		737,622
Series 2018 A, GO Bonds (INS - AGM)(d)		5.00%		02/01/2034		615		656,337
Yorkville (United City of), IL (United City Special Services Area); Series 2013, Ref. RB		5.00%		03/01/2033		1,848		1,748,489
								164,886,149
Indiana–0.51%
Columbus (City of), IN (Vivera Senior Living); Series 2019, RB		5.63%		05/01/2039		3,555		2,901,285
Indiana (State of) Finance Authority (Good Samaritan Hospital); Series 2016 A, RB		5.50%		04/01/2026		1,620		1,652,036
Indiana (State of) Municipal Power Agency; Series 2016 A, Ref. RB		5.00%		01/01/2037		7,500		7,667,665
								12,220,986
Iowa–0.91%
Iowa (State of) Finance Authority; Series 2007, RB(e)		5.90%		12/01/2028		400		1,040
Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB		4.75%		08/01/2042		5,000		4,771,549
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB(b)		5.00%		12/01/2042		7,785		7,830,089
Iowa (State of) Finance Authority (Mercy Medical Center); Series 2012, RB		5.00%		08/15/2028		1,685		1,685,531

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
Iowa–(continued)
Iowa (State of) Finance Authority (Unitypoint Health); Series 2018 B, Ref. RB		5.00%		02/15/2048	$	1,300	$	1,315,539
Iowa (State of) Finance Authority (Wedum Walnut Ridge LLC); Series 2007 B, RB		5.38%		06/01/2025		100		98,427
PEFA, Inc.; Series 2019, RB(b)		5.00%		09/01/2026		5,190		5,240,577
Xenia (City of), IA Rural Water District; Series 2016, Ref. RB(a)(b)		5.00%		12/01/2026		1,000		1,060,448
								22,003,200
Kentucky–2.49%
Kentucky (Commonwealth of) Municipal Power Agency (Prairie State);
Series 2016 A, Ref. RB (INS - NATL)(d)		5.00%		09/01/2032		5,480		5,640,288
Series 2016 A, Ref. RB (INS - NATL)(d)		5.00%		09/01/2033		11,525		11,816,346
Series 2016 A, Ref. RB (INS - NATL)(d)		5.00%		09/01/2034		5,000		5,099,605
Kentucky (Commonwealth of) Property & Building Commission (No. 115);
Series 2017, RB		5.00%		04/01/2037		2,500		2,599,167
Series 2017, RB (INS - BAM)(d)		5.00%		04/01/2038		2,500		2,591,429
Kentucky (Commonwealth of) Property & Building Commission (No. 119);
Series 2018, RB		5.00%		05/01/2035		1,500		1,595,697
Series 2018, RB		5.00%		05/01/2036		1,170		1,236,947
Series 2018, RB		5.00%		05/01/2037		4,605		4,833,667
Kentucky (Commonwealth of) Public Energy Authority; Series 2022 A-1, RB(b)		4.00%		08/01/2030		15,000		14,744,026
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.); Series 2013 A, RB(a)(b)		5.75%		10/01/2023		10,000		10,014,428
Springfield (City of), KY (St. Catharine College); Series 2004, Ref. RB(e)(g)		5.75%		10/01/2035		15		15
								60,171,615
Louisiana–0.93%
Denham Springs (City of) & Livingston (Parish of), LA Housing & Mortgage Finance Authority; Series 2007, RB (CEP - GNMA)		5.00%		11/01/2040		3		3,197
Louisiana (State of) Public Facilities Authority (19th Judicial District Court Building); Series 2015, Ref. RB(a)(b)		5.00%		06/01/2025		2,500		2,568,686
Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans);
Series 2017, Ref. RB		5.00%		07/01/2032		395		327,850
Series 2017, Ref. RB		5.00%		07/01/2033		300		249,000
Series 2017, Ref. RB		5.00%		07/01/2037		345		286,350
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2017, Ref. RB		5.00%		05/15/2046		7,500		7,540,875
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		1,281,040
Louisiana State University & Agricultural & Mechanical College Board of Supervisors; Series 2016 A, Ref. RB(a)(b)		5.00%		07/01/2026		4,035		4,237,490
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System);
Series 2018 A, RB (INS - AGM)(d)		5.00%		10/01/2043		700		723,106
Series 2018 A, RB (INS - AGM)(d)		5.00%		10/01/2048		1,280		1,313,287
St. John the Baptist (Parish of), LA (Marathon Oil Corp.);
Series 2017, Ref. RB(b)		2.13%		07/01/2024		2,000		1,965,172
Subseries 2017 A-3, Ref. RB(b)		2.20%		07/01/2026		2,000		1,884,358
								22,380,411
Maryland–0.72%
Anne Arundel (County of), MD; Series 2023, GO Bonds		4.00%		10/01/2052		5,000		4,810,474
Baltimore (County of), MD (Riderwood Village, Inc.); Series 2020, Ref. RB		4.00%		01/01/2045		5,250		4,575,043
Gaithersburg (City of), MD (Asbury Maryland Obligated Group); Series 2018 A, Ref. RB		5.00%		01/01/2036		1,500		1,462,195
Maryland (State of) Health & Higher Educational Facilities Authority;
Series 2001, RB (INS - AMBAC)(d)		5.00%		07/01/2034		5		5,033
Series 2016, Ref. RB		5.00%		06/01/2036		400		408,452
Maryland Economic Development Corp. (University of Maryland College Park); Series 2016, Ref. RB (INS - AGM)(d)		5.00%		06/01/2035		4,530		4,678,173
Prince George’s (County of), MD (Victoria Falls); Series 2005, RB		5.25%		07/01/2035		1,490		1,493,253
								17,432,623
Massachusetts–1.45%
Massachusetts (Commonwealth of); Series 2016-XF0530, Ctfs. Of Obligation(i)		5.00%		12/01/2035		20,000		21,002,834

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
Massachusetts–(continued)
Massachusetts (Commonwealth of) Development Finance Agency;
Series 2016 I, Ref. RB		5.00%		07/01/2036	$	2,000	$	2,035,389
Series 2019 A, Ref. RB		4.00%		07/01/2044		3,000		2,513,975
Massachusetts (Commonwealth of) Transportation Fund (Rail Enhancement Program); Series 2021 A, RB(i)		4.00%		06/01/2050		10,000		9,523,050
								35,075,248
Michigan–3.62%
Detroit (City of), MI; Series 2003 B-R, RB (INS - AGM)(d)		7.50%		07/01/2033		60		60,167
Detroit (City of), MI Downtown Development Authority (Catalyst Development);
Series 2018 A, Ref. RB (INS - AGM)(d)		5.00%		07/01/2043		150		150,305
Series 2018 A, Ref. RB (INS - AGM)(d)		5.00%		07/01/2048		1,350		1,352,636
Michigan (State of);
Series 2020 B, RB		4.00%		11/15/2045		10,000		9,598,992
Series 2021, RB		4.00%		11/15/2046		6,000		5,713,334
Michigan (State of) Finance Authority;
Series 2005 A, RB		6.00%		12/01/2035		1,155		1,076,194
Series 2008 C, RB(h)		0.00%		06/01/2058		289,275		11,661,572
Series 2014, Ref. RB (Acquired 03/01/2019; Cost $ 1,951,063)(a)(b)(f)(j)		6.75%		07/01/2024		1,945		1,988,861
Series 2014, Ref. RB (Acquired 03/01/2019; Cost $ 4,067,641)(f)(j)		6.75%		07/01/2044		4,055		3,744,454
Michigan (State of) Finance Authority (CHE Trinity Health Credit Group); Series 2013 MI-4, Ref. RB		5.00%		12/01/2039		5,000		5,185,392
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);
Series 2014 C-6, Ref. RB		5.00%		07/01/2033		1,000		1,009,841
Series 2014 D-4, Ref. RB		5.00%		07/01/2032		2,450		2,474,308
Series 2014 D-4, Ref. RB		5.00%		07/01/2034		1,000		1,009,436
Series 2014 D-6, Ref. RB (INS - NATL)(d)		5.00%		07/01/2025		1,000		1,009,804
Series 2014 D-6, Ref. RB (INS - NATL)(d)		5.00%		07/01/2026		895		904,243
Series 2014 D-6, Ref. RB (INS - NATL)(d)		5.00%		07/01/2027		930		940,207
Series 2015 C, RB		5.00%		07/01/2034		2,200		2,246,274
Michigan (State of) Finance Authority (Henry Ford Health System); Series 2016, Ref. RB		5.00%		11/15/2041		6,300		6,383,147
Michigan (State of) Finance Authority (Old Redforf Academy); Series 2010 A, RB		5.90%		12/01/2030		505		489,359
Michigan (State of) Finance Authority (Universal Learning Academy); Series 2018, Ref. RB		5.75%		11/01/2040		635		608,250
Michigan (State of) Strategic Fund (Wolverine Human Services); Series 2007, RB(e)		5.85%		08/31/2027		6,074		5,467,504
Michigan State University Board of Trustees; Series 2019 B, RB		5.00%		02/15/2044		1,180		1,229,996
Plymouth Educational Center Charter School;
Series 2005, Ref. RB(g)		5.38%		11/01/2030		400		244,000
Series 2005, Ref. RB(g)		5.63%		11/01/2035		1,325		808,250
Renaissance Public School Academy; Series 2012 A, RB		6.00%		05/01/2037		500		499,985
Walled Lake Consolidated School District;
Series 2019, GO Bonds		4.00%		05/01/2039		600		598,922
Series 2019, GO Bonds		4.00%		05/01/2040		1,220		1,212,325
Series 2019, GO Bonds		4.00%		05/01/2041		2,485		2,484,423
Series 2019, GO Bonds		5.00%		05/01/2044		6,385		6,691,672
Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport); Series 2021 A, RB		5.00%		12/01/2046		10,000		10,471,498
								87,315,351
Minnesota–0.18%
Bethel (City of), MN (Benedictine Health System - St. Peter Communities); Series 2018 A, Ref. RB		5.50%		12/01/2048		1,050		844,575
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group); Series 2018 A, Ref. RB		5.00%		02/15/2043		2,300		2,322,570
Minnesota (State of) Higher Education Facilities Authority (Trustees of the Hamline University of Minnesota); Series 2017, Ref. RB		5.00%		10/01/2047		900		881,799
Mound (City of), MN Housing & Redevelopment Authority; Series 2006, Ref. RB		5.00%		02/15/2027		345		334,394
								4,383,338
Mississippi–0.47%
Mississippi (State of) Development Bank; Series 2016, RB (CEP - Colorado Higher Education Intercept Program)		5.00%		12/01/2046		10,000		10,164,174

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
Mississippi–(continued)
Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2021, RB		2.38%		06/01/2044	$	1,795	$	1,108,862
								11,273,036
Missouri–0.97%
Branson (City of), MO Industrial Development Authority (Branson Hills Redevelopment);
Series 2005 A, RB(g)		7.05%		05/01/2027		60		51,510
Series 2007 A, RB(g)		5.75%		05/01/2026		630		551,012
Broadway-Fairview Transportation Development District; Series 2006 A, RB(g)		5.88%		12/01/2031		675		209,250
Chillicothe (City of), MO (South U.S. 65); Series 2006, RB		5.63%		04/01/2027		400		391,835
Columbia (City of), MO Housing Authority (Stuart Park/Paquin Tower Apartments);
Series 2015, RB		5.00%		12/15/2040		580		523,289
Series 2015, RB		5.13%		12/15/2050		1,330		1,142,872
Grindstone Plaza Transportation Development District; Series 2006 A, RB		5.50%		10/01/2031		355		351,117
Hollister (City of), MO; Series 2019, RB(f)		5.63%		10/01/2039		4,510		4,065,549
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		254,197
Lee’s Summit (City of), MO Industrial Development Authority; Series 2007, RB(e)(g)		5.75%		03/01/2029		250		145,000
Maplewood (City of), MO (Maplewood South Redevelopment Area); Series 2005, Ref. RB		5.75%		11/01/2026		1,065		1,035,071
Missouri (State of) Health & Educational Facilities Authority (SSM Health); Series 2018 A, RB		5.00%		06/01/2048		7,500		7,576,845
Northwoods Transportation Development District; Series 2006 A, RB		5.85%		02/01/2031		50		43,290
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		835,130
St. Louis (City of), MO (Abbey Condominiums);
Series 2006 A, RB(g)(k)		6.00%		08/04/2025		481		28,860
Series 2007, RB(g)		5.50%		05/29/2028		661		198,305
St. Louis (City of), MO Land Clearance for Redevelopment Authority (Scottrade Center); Series 2018 A, RB		5.00%		04/01/2048		3,250		3,283,684
St. Louis (County of), MO; Series 2007 A, RB(g)		5.50%		09/02/2028		373		108,170
St. Louis (County of), MO (Ludwig Lofts); Series 2008, RB(g)(k)		6.69%		04/21/2029		1,080		183,600
St. Louis (County of), MO (Printers Lofts Tax Increment Financing); Series 2006, RB(g)(k)		6.00%		08/21/2026		545		65,400
St. Louis (County of), MO (Washington Park Redevelopment);
Series 2006, RB(g)(k)		6.00%		08/21/2026		846		143,820
Series 2006, RB(g)		5.50%		03/09/2027		1,879		507,330
Series 2007 A, RB(g)		5.50%		01/20/2028		712		270,560
Series 2007 B, RB(g)(k)		5.50%		01/20/2028		466		23,300
Series 2008 A, RB(g)		6.60%		01/21/2028		3,254		1,301,600
Stone Canyon Community Improvement District (Infrastructure Improvement); Series 2007, RB (Acquired 09/23/2011; Cost $287,597)(e)(g)(j)		5.75%		04/01/2027		320		28,800
								23,319,396
Montana–0.12%
Hardin (City of), MT; Series 2006, RB(g)(k)		6.25%		09/01/2031		11,710		2,810,400
Nebraska–0.50%
Central Plains Energy Project (No. 3); Series 2017 A, Ref. RB		5.00%		09/01/2035		6,150		6,423,183
Omaha (City of), NE Public Power District; Series 2021 A, RB (INS - AGM)(d)		4.00%		02/01/2051		6,000		5,714,044
								12,137,227
Nevada–0.56%
Clark (County of), NV (Special Improvement District No. 128);
Series 2007 A, RB		5.00%		02/01/2026		190		190,547
Series 2007 A, RB		5.05%		02/01/2031		245		245,423
Clark (County of), NV (Stadium Improvement Bonds); Series 2018 A, GO Bonds		5.00%		05/01/2048		2,500		2,597,787
Clark County School District; Series 2018 B, GO Bonds (INS - BAM)(d)		5.00%		06/15/2036		5,280		5,643,485
Las Vegas Valley Water District; Series 2022 A, GO Bonds		4.00%		06/01/2051		5,000		4,740,941
								13,418,183
New Hampshire–0.54%
Manchester Housing & Redevelopment Authority, Inc.; Series 2000 B, RB (INS - BAM)(d)(h)		0.00%		01/01/2029		305		230,177
New Hampshire (State of) Business Finance Authority; Series 2020-1A, RB		4.13%		01/20/2034		7,292		7,026,594

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
New Hampshire–(continued)
New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB		4.00%		10/20/2036	$	5,028	$	4,716,101
New Hampshire (State of) Business Finance Authority (Vista (The));
Series 2019 A, RB(f)		5.25%		07/01/2039		410		367,617
Series 2019 A, RB(f)		5.63%		07/01/2046		230		205,455
Series 2019 A, RB(f)		5.75%		07/01/2054		570		505,093
								13,051,037
New Jersey–7.74%
Atlantic City (City of), NJ;
Series 2017 A, Ref. GO Bonds (INS - BAM)(d)		5.00%		03/01/2032		250		263,415
Series 2017 A, Ref. GO Bonds (INS - BAM)(d)		5.00%		03/01/2037		500		518,804
Series 2017 B, GO Bonds (INS - AGM)(d)		4.00%		03/01/2042		3,510		3,316,232
Casino Reinvestment Development Authority, Inc.;
Series 2014, Ref. RB (INS - AGM)(d)		5.00%		11/01/2030		2,000		2,033,129
Series 2014, Ref. RB (INS - AGM)(d)		5.00%		11/01/2032		2,000		2,028,946
Hudson County Improvement Authority (Hudson County Courthouse); Series 2020, RB		4.00%		10/01/2046		10,000		9,584,610
New Jersey (State of); Series 2020 A, GO Bonds		4.00%		06/01/2032		6,380		6,683,310
New Jersey (State of) Economic Development Authority;
Series 2016 AAA, RB(a)(b)		5.00%		12/15/2026		3,000		3,178,603
Series 2017 DDD, RB		5.00%		06/15/2028		1,930		2,036,698
Series 2017 DDD, RB		5.00%		06/15/2029		3,500		3,691,329
Series 2018 A, RB		5.00%		06/15/2042		3,500		3,592,366
Series 2018 A, RB		5.00%		06/15/2047		735		750,378
Series 2018 C, RB		5.00%		06/15/2031		4,855		5,134,416
Series 2019, RB		4.00%		06/15/2044		3,000		2,884,295
New Jersey (State of) Economic Development Authority (Golden Door Charter School); Series 2018 A, RB(f)		6.50%		11/01/2052		220		227,647
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB		5.13%		06/15/2037		863		909,526
New Jersey (State of) Economic Development Authority (Provident Group - Montclair Properties L.L.C. - Montclair University Student Housing); Series 2017, Ref. RB (INS - AGM)(d)		5.00%		06/01/2037		1,000		1,025,179
New Jersey (State of) Health Care Facilities Financing Authority; Series 2015 A, RB (INS - AGM)(d)		5.00%		07/01/2029		2,100		2,139,602
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.); Series 2008 B, VRD RB (LOC - Bank Of America N.A.)(l)(m)		3.98%		07/01/2036		100		100,000
New Jersey (State of) Transportation Trust Fund Authority;
Series 2004 A, RB (INS - NATL)(d)		5.75%		06/15/2024		11,570		11,754,133
Series 2008 A, RB(h)		0.00%		12/15/2038		5,680		2,828,907
Series 2009 D, RB		5.00%		06/15/2032		5,015		5,090,806
Series 2016 A-1, RN		5.00%		06/15/2030		6,000		6,244,646
Series 2018 A, Ref. RN		5.00%		06/15/2029		6,660		6,941,112
Series 2018 A, Ref. RN		5.00%		06/15/2030		945		983,532
Series 2018 A, Ref. RN		5.00%		06/15/2031		880		914,912
Series 2019 BB, RB		4.00%		06/15/2050		7,125		6,561,928
Series 2020 AA, RB		4.00%		06/15/2050		10,200		9,393,918
Series 2022 BB, RB		4.00%		06/15/2046		1,585		1,487,469
New Jersey (State of) Turnpike Authority;
Series 2015 E, RB		5.00%		01/01/2034		7,000		7,131,727
Series 2019 A, RB		5.00%		01/01/2048		3,000		3,137,276
Series 2021 A, RB		4.00%		01/01/2042		2,000		1,972,041
Series 2021 A, RB		4.00%		01/01/2051		10,000		9,525,806

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
New Jersey–(continued)
Tobacco Settlement Financing Corp.;
Series 2018 A, Ref. RB		5.00%		06/01/2028	$	3,500	$	3,742,972
Series 2018 A, Ref. RB		5.00%		06/01/2030		5,000		5,353,970
Series 2018 A, Ref. RB		5.00%		06/01/2031		11,600		12,418,629
Series 2018 A, Ref. RB		5.00%		06/01/2032		12,980		13,875,932
Series 2018 A, Ref. RB		5.00%		06/01/2033		5,005		5,343,478
Series 2018 A, Ref. RB		5.00%		06/01/2037		3,000		3,143,133
Series 2018 A, Ref. RB		5.00%		06/01/2046		6,000		6,108,398
Series 2018 B, Ref. RB		5.00%		06/01/2046		12,770		12,564,505
								186,617,715
New Mexico–0.08%
Boulders Public Improvement District; Series 2015, RB		5.75%		10/01/2044		230		208,632
Trails Public Improvement District; Series 2008, RB		7.75%		10/01/2038		1,775		1,764,180
								1,972,812
New York–11.16%
Hudson Yards Infrastructure Corp.;
Series 2017 XF0549, Revenue Ctfs.(i)		5.00%		02/15/2037		8,500		8,881,387
Series 2017 XF0549, Revenue Ctfs.(i)		5.00%		02/15/2039		7,500		7,800,138
Metropolitan Transportation Authority; Series 2016 C-1, RB		5.25%		11/15/2056		5,000		5,041,825
Metropolitan Transportation Authority (Green Bonds);
Series 2016 A-1, RB		5.25%		11/15/2056		14,375		14,477,850
Series 2017 A-1, RB		5.25%		11/15/2057		3,500		3,540,677
Series 2019 A, RB		5.00%		11/15/2045		10,065		10,257,786
MTA Hudson Rail Yards Trust Obligations; Series 2016 A, RB		5.00%		11/15/2056		13,150		13,151,520
New York & New Jersey (States of) Port Authority; One Hundred Ninety Fourth Series 2015, Ref. RB		5.25%		10/15/2055		10,000		10,252,036
New York (City of), NY; Series 2022 A, GO Bonds		5.25%		09/01/2043		10,000		10,947,527
New York (City of), NY Municipal Water Finance Authority;
Series 2018 EE, Ref. RB		5.00%		06/15/2040		10,160		10,637,588
Series 2021, VRD RB(l)		2.95%		06/15/2045		1,000		1,000,000
New York (City of), NY Transitional Finance Authority;
Series 2019 A-3, RB		4.00%		05/01/2041		10,000		9,839,953
Series 2022 C-1, RB		4.00%		02/01/2051		4,000		3,760,253
Series 2022, RB		4.00%		02/01/2043		5,000		4,867,638
New York (State of) Dormitory Authority;
Series 2015 B, RB		5.00%		03/15/2033		10,000		10,302,319
Series 2015 B, Ref. RB(a)(b)		5.00%		07/01/2025		2,650		2,733,607
Series 2016 A, RB		5.00%		03/15/2035		5,000		5,199,370
Series 2020 D, Ref. RB		4.00%		02/15/2047		14,300		13,540,004
Series 2021 A, Ref. RB		5.00%		03/15/2049		5,000		5,227,306
New York (State of) Dormitory Authority (Columbia University); Series 2017 A, RB		5.00%		10/01/2047		10,990		12,300,446
New York (State of) Power Authority (Green Bonds);
Series 2020 A, Ref. RB		4.00%		11/15/2045		7,000		6,768,030
Series 2020 A, Ref. RB		4.00%		11/15/2055		5,000		4,706,041
New York (State of) Thruway Authority;
Series 2019 B, RB		4.00%		01/01/2050		5,000		4,579,011
Series 2019 B, RB		4.00%		01/01/2053		5,000		4,525,498
New York (State of) Thruway Authority (Green Bonds) (Bidding Group 1); Series 2022 C, RB		5.00%		03/15/2053		7,000		7,368,474
New York (State of) Thruway Authority (Group 2); Series 2021 O, Ref. RB		4.00%		01/01/2046		5,000		4,748,121
New York City Housing Development Corp. (Sustainable Development Bonds); Series 2023, RB		4.80%		02/01/2053		12,000		12,044,182
New York Counties Tobacco Trust II; Series 2001, RB		5.75%		06/01/2043		65		66,159
New York Counties Tobacco Trust VI; Series 2016 A-1, Ref. RB		5.75%		06/01/2043		285		291,811
New York Liberty Development Corp. (Goldman Sachs Headquarters); Series 2005, Ref. RB		5.25%		10/01/2035		5,000		5,604,916
New York State Urban Development Corp.;
Series 2020 A, RB		4.00%		03/15/2045		14,130		13,556,552
Series 2020 A, RB		4.00%		03/15/2049		10,000		9,435,453

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
New York–(continued)
New York Transportation Development Corp. (Terminal 4 JFK International Airport);
Series 2020 C, Ref. RB		5.00%		12/01/2036	$	2,205	$	2,336,117
Series 2020, Ref. RB		5.00%		12/01/2035		2,305		2,463,180
Triborough Bridge & Tunnel Authority; Series 2021 A-1, Ref. RB		5.00%		05/15/2051		3,260		3,428,560
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);
Series 2020 A, RB		5.00%		11/15/2049		10,000		10,474,749
Series 2022 A, RB		5.25%		05/15/2052		5,000		5,389,746
TSASC, Inc.;
Series 2016 B, Ref. RB		5.00%		06/01/2045		5,450		5,080,249
Series 2017 A, Ref. RB		5.00%		06/01/2036		2,455		2,511,867
								269,137,946
North Carolina–0.93%
Charlotte (City of), NC (Charlotte Douglas International Airport);
Series 2022 A, RB		4.00%		07/01/2052		10,000		9,261,065
Series 2022, RB		4.00%		07/01/2047		8,370		7,881,778
North Carolina (State of) Turnpike Authority; Series 2018, Ref. RB (INS - AGM)(d)		5.00%		01/01/2038		5,000		5,204,434
								22,347,277
Ohio–2.31%
Buckeye Tobacco Settlement Financing Authority;
Series 2020 B-2, Ref. RB		5.00%		06/01/2055		27,415		25,097,757
Series 2020 B-3, Ref. RB(h)		0.00%		06/01/2057		49,575		5,727,672
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Flats East Bank); Series 2010, RB		6.00%		11/15/2035		3,445		3,450,581
Cuyahoga (County of), OH (MetroHealth System);
Series 2017, Ref. RB		5.50%		02/15/2052		2,475		2,493,593
Series 2017, Ref. RB		5.50%		02/15/2057		1,050		1,050,274
Greater Cincinnati (Port of), OH Development Authority;
Series 2004, RB		6.30%		02/15/2024		280		279,678
Series 2004, RB		6.40%		02/15/2034		5,860		5,677,941
Greene (County of), OH (Marauder Development LLC at Central State University); Series 2002 A, RB (INS - BAM)(d)		5.50%		09/01/2027		640		640,058
Montgomery (County of), OH (Dayton Children’s Hospital); Series 2021, Ref. RB		4.00%		08/01/2046		5,000		4,473,568
Ohio (State of); Series 2017 A, GO Bonds		5.00%		09/01/2036		5,000		5,023,643
Ohio (State of) Higher Educational Facility Commission; Series 2018, Ref. RB		5.25%		01/01/2038		1,350		814,628
Ohio (State of) Higher Educational Facility Commission (University of Findlay); Series 2019, Ref. RB		5.00%		03/01/2039		1,000		964,473
								55,693,866
Oklahoma–0.13%
Carter (County of), OK Public Facilities Authority; Series 2018, RB		5.00%		09/01/2032		3,070		3,224,340
Oregon–0.09%
Yamhill (County of), OR Hospital Authority (Friendsview);
Series 2021 A, Ref. RB		5.00%		11/15/2046		1,540		1,211,138
Series 2021 A, Ref. RB		5.00%		11/15/2051		1,100		836,222
								2,047,360
Pennsylvania–6.42%
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB		5.00%		04/01/2036		2,825		2,900,675
Bethlehem Area School District; Series 2015 A, GO Bonds (INS - BAM)(d)		5.00%		08/01/2033		5,000		5,106,149
Chester (County of), PA Industrial Development Authority (Longwood Gardens) (Sustainability Bonds);
Series 2019, RB		5.00%		12/01/2044		1,840		1,954,629
Series 2019, RB		4.00%		12/01/2049		1,350		1,249,102
Commonwealth Financing Authority;
Series 2018, RB		5.00%		06/01/2030		1,250		1,330,498
Series 2018, RB		5.00%		06/01/2032		3,000		3,183,074
Series 2018, RB		5.00%		06/01/2033		2,000		2,120,259
Series 2018, RB		5.00%		06/01/2034		1,760		1,864,643

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
Pennsylvania–(continued)
Delaware (County of), PA Authority (Neumann University);
Series 2016, Ref. RB		5.00%		10/01/2031	$	1,425	$	1,434,860
Series 2016, Ref. RB		5.00%		10/01/2035		2,305		2,314,450
Geisinger Authority (Geisinger Health System); Series 2017 A-1, Ref. RB		5.00%		02/15/2045		6,335		6,395,011
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University);
Series 2019, Ref. RB		4.00%		09/01/2049		5,250		4,689,643
Pennsylvania (Commonwealth of);
First Series 2013-1, GO Bonds		4.00%		04/01/2032		5,000		5,002,268
First Series 2018-1, GO Bonds		5.00%		03/01/2032		10,000		10,813,492
First Series 2018-1, GO Bonds		4.00%		03/01/2035		12,500		12,755,024
First Series 2018-1, GO Bonds (INS - BAM)(d)		4.00%		03/01/2036		4,175		4,238,888
Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District);
Series 2016 A, Ref. RB (INS - AGM)(d)		5.00%		06/01/2032		5,000		5,199,846
Series 2016 A, Ref. RB (INS - AGM)(d)		5.00%		06/01/2033		5,000		5,192,100
Pennsylvania (Commonwealth of) Turnpike Commission;
First series 2023, Ref. RB		5.00%		12/01/2043		1,000		1,057,207
Series 2009 E, RB		6.38%		12/01/2038		1,500		1,634,777
Series 2014 A-3, RB(h)		0.00%		12/01/2041		3,450		1,445,156
Series 2016, Ref. RB		5.00%		06/01/2030		5,000		5,176,071
Series 2017-3, Ref. RB		5.00%		12/01/2040		5,125		5,280,781
Series 2019 A, RB		5.00%		12/01/2044		7,750		7,940,814
Series 2020 B, RB		5.00%		12/01/2045		5,000		5,211,471
Series 2021 A, RB		4.00%		12/01/2050		2,000		1,823,978
Series 2021 B, RB		4.00%		12/01/2051		8,500		7,812,970
Series 2021 B, Ref. RB		5.00%		12/01/2051		7,000		7,324,582
Philadelphia (City of), PA;
Series 2017 15, Ref. RB		5.00%		08/01/2036		1,000		1,045,194
Series 2017 A, RB		5.00%		10/01/2047		10,000		10,255,189
Series 2019 B, RB		5.00%		11/01/2049		1,000		1,032,028
Series 2021 C, RB		5.00%		10/01/2046		5,000		5,217,334
Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University);
Series 2022, RB		5.25%		11/01/2052		5,000		5,191,165
Philadelphia School District (The); Series 2016 F, Ref. GO Bonds		5.00%		09/01/2032		1,000		1,030,392
Pottsville (City of), PA Hospital Authority (Lehigh Valley); Series 2016 B, Ref. RB		5.00%		07/01/2041		4,000		4,005,586
Reading School District;
Series 2017, Ref. GO Bonds (INS - AGM)(d)		5.00%		03/01/2035		280		295,095
Series 2017, Ref. GO Bonds (INS - AGM)(d)		5.00%		03/01/2036		255		267,524
Scranton School District;
Series 2017 E, Ref. GO Bonds (INS - BAM)(d)		5.00%		12/01/2029		1,000		1,072,953
Series 2017 E, Ref. GO Bonds (INS - BAM)(d)		5.00%		12/01/2030		1,305		1,401,022
Series 2017 E, Ref. GO Bonds (INS - BAM)(d)		5.00%		12/01/2032		890		955,600
Series 2017 E, Ref. GO Bonds (INS - BAM)(d)		5.00%		12/01/2033		710		760,980
								154,982,480
Puerto Rico–4.11%
Corp. Para El Financiamiento Publico de Puerto Rico; Series 2011, RB		5.50%		08/01/2031		5,615		147,394
PRHTA Custodial Trust; Series 2022 I, RB(e)		5.00%		12/06/2049		14		3,835
PRIFA Custodial Trust;
Series 2005 A, RB		0.00%		03/15/2049		731		429,844
Series 2005 A, RB		0.00%		03/15/2049		645		379,486
Series 2022, RB		0.00%		03/15/2049		6,997		2,803,120
Series 2022, RB		0.00%		03/15/2049		6,362		2,731,701

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
Puerto Rico–(continued)
Puerto Rico (Commonwealth of);
Series 2021 A, GO Bonds(h)		0.00%		07/01/2024	$	595	$	573,590
Series 2021 A, GO Bonds(h)		0.00%		07/01/2033		4,698		2,862,500
Series 2021 A-1, GO Bonds		5.38%		07/01/2025		4,066		4,143,092
Series 2021 A-1, GO Bonds		5.63%		07/01/2027		4,029		4,201,987
Series 2021 A-1, GO Bonds		5.63%		07/01/2029		3,964		4,193,611
Series 2021 A-1, GO Bonds		5.75%		07/01/2031		3,850		4,163,863
Series 2021 A-1, GO Bonds		4.00%		07/01/2033		3,651		3,418,355
Series 2021 A-1, GO Bonds		4.00%		07/01/2035		3,281		3,015,802
Series 2021 A-1, GO Bonds		4.00%		07/01/2037		2,816		2,533,847
Series 2021 A-1, GO Bonds		4.00%		07/01/2046		7,929		6,600,881
Subseries 2022, RN		0.00%		11/01/2043		18,308		9,451,561
Subseries 2022, RN		0.00%		11/01/2051		45		18,950
Subseries 2022, RN		0.00%		11/01/2051		2,090		1,081,416
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2005 RR, RB (INS - NATL)(d)		5.00%		07/01/2024		260		260,039
Series 2005 SS, Ref. RB (INS - NATL)(d)		5.00%		07/01/2025		4,000		4,001,252
Series 2007 VV, Ref. RB (INS - NATL)(d)		5.25%		07/01/2025		1,690		1,671,300
Series 2008 WW, RB(e)		5.25%		07/01/2025		1,985		545,875
Series 2010 AAA, RB(e)		5.25%		07/01/2028		2,830		778,250
Series 2010 CCC, RB(e)		5.00%		07/01/2028		2,500		687,500
Series 2010 XX, RB(e)		5.25%		07/01/2040		1,670		459,250
Series 2010 ZZ, Ref. RB(e)		5.25%		07/01/2025		405		111,375
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2022 A, RB		5.00%		07/01/2062		329		324,330
Series 2022 B, RB(h)		0.00%		07/01/2032		214		137,575
Series 2022 C, RB(c)		5.00%		07/01/2053		366		231,679
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(h)		0.00%		07/01/2046		34,472		9,601,424
Series 2018 A-1, RB(h)		0.00%		07/01/2051		31,582		6,527,605
Series 2018 A-1, RB		4.75%		07/01/2053		9,853		9,236,986
Series 2018 A-1, RB		5.00%		07/01/2058		4,400		4,269,784
Series 2019 A-2, RB		4.54%		07/01/2053		387		350,254
Series 2019 A-2, RB		4.78%		07/01/2058		5,172		4,848,182
University of Puerto Rico;
Series 2006 P, Ref. RB		5.00%		06/01/2026		1,305		1,281,392
Series 2006 P, Ref. RB		5.00%		06/01/2030		900		867,497
Series 2006 Q, RB		5.00%		06/01/2036		150		142,393
								99,088,777
Rhode Island–0.23%
Central Falls Detention Facility Corp.; Series 2005, Ref. RB (Acquired 06/23/2005; Cost $4,862,486)(e)(j)		7.25%		07/15/2035		4,915		884,700
Rhode Island Housing and Mortgage Finance Corp.; Series 1992 10-A, RB		6.50%		04/01/2027		20		20,035
Tobacco Settlement Financing Corp.; Series 2015 A, Ref. RB		5.00%		06/01/2040		4,695		4,717,917
								5,622,652
South Carolina–0.29%
South Carolina (State of) Public Service Authority; Series 2020 A, Ref. RB		5.00%		12/01/2043		2,200		2,258,224
University of South Carolina (Campus Village); Series 2021 A, RB		4.00%		05/01/2051		5,000		4,680,943
								6,939,167
Tennessee–0.99%
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health);
Series 2019 A-1, Ref. RB		4.00%		08/01/2038		225		212,200
Series 2019 A-1, Ref. RB		4.00%		08/01/2044		455		405,085
Series 2019 A-2, Ref. RB		5.00%		08/01/2044		340		347,291
Series 2019 A-2, Ref. RB		5.00%		08/01/2049		455		459,717

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
Tennessee–(continued)
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group);
Series 2018 A, Ref. RB		5.00%		07/01/2035	$	2,000	$	2,072,695
Series 2018 A, Ref. RB		5.00%		07/01/2036		3,000		3,090,401
Series 2018 A, Ref. RB		5.00%		07/01/2037		3,000		3,071,934
Metropolitan Development and Housing Agency (Fifth + Broadway Development); Series 2018, RB(f)		5.13%		06/01/2036		200		201,447
Metropolitan Nashville Airport Authority (The);
Series 2019 A, RB		4.00%		07/01/2049		2,500		2,275,675
Series 2019 A, RB		5.00%		07/01/2054		5,890		6,095,835
Tennessee Energy Acquisition Corp.; Series 2006 C, RB		5.00%		02/01/2027		5,665		5,674,027
								23,906,307
Texas–9.83%
Alamo Community College District; Series 2007, GO Bonds (INS - NATL)(d)		4.50%		08/15/2033		5		5,002
Aldine Independent School District; Series 2017, Ref. GO Bonds (CEP - Texas Permanent School Fund)		5.00%		02/15/2042		10,700		11,029,666
Arlington Higher Education Finance Corp. (UME Preparatory Academy); Series 2017 A, RB		5.00%		08/15/2038		885		825,741
Arlington Higher Education Finance Corp. (Winfree Academy Charter School); Series 2019, Ref. RB		5.75%		08/15/2043		1,400		1,354,811
Aubrey Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2052		5,000		4,628,818
Birdville Independent School District; Series 2023, GO Bonds		4.00%		02/15/2048		5,000		4,689,625
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport);
Series 2021 B, Ref. RB		4.00%		11/01/2045		10,000		9,483,803
Series 2022 B, Ref. RB		4.00%		11/01/2045		10,000		9,470,191
Dallas (County of), TX Flood Control District No. 1; Series 2015, Ref. GO Bonds(f)		5.00%		04/01/2032		1,100		1,099,937
El Paso (City of), TX; Series 2022 A, RB		4.00%		03/01/2048		11,500		10,638,074
Forney Independent School District; Series 2022 B, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		08/15/2047		5,665		5,440,024
Grand Parkway Transportation Corp.; Series 2020, Ref. RB		4.00%		10/01/2045		15,000		13,870,204
Greater Texoma Utility Authority (City of Sherman); Series 2023 A, RB (INS - BAM)(d)		5.25%		10/01/2048		10,750		11,459,151
Harris (County of), TX Flood Control District (Sustainability Bonds); Series 2023 A, GO Bonds		4.00%		09/15/2048		5,000		4,719,673
Harris (County of), TX Port Authority of Houston; Series 2021, RB		4.00%		10/01/2046		5,365		5,044,634
Harris County Industrial Development Corp. (Energy Transfer L.P.); Series 2023, Ref. RB(b)		4.05%		06/01/2033		6,500		6,390,966
Houston (City of), TX; Series 2020 C, Ref. RB		4.00%		11/15/2043		10,000		9,619,145
Humble Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2052		10,750		9,953,059
Lamar Consolidated Independent School District; Series 2023, GO Bonds		4.00%		02/15/2053		7,500		6,887,245
Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2022, Ref. RB		6.00%		05/15/2052		3,235		3,635,800
Medina Valley Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2053		7,000		6,591,359
Montgomery (County of), TX Toll Road Authority;
Series 2018, RB		5.00%		09/15/2043		2,000		1,976,192
Series 2018, RB		5.00%		09/15/2048		2,500		2,430,473
Montgomery Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2053		10,000		9,227,477
New Hope Cultural Education Facilities Finance Corp. (Beta Academy);
Series 2019, RB(f)		5.00%		08/15/2039		425		401,753
Series 2019, RB(f)		5.00%		08/15/2049		150		132,900
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn); Series 2016 A-1, RB (Acquired 05/05/2016; Cost $146,032)(j)		5.00%		07/01/2031		140		95,900
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.);
Series 2016, RB (Acquired 05/05/2016; Cost $719,863)(j)		5.00%		07/02/2046		700		479,500
Series 2016, RB (Acquired 05/05/2016; Cost $614,601)(j)		5.00%		07/03/2051		600		411,000
New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing Corpus Christi II, LLC - Texas A&M University-Corpus Christi); Series 2016 A, RB(a)(b)		5.00%		04/01/2026		355		369,192
New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing Denton, LLC - Texas Woman’s University);
Series 2018 A-1, RB (INS - AGM)(d)		5.00%		07/01/2048		250		247,662
Series 2018 A-1, RB (INS - AGM)(d)		5.00%		07/01/2058		850		833,391
New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing San Antonio I, LLC - Texas A&M University); Series 2016 A, RB(a)(b)		5.00%		04/01/2026		1,000		1,037,477
North Texas Tollway Authority; Series 2017 B, Ref. RB (INS - BAM)(d)		5.00%		01/01/2043		10,000		10,272,607
Northwest Independent School District; Series 2015, GO Bonds(a)(b)		5.00%		02/15/2025		10,000		10,233,314
Rockwall Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2053		5,000		4,716,035

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
Texas–(continued)
San Antonio (City of), TX; Series 2023 A, Ref. RB		5.50%		02/01/2050	$	5,000	$	5,508,638
Southwest Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/01/2053		5,000		4,692,918
Spring Independent School District; Series 2023, GO Bonds		4.00%		08/15/2052		7,500		6,911,048
Texas (State of) Water Development Board (Master Trust);
Series 2021, RB		4.00%		10/15/2051		10,000		9,377,887
Series 2022, RB		5.00%		10/15/2047		16,350		17,420,202
Texas Municipal Gas Acquisition & Supply Corp. III;
Series 2021, Ref. RB		5.00%		12/15/2031		2,500		2,559,709
Series 2021, Ref. RB		5.00%		12/15/2032		5,000		5,121,311
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		6,135		5,840,202
								237,133,716
Utah–0.07%
Utah (State of) Charter School Finance Authority; Series 2018, RB		5.00%		10/15/2038		720		732,124
Utah (State of) Charter School Finance Authority (Merit Preparatory Academy); Series 2019 A, RB(f)		5.38%		06/15/2049		1,110		978,568
								1,710,692
Virgin Islands–0.06%
Virgin Islands (Government of) Public Finance Authority (Virgin Islands Gross Receipts Taxes Loan Note); Series 2012 A, Ref. RB (INS - AGM)(d)		5.00%		10/01/2032		1,480		1,480,591
Virginia–0.30%
Celebrate North Community Development Authority (Celebrate VA North); Series 2003 B, RB(e)(g)		6.75%		03/01/2034		302		196,300
Chesapeake Bay Bridge & Tunnel District; Series 2016, RB		5.00%		07/01/2046		6,320		6,385,291
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay); Series 2018, Ref. RB		5.00%		09/01/2036		715		684,039
								7,265,630
Washington–0.91%
Cowlitz County School District No. 458 Kelso; Series 2019, GO Bonds (CEP - Oregon School Bond Guaranty)		4.00%		12/01/2038		1,680		1,665,911
Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB		5.60%		03/01/2028		45		44,648
Seattle (City of), WA; Series 2023 A, Ref. RB		5.00%		03/01/2048		5,000		5,338,694
Tacoma (City of), WA Consolidated Local Improvement Districts; Series 2013, RB		5.75%		04/01/2043		1,366		1,300,906
Washington (State of); Series 2021 A, Ref. GO Bonds		5.00%		06/01/2039		2,750		2,964,090
Washington (State of) Health Care Facilities Authority (Multicare Health System); Series 2015 A, RB		5.00%		08/15/2045		8,500		8,306,795
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center);
Series 2017, Ref. RB		5.00%		08/15/2031		2,250		2,323,578
								21,944,622
Wisconsin–1.54%
Wisconsin (State of) Center District; Series 2020 D, RB (INS - AGM)(d)(h)		0.00%		12/15/2055		23,575		4,956,349
Wisconsin (State of) Health & Educational Facilities Authority; Series 2018 XF2541, Revenue Ctfs.(i)		4.00%		11/15/2034		20,000		20,097,988
Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health); Series 2022 A, Ref. RB		4.00%		04/01/2042		7,160		6,557,908
Wisconsin (State of) Public Finance Authority (Beyond Boone, LLC - Appalachian State University);
Series 2019 A, RB (INS - AGM)(d)		5.00%		07/01/2036		900		933,672
Series 2019 A, RB (INS - AGM)(d)		5.00%		07/01/2054		1,275		1,283,028
Series 2019 A, RB (INS - AGM)(d)		5.00%		07/01/2058		1,400		1,408,815
Wisconsin (State of) Public Finance Authority (Explore Knowledge Foundation);
Series 2012 A, RB		5.75%		07/15/2032		320		320,132
Series 2012 A, RB		6.00%		07/15/2042		350		350,120
Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy); Series 2019, RB(f)		5.00%		06/15/2039		310		286,676

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
Wisconsin–(continued)
Wisconsin (State of) Public Finance Authority (Traders Point Christian Schools);
Series 2019 A, RB(f)		5.38%		06/01/2044	$	535	$	445,656
Series 2019 A, RB(f)		5.50%		06/01/2054		540		438,182
								37,078,526
TOTAL INVESTMENTS IN SECURITIES(n)–101.32% (Cost $2,528,056,179)								2,444,453,714
FLOATING RATE NOTE OBLIGATIONS–(2.85)%
Notes with interest and fee rates ranging from 4.58% to 4.66% at 08/31/2023 and contractual maturities of collateral ranging from 10/01/2032 to 06/01/2050 (See Note 1K)(o)								(68,790,000	)
OTHER ASSETS LESS LIABILITIES–1.53%								36,964,697
NET ASSETS–100.00%							$	2,412,628,411

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
CHF	- Swiss Franc
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.
RB	- Revenue Bonds
Ref.	- Refunding
RN	- Revenue Notes
VRD	- Variable Rate Demand
Wts.	- Warrants

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

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

^(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, 2023 was $19,928,477, 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, 2023 was $43,021,031, which represented 1.78% of the Fund’s Net Assets.

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

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

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

^(j) Restricted security. The aggregate value of these securities at August 31, 2023 was $8,104,002, which represented less than 1% of the Fund’s Net Assets.

^(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, 2023.

^(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⁾ 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 obligations but may be called upon to satisfy the 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, 2023. At August 31, 2023, the Fund’s investments with a value of $121,512,607 are held by TOB Trusts and serve as collateral for the $68,790,000 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.

22 Invesco AMT-Free Municipal Income Fund

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2023

Revenue Bonds	81.70	%
General Obligation Bonds	15.23
Pre-Refunded Bonds	3.02
Other	0.05

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

23 Invesco AMT-Free Municipal Income Fund

Statement of Assets and Liabilities

August 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value
(Cost $2,528,056,179)	$	2,444,453,714
Cash		10,376,452
Receivable for:
Investments sold		208,515
Fund shares sold		2,333,764
Interest		28,242,418
Investments matured, at value (Cost $12,058,727)		4,888,591
Investment for trustee deferred compensation and retirement plans		114,265
Other assets		513,766
Total assets		2,491,131,485
Liabilities:
Floating rate note obligations		68,790,000
Payable for:
Dividends		3,465,536
Fund shares reacquired		5,203,901
Accrued fees to affiliates		806,961
Accrued interest expense		37,654
Accrued trustees’ and officers’ fees and benefits		60,194
Accrued other operating expenses		24,563
Trustee deferred compensation and retirement plans		114,265
Total liabilities		78,503,074
Net assets applicable to shares outstanding	$	2,412,628,411

Net assets consist of:
Shares of beneficial interest	$	2,899,075,713
Distributable earnings (loss)		(486,447,302	)
	$	2,412,628,411
Net Assets:
Class A	$	1,297,596,519
Class C	$	87,157,928
Class Y	$	1,020,033,646
Class R6	$	7,840,318
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		191,780,828
Class C		12,986,631
Class Y		151,284,367
Class R6		1,158,414
Class A:
Net asset value per share	$	6.77
Maximum offering price per share (Net asset value of $6.77 ÷ 95.75%)	$	7.07
Class C:
Net asset value and offering price per share	$	6.71
Class Y:
Net asset value and offering price per share	$	6.74
Class R6:
Net asset value and offering price per share	$	6.77

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

24 Invesco AMT-Free Municipal Income Fund

Statement of Operations

For the six months ended August 31, 2023

(Unaudited)

Investment income:
Interest	$	52,314,385
Expenses:
Advisory fees		4,780,955
Administrative services fees		172,272
Custodian fees		18,892
Distribution fees:
Class A		1,634,304
Class C		471,653
Interest, facilities and maintenance fees		1,911,040
Transfer agent fees – A, C and Y		805,941
Transfer agent fees – R6		555
Trustees’ and officers’ fees and benefits		19,888
Registration and filing fees		94,877
Reports to shareholders		34,990
Professional services fees		181,928
Other		22,334
Total expenses		10,149,629
Less: Expense offset arrangement(s)		(3,156	)
Net expenses		10,146,473
Net investment income		42,167,912
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(42,023))		(12,269,977	)
Change in net unrealized appreciation of unaffiliated investment securities		1,986,245
Net realized and unrealized gain (loss)		(10,283,732	)
Net increase in net assets resulting from operations	$	31,884,180

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

25 Invesco AMT-Free Municipal Income Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2023 and the year ended February 28, 2023

(Unaudited)

	August 31, 2023			February 28, 2023
Operations:
Net investment income	$	42,167,912		$	83,715,762
Net realized gain (loss)		(12,269,977	)		(148,186,246	)
Change in net unrealized appreciation (depreciation)		1,986,245			(147,301,707	)
Net increase (decrease) in net assets resulting from operations		31,884,180			(211,772,191	)
Distributions to shareholders from distributable earnings:
Class A		(24,163,396	)		(48,573,310	)
Class C		(1,348,179	)		(3,138,905	)
Class Y		(19,244,162	)		(31,797,566	)
Class R6		(147,842	)		(212,856	)
Total distributions from distributable earnings		(44,903,579	)		(83,722,637	)
Share transactions–net:
Class A		(25,177,804	)		(182,415,286	)
Class C		(11,111,496	)		(40,496,004	)
Class Y		128,578,952			19,405,212
Class R6		2,529,486			(640,381	)
Net increase (decrease) in net assets resulting from share transactions		94,819,138			(204,146,459	)
Net increase (decrease) in net assets		81,799,739			(499,641,287	)
Net assets:
Beginning of period		2,330,828,672			2,830,469,959
End of period	$	2,412,628,411		$	2,330,828,672

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

26 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 08/31/23		$	6.80		$	0.12		$	(0.02	)		$	0.10			$	(0.13	)		$	6.77		1.38	%(d)		$	1,297,597		0.91	%(d)(e)		0.91	%(d)(e)		0.75	%(d)(e)		3.39	%(d)(e)		7	%
Year ended 02/28/23			7.61			0.24			(0.81	)			(0.57	)			(0.24	)			6.80		(7.51	)(d)			1,328,471		0.88	(d)		0.88	(d)		0.75	(d)		3.42	(d)		53
Year ended 02/28/22			7.79			0.19			(0.10	)			0.09				(0.27	)			7.61		1.03	(d)			1,685,219		0.80	(d)		0.80	(d)		0.74	(d)		2.42	(d)		10
Year ended 02/28/21			8.04			0.22			(0.17	)			0.05				(0.30	)			7.79		0.70	(d)			1,659,677		0.84	(d)		0.84	(d)		0.76	(d)		2.86	(d)		20
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	(e)		0.86	(e)		0.74	(e)		3.33	(e)		8
Year ended 07/31/19			7.12			0.28			0.36				0.64				(0.26	)			7.50		9.22				1,378,279		1.02			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
Class C
Six months ended 08/31/23			6.74			0.09			(0.02	)			0.07				(0.10	)			6.71		1.00				87,158		1.67	(e)		1.67	(e)		1.51	(e)		2.63	(e)		7
Year ended 02/28/23			7.54			0.18			(0.80	)			(0.62	)			(0.18	)			6.74		(8.19	)			98,530		1.64			1.64			1.51			2.66			53
Year ended 02/28/22			7.72			0.13			(0.11	)			0.02				(0.20	)			7.54		0.24				154,706		1.56			1.56			1.50			1.66			10
Year ended 02/28/21			7.97			0.16			(0.18	)			(0.02	)			(0.23	)			7.72		(0.14	)			151,779		1.60			1.60			1.52			2.10			20
Seven months ended 02/29/20			7.43			0.11			0.56				0.67				(0.13	)			7.97		9.05				230,719		1.63	(e)		1.63	(e)		1.51	(e)		2.57	(e)		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
Class Y
Six months ended 08/31/23			6.77			0.12			(0.02	)			0.10				(0.13	)			6.74		1.50				1,020,034		0.67	(e)		0.67	(e)		0.51	(e)		3.63	(e)		7
Year ended 02/28/23			7.58			0.25			(0.81	)			(0.56	)			(0.25	)			6.77		(7.33	)			898,454		0.64			0.64			0.51			3.66			53
Year ended 02/28/22			7.76			0.21			(0.11	)			0.10				(0.28	)			7.58		1.26				983,831		0.56			0.56			0.50			2.66			10
Year ended 02/28/21			8.02			0.24			(0.18	)			0.06				(0.32	)			7.76		0.82				835,955		0.60			0.60			0.52			3.10			20
Seven months ended 02/29/20			7.47			0.16			0.56				0.72				(0.17	)			8.02		9.77				578,082		0.62	(e)		0.62	(e)		0.50	(e)		3.57	(e)		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
Class R6
Six months ended 08/31/23			6.80			0.13			(0.02	)			0.11				(0.14	)			6.77		1.53				7,840		0.61	(e)		0.61	(e)		0.45	(e)		3.69	(e)		7
Year ended 02/28/23			7.61			0.26			(0.81	)			(0.55	)			(0.26	)			6.80		(7.22	)			5,374		0.57			0.57			0.44			3.73			53
Year ended 02/28/22			7.79			0.22			(0.11	)			0.11				(0.29	)			7.61		1.35				6,714		0.49			0.49			0.43			2.73			10
Year ended 02/28/21			8.05			0.25			(0.18	)			0.07				(0.33	)			7.79		0.92				6,855		0.52			0.52			0.44			3.18			20
Seven months ended 02/29/20			7.50			0.16			0.56				0.72				(0.17	)			8.05		9.74				5,675		0.59	(e)		0.59	(e)		0.47	(e)		3.60	(e)		8
Period ended 07/31/19(f)			7.42			0.06			0.07				0.13				(0.05	)			7.50		1.80				10		0.72	(e)		0.72	(e)		0.50	(e)		4.16	(e)		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, 2023 and the years ended February 28, 2023, 2022 and 2021, 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.

27 Invesco AMT-Free Municipal Income Fund

Notes to Financial Statements

August 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco AMT-Free 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 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 eight 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 eighth anniversary after a purchase of Class C shares.

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 generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

28 Invesco AMT-Free Municipal Income Fund

  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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 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, administrative expenses and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

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. The risk of material loss as a result of such indemnification claims is considered remote.

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.

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

29 Invesco AMT-Free Municipal Income Fund

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.

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 or asset. 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 – Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility and reduced liquidity for certain fixed-income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by APs which could potentially increase the Fund’s portfolio turnover rate and 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’ claims. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.

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.

30 Invesco AMT-Free Municipal Income Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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 $ 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, 2023, the effective advisory fee rate incurred by the Fund was 0.39%.

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). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses 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 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary 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, 2023, 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, 2023, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $24,837 in front-end sales commissions from the sale of Class A shares and $2,369 and $3,443 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

31 Invesco AMT-Free Municipal Income Fund

The following is a summary of the tiered valuation input levels, as of August 31, 2023. 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		$–			$2,428,618,089		$	15,835,625			$2,444,453,714
Other Investments - Assets
Investments Matured		–			2,399,362			2,489,229			4,888,591
Total Investments		$–			$2,431,017,451			$18,324,854			$2,449,342,305

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated 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 that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended August 31, 2023, the Fund engaged in securities purchases of $20,994,714 and securities sales of $39,757,331, which resulted in net realized gains (losses) of $(42,023).

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,156.

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 revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Invesco Funds, and which will expire on February 22, 2024. The revolving credit and security agreement is secured by the assets of the Fund. 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. During the six months ended August 31, 2023, the Fund did not borrow 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.

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, 2023 were $68,790,000 and 3.83%, respectively.

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 carryforward 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 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$77,688,739		$318,347,316		$396,036,055

* 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.

32 Invesco AMT-Free Municipal Income Fund

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2023 was $333,140,045 and $173,913,833, 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	$35,481,480
Aggregate unrealized (depreciation) of investments	(136,851,123	)
Net unrealized appreciation (depreciation) of investments	$(101,369,643	)

Cost of investments for tax purposes is $2,550,711,948.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2023(a)						February 28, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		13,201,934		$	90,839,315			35,263,932		$	243,796,401
Class C		910,618			6,221,399			2,358,822			16,125,434
Class Y		51,687,169			354,013,876			109,683,613			753,231,357
Class R6		456,697			3,140,681			7,353			53,104
Issued as reinvestment of dividends:
Class A		1,917,816			13,186,928			3,802,814			26,256,480
Class C		120,751			823,516			272,476			1,868,513
Class Y		1,524,461			10,437,816			2,370,299			16,291,832
Class R6		20,085			138,095			29,472			203,602
Automatic conversion of Class C shares to Class A shares:
Class A		735,348			5,057,845			1,900,088			13,147,340
Class C		(741,111	)		(5,057,845	)		(1,915,369	)		(13,147,340	)
Reacquired:
Class A		(19,518,132	)		(134,261,892	)		(67,078,663	)		(465,615,507	)
Class C		(1,917,807	)		(13,098,566	)		(6,610,056	)		(45,342,611	)
Class Y		(34,575,438	)		(235,872,740	)		(109,205,826	)		(750,117,977	)
Class R6		(108,569	)		(749,290	)		(128,805	)		(897,087	)
Net increase (decrease) in share activity		13,713,822		$	94,819,138			(29,249,850	)	$	(204,146,459	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 62% 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.

33 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, 2023 through August 31, 2023.

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  (03/01/23)	Ending  Account Value  (08/31/23)1	Expenses   Paid During   Period2	Ending  Account Value  (08/31/23)	Expenses   Paid During   Period2	Annualized    Expense  Ratio
Class A	$1,000.00	$1,013.80	$4.61	$1,020.56	$4.62	0.91%
Class C	1,000.00	1,010.00	8.44	1,016.74	8.47	1.67
Class Y	1,000.00	1,015.00	3.39	1,021.77	3.40	0.67
Class R6	1,000.00	1,015.30	3.09	1,022.07	3.10	0.61

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, 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 184/366 to reflect the most recent fiscal half year.

34 Invesco AMT-Free Municipal Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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 (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, 2023. 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 has established an Investments Committee, which in turn has established Sub-Committees, that 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 information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees 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 requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by 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. 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 accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to

attract and retain talent. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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 to the Fund 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, 2022 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond 5+ Year Investment Grade Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the first quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The

35 Invesco AMT-Free Municipal Income Fund

Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction 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, which did not change its 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 is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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 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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board 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 also shares in economies of scale through Invesco

Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 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 most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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 received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination 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. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

36 Invesco AMT-Free 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

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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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list 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/ corporate/about-us/esg. 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 number(s): 811-07890 and 033-66242     Invesco Distributors, Inc. O-ROAFM-SAR-1          

Semiannual Report to Shareholders August 31, 2023

Invesco California Municipal Fund

Nasdaq:

A: OPCAX ∎ C: OCACX ∎ Y: OCAYX ∎ R6: IORCX

2	Fund Performance
4	Liquidity Risk Management Program
5	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

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

Unless otherwise noted, all data is 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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/23 to 8/31/23, 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	1.15	%
Class C Shares	0.77
Class Y Shares	1.28
Class R6 Shares	1.43
S&P Municipal Bond California 5+ Year Investment Grade Index▼	1.26
U.S. Consumer Price Index∎	2.06
Source(s): ▼RIMES Technologies Corp.; ∎Bloomberg LP
The S&P Municipal Bond California 5+ Year Investment Grade Index tracks the performance of investment-grade, California-issued US municipal bonds with maturities equal to or greater than five years.  The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the US 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.

 

2 Invesco California Municipal Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (11/3/88)	4.92	%
10 Years	3.86
5 Years	0.78
1 Year	-2.76
Class C Shares
Inception (11/1/95)	4.03	%
10 Years	3.70
5 Years	0.87
1 Year	-0.15
Class Y Shares
Inception (11/29/10)	5.13	%
10 Years	4.57
5 Years	1.88
1 Year	1.86
Class R6 Shares
10 Years	4.48	%
5 Years	1.98
1 Year	1.92

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 was subsequently renamed the Invesco California Municipal Fund (the Fund). Returns shown above, for periods ending on or 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 on and 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.

 

3 Invesco California Municipal Fund

 

 

 

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), 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 17, 2023, 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 January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during 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.

 

4 Invesco California Municipal Fund

Schedule of Investments

August 31, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal  Amount  (000)		Value
Municipal Obligations–106.10%
California–101.11%
ABAG Finance Authority for Nonprofit Corps. (Sharp Healthcare); Series 2014 A, RB		5.00%		08/01/2043	$	500	$      500,124
Adelanto (City of), CA Improvement Agency; Series 1993 B, Ref. RB (INS - FGIC)(a)		5.50%		12/01/2023		5	5,013
Adelanto Community Facilities District No. 2006-2 (Improvement Area No. 2); Series 2015 A, RB		5.00%		09/01/2045		1,000	1,003,640
Adelanto Public Utility Authority (Utility System);
Series 2014 A, RB		5.00%		07/01/2024		245	245,148
Series 2014 A, RB		5.00%		07/01/2039		5,710	5,593,490
Series 2017 A, Ref. RB (INS - AGM)(a)		5.00%		07/01/2039		2,000	2,102,022
Alameda (City of), CA Corridor Transportation Authority; Series 2022 C, RB (INS - AGM)(a)		5.00%		10/01/2052		7,000	7,408,514
Alvord Unified School District; Series 2023 A, GO Bonds (INS - BAM)(a)		5.00%		08/01/2052		10,000	10,753,618
Anaheim (City of), CA Public Financing Authority (Anaheim Convention Center Expansion); Series 2014 A, Ref. RB(b)(c)		5.00%		05/01/2024		1,350	1,367,167
Atwater (City of), CA;
Series 2017 A, Ref. RB (INS - AGM)(a)		5.00%		05/01/2040		1,250	1,300,747
Series 2017 A, Ref. RB (INS - AGM)(a)		5.00%		05/01/2043		1,300	1,346,705
Bakersfield (City of), CA (Assessment District No. 07-2); Series 2008, RB		7.38%		09/02/2028		675	682,286
Bay Area Toll Authority (San Francisco Bay Area); Series 2017, Ref. RB		4.00%		04/01/2049		630	613,262
Beaumont (City of), CA (Community Facilities District No. 2016-1);
Series 2019, RB		5.00%		09/01/2030		125	130,960
Series 2019, RB		5.00%		09/01/2031		140	146,516
Series 2019, RB		5.00%		09/01/2049		775	775,781
Beaumont (City of), CA Financing Authority (Improvement Area No. 17A); Series 2013 B, RB(b)(c)		5.00%		09/01/2023		635	635,000
Beaumont (City of), CA Financing Authority (Improvement Area No. 19A); Series 2015 B, Ref. RB		5.00%		09/01/2025		1,065	1,075,881
Beaumont (City of), CA Financing Authority (Improvement Area No. 19C); Series 2013 A, RB(b)(c)		5.00%		09/01/2023		745	745,000
Beaumont Unified School District Community Facilities District No. 2020-1 (Improvement area No. 2); Series 2023, RB		5.00%		09/01/2053		875	852,398
Beverly Hills Unified School District (Election of 2008);
Series 2009, GO Bonds(d)		0.00%		08/01/2026		1,465	1,329,944
Series 2009, GO Bonds(d)		0.00%		08/01/2032		3,045	2,223,950
Blythe (City of), CA Community Facilities District No. 2004-1; Series 2005, RB		5.30%		09/01/2035		500	503,145
Blythe (City of), CA Redevelopment Agency Successor Agency (Project No. 1);
Series 2011 A, RB		9.75%		05/01/2038		1,905	1,911,978
Series 2015, Ref. RB		5.00%		05/01/2038		1,000	1,010,615
Calexico (City of), CA Community Facilities District No. 2005-1;
Series 2006, RB(e)		5.50%		09/01/2036		2,500	825,000
Series 2006, RB(e)		5.55%		09/01/2036		2,325	767,250
California (State of);
Series 2000, GO Bonds		5.75%		05/01/2030		5	5,012
Series 2015, GO Bonds		5.00%		08/01/2045		1,000	1,024,682
Series 2022 CU, GO Bonds		4.85%		12/01/2046		1,700	1,772,377
Series 2022, GO Bonds(f)		5.00%		11/01/2042		11,370	12,555,076
Series 2022, GO Bonds(f)		5.00%		09/01/2052		10,000	10,837,091
Series 2023, GO Bonds		5.00%		10/01/2045		7,000	7,694,807
Series 2023, GO Bonds		5.25%		10/01/2045		8,500	9,527,749
California (State of) Community Choice Financing Authority (Green Bonds);
Series 2023 C, RB(c)		5.25%		10/01/2031		5,000	5,186,052
Series 2023 D, RB(c)		5.50%		11/01/2028		8,000	8,399,507
Series 2023, RB(c)		5.00%		08/01/2029		3,600	3,743,308
Series 2023, RB(c)		5.00%		03/01/2031		12,250	12,838,235
California (State of) Community College Financing Authority (NCCD - Orange Coast Properties LLC - Orange Coast College);
Series 2018, RB		5.25%		05/01/2048		665	669,314
Series 2018, RB		5.25%		05/01/2053		2,500	2,508,002
California (State of) Community Housing Agency (Annadel Apartments); Series 2019 A, RB(g)		5.00%		04/01/2049		4,555	3,761,550
California (State of) Community Housing Agency (Serenity at Larkspur); Series 2020 A, RB(g)		5.00%		02/01/2050		4,500	3,549,025
California (State of) Community Housing Agency (Stonridge Apartments); Series 2021 A, RB(g)		4.00%		02/01/2056		3,000	2,187,342

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

5 Invesco California Municipal Fund

	Interest Rate		Maturity Date		Principal  Amount  (000)		Value
California–(continued)
California (State of) Community Housing Agency (Verdant at Green Valley); Series 2019 A, RB(g)		5.00%		08/01/2049	$	5,360	$    4,917,146
California (State of) County Tobacco Securitization Agency;
Series 2007 B, RB		5.10%		06/01/2028		85	84,605
Series 2007 D, RB(d)(g)		0.00%		06/01/2057		45,600	3,243,409
Series 2007 E, RB(d)(g)		0.00%		06/01/2057		51,500	3,115,158
Series 2007 F, RB(d)(g)		0.00%		06/01/2057		55,250	3,222,003
Series 2014, Ref. RB		4.00%		06/01/2029		465	465,403
Series 2020 A, Ref. RB		4.00%		06/01/2037		550	546,797
Series 2020 A, Ref. RB		4.00%		06/01/2039		1,200	1,166,575
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.);
Series 2002, RB		5.88%		06/01/2035		2,765	2,805,718
Series 2002, RB		6.00%		06/01/2042		18,700	18,975,670
Series 2006 C, RB(d)		0.00%		06/01/2055		332,360	29,843,635
California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.);
Series 2002, RB		6.00%		06/01/2035		4,500	4,503,222
Series 2002, RB		6.13%		06/01/2038		9,700	9,706,078
Series 2006 A, RB(d)		0.00%		06/01/2046		62,110	14,507,368
Series 2006 C, RB(d)		0.00%		06/01/2055		71,700	7,298,350
Series 2006 D, RB(d)		0.00%		06/01/2055		309,500	28,371,432
California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.);
Series 2020 A, Ref. RB		4.00%		06/01/2049		2,000	1,814,324
Series 2020 A, Ref. RB		4.00%		06/01/2049		710	644,085
Series 2020 B-1, Ref. RB		5.00%		06/01/2049		615	621,542
Series 2020 B-2, Ref. RB(d)		0.00%		06/01/2055		22,000	3,616,939
California (State of) County Tobacco Securitization Agency (Merced County Tobacco Funding Corp.); Series 2020, Ref. RB		5.00%		06/01/2050		3,510	3,458,300
California (State of) County Tobacco Securitization Agency (Sonoma County Securitization Corp.);
Series 2020, Ref. RB		4.00%		06/01/2049		1,380	1,251,883
Series 2020, Ref. RB(d)		0.00%		06/01/2055		7,050	1,484,215
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2002 A, RB		5.88%		06/01/2043		1,040	1,040,108
California (State of) Educational Facilities Authority (Loma Linda University);
Series 2017 A, Ref. RB		5.00%		04/01/2042		1,715	1,751,464
Series 2017 A, Ref. RB		5.00%		04/01/2047		1,000	1,016,389
California (State of) Educational Facilities Authority (University of Redlands); Series 2022 A, RB		5.00%		10/01/2052		3,600	3,493,796
California (State of) Educational Facilities Authority (University of San Francisco); Series 2018 A, RB		5.00%		10/01/2043		2,730	2,830,600
California (State of) Enterprise Development Authority (Heights Christian Schools); Series 2023 A, RB(g)		6.25%		06/01/2053		2,625	2,545,473
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center);
Series 2015, Ref. RB		5.00%		11/15/2031		1,300	1,350,249
Series 2015, Ref. RB		5.00%		11/15/2032		1,250	1,297,923
Series 2015, Ref. RB		5.00%		11/15/2033		1,000	1,038,019
Series 2021 A, Ref. RB		4.00%		08/15/2048		24,375	23,702,923
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles); Series 2017 A, Ref. RB		5.00%		08/15/2047		1,715	1,716,333
California (State of) Health Facilities Financing Authority (Commonspirit Health); Series 2020 A, Ref. RB		4.00%		04/01/2049		12,060	10,631,429
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		1,105	1,107,518
California (State of) Health Facilities Financing Authority (Kaiser Permanente); Subseries 2017 A-2, RB		5.00%		11/01/2047		10,000	10,922,312
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford); Series 2017, RB		4.00%		11/15/2047		560	528,260
California (State of) Health Facilities Financing Authority (On Lok Senior Health Services) (Social Bonds);
Series 2020, Ref. RB		5.00%		08/01/2040		700	714,399
Series 2020, Ref. RB		5.00%		08/01/2050		1,000	1,001,018

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 (State of) Health Facilities Financing Authority (Providence Health & Services);
Series 2014 B, RB		5.00%		10/01/2044	$	7,625	$    7,650,303
California (State of) Health Facilities Financing Authority (Stanford Health Care); Series 2020 A, Ref. RB		4.00%		08/15/2050		15,000	14,352,753
California (State of) Health Facilities Financing Authority (Sutter Health);
Series 2016 B, Ref. RB		5.00%		11/15/2046		8,000	8,182,229
Series 2017 A, Ref. RB		5.00%		11/15/2048		10,000	10,225,583
Series 2018 A, RB		5.00%		11/15/2048		3,000	3,067,675
California (State of) Housing Finance Agency;
Series 2019 A, RB		4.25%		01/15/2035		6,288	6,134,820
Series 2019 A-2, RB		4.00%		03/20/2033		8,425	8,134,916
Series 2021-1A, Revenue Ctfs.		3.50%		11/20/2035		3,890	3,579,262
California (State of) Housing Finance Agency (Social Certificates); Series 2021 A, RB		3.25%		08/20/2036		9,732	8,686,577
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group);
Series 2015 A, Ref. RB(b)(c)		5.00%		11/01/2023		6,265	6,279,687
Series 2015, Ref. RB(b)(c)		5.00%		11/01/2023		1,000	1,002,455
California (State of) Infrastructure & Economic Development Bank (WFCS Portfolio Program); Series 2021 A-1, RB(g)		5.00%		01/01/2056		2,450	1,909,928
California (State of) Municipal Finance Authority;
Series 2021 B, RB		4.00%		09/01/2041		915	813,435
Series 2021 B, RB		4.00%		09/01/2046		830	708,931
Series 2021 B, RB		3.38%		09/01/2051		580	580,000
Series 2021 B, RB		4.00%		09/01/2051		775	639,103
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2016 A, Ref. RB		5.00%		06/01/2046		2,515	2,398,843
California (State of) Municipal Finance Authority (Bella Mente Montessori Academy);
Series 2018 A, RB(g)		5.00%		06/01/2038		280	264,611
Series 2018 A, RB(g)		5.00%		06/01/2048		3,225	2,868,655
California (State of) Municipal Finance Authority (Bold Program);
Series 2020 B, RB		4.00%		09/01/2043		755	672,079
Series 2020 B, RB		4.00%		09/01/2050		1,095	926,353
Series 2021 A, RB		4.00%		09/01/2041		655	583,014
Series 2021 A, RB		4.00%		09/01/2051		1,500	1,225,542
Series 2022 B, Ref. RB		6.00%		09/01/2052		2,160	2,169,267
Series 2022 B, Ref. RB		6.30%		09/01/2052		870	888,675
Series 2022 C, RB		6.25%		09/01/2052		1,895	1,865,674
California (State of) Municipal Finance Authority (California Baptist University); Series 2016 A, RB(g)		5.00%		11/01/2046		1,000	947,423
California (State of) Municipal Finance Authority (Caritas Affordable Housing, Inc.);
Series 2014 A, RB		5.25%		08/15/2039		2,665	2,683,941
Series 2014 A, RB		5.25%		08/15/2049		1,420	1,427,654
Series 2014 B, RB		5.88%		08/15/2049		705	706,218
California (State of) Municipal Finance Authority (Caritas);
Series 2017 A, Ref. RB		4.00%		08/15/2037		1,055	991,286
Series 2021 B, Ref. RB		4.00%		08/15/2041		295	266,875
Series 2021 B, Ref. RB		4.00%		08/15/2051		435	365,529
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); Series 2018, RB		5.00%		05/15/2043		5,900	5,931,720
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	3,014,461
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	2,721,387
California (State of) Municipal Finance Authority (Community Medical Centers);
Series 2017 A, Ref. RB		5.00%		02/01/2034		3,750	3,887,515
Series 2017 A, Ref. RB		5.00%		02/01/2035		4,000	4,132,306
Series 2017 A, Ref. RB		5.00%		02/01/2036		2,000	2,057,360
Series 2017 A, Ref. RB		5.00%		02/01/2037		1,000	1,024,313
Series 2017 A, Ref. RB		5.00%		02/01/2042		625	633,476
Series 2017 A, Ref. RB		5.00%		02/01/2047		1,380	1,394,422

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) Municipal Finance Authority (Eisenhower Medical Centers); Series 2017 A, Ref. RB		5.00%		07/01/2047	$	1,000	$      996,176
California (State of) Municipal Finance Authority (Goodwill Industries of Sacramento & Nevada);
Series 2012, RB(g)		6.63%		01/01/2032		930	909,596
Series 2012, RB(g)		6.88%		01/01/2042		2,080	1,969,592
California (State of) Municipal Finance Authority (Green Bonds); Series 2021, RB (INS - BAM)(a)		4.00%		05/15/2046		2,000	1,810,223
California (State of) Municipal Finance Authority (Greenfield Commons I) (Sustainable Bonds)); Series 2023, RB (CEP - FNMA)		5.28%		09/01/2046		2,950	2,984,018
California (State of) Municipal Finance Authority (Humangood - California Obligated Group);
Series 2019 A, Ref. RB		5.00%		10/01/2044		1,695	1,714,025
Series 2021, RB		4.00%		10/01/2046		1,080	966,756
Series 2021, RB		4.00%		10/01/2049		4,000	3,512,292
California (State of) Municipal Finance Authority (Linxs APM);
Series 2018 A, RB(h)		5.00%		12/31/2043		10,005	10,010,483
Series 2018 A, RB(h)		5.00%		12/31/2047		18,610	18,383,663
California (State of) Municipal Finance Authority (Mt. San Antonio Gardens); Series 2019, Ref. RB		5.00%		11/15/2049		2,825	2,511,837
California (State of) Municipal Finance Authority (Open Door Community Health Centers); Series 2021, RB (INS - Cal-Mortgage)(a)		4.00%		09/15/2051		3,385	3,196,209
California (State of) Municipal Finance Authority (Palmdale Aerospace Academy (The)); Series 2018 A, RB(g)		5.00%		07/01/2049		600	540,540
California (State of) Municipal Finance Authority (Palomar Health); Series 2022 A, Ref. COP (INS - AGM)(a)		5.25%		11/01/2052		5,400	5,768,722
California (State of) Municipal Finance Authority (Samuel Merritt University); Series 2022, RB		5.25%		06/01/2053		11,500	12,144,942
California (State of) Municipal Finance Authority (Santa Rosa Academy); Series 2022, Ref. RB		5.00%		07/01/2052		2,040	1,820,433
California (State of) Municipal Finance Authority (Social Bonds);
Series 2019 A, Ref. RB(g)		5.00%		11/01/2029		990	1,007,039
Series 2019 A, Ref. RB(g)		5.00%		11/01/2039		1,475	1,419,526
Series 2019 A, Ref. RB(g)		5.00%		11/01/2049		1,700	1,518,617
California (State of) Municipal Finance Authority (Touro College and University System); Series 2014 A, RB(b)(c)		5.25%		07/01/2024		620	630,475
California (State of) Municipal Finance Authority (Town and Country Manor); Series 2019, Ref. RB (INS - Cal-Mortgage)(a)		5.00%		07/01/2049		5,885	6,214,555
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing); Series 2019, RB (INS - BAM)(a)		5.00%		05/15/2052		5,875	5,997,622
California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, RB(h)		4.00%		07/15/2029		16,780	16,572,227
California (State of) Municipal Finance Authority (University of La Verne); Series 2017 A, Ref. RB		5.00%		06/01/2043		600	614,629
California (State of) Municipal Finance Authority (Waste Management, Inc.); Series 2019 A, RB(c)(h)		2.40%		10/01/2029		8,000	7,175,195
California (State of) Municipal Finance Authority (William Jessup University); Series 2019, Ref. RB(g)		5.00%		08/01/2039		1,500	1,373,436
California (State of) Pollution Control Financing Authority;
Series 2012, RB(g)(h)		5.00%		07/01/2037		3,000	2,999,577
Series 2012, RB(g)(h)		5.00%		11/21/2045		1,000	976,332
California (State of) Pollution Control Financing Authority (Aemerge Redpak Services Southern California LLC);
Series 2016, RB (Acquired 01/21/2016; Cost $3,500,000)(g)(h)(i)(j)		7.00%		12/01/2027		3,500	350,000
Series 2017, RB (Acquired 08/15/2017; Cost $2,000,000)(g)(h)(i)(j)		8.00%		12/01/2027		2,000	120,000
California (State of) Pollution Control Financing Authority (CalPlant I) (Green Bonds);
Series 2017, RB (Acquired 05/25/2017; Cost $1,387,423)(g)(h)(i)(j)		7.50%		07/01/2032		1,425	71,250
Series 2017, RB (Acquired 05/25/2017; Cost $1,890,139)(g)(h)(i)(j)		8.00%		07/01/2039		1,900	95,000
Series 2020, RB (Acquired 10/06/2020; Cost $401,185)(g)(h)(i)(j)		7.50%		07/01/2032		420	54,600
California (State of) Pollution Control Financing Authority (Poseidon Resources L.P.); Series 2023, RB(g)(h)		5.00%		11/21/2045		1,000	1,005,329
California (State of) Pollution Control Financing Authority (San Diego County Water Authority); Series 2019, Ref. RB(g)		5.00%		11/21/2045		3,500	3,511,103
California (State of) Pollution Control Financing Authority (Waste Management, Inc.); Series 2015 B-1, Ref. RB(h)		3.00%		11/01/2025		1,500	1,463,179
California (State of) Public Finance Authority (California Crosspoint Academy); Series 2020 A, RB(g)		5.13%		07/01/2055		5,000	3,909,228
California (State of) Public Finance Authority (Crossroads Christian Schools); Series 2020, RB(g)		5.00%		01/01/2056		1,000	796,086

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) Public Finance Authority (Enso Village) (Green Bonds);
Series 2021 B-3, RB(g)		2.13%		11/15/2027	$	2,000	$    1,941,476
Series 2021, RB(g)		2.38%		11/15/2028		2,000	1,929,014
Series 2021, RB(g)		5.00%		11/15/2046		1,000	895,091
Series 2021, RB(g)		5.00%		11/15/2051		500	436,637
Series 2021, RB(g)		5.00%		11/15/2056		1,000	859,211
California (State of) Public Finance Authority (Henry Mayo Newhall Hospital);
Series 2017, Ref. RB		5.00%		10/15/2037		1,000	1,008,351
Series 2017, Ref. RB		5.00%		10/15/2047		1,000	969,005
California (State of) Public Finance Authority (Kendal at Ventura); Series 2023 A-C, RB(g)		10.00%		05/15/2028		2,900	2,857,932
California (State of) Public Finance Authority (LaVerne Elementary Preparatory Academy); Series 2019 A, RB(g)		5.00%		06/15/2049		1,400	1,225,655
California (State of) Public Finance Authority (Trinity Classical Academy);
Series 2019 A, RB(g)		5.00%		07/01/2036		400	377,870
Series 2019 A, RB(g)		5.00%		07/01/2044		630	553,569
Series 2019 A, RB(g)		5.00%		07/01/2054		1,600	1,335,726
California (State of) Public Works Board (Various Capital); Series 2021 B, RB		4.00%		05/01/2046		19,640	18,755,933
California (State of) Public Works Board (Various Correctional Facilities); Series 2014 A, RB		5.00%		09/01/2039		3,000	3,042,762
California (State of) School Finance Authority (Alliance for College-Ready Public Schools);
Series 2013 A, RB		6.30%		07/01/2043		840	840,549
Series 2015, RB(g)		5.00%		07/01/2045		1,265	1,252,384
California (State of) School Finance Authority (Aspen Public Sschools Obligated Group);
Series 2022 A, RB(g)		6.13%		07/01/2052		3,745	3,667,716
Series 2022 A, RB(g)		6.25%		07/01/2062		4,655	4,541,814
California (State of) School Finance Authority (Aspire Public School);
Series 2015 A, Ref. RB(g)		5.00%		08/01/2045		1,000	979,671
Series 2016, Ref. RB(b)(c)(g)		5.00%		08/01/2025		65	67,150
Series 2016, Ref. RB(g)		5.00%		08/01/2046		685	668,274
California (State of) School Finance Authority (Camino Nuevo Charter Academy Obligated Group) (Sustainability Bonds); Series 2023, Ref. RB(g)		5.25%		06/01/2053		1,550	1,480,274
California (State of) School Finance Authority (Escuela Popular); Series 2017, RB(g)		6.25%		07/01/2037		1,250	1,262,098
California (State of) School Finance Authority (Granada Hills Charter Obligated Group); Series 2019, RB(g)		5.00%		07/01/2043		2,000	1,973,768
California (State of) School Finance Authority (Green Dot Public Schools);
Series 2015 A, RB(g)		5.00%		08/01/2045		1,500	1,444,730
Series 2018 A, RB(g)		5.00%		08/01/2038		1,000	1,004,051
California (State of) School Finance Authority (Grimmway Schools Obligated Group); Series 2016 A, RB(g)		4.25%		07/01/2028		1,000	982,884
California (State of) School Finance Authority (Hawking Steam Charter School);
Series 2022, RB(g)		5.38%		07/01/2056		995	937,327
Series 2022, RB(g)		5.50%		07/01/2062		1,000	950,856
California (State of) School Finance Authority (KIPP LA);
Series 2015 A, RB(g)		5.00%		07/01/2045		500	501,124
Series 2017 A, RB(g)		5.00%		07/01/2037		590	602,627
Series 2017 A, RB(g)		5.00%		07/01/2047		1,240	1,243,452
California (State of) School Finance Authority (KIPP SoCal Public Schools); Series 2019 A, RB(g)		5.00%		07/01/2049		1,700	1,703,556
California (State of) School Finance Authority (New Designs Charter School); Series 2012 A, RB		5.25%		06/01/2032		1,440	1,440,524
California (State of) School Finance Authority (Orange County Educational Arts Academy); Series 2023, Ref. RB (CEP - Colorado Higher Education Intercept Program)(g)		5.88%		06/01/2053		700	688,335
California (State of) School Finance Authority (Partnership to Uplift Communities) (Social Bonds);
Series 2023, Ref. RB(g)		5.50%		08/01/2043		550	550,801
Series 2023, Ref. RB(g)		5.50%		08/01/2047		525	516,739
California (State of) School Finance Authority (Sonoma County Junior College); Series 2021, RB(g)		4.00%		11/01/2051		2,700	2,129,785
California (State of) School Finance Authority (Stem Preparatory Schools - Obligated Group);
Series 2023 A, RB(g)		5.13%		06/01/2053		500	474,028
Series 2023 A, RB(g)		5.38%		05/01/2063		1,000	958,053
California (State of) School Finance Authority (Value Schools);
Series 2016 A, RB(g)		5.25%		07/01/2031		625	640,500
Series 2023 A, Ref. RB (CEP - Colorado Higher Education Intercept Program)(g)		5.25%		07/01/2048		700	685,697

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) Statewide Communities Development Authority;
Series 2017, RB		5.00%		09/02/2037	$	1,135	$    1,161,876
Series 2017, RB		5.00%		09/02/2046		1,265	1,274,406
Series 2020 B, RB		4.00%		09/02/2050		445	358,151
Series 2020, RB		4.00%		09/01/2040		400	356,782
Series 2020, RB		4.00%		09/01/2050		2,340	1,925,809
Series 2021 A, RB		4.00%		09/02/2051		1,990	1,522,868
California (State of) Statewide Communities Development Authority (Adventist Health System);
Series 2015, Ref. RB		5.00%		03/01/2033		775	795,766
Series 2015, Ref. RB		5.00%		03/01/2045		2,315	2,325,227
Series 2018 A, Ref. RB		5.00%		03/01/2042		1,185	1,206,942
Series 2018 A, Ref. RB		5.00%		03/01/2048		1,860	1,881,692
California (State of) Statewide Communities Development Authority (Alliance for College-Ready Public Schools - 47th and Main);
Series 2012 A, RB		6.38%		07/01/2047		2,000	2,001,698
Series 2012, RB		6.10%		07/01/2032		760	761,009
California (State of) Statewide Communities Development Authority (Buck Institute for Research on Aging); Series 2021, Ref. RB		4.00%		04/01/2046		4,230	3,824,483
California (State of) Statewide Communities Development Authority (California Baptist University);
Series 2014 A, RB(g)		5.13%		11/01/2023		175	175,040
Series 2017 A, Ref. RB(g)		5.00%		11/01/2041		875	852,531
California (State of) Statewide Communities Development Authority (Community Facilities District No. 2007-01); Series 2015, Ref. RB		5.00%		09/01/2037		1,615	1,634,269
California (State of) Statewide Communities Development Authority (Community Facilities District No. 2015-1);
Series 2020, RB		4.00%		09/01/2050		1,500	1,234,493
Series 2020, RB		4.00%		09/01/2050		1,415	1,155,725
California (State of) Statewide Communities Development Authority (Community Facilities District No. 2016-02); Series 2020, RB		4.00%		09/01/2050		2,465	2,028,683
California (State of) Statewide Communities Development Authority (Community Facilities District No. 2018-02); Series 2020, RB(g)		7.25%		09/01/2050		4,255	4,001,302
California (State of) Statewide Communities Development Authority (Community Facilities District No. 2020-02); Series 2022, RB		5.25%		09/01/2052		1,650	1,600,406
California (State of) Statewide Communities Development Authority (Delta Coves); Series 2022, RB		5.50%		09/01/2052		3,070	3,031,595
California (State of) Statewide Communities Development Authority (Enloe Medical Center);
Series 2022 A, RB (INS - AGM)(a)		5.25%		08/15/2052		2,000	2,141,701
Series 2022 A, RB (INS - AGM)(a)		5.38%		08/15/2057		2,320	2,503,438
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services); Series 2017 A, Ref. RB		5.00%		04/01/2047		3,390	3,425,497
California (State of) Statewide Communities Development Authority (Henry Mayo Newhall Memorial Hospital); Series 2014 A, RB(b)(c)		5.25%		10/01/2024		600	614,226
California (State of) Statewide Communities Development Authority (Heritage Park at Cathedral City Apartments); Series 2002 NN-1, RB (INS - AMBAC)(a)(h)		5.20%		06/01/2036		2,285	2,286,941
California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital); Series 2014 B, Ref. RB(b)(c)		5.00%		07/01/2024		750	762,082
California (State of) Statewide Communities Development Authority (Improvement Area No. 1);
Series 2021, RB		4.00%		09/01/2041		690	613,410
Series 2021, RB		4.00%		09/01/2051		1,170	961,854
California (State of) Statewide Communities Development Authority (Jewish Home of San Francisco); Series 2016, RB (INS - Cal-Mortgage)(a)		4.00%		11/01/2046		7,825	7,607,040
California (State of) Statewide Communities Development Authority (John Muir Health);
Series 2016 A, Ref. RB		5.00%		08/15/2051		3,000	3,049,544
Series 2018 A, Ref. RB		5.00%		12/01/2057		4,635	4,724,936
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing);
Series 2016, Ref. RB(g)		5.00%		06/01/2046		1,000	922,081
Series 2019, RB(g)		5.00%		06/01/2034		375	366,146
Series 2019, RB(g)		5.00%		06/01/2039		100	95,684
Series 2019, RB(g)		5.00%		06/01/2051		295	267,506

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 (Loma Linda University Medical Center);
Series 2014, RB		5.50%		12/01/2054	$	1,500	$    1,497,551
Series 2016 A, RB(g)		5.25%		12/01/2056		830	812,001
Series 2018 A, RB(g)		5.50%		12/01/2058		5,000	5,003,581
California (State of) Statewide Communities Development Authority (McSweeny);
Series 2023, RB		5.00%		09/01/2048		1,350	1,274,665
Series 2023, RB		5.25%		09/01/2053		2,225	2,149,933
California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California);
Series 2018, RB		5.00%		01/01/2043		1,000	1,010,167
Series 2018, RB		5.00%		01/01/2048		1,995	2,011,837
California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC - California College of the Arts);
Series 2019, RB(g)		5.25%		07/01/2039		1,640	1,591,858
Series 2019, RB(g)		5.25%		07/01/2049		3,375	3,175,026
California (State of) Statewide Communities Development Authority (Odd Fellows Home of California); Series 2023, Ref. RB (INS - Cal-Mortgage)(a)		4.13%		04/01/2053		1,000	979,170
California (State of) Statewide Communities Development Authority (Sand Creek);
Series 2021, RB		4.00%		09/01/2041		550	484,750
Series 2021, RB		4.00%		09/01/2051		1,125	914,913
California (State of) Statewide Communities Development Authority (Statewide Community Infrastructure Program);
Series 2019 B, RB		5.00%		09/02/2049		1,500	1,511,820
Series 2019 C, RB		5.00%		09/02/2049		700	701,907
Series 2021 C-1, RB		4.00%		09/02/2041		2,185	1,856,297
Series 2021 C-1, RB		4.00%		09/02/2051		2,505	1,969,766
Series 2022, RB		5.38%		09/02/2052		1,000	947,709
Series 2023, RB		5.25%		09/02/2043		1,125	1,106,481
Series 2023, RB		5.25%		09/01/2051		2,400	2,329,617
Series 2023, RB		5.50%		09/02/2053		1,875	1,850,453
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	1,214,379
California (State of) Statewide Communities Development Authority (Yucaipa Valley Water Reservoir); Series 2014, RB		6.00%		09/02/2044		2,635	2,646,453
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program);
Series 2002 A, RB		6.00%		05/01/2037		6,910	7,017,301
Series 2002 B, RB		6.00%		05/01/2037		835	847,966
Series 2002 B, RB		6.00%		05/01/2043		705	715,971
Series 2002, RB		6.00%		05/01/2043		45	45,700
Series 2006 A, RB(d)		0.00%		06/01/2046		8,000	1,935,130
Calimesa (City of), CA Community Facilities District No. 2018-1 (Summerwind Trails);
Series 2020, RB		4.00%		09/01/2045		605	522,986
Series 2020, RB		4.00%		09/01/2050		575	476,116
Cambrian School District; Series 2022, GO Bonds		5.00%		08/01/2048		7,505	7,926,781
Carlsbad (City of), CA (Assessment District No. 96-1); Series 1998, RB		5.50%		09/02/2028		5	5,047
Carson (City of), CA Public Financing Authority; Series 2019, RB		5.00%		09/02/2030		545	577,004
Cerritos Community College District (Election of 2012); Series 2018 B, GO Bonds		4.00%		08/01/2043		1,870	1,864,003
Chino (City of), CA Community Facilities District;
Series 2020, RB		4.00%		09/01/2040		170	150,735
Series 2020, RB		4.00%		09/01/2051		705	572,463
Chino (City of), CA Public Financing Authority;
Series 2015 A, Ref. RB (INS - AGM)(a)		5.00%		09/01/2034		1,100	1,132,640
Series 2015 A, Ref. RB (INS - AGM)(a)		5.00%		09/01/2035		865	890,453
Chino Valley Unified School District; Series 2020 B, GO Bonds		5.00%		08/01/2055		10,995	11,590,984
Chula Vista (City of), CA Community Facilities District No. 16-1 (Improvement Area No. 2);
Series 2021, RB		4.00%		09/01/2041		250	222,524
Series 2021, RB		4.00%		09/01/2051		1,775	1,463,752

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)
Clovis (City of), CA;
Series 2015, Ref. RB (INS - AGM)(a)		5.25%		08/01/2030	$	1,060	$    1,104,888
Series 2015, Ref. RB (INS - AGM)(a)		5.25%		08/01/2031		500	521,321
Clovis (City of), CA Public Financing Authority; Series 2008 A, RB (INS - NATL)(a)		4.63%		08/01/2029		35	35,039
Clovis Unified School District (Election of 2004); Series 2004 A, GO Bonds (INS - NATL)(a)(d)		0.00%		08/01/2029		735	594,880
Coachella (City of), CA (Community Facilities District No. 2018-1);
Series 2018, RB(g)		5.00%		09/01/2030		440	461,155
Series 2018, RB(g)		5.00%		09/01/2038		1,090	1,114,838
Series 2018, RB(g)		5.00%		09/01/2048		2,015	2,025,596
Series 2018, RB(g)		5.00%		09/01/2053		1,525	1,520,198
Compton (City of), CA Public Finance Authority (Various Capital); Series 2008, Ref. RB (INS - AMBAC)(a)		5.25%		09/01/2027		820	820,329
Compton Unified School District;
Series 2019 B, GO Bonds (INS - BAM)(a)(d)		0.00%		06/01/2035		1,300	780,616
Series 2019 B, GO Bonds (INS - BAM)(a)(d)		0.00%		06/01/2041		6,250	2,584,991
Series 2019 B, GO Bonds (INS - BAM)(a)(d)		0.00%		06/01/2042		4,335	1,692,028
Corona Community Facilities District (Bedford Improvement Area No. 1);
Series 2020, RB		4.00%		09/01/2040		285	245,921
Series 2020, RB		4.00%		09/01/2045		460	383,361
Series 2020, RB		4.00%		09/01/2050		1,035	839,884
Corona-Norco Unified School District (Community Facilities District No. 17-1); Series 2020, RB		4.00%		09/01/2050		350	284,957
CSCDA Community Improvement Authority (Oceanaire-Long Beach Social Bonds); Series 2021 A-2, RB(g)		4.00%		09/01/2056		2,500	1,807,499
CSCDA Community Improvement Authority (Parallel-Anaheim Social Bonds); Series 2021, RB(g)		4.00%		08/01/2056		1,000	738,063
CSCDA Community Improvement Authority (Renaissance at City Center); Series 2020 A, RB(g)		5.00%		07/01/2051		3,250	2,961,329
Daly (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition);
Series 2007 A, Ref. RB		5.00%		12/15/2037		50	50,010
Series 2007 C, Ref. RB		6.50%		12/15/2047		865	838,239
Dixon (City of), CA Improvement Area No. 1 (Community Facilities District No. 2019-1);
Series 2020, RB		4.00%		09/01/2036		200	189,513
Series 2020, RB		4.00%		09/01/2040		400	359,766
Series 2020, RB		4.00%		09/01/2050		1,000	816,767
Series 2023, RB		5.00%		09/01/2048		1,675	1,562,000
Series 2023, RB		5.00%		09/01/2053		1,600	1,476,428
Downey Unified School District; Series 2023 A, GO Bonds		4.00%		08/01/2048		6,055	5,834,423
Dublin (City of), CA Community Facilities District No. 2015-1 (Improvement Area No. 3);
Series 2021, RB		4.00%		09/01/2045		850	727,686
Series 2021, RB		4.00%		09/01/2051		865	712,217
Eastern Municipal Water District;
Series 2023, RB		5.25%		09/01/2048		1,100	1,100,855
Series 2023, RB		5.25%		09/01/2053		1,385	1,378,690
Eastern Municipal Water District (Community Facilities District No. 2016-75);
Series 2021, RB		4.00%		09/01/2030		75	73,841
Series 2021, RB		4.00%		09/01/2050		385	317,336
El Centro (City of), CA Financing Authority (Police Station); Series 2023 A, RB		4.25%		10/01/2047		2,000	1,958,833
El Dorado Irrigation District; Series 2020 A, COP		4.00%		03/01/2050		15,330	14,620,408
El Segundo Unified School District (Election of 2008); Series 2009 A, GO Bonds(d)		0.00%		08/01/2033		4,430	3,054,355
Elsinore Valley Municipal Water District; Series 2021 A, RB(g)		4.50%		09/01/2051		2,680	2,227,747
Emeryville (City of), CA Public Financing Authority (Alameda County);
Series 2014 A, Ref. RB (INS - AGM)(a)		5.00%		09/01/2032		445	452,291
Series 2014 A, Ref. RB (INS - AGM)(a)		5.00%		09/01/2033		385	391,432
Series 2014 A, Ref. RB (INS - AGM)(a)		5.00%		09/01/2034		500	508,772
Etiwanda School District Community Facilities District No. 2018-1 (Day Creek Square Public Facilities);
Series 2020, RB		4.00%		09/01/2045		510	417,285
Series 2020, RB		4.00%		09/01/2050		705	560,047
Fairfield (City of), CA Community Facilities District No. 2007-1 (Fairfield Commons); Series 2008, RB		6.88%		09/01/2038		865	879,607
Fairfield (City of), CA Community Facilities District No. 2019-1 (One Lake); Series 2021 A, RB		4.00%		09/01/2051		5,290	4,335,458

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)
Folsom Ranch Financing Authority Community Facilities District no. 23 (Improvement Area No. 1); Series 2022, RB		5.00%		09/01/2042	$	3,290	$    3,266,106
Fontana (City of), CA (Community Facilities District No. 80); Series 2017, RB		5.00%		09/01/2046		1,000	1,005,988
Fontana (City of), CA (El Paseo Community Facilities District 87);
Series 2021, RB		4.00%		09/01/2027		120	119,284
Series 2021, RB		4.00%		09/01/2028		125	124,378
Series 2021, RB		4.00%		09/01/2029		110	109,230
Series 2021, RB		4.00%		09/01/2032		100	98,062
Series 2021, RB		4.00%		09/01/2041		200	176,490
Series 2021, RB		4.00%		09/01/2046		325	272,926
Series 2021, RB		4.00%		09/01/2051		400	324,802
Fontana (City of), CA (Summit at Rosena Phase One); Series 2021, RB		4.00%		09/01/2051		525	437,676
Fontana (City of), CA (The Meadows);
Series 2020, RB		4.00%		09/01/2045		530	454,361
Series 2020, RB		4.00%		09/01/2050		635	525,797
Foothill-Eastern Transportation Corridor Agency;
Series 2014 A, Ref. RB(k)		6.85%		01/15/2042		1,000	1,162,827
Series 2015, Ref. RB (INS - AGM)(a)(d)		0.00%		01/15/2035		2,745	1,740,363
Series 2021 A, Ref. RB		4.00%		01/15/2046		15,965	14,989,949
Fremont Community Facilities District No. 1 (Pacific Commons); Series 2015, Ref. RB		5.00%		09/01/2035		815	829,398
Fresno (City of), CA; Series 2023 A, Ref. RB (INS - BAM)(a)(h)		5.00%		07/01/2053		3,320	3,418,396
Gilroy Unified School District (Election of 2008);
Series 2009 A, GO Bonds(b)(d)		0.00%		08/01/2029		615	515,113
Series 2009 A, GO Bonds (INS - AGC)(a)(d)		0.00%		08/01/2029		4,735	3,825,657
Series 2009 A, GO Bonds(b)(d)		0.00%		08/01/2031		2,235	1,731,676
Series 2009 A, GO Bonds (INS - AGC)(a)(d)		0.00%		08/01/2031		1,415	1,060,933
Glendora (City of), CA Public Finance Authority (No. 1); Series 2003 A, RB (INS - NATL)(a)		5.00%		09/01/2024		485	485,494
Golden State Tobacco Securitization Corp.; Series 2021 B-2, Ref. RB(d)		0.00%		06/01/2066		21,000	2,088,313
Golden Valley Unified School District Financing Authority;
Series 2021 A, RB		4.00%		09/01/2046		250	207,887
Series 2021 A, RB		4.00%		09/01/2051		500	401,044
Grossmont Healthcare District; Series 2015 D, Ref. GO Bonds		4.00%		07/15/2040		13,000	12,536,248
Hayward Unified School District (Election of 2018);
Series 2019 A, GO Bonds (INS - BAM)(a)		4.00%		08/01/2048		6,900	6,536,708
Series 2022, GO Bonds (INS - BAM)(a)		4.00%		08/01/2050		10,875	10,240,986
Hollister (City of), CA Redevelopment Agency Successor Agency (Hollister Community Development);
Series 2014, Ref. RB (INS - BAM)(a)		5.00%		10/01/2030		1,600	1,628,736
Series 2014, Ref. RB (INS - BAM)(a)		5.00%		10/01/2032		1,305	1,328,384
Hollister Joint Powers Financing Authority; Series 2016, Ref. RB (INS - AGM)(a)		5.00%		06/01/2036		1,270	1,340,690
Imperial (County of), CA (Community Facilities District No. 2004-2 - Improvement Area No. 1); Series 2007, RB		5.90%		09/01/2037		1,430	1,441,165
Imperial (County of), CA Community college District (Election of 2022); Series 2023 A, GO Bonds (INS - AGM)(a)		5.25%		08/01/2053		1,500	1,641,724
Independent Cities Finance Authority (Hacienda Valley Estates); Series 2014, Ref. RB		5.00%		11/15/2034		885	895,449
Independent Cities Finance Authority (Union City Tropics); Series 2019, Ref. RB		5.00%		05/15/2048		1,000	1,014,278
Inglewood Unified School District;
Series 2019 C, GO Bonds (INS - BAM)(a)		4.00%		08/01/2038		550	545,233
Series 2019 C, GO Bonds (INS - BAM)(a)		4.00%		08/01/2039		690	681,662
Series 2021 A, GO Bonds (INS - AGM)(a)		4.00%		08/01/2051		3,100	2,928,222
Inland Empire Tobacco Securitization Corp.;
Series 2007 C-1, RB(d)		0.00%		06/01/2036		8,000	3,487,600
Series 2007 C-2, RB(d)		0.00%		06/01/2047		14,000	2,895,553
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	446,474
Series 2014, RB		5.00%		09/01/2049		445	446,073
Irvine (City of), CA Community Facilities District No. 2013-3 (Great Park Improvement Area No. 10); Series 2023, RB (INS - BAM)(a)		5.25%		09/01/2053		5,000	5,510,325
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure); Series 2023 A, RB (INS - BAM)(a)		4.00%		09/01/2058		5,000	4,686,605

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)
Irvine Ranch Water District; Series 2016, RB		5.25%		02/01/2046	$	4,305	$    4,497,596
Irvine Unified School District (Community Facilities District No. 01-1); Series 2015, Ref. RB (INS - BAM)(a)		5.00%		09/01/2038		3,500	3,568,099
Irvine Unified School District (Community Facilities District No. 09-1);
Series 2017 B, RB		5.00%		09/01/2047		495	498,602
Series 2018 A, Ref. RB		5.00%		09/01/2045		995	1,003,736
Series 2019 A, RB (INS - BAM)(a)		4.00%		09/01/2044		3,585	3,426,331
Jurupa Community Services District; Series 2021 A, RB		4.00%		09/01/2045		710	599,506
Lake Elsinore (City of), CA;
Series 2021, RB		4.00%		09/01/2041		350	309,619
Series 2021, RB		4.00%		09/01/2046		450	374,443
Series 2021, RB		4.00%		09/01/2051		700	565,160
Lake Elsinore Unified School District Community Facilities District; Series 2021, RB		4.00%		09/01/2045		380	318,158
Lake Elsinore Unified School District Community Facilities District No. 2006-2 (Improvement Area No. C); Series 2020, RB		4.00%		09/01/2050		4,015	3,274,348
Lake Elsniore (City of), CA Community Facilities District No. 2006-1;
Series 2019, RB		5.00%		09/01/2050		1,000	1,000,425
Series 2021, RB		4.00%		09/01/2046		290	244,912
Series 2021, RB		4.00%		09/01/2051		310	254,063
Lake Elsniore (City of), CA Community Facilities District No. 2006-1 (Improvement Area II);
Series 2020, RB		4.00%		09/01/2040		760	679,500
Series 2020, RB		4.00%		09/01/2045		835	714,844
Lammersville Joint Unified School District;
Series 2020, RB		4.00%		09/01/2039		250	227,068
Series 2020, RB		4.00%		09/01/2045		310	261,566
Series 2020, RB		4.00%		09/01/2045		500	419,276
Series 2020, RB		4.00%		09/01/2049		730	600,425
Series 2020, RB		4.00%		09/01/2050		1,000	814,163
Series 2022, RB		4.00%		09/01/2052		4,000	3,276,251
Lathrop (City of), CA (Community Facilities District No. 03-2); Series 2003, RB		7.00%		09/01/2033		2,960	2,966,670
Lennox School District; Series 2014, COP (INS - BAM)(a)		5.00%		10/01/2034		1,000	1,000,399
Lincoln (City of), CA Community Facilities District No. 2006-1 (Improvement Area No. 1);
Series 2021, Ref. RB		4.00%		09/01/2030		155	153,250
Series 2021, Ref. RB		4.00%		09/01/2034		210	205,548
Series 2021, Ref. RB		4.00%		09/01/2038		270	246,965
Series 2021, Ref. RB		4.00%		09/01/2043		320	279,282
Long Beach (City of), CA; Series 2017 A, RB(h)		5.00%		05/15/2040		16,080	16,636,929
Long Beach (City of), CA (Alamitos Bay Marina); Series 2015, RB		5.00%		05/15/2045		2,370	2,372,282
Long Beach (City of), CA (Green Bonds); Series 2017 B, RB(h)		5.00%		05/15/2043		8,210	8,467,520
Long Beach (City of), CA Bond Finance Authority;
Series 2007 A, RB		5.50%		11/15/2028		50	53,147
Series 2007 A, RB		5.50%		11/15/2032		2,665	2,900,687
Series 2007 A, RB		5.50%		11/15/2037		1,000	1,067,844
Los Alamitos Unified School District; Series 2013, GO Bonds(k)		6.01%		08/01/2040		1,660	1,619,208
Los Alamitos Unified School District (Capital); Series 2012, COP(k)		5.95%		08/01/2034		1,200	1,300,743
Los Angeles (City of), CA Community Facilities District No. 4 (Playa Vista - Phase 1); Series 2014, Ref. RB		5.00%		09/01/2031		590	603,661
Los Angeles (City of), CA Department of Airports;
Series 2015 A, RB(h)		5.00%		05/15/2034		45	45,868
Series 2018, RB(f)(h)		5.00%		05/15/2035		11,410	12,150,112
Series 2018, RB(f)(h)		5.00%		05/15/2036		10,640	11,250,336
Series 2019 A, Ref. RB(h)		5.00%		05/15/2049		16,710	17,085,084
Series 2021, Ref. RB(h)		5.00%		05/15/2035		3,500	3,796,159
Series 2022 A, RB(h)		5.00%		05/15/2045		12,875	13,374,878
Series 2022 A, RB(h)		4.00%		05/15/2049		6,400	5,827,213

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)
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport);
Series 2015 A, RB(h)		5.00%		05/15/2045	$	5,000	$    5,035,510
Series 2018 A, RB(h)		5.25%		05/15/2048		5,000	5,137,635
Series 2018, Ref. RB(h)		5.00%		05/15/2048		4,395	4,497,413
Series 2019, RB(h)		5.00%		05/15/2049		24,745	25,188,289
Series 2022, RB(h)		4.00%		05/15/2047		10,000	9,265,549
Los Angeles (City of), CA Department of Water & Power;
Series 2017 A, Ref. RB		5.00%		07/01/2044		8,250	8,572,367
Series 2017 C, RB		5.00%		07/01/2042		5,525	5,786,274
Series 2017, RB(f)		5.00%		07/01/2047		21,000	21,744,211
Series 2020 B, Ref. RB		5.00%		07/01/2050		8,000	8,488,214
Series 2022 B, RB		5.00%		07/01/2052		6,500	6,981,034
Series 2022 D, Ref. RB		5.00%		07/01/2047		17,555	19,008,921
Los Angeles (County of), CA Community Facilities District No. 2021-01 (Valencia Facilities); Series 2022, RB		5.00%		09/01/2052		2,000	1,920,897
Los Angeles (County of), CA Metropolitan Transportation Authority (Prop C); Series 2021 A, RB		5.00%		07/01/2042		6,055	6,654,214
Los Angeles (Port of), CA; Series 2014 A, Ref. RB(h)		5.00%		08/01/2036		1,000	1,008,007
Los Angeles County Schools Regionalized Business Services Corp. (Los Angeles County Schools Pooled Financing Program); Series 1999 A, COP (INS - AMBAC)(a)(d)		0.00%		08/01/2024		1,265	1,217,244
Lynwood (City of), CA Public Financing Authority (Measure M); Series 2019 A, RB (INS - AGM)(a)		5.25%		06/01/2048		3,185	3,358,740
Madera (County of), CA (Valley Children’s Hospital); Series 1995, COP (INS - NATL)(a)		5.75%		03/15/2028		85	87,257
Madera (County of), CA Community Facilities District No. 2017-1 (Tesoro Viejo);
Series 2020, RB		4.00%		09/01/2045		2,060	1,711,512
Series 2020, RB		4.00%		09/01/2051		3,560	2,845,771
Marina (City of), CA Redevelopment Agency Successor Agency;
Series 2018 B, RB		5.00%		09/01/2038		250	255,809
Series 2020 A, RB		4.00%		09/01/2040		700	625,112
Series 2020 B, RB		4.00%		09/01/2040		700	604,017
McFarland Unified School District (Election of 2012); Series 2014 A, GO Bonds(b)(c)		5.50%		11/01/2024		1,750	1,797,670
Menifee (City of), CA (Meadow Run); Series 2022, RB		4.00%		09/01/2051		570	481,166
Menifee Union School District;
Series 2020 C, GO Bonds (INS - AGM)(a)		3.00%		08/01/2040		1,500	1,238,176
Series 2020 C, GO Bonds (INS - AGM)(a)		3.00%		08/01/2045		2,200	1,701,801
Series 2021, RB		4.00%		09/01/2044		560	481,003
Series 2021, RB		4.00%		09/01/2051		675	553,201
Menifee Union School District (Community Facilities District No. 2006-2); Series 2020, Ref. RB		4.00%		09/01/2045		705	602,718
Menifee Union School District (Community Facilities District No. 2011-1 - Improvement Area No. 3);
Series 2018, RB		5.00%		09/01/2043		1,000	1,011,629
Series 2018, RB		5.00%		09/01/2048		1,500	1,507,888
Series 2021, RB		4.00%		09/01/2051		1,825	1,491,077
Menifee Union School District (Community Facilities District No. 2011-1 - Improvement Area No. 5); Series 2021, RB		4.00%		09/01/2045		975	830,100
Menifee Union School District (Community Facilities District No. 2014-3); Series 2019, RB		5.00%		09/01/2044		1,500	1,505,162
Menifee Union School District (Election of 2008); Series 2009 C, GO Bonds (INS - AGC)(a)(d)		0.00%		08/01/2035		940	595,236
Menifee Union School District Public Financing Authority; Series 2017 A, RB (INS - NATL)(a)		5.00%		09/01/2033		1,000	1,049,201
Merced City School District (Election of 2014);
Series 2018, GO Bonds		5.00%		08/01/2048		3,020	3,156,213
Series 2022, GO Bonds (INS - AGM)(a)		4.00%		08/01/2046		3,500	3,377,169
Moorpark Unified School District (Election of 2008); Series 2009 A, GO Bonds (INS - AGC)(a)(d)		0.00%		08/01/2031		840	621,076
Moreno Valley Unified School District (Community Facilities District No. 2004-4); Series 2015, RB		5.00%		09/01/2045		2,050	2,057,462
Moreno Valley Unified School District (Community Facilities District No. 2015-2);
Series 2019, RB		5.00%		09/01/2044		435	439,147
Series 2019, RB		5.00%		09/01/2048		485	487,551
Mountain House Public Financing Authority (Green Bonds);
Series 2020 A, RB (INS - BAM)(a)		4.00%		12/01/2050		4,985	4,703,977
Series 2020 A, RB (INS - BAM)(a)		4.00%		12/01/2055		12,045	11,237,414
Series 2023, RB (INS - BAM)(a)		4.13%		12/01/2048		2,125	2,041,324
Mountain View Shoreline Regional Park Community; Series 2018 A, RB (INS - AGM)(a)		5.00%		08/01/2048		2,000	2,083,871

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)
Mt. San Antonio Community College District (Election of 2008); Series 2013 A, GO Bonds(k)		6.25%		08/01/2043	$	2,035	$    1,847,434
Mt. San Antonio Community College District (Election of 2018); Series 2019 A, GO Bonds		5.00%		08/01/2044		8,000	8,538,258
Murrieta (City of), CA (Community Facilities District No. 2005-5); Series 2017, RB		5.00%		09/01/2042		655	661,833
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	1,515,352
North Orange (County of), CA Community College District; Series 2022 C, GO Bonds(f)(l)		4.00%		08/01/2047		22,000	21,550,225
Northern California Energy Authority; Series 2018 A, RB(c)		4.00%		07/01/2024		10,000	9,985,382
Northern California Tobacco Securitization Authority;
Series 2021 A, Ref. RB		4.00%		06/01/2049		1,615	1,447,131
Series 2021 B-1, Ref. RB		4.00%		06/01/2049		1,200	1,173,493
Oak Grove School District (Election of 2008);
Series 2018 E, Ref. GO Bonds(k)		5.00%		08/01/2038		8,680	4,862,723
Series 2018 E, Ref. GO Bonds(k)		5.00%		08/01/2042		5,755	3,183,318
Oakland Unified School District (County of Alameda); Series 2021 A, GO Bonds (INS - BAM)(a)		4.00%		08/01/2046		9,000	8,761,408
Ontario (City of), CA; Series 2021, RB		4.00%		09/01/2051		500	409,779
Ontario (City of), CA Community Facilities District No. 25 (Park Place Facilities Phase II); Series 2019, RB		5.00%		09/01/2049		1,000	1,004,952
Ontario (City of), CA Community Facilities District No. 40 (Emerald Park Facilities); Series 2020, RB		4.00%		09/01/2050		780	632,272
Ontario (City of), CA Community Facilities District No. 43 (Park Place Facilities Phase IV); Series 2020, RB		4.00%		09/01/2050		1,000	821,744
Ontario (City of), CA Community Facilities District No. 45;
Series 2020, RB		4.00%		09/01/2043		280	237,624
Series 2020, RB		4.00%		09/01/2051		1,110	893,207
Orange (County of), CA Community Facilities District (Village of Esencia); Series 2020, RB		4.00%		08/15/2045		845	724,524
Orange (County of), CA Community Facilities District No. 2015-1 (Esencia Village);
Series 2015 A, RB		5.00%		08/15/2035		125	127,478
Series 2015 A, RB		5.25%		08/15/2045		1,810	1,829,729
Orange (County of), CA Community Facilities District No. 2016-1 (Village of Esencia); Series 2016 A, RB		5.00%		08/15/2031		1,350	1,397,244
Orange (County of), CA Community Facilities District No. 2021-1 (Ladera Ranch); Series 2022 A, RB		5.00%		08/15/2052		2,000	1,979,533
Oxnard (City of), CA Financing Authority;
Series 2014, Ref. RB (INS - AGM)(a)		5.00%		06/01/2032		1,250	1,263,688
Series 2014, Ref. RB (INS - AGM)(a)		5.00%		06/01/2033		1,500	1,515,877
Series 2014, Ref. RB (INS - AGM)(a)		5.00%		06/01/2034		850	858,500
Palm Desert (City of), CA;
Series 2021 A, Ref. RB		4.00%		09/01/2026		300	297,314
Series 2021 A, Ref. RB		4.00%		09/01/2027		315	311,980
Series 2021 A, Ref. RB		4.00%		09/01/2030		250	245,691
Series 2021 A, Ref. RB		4.00%		09/01/2033		275	267,511
Series 2021 A, Ref. RB		4.00%		09/01/2036		300	281,461
Palm Desert (City of), CA Financing Authority (Project Area No. 2); Series 2003, RB (INS - NATL)(a)		5.00%		08/01/2033		40	40,362
Palm Springs (City of), CA Community Redevelopment Agency Successor Agency; Series 2014, Ref. RB (INS - AGM)(a)		5.00%		09/01/2032		445	454,430
Palomar Community College District (Election of 2006); Series 2010, GO Bonds(k)		6.38%		08/01/2045		3,330	2,821,305
Palomar Health;
Series 2017, COP		4.00%		11/01/2047		3,185	2,606,673
Series 2017, Ref. RB		5.00%		11/01/2042		4,835	4,872,561
Paradise Unified School District;
Series 2023 C, GO Bonds		5.00%		08/01/2047		2,310	2,372,504
Series 2023 C, GO Bonds		5.00%		08/01/2052		3,605	3,691,607
Perris (City of), CA Joint Powers Authority (Green Valley West Elementary);
Series 2021, RB		4.00%		09/01/2044		1,060	915,390
Series 2021, RB		4.00%		09/01/2051		1,225	1,008,631
Perris Elementary School District (Election of 2014);
Series 2014 A, GO Bonds (INS - BAM)(a)		6.00%		08/01/2029		235	240,216
Series 2014 A, GO Bonds (INS - BAM)(a)		6.00%		08/01/2030		290	296,333
Perris Union High School District (School Financing); Series 2019, Ref. COP (INS - BAM)(a)		5.00%		10/01/2048		3,000	3,163,324
Piedmont Unified School District; Series 2019, GO Bonds		3.00%		08/01/2045		4,375	3,383,795

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)
Pittsburg Unified School District Financing Authority (Pittsburg Unified School District Bond Program); Series 2019, RB (INS - AGM)(a)		5.00%		09/01/2047	$	7,000	$    7,321,044
Pixley Union School District (Election of 2014); Series 2014 A, GO Bonds(b)(c)		5.25%		08/01/2024		1,000	1,018,175
Poway Unified School District (Del Sur East II); Series 2020, RB (INS - AGM)(a)		4.00%		09/01/2050		4,255	3,917,222
Poway Unified School District Public Financing Authority; Series 2015 B, Ref. RB (INS - BAM)(a)		5.00%		09/01/2035		1,940	2,000,103
Rancho Cordova (City of), CA (Community Facilities District No. 2014-1);
Series 2021, RB		4.00%		09/01/2041		390	342,887
Series 2021, RB		4.00%		09/01/2046		585	489,197
Series 2021, RB		4.00%		09/01/2050		500	406,531
Rancho Cordova (City of), CA (Community Facilities District No. 2018-1);
Series 2021, RB		4.00%		09/01/2046		225	191,365
Series 2021, RB		4.00%		09/01/2050		200	165,605
Rancho Mirage Community Facilities District (Del Webb);
Series 2021, RB		4.00%		09/01/2046		380	322,738
Series 2021, RB		4.00%		09/01/2051		325	267,596
Ravenswood School District;
Series 2018, GO Bonds		5.00%		08/01/2031		500	528,584
Series 2018, GO Bonds		5.00%		08/01/2033		500	528,246
Series 2018, GO Bonds		5.00%		08/01/2035		750	789,672
Redding (City of), CA Redevelopment Agency (Canby-Hilltop-Cypress Redevelopment); Series 2003 A, RB (INS - NATL)(a)		5.00%		09/01/2023		1,400	1,400,000
Regents of the University of California Medical Center;
Series 2022 P, RB(f)(l)		5.00%		05/15/2047		10,000	10,699,440
Series 2022 P, RB		4.00%		05/15/2053		10,000	9,634,498
Series 2022 P, RB(f)(l)		4.00%		05/15/2053		15,000	14,451,747
Rialto Unified School District;
Series 2019 A, GO Bonds (INS - BAM)(a)(d)		0.00%		08/01/2042		8,125	3,319,500
Series 2019 A, GO Bonds (INS - BAM)(a)(d)		0.00%		08/01/2043		4,500	1,738,904
Rio Hondo Community College District (Election of 2004); Series 2010 C, GO Bonds(k)		6.63%		08/01/2042		10,530	12,071,137
River Islands Public Financing Authority;
Series 2022 A-1, Ref. RB (INS - AGM)(a)		5.25%		09/01/2052		3,600	3,895,001
Series 2022, RB (INS - AGM)(a)		5.25%		09/01/2052		2,000	2,163,890
Riverside (City of), CA (Community Facilities District No. 92-1); Series 2005 A, RB		5.30%		09/01/2034		1,050	1,057,227
Riverside (County of), CA Community Facilities District No. 07-2 (Clinton Keith);
Series 2015, RB		5.00%		09/01/2044		1,000	1,003,504
Series 2017, RB		5.00%		09/01/2045		535	538,732
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	1,072,295
Series 2017 A, Ref. RB (INS - BAM)(a)		4.00%		10/01/2040		500	490,160
Riverside (County of), CA Redevelopment Successor Agency (Jurupa Valley Redevelopment);
Series 2011, RB(b)(c)		7.75%		10/01/2024		1,000	1,047,176
Series 2011, RB(b)(c)		8.00%		10/01/2024		1,000	1,049,246
Riverside (County of), CA Transportation Commission; Series 2021 B-1, Ref. RB		4.00%		06/01/2046		16,545	15,412,035
Riverside Unified School District (Community Facilities District No. 32);
Series 2020, RB		4.00%		09/01/2045		290	246,901
Series 2020, RB		4.00%		09/01/2050		610	501,264
Riverside Unified School District (Community Facilities District No. 33);
Series 2021, RB		4.00%		09/01/2041		275	239,619
Series 2021, RB		4.00%		09/01/2050		600	489,306
Riverside Unified School District (Election of 2016);
Series 2019 B, GO Bonds		3.00%		08/01/2038		1,740	1,472,289
Series 2019 B, GO Bonds		3.00%		08/01/2039		4,250	3,541,775
Series 2019 B, GO Bonds		3.00%		08/01/2040		2,770	2,286,216
Romoland School District Community Facilities No. 2004-1; Series 2015, Ref. RB		5.00%		09/01/2038		1,000	1,007,042
Root Creek Water District Community Facilities District No. 2016-1 Improvement Area No. 1;
Series 2021, RB		4.00%		09/01/2041		430	379,453
Series 2021, RB		4.00%		09/01/2050		570	468,394
Root Creek Water District Community Facilities District No. 2016-1 Improvement Area No. 2; Series 2021, RB		4.00%		09/01/2050		930	764,222

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)
Roseville (City of), CA (Villages at Sierra Vista Community Facilities District No. 1 - Public Facilities);
Series 2020, RB		4.00%		09/01/2039	$	375	$      340,993
Series 2020, RB		4.00%		09/01/2045		350	301,298
Series 2020, RB		4.00%		09/01/2050		475	395,119
Roseville (City of), CA (Westpark-Federico Community Facilities District);
Series 2022, RB		5.00%		09/01/2043		1,830	1,826,457
Series 2022, RB		5.00%		09/01/2052		2,760	2,674,752
Sacramento (City of), CA (Convention Center Complex); Series 2018 A, RB		5.00%		06/01/2043		2,000	2,082,012
Sacramento (City of), CA (North Natomas Community Facilities District No. 4);
Series 2015, Ref. RB		5.00%		09/01/2032		1,290	1,320,081
Series 2015, Ref. RB		5.00%		09/01/2033		1,200	1,227,126
Sacramento (City of), CA Municipal Utility District (Green Bonds); Series 2020 H, RB		4.00%		08/15/2045		5,000	4,917,867
Sacramento (County of), CA;
Series 2018 C, Ref. RB(h)		5.00%		07/01/2038		2,200	2,268,709
Series 2018 C, Ref. RB(h)		5.00%		07/01/2039		9,495	9,764,472
Sacramento (County of), CA (Community Facilities District No. 2014-2); Series 2021, RB		4.00%		09/01/2046		650	551,272
Sacramento (County of), CA Housing Authority; Series 2002 C, RB (INS - AMBAC)(a)(h)		5.25%		06/01/2027		585	571,969
San Bernardino (City of), CA;
Series 2022, RB		5.13%		09/01/2047		555	548,787
Series 2022, RB		5.25%		09/01/2052		680	673,241
San Bernardino (City of), CA Joint Powers Financing Authority; Series 1999, Ref. COP (INS - NATL)(a)		5.50%		09/01/2024		5	5,008
San Bernardino Mountains Community Hospital District;
Series 2007 A, COP		5.00%		02/01/2027		650	649,975
Series 2007 A, COP		5.00%		02/01/2037		3,235	3,217,262
San Diego (County of), CA Redevelopment Agency (Gillespie Field); Series 2005 A, Ref. RB(h)		5.75%		12/01/2032		3,925	3,930,209
San Diego (County of), CA Regional Airport Authority;
Series 2017 B, RB(h)		5.00%		07/01/2037		1,000	1,028,135
Series 2019 B, Ref. RB(h)		4.00%		07/01/2044		1,000	910,996
Series 2019 B, Ref. RB(h)		5.00%		07/01/2049		12,840	13,035,466
Series 2021 A, RB		5.00%		07/01/2056		8,880	9,354,779
Series 2021 B, RB(h)		4.00%		07/01/2046		15,040	13,628,001
Series 2021 B, RB(h)		4.00%		07/01/2051		2,000	1,765,280
Series 2021 B, RB(h)		5.00%		07/01/2051		1,500	1,528,531
Series 2021 B, RB(h)		5.00%		07/01/2056		9,400	9,532,781
San Diego Unified School District; Series 2022, GO Bonds(f)		4.25%		07/01/2052		17,500	17,396,552
San Diego Unified School District (Green Bonds); Series 2021 N-2, GO Bonds		4.00%		07/01/2046		12,500	12,137,402
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);
Second Series 2018 D, RB(h)		5.00%		05/01/2048		11,290	11,410,728
Second Series 2022 B, Ref. RB		4.00%		05/01/2052		10,225	9,518,598
Series 2017 A, RB(h)		5.00%		05/01/2042		1,930	1,959,486
Series 2018 D, RB(h)		5.25%		05/01/2048		6,200	6,372,052
Series 2019 A, RB(h)		5.00%		05/01/2044		12,760	13,111,382
Series 2019 A, RB(h)		5.00%		05/01/2049		8,055	8,226,716
Series 2019 E, RB(h)		4.00%		05/01/2050		5,000	4,497,908
Series 2019 E, RB(h)		5.00%		05/01/2050		31,575	32,224,801
San Francisco (City & County of), CA Community Facilities District No. 2016-1;
Series 2020, RB		4.00%		09/01/2042		550	483,683
Series 2020, RB		4.00%		09/01/2050		1,025	848,728
San Francisco (City & County of), CA Community Facilities District No. 2016-1 (Treasure Island); Series 2022, RB(g)		4.00%		09/01/2052		2,000	1,622,782
San Francisco (City & County of), CA Infrastructure & Revitalization Financing District No. 1;
Series 2022 A, RB(g)		5.00%		09/01/2037		385	383,968
Series 2022 A, RB(g)		5.00%		09/01/2052		2,000	1,837,596
Series 2022 B, RB(g)		5.00%		09/01/2052		1,000	905,511
San Francisco (City & County of), CA Public Utilities Commission (Green Bonds);
Series 2021 A, RB		4.00%		10/01/2048		10,000	9,750,178
Series 2021 A, RB		4.00%		10/01/2051		5,000	4,838,677

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)
San Francisco (City & County of), CA Redevelopment Agency Successor Agency (Transbay Infrastructure);
Series 2023, RB (INS - AGM)(a)		5.00%		08/01/2048	$	2,250	$    2,394,614
Series 2023, RB (INS - AGM)(a)		5.25%		08/01/2053		2,375	2,568,998
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency (Hunters Point Shipyard Phase One Improvements); Series 2014, Ref. RB		5.00%		08/01/2044		2,745	2,751,063
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	1,076,263
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	503,630
Series 2013 B, RB		5.00%		08/01/2031		500	504,106
San Francisco (City of), CA Public Utilities Commission (Regional Water and Local Water); Series 2023, RB		5.25%		11/01/2052		7,500	8,317,002
San Gorgonio Memorial Health Care District; Series 2014, Ref. GO Bonds		5.00%		08/01/2032		500	490,472
San Jacinto Unified School District (Community Facilities District No. 2020-1); Series 2022, RB		4.00%		09/01/2052		760	610,905
San Jacinto Unified School District Financing Authority; Series 2017, Ref. RB		5.00%		09/01/2043		250	252,468
San Joaquin Hills Transportation Corridor Agency;
Series 2014 B, Ref. RB		5.25%		01/15/2044		2,000	2,023,618
Series 2021 A, Ref. RB		4.00%		01/15/2044		1,705	1,617,607
San Jose (City of), CA; Series 2017 A, Ref. RB(h)		5.00%		03/01/2047		8,600	8,671,844
San Jose (City of), CA (El Parador Apartments); Series 2000 A, RB(h)		6.20%		01/01/2041		3,150	3,040,147
San Jose (City of), CA (Fallen Leaves Apartments); Series 2002 J-1, RB (INS - AMBAC)(a)(h)		5.10%		12/01/2032		3,860	3,801,089
San Jose (City of), CA (Orvieto Family Apartments); Series 2010 B-1, RB		4.75%		08/01/2029		4,980	4,985,021
San Jose Evergreen Community College District (Election of 2004); Series 2008 B, GO Bonds (INS -AGM)(a)(d)		0.00%		09/01/2031		3,110	2,342,466
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	1,501,831
San Marcos Unified School District (Community Facilities District No. 7); Series 2019, RB		5.00%		09/01/2048		750	753,944
San Mateo Foster City School District;
Series 2010, GO Bonds(k)		6.63%		08/01/2042		1,010	1,002,048
Series 2023 B, GO Bonds		4.00%		08/01/2051		10,000	9,859,943
Santa Barbara (County of), CA;
Series 2018 B, COP(h)		5.00%		12/01/2037		12,695	13,211,895
Series 2018 B, COP(h)		5.00%		12/01/2038		5,000	5,154,852
Santa Clara (County of), CA Housing Authority;
Series 2001 A, RB(h)		5.85%		08/01/2031		845	846,475
Series 2001 A, RB(h)		6.00%		08/01/2041		2,070	2,109,666
Series 2010 A-1, RB (CEP - FHLMC)		4.75%		11/01/2027		4,010	4,011,006
Santa Clarita Community College District; Series 2019, GO Bonds		3.00%		08/01/2044		1,410	1,103,570
Santa Margarita Water District Community Facilities District No. 2013-1 (Village of Sendero);
Series 2013, RB(b)(c)		5.63%		09/01/2023		960	960,000
Series 2013, RB(b)(c)		5.63%		09/01/2023		960	960,000
Santa Monica (City of), CA Redevelopment Agency;
Series 2011, RB		5.88%		07/01/2036		1,750	1,755,275
Series 2011, RB		5.88%		07/01/2042		2,600	2,607,191
Santa Rosa Elementary School District (Election of 2022); Series 2023 A, GO Bonds		4.00%		08/01/2053		6,010	5,679,602
Sebastopol Union School District; Series 2020 A, GO Bonds		4.00%		08/01/2041		500	489,696
Signal Hill (City of), CA Redevelopment Agency Successor Agency (Signal Hill Redevelopment Project No. 1); Series 2011, RB		7.00%		10/01/2026		1,025	1,027,322
Silicon Valley Tobacco Securitization Authority (Santa Clara);
Series 2007 A, RB(d)		0.00%		06/01/2036		22,420	10,862,568
Series 2007 A, RB(d)		0.00%		06/01/2041		10,000	3,552,618
Series 2007 B, RB(d)		0.00%		06/01/2047		12,650	3,031,099
Series 2007 C, RB(d)		0.00%		06/01/2056		65,815	6,002,341
Simi Valley Unified School District (Election of 2004);
Series 2007 C, GO Bonds (INS - AGM)(a)(d)		0.00%		08/01/2028		3,480	2,920,957
Series 2007 C, GO Bonds (INS - AGM)(a)(d)		0.00%		08/01/2030		2,765	2,142,644
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	4,279,653

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)
South Orange (County of), CA Public Financing Authority (County of Orange Sheriff-Coroner); Series 2022, RB		5.00%		06/01/2052	$	10,000	$10,704,436
South San Francisco (City of), CA (Community Facilities District No. 2021-01); Series 2022, RB		5.00%		09/01/2052		2,500	2,485,743
Southern California Public Power Authority (No.1);
Series 2007 A, RB		5.25%		11/01/2023		50	50,080
Series 2007 A, RB		5.25%		11/01/2026		250	257,711
Series 2007 A, RB		5.25%		11/01/2027		2,255	2,345,021
Series 2007 A, RB		5.00%		11/01/2028		205	212,232
Series 2007 A, RB		5.00%		11/01/2029		165	170,993
Series 2007 A, RB		5.00%		11/01/2033		2,085	2,181,896
Series 2014 A, RB		5.00%		07/01/2035		13,000	13,147,961
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.);
Series 2006, RB(d)		0.00%		06/01/2046		3,000	534,590
Series 2019, Ref. RB		5.00%		06/01/2039		750	788,817
Series 2019, Ref. RB		5.00%		06/01/2048		2,035	2,069,302
Series 2019, Ref. RB(d)		0.00%		06/01/2054		20,000	3,713,962
Stockton (City of), CA Community Facilities District (Westlake Villages II); Series 2022, RB		5.13%		09/01/2052		1,800	1,710,817
Stockton (City of), CA Redevelopment Agency Successor Agency; Series 2016 A, Ref. RB (INS - AGM)(a)		5.00%		09/01/2034		1,000	1,048,488
Sulphur Springs Union School District; Series 2020, RB		4.00%		09/01/2050		1,225	1,009,705
Susanville (City of), CA (Natural Gas Enterprise Ref.); Series 2019, Ref. RB (INS - AGM)(a)		4.00%		06/01/2045		1,000	944,332
Tahoe-Truckee Unified School District;
Series 2016 B, GO Bonds		5.00%		08/01/2039		3,000	3,123,643
Series 2016 B, GO Bonds		5.00%		08/01/2041		950	987,591
Tejon Ranch Public Facilities Finance Authority (Community Facilities District No. 2008-1 - Tejon Industrial Complex Public Improvements); Series 2020, RB		4.00%		09/01/2050		4,750	3,969,368
Tender Option Bond Trust Receipts/Certificates;
Series 2023, RB(f)		5.00%		07/01/2051		14,000	14,947,897
Series 2023, RB(f)		5.25%		11/01/2053		30,285	33,523,069
Three Rivers Levee Improvement Authority (Community Facilities District No. 2006-1);
Series 2021, Ref. RB		4.00%		09/01/2036		1,075	992,716
Series 2021, Ref. RB		4.00%		09/01/2041		2,840	2,404,002
Series 2021, Ref. RB		4.00%		09/01/2046		2,700	2,147,346
Torrance Unified School District (Election of 2008-Measure Z); Series 2009, GO Bonds(d)		0.00%		08/01/2034		3,600	2,104,011
Tracy (City of), CA Community Facilities District;
Series 2022, RB		5.00%		09/01/2042		1,905	1,917,340
Series 2022, RB		5.00%		09/01/2052		2,400	2,350,484
Transbay Joint Powers Authority (Green Bonds);
Series 2020 A, RB		5.00%		10/01/2045		2,190	2,212,445
Series 2020 A, RB		5.00%		10/01/2049		2,100	2,108,463
Series 2020 B, RB		5.00%		10/01/2035		250	258,358
Series 2020 B, RB		5.00%		10/01/2038		300	303,758
Tustin Unified School District (Community Facilities District No. 97-1); Series 2015 A, Ref. RB (INS -BAM)(a)		5.00%		09/01/2038		2,000	2,041,886
University of California;
Series 2017, RB(f)		5.00%		05/15/2047		15,000	15,662,952
Series 2017, RB(f)(l)		5.00%		05/15/2048		16,000	16,864,510
Series 2018 AZ, Ref. RB		5.00%		05/15/2048		4,000	4,216,128
Series 2020 BE, Ref. RB		4.00%		05/15/2050		12,000	11,753,689
Series 2021 Q, Ref. RB (INS - BAM)(a)		4.00%		05/15/2051		5,040	4,922,920
University of California (Limited); Series 2018 O, Ref. RB		5.00%		05/15/2048		3,000	3,156,814
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	1,042,249
Series 2015, Ref. RB		5.00%		09/01/2030		1,080	1,091,745
Upland (City of), CA Community Facilities District No. 2015-1 (Improvement Area No. 1); Series 2019 A, RB		4.00%		09/01/2049		750	633,190

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
California–(continued)
Upland (City of), CA Community Facilities District No. 2016-1 (Improvement Area No. 2);
Series 2021 A, RB		4.00%		09/01/2040	$	260	$      231,908
Series 2021 A, RB		4.00%		09/01/2045		165	138,361
Series 2021 A, RB		4.00%		09/01/2051		260	210,266
Val Verde Unified School District Community Facilities Disctrict No. 2018-2 (Stratford Ranch Improvement Area No. 2); Series 2023, RB		5.00%		09/01/2054		955	929,993
Valley (City of), CA Sanitary District; Series 2005, RB		5.20%		09/02/2030		1,320	1,328,858
Victorville (City of), CA (Community Facilities District No. 07-01); Series 2012 A, RB		5.35%		09/01/2042		485	486,593
West Contra Costa Unified School District;
Series 2005, GO Bonds (INS - NATL)(a)(d)		0.00%		08/01/2025		2,500	2,331,312
Series 2020 E, GO Bonds (INS - AGM)(a)		3.00%		08/01/2045		6,465	5,000,974
West Covina (City of), CA Public Financing Authority; Series 2018 A, Ref. RB		5.00%		05/01/2031		445	474,655
West Patterson Financing Authority (Community Facilities District No. 2005-1);
Series 2021, RB		4.00%		09/01/2043		600	508,438
Series 2021, RB		4.00%		09/01/2046		745	617,004
Series 2021, RB		4.00%		09/01/2049		1,775	1,445,722
West Patterson Financing Authority (Community Facilities District No. 2015-1);
Series 2015, RB		5.25%		09/01/2035		610	623,428
Series 2015, RB		5.25%		09/01/2045		1,550	1,562,909
West Sacramento (City of), CA (Community Facilities District No. 29); Series 2019, RB		5.00%		09/01/2044		1,065	1,076,364
West Sacramento (City of), CA (Port Towne Infrasctructure); Series 2019, RB		5.00%		09/01/2037		860	887,504
Whittier (City of), CA (Presbyterian Intercommunity Hospital, Inc.); Series 2014, RB		5.00%		06/01/2044		1,500	1,499,962
Woodland (City of), CA Community Facilities District 2004-1; Series 2019, RB		5.00%		09/01/2044		2,130	2,150,305
Yosemite Community College District (Election of 2004); Series 2008 C, GO Bonds (INS - AGM)(a)(d)		0.00%		08/01/2024		4,685	4,539,475
							2,067,482,378
Guam–0.69%
Guam (Territory of); Series 2021 F, Ref. RB		4.00%		01/01/2042		1,120	964,772
Guam (Territory of) Department of Education (John F. Kennedy); Series 2020, Ref. COP		5.00%		02/01/2040		2,750	2,655,047
Guam (Territory of) International Airport Authority;
Series 2013 C, RB(b)(c)(h)		6.00%		10/01/2023		715	716,121
Series 2013 C, RB(b)(c)(h)		6.00%		10/01/2023		285	285,447
Series 2013 C, RB(b)(c)(h)		6.13%		10/01/2023		2,055	2,058,405
Series 2013 C, RB(b)(c)(h)		6.13%		10/01/2023		445	445,737
Series 2013 C, RB(b)(c)(h)		6.25%		10/01/2023		395	395,690
Series 2013 C, RB(b)(c)(h)		6.25%		10/01/2023		605	606,056
Guam (Territory of) Port Authority; Series 2018 A, RB		5.00%		07/01/2048		1,825	1,835,756
Guam (Territory of) Waterworks Authority;
Series 2014 A, Ref. RB		5.00%		07/01/2035		765	768,728
Series 2020 A, RB		5.00%		01/01/2050		3,460	3,443,909
							14,175,668
Northern Mariana Islands–0.10%
Northern Mariana Islands (Commonwealth of) Ports Authority;
Series 1998 A, RB(h)		6.25%		03/15/2028		675	646,894
Series 2005 A, RB(h)		5.50%		03/15/2031		1,415	1,295,489
							1,942,383
Puerto Rico–4.01%
Children’s Trust Fund;
Series 2002, RB		5.50%		05/15/2039		8,460	8,460,988
Series 2002, RB		5.63%		05/15/2043		8,735	8,778,858
PRIFA Custodial Trust; Series 2005, RB		0.00%		03/15/2049		86	26,468

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

21 Invesco California Municipal Fund

	Interest Rate		Maturity Date		Principal  Amount  (000)		Value
Puerto Rico–(continued)
Puerto Rico (Commonwealth of);
Series 2021 A, GO Bonds(d)		0.00%		07/01/2024	$	135	$      130,533
Series 2021 A, GO Bonds(d)		0.00%		07/01/2033		12,619	7,688,907
Series 2021 A-1, GO Bonds		5.38%		07/01/2025		925	942,854
Series 2021 A-1, GO Bonds		5.63%		07/01/2027		917	956,258
Series 2021 A-1, GO Bonds		5.63%		07/01/2029		902	954,351
Series 2021 A-1, GO Bonds		5.75%		07/01/2031		876	947,583
Series 2021 A-1, GO Bonds		4.00%		07/01/2033		1,731	1,620,670
Series 2021 A-1, GO Bonds		4.00%		07/01/2035		747	686,314
Series 2021 A-1, GO Bonds		4.00%		07/01/2037		641	576,633
Series 2021 A-1, GO Bonds		4.00%		07/01/2041		871	753,549
Series 2021 A-1, GO Bonds		4.00%		07/01/2046		0	3
Subseries 2022, RN		0.00%		11/01/2043		4,245	2,191,591
Subseries 2022, RN		0.00%		11/01/2051		183	175,864
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2008 A, RB		6.13%		07/01/2024		566	573,592
Series 2022 A, Ref. RB(g)		5.00%		07/01/2037		1,500	1,496,929
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2012 A, RB(i)		5.00%		07/01/2042		4,000	1,100,000
Series 2012 A, RB(i)		5.05%		07/01/2042		1,000	275,000
Series 2013 A, RB(i)		6.75%		07/01/2036		7,350	2,021,250
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2022 A, RB		5.00%		07/01/2062		957	943,689
Series 2022 B, RB(d)		0.00%		07/01/2032		622	400,297
Series 2022 C, RB(k)		5.00%		07/01/2053		1,064	674,107
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2000, RB (Acquired 05/26/2000; Cost $5,438,259)(h)(i)(j)		6.63%		06/01/2026		5,450	3,815,000
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(d)		0.00%		07/01/2024		83	80,321
Series 2018 A-1, RB(d)		0.00%		07/01/2027		1,524	1,304,523
Series 2018 A-1, RB(d)		0.00%		07/01/2031		1,616	1,155,208
Series 2018 A-1, RB(d)		0.00%		07/01/2033		11,974	7,748,956
Series 2018 A-1, RB		4.50%		07/01/2034		419	418,976
Series 2018 A-1, RB		4.55%		07/01/2040		342	333,459
Series 2018 A-1, RB(d)		0.00%		07/01/2046		8,788	2,447,706
Series 2018 A-1, RB(d)		0.00%		07/01/2051		13,879	2,868,616
Series 2018 A-1, RB		4.75%		07/01/2053		2,510	2,353,074
Series 2018 A-1, RB		5.00%		07/01/2058		11,595	11,251,852
Series 2019 A-2, RB		4.33%		07/01/2040		2,154	2,045,451
Series 2019 A-2, RB		4.54%		07/01/2053		65	58,828
Series 2019 A-2, RB		4.78%		07/01/2058		865	810,843
Series 2019 A-2B, RB		4.55%		07/01/2040		926	902,873
University of Puerto Rico; Series 2006 P, Ref. RB		5.00%		06/01/2030		2,190	2,110,910
							82,082,884
Virgin Islands–0.19%
Virgin Islands (Government of) Port Authority;
Series 2014 A, Ref. RB(h)		5.00%		09/01/2029		1,645	1,562,290
Series 2014 A, Ref. RB(h)		5.00%		09/01/2033		1,500	1,366,175
Virgin Islands (Government of) Public Finance Authority (Garvee); Series 2015, RB(g)		5.00%		09/01/2030		1,000	1,010,013
							3,938,478
Total Municipal Obligations (Cost $2,265,623,407)							2,169,621,791

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

22 Invesco California Municipal Fund

	Interest Rate		Maturity Date		Principal  Amount  (000)		Value
U.S. Dollar Denominated Bonds & Notes–0.12%
California–0.12%
CalPlant I LLC;
Series 21A(g)(i)(m)		9.50%		03/31/2024	$	160	$	160,000
Series 21B(g)(i)(m)		9.50%		03/31/2024		605		605,000
Series 22A(g)(i)(m)		9.50%		03/31/2024		330		330,000
Series 22B(g)(i)(m)		9.50%		03/31/2024		30		30,000
Series 22C(g)(i)(m)		9.50%		03/31/2024		220		220,000
Series 22X(g)(i)(m)		9.50%		03/31/2024		325		325,000
Series 23A(g)(i)(m)		9.50%		03/31/2024		115		115,000
Series 23B(g)(i)(m)		9.50%		03/31/2024		100		100,000
Series 23C(g)(m)		9.50%		03/31/2024		165		165,000
Series 23D (Acquired 05/04/2023; Cost $140,000)(g)(i)(j)(m)		9.50%		03/31/2024		140		140,000
Series 23E(g)(i)(m)		9.50%		03/31/2024		160		160,000
Total U.S. Dollar Denominated Bonds & Notes (Cost $2,350,000)								2,350,000
TOTAL INVESTMENTS IN SECURITIES(n)–106.22% (Cost $2,267,973,407)								2,171,971,791
FLOATING RATE NOTE OBLIGATIONS–(6.97)%
Notes with interest and fee rates ranging from 4.58% to 4.63% at 08/31/2023 and contractual maturities of collateral ranging from 05/15/2035 to 11/01/2053 (See Note 1K)(o)								(142,470,000	)
BORROWINGS–(0.17)%								(3,400,000	)
OTHER ASSETS LESS LIABILITIES–0.92%								18,730,170
NET ASSETS–100.00%							$	2,044,831,961

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.
FNMA	- Federal National Mortgage Association
GO	- General Obligation
INS	- Insurer
NATL	- National Public Finance Guarantee Corp.
RB	- Revenue Bonds
Ref.	- Refunding
RN	- Revenue Notes

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

23 Invesco California Municipal Fund

Notes to Schedule of Investments:

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

^(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)  Zero coupon bond issued at a discount.

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

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

^(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, 2023 was $139,204,429, which represented 6.81% of the Fund’s Net Assets.

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

⁽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, 2023 was $10,087,100, which represented less than 1% of the Fund’s Net Assets.

^(j)  Restricted security. The aggregate value of these securities at August 31, 2023 was $4,645,850, which represented less than 1% of the Fund’s Net Assets.

^(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 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 $45,425,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

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

⁽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
Build America Mutual Assurance Co.		5.36	%

^(o)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2023. At August 31, 2023, the Fund’s investments with a value of $213,633,218 are held by TOB Trusts and serve as collateral for the $142,470,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2023

Revenue Bonds	83.98	%
General Obligation Bonds	14.84
Pre-Refunded Bonds	1.18

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

24 Invesco California Municipal Fund

Statement of Assets and Liabilities

August 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $2,267,973,407)	$	2,171,971,791
Receivable for:
Investments sold		13,410,604
Fund shares sold		3,848,541
Interest		23,706,761
Investments matured, at value (Cost $2,161,645)		589,048
Investment for trustee deferred compensation and retirement plans		124,134
Other assets		346,578
Total assets		2,213,997,457
Liabilities:
Floating rate note obligations		142,470,000
Payable for:
Borrowings		3,400,000
Investments purchased		14,005,475
Dividends		3,164,507
Fund shares reacquired		2,394,799
Amount due custodian		582,736
Accrued fees to affiliates		685,806
Accrued interest expense		33,564
Accrued trustees’ and officers’ fees and benefits		49,876
Accrued other operating expenses		2,207,035
Trustee deferred compensation and retirement plans		171,698
Total liabilities		169,165,496
Net assets applicable to shares outstanding	$	2,044,831,961

Net assets consist of:
Shares of beneficial interest	$	2,471,243,739
Distributable earnings (loss)		(426,411,778	)
	$	2,044,831,961
Net Assets:
Class A	$	1,191,655,446
Class C	$	107,734,768
Class Y	$	737,955,814
Class R6	$	7,485,933
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		151,790,425
Class C		13,789,471
Class Y		93,980,086
Class R6		949,977
Class A:
Net asset value per share	$	7.85
Maximum offering price per share (Net asset value of $7.85 ÷ 95.75%)	$	8.20
Class C:
Net asset value and offering price per share	$	7.81
Class Y:
Net asset value and offering price per share	$	7.85
Class R6:
Net asset value and offering price per share	$	7.88

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

25 Invesco California Municipal Fund

Statement of Operations

For the six months ended August 31, 2023

(Unaudited)

Investment income:
Interest	$	47,168,049
Expenses:
Advisory fees		4,065,076
Administrative services fees		142,580
Custodian fees		17,718
Distribution fees:
Class A		1,503,954
Class C		554,225
Interest, facilities and maintenance fees		3,465,499
Transfer agent fees – A, C and Y		582,565
Transfer agent fees – R6		516
Trustees’ and officers’ fees and benefits		17,612
Registration and filing fees		36,996
Reports to shareholders		23,226
Professional services fees		125,689
Other		17,227
Total expenses		10,552,883
Less: Expense offset arrangement(s)		(1,784	)
Net expenses		10,551,099
Net investment income		36,616,950
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities		(9,077,678	)
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(4,768,840	)
Net realized and unrealized gain (loss)		(13,846,518	)
Net increase in net assets resulting from operations	$	22,770,432

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

26 Invesco California Municipal Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2023 and the year ended February 28, 2023

(Unaudited)

	August 31, 2023			February 28, 2023
Operations:
Net investment income	$	36,616,950		$	68,210,609
Net realized gain (loss)		(9,077,678	)		(60,894,990	)
Change in net unrealized appreciation (depreciation)		(4,768,840	)		(183,201,616	)
Net increase (decrease) in net assets resulting from operations		22,770,432			(175,885,997	)
Distributions to shareholders from distributable earnings:
Class A		(23,042,443	)		(42,985,623	)
Class C		(1,690,585	)		(3,103,810	)
Class Y		(13,845,617	)		(21,568,810	)
Class R6		(148,752	)		(42,853	)
Total distributions from distributable earnings		(38,727,397	)		(67,701,096	)
Share transactions–net:
Class A		(3,526,956	)		(91,353,476	)
Class C		(1,465,682	)		(18,974,367	)
Class Y		109,472,639			54,380,018
Class R6		6,602,515			346,893
Net increase (decrease) in net assets resulting from share transactions		111,082,516			(55,600,932	)
Net increase (decrease) in net assets		95,125,551			(299,188,025	)
Net assets:
Beginning of period		1,949,706,410			2,248,894,435
End of period	$	2,044,831,961		$	1,949,706,410

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

27 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 08/31/23		$	7.91		$	0.14		$	(0.05	)		$	0.09			$	(0.15	)		$	7.85		1.15	%		$	1,191,655		1.10	%(d)		1.10	%(d)		0.75	%(d)		3.58	%(d)		8	%
Year ended 02/28/23			8.88			0.28			(0.97	)			(0.69	)			(0.28	)			7.91		(7.75	)			1,203,778		1.14			1.14			0.75			3.50			41
Year ended 02/28/22			9.09			0.26			(0.19	)			0.07				(0.28	)			8.88		0.69				1,449,851		0.84			0.84			0.75			2.78			11
Year ended 02/28/21			9.28			0.28			(0.18	)			0.10				(0.29	)			9.09		1.11				1,443,969		0.86			0.86			0.76			3.15			28
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	(d)		0.93	(d)		0.76	(d)		3.18	(d)		11
Year ended 07/31/19			8.49			0.37			0.32				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
Class C
Six months ended 08/31/23			7.87			0.11			(0.05	)			0.06				(0.12	)			7.81		0.77				107,735		1.85	(d)		1.85	(d)		1.50	(d)		2.83	(d)		8
Year ended 02/28/23			8.83			0.22			(0.96	)			(0.74	)			(0.22	)			7.87		(8.41	)			109,955		1.89			1.89			1.50			2.75			41
Year ended 02/28/22			9.04			0.19			(0.19	)			0.00				(0.21	)			8.83		(0.08	)			144,067		1.59			1.59			1.50			2.03			11
Year ended 02/28/21			9.23			0.21			(0.18	)			0.03				(0.22	)			9.04		0.36				153,595		1.61			1.61			1.51			2.40			28
Seven months ended 02/29/20			8.83			0.13			0.40				0.53				(0.13	)			9.23		6.08				193,922		1.69	(d)		1.69	(d)		1.52	(d)		2.42	(d)		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
Class Y
Six months ended 08/31/23			7.91			0.15			(0.05	)			0.10				(0.16	)			7.85		1.28				737,956		0.85	(d)		0.85	(d)		0.50	(d)		3.83	(d)		8
Year ended 02/28/23			8.88			0.30			(0.97	)			(0.67	)			(0.30	)			7.91		(7.52	)			634,952		0.89			0.89			0.50			3.75			41
Year ended 02/28/22			9.09			0.28			(0.19	)			0.09				(0.30	)			8.88		0.94				654,169		0.59			0.59			0.50			3.03			11
Year ended 02/28/21			9.28			0.31			(0.19	)			0.12				(0.31	)			9.09		1.36				550,591		0.61			0.61			0.51			3.40			28
Seven months ended 02/29/20			8.87			0.18			0.41				0.59				(0.18	)			9.28		6.78				476,142		0.69	(d)		0.69	(d)		0.52	(d)		3.42	(d)		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
Class R6
Six months ended 08/31/23			7.93			0.16			(0.05	)			0.11				(0.16	)			7.88		1.43				7,486		0.80	(d)		0.80	(d)		0.45	(d)		3.88	(d)		8
Year ended 02/28/23			8.91			0.31			(0.98	)			(0.67	)			(0.31	)			7.93		(7.55	)			1,021		0.84			0.84			0.45			3.80			41
Year ended 02/28/22			9.10			0.30			(0.18	)			0.12				(0.31	)			8.91		1.22				807		0.42			0.42			0.33			3.20			11
Year ended 02/28/21			9.29			0.31			(0.19	)			0.12				(0.31	)			9.10		1.38				3,457		0.58			0.58			0.48			3.43			28
Seven months ended 02/29/20			8.88			0.18			0.42				0.60				(0.19	)			9.29		6.83				933		0.71	(d)		0.71	(d)		0.54	(d)		3.40	(d)		11
Period ended 07/31/19(e)			8.80			0.08			0.06				0.14				(0.06	)			8.88		1.62				10		0.84	(d)		0.84	(d)		0.52	(d)		4.64	(d)		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 year ended February 28, 2021, 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)  Annualized.

^(e)  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 California Municipal Fund

Notes to Financial Statements

August 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco 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 eight 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 eighth anniversary after a purchase of Class C shares.

 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 generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

29 Invesco California Municipal Fund

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 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, administrative expenses and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

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. The risk of material loss as a result of such indemnification claims is considered remote.

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.

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

30 Invesco California Municipal Fund

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.

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.

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. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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.

 For the six months ended August 31, 2023, 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). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

 Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses 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 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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

31 Invesco California Municipal Fund

expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary 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, 2023, 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, 2023, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $24,741 in front-end sales commissions from the sale of Class A shares and $27,377 and $2,844 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

 The following is a summary of the tiered valuation input levels, as of August 31, 2023. 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		$	–		$	2,169,621,791		$	–		$	2,169,621,791
U.S. Dollar Denominated Bonds & Notes			–			–			2,350,000			2,350,000
Total Investments in Securities			–			2,169,621,791			2,350,000			2,171,971,791
Other Investments - Assets
Investments Matured			–			589,048			–			589,048
Total Investments		$	–		$	2,170,210,839		$	2,350,000		$	2,172,560,839

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,784.

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

32 Invesco California Municipal 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 has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Invesco Funds, and which will expire on February 22, 2024. The revolving credit and security agreement is secured by the assets of the Fund. 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.

 During the six months ended August 31, 2023, the average daily balance of borrowing under the revolving credit and security agreement was $5,811,957 with an average interest rate of 5.23%. 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, 2023 were $145,988,571 and 3.81%, 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 carryforward 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 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$95,701,967		$239,653,485		$335,355,452

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2023 was $286,549,246 and $172,622,112, 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	$	39,627,563
Aggregate unrealized (depreciation) of investments		(131,902,651	)
Net unrealized appreciation (depreciation) of investments	$	(92,275,088	)

 Cost of investments for tax purposes is $2,264,835,927.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended August 31, 2023(a)								Year ended February 28, 2023
	Shares				Amount				Shares				Amount
Sold:
Class A		9,086,729			$	72,552,142				24,900,060			$	200,588,212
Class C		1,312,548				10,412,646				3,007,789				24,025,621
Class Y		23,956,181				191,460,256				59,470,494				479,972,817
Class R6		1,073,151				8,626,088				124,837				1,053,180
Issued as reinvestment of dividends:
Class A		1,465,480				11,698,273				2,786,096				22,316,112
Class C		136,430				1,084,035				238,655				1,902,545
Class Y		942,104				7,520,858				1,348,570				10,797,332
Class R6		3,838				30,739				2,863				23,014
Automatic conversion of Class C shares to Class A shares:
Class A		489,594				3,911,374				1,322,854				10,678,105
Class C		(492,058	)			(3,911,374	)			(1,329,355	)			(10,678,105	)

33 Invesco California Municipal Fund

	Summary of Share Activity
	Six months ended August 31, 2023(a)								Year ended February 28, 2023
	Shares				Amount				Shares				Amount
Reacquired:
Class A		(11,494,078	)		$	(91,688,745	)			(40,090,157	)		$	(324,935,905	)
Class C		(1,140,955	)			(9,050,989	)			(4,253,359	)			(34,224,428	)
Class Y		(11,204,050	)			(89,508,475	)			(54,207,858	)			(436,390,131	)
Class R6		(255,768	)			(2,054,312	)			(89,498	)			(729,301	)
Net increase (decrease) in share activity		13,879,146			$	111,082,516				(6,768,009	)		$	(55,600,932	)

^(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.

34 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, 2023 through August 31, 2023.

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  (03/01/23)	Ending  Account Value  (08/31/23)1	Expenses  Paid During  Period2	Ending  Account Value  (08/31/23)	Expenses  Paid During  Period2	Annualized  Expense Ratio
Class A	$1,000.00	$1,011.50	$5.56	$1,019.61	$5.58	1.10%
Class C	1,000.00	1,007.70	9.34	1,015.84	9.37	1.85
Class Y	1,000.00	1,012.80	4.30	1,020.86	4.32	0.85
Class R6	1,000.00	1,014.30	4.05	1,021.11	4.06	0.80

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, 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 184/366 to reflect the most recent fiscal half year.

35 Invesco California Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

At meetings held on June 13, 2023, 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 (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, 2023. 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 has established an Investments Committee, which in turn has established Sub-Committees that 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 information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees 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 requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by 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. 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 accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a

description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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 to the Fund 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, 2022 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond California 5+ Year Investment Grade Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the first quintile for the 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

36 Invesco California Municipal Fund

performance of Class A shares of the Fund was below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of Oppenheimer Funds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction 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, which did not change its 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. 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 is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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 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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board 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 also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 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 most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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 received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination 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. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

37 Invesco 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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list 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/ corporate/about-us/esg. 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 number(s): 811-07890 and 033-66242  Invesco Distributors, Inc.   O-ROCAM-SAR-1

Semiannual Report to Shareholders August 31, 2023

Invesco Environmental Focus Municipal Fund

Nasdaq:

A: OPAMX ∎ C: OPCMX ∎ Y: OPYMX ∎ R6: IOMUX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
9	Financial Statements
12	Financial Highlights
13	Notes to Financial Statements
19	Fund Expenses
20	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is 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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/23 to 8/31/23, 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	1.79	%
Class C Shares	1.32
Class Y Shares	1.82
Class R6 Shares	1.83
S&P Municipal Bond Index▼ (Broad Market Index)	1.22
S&P Municipal Bond 5+ Year Investment Grade Index▼ (Style-Specific Index)	1.08
Source(s): ▼RIMES Technologies Corp.
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 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.

2 Invesco Environmental Focus Municipal Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (11/7/06)	2.93	%
10 Years	2.79
5 Years	0.39
1 Year	-2.97
Class C Shares
Inception (11/7/06)	2.81	%
10 Years	2.68
5 Years	0.61
1 Year	-0.42
Class Y Shares
Inception (7/29/11)	3.60	%
10 Years	3.39
5 Years	1.50
1 Year	1.58
Class R6 Shares
10 Years	3.37	%
5 Years	1.53
1 Year	1.58

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 was subsequently renamed the Invesco Environmental Focus Municipal Fund (the Fund). Returns shown above, for periods ending on or 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 on and 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.

3 Invesco Environmental Focus Municipal Fund

 

 

 

Liquidity Risk Management Program

  In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), 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 reason-ably 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 17, 2023, 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 January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during 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.

4 Invesco Environmental Focus Municipal Fund

Schedule of Investments

August 31, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Municipal Obligations–98.45%
Arizona–2.26%
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	$	99,060
Maricopa (County of), AZ Industrial Development Authority (Benjamin Franklin Charter School); Series 2018, RB(a)		6.00%		07/01/2052		1,000		1,011,559
Maricopa County Pollution Control Corp. (Southern California Edison); Series 2000, Ref. RB		2.40%		06/01/2035		1,000		775,712
								1,886,331
Arkansas–1.76%
Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB(b)		5.45%		09/01/2052		1,500		1,463,714
California–12.19%
California (State of) Community Choice Financing Authority (Green Bonds); Series 2021 B-1, RB(c)		4.00%		08/01/2031		1,000		978,887
Series 2023, RB(c)		5.00%		08/01/2029		1,500		1,545,482
California (State of) Educational Facilities Authority (University of Redlands); Series 2022 A, RB		5.00%		10/01/2052		1,000		970,499
California (State of) Health Facilities Financing Authority (Commonspirit Health); Series 2020 A, Ref. RB		4.00%		04/01/2049		1,000		881,545
California (State of) Municipal Finance Authority (Sustainability Bonds); Series 2021, RB(a)		4.00%		11/01/2036		1,625		1,468,172
California (State of) Pollution Control Financing Authority (Poseidon Resources L.P.); Series 2023, RB(a)(b)		5.00%		07/01/2038		500		514,834
California (State of) Pollution Control Financing Authority (San Diego County Water Authority); Series 2019, Ref. RB(a)		5.00%		11/21/2045		1,650		1,655,234
California (State of) Public Finance Authority (Enso Village) (Green Bonds); Series 2021, RB(a)		5.00%		11/15/2051		1,250		1,091,593
Los Angeles (City of), CA Department of Airports (Green Bonds); Series 2022 G, RB(b)		5.25%		05/15/2047		1,000		1,053,858
								10,160,104
Colorado–3.34%
Colorado (State of) Health Facilities Authority (CommonSpirit Health); Series 2022, RB		5.25%		11/01/2052		1,500		1,529,413
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2020 A, Ref. RB		4.00%		07/15/2035		1,250		1,256,449
								2,785,862
District of Columbia–4.71%
District of Columbia (Green Bonds); Series 2022 A, RB(b)		5.50%		08/31/2034		2,500		2,837,249
Washington (State of) Metropolitan Area Transit Authority (Sustainability Bonds); Series 2023 A, RB		5.25%		07/15/2053		1,000		1,084,821
								3,922,070
Florida–2.93%
Capital Trust Agency, Inc. (Sustainability Bonds); Series 2021, RB(a)		4.00%		06/15/2051		2,000		1,443,151
Florida Development Finance Corp. (Green Bonds); Series 2019 B, RB(a)(b)		7.38%		01/01/2049		900		901,825
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); Series 2018 A, RB(a)		5.75%		07/15/2053		100		91,754
								2,436,730
Georgia–4.94%
Atlanta (City of), GA (Beltline); Series 2016 A, Ref. RB		5.00%		01/01/2026		1,275		1,276,290
Atlanta (City of), GA (Green Bonds); Series 2023, RB(b)		5.25%		07/01/2043		1,000		1,064,228
Burke (County of), GA Development Authority (Georgia Power Co. Plant Vogtle); Series 1995, RB		2.20%		10/01/2032		1,750		1,402,498
Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens);
Series 2018 A-1, RB		6.38%		12/01/2053		250		213,631
Series 2018 A-2, RB(c)		5.50%		12/01/2028		175		158,914
								4,115,561
Illinois–3.71%
Chicago (City of), IL; Series 2021 A, Ref. GO Bonds		5.00%		01/01/2033		1,000		1,064,164
Chicago (City of), IL (Chicago Works); Series 2023 A, GO Bonds		5.50%		01/01/2039		1,000		1,079,930
Chicago (City of), IL Park District; Series 2020 D, GO Bonds (INS - BAM)(d)		4.00%		01/01/2038		1,000		946,156
								3,090,250

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

5 Invesco Environmental Focus Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Indiana–1.20%
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.); Series 2012 A, RB		4.25	%		11/01/2030	$	1,000	$	998,403
Iowa–0.11%
Clear Lake (City of), IA (Timbercrest Apartments, LLC); Series 2018, RB		6.00	%		10/01/2048		100		92,001
Kentucky–1.14%
Henderson (City of), KY (Pratt Paper LLC); Series 2022 B, RB(a)(b)		4.45	%		01/01/2042		1,000		950,575
Louisiana–1.91%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Entergy Louisiana LLC); Series 2021 B, Ref. RB		2.50	%		04/01/2036		2,000		1,590,890
Maryland–2.41%
Maryland Economic Development Corp. (Green Bonds); Series 2022, RB(b)		5.25	%		06/30/2052		2,000		2,008,592
Massachusetts–1.20%
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bonds); Series 2015, RB		5.00	%		07/01/2044		1,000		1,003,161
Minnesota–10.02%
Anoka (County of), MN Housing & Redevelopment Authority (Woodland Park Apartments); Series 2011 A, RB		5.00	%		04/01/2027		1,000		1,000,954
Chisago (City of), MN (CDL Homes LLC); Series 2013 B, RB		6.00	%		08/01/2043		1,000		987,361
Cokato (City of), MN (Cokato Charitable Trust); Series 2006 A, Ref. RB		5.25	%		12/01/2026		125		119,752
Dakota (County of), MN Community Development Agency (Sanctuary at West St. Paul); Series 2015, RB		6.00	%		08/01/2035		2,300		1,593,135
Hayward (City of), MN (St. John’s Lutheran Home of Albert Lea); Series 2014, Ref. RB(e)		5.38	%		10/01/2044		500		305,000
International Falls (City of), MN (Boise Cascade Corp.); Series 1999, Ref. RB(b)		6.85	%		12/01/2029		115		115,216
Little Canada (City of), MN (PHS/Mayfield LLC); Series 2010, Ref. RB		6.00	%		12/01/2030		250		234,072
Maplewood (City of), MN (VOA Care Centers); Series 2005 A, Ref. RB		5.38	%		10/01/2024		190		184,640
Minneapolis & St. Paul (Cities of), MN Housing Finance Board; Series 2007 A-2, RB (CEP - GNMA)(b)		5.52	%		03/01/2041		5		4,995
Minnesota (State of) Housing Finance Agency; Series 2013 B-1, RB		5.30	%		08/01/2044		1,050		1,050,719
St. Paul (City of), MN Housing & Redevelopment Authority; Series 2004, RB		6.25	%		03/01/2029		203		181,334
St. Paul (City of), MN Port Authority; Series 2007-1, RB		5.00	%		08/01/2036		1,245		1,245,163
Stillwater (City of), MN (Orleans Homes);
Series 2007, RB(b)		5.38	%		02/01/2032		900		863,806
Series 2007, RB(b)		5.50	%		02/01/2042		510		466,920
									8,353,067
Nevada–0.57%
Las Vegas Valley Water District; Series 2022 A, GO Bonds		4.00	%		06/01/2051		500		474,094
New Hampshire–0.92%
New Hampshire (State of) Business Finance Authority (Covanta Green Bonds); Series 2020 B, Ref. RB(a)(b)(c)		3.75	%		07/02/2040		1,000		769,845
New Jersey–4.19%
New Jersey (State of) Economic Development Authority (Golden Door Charter School); Series 2018 A, RB(a)		6.50	%		11/01/2052		100		103,476
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB		5.13	%		06/15/2037		79		83,259
New Jersey (State of) Economic Development Authority (Portal North Bridge); Series 2022 A, RB		5.00	%		11/01/2052		1,000		1,045,754
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds); Series 2020 A, RB		5.00	%		07/01/2045		2,250		2,262,038
									3,494,527
New Mexico–1.86%
Farmington (City of), NM (San Juan and Four Corners); Series 2016 B, Ref. RB		2.15	%		04/01/2033		2,000		1,545,087
New York–18.36%
Metropolitan Transportation Authority (Green Bonds);
Series 2020 C-1, RB		5.00	%		11/15/2050		1,000		1,011,836
Series 2020 C-1, RB		5.25	%		11/15/2055		2,000		2,057,748

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
New York–(continued)
New York (City of), NY;
Series 2018 E-1, GO Bonds		4.00	%		03/01/2042	$	1,000	$	968,215
Series 2021 F-1, GO Bonds		4.00	%		03/01/2047		2,240		2,132,576
Subseries 2022 B-1, GO Bonds		5.25	%		10/01/2047		1,000		1,084,218
New York (State of) Dormitory Authority; Series 2020 A, RB		4.00	%		07/01/2053		1,000		891,469
New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2020 A, Ref. RB		4.00	%		09/01/2045		1,500		1,264,821
New York (State of) Housing Finance Agency (Sustainability Bonds); Series 2021 D-1, RB		2.65	%		11/01/2051		2,965		1,913,154
New York Liberty Development Corp. (Green Bonds);
Series 2021 A, Ref. RB (INS - AGM)(d)		2.75	%		11/15/2041		1,000		769,783
Series 2021 A, Ref. RB		2.88	%		11/15/2046		1,000		727,575
Triborough Bridge & Tunnel Authority; Series 2021 C-3, RB		4.00	%		05/15/2051		1,500		1,417,856
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2022 C, RB		5.00	%		05/15/2047		1,000		1,061,659
									15,300,910
Oregon–2.88%
Multnomah (County of), OR Hospital Facilities Authority (Terwilliger Plaza, Inc.); Series 2021, Ref. RB		4.00	%		12/01/2051		2,000		1,332,125
Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB(b)		5.50	%		07/01/2053		1,000		1,068,753
									2,400,878
Pennsylvania–4.26%
Chester (County of), PA Industrial Development Authority (Sustainability Bonds); Series 2021, RB		4.00	%		12/01/2051		1,500		1,377,737
Geisinger Authority (Geisinger Health System); Series 2020, Ref. RB		4.00	%		04/01/2050		2,415		2,171,607
									3,549,344
Tennessee–0.12%
Metropolitan Development and Housing Agency (Fifth + Broadway Development); Series 2018, RB(a)		5.13	%		06/01/2036		100		100,723
Texas–1.58%
San Antonio (City of), TX; Series 2020, RB		5.00	%		02/01/2049		1,260		1,314,832
Washington–5.64%
Washington (State of) Economic Development Finance Authority (Green Bonds); Series 2020 A, RB(a)(b)		5.63	%		12/01/2040		2,000		1,924,059
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center); Series 2017, Ref. RB		5.00	%		08/15/2035		2,745		2,779,193
									4,703,252
Wisconsin–4.24%
Somers (Village of), WI; Series 2018 B, Ref. RB		4.85	%		06/01/2036		1,235		1,245,298
Wisconsin (State of) Public Finance Authority (Beyond Boone, LLC - Appalachian State University); Series 2019 A, RB (INS - AGM)(d)		5.00	%		07/01/2058		100		100,629
Wisconsin (State of) Public Finance Authority (Green Bonds); Series 2021, RB(b)		4.00	%		09/30/2051		2,540		2,014,909
Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy); Series 2019, RB(a)		5.00	%		06/15/2039		100		92,476
Wisconsin (State of) Public Finance Authority (Traders Point Christian Schools); Series 2019 A, RB(a)		5.50	%		06/01/2054		100		81,145
									3,534,457
TOTAL INVESTMENTS IN SECURITIES(f)–98.45% (Cost $84,045,586)									82,045,260
OTHER ASSETS LESS LIABILITIES–1.55%									1,292,657
NET ASSETS–100.00%								$	83,337,917

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
INS	- Insurer
RB	- Revenue Bonds
Ref.	- Refunding

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

7 Invesco Environmental Focus Municipal Fund

Notes to Schedule of Investments:

^(a)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2023 was $12,299,481, which represented 14.76% of the Fund’s Net Assets.

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

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

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

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

^(f)  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 obligations but may be called upon to satisfy issuer’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, 2023

Revenue Bonds	90.55	%
General Obligation Bonds	9.45

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

8 Invesco Environmental Focus Municipal Fund

Statement of Assets and Liabilities

August 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $84,045,586)	$	82,045,260
Cash		98,559
Receivable for:
Investments sold		1,785,942
Fund shares sold		50,971
Interest		948,187
Investment for trustee deferred compensation and retirement plans		16,790
Other assets		55,817
Total assets		85,001,526
Liabilities:
Payable for:
Investments purchased		1,415,097
Dividends		98,851
Fund shares reacquired		61,241
Accrued fees to affiliates		35,501
Accrued interest expense		1,467
Accrued trustees’ and officers’ fees and benefits		1,509
Accrued other operating expenses		33,153
Trustee deferred compensation and retirement plans		16,790
Total liabilities		1,663,609
Net assets applicable to shares outstanding	$	83,337,917

Net assets consist of:
Shares of beneficial interest	$	97,825,142
Distributable earnings (loss)		(14,487,225	)
	$	83,337,917
Net Assets:
Class A	$	55,017,986
Class C	$	4,384,365
Class Y	$	21,517,873
Class R6	$	2,417,693
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		4,887,102
Class C		389,761
Class Y		1,912,142
Class R6		214,741
Class A:
Net asset value per share	$	11.26
Maximum offering price per share (Net asset value of $11.26 ÷ 95.75%)	$	11.76
Class C:
Net asset value and offering price per share	$	11.25
Class Y:
Net asset value and offering price per share	$	11.25
Class R6:
Net asset value and offering price per share	$	11.26

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

9 Invesco Environmental Focus Municipal Fund

Statement of Operations

For the six months ended August 31, 2023

(Unaudited)

Investment income:
Interest	$ 2,037,540
Expenses:
Advisory fees	164,964
Administrative services fees	6,043
Custodian fees	4,162
Distribution fees:
Class A	71,028
Class C	24,428
Interest, facilities and maintenance fees	21,366
Transfer agent fees – A, C and Y	33,458
Transfer agent fees – R6	175
Trustees’ and officers’ fees and benefits	8,519
Registration and filing fees	29,841
Reports to shareholders	7,244
Professional services fees	30,702
Other	4,045
Total expenses	405,975
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)	(96,357	)
Net expenses	309,618
Net investment income	1,727,922
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(100,840))	(1,860,623	)
Change in net unrealized appreciation of unaffiliated investment securities	1,659,655
Net realized and unrealized gain (loss)	(200,968	)
Net increase in net assets resulting from operations	$ 1,526,954

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

10 Invesco Environmental Focus Municipal Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2023 and the year ended February 28, 2023

(Unaudited)

	August 31, 2023			February 28, 2023
Operations:
Net investment income	$	1,727,922		$	3,581,022
Net realized gain (loss)		(1,860,623	)		(11,234,689	)
Change in net unrealized appreciation (depreciation)		1,659,655			(3,940,503	)
Net increase (decrease) in net assets resulting from operations		1,526,954			(11,594,170	)
Distributions to shareholders from distributable earnings:
Class A		(1,104,764	)		(1,941,556	)
Class C		(76,517	)		(149,753	)
Class Y		(442,081	)		(940,908	)
Class R6		(48,475	)		(60,634	)
Total distributions from distributable earnings		(1,671,837	)		(3,092,851	)
Share transactions–net:
Class A		(2,255,992	)		(15,128,675	)
Class C		(1,042,764	)		(3,208,279	)
Class Y		(52,030	)		(13,589,402	)
Class R6		298,830			1,470,304
Net increase (decrease) in net assets resulting from share transactions		(3,051,956	)		(30,456,052	)
Net increase (decrease) in net assets		(3,196,839	)		(45,143,073	)
Net assets:
Beginning of period		86,534,756			131,677,829
End of period	$	83,337,917		$	86,534,756

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

11 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			Distributions from net realized gains			Total distributions			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 08/31/23		$11.28		$0.23		$(0.03	)		$0.20			$(0.22	)		$    -			$(0.22	)		$11.26		1.79	%		$55,018		0.75	%(d)		0.98	%(d)		0.70	%(d)		4.02	%(d)		9	%
Year ended 02/28/23		12.81		0.40		(1.58	)		(1.18	)		(0.35	)		-			(0.35	)		11.28		(9.23	)		57,366		0.79			0.99			0.70			3.44			101
Year ended 02/28/22		13.56		0.29		(0.28	)		0.01			(0.30	)		(0.46	)		(0.76	)		12.81		(0.14	)		81,812		0.74			0.90			0.70			2.11			46
Year ended 02/28/21		13.87		0.36		(0.30	)		0.06			(0.37	)		-			(0.37	)		13.56		0.46			89,194		0.75			0.95			0.70			2.69			63
Eleven months ended 02/29/20		13.09		0.33		0.88			1.21			(0.43	)		-			(0.43	)		13.87		9.36			81,165		0.86	(d)		0.92	(d)		0.76	(d)		2.65	(d)		14
Year ended 03/31/19		12.68		0.48		0.40			0.88			(0.47	)		-			(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	)		-			(0.47	)		12.68		3.49			60,899		0.98			1.13			0.95			3.49			9
Class C
Six months ended 08/31/23		11.28		0.19		(0.04	)		0.15			(0.18	)		-			(0.18	)		11.25		1.32			4,384		1.50	(d)		1.73	(d)		1.45	(d)		3.27	(d)		9
Year ended 02/28/23		12.80		0.31		(1.57	)		(1.26	)		(0.26	)		-			(0.26	)		11.28		(9.85	)		5,423		1.54			1.74			1.45			2.69			101
Year ended 02/28/22		13.56		0.20		(0.29	)		(0.09	)		(0.21	)		(0.46	)		(0.67	)		12.80		(0.87	)		9,678		1.42			1.65			1.38			1.43			46
Year ended 02/28/21		13.86		0.28		(0.29	)		(0.01	)		(0.29	)		-			(0.29	)		13.56		(0.01	)		13,982		1.30			1.70			1.25			2.14			63
Eleven months ended 02/29/20		13.08		0.26		0.87			1.13			(0.35	)		-			(0.35	)		13.86		8.77			26,381		1.62	(d)		1.68	(d)		1.31	(d)		2.10	(d)		14
Year ended 03/31/19		12.66		0.39		0.41			0.80			(0.38	)		-			(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	)		-			(0.37	)		12.66		2.65			29,457		1.73			1.88			1.70			2.73			9
Class Y
Six months ended 08/31/23		11.28		0.24		(0.03	)		0.21			(0.24	)		-			(0.24	)		11.25		1.82			21,518		0.50	(d)		0.73	(d)		0.45	(d)		4.27	(d)		9
Year ended 02/28/23		12.80		0.43		(1.57	)		(1.14	)		(0.38	)		-			(0.38	)		11.28		(8.93	)		21,616		0.54			0.74			0.45			3.69			101
Year ended 02/28/22		13.56		0.32		(0.29	)		0.03			(0.33	)		(0.46	)		(0.79	)		12.80		0.03			39,370		0.49			0.65			0.45			2.36			46
Year ended 02/28/21		13.86		0.39		(0.29	)		0.10			(0.40	)		-			(0.40	)		13.56		0.78			42,810		0.50			0.70			0.45			2.94			63
Eleven months ended 02/29/20		13.09		0.36		0.87			1.23			(0.46	)		-			(0.46	)		13.86		9.54			46,639		0.62	(d)		0.68	(d)		0.51	(d)		2.91	(d)		14
Year ended 03/31/19		12.68		0.49		0.41			0.90			(0.49	)		-			(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	)		0.45			(0.48	)		-			(0.48	)		12.68		3.57			27,590		0.72			0.87			0.87			3.55			9
Class R6
Six months ended 08/31/23		11.29		0.24		(0.03	)		0.21			(0.24	)		-			(0.24	)		11.26		1.83			2,418		0.50	(d)		0.66	(d)		0.45	(d)		4.27	(d)		9
Year ended 02/28/23		12.81		0.42		(1.56	)		(1.14	)		(0.38	)		-			(0.38	)		11.29		(8.91	)		2,129		0.54			0.67			0.45			3.69			101
Year ended 02/28/22		13.57		0.30		(0.26	)		0.04			(0.34	)		(0.46	)		(0.80	)		12.81		0.09			817		0.49			0.57			0.45			2.36			46
Year ended 02/28/21		13.87		0.41		(0.30	)		0.11			(0.41	)		-			(0.41	)		13.57		0.88			10		0.40			0.71			0.35			3.04			63
Period ended 02/29/20(e)		13.29		0.31		0.66			0.97			(0.39	)		-			(0.39	)		13.87		7.42			10		0.57	(d)		0.63	(d)		0.41	(d)		3.00	(d)		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)  Annualized.

^(e)  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.

12 Invesco Environmental Focus Municipal Fund

Notes to Financial Statements

August 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Environmental Focus 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 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 eight 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 eighth anniversary after a purchase of Class C shares.

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 generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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,

13 Invesco Environmental Focus Municipal Fund

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 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, administrative expenses and other expenses associated with establishing and maintaining the line of credit.

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. The risk of material loss as a result of such indemnification claims is considered remote.

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.

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

14 Invesco Environmental Focus Municipal Fund

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.

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 – Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

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. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.

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 issuers that are deemed appropriate to meet the Fund’s standards for high potential positive environmental impact based on the Adviser’s proprietary process to evaluate municipal securities in different sectors based on pre-determined environmental and sustainability factors may underperform similar issuers that do not meet the Fund’s standards or may underperform the stock market as a whole. As a result, the Fund may underperform funds that do not focus on investing in issuers with high potential for positive environmental impact or funds that use a different environmental focus investment process or methodology. Information used by the Fund to evaluate environmental factors may not be readily available, complete or accurate, which could negatively impact the Fund’s ability to apply its investment process, which in turn could negatively impact the Fund’s performance. In addition, the Fund’s assessment of an issuer’s high potential positive environmental impact may differ from that of other funds or an investor. As a result, the issuers 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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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		0.400%
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.

For the six months ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.39%.

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). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

15 Invesco Environmental Focus Municipal Fund

The Adviser has contractually agreed, through at least June 30, 2024, 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%, 1.45%, 0.45% and 0.45%, 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 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, 2024. 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, 2023, the Adviser waived advisory fees of $62,454 and reimbursed class level expenses of $22,896, $1,968, $8,594 and $175 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, 2023, 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, 2023, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $620 in front-end sales commissions from the sale of Class A shares and $0 and $24 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of August 31, 2023, 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 securities from or sell securities to certain other affiliated 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 that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended August 31, 2023, the Fund engaged in securities purchases of $695,698 and securities sales of $2,892,372, which resulted in net realized gains (losses) of $(100,840).

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $270.

16 Invesco Environmental Focus Municipal Fund

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 revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Invesco Funds, and which will expire on February 22, 2024. The revolving credit and security agreement is secured by the assets of the Fund. 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.

During the six months ended August 31, 2023, the average daily balance of borrowing under the revolving credit and security agreement was $44,022 with an average interest rate of 5.28%. 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, 2023 were $0 and 0.00%, respectively.

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 carryforward 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 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$6,430,258		$5,018,259		$11,448,517

* 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 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2023 was $7,119,603 and $9,851,588, 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	$ 1,461,510
Aggregate unrealized (depreciation) of investments	(3,146,147	)
Net unrealized appreciation (depreciation) of investments	$(1,684,637	)

Cost of investments for tax purposes is $83,729,897.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended August 31, 2023(a)				Year ended February 28, 2023
	Shares		Amount		Shares		Amount
Sold:
Class A		109,451	$	1,246,727		979,815	$	11,327,270
Class C		16,225		184,261		17,487		202,245
Class Y		370,586		4,235,065		1,315,819		15,133,276
Class R6		46,698		536,063		170,376		1,984,804

17 Invesco Environmental Focus Municipal Fund

	Summary of Share Activity
	Six months ended August 31, 2023(a)						Year ended February 28, 2023
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		62,248		$	710,905			107,015		$	1,228,877
Class C		5,103			58,263			9,984			114,592
Class Y		23,409			267,188			45,997			528,134
Class R6		3,699			42,236			4,660			53,203
Automatic conversion of Class C shares to Class A shares:
Class A		91,130			1,042,656			133,485			1,553,612
Class C		(91,204	)		(1,042,656	)		(133,581	)		(1,553,612	)
Reacquired:
Class A		(459,400	)		(5,256,280	)		(2,524,129	)		(29,238,434	)
Class C		(21,340	)		(242,632	)		(169,172	)		(1,971,504	)
Class Y		(398,159	)		(4,554,283	)		(2,520,150	)		(29,250,812	)
Class R6		(24,281	)		(279,469	)		(50,208	)		(567,703	)
Net increase (decrease) in share activity		(265,835	)	$	(3,051,956	)		(2,612,602	)	$	(30,456,052	)

^(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.

18 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, 2023 through August 31, 2023.

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  (03/01/23)	Ending  Account Value  (08/31/23)1	Expenses   Paid During   Period2	Ending  Account Value  (08/31/23)	Expenses   Paid During   Period2	Annualized    Expense  Ratio
Class A	$1,000.00	$1,017.90	$3.80	$1,021.37	$3.81	0.75%
Class C	1,000.00	1,013.20	7.59	1,017.60	7.61	1.50
Class Y	1,000.00	1,018.20	2.54	1,022.62	2.54	0.50
Class R6	1,000.00	1,018.30	2.54	1,022.62	2.54	0.50

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, 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 184/366 to reflect the most recent fiscal half year.

19 Invesco Environmental Focus Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

At meetings held on June 13, 2023, 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 (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, 2023. 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 has established an Investments Committee, which in turn has established Sub-Committees, that 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 information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees 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 requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by 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. 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 accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to

attract and retain talent. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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 to the Fund 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, 2022 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond 5+ Year Investment Grade Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth 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

20 Invesco Environmental Focus Municipal Fund

performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board further considered that the Fund changed it strategy to incorporate consideration of environmental criteria effective September 4, 2020, and that performance prior to that date is that of the Fund using its previous investment strategy, which did not apply environmental criteria. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe and specifically that, unlike the Fund, many of the peer funds do not incorporate environmental criteria into the investment process. The Board considered that the Fund’s longer duration positioning relative to its peers negatively impacted its performance. 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, which did not change its 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 is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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 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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board 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 also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 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 most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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 received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the

performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination 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. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 The Board also received information about commissions that an affiliated broker may receive for

21 Invesco Environmental Focus Municipal Fund

executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

22 Invesco Environmental Focus Municipal 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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list 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/corporate/about-us/esg. 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 number(s): 811-07890 and 033-66242    Invesco Distributors, Inc. O-MUNI-SAR-1

Semiannual Report to Shareholders August 31, 2023

Invesco High Yield Municipal Fund

Nasdaq:

A: ACTHX ∎ C: ACTFX ∎ Y: ACTDX ∎ R5: ACTNX ∎ R6: ACTSX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
40	Financial Statements
44	Financial Highlights
45	Notes to Financial Statements
51	Fund Expenses
52	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is 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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/23 to 8/31/23, 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	-0.11	%
Class C Shares	-0.49
Class Y Shares	0.02
Class R5 Shares	0.12
Class R6 Shares	0.04
S&P Municipal Bond High Yield Index▼ (Broad Market Index)	2.70
Custom Invesco High Yield Municipal Index∎ (Style-Specific Index)	2.38
Lipper High Yield Municipal Debt Funds Index◆ (Peer Group Index)	0.98
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.

2 Invesco High Yield Municipal Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (1/2/86)	5.20	%
10 Years	3.61
5 Years	-0.10
1 Year	-6.18
Class C Shares
Inception (12/10/93)	4.49	%
10 Years	3.44
5 Years	0.01
1 Year	-3.65
Class Y Shares
Inception (3/1/06)	3.95	%
10 Years	4.33
5 Years	1.00
1 Year	-1.83
Class R5 Shares
Inception (4/30/12)	3.69	%
10 Years	4.30
5 Years	1.02
1 Year	-1.64
Class R6 Shares
10 Years	4.27	%
5 Years	1.08
1 Year	-1.69

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 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, 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.

3 Invesco High Yield Municipal Fund

 

 

 

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), 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 17, 2023, 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 January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during 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.

 

4 Invesco High Yield Municipal Fund

Schedule of Investments

August 31, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Municipal Obligations–110.77%(a)
Alabama–4.05%
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB		5.75%		06/01/2045	$	8,750	$	7,340,201
Black Belt Energy Gas District (The); Series 2022 F, RB(b)		5.50%		12/01/2028		4,000		4,168,842
Energy Southeast, A Cooperative District; Series 2023 A-1, RB(b)		5.50%		01/01/2031		20,000		21,119,114
Hoover (City of), AL Industrial Development Board (United States Steel Corp.); Series 2019, RB(c)		5.75%		10/01/2049		8,500		8,581,855
Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village);
Series 2007, RB (Acquired 03/25/2020; Cost $945,200)(d)(e)		5.50%		01/01/2028		1,390		834,000
Series 2007, RB (Acquired 04/27/2007-03/25/2019; Cost $18,675,698)(d)(e)		5.50%		01/01/2043		21,290		12,774,000
Series 2008 A, RB (Acquired 06/30/2008-11/12/2009; Cost $4,404,879)(d)(e)		6.88%		01/01/2043		4,470		2,682,000
Series 2011 A, RB (Acquired 09/20/2011; Cost $2,561,987)(d)(e)		7.50%		01/01/2047		2,600		1,560,000
Series 2012 A, RB (Acquired 11/07/2012; Cost $6,575,000)(d)(e)		5.63%		01/01/2042		6,575		3,945,000
Jefferson (County of), AL;
Series 2013 C, Revenue Wts. (INS - AGM)(f)(g)		6.50%		10/01/2038		7,000		7,324,687
Series 2013 C, Revenue Wts. (INS - AGM)(f)(g)		6.60%		10/01/2042		11,700		12,240,270
Series 2013 F, Revenue Wts.(f)		7.50%		10/01/2039		27,640		28,940,067
Series 2013 F, Revenue Wts.(f)		7.75%		10/01/2046		95,055		99,520,851
Series 2013 F, Revenue Wts.(f)		7.90%		10/01/2050		64,150		67,161,945
Lower Alabama Gas District (The); Series 2016 A, RB		5.00%		09/01/2046		1,000		1,023,024
Southeast Energy Authority A Cooperative District (No. 3); Series 2022 A-1, RB(b)		5.50%		12/01/2029		3,800		3,986,165
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(h)		5.25%		05/01/2044		34,100		30,979,202
								314,181,223
Alaska–0.05%
Northern Tobacco Securitization Corp.; Series 2021 B-2, Ref. RB(i)		0.00%		06/01/2066		29,998		3,619,402
American Samoa–0.19%
American Samoa (Territory of) Economic Development Authority; Series 2015 A, Ref. RB		6.63%		09/01/2035		14,345		14,907,734
Arizona–2.52%
Arizona (State of) Industrial Development Authority (Academies of Math & Science);
Series 2019, RB(h)		5.00%		07/01/2039		1,000		963,493
Series 2022, RB(h)		5.25%		07/01/2052		500		465,628
Arizona (State of) Industrial Development Authority (American Charter Schools Foundation);
Series 2017, Ref. RB(h)		6.00%		07/01/2037		13,265		13,521,626
Series 2017, Ref. RB(h)		6.00%		07/01/2047		15,000		15,094,966
Arizona (State of) Industrial Development Authority (Basis Schools);
Series 2017 A, Ref. RB(h)		5.13%		07/01/2037		1,180		1,157,590
Series 2017 A, Ref. RB(h)		5.38%		07/01/2050		6,000		5,600,700
Series 2017 D, Ref. RB(h)		5.00%		07/01/2051		3,300		2,900,253
Series 2017 G, Ref. RB(h)		5.00%		07/01/2037		1,105		1,070,618
Series 2017 G, Ref. RB(h)		5.00%		07/01/2051		1,000		878,865
Arizona (State of) Industrial Development Authority (Benjamin Franklin Charter School);
Series 2023, RB(h)		5.00%		07/01/2043		1,000		927,500
Series 2023, RB(h)		5.25%		07/01/2053		1,000		917,037
Arizona (State of) Industrial Development Authority (Doral Academy of Nevada - Fire Mesa & Red Rock Campus); Series 2019 A, IDR		5.00%		07/15/2039		1,325		1,282,631
Arizona (State of) Industrial Development Authority (Kaizen Education Foundation);
Series 2016, RB(h)		5.70%		07/01/2047		9,730		9,761,745
Series 2016, RB(h)		5.80%		07/01/2052		4,920		4,941,094
Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado);
Series 2019, RB(h)		5.00%		07/01/2039		2,635		2,472,924
Series 2019, RB(h)		5.00%		07/01/2054		6,210		5,365,088
Arizona (State of) Industrial Development Authority (Linder Village); Series 2020, RB(h)		5.00%		06/01/2031		5,670		5,631,812

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

5 Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Arizona–(continued)
Arizona (State of) Industrial Development Authority (Mater Academy of Nevada Mountain Vista Campus Project);
Series 2018 A, RB(h)		5.25%		12/15/2038	$	1,015	$	1,005,454
Series 2018 A, RB(h)		5.50%		12/15/2048		2,265		2,192,731
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital); Series 2020 A, RB(j)		4.00%		02/01/2050		15,285		13,754,638
Glendale (City of), AZ Industrial Development Authority (Sun Health Services); Series 2019 A, Ref. RB		5.00%		11/15/2048		10,000		9,439,061
Glendale (City of), AZ Industrial Development Authority (Terraces of Phoenix); Series 2018 A, Ref. RB		5.00%		07/01/2048		1,500		1,187,327
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus);
Series 2017, Ref. RB		4.00%		11/15/2027		1,935		1,818,483
Series 2017, Ref. RB		5.00%		11/15/2036		2,195		1,967,090
Series 2017, Ref. RB		5.00%		11/15/2040		3,985		3,385,829
Series 2017, Ref. RB		5.00%		11/15/2045		4,695		3,779,191
Series 2018, RB		5.00%		11/15/2053		5,970		4,586,541
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools);
Series 2019, Ref. RB(h)		5.00%		07/01/2054		950		817,186
Maricopa (County of), AZ Industrial Development Authority (Paradise Schools);
Series 2016, Ref. RB(h)		5.00%		07/01/2036		2,475		2,438,010
Series 2016, Ref. RB(h)		5.00%		07/01/2047		1,525		1,401,568
Maricopa (County of), AZ Industrial Development Authority (Valley Christian Schools);
Series 2023, RB(h)		6.25%		07/01/2053		1,900		1,879,472
Series 2023, RB(h)		6.38%		07/01/2058		1,250		1,236,059
Peoria (City of), AZ Industrial Development Authority (Sierra Winds Life Care Community);
Series 2014, Ref. RB (Acquired 11/06/2014; Cost $ 3,669,027)(d)(e)		5.50%		11/15/2034		3,695		2,832,138
Series 2014, Ref. RB (Acquired 11/06/2014; Cost $ 6,015,000)(d)(e)		5.75%		11/15/2040		6,015		4,373,078
Phoenix (City of), AZ Industrial Development Authority (Basis Schools);
Series 2015, Ref. RB(h)		5.00%		07/01/2045		3,515		3,189,301
Series 2016 A, Ref. RB(h)		5.00%		07/01/2046		2,125		1,916,182
Series 2016 A, Ref. RB(h)		5.00%		07/01/2046		1,600		1,442,772
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools);
Series 2014 A, RB(h)		6.75%		07/01/2044		5,250		5,305,299
Series 2015, Ref. RB(h)		5.00%		07/01/2045		1,845		1,652,943
Phoenix (City of), AZ Industrial Development Authority (The) (Overland Crossing); Series 2022, RB(h)		9.50%		04/01/2052		7,900		6,977,248
Pima (County of), AZ Industrial Development Authority (Acclaim Charter School);
Series 2006, RB		5.70%		12/01/2026		1,030		996,563
Series 2006, RB		5.80%		12/01/2036		4,385		3,842,272
Pima (County of), AZ Industrial Development Authority (American Leadership Academy);
Series 2015, Ref. RB(h)		5.38%		06/15/2035		2,370		2,386,349
Series 2015, Ref. RB(h)		5.63%		06/15/2045		3,500		3,441,442
Series 2019, Ref. RB(h)		5.00%		06/15/2052		6,050		5,307,281
Series 2022, Ref. RB(h)		4.00%		06/15/2051		8,800		6,452,683
Pima (County of), AZ Industrial Development Authority (Career Success Schools);
Series 2020, Ref. RB(h)		5.50%		05/01/2040		1,125		1,065,042
Series 2020, Ref. RB(h)		5.75%		05/01/2050		5,000		4,701,714
Pima (County of), AZ Industrial Development Authority (Desert Heights Charter School);
Series 2014, Ref. RB		7.25%		05/01/2044		3,000		3,030,338
Pima (County of), AZ Industrial Development Authority (Imagine East Mesa Charter Schools);
Series 2019, RB(h)		5.00%		07/01/2049		1,500		1,325,654
Pima (County of), AZ Industrial Development Authority (Premier Charter High School);
Series 2016 A, Ref. RB(h)		7.00%		07/01/2045		3,077		2,835,527
Series 2016 B, Ref. RB(k)		2.07%		07/01/2045		1,735		433,839
Series 2016 C, Ref. RB(k)		2.07%		07/01/2045		1,036		10,355
Pima (County of), AZ Industrial Development Authority (Riverbend Prep); Series 2010, RB(h)		7.00%		09/01/2037		3,107		3,106,762
Pima (County of), AZ Industrial Development Authority (Tucson Medical Center); Series 2021, Ref. RB		3.00%		04/01/2051		2,000		1,337,246
Sundance Community Facilities District (Assessment District No. 3); Series 2004, RB		6.50%		07/01/2029		82		79,723

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)
Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU);
Series 2017 A, RB(h)		6.13%			10/01/2047	$	2,800	$	1,735,696
Series 2017 A, RB(h)		6.13%			10/01/2052		2,800		1,682,812
									195,302,469
Arkansas–0.44%
Arkansas (State of) Development Finance Authority (Big River Steel); Series 2019, RB(c)(h)		4.50%			09/01/2049		4,750		4,413,103
Arkansas (State of) Development Finance Authority (Big River Steel) (Green Bonds); Series 2020, RB(c)(h)		4.75%			09/01/2049		3,000		2,895,773
Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB(c)		5.45%			09/01/2052		15,500		15,125,041
Arkansas (State of) Development Finance Authority (U.S. Steel Corp.) (Green Bonds);
Series 2023, RB(c)		5.70%			05/01/2053		11,500		11,548,534
									33,982,451
California–10.40%
Antelope Valley Community College District; Series 2022, GO Bonds (INS - AGM)(g)(j)(l)		3.00%			08/01/2050		10,000		7,397,517
Bay Area Toll Authority (San Francisco Bay Area);
Series 2019 S-8, Ref. RB		3.00%			04/01/2054		5,000		3,643,382
Series 2023 F-2, RB(j)		4.13%			04/01/2054		10,000		9,904,648
Brentwood Union School District (Election of 2016); Series 2022, GO Bonds		5.25%			08/01/2052		4,250		4,612,533
California (State of);
Series 2020, GO Bonds (INS - BAM)(g)		3.00%			03/01/2046		8,195		6,601,120
Series 2020, GO Bonds (INS - BAM)(g)		3.00%			03/01/2050		4,000		3,129,803
California (State of) Community Choice Financing Authority (Green Bonds); Series 2023 C, RB(b)		5.25%			10/01/2031		3,500		3,630,236
California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.); Series 2020 B-2, Ref. RB(i)		0.00%			06/01/2055		12,780		2,101,113
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2006 A, RB(i)		0.00%			06/01/2046		25,000		6,141,317
California (State of) Educational Facilities Authority (Stanford University);
Series 2010, RB		5.25%			04/01/2040		6,255		7,373,059
Series 2014 U-6, RB(j)		5.00%			05/01/2045		15,000		17,098,406
California (State of) Health Facilities Financing Authority (Kaiser Permanente); Subseries 2017 A-2, RB(j)		5.00%			11/01/2047		10,000		10,922,312
California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail); Series 2020, RB(b)(c)(h)		8.00%			08/15/2024		26,000		26,004,095
California (State of) Municipal Finance Authority (California Baptist University); Series 2016 A, RB(h)		5.00%			11/01/2046		1,500		1,421,135
California (State of) Municipal Finance Authority (Eisenhower Medical Centers); Series 2017 A, Ref. RB		5.00%			07/01/2047		9,635		9,598,155
California (State of) Municipal Finance Authority (Goodwill Industries of Sacramento & Nevada); Series 2012, RB(h)		6.63	%		01/01/2032		865		846,022
Series 2012, RB(h)		6.88%			01/01/2042		1,465		1,387,237
California (State of) Municipal Finance Authority (Palomar Health); Series 2022 A, Ref. COP (INS - AGM)(g)		5.25%			11/01/2052		3,000		3,204,845
California (State of) Pollution Control Financing Authority;
Series 2012, RB(c)(h)		5.00%			07/01/2037		13,500		13,498,098
Series 2012, RB(c)(h)		5.00%			11/21/2045		20,710		20,219,838
California (State of) Pollution Control Financing Authority (Aemerge Redpak Services Southern
California LLC); Series 2016, RB (Acquired 01/22/2016-09/26/2017; Cost $9,847,500)(c)(d)(e)(h)		7.00%			12/01/2027		9,925		992,500
California (State of) Public Finance Authority (Enso Village) (Green Bonds);
Series 2021, RB(h)		5.00%			11/15/2046		2,000		1,790,182
Series 2021, RB(h)		5.00%			11/15/2051		1,735		1,515,131
Series 2021, RB(h)		5.00%			11/15/2056		915		786,178
California (State of) Public Finance Authority (Excelsior Charter Schools);
Series 2020 A, RB(h)		5.00%			06/15/2050		1,540		1,384,951
Series 2020 A, RB(h)		5.00%			06/15/2055		1,030		913,644
California (State of) School Finance Authority (Alliance for College-Ready Public Schools); Series 2013 A, RB		6.40	%		07/01/2048		3,000		3,002,053

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
California–(continued)
California (State of) School Finance Authority (Aspire Public Schools Obligated Group);
Series 2020 A, RB(h)		5.00%		08/01/2050	$	1,200	$	1,155,033
Series 2022, RB(h)		5.00%		08/01/2052		1,000		957,595
California (State of) School Finance Authority (Green Dot Public Schools);
Series 2022, Ref. RB(h)		5.00%		08/01/2032		700		721,210
Series 2022, Ref. RB(h)		5.38%		08/01/2042		1,150		1,169,066
Series 2022, Ref. RB(h)		5.75%		08/01/2052		1,160		1,190,187
California (State of) School Finance Authority (New Designs Charter School); Series 2012 A, RB		5.50%		06/01/2042		5,000		4,999,608
California (State of) School Finance Authority (TEACH Public Schools); Series 2019 A, RB(h)		5.00%		06/01/2058		500		441,127
California (State of) Statewide Communities Development Authority; Series 2022, RB (INS - AGM)(g)(j)		5.38%		08/15/2057		10,000		10,790,683
California (State of) Statewide Communities Development Authority (California Baptist University); Series 2014 A, RB(h)		6.13%		11/01/2033		1,560		1,564,748
California (State of) Statewide Communities Development Authority (Creative Child Care & Team Charter); Series 2015, RB(h)		6.75%		06/01/2045		6,570		6,281,288
California (State of) Statewide Communities Development Authority (Emanate Health);
Series 2020 A, RB		3.00%		04/01/2050		5,000		3,506,435
California (State of) Statewide Communities Development Authority (Enloe Medical Center);
Series 2022 A, RB (INS - AGM)(g)		5.25%		08/15/2052		2,000		2,141,701
California (State of) Statewide Communities Development Authority (Eskaton Properties, Inc.);
Series 2012, RB		5.25%		11/15/2034		4,350		4,324,206
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center);
Series 2016 A, RB(h)		5.00%		12/01/2046		6,630		6,380,044
Series 2016 A, RB(h)		5.25%		12/01/2056		16,795		16,430,792
Series 2018 A, RB(h)		5.50%		12/01/2058		49,340		49,375,342
Series 2018, RB(h)		5.25%		12/01/2043		500		498,390
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program);
Series 2002, RB		6.00%		05/01/2043		15,000		15,233,376
Series 2006 A, RB(i)		0.00%		06/01/2046		181,950		44,012,104
Series 2006 C, RB(h)(i)		0.00%		06/01/2055		211,450		12,547,612
California School Facilities Financing Authority; Series 2010, RB (INS - AGM)(g)(i)		0.00%		08/01/2049		29,405		7,494,846
Fairfield (City of), CA Community Facilities District No. 2007-1 (Fairfield Commons);
Series 2008, RB		6.50%		09/01/2023		330		330,000
Series 2008, RB		6.75%		09/01/2028		2,550		2,592,027
Series 2008, RB		6.88%		09/01/2038		4,440		4,514,976
Foothill-Eastern Transportation Corridor Agency;
Series 2014 A, Ref. RB(b)(m)		6.00%		01/15/2024		20,000		20,210,068
Series 2014 A, Ref. RB (INS - AGM)(g)(i)		0.00%		01/15/2036		61,010		36,544,337
Series 2014 A, Ref. RB (INS - AGM)(g)(i)		0.00%		01/15/2037		20,000		11,210,558
Series 2014 A, Ref. RB(f)		6.85%		01/15/2042		5,000		5,814,135
Series 2014 C, Ref. RB(b)(m)		6.50%		01/15/2024		10,750		10,873,410
Golden State Tobacco Securitization Corp.; Series 2021 B-2, Ref. RB(i)		0.00%		06/01/2066		478,053		47,539,264
Inland Empire Tobacco Securitization Corp.;
Series 2007 C-1, RB(i)		0.00%		06/01/2036		173,915		75,818,244
Series 2007 D, RB(i)		0.00%		06/01/2057		46,635		3,448,747
Series 2007 F, RB(h)(i)		0.00%		06/01/2057		99,650		5,505,792
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure); Series 2023 A, RB (INS - BAM)(g)		4.00%		09/01/2058		3,500		3,280,624
Long Beach (City of), CA; Series 2022 C, RB (INS - AGM)(c)(g)		5.25%		06/01/2047		1,750		1,842,914
Long Beach Community College District (Election of 2008); Series 2012 B, GO Bonds(f)		4.75%		08/01/2049		12,000		7,804,351
Los Angeles (City of), CA Department of Airports; Series 2021 A, Ref. RB(c)(j)(l)		5.00%		05/15/2051		5,000		5,136,028
Los Angeles (City of), CA Department of Airports (Green Bonds); Series 2022 G, RB(c)		4.00%		05/15/2047		3,000		2,779,665
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport) (Green Bonds);
Series 2023, Ref. RB(c)		4.13%		05/15/2043		500		479,730
Series 2023, Ref. RB(c)		5.25%		05/15/2048		7,315		7,735,916
Sacramento (County of), CA (Metro Air Park Community); Series 2022, Ref. RB		5.00%		09/01/2042		1,000		969,016

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)
San Bernardino City Unified School District;
Series 2011 D, GO Bonds (INS - AGM)(g)(i)		0.00%		08/01/2036	$	7,650	$	4,561,565
Series 2011 D, GO Bonds (INS - AGM)(g)(i)		0.00%		08/01/2037		13,130		7,382,089
Series 2011 D, GO Bonds (INS - AGM)(g)(i)		0.00%		08/01/2038		13,515		7,133,393
Series 2011 D, GO Bonds (INS - AGM)(g)(i)		0.00%		08/01/2039		13,895		6,921,776
Series 2011 D, GO Bonds (INS - AGM)(g)(i)		0.00%		08/01/2040		14,280		6,713,158
Series 2011 D, GO Bonds (INS - AGM)(g)(i)		0.00%		08/01/2041		14,080		6,271,868
San Diego (County of), CA Regional Airport Authority;
Series 2021 B, RB(c)		4.00%		07/01/2056		2,660		2,298,037
Series 2021 B, RB(c)(j)		5.00%		07/01/2056		13,970		14,167,335
San Diego Unified School District (Election of 2008); Series 2012 E, GO Bonds(f)		5.25%		07/01/2042		10,000		7,005,809
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);
Second Series 2022 A, Ref. RB(c)		5.00%		05/01/2052		1,435		1,472,674
Series 2019 E, RB(c)		5.00%		05/01/2050		13,040		13,308,358
San Francisco (City & County of), CA Community Facilities District No. 2014-1 (Transbay Transit Center); Series 2022 A, RB		5.00%		09/01/2052		1,025		1,053,566
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(i)		0.00%		08/01/2036		5,710		2,749,732
Series 2013 C, RB(i)		0.00%		08/01/2038		2,000		844,815
Series 2013 C, RB(i)		0.00%		08/01/2043		17,000		5,322,717
San Francisco (City of), CA Bay Area Rapid Transit District; Series 2022, GO Bonds (INS - AGM)(g)(j)(l)		3.00%		08/01/2050		16,770		12,382,669
San Jose (City of), CA (Helzer Courts Apartments); Series 1999 A, RB(c)		6.40%		12/01/2041		12,928		12,377,403
San Luis Coastal Unified School District (Election of 2022); Series 2023 A, GO Bonds		4.00%		08/01/2049		10,000		9,692,750
Santa Rosa Elementary School District (Election of 2022); Series 2023 A, GO Bonds		4.00%		08/01/2053		2,700		2,551,568
Santa Rosa High School District (Election of 2022);
Series 2023 A, GO Bonds		4.00%		08/01/2046		3,500		3,397,160
Series 2023 A, GO Bonds		4.00%		08/01/2049		4,000		3,846,510
Savanna School District (Election of 2008); Series 2012 B, GO Bonds (INS - AGM)(f)(g)		6.75%		02/01/2052		7,500		5,226,760
Silicon Valley Tobacco Securitization Authority (Santa Clara);
Series 2007 A, RB(i)		0.00%		06/01/2036		10,000		4,845,035
Series 2007 A, RB(i)		0.00%		06/01/2047		20,000		4,847,774
Southern California Logistics Airport Authority;
Series 2007, RB		6.15%		12/01/2043		4,400		4,302,743
Series 2008 A, RB		6.00%		12/01/2033		1,475		1,449,000
Series 2008 A, RB(i)		0.00%		12/01/2045		18,085		3,619,409
Series 2008 A, RB(i)		0.00%		12/01/2046		18,085		3,357,487
Series 2008 A, RB(i)		0.00%		12/01/2047		18,085		3,111,334
Series 2008 A, RB(i)		0.00%		12/01/2048		18,085		2,882,071
Series 2008 A, RB(i)		0.00%		12/01/2049		18,085		2,668,527
Series 2008 A, RB(i)		0.00%		12/01/2050		18,085		2,469,941
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.);
Series 2006, RB(i)		0.00%		06/01/2046		31,025		5,970,817
Series 2019, Ref. RB(i)		0.00%		06/01/2054		19,300		3,583,973
Vallejo (City of), CA Public Financing Authority (Hiddenbrooke Improvement District);
Series 2004 A, RB		5.80%		09/01/2031		3,015		3,043,140
Ventura Unified School District (Election of 2022); Series 2022 A, GO Bonds(j)		4.00%		08/01/2052		10,000		9,479,643
								807,077,311
Colorado–12.26%
3rd and Havana Metropolitan District;
Series 2020 A, GO Bonds		5.25%		12/01/2049		3,200		2,667,696
Series 2020 B, GO Bonds		7.75%		12/15/2049		1,925		1,723,381
64th Ave ARI Authority; Series 2020, RB		6.50%		12/01/2043		14,000		13,244,332
Aberdeen Metropolitan District No. 2; Series 2021, Ref. GO Bonds(f)		5.75%		12/01/2051		6,055		3,907,410
Amber Creek Metropolitan District; Series 2017 B, GO Bonds		7.75%		12/15/2047		463		425,257
Aurora Crossroads Metropolitan District No. 2; Series 2020 B, GO Bonds		7.75%		12/15/2050		3,500		3,195,659
Aurora Highlands Community Authority Board; Series 2021 A, Ref. RB		5.75%		12/01/2051		40,000		35,636,140

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
Colorado–(continued)
Banning Lewis Ranch Metropolitan District No. 4;
Series 2018 A, GO Bonds		5.75%		12/01/2048	$	4,998	$	4,958,034
Series 2018 B, GO Bonds		8.00%		12/15/2048		2,063		1,945,177
Series 2018 C, GO Bonds		8.00%		12/15/2051		4,134		3,340,452
Banning Lewis Ranch Metropolitan District No. 5;
Series 2018 A, GO Bonds		5.75%		12/01/2048		2,195		2,177,080
Series 2018 B, GO Bonds		8.00%		12/15/2048		511		481,816
Series 2018 C, GO Bonds		8.00%		12/15/2051		1,942		1,568,098
Banning Lewis Ranch Metropolitan District No. 8; Series 2021, GO Bonds(h)		4.88%		12/01/2051		4,500		3,365,405
Banning Lewis Ranch Regional Metropolitan District No. 1;
Series 2018 A, GO Bonds		5.38%		12/01/2048		2,500		2,375,299
Series 2018 B, GO Bonds		7.75%		12/15/2041		630		599,840
Series 2018 C, GO Bonds		8.00%		12/15/2041		1,801		1,490,467
Banning Lewis Ranch Regional Metropolitan District No. 2; Series 2021, GO Bonds		5.75%		12/01/2051		5,190		4,486,521
Base Village Metropolitan District No. 2; Series 2016 B, Ref. GO Bonds		6.50%		12/15/2048		2,830		1,855,872
Baseline Metropolitan District No. 1;
Seires 2018 A-2, RB		5.50%		12/01/2034		8,340		8,442,739
Seires 2018 A-2, RB		5.85%		12/01/2048		9,000		9,062,259
Series 2018 A-1, RB		5.38%		12/01/2034		5,650		5,695,244
Series 2018 A-1, RB		5.75%		12/01/2048		3,850		3,865,318
Series 2021 B, GO Bonds		7.50%		12/15/2051		2,195		1,973,912
Belford North Metropolitan District; Series 2020 B, GO Bonds		8.50%		12/15/2050		6,500		6,013,571
Bella Mesa Metropolitan District; Series 2020 A, GO Bonds(f)(h)		6.75%		12/01/2049		3,785		3,254,284
Bennett Ranch Metropolitan District No. 1; Series 2021 B, GO Bonds		7.50%		12/15/2051		1,221		1,088,547
Berthoud-Heritage Metropolitan District No. 1; Series 2019, RB		5.63%		12/01/2048		10,000		9,475,001
Berthoud-Heritage Metropolitan District No. 10; Series 2022 B, GO Bonds		8.00%		12/15/2052		6,840		6,266,156
Brighton Crossing Metropolitan District No. 4; Series 2017 B, GO Bonds		7.00%		12/15/2047		670		612,023
Broadway Station Metropolitan District No. 2; Series 2019 B, GO Bonds(f)		7.50%		12/01/2048		7,075		4,961,656
Broadway Station Metropolitan District No. 3; Series 2019 B, GO Bonds(f)		7.50%		12/01/2049		30,465		18,906,107
Bromley Park Metropolitan District No. 2; Series 2018 C, Ref. GO Bonds		7.85%		12/15/2047		6,297		6,066,386
Buffalo Highlands Metropolitan District;
Series 2018 A, GO Bonds		5.25%		12/01/2038		1,000		963,345
Series 2018 A, GO Bonds		5.38%		12/01/2048		1,750		1,628,134
Series 2018 B, GO Bonds		7.63%		12/15/2046		1,226		1,128,877
Buffalo Ridge Metropolitan District; Series 2018 B, GO Bonds		7.38%		12/15/2047		1,624		1,542,180
Canyon Pines Metropolitan District;
Series 2021 A-1, GO Bonds		5.25%		12/01/2023		5		4,980
Series 2021 A-1, GO Bonds		5.25%		12/01/2051		6,995		5,923,283
Canyons Metropolitan District No. 5;
Series 2016, GO Bonds		7.00%		12/15/2057		10,116		6,863,190
Series 2017 A, Ref. GO Bonds		6.00%		12/01/2037		1,750		1,696,128
Series 2017 A, Ref. GO Bonds		6.13%		12/01/2047		4,735		4,569,519
Series 2017 B, GO Bonds		8.00%		12/15/2047		3,500		3,240,049
Cascade Ridge Metropolitan District; Series 2021, GO Bonds		5.00%		12/01/2051		3,000		2,464,082
Centerra Metropolitan District No. 1 (In the City of Loveland);
Series 2017, RB(h)		5.00%		12/01/2047		500		449,211
Series 2018, RB		5.25%		12/01/2048		5,550		5,154,667
Series 2020 A, Ref. GO Bonds		5.00%		12/01/2051		6,375		5,527,546
Chambers Highpoint Metropolitan District No. 2;
Series 2021, GO Bonds		5.00%		12/01/2041		520		458,564
Series 2021, GO Bonds		5.00%		12/01/2051		835		694,418
Citadel on Colfax Business Improvement District;
Series 2020 A, RB		5.35%		12/01/2050		2,900		2,546,528
Series 2020 B, RB		7.88%		12/15/2050		465		422,235
City Center West Commercial Metropolitan District;
Series 2020 A, Ref. GO Bonds		7.00%		12/01/2049		4,000		3,933,402
Series 2020 B, GO Bonds		9.00%		12/15/2049		581		571,968
City Center West Residential Metropolitan District No. 2; Series 2019 B, GO Bonds		7.75%		12/15/2049		1,425		1,295,129
Clear Creek Station Metropolitan District No. 2; Series 2017 B, GO Bonds		7.38%		12/15/2047		500		465,681

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
Colorado–(continued)
Clear Creek Transit Metropolitan District No. 2; Series 2021 B, GO Bonds		7.90%		12/15/2050	$	1,160	$	1,037,319
Colliers Hill Metropolitan District No. 1;
Series 2019 B, Ref. GO Bonds		8.00%		12/15/2048		2,500		2,307,375
Series 2021 C, GO Bonds		7.25%		12/15/2049		2,350		2,063,306
Colliers Hill Metropolitan District No. 2;
Series 2022 B-2, GO Bonds		7.63%		12/15/2042		5,782		5,234,060
Series 2022, Ref. GO Bonds		5.75%		12/15/2047		2,995		2,781,353
Colorado (State of) Educational & Cultural Facilities Authority (Community Leadership Academy);
Series 2008, RB		6.25%		07/01/2028		990		990,744
Series 2008, RB		6.50%		07/01/2038		1,000		1,000,402
Series 2013, RB		7.45%		08/01/2048		2,245		2,246,732
Colorado (State of) Health Facilities Authority (Aberdeen Ridge); Series 2021 A, RB		5.00%		05/15/2044		3,750		2,878,820
Colorado (State of) Health Facilities Authority (CommonSpirit Health);
Series 2022, RB		5.50%		11/01/2047		7,250		7,577,647
Series 2022, RB		5.25%		11/01/2052		7,500		7,647,064
Colorado (State of) Health Facilities Authority (Sunny Vista Living Center);
Series 2015 A, Ref. RB(h)		5.75%		12/01/2035		1,650		1,210,566
Series 2015 A, Ref. RB(h)		6.13%		12/01/2045		2,300		1,549,049
Series 2015 A, Ref. RB(h)		6.25%		12/01/2050		4,070		2,702,345
Colorado (State of) Health Facilities Authority (Volunteers of America Care);
Series 2007 A, RB		5.25%		07/01/2027		2,690		2,500,176
Series 2007 A, RB		5.30%		07/01/2037		2,895		2,266,332
Colorado (State of) International Center Metropolitan District No. 14;
Series 2018, GO Bonds		5.88%		12/01/2046		13,500		13,018,340
Series 2022, GO Bonds		7.50%		12/15/2051		15,000		13,610,152
Colorado (State of) International Center Metropolitan District No. 4;
Series 2019 A, Ref. GO Bonds(f)		6.00%		12/01/2047		30,920		26,327,131
Series 2019 A-2, GO Bonds(f)		6.25%		12/01/2048		15,075		14,022,040
Series 2019 B-2, GO Bonds		8.75%		12/15/2048		1,997		1,895,329
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3);
Series 2020 A, Ref. RB		4.00%		07/15/2038		350		338,728
Colorado Crossing Metropolitan District No. 2;
Series 2020 A-1, Ref. GO Bonds		5.00%		12/01/2047		14,614		10,950,185
Series 2020 A-2, GO Bonds		5.00%		12/01/2050		5,000		3,694,012
Series 2020 B, GO Bonds(h)		7.50%		12/15/2050		3,495		3,039,494
Conestoga Metropolitan District No. 2; Series 2021 A, GO Bonds		5.25%		12/01/2051		1,625		1,410,885
Copperleaf Metropolitan District No. 6; Series 2018 B, GO Bonds(b)(m)		7.50%		12/15/2023		820		853,193
Cottonwood Highlands Metropolitan District No. 1; Series 2019 B, GO Bonds		8.75%		12/15/2049		2,095		2,003,022
Cottonwood Hollow Residential Metropolitan District; Series 2021, GO Bonds		5.00%		12/01/2051		15,824		12,631,173
Creekside Village Metropolitan District; Series 2019, GO Bonds		7.75%		12/15/2049		569		516,062
Crossroads Metropolitan District No. 1; Series 2022, GO Bonds		6.50%		12/01/2051		9,000		8,527,190
Crowfoot Valley Ranch Metropolitan District No. 2;
Series 2018 A, GO Bonds		5.63%		12/01/2038		3,555		3,541,790
Series 2018 A, GO Bonds		5.75%		12/01/2048		10,415		10,092,054
Series 2018 B, GO Bonds		8.00%		12/15/2048		1,630		1,504,409
Dacono Urban Renewal Authority; Series 2020, RB		6.25%		12/01/2039		1,976		1,852,094
Deer Creek Villas Metropolitan District; Series 2022 B, GO Bonds		7.75%		12/15/2055		650		586,595
Denver (City & County of), CO;
Series 2018 A, RB(c)(j)		5.25%		12/01/2043		17,500		18,018,511
Series 2021 A, RB(j)		4.00%		08/01/2051		17,350		15,897,080
Series 2022 A, RB(c)		5.00%		11/15/2047		12,550		12,924,748
Series 2022 A, RB(c)		4.13%		11/15/2053		5,000		4,575,804
Series 2022, RB(c)(j)(l)		5.00%		11/15/2042		4,000		4,167,364
Series 2022, RB(c)(j)(l)		5.75%		11/15/2045		8,000		8,761,016
Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB(c)		5.00%		10/01/2032		30,840		30,661,230
Denver (City & County of), CO Airport System; Series 2022 D, RB(c)(j)(l)		5.00%		11/15/2053		26,000		26,593,866
Denver (City & County of), CO Convention Center Hotel Authority;
Series 2016, Ref. RB		5.00%		12/01/2032		1,000		1,018,361
Series 2016, Ref. RB		5.00%		12/01/2040		250		242,737

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)
Denver Gateway Center Metropolitan District;
Series 2018 A, GO Bonds		5.63%		12/01/2048	$	2,130	$	1,944,246
Series 2018 B, GO Bonds		7.88%		12/15/2048		1,855		1,687,160
Denver International Business Center Metropolitan District No. 1; Series 2019 B, GO Bonds		6.00%		12/01/2048		2,300		2,280,068
Elbert & Highway 86 Commercial Metropolitan District; Series 2021 B, GO Bonds(h)		8.00%		12/15/2051		1,905		1,689,537
Elevation Park Metropolitan District; Series 2021, GO Bonds		4.25%		12/01/2051		2,455		1,772,980
Erie Commons Metropolitan District No. 2; Series 2019 B, Ref. GO Bonds		6.95%		12/15/2054		3,100		2,815,877
Erie Highlands Metropolitan District No. 2; Series 2018 C, GO Bonds		8.00%		12/15/2052		3,600		2,904,008
Evan’s Place Metropolitan District; Series 2020 A, GO Bonds		5.00%		12/01/2040		550		513,190
Flying Horse Metropolitan District No. 3; Series 2019, Ref. GO Bonds(h)		6.00%		12/01/2049		2,970		2,784,953
Forest Trace Metropolitan District No. 3; Series 2020 B, GO Bonds		7.88%		12/15/2049		933		905,638
Fourth North Business Improvement District; Series 2022 B, RB		8.13%		12/15/2052		4,525		4,464,103
Gardens at East Iliff Metropolitan District; Series 2019 B, GO Bonds		8.50%		12/15/2049		680		631,615
Gardens on Havana Metropolitan District No. 3 (The);
Series 2017 A, RB		5.13%		12/01/2037		1,070		1,039,236
Series 2017 A, RB		5.25%		12/01/2047		1,015		952,705
Series 2017 B, RB		7.75%		12/15/2047		1,000		944,726
Granby Ranch Metropolitan District; Series 2018, Ref. GO Bonds(h)		5.50%		12/01/2052		5,490		5,042,625
Hance Ranch Metropolitan District;
Series 2020, GO Bonds		5.00%		12/01/2040		565		511,244
Series 2020, GO Bonds		5.13%		12/01/2050		1,810		1,557,994
Haskins Station Metropolitan District; Series 2019 B, GO Bonds		8.75%		12/15/2049		1,328		1,216,531
Hess Ranch Metropolitan District No. 6;
Series 2020 A-2, GO Bonds(f)		5.75%		12/01/2049		9,000		6,495,189
Series 2020 B, GO Bonds		8.00%		12/15/2049		4,683		4,207,428
Series 2022 C, GO Bonds(h)		8.25%		12/15/2052		15,569		13,748,378
Highlands Metropolitan District No. 1; Series 2021, GO Bonds		5.00%		12/01/2051		575		465,305
HM Metropolitan District No. 2; Series 2021, GO Bonds(f)		5.75%		12/01/2051		15,000		7,981,443
Home Place Metropolitan District; Series 2020 B, GO Bonds		8.25%		12/15/2050		834		772,099
Homestead Hills Metropolitan District; Series 2020 B, GO Bonds		8.00%		12/15/2050		722		675,031
Independence Metropolitan District No. 3;
Series 2019 A, GO Bonds		6.25%		12/01/2049		8,095		7,349,463
Series 2019 B, GO Bonds		9.00%		12/15/2049		4,230		3,955,512
Series 2021, GO Bonds		9.00%		12/15/2049		8,405		7,859,593
Independence Water & Sanitation District; Series 2019, RB		7.25%		12/01/2038		4,404		4,364,302
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB		5.75%		12/15/2050		6,909		6,576,797
Johnstown Farms East Metropolitan District; Series 2021, GO Bonds		5.00%		12/01/2051		2,562		2,115,221
Johnstown Village Metropolitan District No. 2;
Series 2020 A, GO Bonds		5.00%		12/01/2050		2,000		1,725,916
Series 2020 B, GO Bonds(h)		7.75%		12/15/2050		711		646,986
Jones District Community Authority Board; Series 2020 A, RB(f)		5.75%		12/01/2050		6,815		5,750,410
Kinston Metropolitan District No. 5;
Series 2020 A, GO Bonds		5.13%		12/01/2050		850		670,907
Series 2020 B, GO Bonds		7.50%		12/15/2052		3,800		3,365,795
Lake Bluff Metropolitan District No. 2; Series 2021, Ref. GO Bonds		5.25%		12/01/2051		12,186		10,046,471
Lakes at Centerra Metropolitan District No. 2;
Series 2018 A, GO Bonds		5.13%		12/01/2037		2,700		2,577,604
Series 2018 A, GO Bonds		5.25%		12/01/2047		4,970		4,502,376
Series 2018 B, GO Bonds		7.63%		12/15/2047		1,795		1,653,367
Lanterns Rock Creek Metropolitan District; Series 2020, GO Bonds		6.25%		08/01/2045		1,495		1,371,384
Liberty Draw Metropolitan District No. 6; Series 2023, GO Bonds		7.25%		12/01/2053		2,740		2,719,631
Lowell Metropolitan District; Series 2023 B-3, Ref. GO Bonds		8.50%		12/15/2052		1,831		1,819,973
Mayberry Springs Community Authority; Series 2021 B, RB		8.00%		04/15/2051		3,351		2,998,078
Mayfield Metropolitan District;
Series 2020 A, GO Bonds		5.75%		12/01/2050		1,190		1,144,341
Series 2020 B, GO Bonds		8.25%		12/15/2050		622		589,018
Series 2020 C, GO Bonds		3.00%		12/15/2050		767		274,715

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)
Meadowbrook Crossing Metropolitan District;
Series 2020 A, Ref. GO Bonds		5.25%		12/01/2049	$	3,355	$	3,077,975
Series 2020 B, Ref. GO Bonds(h)		7.75%		12/15/2049		494		449,782
Meadowlark Metropolitan District; Series 2020 B, GO Bonds		7.63%		12/15/2050		607		551,474
Mirabelle Metropolitan District No. 2; Series 2020 B, GO Bonds		7.38%		12/15/2049		1,473		1,326,733
Montrose (County of), CO (The Homestead at Montrose, Inc.);
Series 2003 A, RB		7.00%		02/01/2025		550		544,120
Series 2003 A, RB		7.00%		02/01/2038		6,200		5,601,290
Morgan Hill Metropolitan District No. 3; Series 2021 B, GO Bonds		6.38%		12/15/2051		1,460		1,321,121
Murphy Creek Metropolitan District No. 5;
Series 2022 A, GO Bonds		6.00%		12/01/2052		3,000		2,872,381
Series 2022 B, GO Bonds		9.25%		12/15/2052		3,532		3,439,196
Neu Town Metropolitan District; Series 2018 B, Ref. GO Bonds		7.75%		12/15/2046		2,285		2,116,418
Nexus North at DIA Metropolitan District; Series 2021, GO Bonds		5.00%		12/01/2041		520		469,619
North Holly Metropolitan District;
Series 2018 A, GO Bonds		5.50%		12/01/2048		1,260		1,196,493
Series 2018 B, GO Bonds		7.88%		12/15/2048		1,015		949,921
Series 2018 C, GO Bonds		8.00%		12/15/2050		1,614		1,281,125
North Range Metropolitan District No. 2;
Series 2017 A, Ref. GO Bonds		5.63%		12/01/2037		3,270		3,293,232
Series 2017 A, Ref. GO Bonds		5.75%		12/01/2047		4,885		4,903,299
Series 2017 B, GO Bonds		7.75%		12/15/2047		2,816		2,796,648
North Range Metropolitan District No. 3; Series 2020 A, GO Bonds		5.25%		12/01/2050		7,320		6,560,048
Painted Prairie Metropolitain District No. 2; Series 2018, GO Bonds		5.25%		12/01/2048		3,000		2,701,868
Palisade Metropolitan District No. 2; Series 2019, GO Bonds		7.25%		12/15/2049		3,712		3,364,945
Palisade Park North Metropolitan District No. 1; Series 2021 B, GO Bonds		5.25%		12/15/2051		2,912		2,394,069
Peak Metropolitan District No. 1;
Series 2021 A, GO Bonds(h)		5.00%		12/01/2051		1,725		1,474,970
Series 2021 B, GO Bonds(h)		7.63%		12/15/2051		1,652		1,473,933
Promontory Metropolitan District No. 3; Series 2020 A, GO Bonds		6.25%		12/01/2050		1,021		922,086
Pronghorn Valley Metropolitan District; Series 2021 B, GO Bonds		7.25%		12/15/2051		500		439,692
Pueblo Urban Renewal Authority (Evraz); Series 2021, RB(h)		4.75%		12/01/2045		3,930		2,672,400
Raindance Metropolitan District No. 2; Series 2019 B, GO Bonds		7.50%		12/15/2049		2,290		2,063,882
Reata Ridge Village Metropolitan District No. 2; Series 2019 B-3, GO Bonds		8.00%		12/15/2049		615		570,629
Remuda Ranch Metropolitan District; Series 2020 B, GO Bonds		7.63%		12/15/2050		574		518,163
Riverdale Peaks II Metropolitan District; Series 2005, GO Bonds(k)		6.50%		12/01/2035		1,000		820,000
Riverwalk Metropolitan District No. 2; Series 2022 B, RB		7.75%		12/15/2052		5,902		5,366,385
RM Mead Metropolitan District;
Series 2020 A, GO Bonds		5.25%		12/01/2050		4,370		3,880,230
Series 2020 B, GO Bonds		8.00%		12/15/2050		610		558,526
Rock Canyon Metropolitan District;
Series 2020 A, GO Bonds		5.00%		12/01/2049		1,637		1,458,142
Series 2020 B, GO Bonds		8.75%		12/15/2049		398		368,084
Rocky Mountain Rail Park Metropolitan District;
Series 2021 A, GO Bonds(h)		5.00%		12/01/2041		5,645		3,791,279
Series 2021 B, GO Bonds(h)		8.25%		12/15/2051		7,200		5,881,599
Rudolph Farms Metropolitan District No. 6; Series 2022 A, GO Bonds		6.50%		06/01/2052		13,000		12,492,824
Settler’s Crossing Metropolitan District No. 1;
Series 2020 B, GO Bonds		7.63%		12/15/2050		598		543,297
Series 2021 C, GO Bonds		7.63%		12/15/2052		4,560		4,037,389
Severance Shores Metropolitan District No. 4; Series 2020 B, GO Bonds		8.25%		12/15/2049		805		743,188
Silver Peaks Metropolitan District No. 3;
Series 2020 A, GO Bonds		5.00%		12/01/2050		565		483,843
Series 2020 B, GO Bonds		7.00%		12/15/2050		500		440,428
South Aurora Regional Improvement Authority; Series 2018, RB		6.25%		12/01/2057		2,815		2,631,234
Spring Valley Metropolitan District No. 3; Series 2020 B, GO Bonds		8.50%		12/15/2049		656		605,119
St. Vrain Lakes Metropolitan District No. 2; Series 2017 B, GO Bonds		7.63%		12/15/2047		1,080		1,057,229
STC Metropolitan District No. 2; Series 2019 B, GO Bonds		8.00%		12/15/2049		3,954		3,631,038
Sterling Ranch Community Authority Board; Series 2020 B, RB		7.13%		12/15/2050		716		676,941

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)
Tailholt Metropolitan District No. 3;
Series 2018 A, GO Bonds		6.00%		12/01/2048	$	7,545	$	7,241,542
Series 2018 B, GO Bonds		8.13%		12/15/2048		1,647		1,551,821
Talon Pointe Metropolitan District;
Series 2019 A, Ref. GO Bonds		5.25%		12/01/2039		3,260		2,682,799
Series 2019 A, Ref. GO Bonds		5.25%		12/01/2051		5,345		3,957,064
Series 2019 B, Ref. GO Bonds		8.00%		12/15/2051		2,595		2,075,436
Three Springs Metropolitan District No. 1; Series 2020 B, Ref. GO Bonds		7.13%		12/15/2050		1,695		1,506,590
Timberleaf Metropolitan District; Series 2020 B, GO Bonds		8.25%		12/15/2050		777		719,330
Trails at Crowfoot Metropolitan District No. 3;
Series 2019 A, GO Bonds		5.00%		12/01/2039		1,000		945,646
Series 2019, GO Bonds		9.00%		12/15/2049		3,140		2,926,565
Transport Metropolitan District No. 3; Series 2021 A-2, GO Bonds(f)		5.50%		12/01/2051		3,000		2,238,291
Tuscan Foothills Village Metropolitan District; Series 2019 A, GO Bonds		6.25%		12/01/2049		1,240		1,170,128
USAFA Visitor’s Center Business Improvement District; Series 2022 C, RB(h)		7.75%		12/15/2052		24,275		22,026,951
Velocity Metropolitan District No. 5;
Series 2020 A-2, GO Bonds(f)		6.00%		12/01/2050		13,100		8,956,841
Series 2022 B, GO Bonds		8.00%		12/15/2039		14,197		12,945,276
Verve Metropolitan District No. 1; Series 2023, GO Bonds		6.75%		12/01/2052		4,385		4,016,012
Villages at Castle Rock Metropolitan District No. 6; Series 2021 B, Ref. GO Bonds(h)		5.70%		12/01/2051		27,543		24,269,269
Villages at Johnstown Metropolitan District No. 3;
Series 2020 A, GO Bonds		5.00%		12/01/2050		1,020		873,831
Series 2020 B, GO Bonds		7.50%		12/15/2050		843		755,636
Vista Meadows Metropolitan District; Series 2023, GO Bonds		9.25%		12/15/2053		1,418		1,393,223
Vista Meadows Metropolitan District (Senior Bonds); Series 2023 A, GO Bonds		7.25%		12/01/2053		8,750		8,572,573
Wagons West Metropolitan District; Series 2020 B-3, GO Bonds		8.50%		12/15/2049		553		506,890
Waters’ Edge Metropolitan District No. 2; Series 2021, GO Bonds		5.00%		12/01/2051		4,445		3,640,424
Waterstone Metropolitan District No. 1; Series 2020 A, GO Bonds		6.00%		12/01/2049		15,680		15,533,818
Waterview II Metropolitan District; Series 2022 B, GO Bonds		8.00%		12/15/2051		2,915		2,672,419
West Meadow Metropolitan District (Senior Bonds); Series 2023 A, Ref. GO Bonds(h)		6.50%		12/01/2050		1,500		1,533,356
Westerly Metropolitan District No. 4;
Series 2021 A-2, GO Bonds(f)		5.20%		12/01/2050		1,000		674,618
Series 2021 B, GO Bonds		8.00%		12/15/2050		4,238		3,718,115
Wild Plum Metropolitan District; Series 2019 B, GO Bonds(b)(h)(m)		7.75%		12/01/2024		505		543,537
Willow Springs Metropolitan District; Series 2019 B, GO Bonds		7.75%		12/15/2049		650		587,749
Windler Public Improvement Authority;
Series 2021 A-1, RB		4.13%		12/01/2051		9,000		5,412,873
Series 2021 A-2, RB(f)		4.13%		12/01/2031		1,500		1,045,381
Series 2021 A-2, RB(f)		4.50%		12/01/2041		1,130		647,420
Series 2021 A-2, RB(f)		4.63%		12/01/2051		40,060		21,504,044
Winsome Metropolitan District No. 3; Series 2021 A, GO Bonds(h)		5.13%		12/01/2050		2,700		2,200,895
								951,879,959
Connecticut–0.17%
Connecticut (State of) Health & Educational Facilities Authority; Series 2020 G-1, Ref. RB(h)		5.00%		07/01/2039		1,100		1,033,444
Connecticut (State of) Health & Educational Facilities Authority (Nuvance Health); Series 2019 A, Ref. RB		4.00%		07/01/2041		5,670		4,946,226
Connecticut (State of) Health & Educational Facilities Authority (Stamford Hospital); Series 2022, Ref. RB		4.00%		07/01/2041		1,725		1,584,509
Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds(d)(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		1,000		815,217
Series 2022 A, RB		7.00%		01/01/2053		4,000		4,076,135
								13,407,731
Delaware–0.18%
Delaware (State of) Economic Development Authority (Aspira of Delaware Charter Operations, Inc.);
Series 2016 A, RB		5.00%		06/01/2046		1,250		1,098,683
Series 2016 A, RB		5.00%		06/01/2051		1,100		941,603

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(h)		5.13%		07/01/2038	$	7,992	$	7,779,474
Series 2018, Ref. RB(h)		5.25%		07/01/2048		4,098		3,880,527
								13,700,287
District of Columbia–0.82%
Metropolitan Washington Airports Authority Aviation Revenue ; Series 2023, RB(c)(j)(l)		5.25%		10/01/2053		7,400		7,725,108
District of Columbia (Ingleside at Rock Creek);
Series 2017 A, RB		5.00%		07/01/2032		500		482,671
Series 2017 A, RB		5.00%		07/01/2037		950		873,251
Series 2017 A, RB		5.00%		07/01/2052		9,485		7,736,293
District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB		5.00%		10/01/2045		7,750		7,295,583
District of Columbia Tobacco Settlement Financing Corp.;
Series 2006 A, RB(i)		0.00%		06/15/2046		100,920		22,994,783
Series 2006 C, RB(i)		0.00%		06/15/2055		60,320		5,804,919
Metropolitan Washington Airports Authority;
Series 2021 A, Ref. RB(c)		5.00%		10/01/2046		5,000		5,142,599
Series 2022, Ref. RB (INS - AGM)(g)		4.00%		10/01/2052		5,000		4,590,070
Series 2023 A, Ref. RB(c)		4.50%		10/01/2053		1,250		1,209,849
								63,855,126
Florida–7.76%
Alachua (County of), FL Health Facilities Authority (East Ridge Retirement Village, Inc.);
Series 2014, RB (Acquired 09/15/2020; Cost $2,194,050)(e)		5.00%		11/15/2024		2,320		2,218,032
Series 2014, RB (Acquired 09/15/2020; Cost $887,377)(e)		5.63%		11/15/2029		1,000		843,188
Series 2014, RB (Acquired 06/03/2020-06/04/2020; Cost $3,437,500)(e)		6.00%		11/15/2029		4,000		3,392,078
Series 2014, RB (Acquired 03/31/2020-10/04/2021; Cost $2,772,544)(e)		6.00%		11/15/2034		3,305		2,524,783
Series 2014, RB (Acquired 02/26/2014-12/04/2020; Cost $20,022,437)(e)		6.25%		11/15/2044		22,145		15,552,989
Series 2014, RB (Acquired 02/26/2014-09/15/2020; Cost $4,771,376)(e)		6.38%		11/15/2049		5,130		3,537,119
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.);
Series 2019, RB		4.00%		12/01/2049		2,500		2,182,774
Series 2022, RB(j)(l)		4.00%		12/01/2049		11,450		9,997,103
Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs);
Series 2022 A, Ref. RB(h)		5.00%		11/15/2061		40,750		27,431,902
Series 2022 B, RB(h)		6.50%		11/15/2033		3,325		2,895,792
Boggy Creek Improvement District;
Series 2023, Ref. RB		5.13%		05/01/2043		1,775		1,749,175
Series 2023, Ref. RB		5.38%		05/01/2053		4,325		4,249,889
Brevard (County of), FL Health Facilities Authority; Series 2022, RB(j)(l)		5.00%		04/01/2052		10,000		10,130,013
Broward (County of), FL Airport System; Series 2017, RB(c)(j)(l)		5.00%		10/01/2042		12,045		12,221,691
Buckeye Park Community Development District; Series 2008 A, RB		7.88%		05/01/2038		740		739,907
Capital Trust Agency, Inc. (Franklin Academy); Series 2020, RB(h)		5.00%		12/15/2055		4,800		3,896,024
Capital Trust Agency, Inc. (H-Bay Ministries, Inc.- Superior Residences);
Series 2018 A-1, RB(d)		4.00%		07/01/2038		2,750		962,500
Series 2018 A-1, RB(d)		4.00%		07/01/2043		1,000		350,000
Series 2018 A-1, RB(d)		5.00%		07/01/2048		5,660		1,981,000
Series 2018 A-1, RB(d)		4.13%		07/01/2053		2,000		700,000
Series 2018 B, RB(d)		5.00%		07/01/2043		500		40,000
Series 2018 B, RB(d)		5.00%		07/01/2053		1,100		88,000
Capital Trust Agency, Inc. (Imagine School at North Manatee);
Series 2021 C, RB(h)		5.00%		06/01/2056		520		426,117
Series 2021, RB(h)		5.00%		06/01/2056		900		737,510
Capital Trust Agency, Inc. (New Springs, Inc.); Series 2021, RB		4.75%		06/01/2056		4,825		3,455,557
Capital Trust Agency, Inc. (Sarasota-Manatee Jewish Housing Council, Inc.);
Series 2017, Ref. RB(h)		5.00%		07/01/2037		1,000		811,555
Series 2017, Ref. RB(h)		5.00%		07/01/2046		600		431,577
Capital Trust Agency, Inc. (Sustainability Bonds); Series 2021, RB(h)		4.00%		06/15/2051		2,220		1,601,898

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, Inc. (Tallahassee Tapestry);
Series 2015, RB (Acquired 12/02/2015; Cost $5,348,646)(d)(e)(h)		6.75%		12/03/2035	$	5,405	$	1,770,138
Series 2015, RB (Acquired 12/02/2015; Cost $1,976,520)(d)(e)(h)		7.00%		12/01/2045		2,000		655,000
Series 2015, RB (Acquired 12/02/2015; Cost $989,541)(d)(e)(h)		7.13%		12/01/2050		1,000		327,500
Capital Trust Agency, Inc. (University Bridge LLC Student Housing);
Series 2018 A, RB(h)		5.25%		12/01/2043		18,350		17,217,537
Series 2018 A, RB(h)		5.25%		12/01/2058		16,600		14,960,141
Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities);
Series 2019, RB(c)(h)		5.00%		10/01/2049		2,420		2,286,358
Series 2021, RB(c)(h)		4.00%		10/01/2051		2,000		1,567,317
Collier (County of), FL Industrial Development Authority (The Arlington of Naples);
Series 2014 A, RB (Acquired 12/16/2013-09/18/2020; Cost $4,671,425)(d)(e)(h)		8.13%		05/15/2044		4,974		273,558
Series 2014 A, RB (Acquired 12/16/2013-12/19/2013; Cost $32,773,541)(d)(e)(h)		8.25%		05/15/2049		33,235		1,827,956
Series 2015 A, RB (Acquired 06/30/2015; Cost $259,809)(d)(e)(h)		5.50%		05/15/2025		260		14,289
Series 2015 A, RB (Acquired 06/30/2015; Cost $658,936)(d)(e)(h)		6.25%		05/15/2035		659		36,241
Series 2015 A, RB (Acquired 06/30/2015; Cost $2,259,208)(d)(e)(h)		6.50%		05/15/2049		2,259		124,256
East Homestead Community Development District; Series 2013, RB		5.63%		11/01/2043		2,000		2,000,387
Escambia (County of), FL Health Facilities Authority;
Series 2020, Ref. RB		4.00%		08/15/2045		7,155		6,160,371
Series 2020, Ref. RB		4.00%		08/15/2050		8,650		7,196,271
Escambia (County of), FL Health Facilities Authority (Baptist Health Care Corp. Obligated Group);
Series 2020, Ref. RB (INS - AGM)(g)		3.00%		08/15/2050		12,500		8,906,616
Florida (State of), FL Department of Transportation (Turnpike); Series 2022 C, RB(j)		5.00%		07/01/2052		10,000		10,610,181
Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion);
Series 2021, Ref. RB(b)(c)(h)		7.50%		08/15/2024		13,500		13,291,908
Series 2022 A, Ref. RB(b)(c)(h)		7.25%		10/03/2023		27,000		27,553,948
Florida Development Finance Corp. (Central Charter School);
Series 2022, Ref. RB(h)		5.63%		08/15/2042		1,515		1,426,659
Series 2022, Ref. RB(h)		5.88%		08/15/2052		5,000		4,662,051
Series 2022, Ref. RB(h)		6.00%		08/15/2057		5,500		5,139,097
Florida Development Finance Corp. (Green Bonds); Series 2019 B, RB(c)(h)		7.38%		01/01/2049		46,290		46,383,853
Florida Development Finance Corp. (Mater Academy); Series 2022 A, RB		5.00%		06/15/2056		3,815		3,603,497
Florida Development Finance Corp. (Palm Bay Academy, Inc.);
Series 2017, Ref. RB(h)(k)		0.00%		05/15/2037		970		10
Series 2017, Ref. RB(h)		6.38%		05/15/2037		2,705		2,277,363
Series 2017, Ref. RB(h)(k)		6.38%		05/15/2037		1,265		253,000
Florida Development Finance Corp. (Parrish Charter Academy, Inc.); Series 2023, RB(b)(h)		6.25%		06/15/2028		2,000		1,960,274
Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2015, RB(h)		6.13%		06/15/2046		14,035		13,973,670
Florida Development Finance Corp. (UF Health Jacksonville); Series 2022, Ref. RB		5.00%		02/01/2052		3,000		2,638,319
Florida Development Finance Corp. (Virgin Trains USA Passenger Rail); Series 2019 A, Ref. RB(b)(c)(h)		6.25%		01/01/2024		11,410		11,386,405
Gramercy Farms Community Development District;
Series 2007 A-1, RB(d)		5.25%		05/01/2039		1,335		214
Series 2007 A-2, RB(d)		5.25%		05/01/2039		1,700		272
Series 2011, Ref. RB(k)		0.00%		05/01/2039		13,870		7,212,400
Highlands (County of), FL Health Facilities Authority (Trousdale Foundation Properties); Series 2018 A, RB (Acquired 08/29/2018-12/30/2020; Cost $12,283,078)(d)(e)		6.25%		04/01/2049		13,980		3,075,600
Jacksonville (City of), FL (Brooks Rehabilitation); Series 2020, Ref. RB		5.00%		11/01/2050		10,005		10,007,517
Kendall Breeze West Community Development District; Series 2004, RB		5.88%		05/01/2034		850		850,477
Lake (County of), FL (Lakeside at Waterman Village);
Series 2020 A, Ref. RB		5.75%		08/15/2050		9,000		7,829,248
Series 2020 A, Ref. RB		5.75%		08/15/2055		6,000		5,127,803
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts);
Series 2018 A, RB(h)		5.50%		07/15/2048		2,250		1,967,978
Series 2018 A, RB(h)		5.75%		07/15/2053		2,030		1,862,611
Lee (County of), FL Industrial Development Authority (Lee County Community Charter Schools, LLC);
Series 2012, IDR(h)		5.50%		06/15/2032		1,880		1,803,344
Series 2012, IDR(h)		5.75%		06/15/2042		3,210		3,026,090
Miami Beach (City of), FL (Arts and Cultural Facilities)(; Series 2023 A, GO Bonds		5.25%		05/01/2053		13,000		13,868,338

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(i)		0.00%		10/01/2035	$	12,000	$	7,241,446
Series 2009, RB(i)		0.00%		10/01/2042		42,215		16,862,689
Series 2021, RB (INS - AGM)(g)(j)(l)		3.00%		10/01/2051		12,000		8,655,342
Series 2022 A, RB(j)		5.00%		04/01/2052		15,720		16,475,574
Series 2022 A, Ref. RB(c)		5.25%		10/01/2052		9,250		9,505,843
Series 2022, RB(j)		5.00%		07/01/2052		10,000		10,527,144
Series 2023 A, Ref. RB(c)		5.00%		10/01/2047		10,000		10,168,045
Subseries 2021 A-1, Ref. RB (INS - AGM)(c)(g)		4.00%		10/01/2045		9,000		8,142,449
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group);
Series 2022, RB		4.00%		10/01/2052		6,180		5,481,150
Series 2022, RB(j)		4.00%		10/01/2052		17,245		15,294,891
Orange (County of), FL Housing Finance Authority (Alhambra Trace Apartments); Series 1998 C, RB		7.00%		04/01/2028		820		820,258
Orange (County of), FL Housing Finance Authority (Governors Manor Apartments); Series 2001 F-4, RB		7.25%		10/01/2031		2,270		2,271,340
Orange (County of), FL Housing Finance Authority (Lake Davis Apartments); Series 2001 F-1, RB		7.25%		10/01/2031		470		470,096
Orange (County of), FL Housing Finance Authority (Lake Jennie Phase I); Series 2001 F-2, RB		7.25%		10/01/2031		110		110,065
Orange (County of), FL Housing Finance Authority (Lake Jennie Phase II); Series 2001 F-3, RB		7.25%		10/01/2031		470		470,277
Orange (County of), FL Housing Finance Authority (Mellonville Trace Apartments); Series 2001 F-5, RB		7.25%		10/01/2031		190		190,112
Polk (County of), FL Industrial Development Authority (Mineral Development LLC); Series 2020, RB(c)(h)		5.88%		01/01/2033		7,000		6,996,834
Reunion East Community Development District;
Series 2002 A-2, RB(d)(k)		7.38%		05/01/2033		145		1
Series 2005, RB(d)(k)		5.80%		05/01/2036		1,716		17
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital);
Series 2018, RB(j)		4.00%		07/01/2048		36,680		32,810,150
Series 2022, RB		4.00%		07/01/2052		2,000		1,772,715
Seminole (County of), FL; Series 2022, RB(j)		5.00%		10/01/2052		10,000		10,560,428
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group);
Series 2017, Ref. RB		4.00%		08/15/2047		3,500		3,161,121
St. Johns (County of), FL; Series 2022, RB(j)		5.00%		06/01/2052		15,145		16,262,413
St. Lucie (County of), FL School Board; Series 2023 A, COP (INS - AGM)(g)		4.00%		07/01/2053		19,835		18,219,886
Sterling Hill Community Development District; Series 2003 A, RB(k)(n)		6.20%		05/01/2035		1,375		701,085
Tampa Bay (City of), FL Water; Series 2001 A, RB (INS - NATL)(g)(j)		6.00%		10/01/2029		13,440		15,738,099
Treeline Preserve Community Development District; Series 2007 A, RB(d)(k)		6.80%		05/01/2039		4,895		758,725
								601,932,431
Georgia–1.03%
Atlanta (City of), GA Department of Aviation; Series 2022 B, RB(c)		5.00%		07/01/2052		2,100		2,146,823
Brookhaven (City of), GA Development Authority (Children’s Healthcare of Atlanta, Inc.);
Series 2019 A, RB(j)(l)		4.00%		07/01/2049		10,150		9,417,155
Brookhaven (City of), GA Urban Redevelopment Agency; Series 2023 A, RB		4.00%		07/01/2053		10,355		9,918,524
Dalton Whitfield (County of), GA Joint Development Authority (Hamilton Health Care System); Series 2017, RB		4.00%		08/15/2048		15,000		13,948,403
Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.); Series 2019, RB(j)		4.00%		07/01/2049		15,000		13,554,758
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.);
Series 2021 A, RB		4.00%		02/15/2051		6,130		5,447,732
Series 2021, RB		4.00%		02/15/2046		6,200		5,619,330
George L Smith II Congress Center Authority (Convention Center Hotel); Series 2021, RB(h)		5.00%		01/01/2054		6,000		4,901,511
Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System); Series 2017, RAC		5.00%		08/01/2047		8,220		7,416,793
Marietta (City of), GA Developing Authority (Life University, Inc.);
Series 2017 A, Ref. RB(h)		5.00%		11/01/2037		4,000		3,744,940
Series 2017 A, Ref. RB(h)		5.00%		11/01/2047		4,480		3,943,066
								80,059,035

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
Hawaii–0.13%
Hawaii (State of) Airport System; Series 2022 A, RB(c)(j)		5.00%		07/01/2047	$	10,000	$	10,288,786
Idaho–0.34%
Gooding Industrial Development Corp. (Intrepid Technology & Resources); Series 2006, RB (Acquired 11/03/2006; Cost $7,640,000)(c)(d)(e)(k)		7.50%		11/01/2024		7,640		0
Idaho (State of) Health Facilities Authority (Terraces of Boise);
Series 2014, RB		3.80%		10/01/2031		550		461,569
Series 2014, RB		4.00%		10/01/2033		1,000		812,210
Series 2014, RB		4.50%		10/01/2050		7,030		4,850,834
Series 2014, RB		4.55%		10/01/2056		23,000		15,475,060
Series 2021, Ref. RB		8.00%		10/01/2028		3,450		3,191,697
Idaho (State of) Housing & Finance Association (North Star Charter School); Series 2014 B, Ref. RB(h)(i)		0.00%		07/01/2049		9,112		1,522,709
								26,314,079
Illinois–7.81%
Bolingbrook (Village of), IL;
Series 2005, RB		6.25%		01/01/2024		1,380		1,363,042
Series 2005, RB		6.00%		01/01/2026		4,500		4,173,508
Bolingbrook (Village of), IL Special Service Area No. 2005-1; Series 2019, Ref. RB		5.25%		03/01/2041		4,000		3,658,630
Burbank (City of), IL (Intercultural Montessori Language School); Series 2015, RB(h)		6.25%		09/01/2045		4,000		3,879,257
Chicago (City of), IL;
Series 2002 B, GO Bonds		5.50%		01/01/2034		3,145		3,190,634
Series 2003 B, Ref. GO Bonds		5.50%		01/01/2032		2,150		2,185,079
Series 2003 B, Ref. GO Bonds		5.50%		01/01/2033		3,000		3,046,312
Series 2003 B, Ref. GO Bonds		5.50%		01/01/2034		2,160		2,191,341
Series 2005 D, Ref. GO Bonds		5.50%		01/01/2037		6,075		6,151,196
Series 2007 E, Ref. GO Bonds		5.50%		01/01/2035		2,500		2,533,819
Series 2007 F, Ref. GO Bonds(j)(l)		5.50%		01/01/2035		10,640		10,783,932
Series 2007 G, Ref. GO Bonds		5.50%		01/01/2035		375		380,073
Series 2007 G, Ref. GO Bonds		5.50%		01/01/2042		400		403,939
Series 2014 A, Ref. GO Bonds(m)		5.25%		01/01/2033		3,250		3,268,265
Series 2015 A, GO Bonds		5.50%		01/01/2034		4,440		4,510,139
Series 2015 A, GO Bonds		5.50%		01/01/2035		2,000		2,029,626
Series 2017 A, Ref. GO Bonds(j)(l)		6.00%		01/01/2038		64,150		67,637,354
Chicago (City of), IL (Chicago Works);
Series 2023 A, GO Bonds		5.50%		01/01/2039		6,000		6,479,582
Series 2023 A, GO Bonds		5.50%		01/01/2040		6,500		6,990,714
Chicago (City of), IL (Diversey/Narragansett); Series 2006, COP(k)		7.46%		02/15/2026		1,678		1,225,036
Chicago (City of), IL (O’Hare International Airport);
Series 2018 A, Ref. RB(c)		5.00%		01/01/2053		5,000		5,057,754
Series 2022 A, RB(c)(j)(l)		5.00%		01/01/2048		14,000		14,305,141
Series 2022 A, RB(c)(j)		4.63%		01/01/2053		15,000		14,610,432
Series 2022 A, RB (INS - AGM)(c)(g)(j)		5.50%		01/01/2053		15,000		15,734,742
Series 2022 A, RB(c)		5.50%		01/01/2055		3,495		3,673,117
Chicago (City of), IL Board of Education;
Series 2012 A, GO Bonds		5.00%		12/01/2042		12,280		11,884,015
Series 2015 C, GO Bonds		5.25%		12/01/2039		23,310		23,308,021
Series 2017 H, GO Bonds		5.00%		12/01/2036		3,000		3,024,088
Series 2017 H, GO Bonds		5.00%		12/01/2046		19,525		18,902,334
Series 2018 D, GO Bonds		5.00%		12/01/2046		4,000		3,897,920
Series 2018 D, GO Bonds		5.00%		12/01/2046		19,170		18,197,609
Series 2022 A, GO Bonds		4.00%		12/01/2047		2,000		1,684,925
Series 2023, RB		5.75%		04/01/2048		3,500		3,797,374
East Dundee (Village of), IL (Route 25 South Redevelopment); Series 2012, RB		5.63%		12/01/2031		1,530		1,443,229
Evanston (City of), IL (Roycemore School); Series 2021, RB(h)		4.63%		04/01/2051		1,250		865,910
Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Subseries 2014 A, RB		5.38%		03/01/2034		1,364		1,220,789
Gilberts (Village of), IL Special Service Area No. 25 (The Conservancy); Series 2018 A, RB(f)		6.00%		03/01/2048		12,967		11,934,898

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 2016, Ref. GO Bonds		5.00%		02/01/2026	$	4,775	$	4,916,769
Series 2017 C, GO Bonds		5.00%		11/01/2029		10,350		10,877,945
Series 2017 D, GO Bonds		5.00%		11/01/2025		21,000		21,555,418
Series 2020, GO Bonds		5.75%		05/01/2045		8,750		9,411,344
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(c)		8.00%		06/01/2032		4,020		4,022,795
Illinois (State of) Finance Authority; Series 2018 B, Ref. RB(h)		6.00%		04/01/2038		2,100		1,981,202
Illinois (State of) Finance Authority (DePaul College Prep Foundation); Series 2023, Ref. RB(h)		5.63%		08/01/2053		250		250,264
Illinois (State of) Finance Authority (Intrinsic Schools - Belmont School); Series 2015, RB(h)		6.00%		12/01/2045		3,715		3,786,127
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);
Series 2019 A, Ref. RB		5.00%		11/01/2035		3,000		2,753,194
Series 2019 A, Ref. RB		5.00%		11/01/2040		20,210		17,457,824
Series 2019 A, Ref. RB		5.00%		11/01/2049		27,085		21,718,018
Illinois (State of) Finance Authority (Montgomery Place);
Series 2017, Ref. RB (Acquired 04/12/2017; Cost $6,795,000)(e)		5.25%		05/15/2037		6,795		5,636,945
Series 2017, Ref. RB (Acquired 04/12/2017-09/08/2020; Cost $12,536,735)(e)		5.25%		05/15/2048		12,770		9,525,066
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group);
Series 2022, RB(j)(l)		5.00%		08/15/2051		25,000		25,716,715
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB		5.13%		05/15/2060		65,871		36,310,635
Illinois (State of) Finance Authority (Plymouth Place);
Series 2015, Ref. RB(b)(m)		5.25%		05/15/2025		4,810		4,962,050
Series 2015, Ref. RB(b)(m)		5.25%		05/15/2025		1,850		1,908,481
Illinois (State of) Finance Authority (Rogers Park Montessori School);
Series 2014, Ref. RB		6.00%		02/01/2034		750		751,545
Series 2014, Ref. RB		6.13%		02/01/2045		1,500		1,501,852
Illinois (State of) Finance Authority (Roosevelt University);
Series 2007, RB		5.50%		04/01/2037		9,170		8,243,873
Series 2018 B, Ref. RB(h)		6.13%		04/01/2058		6,000		5,411,936
Series 2019 A, RB(h)		6.13%		04/01/2049		1,000		920,889
Series 2019 A, RB(h)		6.13%		04/01/2058		23,840		21,503,425
Illinois (State of) Finance Authority (Social Bonds); Series 2021, Ref. RB		4.00%		11/01/2051		1,100		881,678
Illinois (State of) Finance Authority (Three Crowns Park);
Series 2017, Ref. RB		5.00%		02/15/2032		985		971,643
Series 2017, Ref. RB		5.25%		02/15/2037		2,365		2,322,459
Series 2017, Ref. RB		5.25%		02/15/2047		2,500		2,303,870
Illinois (State of) Finance Authority (Villa St. Benedict);
Series 2015, Ref. RB		6.13%		11/15/2035		8,405		8,454,509
Series 2015, Ref. RB		6.38%		11/15/2043		10,700		10,747,496
Illinois (State of) Housing Development Authority (Stonebridge of Gurnee); Series 2016 A, RB(h)		5.45%		01/01/2046		5,000		3,561,977
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2012 B, RB(i)		0.00%		12/15/2050		35,755		9,000,005
Series 2012 B, RB(i)		0.00%		12/15/2051		13,165		3,138,316
Series 2015 A, RB		5.00%		06/15/2053		4,000		4,001,366
Series 2015, RB(i)		0.00%		12/15/2052		46,000		10,387,605
Series 2017 B, Ref. RB(i)		0.00%		12/15/2054		5,000		1,012,890
Series 2017, RB		5.00%		06/15/2057		11,000		11,049,432
Series 2020, Ref. RB		5.00%		06/15/2050		15,700		15,747,810
Malta (Village of), IL (Prairie Springs); Series 2006, RB(k)		5.75%		12/30/2025		1,800		450,000
Matteson (Village of), IL; Series 2015, RB		6.50%		12/01/2035		1,205		1,248,843
Morton Grove (Village of), IL (Sawmill Station Redevelopment); Series 2019, RB		5.00%		01/01/2039		2,000		1,812,414
Plano (City of), IL Special Service Area No. 10 (Lakewood Springs Club); Series 2007, RB(d)(k)		5.80%		03/01/2037		5,615		617,650
Southwestern Illinois Development Authority (US Steel Corp.); Series 2012, RB(c)		5.75%		08/01/2042		1,945		1,952,995
St. Charles (City of), IL Special Service Area No. 21; Series 1998, RB		6.63%		03/01/2028		345		341,386
Villa Park (Village of), IL (Garden Station Redevelopment); Series 2021, RB		0.00%		12/31/2038		1,915		1,450,632
Volo (Village of), IL Special Service Area No. 17; Series 2017, Ref. RB		5.50%		03/01/2047		1,189		1,161,421
Yorkville (United City of), IL (Cannonball/Beecher Road); Series 2007, RB		5.75%		03/01/2028		2,460		2,460,003
								605,824,488

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
Indiana–0.64%
Indiana (State of) Finance Authority (Good Samaritan Hospital); Series 2016 A, RB		5.50%		04/01/2046	$	5,785	$	5,840,853
Indiana (State of) Finance Authority (Indiana University Health); Series 2019 A, RB(j)(l)		4.00%		12/01/2049		13,000		12,003,182
Indiana (State of) Finance Authority (Irvington Community School);
Series 2018 A, Ref. RB(h)		5.90%		07/01/2038		1,000		973,916
Series 2018 A, Ref. RB(h)		6.00%		07/01/2048		2,750		2,617,085
Indiana (State of) Finance Authority (University of Evansville); Series 2022 A, Ref. RB		5.25%		09/01/2044		6,465		6,056,778
Valparaiso (City of), IN (Pratt Paper, LLC);
Series 2013, RB(c)		6.75%		01/01/2034		10,985		11,083,348
Series 2013, RB(c)		7.00%		01/01/2044		11,000		11,103,953
								49,679,115
Iowa–0.98%
Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB		4.75%		08/01/2042		20,960		20,002,333
Iowa (State of) Finance Authority (Iowa Fertilizer Co.);
Series 2022, Ref. RB(b)		5.00%		12/01/2042		7,200		7,241,701
Series 2022, Ref. RB		5.00%		12/01/2050		7,700		7,620,270
Iowa (State of) Tobacco Settlement Authority; Series 2021 B-2, Ref. RB(i)		0.00%		06/01/2065		380,750		41,521,930
								76,386,234
Kansas–0.36%
Olathe (City of), KS (West Village Center); Series 2007, RB		5.50%		09/01/2026		2,105		1,941,328
Roeland Park (City of), KS (TDD No. 1);
Series 2005, RB(k)(n)		5.75%		12/01/2025		264		205,795
Series 2006 A, RB(k)(n)		5.88%		12/01/2025		495		386,357
Roeland Park (City of), KS (TDD No. 2); Series 2006 B, RB(k)(n)		5.88%		12/01/2025		555		554,654
Wichita (City of), KS (Larksfield Place);
Series 2013 III, Ref. RB(b)(m)		7.13%		12/15/2023		1,000		1,009,241
Series 2013 III, Ref. RB(b)(m)		7.38%		12/15/2023		5,000		5,049,614
Wichita (City of), KS (Presbyterian Manors, Inc.);
Series 2013 IV-A, RB		6.38%		05/15/2043		5,000		4,306,125
Series 2013 IV-A, RB		6.50%		05/15/2048		11,000		9,336,692
Series 2014 IV-A, RB		5.63%		05/15/2044		1,850		1,441,355
Series 2014 IV-A, RB		5.63%		05/15/2049		2,750		2,061,073
Series 2019, Ref. RB		5.00%		05/15/2034		1,000		851,748
Series 2019, Ref. RB		5.00%		05/15/2050		1,615		1,091,632
								28,235,614
Kentucky–0.70%
Christian (County of), KY (Jennie Stuart Medical Center, Inc.);
Series 2016, Ref. RB		5.38%		02/01/2036		11,895		12,130,490
Series 2016, Ref. RB		5.50%		02/01/2044		8,500		8,567,430
Kentucky (Commonwealth of) Economic Development Finance Authority (Christian Care Communities); Series 2021, Ref. RB		5.13%		07/01/2055		2,000		1,517,965
Kentucky (Commonwealth of) Economic Development Finance Authority (Masonic Homes of Kentucky, Inc.); Series 2012, Ref. RB		5.38%		11/15/2032		1,600		1,445,840
Kentucky (Commonwealth of) Economic Development Finance Authority (Rosedale Green);
Series 2015, Ref. RB		5.50%		11/15/2035		1,200		1,099,885
Series 2015, Ref. RB		5.75%		11/15/2045		2,350		1,993,250
Series 2015, Ref. RB		5.75%		11/15/2050		4,650		3,849,780
Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing);
Series 2013 C, RB		6.60%		07/01/2039		9,000		10,209,617
Series 2013 C, RB		6.75%		07/01/2043		5,000		5,666,936
Series 2013 C, RB		6.88%		07/01/2046		7,000		7,948,560
								54,429,753
Louisiana–0.67%
Lafayette (Parish of), LA School Board;
Series 2023, RB(j)		4.00%		04/01/2048		8,500		8,052,856
Series 2023, RB(j)		4.00%		04/01/2053		4,550		4,246,811

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
Louisiana–(continued)
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority;
Series 2015 A, Ref. RB		6.00%		11/15/2030	$	2,250	$	2,249,762
Series 2015 A, Ref. RB		6.00%		11/15/2035		4,135		4,036,917
Series 2015 A, Ref. RB		6.25%		11/15/2045		7,735		7,317,827
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Assumption (Parish of), LA Gomesa); Series 2021, RB(h)		3.88%		11/01/2045		5,875		4,946,635
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Cameron (Parish of), LA Gomesa) (Green Bonds); Series 2018, RB(h)		5.65%		11/01/2037		3,850		4,026,778
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Lafourche (Parish of), LA Gomesa); Series 2019, RB(h)		3.95%		11/01/2043		4,317		3,764,926
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Livingston (Parish of), LA Gomesha) (Green Bonds); Series 2018, RB(h)		5.38%		11/01/2038		575		594,696
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. Mary (Parish of), LA Gomesa); Series 2019, RB(h)		4.40%		11/01/2044		3,680		3,443,734
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Terrebonne (Parish of), LA Gomesa); Series 2018 A, RB(h)		5.50%		11/01/2039		2,235		2,323,128
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Vermilion (Parish of), LA Gomesha) (Green Bonds); Series 2019, RB(h)		4.63%		11/01/2038		1,825		1,828,631
Louisiana (State of) Public Facilities Authority (Encore Academy); Series 2021, RB (Acquired 11/03/2021; Cost $3,188,822)(d)(e)(h)		5.00%		06/01/2051		3,055		2,138,500
St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2010, RB(h)		6.35%		07/01/2040		3,000		3,261,165
								52,232,366
Maine–0.12%
Maine (State of) Health & Higher Educational Facilities Authority (Eastern Maine Healthcare System);
Series 2016 A, RB		5.00%		07/01/2041		6,800		6,375,649
Series 2016 A, RB		5.00%		07/01/2046		3,705		3,262,874
								9,638,523
Maryland–0.33%
Anne Arundel (County of), MD; Series 2023, GO Bonds		4.00%		10/01/2052		10,550		10,150,101
Anne Arundel (County of), MD (The Villages at Two Rivers); Series 2014, RB		5.25%		07/01/2044		2,145		2,146,097
Baltimore (City of), MD (Convention Center Hotel); Series 2017, Ref. RB		5.00%		09/01/2032		3,135		3,123,376
Baltimore (City of), MD (Harbor Point); Series 2022, RB		5.00%		06/01/2051		1,000		949,622
Howard (County of), MD (Annapolis Junction Town Center);
Series 2014, RB		5.80%		02/15/2034		720		696,993
Series 2014, RB		6.10%		02/15/2044		1,420		1,354,637
Howard (County of), MD (Vantage House Facility); Series 2016, Ref. RB		5.00%		04/01/2046		2,710		2,174,924
Prince George’s (County of), MD (Westphalia Town Center);
Series 2018, RB(h)		5.13%		07/01/2039		1,300		1,270,295
Series 2018, RB(h)		5.25%		07/01/2048		2,100		2,035,555
Rockville (City of), MD (Ingleside at King Farm); Series 2017 B, RB		5.00%		11/01/2042		2,100		1,823,818
								25,725,418
Massachusetts–1.19%
Collegiate Charter School of Lowell; Series 2019, RB		5.00%		06/15/2054		1,620		1,462,682
Massachusetts (Commonwealth of); Series 2004 A, Ref. GO Bonds (INS - AMBAC)(g)(j)		5.50%		08/01/2030		32,040		36,668,072
Massachusetts (Commonwealth of) Bay Transportation Authority; Subseries 2023 A-1, RB		4.00%		07/01/2053		9,500		8,961,546
Massachusetts (Commonwealth of) Development Finance Agency; Series 2019 A, Ref. RB		4.00%		07/01/2044		8,400		7,039,130
Massachusetts (Commonwealth of) Development Finance Agency (Massachusetts Institute of Technology); Series 2002 K, RB(j)		5.50%		07/01/2032		5,015		6,115,613
Massachusetts (Commonwealth of) Transportation Fund;
Series 2022 A, RB(j)		5.00%		06/01/2050		15,000		15,884,961
Series 2022 B, RB(j)		5.00%		06/01/2052		15,000		15,973,637
								92,105,641

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
Michigan–1.36%
Charyl Stockwell Academy;
Series 2015, Ref. RB (Acquired 04/23/2015; Cost $2,680,825)(e)		5.50%		10/01/2035	$	2,740	$	2,462,196
Series 2015, Ref. RB (Acquired 04/23/2015; Cost $3,393,510)(e)		5.75%		10/01/2045		3,500		2,876,323
Detroit (City of), MI; Series 2014 B-1, GO Bonds		4.00%		04/01/2044		17,500		13,096,356
Grand Blanc Academy; Series 2000, COP		7.75%		02/01/2030		1,330		1,185,178
Kalamazoo Economic Development Corp. (Friendship Village of Kalamazoo);
Series 2021, Ref. RB(h)		5.00%		08/15/2041		1,235		1,034,635
Series 2021, Ref. RB(h)		5.00%		08/15/2051		1,510		1,164,222
Michigan (State of); Series 2023, RB		5.50%		11/15/2049		15,000		16,841,935
Michigan (State of) Finance Authority; Series 2020 B-2, Ref. RB(i)		0.00%		06/01/2065		101,350		9,395,915
Michigan (State of) Finance Authority (Madison Academy); Series 2021, Ref. RB		5.00%		12/01/2046		1,295		1,024,540
Michigan (State of) Finance Authority (McLaren Health Care); Series 2019 A, RB(j)		4.00%		02/15/2050		14,975		13,183,321
Michigan (State of) Housing Development Authority;
Series 2022, RB(j)(l)		5.10%		12/01/2037		10,000		10,397,062
Series 2022, RB(j)(l)		5.20%		12/01/2040		4,425		4,558,233
Michigan (State of) Strategic Fund (Canterbury Health Care, Inc.);
Series 2016, RB(h)		5.00%		07/01/2036		1,970		1,391,513
Series 2016, RB(h)		5.00%		07/01/2046		2,000		1,197,511
Series 2016, RB(h)		5.00%		07/01/2051		3,080		1,769,056
Michigan (State of) Strategic Fund (Evangelical Homes); Series 2013, Ref. RB		5.50%		06/01/2047		6,350		5,062,905
Michigan (State of) Strategic Fund (Friendship Village of Kalamazoo); Series 2021, Ref. RB(h)		5.00%		08/15/2051		1,000		771,008
Saline Economic Development Corp. (Evangelical Homes of Michigan); Series 2013, Ref. RB		5.50%		06/01/2047		6,735		5,369,869
Three Rivers Community Schools; Series 2023 II, GO Bonds		4.25%		05/01/2052		2,590		2,484,733
Waterford Township Economic Development Corp. (Canterbury Health Care, Inc.);
Series 2016 A, Ref. RB(h)		5.00%		07/01/2036		4,550		3,213,901
Series 2016 A, Ref. RB(h)		5.00%		07/01/2046		4,895		2,930,908
Series 2016 A, Ref. RB(h)		5.00%		07/01/2051		2,795		1,605,361
Woodhaven-Brownstown School District; Series 2023 II, GO Bonds		4.25%		11/01/2049		2,685		2,598,604
								105,615,285
Minnesota–1.10%
Anoka (City of), MN (The Homestead at Anoka, Inc.); Series 2017, Ref. RB		5.50%		11/01/2046		3,700		3,304,420
Brooklyn Park (City of), MN (Athlos Leadership Academy);
Series 2015, RB		5.50%		07/01/2035		1,490		1,349,944
Series 2015, RB		5.50%		07/01/2040		2,250		1,933,067
Series 2015, RB		5.75%		07/01/2046		2,800		2,375,606
Carlton (City of), MN (Inter-Faith Care Center); Series 2006, Ref. RB(d)		5.70%		04/01/2036		2,000		1,100,000
Dakota (County of), MN Community Development Agency (Quill); Series 2021, RB(h)		3.55%		04/01/2039		5,000		3,721,395
Deephaven (City of), MN (Seven Hills Preparatory Academy); Series 2017, RB		5.00%		10/01/2049		1,200		993,495
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group); Series 2018, Ref. RB		5.00%		02/15/2058		3,000		2,989,936
Minneapolis (City of), MN (Riverton Community Housing); Series 2014, Ref. RB		5.50%		08/01/2049		6,500		6,509,285
Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2013 A, RB		6.88%		12/01/2048		6,000		5,883,013
St. Louis Park (City of), MN (Place Via Sol Project); Series 2018, RB (Acquired 12/26/2018; Cost $26,750,000)(b)(d)(e)(h)		6.00%		07/01/2027		26,750		14,177,500
St. Paul (City of), MN Housing & Redevelopment Authority (Emerald Gardens); Series 2010, Ref. RB		6.50%		03/01/2029		625		625,108
St. Paul (City of), MN Housing & Redevelopment Authority (High School for Recording Arts);
Series 2015, RB		6.00%		10/01/2035		2,695		2,696,134
Series 2015, RB		6.25%		10/01/2045		4,275		4,276,973
St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy); Series 2018, RB		5.13%		12/01/2049		7,560		6,961,582
St. Paul (City of), MN Housing & Redevelopment Authority (Hmong College Prep Academy);
Series 2016, Ref. RB		5.75%		09/01/2046		1,000		991,180
Series 2016, Ref. RB		6.00%		09/01/2051		3,550		3,556,682
St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy); Series 2020, RB		5.00%		12/01/2045		3,800		3,204,285
St. Paul (City of), MN Housing & Redevelopment Authority (Marian Center); Series 2007 A, Ref. RB		5.38%		05/01/2043		5,000		4,266,902

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
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	$	930,866
Series 2018, Ref. RB		5.00%			10/01/2043		1,000		807,207
Series 2018, Ref. RB		4.65%			10/01/2048		1,500		1,105,758
Vadnais Heights (City of), MN (Agriculture & Food Sciences Academy);
Series 2018 A, Ref. RB		5.50%			12/01/2038		3,255		3,016,964
Series 2018 A, Ref. RB		5.88%			12/01/2048		4,500		4,101,143
Series 2018 A, Ref. RB		6.50%			12/01/2053		4,315		4,214,095
Series 2018 B, Ref. RB		6.75%			12/01/2025		330		320,990
									85,413,530
Mississippi–0.09%
Mississippi (State of) Development Bank (Hancock County Gomesa) (Green Bonds); Series 2019, RB(h)		4.55%			11/01/2039		2,100		2,057,516
Mississippi (State of) Development Bank (Jackson County Gomesa); Series 2021, RB(h)		3.63%			11/01/2036		1,000		892,640
Tunica (County of), MS; Series 2019, Ref. RB		6.00%			10/01/2040		4,870		4,294,546
									7,244,702
Missouri–1.35%
Branson Hills Infrastructure Facilities Community Improvement District; Series 2007 A, RB(k)		5.50%			04/01/2027		5,541		2,327,049
Dardenne Town Square Transportation Development District; Series 2006 A, RB(k)(n)		5.00%			05/01/2036		5,190		2,491,200
Grandview (City of), MO Industrial Development Authority (Grandview Crossing); Series 2006, RB(k)(n)		5.75%			12/01/2028		1,250		275,000
I-470 Western Gateway Transportation Development District;
Series 2019 A, RB(h)		5.25%			12/01/2048		6,415		6,343,688
Series 2019 B, RB(h)		7.75%			12/15/2048		3,853		3,636,992
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport);
Series 2019 B, RB(c)(j)		5.00%			03/01/2054		20,000		20,228,983
Series 2020, RB(c)		4.00%			03/01/2045		4,540		4,053,234
Series 2020, RB (INS - AGM)(c)(g)		4.00%			03/01/2057		750		656,116
Kansas City (City of), MO Industrial Development Authority (Northwoods Apartments); Series 2004 A, RB(c)		6.45%			05/01/2040		1,723		1,676,599
Kansas City (City of), MO Land Clearance for Redevelopment Authority (Convention Center Hotel); Series 2018 B, RB(h)		5.00%			02/01/2050		2,550		1,835,050
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights);
Series 2017 A, Ref. RB		5.25%			05/15/2037		3,285		2,778,326
Series 2017 A, Ref. RB		5.25%			05/15/2042		1,000		798,623
Series 2017 A, Ref. RB		5.25%			05/15/2050		12,750		9,541,230
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		2,622,910
Liberty (City of), MO (Liberty Commons); Series 2015 A, RB(h)		6.00%			06/01/2046		6,170		5,575,686
Maplewood (City of), MO (Maplewood South Redevelopment Area); Series 2005, Ref. RB		5.75%			11/01/2026		690		670,610
Missouri (State of) Development Finance Board (St. Louis Zoo); Series 2022, RB(j)		5.13%			05/01/2052		10,005		10,453,281
Missouri (State of) Health & Educational Facilities Authority (Truman Medical Center, Inc.); Series 2017 B, RB(h)		4.25%			12/01/2042		7,460		6,858,200
St. Louis (City of), MO Industrial Development Authority (Ballpark Village Development); Series 2017 A, Ref. RB		4.75%			11/15/2047		1,500		1,084,716
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County);
Series 2018 A, RB		5.00%			09/01/2038		5,500		5,099,712
Series 2018 A, RB		5.13%			09/01/2048		6,720		5,861,887
Series 2018 A, RB		5.13%			09/01/2049		6,475		5,611,833
Series 2018 A, RB		5.25	%		09/01/2053		4,900		4,263,498
									104,744,423
Montana–0.02%
Kalispell (City of), MT (Immanuel Lutheran Corp.);
Series 2017, Ref. RB		5.25%			05/15/2037		1,000		884,362
Series 2017, Ref. RB		5.25	%		05/15/2047		750		600,610
									1,484,972

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
Nevada–0.32%
Clark (County of), NV (Homestead Boulder City); Series 1997, RB		6.50%		12/01/2027	$	1,050	$	1,015,992
Henderson (City of), NV Local Improvement District No. T-22 (Rainbow Canyon Phase II); Series 2023, RB		5.25%		03/01/2053		500		478,347
Las Vegas (City of), NV; Series 2016, RB(h)		4.38%		06/15/2035		3,830		3,469,237
Nevada (State of) Department of Business & Industry (Fulcrum Sierra Biofuels, LLC) (Green Bonds); Series 2017, RB(c)(h)		6.25%		12/15/2037		1,000		906,878
Nevada (State of) Department of Business & Industry (Somerset Academy);
Series 2018 A, RB(h)		5.00%		12/15/2038		1,000		948,443
Series 2018 A, RB(h)		5.00%		12/15/2048		3,000		2,647,201
Nevada System of Higher Education; Series 2020 A, COP		3.00%		07/01/2050		11,625		8,355,674
North Las Vegas (City of), NV Special Improvement District No. 66 (Villages at Tule Springs Village 1);
Series 2022, RB(h)		5.75%		06/01/2042		350		346,797
Series 2022, RB(h)		6.00%		06/01/2052		1,800		1,792,469
Reno (City of), NV (ReTRAC - Reno Transportation Rail Access Corridor);
Series 2018 C, Ref. RB(h)(i)		0.00%		07/01/2058		28,500		3,511,320
Series 2018 D, Ref. RB(h)(i)		0.00%		07/01/2058		13,000		1,305,745
								24,778,103
New Hampshire–0.09%
New Hampshire (State of) Business Finance Authority (Covanta); Series 2018 C, Ref. RB(c)(h)		4.88%		11/01/2042		7,500		6,663,645
New Jersey–3.07%
Camden (County of), NJ Improvement Authority (The) (KIPP Cooper Norcross Academy) (Social Bonds);
Series 2022, RB		6.00%		06/15/2047		1,425		1,488,193
Series 2022, RB		6.00%		06/15/2062		4,300		4,445,218
New Jersey (State of) Economic Development Authority (Beloved Community Charter School, Inc.);
Series 2019 A, RB(h)		5.00%		06/15/2049		1,110		998,700
Series 2019 A, RB(h)		5.00%		06/15/2054		725		642,145
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, RB(c)		5.25%		09/15/2029		47,065		47,198,796
Series 2000 A, RB(c)		5.63%		11/15/2030		20,000		20,259,684
Series 2012, RB(c)		5.75%		09/15/2027		30,960		30,988,267
New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology, Inc.);
Series 2012 A, RB		6.00%		07/01/2032		1,655		1,655,989
Series 2012 A, RB		6.10%		07/01/2044		4,025		4,026,678
Series 2012 C, RB		5.00%		07/01/2032		1,260		1,230,076
Series 2012 C, RB		5.30%		07/01/2044		4,500		4,292,353
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement);
Series 2013, RB(c)		5.38%		01/01/2043		13,855		13,873,729
Series 2013, RB(c)		5.63%		01/01/2052		22,695		22,736,448
New Jersey (State of) Transportation Trust Fund Authority;
Series 2009 A, RB(i)		0.00%		12/15/2038		63,105		31,429,256
Series 2010 A, RB(i)		0.00%		12/15/2031		7,540		5,455,329
Series 2010 A, RB(i)		0.00%		12/15/2036		45,555		25,497,598
Series 2010 A, RB(i)		0.00%		12/15/2037		10,000		5,246,118
Series 2019, RB		5.25%		06/15/2043		10,000		10,442,925
Series 2019, Ref. RB		5.00%		12/15/2039		6,300		6,618,156
								238,525,658
New Mexico–0.19%
New Mexico (State of) Hospital Equipment Loan Council (La Vida Expansion);
Series 2019 A, RB		5.00%		07/01/2039		1,225		1,080,283
Series 2019 A, RB		5.00%		07/01/2049		10,525		8,527,235
Winrock Town Center Tax Increment Development District No. 1; Series 2020, RB(h)		8.00%		05/01/2040		5,510		4,902,108
								14,509,626

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
New York–11.84%
Amherst (Town of), NY Industrial Development Agency (Shaary Zedek); Series 2006 A, Ref. RB		7.00%		06/15/2036	$	1,585	$	1,585,207
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, RB(i)		0.00%		07/15/2034		14,345		8,716,371
Series 2009, RB(i)		0.00%		07/15/2044		23,805		7,961,268
Broome County Local Development Corp. (Good Shepherd Village at Endwell); Series 2021, Ref. RB		4.00%		01/01/2047		1,160		845,569
Buffalo & Erie County Industrial Land Development Corp. (Tapestry Charter School);
Series 2017 A, RB		5.00%		08/01/2037		1,325		1,263,598
Series 2017 A, RB		5.00%		08/01/2047		3,790		3,418,394
Series 2017 A, RB		5.00%		08/01/2052		790		700,856
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB(c)(h)		5.50%		12/31/2040		13,140		11,295,785
Build NYC Resource Corp. (Classical Charter Schools); Series 2023, RB		4.75%		06/15/2053		1,240		1,146,981
Build NYC Resource Corp. (NY Preparatory Charter School); Series 2021 A, RB(h)		4.00%		06/15/2041		1,310		1,047,986
Build NYC Resource Corp. (Unity Preparatory Charter School of Brooklyn);
Series 2023, RB(h)		5.00%		06/15/2033		600		608,766
Series 2023, RB(h)		5.50%		06/15/2053		1,150		1,112,313
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB		5.00%		06/01/2045		10,000		9,262,048
Metropolitan Transportation Authority (Green Bonds);
Series 2019 C, RB (INS - AGM)(g)(j)(l)		4.00%		11/15/2046		22,245		21,011,159
Series 2019 C, RB (INS - AGM)(g)(j)(l)		4.00%		11/15/2049		14,615		13,609,785
Series 2020 C-1, RB		5.00%		11/15/2050		14,000		14,165,708
Series 2020 D-1, RB		5.00%		11/15/2045		10,000		10,185,344
Subseries 2020 A-1, RB (INS - AGM)(g)(j)(l)		4.00%		11/15/2043		16,025		15,347,513
Subseries 2020 A-1, RB(j)(l)		4.00%		11/15/2053		27,500		24,244,525
Monroe County Industrial Development Corp. (Rochester Regional Health); Series 2020, Ref. RB		4.00%		12/01/2046		10,200		8,495,525
Monroe County Industrial Development Corp. (St. Ann’s Community);
Series 2019, Ref. RB		5.00%		01/01/2040		8,500		7,421,824
Series 2019, Ref. RB		5.00%		01/01/2050		6,750		5,437,721
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside);
Series 2021, RB (Acquired 12/13/2007-02/28/2018; Cost $32,328,530)(e)		5.00%		01/01/2058		30,886		9,240,530
Series 2021, Ref. RB (Acquired 09/07/2021; Cost $14,980,000)(d)(e)(h)		9.00%		01/01/2041		14,980		14,231,000
Nassau County Tobacco Settlement Corp.;
Series 2006 A-3, RB		5.00%		06/01/2035		10,390		9,563,647
Series 2006 A-3, RB		5.13%		06/01/2046		64,730		58,863,993
Series 2006 B, RB(i)		0.00%		06/01/2046		105,990		28,882,508
New York (City of), NY;
Subseries 2023 B-1, GO Bonds(j)		5.25%		10/01/2047		10,000		10,842,180
Subseries 2023 E-1, GO Bonds		4.00%		04/01/2050		14,385		13,571,003
New York (City of), NY Municipal Water Finance Authority;
Subseries 2022 CC-1, RB(j)		5.00%		06/15/2052		21,210		22,327,788
Subseries 2023 AA-3, RB(j)		5.00%		06/15/2047		10,000		10,642,692
New York (City of), NY Transitional Finance Authority;
Series 2022 C-1, RB		4.00%		02/01/2051		2,020		1,898,928
Series 2022, RB(j)		5.25%		11/01/2048		12,500		13,537,978
Series 2024 B, RB		4.38%		05/01/2053		20,000		19,604,212
Subseries 2019 S1B, RB		3.00%		07/15/2049		5,000		3,742,645
Subseries 2022 C-1, RB(j)		4.00%		02/01/2047		11,000		10,479,581
New York (State of) Dormitory Authority;
Series 2015 C, RB(b)(m)		5.00%		09/15/2025		40		41,331
Series 2018 E, RB(j)		5.00%		03/15/2045		35,050		36,557,742
Series 2022 A, RB (INS - AGM)(g)(j)		4.25%		05/01/2052		15,000		14,091,627
New York (State of) Dormitory Authority (Montefiore Medical Center); Series 2020 A, RB (INS - AGM)(g)(j)(l)		3.00%		09/01/2050		14,775		10,396,514
New York (State of) Thruway Authority;
Series 2019 B, RB(j)		4.00%		01/01/2053		15,000		13,576,493
Series 2021 A-1, RB(j)		4.00%		03/15/2054		10,000		9,189,322
Series 2021 A-1, RB(j)		4.00%		03/15/2059		30,000		27,153,573
New York (State of) Thruway Authority (Bidding Group 5); Series 2021 A-1, Ref. RB		3.00%		03/15/2048		5,000		3,759,166

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
New York-(continued)
New York (State of) Thruway Authority (Green Bonds);
Series 2022 C, RB(j)		4.13%		03/15/2056	$	5,000	$	4,697,185
Series 2022 C, RB(j)		4.13%		03/15/2057		15,000		14,054,654
New York City Housing Development Corp. (Sustainable Development Bonds);
Series 2022 F-1, RB		4.60%		11/01/2042		2,000		1,996,294
Series 2022 F-1, RB		4.75%		11/01/2047		1,000		1,002,887
Series 2022 F-1, RB		4.85%		11/01/2052		3,000		3,017,882
Series 2022 F-1, RB		4.90%		11/01/2057		3,000		3,014,123
New York Convention Center Development Corp. (Hotel Unit Fee Secured); Series 2016, RB(i)		0.00%		11/15/2049		13,390		3,474,722
New York Counties Tobacco Trust IV; Series 2005 F, RB(i)		0.00%		06/01/2060		50,000		3,082,110
New York Counties Tobacco Trust V;
Series 2005 S-1, RB(i)		0.00%		06/01/2038		65,990		26,685,102
Series 2005 S-2, RB(i)		0.00%		06/01/2050		45,500		6,274,668
Series 2005 S-3, RB(i)		0.00%		06/01/2055		268,000		20,038,708
New York Liberty Development Corp. (3 World Trade Center);
Series 2014, Class 1, Ref. RB(h)		5.00%		11/15/2044		5,000		4,785,447
Series 2014, Class 3, Ref. RB(h)		7.25%		11/15/2044		46,500		46,919,937
New York Liberty Development Corp. (7 World Trade Center); Series 2022, Ref. RB		3.13%		09/15/2050		9,130		6,856,699
New York Liberty Development Corp. (Green Bonds); Series 2021 A, Ref. RB (INS - AGM)(g)(j)(l)		3.00%		11/15/2051		10,000		7,207,923
New York State Urban Development Corp.; Series 2020 A, RB		3.00%		03/15/2050		7,500		5,543,936
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport);
Series 2020, Ref. RB(c)		5.25%		08/01/2031		7,575		7,832,939
Series 2020, Ref. RB(c)		5.38%		08/01/2036		11,505		11,726,716
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB(c)		5.00%		08/01/2026		2,860		2,866,317
Series 2016, Ref. RB(c)		5.00%		08/01/2031		3,775		3,784,403
Series 2021, Ref. RB(c)		3.00%		08/01/2031		3,500		3,104,594
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment);
Series 2018, RB(c)		5.00%		01/01/2028		10,650		10,960,455
Series 2018, RB(c)		5.00%		01/01/2034		4,905		5,044,006
Series 2020, RB(c)		5.00%		10/01/2040		16,450		16,627,155
Series 2020, RB(c)		4.38%		10/01/2045		750		707,311
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);
Series 2016 A, RB(c)		5.00%		07/01/2046		5,420		5,402,814
Series 2016 A, RB(c)		5.25%		01/01/2050		10,995		10,994,881
New York Transportation Development Corp. (Terminal 4 John F. Kennedy International Airport);
Series 2022, RB (INS - AGM)(c)(g)		4.00%		12/01/2042		5,000		4,613,455
Niagara Area Development Corp. (Covanta); Series 2018 A, Ref. RB(c)(h)		4.75%		11/01/2042		2,390		2,089,340
Rockland Tobacco Asset Securitization Corp.; Series 2005 C, RB(h)(i)		0.00%		08/15/2060		368,350		23,207,155
Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.);
Series 2013 A, RB(d)		5.00%		07/01/2027		1,985		694,750
Series 2013 A, RB(d)		5.00%		07/01/2038		5,700		1,995,000
Triborough Bridge & Tunnel Authority; Series 2019 C, RB (INS - AGM)(g)(j)(l)		3.00%		11/15/2047		12,665		9,521,486
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);
Series 2012 1-A, RB(j)		4.00%		11/15/2056		10,000		9,205,983
Series 2022 A, RB(j)		5.00%		05/15/2057		11,490		12,092,845
Series 2023 A, RB		4.25%		05/15/2058		20,000		19,225,578
TSASC, Inc.;
Series 2016 B, Ref. RB		5.00%		06/01/2045		8,325		7,760,197
Series 2016 B, Ref. RB		5.00%		06/01/2048		21,205		19,483,826
Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB(c)(h)		7.00%		06/01/2046		58,990		50,592,968
Westchester County Healthcare Corp.; Series 2014 A, RB		5.00%		11/01/2044		0		391
Westchester Tobacco Asset Securitization Corp.; Series 2016 C, Ref. RB		5.13%		06/01/2051		9,405		9,482,162
								918,747,703
North Carolina–0.16%
Clayton (Town of), NC; Series 2022, RB		4.00%		08/01/2047		3,720		3,582,643

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
North Carolina–(continued)
Greater Asheville Regional Airport Authority;
Series 2023, RB (INS - AGM)(c)(g)		5.25%		07/01/2048	$	2,000	$	2,096,871
Series 2023, RB (INS - AGM)(c)(g)		5.25%		07/01/2053		1,250		1,303,467
North Carolina (State of) Medical Care Commission (Salemtowne Project);
Series 2018 A, RB		5.00%		10/01/2038		1,485		1,302,755
Series 2018 A, RB		5.00%		10/01/2048		5,055		4,043,750
								12,329,486
North Dakota–0.22%
Grand Forks (City of), ND (Altru Health System);
Series 2021, Ref. RB		4.00%		12/01/2046		9,395		7,629,390
Series 2021, Ref. RB		4.00%		12/01/2051		11,845		9,149,814
								16,779,204
Ohio–3.88%
Buckeye Tobacco Settlement Financing Authority;
Series 2020 A-2, Ref. RB		3.00%		06/01/2048		11,000		8,111,572
Series 2020 B-2, Ref. RB		5.00%		06/01/2055		73,000		66,829,748
Series 2020 B-3, Ref. RB(i)		0.00%		06/01/2057		398,785		46,073,824
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools);
Series 2014 A, Ref. RB(h)		6.75%		01/01/2044		13,900		13,490,117
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Flats East Bank); Series 2021, Ref. RB(h)		4.50%		12/01/2055		725		624,812
Cleveland (City of), OH (Continental Airlines, Inc.); Series 1998, RB(c)		5.38%		09/15/2027		4,190		4,201,486
Columbus (City of) & Franklin (County of), OH Finance Authority (Easton); Series 2020, RB(h)		5.00%		06/01/2028		3,070		3,059,151
Cuyahoga (County of), OH (MetroHealth System);
Series 2017, RB(j)(l)		5.50%		02/15/2052		19,495		19,641,454
Series 2017, Ref. RB		5.00%		02/15/2057		8,000		7,613,177
Franklin (County of), OH (Wesley Communities);
Series 2020, Ref. RB		5.25%		11/15/2040		1,000		917,128
Series 2020, Ref. RB		5.25%		11/15/2055		6,300		5,353,899
Franklin (County of), OH Convention Facilities Authority (Greater Columbus Convention Center);
Series 2019, RB		5.00%		12/01/2039		715		670,302
Series 2019, RB		5.00%		12/01/2051		2,500		2,253,774
Hamilton (County of), OH (UC Health);
Series 2020, RB(j)(l)		4.00%		09/15/2050		15,000		11,571,062
Series 2020, RB		4.00%		09/15/2050		3,000		2,314,212
Marion (County of), OH (United Church Homes, Inc.); Series 2019, Ref. RB		5.13%		12/01/2049		3,545		2,720,008
Montgomery (County of), OH (Premier Health Partners Obligated Group);
Series 2019 A, RB(j)(l)		4.00%		11/15/2045		11,825		10,016,344
Series 2019 A, Ref. RB		4.00%		11/15/2042		4,955		4,314,532
Series 2019 A, Ref. RB		4.00%		11/15/2045		2,420		2,049,856
Montgomery (County of), OH (Trousdale Foundation Properties);
Series 2018 A, RB (Acquired 08/29/2018-09/14/2020; Cost $ 5,915,050)(d)(e)(h)		6.00%		04/01/2038		7,270		1,599,400
Series 2018 A, RB (Acquired 04/01/2020-09/14/2020; Cost $ 1,179,430)(d)(e)(h)		6.25%		04/01/2049		2,115		465,300
Muskingum (County of), OH (Genesis Healthcare System);
Series 2013, RB		5.00%		02/15/2044		23,810		21,564,453
Series 2013, RB		5.00%		02/15/2048		17,370		15,400,659
Ohio (State of) Air Quality Development Authority (AMG Vanadium Project); Series 2019, RB(c)(h)		5.00%		07/01/2049		9,900		8,931,201
Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, RB(c)(h)		4.50%		01/15/2048		500		463,657
Ohio State University (The) (Green Bonds); Series 2021 A, GO Bonds (INS - AGM)(g)(j)		5.50%		11/01/2059		10,000		10,699,784
Ohio State University (The) (Multiyear Debt Issuance Program II) (Green Bonds); Series 2021 A, RB(j)		4.00%		12/01/2048		10,000		9,387,474
Southeastern Ohio (State of) Port Authority (Memorial Health Systems);
Series 2015, Ref. RB		5.00%		12/01/2035		1,750		1,561,634
Series 2015, Ref. RB		5.00%		12/01/2043		6,695		5,382,866
Series 2015, Ref. RB		5.50%		12/01/2043		3,875		3,396,238
Southern Ohio Port Authority (Purecycle); Series 2020 A, RB(c)(h)		6.25%		12/01/2025		6,000		5,667,551

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
Ohio–(continued)
Tuscarawas (County of), OH Economic Development and Finance Alliance (Ashland University); Series 2015, Ref. RB		6.00%		03/01/2045	$	5,000	$	4,876,300
								301,222,975
Oklahoma–1.85%
Atoka (County of), OK Health Care Authority (Atoka Memorial Hospital); Series 2007, RB (Acquired 08/30/2007; Cost $3,040,000)(e)		6.63%		10/01/2037		3,040		2,682,609
Oklahoma (State of) Development Finance Authority (OU Medicine);
Series 2018 B, RB(j)(l)		5.50%		08/15/2052		15,210		14,557,488
Series 2018 B, RB		5.50%		08/15/2057		11,180		10,588,825
Series 2018 B, RB(j)(l)		5.50%		08/15/2057		23,320		22,086,887
Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources, Inc.-Cross Village Student Housing);
Series 2017, RB(d)		5.00%		08/01/2047		10,500		10,500
Series 2017, RB(d)		5.00%		08/01/2052		20,000		20,000
Series 2017, RB(d)		5.25%		08/01/2057		2,190		2,190
Oklahoma (State of) Development Finance Authority (Sommerset); Series 2015, RB		5.00%		07/01/2035		1,300		1,193,001
Oklahoma (State of) Water Resources Board; Series 2023 A, RB		4.38%		10/01/2053		650		654,441
Oklahoma (State of) Water Resources Board (2019 Master Trust); Series 2023, RB		4.13%		04/01/2053		3,600		3,509,695
Payne (County of), OK Economic Development Authority (Epworth Living at the Ranch);
Series 2016 A, RB(d)		6.88%		11/01/2046		2,469		1,728
Series 2016 A, RB(d)		6.63%		11/30/2049		1,164		815
Series 2016 A, RB(d)		7.00%		11/01/2051		2,429		1,700
Series 2016 B-1, RB(d)		5.25%		11/30/2049		1,664		1,165
Tulsa (City of), OK Airports Improvement Trust;
Series 2000 A, Ref. RB(c)		5.50%		06/01/2035		18,625		18,667,957
Series 2001 B, Ref. RB(c)		5.50%		12/01/2035		15,000		15,034,596
Series 2001 C, Ref. RB(c)		5.50%		12/01/2035		47,625		47,734,842
Tulsa (City of), OK Airports Improvement Trust (American Airlines Group, Inc.); Series 2015, Ref. RB(b)(c)		5.00%		06/01/2025		6,500		6,528,495
								143,276,934
Oregon–0.53%
Clackamas (County of), OR Hospital Facility Authority (Willamette View); Series 2017 A, Ref. RB		5.00%		11/15/2052		2,750		2,366,286
Oregon (State of) Facilities Authority (Legacy Health); Series 2016 A, RB(j)		4.00%		06/01/2046		16,025		14,706,274
Oregon Health & Science University (Green Bonds); Series 2021 A, Ref. RB		3.00%		07/01/2051		10,000		7,066,516
Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB(c)		5.50%		07/01/2053		10,000		10,687,529
Umatilla County School District No. 6R Umatilla; Series 2023 B, GO Bonds (CEP - Oregon School Bond Guaranty)(i)		0.00%		06/15/2053		10,000		2,212,529
Yamhill (County of), OR Hospital Authority (Friendsview Retirement Community); Series 2016 A, Ref. RB		5.00%		11/15/2046		1,835		1,443,142
Yamhill (County of), OR Hospital Authority (Friendsview);
Series 2021 A, Ref. RB		5.00%		11/15/2046		2,500		1,966,133
Series 2021 A, Ref. RB		5.00%		11/15/2051		500		380,101
								40,828,510
Pennsylvania–1.84%
Allegheny (County of), PA Airport Authority; Series 2021 A, RB(c)		5.00%		01/01/2051		10,000		10,136,677
Allegheny (County of), PA Sanitary Authority; Series 2022, RB		5.00%		06/01/2053		3,000		3,149,831
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (615 Waterfront); Series 2021, RB(h)		6.00%		05/01/2042		4,940		5,051,974
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center);
Series 2022, RB(h)		5.25%		05/01/2042		3,710		3,683,575
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.);
Series 2018, Ref. RB		5.00%		12/01/2038		1,750		1,518,204
Series 2018, Ref. RB		5.00%		12/01/2043		4,800		3,920,816
Series 2019, RB		5.00%		12/01/2054		2,000		1,513,179
Lehigh (County of), PA General Purpose Authority (Kidspeace Obligation Group);
Series 2014 A, RB		7.50%		02/01/2044		4,864		4,195,810
Series 2014 B, RB(f)		7.50%		02/01/2044		1,379		742,230
Series 2014 C, RB(d)		0.00%		02/01/2044		4,122		23,441

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
Pennsylvania–(continued)
Pennsylvania (Commonwealth of) Economic Development Financing Authority (National Gypson Co.); Series 2014, Ref. RB(c)		5.50%		11/01/2044	$	4,000	$	4,006,770
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges);
Series 2022, RB(c)		5.25%		06/30/2053		11,000		11,182,512
Series 2022, RB (INS - AGM)(c)(g)		5.00%		12/31/2057		16,000		16,198,243
Series 2022, RB(c)		6.00%		06/30/2061		18,500		20,093,361
Series 2022, RB (INS - AGM)(c)(g)		5.75%		12/31/2062		10,000		10,908,743
Pennsylvania (Commonwealth of) Turnpike Commission; Series 2013 B-2, RB(f)		6.00%		12/01/2037		7,000		6,207,919
Philadelphia (City of), PA Authority for Industrial Development (Alliance for Progress Charter School, Inc.); Series 2019 A, RB		5.00%		06/15/2049		2,775		2,393,519
Philadelphia (City of), PA Authority for Industrial Development (First Philadelphia Preparatory Charter School); Series 2014 A, RB		7.25%		06/15/2043		5,500		5,612,525
Philadelphia (City of), PA Authority for Industrial Development (MaST I Charter School);
Series 2016 A, Ref. RB		5.25%		08/01/2046		2,560		2,569,916
Series 2016 A, Ref. RB		5.38%		08/01/2051		3,950		3,970,800
Philadelphia (City of), PA Authority for Industrial Development (MaST II Charter School);
Series 2016 B, RB		5.63%		08/01/2036		30		30,548
Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University); Series 2022, RB		5.50%		11/01/2060		18,625		19,579,963
Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group);
Series 2017, Ref. RB		5.00%		07/01/2037		4,575		3,956,003
Series 2017, Ref. RB		5.00%		07/01/2049		2,930		2,311,258
								142,957,817
Puerto Rico–7.75%
Children’s Trust Fund;
Series 2002, RB		5.50%		05/15/2039		24,230		24,232,830
Series 2002, RB		5.63%		05/15/2043		5,415		5,442,188
Series 2005 A, RB(i)		0.00%		05/15/2050		473,480		85,846,185
Series 2008 B, RB(i)		0.00%		05/15/2057		784,260		43,147,476
Puerto Rico (Commonwealth of);
Series 2021 A, GO Bonds(i)		0.00%		07/01/2024		1,204		1,160,225
Series 2021 A, GO Bonds(i)		0.00%		07/01/2033		9,503		5,790,095
Series 2021 A-1, GO Bonds		4.00%		07/01/2033		12,110		11,339,258
Series 2021 A-1, GO Bonds		4.00%		07/01/2035		13,387		12,304,012
Series 2021 A-1, GO Bonds		4.00%		07/01/2041		24,758		21,409,646
Series 2021 A-1, GO Bonds		4.00%		07/01/2046		4,000		3,329,903
Subseries 2022, RN		0.00%		11/01/2043		38,871		20,067,108
Subseries 2022, RN		0.00%		11/01/2051		62,766		32,481,542
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2008 A, RB		6.13%		07/01/2024		3,687		3,736,457
Series 2020 A, Ref. RB(h)		5.00%		07/01/2035		8,000		8,036,155
Series 2021 B, RB(h)		4.00%		07/01/2042		40,000		34,322,404
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2007 TT, RB(d)		5.00%		07/01/2026		6,685		1,838,375
Series 2007 TT, RB(d)		5.00%		07/01/2027		2,350		646,250
Series 2007 UU, Ref. RB (3 mo. USD LIBOR + 0.68%)(d)(o)		4.16%		07/01/2025		4,250		1,168,750
Series 2007 UU, Ref. RB (3 mo. USD LIBOR + 0.70%)(d)(o)		4.41%		07/01/2031		2,050		563,750
Series 2007 VV, Ref. RB (INS - NATL)(g)		5.25%		07/01/2024		4,560		4,546,608
Series 2007 VV, Ref. RB (INS - NATL)(g)		5.25%		07/01/2030		9,275		9,137,464
Series 2007 VV, Ref. RB (INS - AGM)(g)		5.25%		07/01/2031		20,000		19,922,424
Series 2007 VV, Ref. RB (INS - NATL)(g)		5.25%		07/01/2032		6,275		6,155,880
Series 2008 WW, RB(d)		5.00%		07/01/2028		13,620		3,745,500
Series 2008 WW, RB(d)		5.25%		07/01/2033		2,200		605,000
Series 2008 WW, RB(d)		5.50%		07/01/2038		19,685		5,413,375
Series 2010 AAA, RB(d)		5.25%		07/01/2025		840		231,000
Series 2010 AAA, RB(d)		5.25%		07/01/2031		1,350		371,250
Series 2010 CCC, RB(d)		5.00%		07/01/2025		325		89,375

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
Puerto Rico–(continued)
Series 2010 CCC, RB(d)		5.00%		07/01/2028	$	960	$	264,000
Series 2010 CCC, RB(d)		5.25%		07/01/2028		7,600		2,090,000
Series 2010 EEE, RB(d)		6.05%		07/01/2032		895		246,125
Series 2010 XX, RB(d)		4.63%		07/01/2025		620		170,500
Series 2010 XX, RB(d)		5.25%		07/01/2026		385		105,875
Series 2010 XX, RB(d)		5.25%		07/01/2035		6,799		1,869,725
Series 2010 YY, RB(d)		6.13%		07/01/2040		1,200		330,000
Series 2010 ZZ, Ref. RB(d)		5.00%		07/01/2024		340		93,500
Series 2010 ZZ, Ref. RB(d)		5.25%		07/01/2024		65		17,875
Series 2010 ZZ, Ref. RB(d)		4.63%		07/01/2025		640		176,000
Series 2010 ZZ, Ref. RB(d)		5.00%		07/01/2026		435		119,625
Series 2010 ZZ, Ref. RB(d)		5.25%		07/01/2026		875		240,625
Series 2010 ZZ, Ref. RB(d)		5.00%		07/01/2028		310		85,250
Series 2012 A, RB(d)		4.80%		07/01/2029		2,260		621,500
Series 2012 A, RB(d)		5.00%		07/02/2029		3,535		972,125
Series 2012 A, RB(d)		5.05%		07/01/2042		3,095		851,125
Series 2013 A, RB(d)		7.25%		07/01/2030		2,120		583,000
Series 2013 A, RB(d)		7.00%		07/01/2033		6,030		1,658,250
Series 2013 A, RB(d)		6.75%		07/01/2036		15,090		4,149,750
Series 2013 A, RB(d)		7.00%		07/01/2040		2,675		735,625
Series 2013 A, RB(d)		7.00%		07/01/2043		20,415		5,614,125
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2022 A, RB		5.00%		07/01/2062		16,933		16,700,213
Series 2022 B, RB(i)		0.00%		07/01/2032		6,419		4,132,482
Series 2022 C, RB(f)		5.00%		07/01/2053		10,981		6,959,177
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2000, RB (Acquired 04/30/2019-01/08/2020; Cost $19,130,000)(c)(d)(e)		6.63%		06/01/2026		19,130		13,391,000
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(i)		0.00%		07/01/2029		1,927		1,507,635
Series 2018 A-1, RB(i)		0.00%		07/01/2031		2,484		1,775,703
Series 2018 A-1, RB(i)		0.00%		07/01/2033		10,296		6,663,041
Series 2018 A-1, RB		4.55%		07/01/2040		4,089		3,986,878
Series 2018 A-1, RB(i)		0.00%		07/01/2046		65,515		18,247,684
Series 2018 A-1, RB(i)		0.00%		07/01/2051		202,581		41,870,961
Series 2018 A-1, RB		4.75%		07/01/2053		25,479		23,885,951
Series 2018 A-1, RB		5.00%		07/01/2058		32,864		31,891,457
Series 2019 A-2, RB		4.33%		07/01/2040		24,721		23,475,200
Series 2019 A-2, RB		4.54%		07/01/2053		314		284,185
Series 2019 A-2, RB		4.78%		07/01/2058		20,223		18,956,840
								601,803,492
Rhode Island–0.00%
Tobacco Settlement Financing Corp.; Series 2015 B, Ref. RB		5.00%		06/01/2050		30		29,119
South Carolina–0.07%
South Carolina (State of) Jobs-Economic Development Authority (High Point Academy Project);
Series 2018 A, RB(h)		5.75%		06/15/2049		2,000		2,004,527
South Carolina (State of) Jobs-Economic Development Authority (Lutheran Homes);
Series 2013, RB		5.00%		05/01/2043		1,000		803,545
Series 2013, RB		5.13%		05/01/2048		2,000		1,576,005
Series 2017, Ref. RB		5.00%		05/01/2042		250		202,809
South Carolina (State of) Jobs-Economic Development Authority (South Carolina Episcopal Home at Still Hopes); Series 2018 A, Ref. RB		5.00%		04/01/2048		1,085		898,080
								5,484,966
Tennessee–1.07%
Bristol (City of), TN Industrial Development Board (Pinnacle); Series 2016, RB		5.63%		06/01/2035		13,000		11,535,170

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
Tennessee–(continued)
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	$	171,682
Series 2017 A, Ref. RB		5.63%		01/01/2046		750		442,273
Metropolitan Nashville Airport Authority (The); Series 2022 B, RB(c)		5.50%		07/01/2052		1,000		1,061,792
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Trousdale Foundation Properties);
Series 2018 A, RB (Acquired 08/29/2018; Cost $14,581,018)(d)(e)(h)		6.00%		04/01/2038		14,875		3,272,500
Series 2018 A, RB (Acquired 08/29/2018-09/14/2020; Cost $12,784,437)(d)(e)(h)		6.25%		04/01/2049		19,400		4,268,000
Shelby (County of), TN Health, Educational & Housing Facilities Board (Kirby Pines); Series 1997 A, RB		6.38%		11/15/2025		1,105		1,086,866
Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor);
Series 2013 A, Ref. RB		5.50%		09/01/2047		16,300		13,323,156
Series 2016 A, Ref. RB(h)		5.00%		09/01/2031		750		676,740
Series 2016 A, Ref. RB(h)		5.00%		09/01/2037		1,145		962,428
Tennessee (State of) School Bond Authority; Series 2022, RB (CEP - Colorado Higher Education Intercept Program)(j)		5.00%		11/01/2047		42,835		46,120,213
								82,920,820
Texas–11.63%
City of San Antonio TX Electric & Gas Systems Revenue ; Series 2023, RB(j)		5.50%		02/01/2050		10,000		11,017,276
Academy Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		08/15/2048		4,375		4,188,929
Arlington Higher Education Finance Corp. (Legacy Traditional Schools);
Series 2021, Ref. RB		4.38%		02/15/2051		7,500		5,330,878
Series 2021, Ref. RB		4.50%		02/15/2056		3,000		2,115,926
Series 2022, RB(h)		6.38%		02/15/2052		4,000		3,820,902
Series 2022, RB(h)		6.50%		02/15/2057		6,000		5,801,589
Arlington Higher Education Finance Corp. (Newman International Academy); Series 2021, RB		5.00%		08/15/2051		3,500		2,901,284
Arlington Higher Education Finance Corp. (Odyssey Academy, Inc.);
Series 2023 A, RB(h)		6.00%		02/15/2043		3,825		3,721,582
Series 2023 A, RB(h)		6.13%		02/15/2053		5,000		4,786,684
Aubrey Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2047		4,755		4,493,358
Austin (City of), TX; Series 2023, Ref. RB		5.25%		11/15/2053		15,000		16,177,554
Birdville Independent School District; Series 2023, GO Bonds		4.00%		02/15/2048		12,640		11,855,372
Bonham Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2053		7,755		7,302,284
Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC);
Series 2019 A, RB(c)(h)		9.00%		03/01/2039		2,245		2,351,218
Series 2019, RB(c)		7.00%		03/01/2039		10,700		9,830,135
Series 2019, RB(c)(h)		9.00%		03/01/2039		3,480		3,644,650
Bridge City Independent School District;
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)(j)		4.13%		02/15/2043		3,440		3,400,585
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)(j)		4.13%		02/15/2045		7,320		7,153,603
Caddo Mills Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.13%		02/15/2048		4,500		4,396,375
Calhoun (County of), TX Navigation Industrial Development Authority (Max Midstream Texas LLC); Series 2021, RN(c)(h)		3.63%		07/01/2026		7,000		6,408,874
Clifton Higher Education Finance Corp. (International Leadership of Texas);
Series 2015, RB		5.75%		08/15/2038		1,000		1,000,868
Series 2015, RB		5.75%		08/15/2045		8,000		7,729,054
Series 2018 D, RB		5.75%		08/15/2033		3,690		3,727,728
Series 2018 D, RB		6.00%		08/15/2038		14,250		14,351,756
Series 2018 D, RB		6.13%		08/15/2048		19,250		19,254,410
Community Independent School District;
Series 2022 B, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2046		4,600		4,366,418
Series 2022 B, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2050		2,000		1,864,237
Coppell Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.25%		08/15/2053		7,500		7,277,323

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
Texas���(continued)
Cypress-Fairbanks Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)(j)		4.50%		02/15/2047	$	15,550	$	15,730,312
Dallas (City of), TX; Series 2023 A, Ref. RB		4.00%		10/01/2052		7,230		6,770,735
Deer Park Independent School District;
Series 2018, GO Bonds (CEP - Texas Permanent School Fund)		5.00%		10/01/2040		2,515		2,758,458
Series 2018, GO Bonds (CEP - Texas Permanent School Fund)		4.25%		10/01/2041		1,415		1,428,298
Series 2018, GO Bonds (CEP - Texas Permanent School Fund)		4.25%		10/01/2042		1,795		1,802,727
Del Valle Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		06/15/2047		10,000		9,624,428
El Paso (City of), TX;
Series 2021 B, GO Bonds		4.00%		08/15/2047		1,250		1,147,180
Series 2022, RB(j)		4.00%		03/01/2048		9,950		9,204,247
Forney Independent School District; Series 2022 B, GO Bonds (CEP - Texas Permanent School Fund)(j)		4.00%		08/15/2047		16,625		15,964,765
Goose Creek Consolidated Independent School District; Series 2019 B, GO Bonds (CEP - Texas Permanent School Fund)(j)		4.50%		10/01/2049		10,000		10,090,184
Grand Parkway Transportation Corp.; Series 2013 B, RB(f)		5.85%		10/01/2048		17,000		17,974,994
Greater Texoma Utility Authority (City of Sherman);
Series 2023 A, RB (INS - BAM)(g)		4.38%		10/01/2053		10,000		9,463,238
Series 2023, RB (INS - AGM)(g)		4.25%		10/01/2053		12,565		11,639,348
Guadalupe (County of) & Seguin (City of), TX Hospital Board of Managers;
Series 2015, Ref. RB		5.00%		12/01/2040		5,350		4,877,412
Series 2015, Ref. RB		5.00%		12/01/2045		9,230		8,129,086
Harris (County of), TX; Series 2021, Ref. GO Bonds		4.00%		10/01/2036		10		10,096
Harris (County of), TX Toll Road Authority (The); Series 2021, Ref. RB		4.00%		08/15/2045		10,000		9,270,774
Houston (City of), TX; Series 2023 A, Ref. RB (INS - AGM)(c)(g)		5.25%		07/01/2048		12,000		12,629,638
Houston (City of), TX Airport System (Continental Airlines, Inc.); Series 2011 A, Ref. RB(c)		6.63%		07/15/2038		16,000		16,043,859
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2014, Ref. RB(c)		5.00%		07/01/2029		26,355		26,344,049
Houston (City of), TX Airport System (United Airlines, Inc.);
Series 2020 C, Ref. RB(c)		5.00%		07/15/2027		1,325		1,336,349
Series 2021 B-1, RB(c)		4.00%		07/15/2041		13,745		12,161,764
Ingram Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		08/15/2047		3,500		3,304,486
Katy Independent School District; Series 2021, GO Bonds (INS - BAM)(g)		3.00%		02/15/2046		5,000		3,740,730
La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015, RB(b)(h)(m)		5.60%		08/15/2024		4,420		4,485,029
Lake Travis Independent School District; Series 2023, Ref. GO Bonds		4.00%		02/15/2048		13,875		12,837,634
Lamar Consolidated Independent School District;
Series 2021, GO Bonds (INS - BAM)(g)		3.00%		02/15/2051		5,000		3,589,547
Series 2023, GO Bonds		4.00%		02/15/2048		25,000		23,377,120
Series 2023, GO Bonds		4.25%		02/15/2053		3,800		3,673,729
Little Elm Independent School District;
Series 2023, GO Bonds		4.00%		08/15/2048		3,865		3,599,544
Series 2023, GO Bonds		4.25%		08/15/2053		12,165		11,590,539
Magnolia Independent School District; Series 2023, GO Bonds		4.00%		08/15/2047		12,000		11,540,872
Medina Valley Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2053		12,500		11,770,284
Midland (City of), TX; Series 2023, GO Bonds		4.00%		03/01/2048		5,245		4,829,955
Montgomery Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2048		18,000		16,926,260
New Hope Cultural Education Facilities Finance Corp. (4-K Housing, Inc.-Stoney Brook);
Series 2017 C, RB(d)		5.00%		07/01/2037		1,610		563,500
New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community);
Series 2021 A-1, RB		7.50%		11/15/2037		285		217,248
Series 2021 A-2, RB		7.50%		11/15/2036		2,390		1,946,653
Series 2021, RB		2.00%		11/15/2061		7,463		2,951,953
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); Series 2016, Ref. RB		5.00%		07/01/2046		20,395		14,984,643
New Hope Cultural Education Facilities Finance Corp. (Forefront Living San Antonio - Bella Vida at LA Cantera)); Series 2023, RN(h)		12.00%		12/01/2028		14,000		14,213,254
New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); Series 2017, Ref. RB		5.00%		01/01/2047		6,790		5,904,488

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
Texas–(continued)
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford);
Series 2016 A, RB		5.38%		11/15/2036	$	1,365	$	1,189,642
Series 2016 A, RB		5.50%		11/15/2046		4,475		3,635,606
Series 2016 A, RB		5.50%		11/15/2052		850		671,234
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North);
Series 2018, Ref. RB		5.00%		10/01/2039		3,000		2,533,967
Series 2018, Ref. RB		5.25%		10/01/2049		12,840		10,188,847
Series 2020, RB		5.25%		10/01/2055		1,900		1,465,410
Newark High Education Finance Corp. (A+ Charter Schools, Inc.);
Series 2015 A, RB(h)		5.50%		08/15/2035		845		863,383
Series 2015 A, RB(h)		5.75%		08/15/2045		2,015		2,044,632
Newark High Education Finance Corp. (Hughen Center, Inc.);
Series 2022 A, RB (CEP - Texas Permanent School Fund)		5.00%		08/15/2042		600		645,320
Series 2022 A, RB (CEP - Texas Permanent School Fund)		5.00%		08/15/2047		1,000		1,066,319
Series 2022 A, RB (CEP - Texas Permanent School Fund)		5.00%		08/15/2052		500		528,141
North Texas Tollway Authority; Series 2011 B, RB(b)(i)(m)		0.00%		09/01/2031		15,500		7,529,237
Prosper Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2048		10,000		9,581,356
Red River Health Facilities Development Corp. (MRC Crossing);
Series 2014 A, RB(b)(m)		7.50%		11/15/2024		2,350		2,460,871
Series 2014 A, RB(b)(m)		7.75%		11/15/2024		5,100		5,355,398
Series 2014 A, RB(b)(m)		8.00%		11/15/2024		6,000		6,314,243
Rockwall Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2053		5,000		4,716,036
Sanger Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		08/15/2047		7,380		6,967,744
Sanger Industrial Development Corp. (Texas Pellets); Series 2012 B, RB (Acquired 09/04/2012; Cost $37,110,000)(c)(d)(e)(k)		8.00%		07/01/2038		37,110		9,277,500
Shallowater Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		5.25%		02/15/2053		2,800		2,996,135
Sheldon Independent School District;
Series 2023, GO Bonds (INS - BAM)(g)		4.00%		02/15/2048		4,950		4,742,771
Series 2023, GO Bonds (INS - BAM)(g)		4.00%		02/15/2050		10,220		9,717,052
Splendora Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.10%		02/15/2048		3,085		3,002,337
Spring Branch Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)(j)		4.50%		02/01/2047		10,000		10,179,656
Spring Independent School District; Series 2023, GO Bonds		4.00%		08/15/2052		12,500		11,518,414
Sweetwater Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2053		2,850		2,683,625
Tarrant (County of), TX Hospital District; Series 2023, GO Bonds		4.25%		08/15/2053		5,000		4,724,789
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group);
Series 2016, Ref. RB		5.00%		05/15/2037		3,000		2,674,667
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health);
Series 2022, RB(j)		5.00%		11/15/2051		15,000		15,481,020
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Senior Living - Ventana);
Series 2017, RB		6.00%		11/15/2027		3,250		3,272,798
Series 2017, RB		6.75%		11/15/2047		13,125		13,246,669
Series 2017, RB		6.75%		11/15/2052		965		971,746
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2007, RB (Acquired 07/18/2007; Cost $1,015,000)(d)(e)		5.75%		02/15/2025		1,015		558,250
Series 2007, RB (Acquired 07/18/2007; Cost $1,600,000)(d)(e)		5.75%		02/15/2029		1,600		880,000
Series 2009 A, RB (Acquired 12/10/2009-10/01/2020; Cost $12,866,093)(d)(e)		8.00%		02/15/2038		13,350		7,342,500
Series 2017 A, RB (Acquired 12/15/2016-09/17/2020; Cost $26,170,658)(d)(e)		6.38%		02/15/2048		26,895		14,792,250
Series 2017 A, RB (Acquired 12/15/2016-04/28/2020; Cost $24,814,254)(d)(e)		6.38%		02/15/2052		25,055		13,780,250
Series 2017, RB (Acquired 11/05/2019; Cost $9,547,686)(d)(e)		6.38%		02/15/2041		8,755		4,815,250
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health); Series 2022 A, RB		4.00%		07/01/2053		4,345		3,879,846

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
Texas-(continued)
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
Series 2020, Ref. RB		6.63%		11/15/2041	$	1,000	$	928,689
Series 2020, Ref. RB		6.75%		11/15/2051		4,000		3,585,484
Series 2020, Ref. RB		6.88%		11/15/2055		4,000		3,612,801
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way);
Series 2020 A, RB		5.75%		12/01/2054		18,637		12,113,954
Texas (State of) Transportation Commission;
Series 2019, RB(i)		0.00%		08/01/2051		6,000		1,354,385
Series 2019, RB(i)		0.00%		08/01/2053		1,000		199,675
Texas (State of) Water Development Board;
Series 2022, RB(j)		4.80%		10/15/2052		33,000		34,461,382
Series 2022, RB(j)		5.00%		10/15/2057		3,500		3,696,334
Texas City Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		08/15/2045		10,000		9,598,027
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes); Series 2023, RB(c)		5.50%		12/31/2058		10,000		10,596,941
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility);
Series 2013, RB(c)		7.00%		12/31/2038		4,000		4,008,267
Series 2013, RB(c)		6.75%		06/30/2043		17,450		17,481,035
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3C); Series 2019, RB(c)		5.00%		06/30/2058		12,135		12,158,422
Thrall Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2052		10,000		9,445,666
Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, RB		5.25%		08/15/2042		55		52,398
Waco (City of), TX; Series 2023 A, Ctfs. Of Obligation		4.00%		02/01/2053		8,660		7,809,982
Waller Consolidated Independent School District;
Series 2023 A, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2048		10,000		9,581,356
Series 2023 A, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2053		10,000		9,416,227
Waxahachie Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.25%		02/15/2053		3,500		3,394,875
								902,511,072
Utah–1.35%
Auto Mall & Retail Public Infrastructure District; Series 2023 B, GO Bonds(h)		9.75%		03/15/2053		2,065		2,048,859
Black Desert Public Infrastructure District;
Series 2021 A, GO Bonds(h)		4.00%		03/01/2051		8,525		6,279,351
Series 2021 B, GO Bonds(h)		7.38%		09/15/2051		5,500		4,476,607
Downtown East Streetcar Sewer Public Infrastructure District; Series 2022 B, GO Bonds(h)		9.00%		03/15/2053		1,239		1,200,645
Jepson Canyon Public Infrastructure District No. 1;
Series 2022 A, GO Bonds(h)		5.13%		03/01/2051		3,280		2,519,662
Series 2022 B, GO Bonds(h)		8.00%		03/15/2051		579		477,902
Mida Mountain Village Public Infrastructure District;
Series 2020 A, RB(h)		4.50%		08/01/2040		1,205		1,008,283
Series 2020 A, RB(h)		5.00%		08/01/2050		6,500		5,380,947
Red Bridge Public Infrastructure District No. 1;
Series 2021 A, GO Bonds(h)		3.63%		02/01/2035		600		483,317
Series 2021 A, GO Bonds(h)		4.13%		02/01/2041		500		386,441
Series 2021 A, GO Bonds(h)		4.38%		02/01/2051		1,100		814,948
Series 2021 B, GO Bonds(h)		7.38%		08/15/2051		600		481,628
Salt Lake City (City of), UT;
Series 2018 A, RB(c)(j)		5.00%		07/01/2043		14,750		15,042,907
Series 2018 A, RB(c)(j)		5.00%		07/01/2048		11,250		11,412,851
Series 2023 A, RB(c)		5.25%		07/01/2053		6,650		6,961,097
Series 2023 A, RB(c)		5.50%		07/01/2053		12,000		12,795,740
Salt Lake City (City of), UT (Salt Lake City International Airport); Series 2021 A, RB(c)(j)(l)		5.00%		07/01/2051		11,675		11,897,064
Utah (State of) Charter School Finance Authority (Ascent Academies of Utah); Series 2022, RB(h)		5.00%		06/15/2052		9,640		7,652,375
Utah (State of) Charter School Finance Authority (Leadership Learning Academy); Series 2019 A, RB(h)		5.00%		06/15/2050		2,000		1,727,799
Utah (State of) Charter School Finance Authority (Navigator Pointe Academy); Series 2010 A, RB		5.38%		07/15/2030		830		831,482
Utah (State of) Charter School Finance Authority (Renaissance Academy); Series 2020, Ref. RB(h)		5.00%		06/15/2055		2,080		1,850,533

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
Utah-(continued)
Utah (State of) Charter School Finance Authority (Utah County Academy of Sciences);
Series 2018 A, RB(b)(h)		5.75%		07/15/2028	$	3,420	$	3,420,030
Wohali Public Infrastructure District No. 1 (Wohali Assessment Area #1); Series 2023, RB(h)		7.00%		12/01/2042		5,630		5,558,950
								104,709,418
Virginia–0.61%
Ballston Quarter Community Development Authority;
Series 2016 A, RB		5.38%		03/01/2036		1,545		1,212,905
Series 2016 A, RB		5.50%		03/01/2046		9,590		6,871,985
Roanoke (City of), VA Economic Development Authority (Richfield Living);
Series 2020, RB (Acquired 01/23/2020; Cost $ 1,669,102)(d)(e)		5.00%		09/01/2040		1,645		987,000
Series 2020, RB (Acquired 01/23/2020; Cost $ 1,210,000)(d)(e)		5.13%		09/01/2055		1,210		726,000
Tobacco Settlement Financing Corp.;
Series 2007 B-1, RB		5.00%		06/01/2047		21,035		19,335,162
Series 2007 B-2, RB		5.20%		06/01/2046		3,000		2,895,065
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC);
Series 2022, Ref. RB(c)		4.00%		01/01/2040		500		457,312
Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3);
Series 2017, RB(c)		5.00%		12/31/2052		2,150		2,143,283
Series 2017, RB(c)		5.00%		12/31/2056		11,235		11,126,177
Virginia Beach Development Authority (Westminster-Canterbury); Series 2018, Ref. RB		5.00%		09/01/2044		1,960		1,747,070
								47,501,959
Washington–1.49%
Central Puget Sound Regional Transit Authority (Green Bonds); Series 2021 S-1, Ref. RB(j)		4.00%		11/01/2046		16,255		15,250,495
King (County of), WA Public Hospital District No. 4;
Series 2015 A, RB		5.75%		12/01/2030		3,000		3,042,775
Series 2015 A, RB		6.00%		12/01/2035		2,885		2,938,910
Series 2015 A, RB		6.25%		12/01/2045		6,465		6,338,326
Port of Seattle Industrial Development Corp. (Delta Airlines); Series 2012, Ref. RB(c)		5.00%		04/01/2030		19,500		19,505,598
Washington (State of) Convention Center Public Facilities District; Series 2018, RB(j)(l)		5.00%		07/01/2058		29,500		29,710,957
Washington (State of) Economic Development Finance Authority (Green Bonds); Series 2020 A, RB(c)(h)		5.63%		12/01/2040		9,000		8,658,264
Washington (State of) Housing Finance Commission (Bayview Manor Homes);
Series 2016 A, Ref. RB(h)		5.00%		07/01/2036		1,460		1,279,400
Series 2016 A, Ref. RB(h)		5.00%		07/01/2046		1,700		1,326,393
Series 2016 A, Ref. RB(h)		5.00%		07/01/2051		9,650		7,270,075
Washington (State of) Housing Finance Commission (Heron’s Key Senior Living);
Series 2015 A, RB(b)(h)(m)		7.00%		07/01/2025		2,150		2,265,545
Series 2015 A, RB(b)(h)(m)		7.00%		07/01/2025		1,500		1,580,613
Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.);
Series 2016 A, Ref. RB(h)		5.00%		01/01/2031		1,500		1,382,740
Series 2016 A, Ref. RB(h)		5.00%		01/01/2046		8,700		6,813,977
Washington (State of) Housing Finance Commission (Presbyterian Retirement Communities
Northwest); Series 2016 A, Ref. RB(h)		5.00%		01/01/2051		8,165		6,171,395
Washington (State of) Housing Finance Commission (Spokane International Academy);
Series 2021 A, RB(h)		5.00%		07/01/2056		2,260		2,026,484
								115,561,947
West Virginia–1.19%
Harrison (County of), WV Commission (Charles Pointe No. 2);
Series 2008 A, Ref. RB		7.00%		06/01/2035		3,340		3,341,768
Series 2013, Ref. RB(d)(h)		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(d)(h)		5.75%		06/01/2042		14,980		10,726,595
Series 2019 B, Ref. RB(d)(h)		7.50%		06/01/2042		5,285		4,052,711
Monogalia (County of), WV (Development Disctict No. 4 - University Town Centre); Series 2023, Ref. RB(h)		6.00%		06/01/2053		2,000		2,117,731

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
West Virginia–(continued)
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District);
Series 2017 A, Ref. RB(h)		5.75%		06/01/2043	$	6,000	$	6,147,061
Series 2020, Ref. RB(h)		7.50%		06/01/2043		13,205		14,330,141
Series 2021 A, Ref. RB(h)		4.13%		06/01/2043		2,845		2,531,492
West Virginia (State of) Economic Development Authority (Empire Green Gerenation LLC);
Series 2023, RB(c)(h)		9.50%		05/01/2043		20,000		19,802,460
West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC);
Series 2016, RB(c)(d)(h)		7.25%		02/01/2036		10,965		7,675,500
Series 2018, RB(c)(d)(h)		8.75%		02/01/2036		4,500		3,600,000
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group); Series 2023, RB		4.38%		06/01/2053		19,000		17,649,704
								92,475,163
Wisconsin–4.56%
Wisconsin (State of) Center District;
Series 2020 C, RB (INS - AGM)(g)(i)		0.00%		12/15/2055		24,900		5,234,914
Series 2020 D, RB (INS - AGM)(g)(i)		0.00%		12/15/2055		22,555		4,741,907
Series 2020 D, RB (INS - AGM)(g)(i)		0.00%		12/15/2060		57,015		9,244,486
Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the Midwest Obligated Group);
Series 2017, Ref. RB		5.00%		08/01/2037		5,820		4,658,146
Series 2017, Ref. RB		5.00%		08/01/2039		2,355		1,829,665
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System);
Series 2019, Ref. RB		5.00%		11/01/2039		2,950		2,490,279
Series 2019, Ref. RB		5.00%		11/01/2046		550		431,042
Series 2019, Ref. RB		5.00%		11/01/2054		9,500		7,103,041
Wisconsin (State of) Health & Educational Facilities Authority (Mile Bluff Medical Center, Inc.);
Series 2014, RB		5.75%		05/01/2039		4,260		3,944,912
Wisconsin (State of) Public Finance Authority; Series 2019, Ref. RB(h)		5.00%		09/01/2054		1,360		998,722
Wisconsin (State of) Public Finance Authority (Adelaide Pointe); Series 2023, RB(h)		6.25%		06/01/2052		7,500		7,246,521
Wisconsin (State of) Public Finance Authority (Alabama Proton Therapy Center);
Series 2017 A, RB(h)		6.25%		10/01/2031		3,475		2,085,000
Series 2017 A, RB(h)		6.85%		10/01/2047		25,735		15,441,000
Series 2017 A, RB(h)		7.00%		10/01/2047		1,250		750,000
Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands);
Series 2017, RB(d)(h)		6.25%		08/01/2027		1,550		1,183,813
Series 2017, RB(d)(h)		6.75%		08/01/2031		15,590		10,913,000
Series 2017, RB(h)		6.50%		12/01/2037		25,000		22,493,135
Series 2017, RB(h)		6.75%		12/01/2042		12,270		11,117,139
Series 2017, RB(h)		7.00%		12/01/2050		8,900		8,069,408
Wisconsin (State of) Public Finance Authority (Ascend Leadership Academy);
Series 2021 A, RB(h)		5.00%		06/15/2051		2,000		1,544,838
Series 2021 A, RB(h)		5.00%		06/15/2056		1,400		1,056,068
Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth); Series 2016 A, RB(h)		5.13%		06/01/2048		10,500		9,140,040
Wisconsin (State of) Public Finance Authority (Cross Creek Public Improvement District);
Series 2019, RB(h)		5.75%		10/01/2053		4,815		4,817,197
Wisconsin (State of) Public Finance Authority (Delray Beach Radiation Therapy Center);
Series 2017 A, RB (Acquired 04/03/2017; Cost $1,440,000)(d)(e)(h)		5.75%		11/01/2024		1,440		864,000
Series 2017 A, RB (Acquired 04/03/2017; Cost $2,525,000)(d)(e)(h)		6.25%		11/01/2028		2,525		1,515,000
Series 2017 A, RB (Acquired 04/03/2017-01/13/2021; Cost $34,467,094)(d)(e)(h)		6.85%		11/01/2046		34,350		20,610,000
Series 2017 B, RB (Acquired 01/23/2018; Cost $8,349,668)(d)(e)(h)		8.50%		11/01/2046		8,000		3,200,000
Wisconsin (State of) Public Finance Authority (Explore Academy);
Series 2018 A, RB(h)		6.13%		02/01/2048		5,535		4,753,817
Series 2020 A, RB(h)		6.13%		02/01/2050		3,305		2,825,614
Series 2022 A, RB(h)		6.13%		02/01/2050		3,580		3,060,726
Wisconsin (State of) Public Finance Authority (Goodwill Industries of Southern Nevada, Inc.);
Series 2019 A, RB		5.50%		12/01/2038		4,117		3,675,310
Series 2019 A, RB		5.75%		12/01/2048		6,863		5,867,760

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
Wisconsin–(continued)
Wisconsin (State of) Public Finance Authority (Grand Hyatt San Antonio);
Series 2022 B, RB(h)		5.63%		02/01/2046	$	3,500	$	3,383,944
Series 2022 B, RB(h)		6.00%		02/01/2062		6,500		6,422,235
Wisconsin (State of) Public Finance Authority (Kipp Charlotte, Inc.); Series 2020 A, RB(h)		5.00%		10/15/2055		350		297,324
Wisconsin (State of) Public Finance Authority (Lariat); Series 2023, RB(h)(i)		0.00%		09/01/2029		5,000		3,182,489
Wisconsin (State of) Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB(h)		5.25%		06/15/2049		5,775		5,308,944
Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center);
Series 2018 A-1, RB(h)		6.25%		01/01/2038		11,000		6,765,000
Series 2018 A-1, RB(h)		6.38%		01/01/2048		16,520		10,159,800
Wisconsin (State of) Public Finance Authority (Mary’s Woods at Marylhurst);
Series 2017 A, Ref. RB(h)		5.25%		05/15/2047		2,240		2,049,911
Series 2017 A, Ref. RB(h)		5.25%		05/15/2052		2,300		2,047,793
Wisconsin (State of) Public Finance Authority (Million Air Two LLC General Aviation Facilities);
Series 2017 A, RB(c)		7.25%		06/01/2035		11,065		10,430,449
Series 2017, Ref. RB(c)(h)		7.13%		06/01/2041		15,010		13,123,522
Wisconsin (State of) Public Finance Authority (Minnesota College of Osteopathic Medicine);
Series 2019 A-1, RB(d)(h)		5.50%		12/01/2048		76		23,584
Wisconsin (State of) Public Finance Authority (New Plan Learning, Inc.);
Series 2021 A, Ref. RB		3.75%		07/01/2031		3,755		3,233,405
Series 2021 A, Ref. RB		5.00%		07/01/2041		7,415		6,292,091
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.);
Series 2018 A, RB		5.20%		12/01/2037		17,025		17,109,383
Series 2018 A, RB		5.35%		12/01/2045		24,750		24,041,167
Wisconsin (State of) Public Finance Authority (Proton International);
Series 2021 A, RB(h)		6.50%		01/01/2041		10,000		7,833,448
Series 2021 A, RB(h)		6.85%		01/01/2051		11,110		8,188,138
Wisconsin (State of) Public Finance Authority (Quality Education Academy);
Series 2023, RB(h)		6.25%		07/15/2053		160		158,277
Series 2023, RB(h)		6.50%		07/15/2063		1,175		1,174,878
Wisconsin (State of) Public Finance Authority (Rose Villa); Series 2014 A, RB(b)(h)(m)		6.00%		11/15/2024		2,500		2,560,274
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences);
Series 2015, Ref. RB		5.88%		04/01/2045		5,000		5,026,135
Wisconsin (State of) Public Finance Authority (Searstone CCRC); Series 2021 A, Ref. RB(h)		4.00%		06/01/2036		1,000		844,211
Wisconsin (State of) Public Finance Authority (Southminster);
Series 2018, RB(h)		5.00%		10/01/2043		500		442,081
Series 2018, RB(h)		5.00%		10/01/2053		8,350		6,922,486
Wisconsin (State of) Public Finance Authority (Uwharrie Charter Academy); Series 2022 A, RB(h)		5.00%		06/15/2052		1,000		855,170
Wisconsin (State of) Public Finance Authority (Wakemed Hospital); Series 2019 A, Ref. RB		4.00%		10/01/2049		1,250		1,119,575
Wisconsin (State of) Public Finance Authority (WhiteStone);
Series 2017, Ref. RB(h)		5.00%		03/01/2052		2,300		1,860,058
Series 2020, RB(h)		5.25%		03/01/2055		5,000		4,160,939
Wisconsin (State of) Public Finance Authority (Wittenberg University);
Series 2016, RB(h)		5.00%		12/01/2031		7,330		6,790,782
Series 2016, RB(h)		5.25%		12/01/2039		10,685		8,987,084
								353,701,077
Total Municipal Obligations (Cost $9,206,629,447)								8,596,586,782
U.S. Dollar Denominated Bonds & Notes–0.11%
Ohio–0.02%
Cincinnati Senior Care/Dayton/Florida/Nashville/Sebring/Trousdale/Waynesboro HC;
Class 2023Series 2023(h)		12.00%		12/31/2023		2,015		2,015,000

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
West Virginia–0.09%
Empire South Terminal of West Virginia LLC(h)		14.00%		11/01/2023	$	6,850	$	6,916,856
Total U.S. Dollar Denominated Bonds & Notes (Cost $8,865,000)								8,931,856
TOTAL INVESTMENTS IN SECURITIES(p) –110.88% (Cost $9,215,494,447)								8,605,518,638
FLOATING RATE NOTE OBLIGATIONS–(12.95)%
Notes with interest and fee rates ranging from 4.58% to 4.88% at 08/31/2023 and contractual maturities of collateral ranging from 10/01/2029 to 11/01/2059 (See Note 1K)(q)								(1,004,750,000	)
OTHER ASSETS LESS LIABILITIES–2.07%								160,142,243
NET ASSETS–100.00%							$	7,760,910,881

Investment Abbreviations:
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
GO	- General Obligation
IDR	- Industrial Development Revenue Bonds
INS	- Insurer
LIBOR	- London Interbank Offered Rate
NATL	- National Public Finance Guarantee Corp.
RAC	- Revenue Anticipation Certificates
RB	- Revenue Bonds
Ref.	- Refunding
RN	- Revenue Notes
USD	- U.S. Dollar
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 has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

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

^(d) 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, 2023 was $256,196,250, which represented 3.30% of the Fund’s Net Assets.

^(e) Restricted security. The aggregate value of these securities at August 31, 2023 was $231,480,312, which represented 2.98% of the Fund’s Net Assets.

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

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

^(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, 2023 was $1,576,791,284, which represented 20.32% of the Fund’s Net Assets.

⁽ⁱ⁾  Zero coupon bond issued at a discount.

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

^(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 $419,730,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

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

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

^(o)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.

^(p)  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 obligations but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

^(q) Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2023. At August 31, 2023, the Fund’s investments with a value of $1,389,564,046 are held by TOB Trusts and serve as collateral for the $1,004,750,000 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.

38 Invesco High Yield Municipal Fund

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2023

Revenue Bonds	81.55	%
General Obligation Bonds	17.51
Pre-Refunded Bonds	0.94

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

39 Invesco High Yield Municipal Fund

Statement of Assets and Liabilities

August 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $9,215,494,447)	$	8,605,518,638
Receivable for:
Investments sold		123,534,131
Fund shares sold		9,509,507
Interest		170,314,696
Investments matured, at value (Cost $94,545,470)		30,403,872
Investment for trustee deferred compensation and retirement plans		517,487
Other assets		1,789,085
Total assets		8,941,587,416
Liabilities:
Floating rate note obligations		1,004,750,000
Payable for:
Investments purchased		119,884,804
Dividends		15,138,700
Fund shares reacquired		10,348,476
Amount due custodian		27,227,398
Accrued fees to affiliates		2,624,565
Accrued interest expense		119,084
Accrued trustees’ and officers’ fees and benefits		4,384
Trustee deferred compensation and retirement plans		579,124
Total liabilities		1,180,676,535
Net assets applicable to shares outstanding	$	7,760,910,881
Net assets consist of:
Shares of beneficial interest	$	9,471,322,243
Distributable earnings (loss)		(1,710,411,362	)
	$	7,760,910,881

Net Assets:
Class A	$	4,761,541,469
Class C	$	316,804,055
Class Y	$	1,993,065,237
Class R5	$	38,866
Class R6	$	689,461,254
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		571,502,571
Class C		38,154,334
Class Y		238,872,008
Class R5		4,666
Class R6		82,866,094
Class A:
Net asset value per share	$	8.33
Maximum offering price per share
(Net asset value of $8.33 ÷ 95.75%)	$	8.70
Class C:
Net asset value and offering price per share	$	8.30
Class Y:
Net asset value and offering price per share	$	8.34
Class R5:
Net asset value and offering price per share	$	8.33
Class R6:
Net asset value and offering price per share	$	8.32

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

40 Invesco High Yield Municipal Fund

Statement of Operations

For the six months ended August 31, 2023

(Unaudited)

Investment income:
Interest	$	265,418,827
Expenses:
Advisory fees		20,403,650
Administrative services fees		594,034
Custodian fees		23,491
Distribution fees:
Class A		6,216,925
Class C		1,700,904
Interest, facilities and maintenance fees		24,429,309
Transfer agent fees - A, C and Y		2,151,008
Transfer agent fees - R5		8
Transfer agent fees - R6		52,098
Trustees’ and officers’ fees and benefits		48,615
Registration and filing fees		367,013
Reports to shareholders		133,992
Professional services fees		1,623,697
Other		70,000
Total expenses		57,814,744
Less: Expense offset arrangement(s)		(2,875	)
Net expenses		57,811,869
Net investment income		207,606,958
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $ (1,924,299))		(111,533,604	)
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(100,085,974	)
Net realized and unrealized gain (loss)		(211,619,578	)
Net increase (decrease) in net assets resulting from operations	$	(4,012,620	)

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

41 Invesco High Yield Municipal Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2023 and the year ended February 28, 2023

(Unaudited)

	August 31, 2023			February 28, 2023
Operations:
Net investment income	$	207,606,958		$	400,697,551
Net realized gain (loss)		(111,533,604	)		(261,929,593	)
Change in net unrealized appreciation (depreciation)		(100,085,974	)		(1,137,189,991	)
Net increase (decrease) in net assets resulting from operations		(4,012,620	)		(998,422,033	)
Distributions to shareholders from distributable earnings:
Class A		(123,645,236	)		(241,232,400	)
Class C		(7,166,535	)		(15,619,181	)
Class Y		(53,836,054	)		(106,353,416	)
Class R5		(1,202	)		(5,839	)
Class R6		(18,293,811	)		(32,985,545	)
Total distributions from distributable earnings		(202,942,838	)		(396,196,381	)
Share transactions-net:
Class A		14,113,472			(532,392,868	)
Class C		(21,749,264	)		(114,720,165	)
Class Y		23,635,037			(386,703,990	)
Class R5		(5,836	)		(91,765	)
Class R6		48,670,682			(32,858,865	)
Net increase (decrease) in net assets resulting from share transactions		64,664,091			(1,066,767,653	)
Net increase (decrease) in net assets		(142,291,367	)		(2,461,386,067	)
Net assets:
Beginning of period		7,903,202,248			10,364,588,315
End of period	$	7,760,910,881		$	7,903,202,248

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

42 Invesco High Yield Municipal Fund

Statement of Cash Flows

For the six months ended August 31, 2023

(Unaudited)

Cash provided by operating activities:
Net increase (decrease) in net assets resulting from operations	$	(4,012,620	)
Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities:
Purchases of investments		(1,100,831,339	)
Proceeds from sales of investments		1,112,915,330
Proceeds from sales of short-term investments, net		164,789,988
Amortization of premium on investment securities		6,508,062
Accretion of discount on investment securities		(50,293,552	)
Net realized loss from investment securities		111,533,604
Net change in unrealized depreciation on investment securities		100,085,974
Change in operating assets and liabilities:
Increase in receivables and other assets		(13,276,888	)
Decrease in accrued expenses and other payables		(644,293	)
Net cash provided by operating activities		326,774,266
Cash provided by (used in) financing activities:
Dividends paid to shareholders from distributable earnings		(88,898,913	)
Increase in payable for amount due custodian		13,794,110
Proceeds from shares of beneficial interest sold		1,202,574,757
Proceeds of TOB Trusts		29,965,000
Repayments of TOB Trusts		(235,310,000	)
Disbursements from shares of beneficial interest reacquired		(1,248,899,220	)
Net cash provided by (used in) financing activities		(326,774,266	)
Net increase in cash and cash equivalents		–
Cash and cash equivalents at beginning of period		–
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	$	113,357,221
Supplemental disclosure of cash flow information:
Cash paid during the period for taxes	$	234,506
Cash paid during the period for interest, facilities and maintenance fees	$	24,417,555

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

43 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 08/31/23		$8.55		$0.22		$(0.23	)		$(0.01	)		$(0.21)			$8.33			(0.11	)%		$4,761,541		1.49	%(d)		1.49	%(d)		0.88	%(d)		5.09	%(d)		13	%
Year ended 02/28/23		9.94		0.41		(1.39	)		(0.98	)		(0.41	)		8.55			(9.91	)		4,873,987		1.39			1.39			0.86			4.63			27
Year ended 02/28/22		10.19		0.39		(0.23	)		0.16			(0.41	)		9.94			1.44			6,253,279		0.98			0.98			0.86			3.76			17
Year ended 02/28/21		10.68		0.42		(0.47	)		(0.05	)		(0.44	)		10.19			(0.25	)		6,323,866		1.03			1.03			0.86			4.28			26
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
Class C
Six months ended 08/31/23		8.52		0.19		(0.23	)		(0.04	)		(0.18	)		8.30			(0.49	)		316,804		2.24	(d)		2.24	(d)		1.64	(d)		4.34	(d)		13
Year ended 02/28/23		9.91		0.35		(1.40	)		(1.05	)		(0.34	)		8.52			(10.60	)(e)		346,859		2.13	(e)		2.13	(e)		1.59	(e)		3.89	(e)		27
Year ended 02/28/22		10.15		0.31		(0.22	)		0.09			(0.33	)		9.91			0.78	(e)		530,125		1.71	(e)		1.71	(e)		1.59	(e)		3.03	(e)		17
Year ended 02/28/21		10.64		0.35		(0.48	)		(0.13	)		(0.36	)		10.15			(0.99	)(e)		605,479		1.77	(e)		1.77	(e)		1.60	(e)		3.54	(e)		26
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
Class Y
Six months ended 08/31/23		8.56		0.23		(0.22	)		0.01			(0.23	)		8.34			0.02			1,993,065		1.24	(d)		1.24	(d)		0.63	(d)		5.34	(d)		13
Year ended 02/28/23		9.96		0.44		(1.41	)		(0.97	)		(0.43	)		8.56			(9.75	)		2,023,124		1.14			1.14			0.61			4.88			27
Year ended 02/28/22		10.21		0.42		(0.24	)		0.18			(0.43	)		9.96			1.70			2,780,042		0.73			0.73			0.61			4.01			17
Year ended 02/28/21		10.70		0.45		(0.48	)		(0.03	)		(0.46	)		10.21			0.01			2,684,515		0.78			0.78			0.61			4.53			26
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
Class R5
Six months ended 08/31/23		8.55		0.23		(0.23	)		0.00			(0.22	)		8.33			0.00			39		1.21	(d)		1.21	(d)		0.61	(d)		5.37	(d)		13
Year ended 02/28/23		9.93		0.44		(1.39	)		(0.95	)		(0.43	)		8.55			(9.61	)		46		1.17			1.17			0.63			4.85			27
Year ended 02/28/22		10.18		0.41		(0.23	)		0.18			(0.43	)		9.93			1.67			158		0.76			0.76			0.64			3.98			17
Year ended 02/28/21		10.67		0.44		(0.47	)		(0.03	)		(0.46	)		10.18			(0.02	)		160		0.79			0.79			0.62			4.52			26
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
Class R6
Six months ended 08/31/23		8.54		0.23		(0.22	)		0.01			(0.23	)		8.32			0.04			689,461		1.20	(d)		1.20	(d)		0.59	(d)		5.38	(d)		13
Year ended 02/28/23		9.93		0.44		(1.39	)		(0.95	)		(0.44	)		8.54			(9.65	)		659,186		1.09			1.09			0.56			4.93			27
Year ended 02/28/22		10.18		0.42		(0.23	)		0.19			(0.44	)		9.93			1.75			800,984		0.68			0.68			0.56			4.06			17
Year ended 02/28/21		10.66		0.45		(0.46	)		(0.01	)		(0.47	)		10.18		��	0.14			698,091		0.72			0.72			0.56			4.59			26
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

^(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) Annualized.

^(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 0.99%, 0.98% and 0.99% for the years ended February 28, 2023, 2022 and 2021, respectively.

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

44 Invesco High Yield Municipal Fund

Notes to Financial Statements

August 31, 2023

(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 eight 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 eighth anniversary after a purchase of Class C shares.

 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 generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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.

45 Invesco High Yield Municipal Fund

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 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 based on relative net assets of Class R5 and Class R6. 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. Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

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. The risk of material loss as a result of such indemnification claims is considered remote.

J. 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, cash pledged as collateral and other investments held in lieu of cash and excludes investments made with cash collateral received. The cash pledged as collateral included in Cash and Cash Equivalents is restricted cash.

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.

46 Invesco High Yield Municipal Fund

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.

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. Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

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.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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, 2023, the effective advisory fee rate incurred by the Fund was 0.51%.

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).

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, 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 the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary 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, 2023, 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.

47 Invesco High Yield Municipal Fund

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, 2023, 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 distribution and service 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, 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 and up to 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $161,494 in front-end sales commissions from the sale of Class A shares and $31,190 and $8,059 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

 The following is a summary of the tiered valuation input levels, as of August 31, 2023. 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		$–	$	8,567,634,909	��	$	28,951,873	$8,596,586,782
U.S. Dollar Denominated Bonds & Notes		–		8,931,856			–	8,931,856
Total Investments in Securities		–		8,576,566,765			28,951,873	8,605,518,638
Other Investments - Assets
Investments Matured		–		29,402,278			1,001,594	30,403,872
Total Investments		$–	$	8,605,969,043		$	29,953,467	$8,635,922,510

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated 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 that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended August 31, 2023, the Fund engaged in securities purchases of $30,197,546 and securities sales of $4,582,798, which resulted in net realized gains (losses) of $(1,924,299).

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,875.

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

48 Invesco High Yield Municipal 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 7–Cash Balances and Borrowings

The Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Invesco Funds, and which will expire on February 22, 2024. The revolving credit and security agreement is secured by the assets of the Fund. 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.

 During the six months ended August 31, 2023, the average daily balance of borrowing under the revolving credit and security agreement was $22,625,000 with an average interest rate of 5.25%. 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, 2023 were $1,111,497,857 and 3.79%, respectively.

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 carryforward 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 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	485,204,573	$	451,710,464	$	936,915,037

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2023 was $1,080,847,841 and $1,172,391,754, 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	$	249,479,658
Aggregate unrealized (depreciation) of investments		(987,621,875	)
Net unrealized appreciation (depreciation) of investments	$	(738,142,217	)

 Cost of investments for tax purposes is $9,374,064,727.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended				Year ended
	August 31, 2023(a)				February 28, 2023
	Shares		Amount		Shares		Amount
Sold:
Class A		74,077,693	$	635,135,773		158,867,815	$1,399,191,601
Class C		2,115,811		18,094,137		5,330,317	46,572,086
Class Y		47,387,350		407,785,587		178,575,581	1,576,940,241
Class R6		16,276,954		139,331,187		39,152,521	345,712,205
Issued as reinvestment of dividends:
Class A		7,813,978		66,799,249		14,615,642	129,069,386
Class C		567,476		4,836,073		1,196,108	10,542,703
Class Y		3,329,676		28,503,379		5,973,158	52,854,268
Class R5		81		689		155	1,365
Class R6		1,548,596		13,217,831		2,774,249	24,465,168

49 Invesco High Yield Municipal Fund

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2023(a)						February 28, 2023
	Shares			Amount			Shares			Amount
Automatic conversion of Class C shares to Class A shares:
Class A		1,253,331		$	10,746,337			4,244,484		$	38,323,712
Class C		(1,257,339	)		(10,746,337	)		(4,257,829	)		(38,323,712	)
Reacquired:
Class A		(81,655,356	)		(698,567,887	)		(236,885,295	)		(2,098,977,567	)
Class C		(3,977,084	)		(33,933,137	)		(15,077,267	)		(133,511,242	)
Class Y		(48,098,547	)		(412,653,929	)		(227,548,344	)		(2,016,498,499	)
Class R5		(785	)		(6,525	)		(10,668	)		(93,130	)
Class R6		(12,156,916	)		(103,878,336	)		(45,431,004	)		(403,036,238	)
Net increase (decrease) in share activity		7,224,919		$	64,664,091			(118,480,377	)	$	(1,066,767,653	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 60% 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.

50 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, 2023 through August 31, 2023.

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  (03/01/23)	Ending   Account  Value   (08/31/23)1	Expenses   Paid  During   Period2	Ending   Account Value   (08/31/23)	Expenses   Paid  During   Period2	Annualized   Expense Ratio
Class A	$1,000.00	$  998.90	$7.49	$1,017.65	$7.56	1.49%
Class C	1,000.00	995.10	11.23	1,013.88	11.34	2.24
Class Y	1,000.00	1,000.20	6.23	1,018.90	6.29	1.24
Class R5	1,000.00	1,001.20	6.09	1,019.05	6.14	1.21
Class R6	1,000.00	1,000.40	6.03	1,019.10	6.09	1.20

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, 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 184/366 to reflect the most recent fiscal half year.

51 Invesco High Yield Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

At meetings held on June 13, 2023, 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, 2023. 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 has established an Investments Committee, which in turn has established Sub-Committees, that 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 information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees 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 requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by 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. 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 accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a

description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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 to the Fund 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, 2022 to the performance of funds in the Broadridge performance universe and against the Custom Invesco High Yield Municipal Index (Index). The Board noted that performance of Class A shares of the Fund was in the third 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 below

52 Invesco High Yield Municipal Fund

 

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, which did not change its 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 is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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 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, as well as the levels of the Fund’s breakpoints in light of current assets. The Board requested and considered additional information from management regarding the Fund’s actual and contractual management fees in light of current asset levels, as well as the Fund’s total expenses relative to peers. As previously noted, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management, including with respect to management’s philosophy regarding breakpoints in the Fund’s contractual management fee schedule and how the services provided by the municipal investment team to the Fund may be distinguished from those provided by peer municipal managers. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

 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 its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates 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. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

 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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board 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 considered information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 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 most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to

perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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 received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination 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. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated

53 Invesco High Yield Municipal Fund

 

securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

54 Invesco High Yield Municipal Fund

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∎ Fund reports and prospectuses

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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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list 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/ corporate/about-us/esg. 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 number(s): 811-07890 and 033-66242     Invesco Distributors, Inc. VK-HYM-SAR-1         

Semiannual Report to Shareholders August 31, 2023

Invesco Intermediate Term Municipal Income Fund

Nasdaq:

A: VKLMX ∎ C: VKLCX ∎ Y: VKLIX ∎ R6: VKLSX

 

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
31	Financial Statements
34	Financial Highlights
35	Notes to Financial Statements
40	Fund Expenses
41	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is 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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/23 to 8/31/23, 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	1.00
Class Y Shares	1.49
Class R6 Shares	1.42
S&P Municipal Bond Index▼ (Broad Market Index)	1.22
S&P Municipal Bond 2-17 Years Investment Grade Index▼ (Style-Specific Index)	0.84
Lipper Intermediate Municipal Debt Funds Index∎ (Peer Group Index)	1.12
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.

2 Invesco Intermediate Term Municipal Income Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (5/28/93)	3.89	%
10 Years	2.13
5 Years	0.68
1 Year	-0.82
Class C Shares
Inception (10/19/93)	3.57	%
10 Years	1.79
5 Years	0.45
1 Year	0.14
Class Y Shares
Inception (8/12/05)	3.26	%
10 Years	2.65
5 Years	1.44
1 Year	2.12
Class R6 Shares
10 Years	2.58	%
5 Years	1.49
1 Year	2.08

Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen Intermediate Term 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 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.

3 Invesco Intermediate Term Municipal Income Fund

 

 

 

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), 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 pro viding 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 reason-ably 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 17, 2023, 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 January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during 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.

4 Invesco Intermediate Term Municipal Income Fund

Schedule of Investments

August 31, 2023

(Unaudited)

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Municipal Obligations–100.13%
Alabama–1.76%
Alabama (State of) Port Authority; Series 2017 A, Ref. RB (INS - AGM)(a)(b)	5.00%	10/01/2033	$	3,500	$	3,619,254
Alabaster (City of), AL Board of Education; Series 2014 A, Revenue Wts. (INS - AGM)(b)	5.00%	09/01/2025		1,500		1,521,834
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority; Series 2018 B, RB	5.00%	07/01/2035		2,345		2,463,345
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging);
Series 2016, RB	5.25%	06/01/2025		40		39,372
Series 2016, RB	5.50%	06/01/2030		2,000		1,901,444
Black Belt Energy Gas District (Gas); Series 2023 D-1, Ref. RB(c)	5.50%	02/01/2029		5,000		5,218,613
Black Belt Energy Gas District (The);
Series 2023 A, RB(c)	5.25%	10/01/2030		5,000		5,197,078
Series 2023 B, RB(c)	5.25%	12/01/2030		3,000		3,163,946
Lee (County of), AL Public Building Authority (DHR Building); Series 2006, Revenue Wts. (INS - SGI)(b)	4.38%	09/01/2025		10		10,005
Lower Alabama Gas District (The); Series 2016 A, RB	5.00%	09/01/2034		5,000		5,152,102
Selma (City of), AL Industrial Development Board (International Paper Co.); Series 2019, Ref. RB(c)	2.00%	10/01/2024		1,500		1,467,878
Southeast Energy Authority A Cooperative District (No. 3); Series 2022 A-1, RB(c)	5.50%	12/01/2029		2,000		2,097,982
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(d)	4.50%	05/01/2032		2,720		2,546,492
						34,399,345
Arizona–2.39%
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital); Series 2014, Ref. RB	5.00%	12/01/2032		3,400		3,440,446
Arizona (State of) Industrial Development Authority; Series 2019-2A, Revenue Ctfs.	3.63%	05/20/2033		3,027		2,760,218
Arizona (State of) Industrial Development Authority (Academies of Math & Science); Series 2019, RB(d)	5.00%	07/01/2039		1,000		963,493
Arizona (State of) Industrial Development Authority (Basis Schools); Series 2017 D, Ref. RB(d)	5.00%	07/01/2037		630		610,398
Arizona (State of) Industrial Development Authority (Pinecrest Academy of Nevada-Horizon, Inspirada and St. Rose Campus Projects); Series 2018 A, RB(d)	5.75%	07/15/2038		1,810		1,825,965
Chandler (City of), AZ Industrial Development Authority (Intel Corp.); Series 2007, RB(a)(c)	4.10%	06/15/2028		7,500		7,478,274
Glendale (City of), AZ; Series 2015, Ref. RB (INS - AGM)(b)	5.00%	07/01/2029		1,000		1,027,909
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); Series 2017, Ref.RB	5.00%	11/15/2028		2,105		2,041,210
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		1,179,978
Maricopa (County of), AZ Industrial Development Authority (Commercial Metals Co.); Series 2022, RB(a)(d)	4.00%	10/15/2047		2,000		1,672,259
Maricopa (County of), AZ Industrial Development Authority (GreatHearts Arizona); Series 2017 C, RB (CEP - Ohio School District)	5.00%	07/01/2037		315		322,967
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools);
Series 2021, RB(d)	4.00%	07/01/2041		1,275		1,035,550
Maricopa County Pollution Control Corp. (Southern California Edison); Series 2000, Ref. RB	2.40%	06/01/2035		4,000		3,102,848
Navajo (Nation of); Series 2015 A, Ref. RB(d)	5.50%	12/01/2030		725		744,900
Northern Arizona University; Series 2015, Ref. RB (INS - BAM)(b)	5.00%	06/01/2032		250		254,535
Peoria (City of), AZ Industrial Development Authority (Sierra Winds Life Care Community);
Series 2014, Ref. RB (Acquired 11/06/2014; Cost $1,272,754)(e)(f)	5.00%	11/15/2024		1,270		1,162,505
Series 2014, Ref. RB (Acquired 11/06/2014; Cost $2,105,000)(e)(f)	5.25%	11/15/2029		2,105		1,774,648
Phoenix (City of), AZ Industrial Development Authority (Great Hearts Academies); Series 2016, Ref.RB	5.00%	07/01/2036		1,000		1,001,569
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(d)	5.75%	07/01/2024		225		225,893
Pima (County of), AZ Industrial Development Authority (American Leadership Academy);
Series 2015, Ref. RB(d)	5.38%	06/15/2035		1,360		1,369,382
Series 2021, RB(d)	4.00%	06/15/2041		740		607,724
Pima (County of), AZ Industrial Development Authority (Desert Heights Charter School); Series 2014, Ref. RB	6.00%	05/01/2024		90		90,775
Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB(d)	5.00%	09/01/2026		25		24,727

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

5 Invesco Intermediate Term Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Arizona–(continued)
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB(d)	5.00%	07/01/2033	$	2,245	$	2,134,342
Salt River Project Agricultural Improvement & Power District; Series 2016 A, Ref. RB	5.00%	01/01/2034		5,500		5,829,709
Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU); Series 2017 A, RB(d)	5.50%	10/01/2027		1,245		1,089,426
University of Arizona Board of Regents (Arizona Biomedical Research Collaborative Building); Series 2006, COP (INS - AMBAC)(b)	4.50%	06/01/2031		20		20,009
Westpark Community Facility District; Series 2016, Ref. GO Bonds	5.00%	07/15/2032		2,000		2,033,672
Yuma (City of), AZ Industrial Development Authority (Regional Medical Center); Series 2014 A, RB	5.00%	08/01/2025		1,000		1,010,767
						46,836,098
Arkansas–0.20%
Arkansas (State of) Development Finance Authority (U.S. Steel Corp.) (Green Bonds); Series 2023, RB(a)	5.70%	05/01/2053		2,500		2,510,551
Pulaski (County of), AR Public Facilities Board; Series 2014, RB	5.00%	12/01/2028		1,345		1,366,449
						3,877,000
California–9.87%
Adelanto Public Utility Authority (Utility System);
Series 2017 A, Ref. RB (INS - AGM)(b)	5.00%	07/01/2027		175		187,990
Series 2017 A, Ref. RB (INS - AGM)(b)	5.00%	07/01/2028		315		338,285
Series 2017 A, Ref. RB (INS - AGM)(b)	5.00%	07/01/2029		300		322,518
Series 2017 A, Ref. RB (INS - AGM)(b)	5.00%	07/01/2030		325		348,957
Series 2017 A, Ref. RB (INS - AGM)(b)	5.00%	07/01/2031		310		332,915
Series 2017 A, Ref. RB (INS - AGM)(b)	5.00%	07/01/2032		310		332,255
Atwater (City of), CA; Series 2017 A, Ref. RB (INS - AGM)(b)	5.00%	05/01/2033		100		106,480
Beaumont (City of), CA Financing Authority (Improvement Area No. 17A); Series 2013 B, RB(c)(g)	5.00%	09/01/2023		1,000		1,000,000
California (State of);
Series 2020, Ref. GO Bonds	4.00%	03/01/2036		9,385		9,695,263
Series 2022, GO Bonds	5.00%	09/01/2039		3,000		3,351,843
California (State of) (Bid Group B); Series 2020, GO Bonds	5.00%	11/01/2036		10,000		11,127,939
California (State of) Community Choice Financing Authority (Green Bonds); Series 2023 C, RB(c)	5.25%	10/01/2031		3,250		3,370,934
California (State of) County Tobacco Securitization Agency;
Series 2014, Ref. RB	4.00%	06/01/2029		205		205,178
Series 2020 A, Ref. RB	5.00%	06/01/2032		385		418,606
Series 2020 A, Ref. RB	5.00%	06/01/2033		600		651,965
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2002, RB	6.00%	06/01/2042		2,250		2,283,169
California (State of) Enterprise Development Authority (Academy for Academic Excellence); Series 2020 A, RB(d)	5.00%	07/01/2040		1,000		961,419
California (State of) Health Facilities Financing Authority (Providence Health & Services); Series 2014 B, RB	5.00%	10/01/2044		10,000		10,033,184
California (State of) Housing Finance Agency;
Series 2019 A, RB	4.25%	01/15/2035		1,878		1,832,657
Series 2019 A-2, RB	4.00%	03/20/2033		12,513		12,082,008
California (State of) Housing Finance Agency (Social Certificates); Series 2023-1, RB	4.38%	09/20/2036		4,992		4,855,214
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2016 A, Ref. RB	5.00%	06/01/2046		875		834,588
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); Series 2018, RB	5.00%	05/15/2035		5,000		5,182,272
California (State of) Municipal Finance Authority (Emerson College); Series 2011, RB	5.00%	01/01/2028		270		270,216
California (State of) Municipal Finance Authority (Harbor Regional Center); Series 2015, Ref. RB	5.00%	11/01/2032		1,000		1,042,301
California (State of) Municipal Finance Authority (Mt. San Antonio Gardens); Series 2022, RB	2.75%	11/15/2027		525		496,953
California (State of) Pollution Control Financing Authority; Series 2012, RB(a)(d)	5.00%	07/01/2027		4,790		4,806,239
California (State of) Public Finance Authority (Enso Village) (Green Bonds);
Series 2021 B-3, RB(d)	2.13%	11/15/2027		2,140		2,077,379
Series 2021, RB(d)	2.38%	11/15/2028		1,050		1,012,732
Series 2021, RB(d)	3.13%	05/15/2029		4,140		3,920,533
Series 2021, RB(d)	5.00%	11/15/2036		1,160		1,123,967

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
California–(continued)
California (State of) Public Finance Authority (Henry Mayo Newhall Hospital);
Series 2017, Ref. RB	5.00%	10/15/2031	$	1,070	$	1,101,443
Series 2017, Ref. RB	5.00%	10/15/2033		1,000		1,025,575
California (State of) School Finance Authority (KIPP LA); Series 2014 A, RB(d)	4.13%	07/01/2024		138		137,859
California (State of) Statewide Communities Development Authority (California Baptist University); Series 2017 A, Ref. RB(d)	5.00%	11/01/2032		1,135		1,155,794
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center);
Series 2014, RB	5.25%	12/01/2029		4,300		4,357,334
Series 2018 A, RB(d)	5.25%	12/01/2038		1,000		1,002,199
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		1,286,389
Chula Vista (City of), CA Municipal Financing Authority; Series 2015 B, Ref. RB	5.00%	09/01/2026		1,500		1,554,778
Corona-Norco Unified School District (Community Facilities District No. 98-1); Series 2013, Ref. RB(g)	5.00%	09/01/2023		1,000		1,000,000
East Side Union High School District; Series 2013, Ref. GO Bonds	5.00%	08/01/2029		6,000		6,019,682
El Centro (City of), CA Financing Authority (El Centro California Redevelopment); Series 2011, RB	6.63%	11/01/2025		75		75,366
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		495,596
Golden State Tobacco Securitization Corp.;
Series 2005 A, RB(g)(h)	0.00%	06/01/2028		55		47,830
Series 2017 A-1, Ref. RB(g)	5.00%	06/01/2027		4,000		4,305,605
Series 2018 A-1, Ref. RB(c)(g)	5.00%	06/01/2028		4,000		4,397,285
Imperial (County of), CA Local Transportation Authority;
Series 2022 A, Ref. RB (INS - AGM)(b)	5.00%	06/01/2032		3,500		3,735,659
Series 2022 B, Ref. RB (INS - AGM)(b)	5.00%	06/01/2032		1,345		1,435,516
Series 2022 C, Ref. RB (INS - AGM)(b)	5.00%	06/01/2032		1,015		1,083,241
Series 2022 D, Ref. RB (INS - AGM)(b)	5.00%	06/01/2032		2,650		2,828,427
Indio (City of), CA Community Facilities District No. 2004-3 (Improvement Area No. 1); Series 2015, Ref. RB	5.00%	09/01/2035		910		926,077
Inglewood Unified School District; Series 2019 C, GO Bonds (INS - BAM)(b)	4.00%	08/01/2039		1,000		987,916
Irvine (City of), CA (Reassessment District No. 13-1); Series 2013, RB	5.00%	09/02/2023		500		500,000
Jurupa Unified School District; Series 2017 B, GO Bonds	4.00%	08/01/2041		6,085		5,944,573
Lake Elsinore Public Financing Authority; Series 2015, Ref. RB	5.00%	09/01/2028		2,115		2,167,192
Lancaster (City of), CA Redevelopment Agency Successor Agency (Redevelopment Areas); Series 2017, Ref. RB (INS - AGM)(b)	4.00%	08/01/2039		3,400		3,358,598
Los Angeles (City of), CA Department of Airports; Series 2020 C, RB(a)	5.00%	05/15/2039		1,160		1,214,288
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport);
Series 2018 A, RB(a)	5.00%	05/15/2044		7,005		7,144,503
Series 2018 B, Ref. RB(a)	5.00%	05/15/2029		2,000		2,116,696
Series 2018 D, Ref. RB(a)	5.00%	05/15/2031		3,000		3,221,232
Los Angeles Unified School District; Series 2020 RYQ, GO Bonds	4.00%	07/01/2036		5,000		5,168,277
Modesto (City of), CA Irrigation District; Series 2015 B, Ref. RB	5.00%	10/01/2028		1,595		1,661,427
M-S-R Energy Authority; Series 2009 B, RB	7.00%	11/01/2034		3,500		4,271,911
Northern California Tobacco Securitization Authority;
Series 2021 A, Ref. RB	4.00%	06/01/2049		3,390		3,037,631
Series 2021 B-1, Ref. RB	4.00%	06/01/2049		2,750		2,689,254
Oakland Unified School District (County of Alameda);
Series 2015 A, GO Bonds	5.00%	08/01/2028		1,000		1,034,228
Series 2015 A, GO Bonds	5.00%	08/01/2029		1,160		1,198,672
Oroville (City of), CA (Oroville Hospital); Series 2019, RB	5.25%	04/01/2034		2,000		1,222,497
Palomar Health; Series 2016, Ref. RB	5.00%	11/01/2031		500		511,892
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		495,321
Riverside (City of), CA (Riverwalk Assessment District); Series 2011, Ref. RB	5.25%	09/02/2026		400		403,007
Riverside (County of), CA Community Facilities District No. 04-2 (Lake Hills Crest); Series 2012, Ref. RB	5.00%	09/01/2028		500		503,307
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		1,422,129
Roseville Joint Union High School District; Series 2018, GO Bonds (INS - BAM)(b)(h)	0.00%	08/01/2043		1,360		532,736

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)
San Diego (City of), CA Community Facilities District No. 3; Series 2013, Ref. RB	5.00%	09/01/2024	$	520	$	520,354
San Diego (County of), CA Regional Airport Authority; Series 2021 B, RB(a)	4.00%	07/01/2040		3,000		2,821,616
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);
Series 2019 A, Ref. RB(a)	5.00%	01/01/2033		1,000		1,067,506
Series 2019 A, Ref. RB(a)	5.00%	01/01/2034		1,335		1,423,821
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		756,372
Series 2013 B, RB	5.00%	08/01/2027		405		408,462
San Francisco Bay Area Rapid Transit District (Green Bonds) (Election of 2016); Series 2019 B1, GO Bonds	4.00%	08/01/2037		5,000		5,056,568
San Luis Obispo (County of), CA Financing Authority (Lopez Dam Improvement); Series 2011 A, Ref. RB (INS - AGM)(b)	5.50%	08/01/2026		2,460		2,463,876
Santa Margarita Water District Community Facilities District No. 2013-1 (Village of Sendero);
Series 2013, RB(c)(g)	5.00%	09/01/2023		990		990,000
Series 2013, RB(c)(g)	5.13%	09/01/2023		1,150		1,150,000
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		2,128,369
William S. Hart Union High School District (Community Facilities District No. 2005-1); Series 2015, Ref. RB	5.00%	09/01/2032		1,045		1,062,197
						193,234,042
Colorado–2.57%
Arkansas River Power Authority; Series 2018 A, Ref. RB	5.00%	10/01/2032		2,645		2,740,399
Aurora Crossroads Metropolitan District No. 2; Series 2020 A, GO Bonds	5.00%	12/01/2040		1,480		1,367,093
BNC Metropolitan District No. 1; Series 2017 A, Ref. GO Bonds (INS - BAM)(b)	5.00%	12/01/2032		360		381,509
Brighton Crossing Metropolitan District No. 4; Series 2017 A, GO Bonds	5.00%	12/01/2037		1,050		1,020,540
Broadway Park North Metropolitan District No. 2; Series 2020, GO Bonds(d)	5.00%	12/01/2040		1,325		1,240,492
Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2017, RB(d)	5.00%	12/01/2029		4,000		3,933,256
Clear Creek Transit Metropolitan District No. 2; Series 2021 A, GO Bonds	4.00%	12/01/2031		525		469,202
Colorado (State of) Health Facilities Authority (Aberdeen Ridge); Series 2021 B, RB	2.63%	05/15/2029		1,125		998,597
Colorado (State of) Health Facilities Authority (Children’s Hospital); Series 2013 A, RB	5.00%	12/01/2036		200		200,312
Colorado (State of) Health Facilities Authority (Christian Living Neighborhoods); Series 2016, Ref. RB	5.00%	01/01/2031		2,475		2,389,479
Colorado (State of) Health Facilities Authority (CommonSpirit Health); Series 2019 A, Ref. RB	4.00%	08/01/2037		4,730		4,518,143
Colorado (State of) Health Facilities Authority (Sunny Vista Living Center);
Series 2015 A, Ref. RB(d)	5.00%	12/01/2025		375		344,046
Series 2015 A, Ref. RB(d)	5.50%	12/01/2030		750		601,488
Colorado (State of) High Performance Transportation Enterprise; Series 2014, RB(a)	5.75%	01/01/2044		1,110		1,111,330
Dacono Urban Renewal Authority; Series 2020, RB	6.25%	12/01/2039		656		614,865
Denver (City & County of), CO;
Series 2018 A, Ref. RB(a)	5.00%	12/01/2028		1,510		1,600,465
Series 2018 A, Ref. RB(a)	5.00%	12/01/2030		1,000		1,077,623
Series 2018 A-2, RB(h)	0.00%	08/01/2030		800		600,830
Series 2018 A-2, RB(h)	0.00%	08/01/2031		1,000		718,616
Series 2022 A, RB(a)	5.00%	11/15/2034		8,750		9,562,829
Series 2022 D, Ref. RB(a)	5.50%	11/15/2032		2,250		2,577,589
Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB(a)	5.00%	10/01/2032		5,000		4,971,016
Denver (City & County of), CO Health & Hospital Authority; Series 2019 A, Ref. RB	4.00%	12/01/2038		2,500		2,231,721
Evan’s Place Metropolitan District; Series 2020 A, GO Bonds	5.00%	12/01/2040		1,050		979,726
Interquest South Business Improvement District; Series 2017, GO Bonds	4.50%	12/01/2030		180		168,436
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 A-2, RB	4.13%	12/01/2040		575		478,367
Pueblo Urban Renewal Authority (Evraz); Series 2021 B, RB(d)(h)	0.00%	12/01/2025		250		201,813
Transport Metropolitan District No. 3; Series 2021 A-1, GO Bonds	4.13%	12/01/2031		805		713,724

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
Colorado–(continued)
Vauxmont Metropolitan District;
Series 2019, Ref. GO Bonds (INS - AGM)(b)	5.00%	12/15/2031	$	135	$	141,565
Series 2019, Ref. GO Bonds (INS - AGM)(b)	5.00%	12/15/2032		160		167,718
Series 2020, Ref. GO Bonds (INS - AGM)(b)	5.00%	12/01/2031		230		249,713
Series 2020, Ref. GO Bonds (INS - AGM)(b)	5.00%	12/01/2032		250		271,300
Series 2020, Ref. GO Bonds (INS - AGM)(b)	5.00%	12/01/2033		255		276,334
Series 2020, Ref. GO Bonds (INS - AGM)(b)	5.00%	12/01/2034		285		307,573
Series 2020, Ref. GO Bonds (INS - AGM)(b)	5.00%	12/01/2035		100		107,154
Windler Public Improvement Authority; Series 2021 A-1, RB	4.00%	12/01/2031		1,065		885,694
						50,220,557
Connecticut–1.49%
Connecticut (State of);
Series 2018 C, GO Bonds	5.00%	06/15/2027		3,000		3,205,309
Series 2019 A, GO Bonds	5.00%	04/15/2034		4,150		4,533,202
Connecticut (State of) (Transportation Infrastructure); Series 2018, RB	5.00%	01/01/2030		3,500		3,755,469
Connecticut (State of) Health & Educational Facilities Authority;
Series 2020 G-1, Ref. RB(d)	5.00%	07/01/2030		285		283,509
Series 2020 G-1, Ref. RB(d)	5.00%	07/01/2031		540		535,657
Series 2020 G-1, Ref. RB(d)	5.00%	07/01/2033		600		593,198
Hamden (Town of), CT (Whitney Center);
Series 2019, Ref. RB	5.00%	01/01/2030		2,685		2,575,177
Series 2019, Ref. RB	5.00%	01/01/2040		6,190		5,427,859
University of Connecticut;
Series 2016 A, RB	5.00%	03/15/2032		2,940		3,049,659
Series 2017 A, RB	5.00%	01/15/2030		5,000		5,263,449
						29,222,488
District of Columbia–1.62%
District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB	5.00%	10/01/2030		2,550		2,548,399
Metropolitan Washington Airports Authority;
Series 2016 A, Ref. RB(a)	5.00%	10/01/2034		2,215		2,289,037
Series 2019 A, Ref. RB(a)	5.00%	10/01/2031		5,000		5,352,133
Series 2019 A, Ref. RB(a)	5.00%	10/01/2032		1,435		1,534,594
Series 2019 A, Ref. RB(a)	5.00%	10/01/2039		3,775		3,920,923
Series 2019 A, Ref. RB(a)	5.00%	10/01/2040		1,635		1,693,102
Series 2021 A, Ref. RB(a)	5.00%	10/01/2033		6,000		6,530,044
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement);
Series 2010 A, RB(h)	0.00%	10/01/2037		5,000		2,524,889
Series 2010 A, RB (INS - AGM)(b)(h)	0.00%	10/01/2037		40		20,585
Washington Metropolitan Area Transit Authority (Sustainability Bonds); Series 2023 A, RB	5.00%	07/15/2048		5,000		5,340,901
						31,754,607
Florida–7.07%
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.);
Series 2014 A, RB	5.00%	12/01/2044		6,720		6,720,194
Series 2019, Ref. RB	5.00%	12/01/2037		2,570		2,636,736
Atlantic Beach (City of), FL (Fleet Landing);
Series 2013 A, Ref. RB	5.00%	11/15/2023		565		565,116
Series 2018 A, RB	5.00%	11/15/2038		1,100		1,014,964
Broward (County of), FL (Convention Center Expansion); Series 2021, RB	4.00%	09/01/2037		13,000		12,677,432
Capital Trust Agency, Inc. (Franklin Academy); Series 2020, RB(d)	5.00%	12/15/2040		4,860		4,327,129
Capital Trust Agency, Inc. (H-Bay Ministries, Inc.- Superior Residences); Series 2018 B, RB(e)	4.50%	07/01/2038		500		40,000
Capital Trust Agency, Inc. (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. RB(d)	5.00%	07/01/2032		2,645		2,339,170
Capital Trust Agency, Inc. (Viera Charter Schools, Inc.); Series 2017 A, RB(d)	5.00%	10/15/2037		510		488,062
Collier (County of), FL Industrial Development Authority (The Arlington of Naples); Series 2014 A, RB (Acquired 12/16/2013; Cost $906,018)(d)(e)(f)	7.25%	05/15/2026		906		49,831
Florida (State of) Higher Educational Facilities Financial Authority (Florida Institute of Technology); Series 2019, RB	5.00%	10/01/2032		2,590		2,684,180
Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB	5.00%	01/01/2034		5,000		5,197,679

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
Florida–(continued)
Florida Development Finance Corp. (Green Bonds); Series 2019 B, RB(a)(d)	7.38%	01/01/2049	$	10,000	$	10,020,275
Florida Development Finance Corp. (Renaissance Charter School, Inc.);
Series 2015, RB(d)	6.00%	06/15/2035		1,265		1,271,199
Series 2020 C, Ref. RB(d)	4.00%	09/15/2030		470		427,558
Florida Housing Finance Corp.; Series 2015 A, RB (CEP - GNMA)	3.65%	07/01/2041		95		90,584
Greater Orlando Aviation Authority;
Series 2019 A, RB(a)	5.00%	10/01/2032		7,025		7,512,560
Series 2019 A, RB(a)	5.00%	10/01/2034		5,000		5,329,401
Greater Orlando Aviation Authority (Jetblue Airways Corp.);
Series 2013, Ref. RB(a)	5.00%	11/15/2026		3,500		3,499,949
Series 2013, Ref. RB(a)	5.00%	11/15/2036		1,250		1,240,377
Halifax Hospital Medical Center; Series 2015, Ref. RB(c)(g)	5.00%	06/01/2025		325		334,207
Highlands (County of), FL Health Facilities Authority (Trousdale Foundation Properties); Series 2018 A, RB (Acquired 08/29/2018; Cost $2,494,063)(e)(f)	5.25%	04/03/2028		2,500		550,000
Hillsborough (County of), FL Aviation Authority (Tampa International Airport);
Series 2015 A, RB	5.00%	10/01/2044		1,485		1,489,201
Series 2018 E, RB(a)	5.00%	10/01/2024		2,000		2,022,524
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); Series 2018 A, RB(d)	5.00%	07/15/2028		440		428,232
Lakeland (City of), FL (Lakeland Regional Health);
Series 2015, RB	5.00%	11/15/2040		4,250		4,253,674
Series 2015, RB	5.00%	11/15/2045		3,370		3,370,087
Lee (County of), FL; Series 2021 B, RB(a)	5.00%	10/01/2035		5,000		5,349,746
Lee (County of), FL Industrial Development Authority (Preserve (The)); Series 2017 A, RB(d)	5.38%	12/01/2032		1,000		864,260
Manatee (County of), FL School District;
Series 2017, RB (INS - AGM)(b)	5.00%	10/01/2029		1,000		1,063,953
Series 2017, RB (INS - AGM)(b)	5.00%	10/01/2031		3,000		3,187,628
Series 2017, RB (INS - AGM)(b)	5.00%	10/01/2032		1,250		1,328,218
Miami (City of) & Dade (County of), FL School Board; Series 2015 A, Ref. COP	5.00%	05/01/2032		1,900		1,938,509
Miami-Dade (County of), FL;
Series 2017 B, Ref. RB	4.00%	10/01/2036		15,000		15,071,863
Series 2021, RB	4.00%	10/01/2042		3,000		2,920,915
Series 2023 A, Ref. RB(a)	5.00%	10/01/2033		3,865		4,191,719
Subseries 2021 A-1, Ref. RB (INS - AGM)(a)(b)	4.00%	10/01/2039		3,500		3,400,429
Miami-Dade (County of), FL (Jackson Health System); Series 2015 A, Ref. RB	5.00%	06/01/2033		1,000		1,014,651
Miami-Dade (County of), FL Expressway Authority;
Series 2010 A, RB	5.00%	07/01/2040		925		925,203
Series 2016 A, Ref. RB	5.00%	07/01/2028		1,625		1,676,186
Miami-Dade (County of), FL Transit System; Series 2022, RB	5.00%	07/01/2043		5,000		5,345,477
Mirabella Community Development District; Series 2013, RB	6.00%	11/01/2026		50		50,706
Osceola (County of), FL;
Series 2020 A-1, Ref. RB	5.00%	10/01/2033		350		370,610
Series 2020 A-1, Ref. RB	5.00%	10/01/2034		300		316,727
Series 2020 A-1, Ref. RB	5.00%	10/01/2035		500		524,114
Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities, Inc.);
Series 2016, Ref. RB	5.00%	11/15/2032		3,500		3,533,659
Series 2020 B, RB	4.00%	11/15/2041		250		208,221
Pompano Beach (City of), FL (John Knox Village);
Series 2021 B-1, RB	2.00%	01/01/2029		1,150		986,588
Series 2021 B-2, RB	1.45%	01/01/2027		560		500,460
Tampa (City of), FL;
Series 2020 A, RB(h)	0.00%	09/01/2041		3,030		1,184,861
Series 2020 A, RB(h)	0.00%	09/01/2049		3,795		917,860
Wildwood (City of), FL Village Community Development Disctrict No. 15; Series 2023, RB(d)	4.85%	05/01/2038		1,000		1,003,746
						138,456,630
Georgia–1.56%
Atlanta (City of), GA; Series 2019, RB(a)	4.00%	07/01/2038		1,540		1,502,041
Burke (County of), GA Development Authority (Georgia Power Co. Plant Vogtle); Series 1995, RB	2.20%	10/01/2032		2,000		1,602,854
College Park (City of), GA (Atlanta International Airport); Series 2006 B, RB (INS - NATL)(b)	4.50%	01/01/2031		15		15,008

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
Georgia–(continued)
Floyd (County of), GA Development Authority (The Spires at Berry College);
Series 2018 A, RB	5.50%	12/01/2028	$	940	$	923,585
Series 2018 A, RB	5.75%	12/01/2033		1,500		1,466,981
Fulton (County of), GA Development Authority (Robert W. Woodruff Arts Center); Series 2019, Ref. RB	4.00%	03/15/2044		1,915		1,776,186
Fulton (County of), GA Development Authority (Wellstar Health System, Inc.); Series 2017, RAC	5.00%	04/01/2033		1,870		1,950,383
George L Smith II Congress Center Authority (Convention Center Hotel);
Series 2021, RB	2.38%	01/01/2031		525		453,572
Series 2021, RB	4.00%	01/01/2036		1,100		1,037,042
Georgia (State of) Municipal Electric Authority; Series 2019 A, Ref. RB	5.00%	01/01/2033		1,200		1,282,807
Georgia (State of) Municipal Electric Authority (Project One); Series 2015 A, Ref. RB	5.00%	01/01/2032		875		886,010
Georgia (State of) Municipal Electric Authority of Georgia (Plant Vogtle Units 3 & 4);
Series 2021 A, Ref. RB	4.00%	01/01/2041		480		449,789
Series 2021 A, Ref. RB (INS - AGM)(b)	4.00%	01/01/2041		485		467,433
Series 2021 A, Ref. RB (INS - AGM)(b)	4.00%	01/01/2046		1,295		1,204,015
Georgia Municipal Association, Inc.; Series 1998, COP (INS - AGM)(b)	5.00%	12/01/2023		15		15,020
Macon-Bibb (County of), GA Urban Development Authority (Academy for Classical Education, Inc.); Series 2017 A, RB(d)	5.75%	06/15/2037		1,540		1,550,219
Main Street Natural Gas, Inc.;
Series 2022 C, RB(d)	4.00%	11/01/2027		3,810		3,658,521
Series 2023 A, RB(c)	5.00%	06/01/2030		5,000		5,128,868
Series 2023 C, RB(c)	5.00%	09/01/2030		5,000		5,193,391
						30,563,725
Guam–0.25%
Guam (Territory of);
Series 2021 A, Ref. RB	5.00%	11/01/2040		4,000		3,928,518
Series 2021 F, Ref. RB	5.00%	01/01/2029		1,000		1,035,880
						4,964,398
Hawaii–0.71%
Hawaii (State of); Series 2020 A, Ref. RB(a)	4.00%	07/01/2035		665		656,396
Hawaii (State of) Department of Budget & Finance; Series 2019, Ref. RB	3.20%	07/01/2039		1,655		1,117,538
Honolulu (City & County of), HI;
Series 2015 A, Ref. RB	5.00%	07/01/2031		6,000		6,168,525
Series 2023, RB(c)	5.00%	06/01/2026		5,750		5,921,658
						13,864,117
Idaho–0.11%
Idaho (State of) Housing & Finance Association; Series 2019, Ref. RB	5.00%	07/15/2035		1,900		2,060,707
Illinois–9.71%
Bartlett (Village of), IL (Quarry Redevelopment); Series 2016, Ref. RB	4.00%	01/01/2024		1,275		1,271,023
Bolingbrook (Village of), IL Special Service Area No. 2005-1; Series 2019, Ref. RB	5.00%	03/01/2033		1,645		1,571,846
Chicago (City of), IL;
Series 2003 B, Ref. GO Bonds	5.00%	01/01/2024		1,795		1,800,115
Series 2004, RB	5.00%	11/01/2028		3,000		3,096,485
Series 2008 C, Ref. RB	5.00%	01/01/2030		1,500		1,519,212
Series 2008, Ref. RB(c)(g)	5.00%	01/01/2025		2,450		2,500,575
Series 2008, Ref. RB	5.00%	01/01/2029		50		50,591
Series 2015 A, GO Bonds	5.38%	01/01/2029		5,000		5,077,837
Series 2017 A, Ref. GO Bonds	5.75%	01/01/2034		2,500		2,650,377
Series 2017 B, Ref. RB	5.00%	01/01/2033		3,000		3,102,289
Series 2019 A, GO Bonds	5.50%	01/01/2035		3,000		3,209,180
Series 2021 A, Ref. GO Bonds	5.00%	01/01/2033		9,000		9,577,472
Chicago (City of), IL (83rd/Stewart Redevelopment); Series 2013, COP(d)	7.00%	01/15/2029		823		823,074

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
Illinois–(continued)
Chicago (City of), IL (O’Hare International Airport);
Series 2015 A, Ref. RB(a)	5.00%	01/01/2029	$	6,000	$	6,057,017
Series 2015 B, Ref. RB	5.00%	01/01/2031		3,000		3,045,343
Series 2017 D, RB(a)	5.00%	01/01/2031		1,000		1,036,982
Series 2017 D, RB(a)	5.00%	01/01/2032		1,000		1,037,104
Series 2017 D, RB(a)	5.00%	01/01/2033		2,000		2,073,249
Series 2020 A, Ref. RB (INS - AGM)(b)	4.00%	01/01/2037		2,250		2,255,540
Chicago (City of), IL Board of Education;
Series 2017 C, Ref. GO Bonds	5.00%	12/01/2030		2,000		2,047,389
Series 2017, RB	5.75%	04/01/2035		1,000		1,061,735
Series 2018 A, Ref. GO Bonds (INS - AGM)(b)	5.00%	12/01/2027		1,500		1,558,121
Series 2018 A, Ref. GO Bonds (INS - AGM)(b)	5.00%	12/01/2030		1,000		1,047,069
Series 2018 A, Ref. GO Bonds (INS - AGM)(b)	5.00%	12/01/2031		1,250		1,309,242
Series 2018 C, Ref. GO Bonds	5.00%	12/01/2025		1,000		1,020,077
Series 2021 A, GO Bonds	5.00%	12/01/2035		20		20,501
Series 2021 A, GO Bonds	5.00%	12/01/2038		1,240		1,248,834
Chicago (City of), IL Metropolitan Water Reclamation District; Series 2015 C, GO Bonds(i)	5.00%	12/01/2027		7,000		7,118,801
Chicago (City of), IL Midway International Airport;
Series 2013 A, Ref. RB(a)	5.50%	01/01/2027		1,000		1,000,617
Series 2013 A, Ref. RB(a)	5.38%	01/01/2033		6,500		6,503,495
Series 2013 B, Ref. RB	5.00%	01/01/2025		1,000		1,001,118
Cook (County of), IL; Series 2018, Ref. RB	5.25%	11/15/2035		2,000		2,115,493
Cook County Community College District No. 508 (City Colleges of Chicago); Series 2013, GO Bonds	5.25%	12/01/2026		500		500,819
Illinois (State of);
Series 2016, GO Bonds	5.00%	11/01/2025		2,135		2,191,468
Series 2016, GO Bonds	5.00%	11/01/2030		1,040		1,076,396
Series 2016, GO Bonds	4.00%	06/01/2032		3,155		3,125,596
Series 2016, GO Bonds	4.00%	06/01/2033		2,250		2,229,242
Series 2017 C, GO Bonds	5.00%	11/01/2029		2,000		2,102,018
Series 2018 A, Ref. GO Bonds	5.00%	10/01/2028		8,375		8,917,906
Series 2018 B, Ref. GO Bonds	5.00%	10/01/2027		1,405		1,477,575
Series 2020 B, GO Bonds	4.00%	10/01/2035		3,000		2,976,206
Series 2020, GO Bonds	5.50%	05/01/2024		1,000		1,011,161
Series 2020, GO Bonds	5.50%	05/01/2030		3,000		3,301,017
Series 2020, GO Bonds	5.50%	05/01/2039		2,455		2,636,702
Series 2021 A, GO Bonds	5.00%	03/01/2046		300		307,960
Illinois (State of) (Rebuild Illinois Program); Series 2019 B, GO Bonds	4.00%	11/01/2035		4,450		4,410,344
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(a)	8.00%	06/01/2032		710		710,494
Illinois (State of) Finance Authority (Advocate Health Care Network); Series 2008 A, Ref. RB	5.00%	11/01/2030		2,000		2,075,066
Illinois (State of) Finance Authority (Benedictine University); Series 2021, Ref. RB	5.00%	10/01/2030		1,300		1,296,380
Illinois (State of) Finance Authority (Centegra Health System); Series 2014 A, RB(c)(g)	5.00%	09/01/2024		1,250		1,268,792
Illinois (State of) Finance Authority (DePaul College Prep Foundation); Series 2023, Ref. RB(d)	4.50%	08/01/2033		1,275		1,255,930
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB	5.13%	05/15/2060		1,043		575,282
Illinois (State of) Finance Authority (Rogers Park Montessori School); Series 2014, Ref. RB	5.00%	02/01/2024		100		99,971
Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB	5.00%	11/15/2034		4,500		4,575,015
Illinois (State of) Finance Authority (The University of Chicago); Series 2021 A, Ref. RB	5.00%	10/01/2036		1,600		1,860,931
Illinois (State of) Finance Authority (University of Illinois Health Services);
Series 2020, RB	5.00%	10/01/2030		750		793,100
Series 2020, RB	5.00%	10/01/2031		750		791,804
Series 2020, RB	5.00%	10/01/2032		750		790,945
Series 2020, RB	5.00%	10/01/2033		750		790,466
Series 2020, RB	5.00%	10/01/2034		750		787,988
Series 2020, RB	5.00%	10/01/2035		750		781,331
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 1998 A, Ref. RB (INS - NATL)(b)	5.50%	06/15/2029		2,000		2,071,977
Series 2002, RB (INS - AGM)(b)(h)	0.00%	12/15/2029		2,550		1,996,176
Series 2002, RB (INS - NATL)(b)(h)	0.00%	12/15/2032		13,490		9,313,174
Series 2002, RB (INS - NATL)(b)(h)	0.00%	12/15/2034		5,000		3,154,992

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)
Illinois (State of) Regional Transportation Authority;
Series 2002 A, RB (INS - AGM)(b)	6.00%	07/01/2027	$	2,700	$	2,980,886
Series 2018 B, RB(i)	5.00%	06/01/2031		3,800		4,133,429
Series 2018 B, RB(i)	5.00%	06/01/2032		3,995		4,337,146
Illinois (State of) Sports Facilities Authority;
Series 2019, Ref. RB (INS - BAM)(b)	5.00%	06/15/2028		2,100		2,166,746
Series 2019, Ref. RB (INS - BAM)(b)	5.00%	06/15/2029		1,000		1,038,790
Series 2019, Ref. RB (INS - BAM)(b)	5.00%	06/15/2030		1,200		1,247,789
Illinois (State of) Toll Highway Authority;
Series 2013 A, RB	5.00%	01/01/2028		300		300,350
Series 2013 A, RB	5.00%	01/01/2038		2,000		2,001,104
Series 2021 A, RB	4.00%	01/01/2046		5,000		4,686,947
Kane County School District No. 131 Aurora East Side; Series 2020 A, GO Bonds (INS - AGM)(b)	4.00%	12/01/2036		745		742,249
Manhattan (Village of), IL Special Service Area No. 2004-1 (Brookstone Springs); Series 2015, Ref. RB	4.25%	03/01/2024		214		213,529
Railsplitter Tobacco Settlement Authority; Series 2017, RB	5.00%	06/01/2028		2,000		2,085,611
Sales Tax Securitization Corp.;
Series 2017 A, Ref. RB	5.00%	01/01/2029		1,000		1,060,106
Series 2017 A, Ref. RB	5.00%	01/01/2030		1,000		1,056,427
Series 2018 A, Ref. RB	5.00%	01/01/2031		3,000		3,161,325
Southwestern Illinois Development Authority (US Steel Corp.); Series 2012, RB(a)	5.75%	08/01/2042		2,050		2,058,426
Springfield (City of), IL;
Series 2015, Ref. RB	5.00%	03/01/2032		2,000		2,026,743
Series 2015, Ref. RB	5.00%	03/01/2033		3,500		3,541,248
Stephenson County School District No. 145 Freeport;
Series 2018 A, GO Bonds(c)(g)	5.00%	02/01/2028		205		221,678
Series 2018 A, GO Bonds (INS - AGM)(b)	5.00%	02/01/2031		895		963,579
						190,086,135
Indiana–1.42%
Allen (County of), IN (Evergreen Village Fort Wayne); Series 2019, RB	6.00%	02/01/2039		570		508,363
Indiana (State of) Finance Authority (CWA Authority); Series 2021, Ref. RB	4.00%	10/01/2039		5,075		4,994,541
Indiana (State of) Finance Authority (KIPP Indianapolis, Inc.); Series 2020 A, RB	4.00%	07/01/2030		215		201,032
Indiana (State of) Finance Authority (Southern Indiana Gas and Electric Co.);
Series 2013, Ref. RB(a)(c)	4.00%	08/01/2028		10,000		9,733,538
Series 2013, Ref. RB(a)(c)	4.00%	08/01/2028		5,315		5,212,203
Indiana (State of) Finance Authority (United States Steel Corp.); Series 2021 A, Ref. RB	4.13%	12/01/2026		1,000		986,389
Indianapolis Local Public Improvement Bond Bank (CityWay 1); Series 2021 B, Ref. RB	5.00%	02/01/2033		185		185,643
Jeffersonville (City of), IN (Vivera Senior Living);
Series 2020 A, RB(d)	4.75%	11/01/2030		575		498,984
Series 2020 A, RB(d)	5.25%	11/01/2040		4,560		3,563,624
Northern Indiana Commuter Transportation District; Series 2016, RB	5.00%	07/01/2028		1,250		1,300,190
Terre Haute (City of), IN (Silver Birch of Terre Haute); Series 2017, RB	5.10%	01/01/2032		610		524,243
Valparaiso (City of), IN (Pratt Paper, LLC); Series 2013, RB(a)	5.88%	01/01/2024		105		105,847
						27,814,597
Iowa–1.04%
Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB	4.75%	08/01/2042		5,000		4,771,549
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB(c)	4.00%	12/01/2032		5,350		5,141,480
Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2021 A, Ref. RB	4.00%	05/15/2046		3,500		2,329,271
Iowa (State of) Finance Authority (PHS Council Bluffs, Inc.); Series 2018, RB	4.45%	08/01/2028		125		114,967
Iowa (State of) Tobacco Settlement Authority; Series 2021 A-2, Ref. RB	5.00%	06/01/2028		2,100		2,244,862
PEFA, Inc.; Series 2019, RB(c)	5.00%	09/01/2026		5,635		5,689,914
						20,292,043
Kansas–0.50%
Derby (City of), KS (Derby Star Bond); Series 2020, RB	3.90%	03/01/2037		575		570,825
Lenexa (City of), KS (Lakeview Village, Inc.);
Series 2018 A, Ref. RB	5.00%	05/15/2029		1,210		1,209,318
Series 2018 A, Ref. RB	5.00%	05/15/2031		1,335		1,329,848

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
Kansas–(continued)
Manhattan (City of), KS (Meadowlark Hills);
Series 2021 A, Ref. RB	4.00%	06/01/2036	$	1,000	$	832,221
Series 2021 A, Ref. RB	4.00%	06/01/2046		1,150		822,688
Wichita (City of), KS (Kansas Masonic Home); Series 2016 II-A, RB (Acquired 05/25/2017-05/30/2019; Cost $1,537,416)(e)(f)	5.25%	12/01/2036		1,500		345,000
Wichita (City of), KS (Presbyterian Manors, Inc.);
Series 2018 I, Ref. RB	5.00%	05/15/2033		1,140		985,689
Series 2019, Ref. RB	5.00%	05/15/2029		1,280		1,175,978
Series 2019, Ref. RB	5.00%	05/15/2034		2,950		2,512,656
						9,784,223
Kentucky–1.88%
Ashland (City of), KY (King’s Daughters Medical Center);
Series 2019, Ref. RB	5.00%	02/01/2030		370		392,068
Series 2019, Ref. RB	5.00%	02/01/2031		460		478,328
Series 2019, Ref. RB	5.00%	02/01/2032		450		467,443
Fayette County School District Finance Corp.; Series 2015 D, RB (CEP - Colorado Higher Education Intercept Program)	5.00%	08/01/2031		1,000		1,017,913
Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health Initiatives); Series 2011 B, RB (SIFMA Municipal Swap Index + 1.40%)(c)(j)	5.46%	02/01/2025		1,430		1,431,617
Kentucky (Commonwealth of) Economic Development Finance Authority (Masonic Home Independent Living II, Inc.); Series 2016 A, Ref. RB	5.00%	05/15/2036		2,000		1,678,859
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway);
Series 2015 A, RB	5.00%	07/01/2028		1,500		1,518,202
Series 2015 A, RB	5.00%	07/01/2030		3,000		3,041,297
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); Series 2017 A, Ref. RB	5.00%	06/01/2032		1,435		1,452,594
Kentucky (Commonwealth of) Economic Development Finance Authority (Rosedale Green); Series 2015, Ref. RB	5.50%	11/15/2035		3,100		2,841,365
Kentucky (Commonwealth of) Municipal Power Agency;
Series 2015 A, Ref. RB (INS - NATL)(b)	5.00%	09/01/2026		1,000		1,019,133
Series 2015 A, Ref. RB (INS - NATL)(b)	5.00%	09/01/2027		1,620		1,650,996
Series 2015 A, Ref. RB (INS - NATL)(b)	5.00%	09/01/2028		1,260		1,283,866
Kentucky (Commonwealth of) Municipal Power Agency (Prairie State);
Series 2016 A, Ref. RB (INS - NATL)(b)	5.00%	09/01/2031		5,000		5,157,634
Series 2019 A, Ref. RB	5.00%	09/01/2033		1,000		1,048,559
Kentucky (Commonwealth of) Property & Building Commission (No. 108); Series 2015 A, RB	5.00%	08/01/2029		1,000		1,028,681
Kentucky (Commonwealth of) Property & Building Commission (No. 119);
Series 2018, RB (INS - BAM)(b)	5.00%	05/01/2031		100		107,959
Series 2018, RB (INS - BAM)(b)	5.00%	05/01/2032		100		107,402
Series 2018, RB (INS - BAM)(b)	5.00%	05/01/2033		100		107,501
Series 2018, RB (INS - BAM)(b)	5.00%	05/01/2034		100		107,358
Kentucky (Commonwealth of) Public Energy Authority;
Series 2018 B, RB(c)	4.00%	01/01/2025		2,000		1,991,590
Series 2019 C, RB(c)	4.00%	02/01/2028		5,000		4,963,656
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.);
Series 2016 A, Ref. RB	5.00%	10/01/2033		2,450		2,523,307
Series 2020 A, RB	4.00%	10/01/2040		1,500		1,393,983
						36,811,311
Louisiana–1.25%
Louisiana (State of) Public Facilities Authority (19th Judicial District Court Building); Series 2015, Ref. RB(c)(g)	5.00%	06/01/2025		1,405		1,443,602
Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans);
Series 2017, Ref. RB	5.00%	07/03/2028		250		207,500
Series 2017, Ref. RB	5.00%	07/02/2029		400		332,000
Series 2017, Ref. RB	5.00%	07/01/2030		500		415,000
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2016, Ref. RB	5.00%	05/15/2034		2,545		2,614,399
New Orleans (City of), LA; Series 2014, Ref. RB	5.00%	12/01/2026		1,250		1,268,403

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
Louisiana–(continued)
New Orleans (City of), LA Aviation Board;
Series 2015 B, RB(a)	5.00%	01/01/2027	$	1,750	$	1,765,115
Series 2015 B, RB(a)	5.00%	01/01/2029		1,805		1,822,384
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		106,884
Series 2018 A, RB (INS - AGM)(b)	5.00%	10/01/2036		220		231,859
Series 2018 A, RB (INS - AGM)(b)	5.00%	10/01/2037		145		151,977
Series 2018 A, RB (INS - AGM)(b)	5.00%	10/01/2038		100		104,451
Series 2018 B, Ref. RB (INS - AGM)(b)	5.00%	10/01/2030		350		378,094
Series 2018 B, Ref. RB (INS - AGM)(b)	5.00%	10/01/2032		200		215,039
Series 2018 B, Ref. RB (INS - AGM)(b)	5.00%	10/01/2033		135		144,760
Series 2018 B, Ref. RB (INS - AGM)(b)	5.00%	10/01/2034		100		106,884
St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2008, RB(c)(d)	6.10%	06/01/2030		2,700		2,928,835
St. John the Baptist (Parish of), LA (Marathon Oil Corp.);
Series 2017, Ref. RB(c)	2.10%	07/01/2024		1,000		982,387
Series 2017, Ref. RB(c)	4.05%	07/01/2026		1,750		1,733,821
Subseries 2017 A-3, Ref. RB(c)	2.20%	07/01/2026		2,000		1,884,358
St. Tammany (Parish of), LA Public Trust Financing Authority (Christwood);
Series 2015, Ref. RB	5.00%	11/15/2024		800		797,012
Series 2015, Ref. RB	5.25%	11/15/2029		2,800		2,753,359
Series 2015, Ref. RB	5.25%	11/15/2037		2,330		2,162,276
						24,550,399
Maryland–0.77%
Baltimore (City of), MD (Convention Center Hotel); Series 2017, Ref. RB	5.00%	09/01/2033		1,105		1,102,518
Baltimore (City of), MD (East Baltimore Research Park); Series 2017, Ref. RB	5.00%	09/01/2038		1,275		1,267,723
Baltimore (City of), MD (Water); Series 2017 A, RB	5.00%	07/01/2033		2,500		2,642,467
Gaithersburg (City of), MD (Asbury Maryland Obligated Group); Series 2018 A, Ref. RB	5.00%	01/01/2033		2,000		1,986,627
Howard (County of), MD (Downtown Columbia); Series 2017 A, RB(d)	4.13%	02/15/2034		1,000		945,036
Maryland (State of) Department of Transportation; Series 2012, RB	2.25%	10/01/2025		100		96,769
Maryland (State of) Health & Higher Educational Facilities Authority (Stevenson University);
Series 2021, Ref. RB	5.00%	06/01/2028		250		263,557
Series 2021, Ref. RB	5.00%	06/01/2030		350		375,136
Series 2021, Ref. RB	5.00%	06/01/2032		400		430,872
Series 2021, Ref. RB	4.00%	06/01/2034		350		349,619
Series 2021, Ref. RB	4.00%	06/01/2036		450		438,434
Maryland Economic Development Corp. (AFCO Cargo BWI II, LLC); Series 2017, Ref. RB(a)(d)	4.00%	07/01/2024		585		579,171
Maryland Economic Development Corp. (CNX Marine Terminal, Inc. - Port of Baltimore Facility); Series 2010, Ref. RB	5.75%	09/01/2025		1,500		1,512,502
Maryland Economic Development Corp. (Port Covington);
Series 2020, RB	3.25%	09/01/2030		1,000		928,593
Series 2020, RB	4.00%	09/01/2040		2,500		2,192,551
						15,111,575
Massachusetts–1.85%
Massachusetts (Commonwealth of); Series 2016 G, GO Bonds	4.00%	09/01/2037		3,000		3,003,603
Massachusetts (Commonwealth of) Department of Transportation (Contract Assistance);
Series 2018 A, Ref. RB	5.00%	01/01/2029		495		550,070
Massachusetts (Commonwealth of) Development Finance Agency;
Series 2019 A, Ref. RB	5.00%	07/01/2031		1,530		1,564,665
Series 2019 A, Ref. RB	5.00%	07/01/2032		2,115		2,161,556
Series 2021 G, Ref. RB	5.00%	07/01/2038		300		310,279
Series 2021 G, Ref. RB	5.00%	07/01/2039		350		360,480
Series 2021 G, Ref. RB	4.00%	07/01/2046		1,000		895,753
Massachusetts (Commonwealth of) Development Finance Agency (Ascentria Care Alliance); Series 2021, Ref. RB(d)	5.00%	07/01/2041		2,050		1,720,408
Massachusetts (Commonwealth of) Development Finance Agency (Boston University); Series 2023 FF, Ref. RB	4.00%	10/01/2046		5,000		4,778,173
Massachusetts (Commonwealth of) Development Finance Agency (Emerson College); Series 2017 A, Ref. RB	5.00%	01/01/2026		1,600		1,622,984

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
Massachusetts–(continued)
Massachusetts (Commonwealth of) Development Finance Agency (Newbridge Charles, Inc.); Series 2017, Ref. RB(d)	5.00%	10/01/2037	$	1,500	$	1,425,712
Massachusetts (Commonwealth of) Development Finance Agency (Seven Hills Foundation);
Series 2021, Ref. RB	4.00%	09/01/2041		1,300		1,141,305
Series 2021, Ref. RB	4.00%	09/01/2048		1,380		1,146,452
Massachusetts (Commonwealth of) Development Finance Agency (SpringField College); Series 2021 B, Ref. RB	4.00%	06/01/2035		2,000		1,849,011
Massachusetts (Commonwealth of) Development Finance Agency (Suffolk University); Series 2017, Ref. RB	5.00%	07/01/2034		1,000		1,029,854
Massachusetts (Commonwealth of) School Building Authority;
Series 2018 B, RB	4.00%	02/15/2039		10,735		10,637,136
Series 2018 B, RB	4.00%	02/15/2041		1,685		1,664,477
Massachusetts (Commonwealth of) Water Resources Authority; Series 2007 B, Ref. RB (INS - AGM)(b)	5.25%	08/01/2025		300		311,807
						36,173,725
Michigan–2.10%
Charyl Stockwell Academy; Series 2015, Ref. RB (Acquired 04/23/2015; Cost $85,000)(f)	4.88%	10/01/2023		85		84,870
Detroit (City of), MI Downtown Development Authority (Catalyst Development);
Series 2018 A, Ref. RB (INS - AGM)(b)	5.00%	07/01/2030		700		706,549
Series 2018 A, Ref. RB (INS - AGM)(b)	5.00%	07/01/2032		2,000		2,011,768
Kalamazoo Economic Development Corp. (Heritage Community of Kalamazoo);
Series 2019, Ref. RB	5.00%	05/15/2032		805		768,843
Series 2019, Ref. RB	5.00%	05/15/2042		2,010		1,733,050
Series 2020, RB	2.88%	05/15/2026		170		161,155
Kentwood Economic Development Corp. (Holland Home Obligated Group);
Series 2019, Ref. RB	5.00%	11/15/2032		2,100		2,049,978
Series 2022, Ref. RB	4.00%	11/15/2031		1,000		909,452
Michigan (State of) Building Authority (Facilities Program);
Series 2015 I, Ref. RB(c)(g)	5.00%	10/15/2025		615		637,060
Series 2015 I, Ref. RB	5.00%	04/15/2031		4,385		4,519,643
Michigan (State of) Finance Authority; Series 2020 B-1, Ref. RB	5.00%	06/01/2049		570		579,649
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		1,010,327
Series 2014 C-7, Ref. RB (INS - NATL)(b)	5.00%	07/01/2027		1,000		1,010,976
Series 2014 D-4, Ref. RB	5.00%	07/01/2029		5,000		5,048,799
Series 2015 D-1, Ref. RB	5.00%	07/01/2029		750		766,529
Michigan (State of) Finance Authority (Henry Ford Health System); Series 2016, Ref. RB	5.00%	11/15/2028		2,000		2,069,258
Michigan (State of) Finance Authority (Local Government Loan Program); Series 2014 F, Ref. RB	4.50%	10/01/2029		5,590		5,513,415
Michigan (State of) Finance Authority (Sparrow Obligated Group); Series 2015, Ref. RB(c)(g)	5.00%	05/15/2025		245		252,153
Michigan (State of) Strategic Fund (Canterbury Health Care, Inc.); Series 2016, RB(d)	5.00%	07/01/2031		1,530		1,212,631
Michigan (State of) Strategic Fund (Green Bonds); Series 2021, RB(a)(c)	4.00%	10/01/2026		1,230		1,218,756
Michigan (State of) Strategic Fund (Holland Home Obligated Group); Series 2019, Ref. RB	5.00%	11/15/2034		1,810		1,745,205
Romulus (City of), MI Tax Increment Finance Authority; Series 2016, Ref. RB (INS - BAM)(b)	5.00%	11/01/2026		1,805		1,880,166
Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport);
Series 2012 A, RB	5.00%	12/01/2037		2,700		2,700,931
Series 2012 D, Ref. RB(a)	5.00%	12/01/2028		2,500		2,500,710
						41,091,873
Minnesota–0.35%
Dakota (County of), MN Community Development Agency (Sanctuary at West St. Paul); Series 2015, RB	5.75%	08/01/2030		290		216,749
Duluth (City of), MN Housing & Redevelopment Authority (Duluth Public Schools Academy);
Series 2018 A, Ref. RB	4.25%	11/01/2028		320		306,666
Series 2018 A, Ref. RB	5.00%	11/01/2033		205		201,149
Maple Grove (City of), MN (Maple Grove Hospital Corp.);
Series 2017, Ref. RB	5.00%	05/01/2031		500		515,662
Series 2017, Ref. RB	5.00%	05/01/2032		1,600		1,644,218
Minnesota (State of) Higher Education Facilities Authority (Bethel University); Series 2017, Ref. RB	5.00%	05/01/2032		1,750		1,751,041
St. Louis Park (City of), MN (Place Via Sol Project); Series 2018, RB (Acquired 12/26/2018; Cost $1,250,000)(c)(d)(e)(f)	6.00%	07/01/2027		1,250		662,500

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
Minnesota–(continued)
St. Paul (City of), MN Housing & Redevelopment Authority (High School for Recording Arts); Series 2015, RB	5.13%	10/01/2023	$	70	$	70,020
Woodbury (City of), MN Housing & Redevelopment Authority (St. Therese of Woodbury);
Series 2014, RB	4.00%	12/01/2023		300		299,105
Series 2014, RB	4.00%	12/01/2024		175		172,480
Series 2014, RB	5.00%	12/01/2029		1,000		978,450
						6,818,040
Mississippi–0.22%
Mississippi (State of) Hospital Equipment & Facilities Authority (Forrest Co. General Hospital);
Series 2019 B, Ref. RB	5.00%	01/01/2029		1,000		1,056,362
Series 2019 B, Ref. RB	5.00%	01/01/2030		1,000		1,060,592
Mississippi (State of) Hospital Equipment & Facilities Authority (North Mississippi Health Services);
Series 2020, Ref. RB	5.00%	10/01/2035		600		631,367
Series 2020, Ref. RB	5.00%	10/01/2036		650		677,174
Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2021, RB	2.38%	06/01/2044		1,390		858,673
						4,284,168
Missouri–1.08%
Arnold Retail Corridor Transportation Development District; Series 2019, Ref. RB	3.00%	11/01/2028		10		9,378
Cape Girardeau (County of), MO Industrial Development Authority (South Eastern Health);
Series 2017 A, Ref. RB	5.00%	03/01/2036		3,000		3,035,619
Series 2017, Ref. RB	5.00%	03/01/2029		100		101,929
Kansas City (City of), MO; Series 2017 C, Ref. RB	5.00%	09/01/2032		1,850		1,957,288
Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District); Series 2011 A, Ref. RB	5.50%	09/01/2028		2,000		2,003,491
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport); Series 2019 B, RB(a)	5.00%	03/01/2035		1,000		1,056,676
Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2016 A, Ref. RB(d)	4.25%	04/01/2026		10		9,715
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017 A, Ref. RB	5.25%	05/15/2032		2,685		2,452,788
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services);
Series 2016 B, Ref. RB	5.00%	02/01/2032		1,000		1,002,422
Series 2016, Ref. RB	5.00%	02/01/2033		1,305		1,308,161
Series 2019 A, RB	5.00%	02/01/2029		1,100		1,106,349
Missouri (State of) Joint Municipal Electric Utility Commission (Iatan 2); Series 2014 A, Ref. RB	5.00%	01/01/2029		2,000		2,006,045
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State);
Series 2015 A, Ref. RB	5.00%	06/01/2027		1,500		1,531,898
Series 2015 A, Ref. RB	5.00%	12/01/2027		640		653,501
St. Charles (County of), MO Industrial Development Authority (Suemandy/Mid-Rivers Community Improvement District); Series 2016, RB(d)	4.00%	10/01/2028		145		133,667
St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills);
Series 2012, RB	4.50%	09/01/2023		340		340,000
Series 2012, RB	5.00%	09/01/2032		1,490		1,459,393
St. Louis Municipal Finance Corp.; Series 2015, Ref. RB (INS - AGM)(b)	5.00%	07/15/2030		1,000		1,011,251
						21,179,571
Nebraska–0.26%
Public Power Generation Agency (Whelan Energy Center Unit 2); Series 2016 A, Ref. RB	5.00%	01/01/2034		5,000		5,177,825
Nevada–0.26%
Clark (County of), NV (Special Improvement District No. 159);
Series 2015, RB	5.00%	08/01/2026		125		126,602
Series 2015, RB	5.00%	08/01/2029		1,140		1,148,709
Series 2015, RB	5.00%	08/01/2031		1,260		1,267,463
Series 2015, RB	5.00%	08/01/2032		305		307,024
Las Vegas (City of), NV Special Improvement District No. 607; Series 2013, Ref. RB	5.00%	06/01/2024		10		10,075
Las Vegas (City of), NV Special Improvement District No. 815;
Series 2020, RB	3.25%	12/01/2025		235		228,287
Series 2020, RB	4.00%	12/01/2030		240		228,397

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
Nevada–(continued)
Sparks (City of), NV (Tourism Improvement District No. 1); Series 2019 A, Ref. RB(d)	2.75%	06/15/2028	$	1,945	$	1,805,048
						5,121,605
New Hampshire–0.59%
New Hampshire (State of) Business Finance Authority; Series 2020-1A, RB	4.13%	01/20/2034		6,630		6,389,138
New Hampshire (State of) Business Finance Authority (Covanta Green Bonds); Series 2020 B, Ref. RB(a)(c)(d)	3.75%	07/02/2040		1,025		789,091
New Hampshire (State of) Business Finance Authority (Covanta); Series 2020 A, Ref. RB(c)(d)	3.63%	07/02/2040		370		279,962
New Hampshire (State of) Business Finance Authority (New York State Electric & Gas Corp.); Series 2022 A, Ref. RB(a)	4.00%	12/01/2028		2,300		2,270,017
New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB	4.00%	10/20/2036		1,978		1,854,907
						11,583,115
New Jersey–5.30%
Atlantic City (City of), NJ; Series 2017 A, Ref. GO Bonds (INS - BAM)(b)	5.00%	03/01/2032		250		263,415
Casino Reinvestment Development Authority, Inc.; Series 2014, Ref. RB (INS - AGM)(b)	5.00%	11/01/2027		1,000		1,018,201
Gloucester (County of), NJ Industrial Pollution Control Financing Authority (Logan); Series 2014 A, Ref. PCR(a)(g)	5.00%	12/01/2024		1,295		1,302,338
New Jersey (State of); Series 2020 A, GO Bonds	4.00%	06/01/2032		3,000		3,142,622
New Jersey (State of) Economic Development Authority;
Series 2015 XX, Ref. RB	5.00%	06/15/2025		2,000		2,048,242
Series 2017 A, Ref. RB (INS - BAM)(b)	5.00%	07/01/2028		5,035		5,353,791
Series 2020, Ref. RB(a)(c)	3.75%	06/01/2028		2,500		2,464,961
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, RB(a)	5.13%	09/15/2023		1,770		1,770,054
Series 2012, RB(a)	5.75%	09/15/2027		12,380		12,391,303
New Jersey (State of) Economic Development Authority (Leap Academy University Charter School, Inc.); Series 2014 A, RB(d)	6.20%	10/01/2044		200		200,480
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB	5.13%	06/15/2037		102		107,499
New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology, Inc.); Series 2012 C, RB	5.00%	07/01/2032		435		424,669
New Jersey (State of) Economic Development Authority (Port Newark Container Terminal LLC); Series 2017, Ref. RB(a)	5.00%	10/01/2047		1,000		1,006,180
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		247,714
New Jersey (State of) Economic Development Authority (Social Bonds);
Series 2021 QQQ, RB	4.00%	06/15/2039		1,000		988,523
Series 2021, RB	4.00%	06/15/2038		1,000		996,612
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement);
Series 2013, RB(a)	5.50%	01/01/2026		1,390		1,396,231
Series 2013, RB(a)	5.50%	01/01/2027		2,130		2,139,898
Series 2013, RB(a)	5.00%	01/01/2028		1,000		1,003,199
New Jersey (State of) Educational Facilities Authority (Montclair University); Series 2014, RB	5.00%	06/15/2026		1,000		1,009,645
New Jersey (State of) Educational Facilities Authority (Rider University);
Series 2017 F, RB	5.00%	07/01/2032		395		379,443
Series 2017 F, RB	5.00%	07/01/2033		415		395,446
Series 2017 F, RB	5.00%	07/01/2035		1,000		928,913
New Jersey (State of) Health Care Facilities Financing Authority (Princeton HealthCare System);
Series 2016, Ref. RB	5.00%	07/01/2030		1,200		1,255,296
Series 2016, Ref. RB	5.00%	07/01/2031		1,000		1,045,131
New Jersey (State of) Higher Education Student Assistance Authority;
Series 2018 B, Ref. RB(a)	5.00%	12/01/2025		2,250		2,294,087
Series 2021 B, RB(a)	2.50%	12/01/2040		2,000		1,646,257

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
New Jersey–(continued)
New Jersey (State of) Transportation Trust Fund Authority;
Series 2006 C, RB (INS - AMBAC)(b)(h)	0.00%	12/15/2026	$	3,500	$	3,099,622
Series 2008 A, RB(h)	0.00%	12/15/2028		255		209,716
Series 2009 C, RB	5.25%	06/15/2032		250		254,363
Series 2018 A, Ref. RB	5.00%	12/15/2028		5,000		5,401,197
Series 2018 A, Ref. RB	5.00%	12/15/2032		5,000		5,349,797
Series 2018 A, RN(i)(k)	5.00%	06/15/2029		4,500		4,689,941
Series 2018 A, RN(i)(k)	5.00%	06/15/2030		2,000		2,081,549
Series 2019, Ref. RB	5.00%	12/15/2024		2,500		2,542,575
Series 2020 AA, RB	4.00%	06/15/2037		2,000		2,001,974
Series 2021 A, Ref. RB	4.00%	06/15/2034		1,485		1,521,361
Series 2021 A, Ref. RB	4.00%	06/15/2035		10,245		10,428,498
Series 2021 A, Ref. RB	4.00%	06/15/2036		2,000		2,018,685
Series 2022 A, RB	4.00%	06/15/2040		3,215		3,135,065
South Jersey Transportation Authority; Series 2014 A, Ref. RB	5.00%	11/01/2028		500		505,566
Tobacco Settlement Financing Corp.;
Series 2018 A, Ref. RB	5.00%	06/01/2031		2,500		2,676,429
Series 2018 A, Ref. RB	5.00%	06/01/2032		4,965		5,307,704
Series 2018 A, Ref. RB	5.00%	06/01/2033		5,000		5,338,140
						103,782,332
New Mexico–0.06%
Santa Fe (City of), NM (El Castillo Retirement);
Series 2019 A, RB	5.00%	05/15/2034		725		681,949
Series 2019 A, RB	5.00%	05/15/2039		500		440,756
						1,122,705
New York–11.15%
Brookhaven Local Development Corp. (Jefferson’s Ferry); Series 2016, Ref. RB	5.25%	11/01/2036		1,500		1,513,331
Buffalo & Erie County Industrial Land Development Corp. (Medaille College); Series 2018, Ref. RB(d)	5.00%	10/01/2038		500		375,000
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB(a)(d)	5.25%	12/31/2033		1,500		1,370,996
Build NYC Resource Corp. (Pratt Paper, Inc.); Series 2014, Ref. RB(a)(d)	4.50%	01/01/2025		480		481,666
Build NYC Resource Corp. (Shefa School); Series 2021 A, RB(d)	2.50%	06/15/2031		375		305,609
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB	5.00%	06/01/2045		1,000		926,205
Long Island (City of), NY Power Authority;
Series 2014 A, Ref. RB	5.00%	09/01/2034		4,000		4,054,290
Series 2018, RB	5.00%	09/01/2029		1,000		1,091,877
Metropolitan Transportation Authority;
Series 2013 A, RB	5.00%	11/15/2043		515		512,803
Series 2013 B, RB	5.00%	11/15/2038		40		40,000
Series 2013 C, RB	5.00%	11/15/2042		940		937,816
Series 2013 E, RB	5.00%	11/15/2043		705		702,374
Series 2015 A-2, RB(c)	5.00%	05/15/2030		3,000		3,186,757
Subseries 2015 C-1, Ref. RB	5.00%	11/15/2031		1,875		1,913,895
Subseries 2015 C-1, Ref. RB	5.25%	11/15/2031		2,500		2,564,859
Metropolitan Transportation Authority (Green Bonds); Series 2017 C-2, Ref. RB(h)	0.00%	11/15/2029		1,000		783,874
Monroe County Industrial Development Corp. (St. Ann’s Community); Series 2019, Ref. RB	4.00%	01/01/2030		1,640		1,496,066
Monroe County Industrial Development Corp. (University of Rochester); Series 2017 D, Ref. RB	4.00%	07/01/2036		1,000		1,004,476
Nassau County Tobacco Settlement Corp.; Series 2006 A-2, RB	5.25%	06/01/2026		413		407,934
New Rochelle (City of), NY (Iona College); Series 2015 A, Ref. RB	5.00%	07/01/2035		350		356,120
New York & New Jersey (States of) Port Authority;
Series 2014, RB(a)	4.00%	09/01/2034		10,000		10,012,127
Two Hundred and Seven Series 2018, Ref. RB(a)	5.00%	09/15/2028		9,000		9,448,715
Two Hundred Second Series 2017, Ref. RB(a)	5.00%	10/15/2035		3,000		3,089,269
Two Hundred Thirty Third Series 2021, Ref. RB(a)	4.00%	07/15/2036		1,625		1,601,314
Two Hundred Twenty First Series 2020, RB(a)	5.00%	07/15/2031		4,525		4,972,011

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 York–(continued)
New York (City of), NY;
Series 2015 C, Ref. GO Bonds	5.00%	08/01/2029	$	1,000	$	1,019,943
Series 2020 C, GO Bonds	4.00%	08/01/2039		5,000		4,918,891
Series 2020 C, GO Bonds	4.00%	08/01/2040		5,000		4,892,937
Series 2023 F-1, Ref. GO Bonds	5.00%	08/01/2028		1,000		1,090,709
New York (City of), NY Transitional Finance Authority;
Series 2018 S-2A, Ref. RB	5.00%	07/15/2034		5,000		5,390,912
Series 2021 B-1, RB	4.00%	08/01/2036		8,000		8,094,401
Series 2021 E-1, RB	4.00%	02/01/2038		5,390		5,381,813
Series 2021, Ref. RB	4.00%	11/01/2036		2,825		2,851,478
New York (State of) Dormitory Authority;
Series 2015 B, RB	5.00%	02/15/2032		2,055		2,096,915
Series 2022 A, Ref. RB	4.00%	03/15/2040		10,620		10,472,339
New York (State of) Dormitory Authority (Bidding Group 2); Series 2020 A, Ref. RB	4.00%	03/15/2036		5,000		5,110,869
New York (State of) Dormitory Authority (Master Boces Program); Series 2020, RB	4.00%	08/15/2041		2,000		1,892,072
New York (State of) Dormitory Authority (Montefiore Obligated Group);
Series 2018 A, Ref. RB	5.00%	08/01/2029		1,910		1,906,646
Series 2018 A, Ref. RB	5.00%	08/01/2031		3,195		3,194,090
New York (State of) Dormitory Authority (Orange Regional Medical Center);
Series 2015, Ref. RB(d)	5.00%	12/01/2024		300		299,754
Series 2017, Ref. RB(d)	5.00%	12/01/2033		2,000		1,988,790
Series 2017, Ref. RB(d)	5.00%	12/01/2034		1,000		990,686
New York (State of) Dormitory Authority (Ozanam Hall of Queens Nursing Home, Inc.); Series 2006, RB (LOC - Allied Irish Banks PLC)(l)	5.00%	11/01/2026		30		30,358
New York (State of) Thruway Authority; Series 2019 B, RB	4.00%	01/01/2037		1,490		1,487,163
New York (State of) Thruway Authority (Bidding Group 3); Series 2022, Ref. RB	4.00%	03/15/2043		10,000		9,652,696
New York City Housing Development Corp. (Sustainable Development Bonds); Series 2022 A, RB	2.70%	08/01/2037		2,150		1,746,218
New York Counties Tobacco Trust IV; Series 2005 A, RB	5.00%	06/01/2042		4,520		4,227,270
New York Counties Tobacco Trust VI;
Series 2016 B, Ref. RB	5.00%	06/01/2027		280		288,318
Series 2016 B, Ref. RB	5.00%	06/01/2030		270		278,362
Series 2016 B, Ref. RB	5.00%	06/01/2031		465		479,344
New York Liberty Development Corp. (Goldman Sachs Headquarters); Series 2007, RB	5.50%	10/01/2037		2,660		2,978,325
New York Liberty Development Corp. (Green Bonds); Series 2021 A, Ref. RB (INS - AGM)(b)	2.75%	11/15/2041		9,000		6,928,043
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport);
Series 2020, Ref. RB(a)	5.25%	08/01/2031		1,470		1,520,056
Series 2020, Ref. RB(a)	5.38%	08/01/2036		1,000		1,019,271
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB(a)	5.00%	08/01/2026		1,150		1,152,540
Series 2016, Ref. RB(a)	5.00%	08/01/2031		25,500		25,563,518
Series 2021, Ref. RB(a)	3.00%	08/01/2031		5,000		4,435,134
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment);
Series 2018, RB(a)	5.00%	01/01/2026		10,000		10,153,282
Series 2018, RB(a)	5.00%	01/01/2034		3,090		3,177,570
Series 2018, RB(a)	5.00%	01/01/2036		960		978,863
Series 2020, RB(a)	4.00%	10/01/2030		3,000		2,959,891
Series 2020, RB(a)	5.00%	10/01/2035		2,000		2,065,217
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		925,410
New York Transportation Development Corp. (Terminal 4 JFK International Airport);
Series 2020 A, Ref. RB(a)	5.00%	12/01/2030		1,000		1,065,874
Series 2020 A, Ref. RB(a)	5.00%	12/01/2032		1,250		1,327,537
Series 2020 C, Ref. RB	5.00%	12/01/2033		1,600		1,732,016
Series 2022, RB(a)	5.00%	12/01/2026		1,000		1,033,563
Series 2022, RB(a)	5.00%	12/01/2028		2,145		2,257,855
Series 2022, RB(a)	5.00%	12/01/2029		3,000		3,170,917
Otsego County Capital Resource Corp. (Hartwick College); Series 2015 A, Ref. RB	5.00%	10/01/2030		500		458,786
Rockland Tobacco Asset Securitization Corp.; Series 2001, RB	5.63%	08/15/2035		760		771,192

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 York–(continued)
TSASC, Inc.;
Series 2017 A, Ref. RB	5.00%	06/01/2032	$	2,000	$	2,072,915
Series 2017 A, Ref. RB	5.00%	06/01/2033		1,500		1,551,396
Series 2017 A, Ref. RB	5.00%	06/01/2034		1,000		1,031,546
Westchester County Local Development Corp.; Series 2014 A, RB	5.00%	05/01/2034		5,000		5,021,191
						218,284,266
North Carolina–1.57%
Charlotte (City of), NC (Charlotte Douglas International Airport); Series 2017 A, RB	5.00%	07/01/2035		1,000		1,054,196
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		1,467,878
New Hanover (County of), NC (New Hanover Regional Medical Center); Series 2017, Ref. RB(c)(g)	5.00%	10/01/2027		1,000		1,074,608
North Carolina (State of) Department of Transportation (I-77 HOT Lanes);
Series 2015, RB(a)	5.00%	06/30/2026		1,700		1,711,430
Series 2015, RB(a)	5.00%	06/30/2027		1,215		1,225,384
Series 2015, RB(a)	5.00%	06/30/2029		1,340		1,353,956
Series 2015, RB(a)	5.00%	06/30/2030		1,405		1,419,732
North Carolina (State of) Medical Care Commission (Forest at Duke (The)); Series 2021, RB	4.00%	09/01/2041		2,255		1,896,842
North Carolina (State of) Medical Care Commission (Lutheran Services for the Aging);
Series 2021, RB	4.00%	03/01/2029		275		256,547
Series 2021, RB	4.00%	03/01/2030		285		262,224
Series 2021, RB	4.00%	03/01/2031		290		264,256
Series 2021, RB	4.00%	03/01/2036		900		755,317
Series 2021, RB	4.00%	03/01/2041		1,050		806,412
North Carolina (State of) Medical Care Commission (Pennybyrn at Maryfield); Series 2020 B-1, RB	2.88%	10/01/2026		610		572,004
North Carolina (State of) Medical Care Commission (Rex Healthcare); Series 2020 A, RB	5.00%	07/01/2033		1,250		1,351,462
North Carolina (State of) Medical Care Commission (Vidant Health); Series 2015, Ref. RB	5.00%	06/01/2040		5,000		4,999,958
North Carolina (State of) Municipal Power Agency No. 1 (Catawba); Series 2015 A, Ref. RB	5.00%	01/01/2028		5,000		5,149,905
North Carolina (State of) Turnpike Authority; Series 2017, Ref. RB (INS - AGM)(b)	5.00%	01/01/2031		1,250		1,313,765
North Carolina (State of) Turnpike Authority (Triangle Expressway System); Series 2019, RB(h)	0.00%	01/01/2044		5,000		1,951,813
Raleigh & Durham (Cities of), NC Airport Authority; Series 2020 A, Ref. RB(a)	5.00%	05/01/2031		1,750		1,883,302
						30,770,991
North Dakota–0.16%
Burleigh (County of), ND (University of Mary);
Series 2016, RB	4.38%	04/15/2026		385		376,586
Series 2016, RB	5.10%	04/15/2036		2,815		2,703,490
						3,080,076
Ohio–2.33%
American Municipal Power, Inc. (Combined Hydroelectric); Series 2016 A, Ref. RB	4.00%	02/15/2035		3,000		3,007,997
Buckeye Tobacco Settlement Financing Authority; Series 2020 A-2, Ref. RB	4.00%	06/01/2038		8,310		8,131,371
Centerville (City of), OH (Graceworks Lutheran Services); Series 2017, Ref. RB	5.25%	11/01/2037		1,195		1,112,373
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); Series 2014 A, Ref. RB(d)	5.75%	01/01/2024		180		179,553
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Euclid Avenue Development Corp.); Series 2014, Ref. RB	5.00%	08/01/2027		1,000		1,011,681
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Playhouse Square Foundation); Series 2018, Ref. RB	5.00%	12/01/2033		2,460		2,465,428
Columbus (City of) & Franklin (County of), OH Finance Authority (Easton); Series 2020, RB(d)	5.00%	06/01/2028		3,835		3,821,447
Cuyahoga (County of), OH (MetroHealth System);
Series 2017, Ref. RB	5.00%	02/15/2031		3,250		3,315,696
Series 2017, Ref. RB	5.00%	02/15/2032		5,480		5,590,670
Hamilton (County of), OH (Life Enriching Communities); Series 2012, RB	5.00%	01/01/2032		690		679,808
Hamilton (County of), OH (UC Health); Series 2020, RB	5.00%	09/15/2037		2,000		1,989,979
Montgomery (County of), OH (Premier Health Partners Obligated Group); Series 2019 A, Ref. RB	5.00%	11/15/2034		1,500		1,552,098
Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB	5.00%	02/15/2033		1,240		1,206,573
Ohio (State of); Series 2020 A, Ref. RB	5.00%	01/15/2033		600		642,222
Ohio (State of) (Cleveland Clinic Health System Obligated Group); Series 2018, Ref. RB(d)	5.00%	12/01/2023		1,460		1,455,973
Ohio (State of) (Portsmouth Bypass); Series 2015, RB(a)	5.00%	12/31/2025		1,300		1,319,293

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
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	$	7,793,866
Southeastern Ohio (State of) Port Authority (Memorial Health Systems); Series 2015, Ref. RB	5.50%	12/01/2029		350		340,803
						45,616,831
Oklahoma–0.47%
Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB	5.00%	08/15/2033		1,000		958,479
Payne (County of), OK Economic Development Authority (Epworth Living at the Ranch); Series 2016 B-2, RB(e)	4.75%	11/01/2023		852		596
Tulsa (City of), OK Airports Improvement Trust; Series 2001 B, Ref. RB(a)	5.50%	12/01/2035		3,250		3,257,496
Tulsa (City of), OK Airports Improvement Trust (American Airlines Group, Inc.); Series 2015, Ref. RB(a)(c)	5.00%	06/01/2025		5,000		5,021,919
						9,238,490
Oregon–1.02%
Forest Grove (City of), OR (Pacific University); Series 2015 A, Ref. RB	5.00%	05/01/2036		250		251,874
Multnomah (County of), OR Hospital Facilities Authority (Terwilliger Plaza, Inc.);
Series 2016, Ref. RB	5.00%	12/01/2025		295		293,560
Series 2016, Ref. RB	5.00%	12/01/2030		1,305		1,267,871
Oregon (State of) Tri-County Metropolitan Transportation District; Series 2018 A, RB	4.00%	09/01/2048		7,465		6,965,352
Portland (Port of), OR;
Series 2017 24B, RB(a)	5.00%	07/01/2036		4,000		4,107,407
Series 2022 28, RB(a)	5.00%	07/01/2027		2,785		2,910,594
Salem-Keizer School District No. 24J; Series 2020 A, GO Bonds (CEP - Oregon School Bond Guaranty)(h)	0.00%	06/15/2040		4,415		1,973,382
Yamhill (County of), OR Hospital Authority (Friendsview);
Series 2021 B-1, RB	2.50%	11/15/2028		2,000		1,710,762
Series 2021 B-2, RB	2.13%	11/15/2027		500		451,841
						19,932,643
Pennsylvania–5.59%
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		2,090,296
Allegheny (County of), PA Industrial Development Authority (United States Steel Corp.); Series 2019, Ref. RB	4.88%	11/01/2024		2,000		2,007,567
Allentown (City of), PA Neighborhood Improvement Zone Development Authority; Series 2022, Ref. RB	5.00%	05/01/2036		1,500		1,542,230
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center); Series 2018, RB(d)	5.00%	05/01/2033		3,795		3,873,870
Chester (County of), PA Health & Education Facilities Authority (Simpson Senior Services);
Series 2015 A, Ref. RB	5.00%	12/01/2030		1,000		936,302
Series 2015 A, Ref. RB	5.25%	12/01/2045		1,400		1,208,544
Coatesville Area School District Building Authority;
Series 2018, RB (INS - BAM)(b)	5.00%	12/01/2025		385		385,331
Series 2018, RB (INS - BAM)(b)	5.00%	12/01/2026		335		335,273
Series 2018, RB (INS - BAM)(b)	5.00%	12/01/2027		360		360,275
Coatesville School District; Series 2020 A, GO Bonds (INS - BAM)(b)(h)	0.00%	10/01/2036		1,300		686,477
Commonwealth Financing Authority;
Series 2018, RB	5.00%	06/01/2030		5,500		5,854,191
Series 2018, RB	5.00%	06/01/2033		4,000		4,240,517
East Hempfield (Township of), PA Industrial Development Authority (Student Services, Inc. Student Housing at Millersville University of Pennsylvania); Series 2015, RB(g)	5.00%	07/01/2025		160		163,192
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.);
Series 2018, Ref. RB	5.00%	12/01/2029		1,000		943,530
Series 2018, Ref. RB	5.00%	12/01/2031		1,005		936,609
Series 2018, Ref. RB	5.00%	12/01/2033		750		687,250
Lancaster (County of), PA Hospital Authority (Masonic Villages); Series 2015, Ref. RB	5.00%	11/01/2029		1,500		1,518,902
Lancaster (County of), PA Hospital Authority (Moravian Manors, Inc.); Series 2019 A, RB	5.00%	06/15/2038		1,110		992,099
Luzerne (County of), PA; Series 2015 A, Ref. GO Bonds (INS - AGM)(b)	5.00%	11/15/2029		500		512,545
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University);
Series 2018 A, Ref. RB	5.00%	09/01/2030		3,500		3,686,293
Series 2019, Ref. RB	5.00%	09/01/2031		545		581,763

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
Pennsylvania–(continued)
Pennsylvania (Commonwealth of);
First Series 2015-1, GO Bonds	5.00%	03/15/2031	$	1,500	$	1,538,042
Series 2018 A, Ref. COP	5.00%	07/01/2029		300		323,052
Series 2018 A, Ref. COP	5.00%	07/01/2030		375		404,654
Series 2018 A, Ref. COP	5.00%	07/01/2031		425		457,618
Pennsylvania (Commonwealth of) Economic Development Financing Authority (PA Bridges Finco L.P.);
Series 2015, RB(a)	5.00%	12/31/2027		5,965		6,072,878
Series 2015, RB(a)	5.00%	12/31/2034		2,630		2,667,007
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Presbyterian Senior Living); Series 2021, Ref. RB	4.00%	07/01/2030		1,600		1,547,888
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC);
Series 2021 A, Ref. RB	4.00%	10/15/2039		1,325		1,255,705
Series 2021 A, Ref. RB	4.00%	10/15/2040		1,200		1,128,509
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		3,138,581
Series 2016 A, Ref. RB (INS - AGM)(b)	5.00%	06/01/2031		120		124,573
Pennsylvania (Commonwealth of) Turnpike Commission;
Second Series 2017, Ref. RB	5.00%	12/01/2031		4,075		4,340,949
Series 2015 A-1, Ref. RB	5.00%	12/01/2028		1,055		1,089,955
Series 2015 A-1, Ref. RB	5.25%	12/01/2034		250		258,801
Series 2016 A-1, RB	5.00%	12/01/2041		1,000		1,016,405
Series 2017-3, Ref. RB	5.00%	12/01/2034		3,000		3,188,566
Series 2019 A, RB	5.00%	12/01/2033		1,240		1,358,295
Series 2021 A, RB	3.00%	12/01/2042		6,500		4,996,588
Series 2021 B, RB	4.00%	12/01/2040		1,500		1,456,587
Series 2021 B, RB	4.00%	12/01/2041		1,750		1,690,175
Pennsylvania Higher Education Assistance Agency (Senior Bonds); Series 2023 A, RB(a)	4.00%	06/01/2044		5,800		5,580,343
Philadelphia (City of), PA;
Series 2015, Ref. RB	5.00%	08/01/2031		1,000		1,024,591
Series 2015, Ref. RB	5.00%	08/01/2032		1,000		1,020,890
Series 2020 A, Ref. RB	4.00%	07/01/2039		5,000		4,890,693
Philadelphia (City of), PA Authority for Industrial Development;
Series 2017, RB	5.00%	12/01/2035		1,000		1,041,426
Series 2017, RB	5.00%	12/01/2037		1,310		1,351,942
Philadelphia (City of), PA Authority for Industrial Development (Kipp Philadelphia Charter School); Series 2016 A, RB	5.00%	04/01/2036		1,500		1,452,336
Philadelphia (City of), PA Authority for Industrial Development (La Salle University);
Series 2017, Ref. RB	5.00%	05/01/2034		1,000		925,740
Series 2017, Ref. RB	5.00%	05/01/2036		1,000		896,551
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University); Series 2017 A, Ref. RB	5.00%	09/01/2035		3,000		3,085,345
Philadelphia (City of), PA Authority for Industrial Development (University Square Apartments);
Series 2017, RB	4.00%	12/01/2047		2,000		1,695,048
Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group); Series 2017, Ref. RB	5.00%	07/01/2042		4,355		3,588,718
Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University Health System);
Series 2017, Ref. RB	5.00%	07/01/2027		3,480		3,575,701
Series 2017, Ref. RB	5.00%	07/01/2029		2,295		2,349,754
Philadelphia School District (The);
Series 2007 A, Ref. GO Bonds (INS - NATL)(b)	5.00%	06/01/2025		2,400		2,452,873
Series 2018 A, GO Bonds	5.00%	09/01/2025		745		764,134
Series 2018 A, GO Bonds	5.00%	09/01/2032		510		547,351
Reading School District;
Series 2017, Ref. GO Bonds (INS - AGM)(b)	5.00%	03/01/2035		30		31,617
Series 2017, Ref. GO Bonds (INS - AGM)(b)	5.00%	03/01/2036		25		26,228
Scranton School District;
Series 2017 E, Ref. GO Bonds (INS - BAM)(b)	5.00%	12/01/2032		110		118,108
Series 2017 E, Ref. GO Bonds (INS - BAM)(b)	5.00%	12/01/2033		90		96,462
Washington (County of), PA Redevelopment Authority (Victory Centre); Series 2018, Ref. RB	5.00%	07/01/2028		225		224,222

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
Pennsylvania–(continued)
West Shore Area Authority (Messiah Village); Series 2015 A, Ref. RB	5.00%	07/01/2030	$	500	$	496,262
Wilkes-Barre Area School District; Series 2016 B, GO Bonds (INS - BAM)(b)	5.00%	08/01/2028		500		525,086
						109,359,305
Puerto Rico–3.47%
Children’s Trust Fund;
Series 2002, RB	5.50%	05/15/2039		755		755,088
Series 2002, RB	5.63%	05/15/2043		4,215		4,236,163
Puerto Rico (Commonwealth of);
Series 2021 A, GO Bonds(h)	0.00%	07/01/2024		225		217,114
Series 2021 A, GO Bonds(h)	0.00%	07/01/2033		8,100		4,935,375
Series 2021 A-1, GO Bonds	5.38%	07/01/2025		6,456		6,578,495
Series 2021 A-1, GO Bonds	5.63%	07/01/2027		1,443		1,504,465
Series 2021 A-1, GO Bonds	5.63%	07/01/2029		1,419		1,501,467
Series 2021 A-1, GO Bonds	5.75%	07/01/2031		6,378		6,898,743
Series 2021 A-1, GO Bonds	4.00%	07/01/2033		6,307		5,905,805
Series 2021 A-1, GO Bonds	4.00%	07/01/2035		1,175		1,079,768
Series 2021 A-1, GO Bonds	4.00%	07/01/2037		1,008		907,211
Series 2021 A-1, GO Bonds	4.00%	07/01/2041		1,371		1,185,547
Series 2021 A-1, GO Bonds	4.00%	07/01/2046		1,426		1,186,926
Subseries 2022, RN	0.00%	11/01/2043		6,163		3,181,741
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2021 B, RB(d)	5.00%	07/01/2033		4,365		4,415,404
Puerto Rico (Commonwealth of) Electric Power Authority; Series 2008 WW, RB(e)	5.50%	07/01/2038		3,500		962,500
Puerto Rico (Commonwealth of) Highway & Transportation Authority; Series 2022 C, RB(m)	5.00%	07/01/2053		130		82,388
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (Hospital Auxilio Mutuo); Series 2021, Ref. RB	5.00%	07/01/2031		425		456,976
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		1,245		1,218,083
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(h)	0.00%	07/01/2029		20,432		15,985,470
Series 2018 A-1, RB(h)	0.00%	07/01/2046		17,000		4,734,979
						67,929,708
Rhode Island–1.04%
Providence (City of), RI Public Building Authority (Various Capital); Series 2011 A, RB (INS - AGM)(b)	5.88%	06/15/2026		315		315,571
Tobacco Settlement Financing Corp.;
Series 2015 A, Ref. RB	5.00%	06/01/2026		1,375		1,396,995
Series 2015 A, Ref. RB	5.00%	06/01/2027		900		915,048
Series 2015 A, Ref. RB	5.00%	06/01/2028		1,080		1,098,336
Series 2015 A, Ref. RB	5.00%	06/01/2035		12,500		12,652,644
Series 2015 A, Ref. RB	5.00%	06/01/2040		4,000		4,019,524
						20,398,118
South Carolina–0.23%
Piedmont Municipal Power Agency; Series 2015 A, RB	5.00%	01/01/2030		2,000		2,029,833
South Carolina (State of) Jobs-Economic Development Authority (Lutheran Homes); Series 2013, RB	5.00%	05/01/2028		1,250		1,196,356
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group); Series 2018 A, Ref. RB	5.00%	05/01/2048		200		200,050
South Carolina (State of) Public Service Authority; Series 2020 A, Ref. RB	4.00%	12/01/2037		1,000		979,050
						4,405,289
Tennessee–1.13%
Chattanooga (City of) & Hamilton (County of), TN Hospital Authority (Erlanger Health System); Series 2014 A, Ref. RB	5.00%	10/01/2039		1,505		1,498,369
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group); Series 2018 A, Ref. RB	5.00%	07/01/2035		2,500		2,590,870
Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health); Series 2012 A, Ref. RB	5.00%	01/01/2025		500		500,397
Metropolitan Development and Housing Agency (Fifth + Broadway Development); Series 2018, RB(d)	4.50%	06/01/2028		650		650,858

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
Tennessee–(continued)
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University); Series 2019 A, Ref. RB	5.00%	10/01/2035	$	1,115		$	1,122,037
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			1,035,524
Series 2016 A, RB	5.00%	07/01/2035		2,000			2,058,830
New Memphis Arena Public Building Authority (City of Memphis) (Social Bonds);
Series 2021, RB(h)	0.00%	04/01/2036		1,200			675,828
Series 2021, RB(h)	0.00%	04/01/2037		1,375			726,197
Shelby (County of), TN Health, Educational & Housing Facilities Board (Methodist Le Bonheur Healthcare); Series 2017 A, RB	5.00%	05/01/2031		1,185			1,240,978
Shelby (County of), TN Health, Educational & Housing Facilities Board (The Village at Germantown, Inc.); Series 2014, RB	5.00%	12/01/2029		650			636,329
Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor); Series 2016 A, Ref. RB(d)	5.00%	09/01/2037		750			630,411
Tennergy Corp.; Series 2022 A, RB(c)	5.50%	12/01/2030		3,300			3,439,770
Tennessee Energy Acquisition Corp.;
Series 2006 C, RB	5.00%	02/01/2024		3,225			3,229,952
Series 2006 C, RB	5.00%	02/01/2027		150			150,239
Series 2018, RB(c)	4.00%	11/01/2025		2,000			1,977,285
							22,163,874
Texas–7.72%
Arlington Higher Education Finance Corp. (Harmony Public Schools); Series 2015, Ref. RB (CEP - Texas Permanent School Fund)	5.00%	02/15/2032		1,500			1,523,720
Arlington Higher Education Finance Corp. (UME Preparatory Academy);					��
Series 2017 A, RB	4.55%	08/15/2028		100			96,574
Series 2017 A, RB	5.00%	08/15/2038		115			107,300
Arlington Higher Education Finance Corp. (Universal Academy);
Series 2014 A, RB	5.88%	03/01/2024		70			69,817
Series 2014 A, RB	6.63%	03/01/2029		1,000			1,001,662
Austin Convention Enterprises, Inc.;
Series 2017, Ref. RB	5.00%	01/01/2032		1,075			1,062,766
Series 2017, Ref. RB	5.00%	01/01/2033		1,200			1,218,468
Clifton Higher Education Finance Corp. (Idea Public Schools);
Series 2013, RB	6.00%	08/15/2033		1,250			1,251,987
Series 2022 A, RB	4.00%	08/15/2033		535			523,874
Series 2022 A, RB	4.00%	08/15/2034		555			540,512
Series 2022 A, RB	4.00%	08/15/2035		410			393,410
Clifton Higher Education Finance Corp. (International Leadership of Texas);
Series 2015 A, RB	4.88%	08/15/2027		500			494,256
Series 2015 A, RB	5.13%	08/15/2030		3,000			2,986,928
Series 2018 D, RB	5.75%	08/15/2033		5,000			5,051,122
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport); Series 2014 A, Ref. RB(a)(c)(g)	5.25%	11/01/2023		2,000			2,003,938
Dallas (City of), TX Area Rapid Transit; Series 2016 B, Ref. RB	4.00%	12/01/2038		5,250			5,154,790
Dallas (County of), TX Flood Control District No. 1; Series 2015, Ref. GO Bonds(d)	5.00%	04/01/2028		1,000			998,692
Decatur (City of), TX Hospital Authority (Wise Regional Health System);
Series 2014 A, Ref. RB	5.00%	09/01/2023		150			150,000
Series 2014 A, Ref. RB	5.00%	09/01/2024		265			265,149
Series 2014 A, Ref. RB	5.25%	09/01/2029		1,000			1,000,249
Dickinson Independent School District; Series 2000, Ref. GO Bonds (CEP - Texas Permanent School Fund)	6.00%	02/15/2028		1,515			1,626,693
Godley Independent School District; Series 2016, GO Bonds (CEP - Texas Permanent School Fund)	4.00%	02/15/2035		2,640			2,618,770
Grand Parkway Transportation Corp.; Series 2020 C, Ref. RB	4.00%	10/01/2036		250			251,272
Grand Parkway Transportation Corp. (TELA Supported); Series 2018 A, RB	5.00%	10/01/2038		2,000			2,102,324
Gulf Coast Authority (Waste Management of Texas); Series 2003 B, RB(a)	1.50%	05/01/2028		1,750			1,535,709
Harris (County of) & Houston (City of), TX Sports Authority; Series 2014 A, Ref. RB	5.00%	11/15/2030		1,000			1,013,656
Harris County Cultural Education Facilities Finance Corp. (Brazos Presbyterian Homes, Inc.); Series 2013 A, RB	5.00%	01/01/2033		1,090			994,731

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
Texas–(continued)
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	$	1,465,905
Harris County Industrial Development Corp. (Energy Transfer L.P.); Series 2023, Ref. RB(c)	4.05%	06/01/2033		4,000		3,932,902
Houston (City of), TX; Series 2023 A, Ref. RB (INS - AGM)(a)(b)	5.25%	07/01/2039		2,000		2,152,459
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E);
Series 2014, Ref. RB(a)	4.75%	07/01/2024		1,265		1,266,234
Series 2020 A, Ref. RB(a)	5.00%	07/01/2027		500		504,196
Series 2021 A, RB(a)	4.00%	07/01/2041		4,500		3,982,335
Houston (City of), TX Airport System (United Airlines, Inc.);
Series 2020 B-2, Ref. RB(a)	5.00%	07/15/2027		3,350		3,378,694
Series 2021 B-1, RB(a)	4.00%	07/15/2041		9,000		7,963,323
Houston Higher Education Finance Corp. (KIPP, Inc.); Series 2015, Ref. RB (CEP - Texas Permanent School Fund)	5.00%	08/15/2029		250		255,086
Love Field Airport Modernization Corp.; Series 2021, Ref. RB (INS - AGM)(a)(b)	4.00%	11/01/2039		935		894,124
Mesquite Health Facilities Development Corp. (Christian Care Centers, Inc.); Series 2014, Ref. RB (Acquired 08/27/2014; Cost $82,148)(e)(f)	5.00%	02/15/2024		81		2,440
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(a)(d)	4.63%	10/01/2031		5,000		4,886,264
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community);
Series 2016, Ref. RB	4.00%	07/01/2028		2,620		2,334,347
Series 2016, Ref. RB	5.00%	07/01/2036		2,750		2,303,591
New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing Corpus Christi II, LLC - Texas A&M University-Corpus Christi); Series 2016 A, RB(c)(g)	5.00%	04/01/2026		670		696,786
New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center); Series 2021, Ref. RB(d)	4.00%	08/15/2036		2,000		1,714,712
New Hope Cultural Education Facilities Finance Corp. (Longhorn Village);
Series 2017, Ref. RB	5.00%	01/01/2027		1,090		1,078,771
Series 2017, Ref. RB	5.00%	01/01/2029		1,205		1,182,868
Series 2017, Ref. RB	5.00%	01/01/2037		2,000		1,859,791
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford); Series 2016 A, RB	5.00%	11/15/2026		320		308,191
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North);
Series 2018, Ref. RB	5.00%	10/01/2029		2,105		2,021,822
Series 2018, Ref. RB	5.00%	10/01/2030		2,210		2,104,825
New Hope Cultural Education Facilities Finance Corp. (Tarleton State University); Series 2014 A, RB(c)(g)	5.00%	04/01/2024		620		625,379
New Hope Cultural Education Facilities Finance Corp. (Wesleyan Homes, Inc.);
Series 2014, RB	5.25%	01/01/2029		1,500		1,417,266
Series 2014, RB	5.50%	01/01/2035		1,400		1,241,521
Newark High Education Finance Corp. (A+ Charter Schools, Inc.); Series 2015 A, RB(d)	4.63%	08/15/2025		330		330,281
North East Texas Regional Mobility Authority; Series 2016, RB	5.00%	01/01/2046		10,000		10,031,238
North Texas Tollway Authority; Series 2017 B, Ref. RB (INS - AGM)(b)	4.00%	01/01/2034		750		758,809
Port Beaumont Navigation District (Jefferson Gulf Coast Energy);
Series 2021, RB(a)(d)	2.13%	01/01/2028		575		490,062
Series 2021, RB(a)(d)	2.25%	01/01/2029		800		661,447
Pottsboro Higher Education Finance Corp. (Imagine International Academy of North Texas LLC); Series 2016 A, RB	5.00%	08/15/2036		1,960		1,891,129
San Antonio (City of), TX; Series 2019 A, Ref. RB(a)	5.00%	07/01/2032		2,380		2,531,814
Tarrant County Cultural Education Facilities Finance Corp.; Series 2014, Ref. RB	5.00%	10/01/2049		5,125		4,721,044
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
Series 2020 B-2, Ref. RB	3.00%	11/15/2026		195		186,211
Series 2020, Ref. RB	4.00%	11/15/2027		3,100		2,924,389
Temple (City of), TX; Series 2018 A, RB	5.00%	08/01/2038		10,000		9,890,839
Texas (State of); Series 2023 A, GO Bonds(a)	4.00%	08/01/2041		5,000		4,654,878
Texas (State of) Transportation Commission;
Series 2019, RB(h)	0.00%	08/01/2034		1,400		871,007
Series 2019, RB(h)	0.00%	08/01/2035		2,050		1,202,077
Series 2019, RB(h)	0.00%	08/01/2036		1,500		823,925

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
Texas–(continued)
Texas (State of) Transportation Commission (Central Texas Turnpike System);
Series 2015 B, Ref. RB(h)	0.00%	08/15/2036	$	5,000	$	2,654,262
Series 2015 C, Ref. RB	5.00%	08/15/2033		5,000		5,031,077
Series 2015 C, Ref. RB	5.00%	08/15/2042		1,235		1,235,000
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB	6.25%	12/15/2026		3,820		3,955,906
Texas Municipal Gas Acquisition & Supply Corp. III; Series 2021, Ref. RB	5.00%	12/15/2031		3,250		3,327,621
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC – North Tarrant Express Managed Lanes);
Series 2019 A, Ref. RB	5.00%	12/31/2030		3,000		3,206,959
Series 2019 A, Ref. RB	5.00%	12/31/2032		1,000		1,068,331
Viridian Municipal Management District;
Series 2015, Ref. GO Bonds (INS - BAM)(b)	6.00%	12/01/2029		665		686,258
Series 2015, Ref. GO Bonds (INS - BAM)(b)	6.00%	12/01/2029		1,005		1,037,127
Series 2015, Ref. GO Bonds (INS - BAM)(b)	6.00%	12/01/2030		920		949,583
Series 2015, Ref. GO Bonds (INS - BAM)(b)	6.00%	12/01/2030		500		516,078
						151,249,553
Utah–0.77%
Black Desert Public Infrastructure District; Series 2021 A, GO Bonds(d)	3.50%	03/01/2036		2,000		1,661,757
Mida Mountain Village Public Infrastructure District (Assessment Area No. 2);
Series 2021, RB(d)	4.00%	08/01/2025		1,205		1,174,941
Series 2021, RB(d)	4.00%	08/01/2027		1,000		959,465
Series 2021, RB(d)	4.00%	08/01/2030		1,000		926,341
Military Installation Development Authority;
Series 2021 A-1, RB	4.00%	06/01/2036		500		420,496
Series 2021 A-1, RB	4.00%	06/01/2041		1,000		789,889
Series 2021 A-2, RB	4.00%	06/01/2036		5,250		4,394,207
Salt Lake City (City of), UT;
Series 2018 A, RB(a)	5.00%	07/01/2033		3,500		3,686,832
Series 2018 B, RB	5.00%	07/01/2038		1,000		1,042,292
						15,056,220
Vermont–0.20%
Burlington (City of), VT; Series 2014 A, Ref. RB (INS - AGM)(b)	5.00%	07/01/2030		1,000		1,010,215
University of Vermont and State Agricultural College;
Series 2019 B, Ref. RB	5.00%	10/01/2035		1,220		1,401,759
Series 2019 B, Ref. RB	5.00%	10/01/2036		1,375		1,571,159
						3,983,133
Virginia–0.77%
Dulles Town Center Community Development Authority (Dulles Town Center); Series 2012, Ref. RB	4.25%	03/01/2026		700		680,215
Farmville (Town of), VA Industrial Development Authority (Longwood University Student Housing); Series 2018 A, Ref. RB	5.00%	01/01/2038		1,000		965,216
Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge);
Series 2014, Ref. RB	4.00%	01/01/2025		705		688,065
Series 2019 A, RB	5.00%	01/01/2034		500		463,347
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC);
Series 2022, Ref. RB(a)	5.00%	07/01/2033		3,235		3,460,127
Virginia (Commonwealth of) Small Business Financing Authority (I-495 Hot Lanes);
Series 2022, Ref. RB(a)	5.00%	12/31/2042		2,000		2,040,210
Series 2022, Ref. RB(a)	5.00%	12/31/2047		1,820		1,835,099
Virginia (State of) Small Business Financing Authority (95 Express Lanes LLC); Series 2022, Ref. RB(a)	5.00%	01/01/2035		4,105		4,353,856
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay);
Series 2018, Ref. RB	5.00%	09/01/2028		150		150,327
Series 2018, Ref. RB	5.00%	09/01/2030		455		453,671
						15,090,133

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
Washington–1.90%
Kalispel Tribe of Indians;
Series 2018 A, RB(d)	5.00%	01/01/2032	$	70	$	71,420
Series 2018 B, RB(d)	5.00%	01/01/2032		100		102,029
Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB	5.60%	03/01/2028		15		14,883
Seattle (Port of), WA;
Series 2016 B, Ref. RB(a)	5.00%	10/01/2028		3,730		3,827,450
Series 2022 B, Ref. RB(a)	5.00%	08/01/2038		3,000		3,158,729
Seattle (Port of), WA (SEATAC Fuel Facilities LLC); Series 2013, Ref. RB(a)	5.00%	06/01/2024		1,560		1,560,736
University of Washington; Series 2020 A, RB	4.00%	04/01/2045		5,900		5,667,067
Washington (State of);
Series 2021 A, Ref. GO Bonds	5.00%	06/01/2034		1,000		1,117,152
Series 2021 A, Ref. GO Bonds	5.00%	06/01/2035		1,500		1,664,079
Washington (State of) Convention Center Public Facilities District (Green Notes);
Series 2021 B, RB	5.00%	07/01/2031		2,365		2,521,565
Series 2021, RB	4.00%	07/01/2031		1,250		1,195,977
Washington (State of) Health Care Facilities Authority (Catholic Health Initiatives); Series 2013, RB (SIFMA Municipal Swap Index + 1.40%)(c)(j)	5.46%	01/01/2025		3,350		3,351,217
Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association); Series 2015, Ref. RB	5.00%	07/01/2030		500		509,346
Washington (State of) Health Care Facilities Authority (PeaceHealth); Series 2014 A, Ref. RB(c)(g)	5.00%	05/15/2024		500		505,248
Washington (State of) Health Care Facilities Authority (Providence Health & Services); Series 2012 A, RB	5.00%	10/01/2028		120		120,028
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center);
Series 2017, Ref. RB	5.00%	08/15/2032		1,500		1,542,566
Series 2017, Ref. RB	5.00%	08/15/2037		1,360		1,355,771
Washington (State of) Housing Finance Commission (Bayview Manor Homes);
Series 2016 A, Ref. RB(d)	5.00%	07/01/2031		1,350		1,256,205
Series 2016 A, Ref. RB(d)	5.00%	07/01/2036		1,450		1,270,637
Washington (State of) Housing Finance Commission (Eliseo); Series 2021 B-2, Ref. RB(d)	2.13%	07/01/2027		2,750		2,478,808
Washington (State of) Housing Finance Commission (Heron’s Key Senior Living); Series 2015 A, RB(d)(g)	6.00%	07/01/2025		230		235,624
Washington (State of) Housing Finance Commission (The Hearthstone); Series 2018 A, Ref. RB(d)	5.00%	07/01/2038		830		667,137
Washington (State of) Housing Finance Commission (Transforming Age);
Series 2019 A, RB(d)	5.00%	01/01/2034		745		664,425
Series 2019 A, RB(d)	5.00%	01/01/2039		2,895		2,420,448
						37,278,547
West Virginia–0.25%
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District); Series 2017 A, Ref. RB(d)	5.50%	06/01/2037		2,000		2,046,292
West Virginia (State of) Economic Development Authority; Series 2020, RB(a)(c)	5.00%	07/01/2025		1,000		1,000,943
West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC);
Series 2016, RB(a)(d)(e)	6.75%	02/01/2026		2,000		1,400,000
Series 2018, RB(a)(d)(e)	8.75%	02/01/2036		640		512,000
						4,959,235
Wisconsin–2.04%
Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the Midwest Obligated Group); Series 2017, Ref. RB	5.00%	08/01/2032		5,100		4,413,768
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group); Series 2016 A, Ref. RB	4.00%	11/15/2036		2,000		1,992,291
Wisconsin (State of) Health & Educational Facilities Authority (Benevolent Corp. Cedar Community);
Series 2017, Ref. RB	5.00%	06/01/2030		1,560		1,501,150
Series 2017, Ref. RB	5.00%	06/01/2032		1,720		1,623,171
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System); Series 2019 B-2, Ref. RB	2.55%	11/01/2027		270		252,479
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance);
Series 2012, RB	5.00%	06/01/2025		2,450		2,452,809
Series 2012, RB	5.00%	06/01/2026		1,000		1,000,609

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
Wisconsin–(continued)
Wisconsin (State of) Public Finance Authority;
Series 2012 B, Ref. RB(a)	5.00%	07/01/2042	$	3,500	$	3,412,287
Series 2012 C, Ref. RB(a)	5.00%	07/01/2042		1,000		974,939
Wisconsin (State of) Public Finance Authority (21st Century Public Academy); Series 2020 A, RB(d)	3.75%	06/01/2030		350		310,962
Wisconsin (State of) Public Finance Authority (ACTS Retirement-Life Community); Series 2020 A, RB	4.00%	11/15/2037		600		526,115
Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth);
Series 2016 A, RB(d)	5.00%	06/01/2025		1,650		1,634,206
Series 2016 A, RB(d)	4.63%	06/01/2036		160		141,764
Wisconsin (State of) Public Finance Authority (Beyond Boone, LLC - Appalachian State University); Series 2019 A, RB (INS - AGM)(b)	5.00%	07/01/2034		800		839,532
Wisconsin (State of) Public Finance Authority (City of Boynton Beach, Florida Municipal Improvements); Series 2018, RB	5.00%	07/01/2035		2,000		2,120,964
Wisconsin (State of) Public Finance Authority (Community School of Davidson); Series 2018, RB	5.00%	10/01/2033		390		381,240
Wisconsin (State of) Public Finance Authority (Explore Academy);
Series 2020 A, RB(d)	6.13%	02/01/2039		500		444,033
Series 2022 A, RB(d)	6.13%	02/01/2039		485		430,712
Wisconsin (State of) Public Finance Authority (Goodwill Industries of Southern Nevada, Inc.); Series 2019 A, RB	5.50%	12/01/2038		1,930		1,722,801
Wisconsin (State of) Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB(d)	4.38%	06/15/2029		1,555		1,483,357
Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 A-1, RB(d)	6.25%	01/01/2038		3,250		1,998,750
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 A, RB	5.20%	12/01/2037		4,000		4,019,826
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB	5.00%	04/01/2025		440		438,998
Wisconsin (State of) Public Finance Authority (Southminster); Series 2018, RB(d)	5.00%	10/01/2043		500		442,081
Wisconsin (State of) Public Finance Authority (Wingate University); Series 2018 A, Ref. RB	5.25%	10/01/2038		1,000		986,139
Wisconsin (State of) Public Finance Authority (Wittenberg University); Series 2016, RB(d)	4.13%	12/01/2024		2,900		2,826,382
WPPI Energy; Series 2014 A, Ref. RB	5.00%	07/01/2026		1,520		1,536,930
						39,908,295
Wyoming–0.08%
Wyoming (State of) Municipal Power Agency; Series 2017 A, Ref. RB(c)(g)	5.00%	01/01/2027		1,500		1,588,464
TOTAL INVESTMENTS IN SECURITIES(n)-100.13% (Cost $2,027,506,505)						1,960,532,127
FLOATING RATE NOTE OBLIGATIONS-(0.75)%
Notes with interest and fee rates ranging from 4.30% to 4.62% at 08/31/2023 and contractual maturities of collateral ranging from 12/01/2027 to 06/01/2032 (See Note 1J)(o)						(14,775,000	)
OTHER ASSETS LESS LIABILITIES-0.62%						12,296,934
NET ASSETS-100.00%					$	1,958,054,061

Investment Abbreviations:

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
SGI	- Syncora Guarantee, Inc.
SIFMA	- Securities Industry and Financial Markets Association
Wts.	- Warrants

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

29 Invesco Intermediate Term Municipal Income 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 has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d)  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, 2023 was $141,525,452, which represented 7.23% of the Fund’s Net Assets.

^(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, 2023 was $7,462,020, which represented less than 1% of the Fund’s Net Assets.

^(f)  Restricted security. The aggregate value of these securities at August 31, 2023 was $4,631,794, which represented less than 1% 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)  Zero coupon bond issued at a discount.

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

^(j)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.

^(k)  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 $4,330,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

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

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

⁽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 obligations 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, 2023. At August 31, 2023, the Fund’s investments with a value of $22,360,866 are held by TOB Trusts and serve as collateral for the $14,775,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2023

Revenue Bonds	87.34%
General Obligation Bonds	11.24
Pre-Refunded Bonds	1.42

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

30 Invesco Intermediate Term Municipal Income Fund

Statement of Assets and Liabilities

August 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $2,027,506,505)	$	1,960,532,127
Receivable for:
Investments sold		1,594,508
Fund shares sold		3,586,541
Interest		23,048,664
Investment for trustee deferred compensation and retirement plans		78,429
Other assets		354,574
Total assets		1,989,194,843
Liabilities:
Floating rate note obligations		14,775,000
Payable for:
Investments purchased		6,023,428
Dividends		1,691,834
Fund shares reacquired		3,261,079
Amount due custodian		4,550,747
Accrued fees to affiliates		661,340
Accrued interest expense		27,105
Accrued trustees’ and officers’ fees and benefits		1,901
Accrued other operating expenses		58,410
Trustee deferred compensation and retirement plans		89,938
Total liabilities		31,140,782
Net assets applicable to shares outstanding	$	1,958,054,061

Net assets consist of:
Shares of beneficial interest	$	2,141,761,290
Distributable earnings (loss)		(183,707,229	)
	$	1,958,054,061
Net Assets:
Class A	$	1,297,817,011
Class C	$	55,188,140
Class Y	$	385,694,821
Class R6	$	219,354,089
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		127,071,921
Class C		5,417,582
Class Y		37,793,315
Class R6		21,502,661
Class A:
Net asset value per share	$	10.21
Maximum offering price per share (Net asset value of $10.21 ÷ 97.50%)	$	10.47
Class C:
Net asset value and offering price per share	$	10.19
Class Y:
Net asset value and offering price per share	$	10.21
Class R6:
Net asset value and offering price per share	$	10.20

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

31 Invesco Intermediate Term Municipal Income Fund

Statement of Operations

For the six months ended August 31, 2023

(Unaudited)

Investment income:
Interest	$	39,320,806
Expenses:
Advisory fees		3,926,884
Administrative services fees		139,230
Custodian fees		7,449
Distribution fees:
Class A		1,653,124
Class C		301,646
Interest, facilities and maintenance fees		765,456
Transfer agent fees – A, C and Y		661,495
Transfer agent fees – R6		3,714
Trustees’ and officers’ fees and benefits		17,897
Registration and filing fees		136,421
Reports to shareholders		43,685
Professional services fees		68,712
Other		(3,440	)
Total expenses		7,722,273
Less: Expense offset arrangement(s)		(876	)
Net expenses		7,721,397
Net investment income		31,599,409
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(141,782))		(7,109,561	)
Change in net unrealized appreciation of unaffiliated investment securities		807,367
Net realized and unrealized gain (loss)		(6,302,194	)
Net increase in net assets resulting from operations	$	25,297,215

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

32 Invesco Intermediate Term Municipal Income Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2023 and the year ended February 28, 2023

(Unaudited)

	August 31, 2023			February 28, 2023
Operations:
Net investment income	$	31,599,409		$	59,141,197
Net realized gain (loss)		(7,109,561	)		(61,852,381	)
Change in net unrealized appreciation (depreciation)		807,367			(125,342,440	)
Net increase (decrease) in net assets resulting from operations		25,297,215			(128,053,624	)
Distributions to shareholders from distributable earnings:
Class A		(21,612,968	)		(36,139,563	)
Class C		(770,805	)		(1,353,317	)
Class Y		(9,052,956	)		(16,364,876	)
Class R6		(1,010,588	)		(18,717	)
Total distributions from distributable earnings		(32,447,317	)		(53,876,473	)
Share transactions–net:
Class A		(11,104,798	)		(152,597,556	)
Class C		(8,047,904	)		(20,457,744	)
Class Y		(143,065,749	)		(96,150,845	)
Class R6		221,406,959			(3,497,421	)
Net increase (decrease) in net assets resulting from share transactions		59,188,508			(272,703,566	)
Net increase (decrease) in net assets		52,038,406			(454,633,663	)
Net assets:
Beginning of period		1,906,015,655			2,360,649,318
End of period	$	1,958,054,061		$	1,906,015,655

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

33 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 08/31/23		$10.25		$0.17		$(0.04	)		$0.13			$(0.17	)		$10.21		1.26	%		$1,297,817		0.85	%(d)		0.85	%(d)		0.76	%(d)		3.18	%(d)		9	%
Year ended 02/28/23		11.12		0.30		(0.90	)		(0.60	)		(0.27	)		10.25		(5.37	)		1,313,246		0.83			0.83			0.76			2.86			37
Year ended 02/28/22		11.41		0.25		(0.28	)		(0.03	)		(0.26	)		11.12		(0.33	)		1,588,653		0.79			0.79			0.74			2.21			11
Year ended 02/28/21		11.66		0.29		(0.25	)		0.04			(0.29	)		11.41		0.39			1,411,258		0.82			0.82			0.79			2.62			26
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
Class C
Six months ended 08/31/23		10.22		0.13		(0.03	)		0.10			(0.13	)		10.19		1.00			55,188		1.60	(d)		1.60	(d)		1.51	(d)		2.43	(d)		9
Year ended 02/28/23		11.09		0.22		(0.90	)		(0.68	)		(0.19	)		10.22		(6.11	)		63,378		1.58			1.58			1.51			2.11			37
Year ended 02/28/22		11.38		0.17		(0.29	)		(0.12	)		(0.17	)		11.09		(1.08	)		90,660		1.54			1.54			1.49			1.46			11
Year ended 02/28/21		11.62		0.21		(0.25	)		(0.04	)		(0.20	)		11.38		(0.27	)		115,826		1.57			1.57			1.54			1.87			26
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
Class Y
Six months ended 08/31/23		10.24		0.18		(0.03	)		0.15			(0.18	)		10.21		1.49			385,695		0.60	(d)		0.60	(d)		0.51	(d)		3.43	(d)		9
Year ended 02/28/23		11.11		0.32		(0.89	)		(0.57	)		(0.30	)		10.24		(5.14	)		528,911		0.58			0.58			0.51			3.11			37
Year ended 02/28/22		11.40		0.28		(0.28	)		0.00			(0.29	)		11.11		(0.08	)		677,149		0.54			0.54			0.49			2.46			11
Year ended 02/28/21		11.65		0.32		(0.25	)		0.07			(0.32	)		11.40		0.64			568,900		0.57			0.57			0.54			2.87			26
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
Class R6
Six months ended 08/31/23		10.24		0.18		(0.03	)		0.15			(0.19	)		10.20		1.42			219,354		0.54	(d)		0.54	(d)		0.45	(d)		3.49	(d)		9
Year ended 02/28/23		11.11		0.35		(0.92	)		(0.57	)		(0.30	)		10.24		(5.07	)		481		0.51			0.51			0.44			3.18			37
Year ended 02/28/22		11.40		0.29		(0.29	)		0.00			(0.29	)		11.11		(0.01	)		4,187		0.47			0.47			0.42			2.53			11
Year ended 02/28/21		11.65		0.33		(0.26	)		0.07			(0.32	)		11.40		0.72			4,823		0.49			0.49			0.46			2.95			26
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

^(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 February 28, 2021, the portfolio turnover calculation excludes the value of securities purchased of $201,465,106 in connection with the acquisition of Invesco Oppenheimer Intermediate Term Municipal Fund into the Fund.

^(d)  Annualized.

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

34 Invesco Intermediate Term Municipal Income Fund

Notes to Financial Statements

August 31, 2023

(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 eight 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 eighth anniversary after a purchase of Class C shares.

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 generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

35 Invesco Intermediate Term Municipal Income Fund

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 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, administrative expenses and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

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. 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.

36 Invesco Intermediate Term Municipal Income Fund

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.

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.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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%

For the six months ended August 31, 2023, 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).

Effective July 1, 2023, the Adviser has contractually agreed, for an indefinite period, 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 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary 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, 2023, 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, 2023, 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,

37 Invesco Intermediate Term Municipal Income Fund

the “Plans”). The Fund, pursuant to the Plans, 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 and up to a maximum 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $22,911 in front-end sales commissions from the sale of Class A shares and $72,499 and $251 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of August 31, 2023, 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 securities from or sell securities to certain other affiliated 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 that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended August 31, 2023, the Fund engaged in securities purchases of $7,953,297 and securities sales of $3,157,189, which resulted in net realized gains (losses) of $(141,782).

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $876.

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 revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Invesco Funds, and which will expire on February 22, 2024. The revolving credit and security agreement is secured by the assets of the Fund. 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. During the six months ended August 31, 2023, the Fund did not borrow 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.

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, 2023 were $18,489,286 and 3.74%, respectively.

38 Invesco Intermediate Term Municipal Income Fund

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 carryforward 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 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term			Total
Not subject to expiration	$74,055,797		$	39,626,117		$	113,681,914

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2023 was $217,325,435 and $163,157,570, 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	$	14,726,332
Aggregate unrealized (depreciation) of investments		(82,685,224	)
Net unrealized appreciation (depreciation) of investments	$	(67,958,892	)

Cost of investments for tax purposes is $2,028,491,019.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended August 31, 2023(a)							Year ended February 28, 2023
	Shares			Amount				Shares			Amount
Sold:
Class A		14,957,721		$	154,193,949				50,598,567		$	522,602,710
Class C		161,168			1,656,511				1,502,189			15,508,447
Class Y		13,943,077			143,902,518				39,930,571			412,323,242
Class R6		22,376,637			230,849,486				45,071			470,218
Issued as reinvestment of dividends:
Class A		1,482,993			15,282,716				2,454,413			25,324,509
Class C		60,673			623,967				107,048			1,101,526
Class Y		567,425			5,849,413				1,034,903			10,674,768
Class R6		82,898			848,606				1,436			15,206
Automatic conversion of Class C shares to Class A shares:
Class A		183,433			1,895,444				278,480			2,884,779
Class C		(183,859	)		(1,895,444	)			(279,154	)		(2,884,779	)
Reacquired:
Class A		(17,696,553	)		(182,476,907	)			(68,054,120	)		(703,409,554	)
Class C		(819,472	)		(8,432,938	)			(3,304,730	)		(34,182,938	)
Class Y		(28,359,605	)		(292,817,680	)			(50,258,713	)		(519,148,855	)
Class R6		(1,003,838	)		(10,291,133	)			(376,412	)		(3,982,845	)
Net increase (decrease) in share activity		5,752,698		$	59,188,508				(26,320,451	)	$	(272,703,566	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 66% 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.

39 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, 2023 through August 31, 2023.

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  (03/01/23)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized  Expense Ratio
		Ending  Account Value  (08/31/23)1	Expenses  Paid During  Period2	Ending  Account Value  (08/31/23)	Expenses  Paid During  Period2
Class A	$1,000.00	$1,012.60	$4.30	$1,020.86	$4.32	0.85%
Class C	1,000.00	1,010.00	8.08	1,017.09	8.11	1.60
Class Y	1,000.00	1,014.90	3.04	1,022.12	3.05	0.60
Class R6	1,000.00	1,014.20	2.73	1,022.42	2.75	0.54

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, 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 184/366 to reflect the most recent fiscal half year.

40 Invesco Intermediate Term Municipal Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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 has established an Investments Committee, which in turn has established Sub-Committees, that 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 information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees 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 requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by 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. 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 accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a

description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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 to the Fund 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, 2022 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond 2-17 Years Investment Grade Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period and the fourth quintile for the 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

41 Invesco Intermediate Term Municipal Income Fund

of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that allocations to certain municipal sectors, intermediate duration bonds, and bonds domiciled in certain states detracted from Fund relative performance. 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, which did not change its 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. 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 is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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 requested and considered additional information from management regarding the Fund’s actual management fees and the levels of the Fund’s breakpoints in light of current asset levels.

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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board 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 considered information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 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 most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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 received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination 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. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

42 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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list 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/corporate/about-us/esg. 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 number(s): 811-07890 and 033-66242     Invesco Distributors, Inc. VK-ITMI-SAR-1          

Semiannual Report to Shareholders August 31, 2023

Invesco Limited Term California Municipal Fund

Nasdaq:

A: OLCAX ∎ C: OLCCX ∎ Y: OLCYX ∎ R6: IORLX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
17	Financial Statements
20	Financial Highlights
21	Notes to Financial Statements
26	Fund Expenses
27	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is 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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/23 to 8/31/23, 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	1.36	%
Class C Shares	0.99
Class Y Shares	1.49
Class R6 Shares	1.52
S&P Municipal Bond 2-17 Years Investment Grade Index▼	0.84
S&P Municipal California Investment Grade 4-7 Years Bond Index▼	0.76
Source(s): ▼RIMES Technologies Corp.
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 S&P Municipal California Investment Grade 4-7 Years Bond Index consists of bonds issued within California with maturities between four and seven years that are rated at least BBB- by S&P Global Ratings, Baa3 by Moody’s or BBB- by Fitch Ratings. Bonds that are pre-refunded or escrowed to maturity are included in this index.  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.

2 Invesco Limited Term California Municipal Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (2/25/04)	3.16	%
10 Years	2.20
5 Years	1.23
1 Year	-0.70
Class C Shares
Inception (2/25/04)	2.96	%
10 Years	1.82
5 Years	0.98
1 Year	0.11
Class Y Shares
Inception (11/29/10)	2.92	%
10 Years	2.70
5 Years	1.99
1 Year	2.12
Class R6 Shares
10 Years	2.59	%
5 Years	2.00
1 Year	2.17

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 was subsequently renamed the Invesco Limited Term California Municipal Fund (the Fund). Returns shown above, for periods ending on or 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 on and 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.

3 Invesco Limited Term California Municipal Fund

 

 

 

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), 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 17, 2023, 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 January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during 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.

4 Invesco Limited Term California Municipal Fund

Schedule of Investments

August 31, 2023

(Unaudited)

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Municipal Obligations–101.53%
California–97.02%
ABAG Finance Authority for Nonprofit Corps. (Sharp Healthcare); Series 2014 A, RB	5.00%	08/01/2043	$	7,630	$	7,631,898
Adelanto (City of), CA Improvement Agency; Series 1993 B, Ref. RB (INS - FGIC)(a)	5.50%	12/01/2023		90		90,239
Adelanto (City of), CA Public Financing Authority; Series 1996 B, RB	6.30%	09/01/2028		500		507,159
Adelanto Public Utility Authority (Utility System); Series 2014 A, RB	5.00%	07/01/2024		800		800,482
Alameda (County of), CA Joint Powers Authority (Multiple Capital); Series 2013 A, RB	5.25%	12/01/2025		1,000		1,005,016
Alameda (County of), CA Redevelopment Successor Agency (Eden Area Redevelopment); Series 2006 A, RB (INS - NATL)(a)	4.38%	08/01/2030		10		10,007
Association of Bay Area Governments (California Redevelopment Agency Pool); Series 1994 A, RB (INS - AGM)(a)	6.00%	12/15/2024		70		70,478
Beaumont (City of), CA Financing Authority (Improvement Area No. 19A); Series 2015 B, Ref. RB	5.00%	09/01/2025		505		510,159
Beaumont (City of), CA Financing Authority (Improvement Area No. 19C); Series 2013 A, RB(b)(c)	5.00%	09/01/2023		655		655,000
Bell (City of), CA Community Redevelopment Agency; Series 2003, Ref. RB (INS - AGC)(a)	5.63%	10/01/2033		25		25,074
Blythe (City of), CA Financing Authority (City Hall & County Courthouse); Series 1997, RB (INS - NATL)(a)	5.50%	09/01/2027		55		55,037
California (State of);
Series 1994, GO Bonds	6.00%	03/01/2024		45		45,654
Series 1994, GO Bonds (INS - NATL)(a)	6.00%	08/01/2024		20		20,241
Series 1995, GO Bonds (INS - AMBAC)(a)	5.90%	03/01/2025		25		25,349
Series 1996, GO Bonds (INS - FGIC)(a)	5.38%	06/01/2026		65		65,291
Series 1996, GO Bonds (INS - NATL)(a)	5.38%	06/01/2026		10		10,045
Series 1997, GO Bonds (INS - NATL)(a)	5.00%	10/01/2023		5		5,007
Series 1997, GO Bonds	5.00%	10/01/2023		5		5,007
Series 1997, GO Bonds (INS - NATL)(a)	5.63%	10/01/2023		120		120,224
Series 1997, GO Bonds (INS - NATL)(a)	5.63%	10/01/2026		10		10,169
Series 1997, GO Bonds	5.13%	10/01/2027		20		20,039
Series 2000, GO Bonds	5.63%	05/01/2026		30		30,069
Series 2001, GO Bonds	5.20%	11/01/2031		5		5,010
Series 2002, GO Bonds (INS - SGI)(a)	5.00%	10/01/2028		5		5,009
Series 2013, GO Bonds	5.00%	11/01/2043		1,700		1,703,583
Series 2015 C, Ref. GO Bonds	5.00%	08/01/2031		815		835,619
Series 2023, Ref. GO Bonds	5.00%	10/01/2042		5,000		5,363,516
California (State of) Community Choice Financing Authority (Green Bonds);
Series 2023 C, RB(c)	5.25%	10/01/2031		5,000		5,186,052
Series 2023 D, RB(c)	5.50%	11/01/2028		7,000		7,349,569
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)	5.63%	04/01/2026		430		435,655
California (State of) Community College Financing Authority (NCCD - Orange Coast Properties LLC - Orange Coast College); Series 2018, RB	5.00%	05/01/2033		600		621,100
California (State of) County Tobacco Securitization Agency;
Series 2007 A, RB	5.00%	06/01/2036		4,375		4,226,668
Series 2007 B, RB	5.10%	06/01/2028		50		49,768
Series 2014, Ref. RB	4.00%	06/01/2029		485		485,420
Series 2020 B-1, Ref. RB	4.00%	06/01/2049		110		109,347
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.);
Series 2002, RB	5.88%	06/01/2035		150		152,209
Series 2002, RB	6.00%	06/01/2042		4,735		4,804,802
California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.); Series 2002, RB	6.00%	06/01/2035		2,175		2,176,557
California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.); Series 2020 B-1, Ref. RB	5.00%	06/01/2049		5,435		5,492,814
California (State of) County Tobacco Securitization Agency (Sonoma County Securitization Corp.); Series 2020, Ref. RB	5.00%	06/01/2049		750		758,478
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2002 A, RB	5.88%	06/01/2043		145		145,015

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

5 Invesco Limited Term California Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
California–(continued)
California (State of) Educational Facilities Authority (Loma Linda University); Series 2017 A, Ref. RB	5.00%	04/01/2030	$	710	$	744,619
California (State of) Educational Facilities Authority (Santa Clara University); Series 2015, Ref. RB	5.00%	04/01/2039		6,035		6,156,087
California (State of) Educational Facilities Authority (Southwestern University); Series 2003, Ref. RB	5.00%	11/01/2023		30		30,009
California (State of) Enterprise Development Authority (Heights Christian Schools); Series 2023 A, RB(d)	6.00%	06/01/2043		4,895		4,751,311
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center); Series 2015, Ref. RB	5.00%	11/15/2032		1,750		1,817,093
California (State of) Health Facilities Financing Authority (City of Hope);
Series 2012 A, RB	5.00%	11/15/2032		4,275		4,275,309
Series 2012 A, RB	5.00%	11/15/2035		12,280		12,261,592
Series 2012 A, RB	5.00%	11/15/2039		4,905		4,777,195
California (State of) Health Facilities Financing Authority (Commonspirit Health); Series 2020 A, Ref. RB	4.00%	04/01/2040		2,500		2,354,452
California (State of) Health Facilities Financing Authority (El Camino Hospital);
Series 2015 A, Ref. RB	5.00%	02/01/2032		1,750		1,792,690
Series 2015 A, Ref. RB	5.00%	02/01/2033		3,000		3,070,690
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		15,009
Series 2011 B, RB (INS - Cal-Mortgage)(a)	4.45%	12/01/2024		10		10,006
California (State of) Health Facilities Financing Authority (Providence Health & Services);
Series 2014 A, RB	5.00%	10/01/2029		500		509,213
Series 2014 A, RB	5.00%	10/01/2038		3,420		3,451,123
Series 2014 B, RB	5.00%	10/01/2044		5,000		5,016,592
California (State of) Health Facilities Financing Authority (Stanford Health Care); Series 2017 A, Ref. RB	4.00%	11/15/2040		3,000		2,978,359
California (State of) Health Facilities Financing Authority (Sutter Health);
Series 2017 A, Ref. RB	5.00%	11/15/2032		1,800		1,929,107
Series 2017 A, Ref. RB	5.00%	11/15/2033		3,000		3,209,717
Series 2017 A, Ref. RB	5.00%	11/15/2035		1,500		1,588,668
Series 2017 A, Ref. RB	5.00%	11/15/2037		4,490		4,705,155
California (State of) Housing Finance Agency; Series 2019 A, RB	4.25%	01/15/2035		4,696		4,581,643
California (State of) Infrastructure & Economic Development Bank; Series 2020, RB(c)(d)(e)	3.65%	01/31/2024		2,000		1,989,587
California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts &Sciences Obligated Group); Series 2015 A, Ref. RB(b)(c)	5.00%	11/01/2023		11,100		11,126,022
California (State of) Infrastructure & Economic Development Bank (California Science Center Phase II);
Series 2016 A, Ref. RB	5.00%	05/01/2027		1,505		1,583,012
Series 2016 A, Ref. RB	5.00%	05/01/2028		775		817,903
Series 2016 A, Ref. RB	5.00%	05/01/2029		910		960,831
Series 2016 A, Ref. RB	5.00%	05/01/2030		740		782,160
Series 2016 A, Ref. RB	5.00%	05/01/2031		910		963,219
California (State of) Infrastructure & Economic Development Bank (Segerstrom Center for the Arts); Series 2016, Ref. RB	5.00%	07/01/2026		5,000		5,194,628
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2016 A, Ref. RB	5.00%	06/01/2036		1,000		1,006,455
California (State of) Municipal Finance Authority (Biola University);
Series 2013, RB(b)(c)	5.00%	10/01/2023		465		465,526
Series 2013, RB(b)(c)	5.00%	10/01/2023		335		335,379
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		6,385		6,802,662
Series 2018, RB	5.00%	05/15/2037		2,500		2,558,327
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		2,262,872
Series 2018, RB (INS - BAM)(a)	5.00%	05/15/2033		2,000		2,130,826
Series 2018, RB (INS - BAM)(a)	5.00%	05/15/2034		1,260		1,340,366
Series 2018, RB (INS - BAM)(a)	5.00%	05/15/2036		1,900		1,998,506
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		3,199,765

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)
California (State of) Municipal Finance Authority (Community Medical Centers);
Series 2017 A, Ref. RB	5.00%	02/01/2028	$	3,000	$	3,109,559
Series 2017 A, Ref. RB	5.00%	02/01/2029		3,400		3,529,649
Series 2017 A, Ref. RB	5.00%	02/01/2030		3,500		3,635,199
Series 2017 A, Ref. RB	5.00%	02/01/2031		2,000		2,078,250
Series 2017 A, Ref. RB	5.00%	02/01/2032		1,500		1,558,247
California (State of) Municipal Finance Authority (Eisenhower Medical Centers); Series 2017 A, Ref. RB	5.00%	07/01/2030		2,155		2,236,717
California (State of) Municipal Finance Authority (Emerson College); Series 2011, RB	5.00%	01/01/2028		40		40,032
California (State of) Municipal Finance Authority (Linxs APM);
Series 2018 A, RB(e)	5.00%	12/31/2033		8,385		8,676,813
Series 2018 A, RB(e)	5.00%	12/31/2034		6,500		6,704,066
Series 2018, RB(e)	5.00%	12/31/2035		2,700		2,767,895
California (State of) Municipal Finance Authority (NorthBay Healthcare Group);
Series 2015, RB	5.00%	11/01/2030		440		443,434
Series 2015, RB	5.00%	11/01/2035		1,100		1,103,972
Series 2017 A, RB	5.00%	11/01/2028		1,000		1,016,853
Series 2017 A, RB	5.25%	11/01/2029		750		768,312
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		1,662,425
Series 2016, Ref. RB (INS - BAM)(a)	5.00%	08/01/2035		1,715		1,798,330
California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, RB(e)	4.00%	07/15/2029		1,100		1,086,380
California (State of) Pollution Control Financing Authority;
Series 2012, RB(d)(e)	5.00%	07/01/2030		5,000		5,014,536
Series 2012, RB(d)(e)	5.00%	11/21/2045		10,000		9,763,321
California (State of) Pollution Control Financing Authority (CalPlant I) (Green Bonds);
Series 2017, RB (Acquired 11/09/2018-02/12/2019; Cost $4,096,042)(d)(e)(f)(g)	7.50%	07/01/2032		4,000		200,000
Series 2020, RB (Acquired 10/06/2020; Cost $601,778)(d)(e)(f)(g)	7.50%	07/01/2032		630		81,900
California (State of) Pollution Control Financing Authority (San Diego County Water Authority); Series 2019, Ref. RB(d)	5.00%	07/01/2039		1,500		1,522,285
California (State of) Pollution Control Financing Authority (Southern California Water Co.); Series 1996 A, RB (INS - NATL)(a)(e)	5.50%	12/01/2026		1,030		1,052,075
California (State of) Public Finance Authority (California Crosspoint Academy); Series 2020 A, RB(d)	4.25%	07/01/2030		1,415		1,272,773
California (State of) Public Finance Authority (California University of Science and Medicine); Series 2019 A, RB(d)	6.25%	07/01/2054		9,900		10,405,371
California (State of) Public Finance Authority (Enso Village) (Green Bonds);
Series 2021 B-3, RB(d)	2.13%	11/15/2027		1,000		970,738
Series 2021, RB(d)	3.13%	05/15/2029		1,000		946,989
Series 2021, RB(d)	5.00%	11/15/2036		500		484,468
California (State of) Public Finance Authority (Trinity Classical Academy); Series 2019 A, RB(d)	5.00%	07/01/2036		600		566,806
California (State of) Public Works Board (California Community Colleges);
Series 2004 B, RB	5.13%	06/01/2025		15		15,022
Series 2004 B, RB	5.13%	06/01/2029		45		45,078
Series 2005 E, RB (INS - BHAC)(a)	5.00%	10/01/2024		50		50,068
Series 2007 B, RB (INS - NATL)(a)	4.25%	03/01/2026		5		5,004
Series 2007 B, RB (INS - NATL)(a)	5.00%	03/01/2027		50		50,080
California (State of) Public Works Board (Green Bonds); Series 2021, RB	4.00%	11/01/2041		2,115		2,072,544
California (State of) Public Works Board (Various Capital); Series 2013 I, RB	5.00%	11/01/2029		100		100,217
California (State of) School Finance Authority (Escuela Popular); Series 2017, RB(d)	5.50%	07/01/2027		755		749,812
California (State of) School Finance Authority (HTH Learning); Series 2017 A, Ref. RB(d)	5.00%	07/01/2032		1,705		1,658,668
California (State of) Statewide Communities Development Authority;
Series 2020 B, RB	4.00%	09/02/2023		105		105,000
Series 2020 B, RB	4.00%	09/02/2024		110		109,325
Series 2020 B, RB	4.00%	09/02/2025		115		113,726
Series 2020 B, RB	4.00%	09/02/2026		115		113,559
California (State of) Statewide Communities Development Authority (Eskaton Properties, Inc.); Series 2012, RB	5.25%	11/15/2034		1,000		994,070
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services); Series 2017 A, Ref. RB	5.00%	04/01/2031		175		181,009

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) Statewide Communities Development Authority (Heritage Park at Cathedral City Apartments); Series 2002 NN-1, RB (INS - AMBAC)(a)(e)	5.20%	06/01/2036	$	775	$	775,658
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2014, RB	5.25%	12/01/2034		3,000		3,026,636
California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC–California College of the Arts); Series 2019, RB(d)	5.00%	07/01/2029		900		901,871
California (State of) Statewide Communities Development Authority (Statewide Community Infrastructure Program);
Series 2015, Ref. RB	5.00%	09/02/2035		3,515		3,577,133
Series 2021 C-1, RB	2.25%	09/02/2026		1,340		1,193,568
California (State of) Statewide Communities Development Authority (University of California – Irvine East Campus Apartments - CHF-Irvine, LLC); Series 2016, Ref. RB	5.00%	05/15/2030		1,500		1,546,769
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program); Series 2002 A, RB	6.00%	05/01/2037		2,720		2,762,237
California State University;
Series 2015 A, Ref. RB	5.00%	11/01/2043		1,700		1,741,987
Series 2019 A, RB	4.00%	11/01/2041		3,480		3,440,562
Calimesa (City of), CA Community Facilities District No. 2018-1 (Summerwind Trails); Series 2020, RB	4.00%	09/01/2037		415		388,831
Carlsbad (City of), CA Housing & Redevelopment Commission; Series 1993, RB (INS - NATL)(a)	5.30%	09/01/2023		5		5,000
Cathedral (City of), CA Redevelopment Agency Successor Agency (Merged Redevelopment);
Series 2021 A, Ref. RB (INS - BAM)(a)	4.00%	08/01/2034		1,000		1,011,547
Series 2021 A, Ref. RB (INS - BAM)(a)	4.00%	08/01/2035		200		202,616
Cerritos (City of), CA Public Financing Authority; Series 2002 A, RB (INS - AMBAC)(a)	4.55%	11/01/2024		5		5,002
Chino (City of), CA Public Financing Authority;
Series 2015 A, Ref. RB (INS - AGM)(a)	5.00%	09/01/2028		1,230		1,272,777
Series 2015 A, Ref. RB (INS - AGM)(a)	5.00%	09/01/2029		1,280		1,322,221
Series 2015 A, Ref. RB (INS - AGM)(a)	5.00%	09/01/2030		900		928,199
Series 2015 A, Ref. RB (INS - AGM)(a)	5.00%	09/01/2031		950		978,389
Colton (City of), CA Public Financing Authority; Series 2007 A, RB (INS - AMBAC)(a)	4.70%	04/01/2032		15		15,016
Compton (City of), CA; Series 1998, Ref. RB (INS - NATL)(a)	5.38%	09/01/2023		60		60,000
Cotati-Rohnert Park Unified School District (Election of 2016); Series 2018 C, GO Bonds (INS - AGM)(a)	5.00%	08/01/2042		1,735		1,791,908
Dixon (City of), CA Improvement Area No. 1 (Community Facilities District No. 2013-1); Series 2019, RB	5.00%	09/01/2044		2,645		2,677,341
Downey (City of), CA Community Development Commission; Series 1997, Ref. RB (INS - NATL)(a)	5.13%	08/01/2028		35		35,183
El Centro (City of), CA Financing Authority (El Centro California Redevelopment); Series 2011, RB	6.63%	11/01/2025		1,280		1,286,254
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		620,743
Series 2012, Ref. RB	5.00%	09/01/2027		790		790,947
El Monte Union High School District; Series 2019 A, GO Bonds	4.00%	06/01/2037		1,440		1,445,893
Fontana (City of), CA (Community Facilities District No. 80);
Series 2017, RB	5.00%	09/01/2026		290		299,476
Series 2017, RB	5.00%	09/01/2029		175		182,750
Fresno (City of), CA Joint Powers Financing Authority (Master Lease);
Series 2017 A, Ref. RB (INS - AGM)(a)	5.00%	04/01/2030		675		723,901
Series 2017 A, Ref. RB (INS - AGM)(a)	5.00%	04/01/2031		1,000		1,071,230
Series 2017 A, Ref. RB (INS - AGM)(a)	5.00%	04/01/2032		500		535,560
Glendale (City of), CA; Series 2013, RB	5.00%	02/01/2039		4,000		4,002,731
Golden State Tobacco Securitization Corp.; Series 2017 A-1, Ref. RB(b)	5.00%	06/01/2027		1,850		1,991,342
Grossmont Healthcare District; Series 2015 D, Ref. GO Bonds	4.00%	07/15/2040		7,000		6,750,288
Hawthorne (City of), CA Community Redevelopment Agency Successor Agency (Community Facilities District No. 1999-1); Series 2010, Ref. RB	6.13%	10/01/2025		1,395		1,412,132
Hemet Unified School District;
Series 2021, Ref. RB	4.00%	09/01/2026		225		223,920
Series 2021, Ref. RB	4.00%	09/01/2028		255		253,503
Series 2021, Ref. RB	4.00%	09/01/2032		335		328,998
Series 2021, Ref. RB	4.00%	09/01/2035		400		385,357
Series 2021, Ref. RB	4.00%	09/01/2036		200		189,513
Hollister (City of), CA Redevelopment Agency Successor Agency (Hollister Community Development); Series 2014, Ref. RB (INS - BAM)(a)	5.00%	10/01/2031		1,675		1,705,322

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)
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	$	20,251
Huntington Beach (City of), CA (Community Facilities District No. 2003-1 - Huntington Center);
Series 2013, Ref. RB	5.25%	09/01/2025		1,055		1,055,905
Series 2013, Ref. RB	5.25%	09/01/2026		1,115		1,116,037
Series 2013, Ref. RB	5.38%	09/01/2033		1,200		1,201,083
Imperial (City of), CA Public Financing Authority (Water Facility); Series 2012, RB	5.00%	10/15/2026		2,735		2,738,277
Imperial Irrigation District;
Series 2016 B-2, Ref. RB	5.00%	11/01/2041		5,455		5,656,377
Series 2017, Ref. RB	4.00%	11/01/2037		6,070		6,055,688
Inland Empire Tobacco Securitization Corp.; Series 2019, Ref. RB	3.68%	06/01/2038		6,450		5,997,743
Inland Valley Development Agency; Series 2014 A, Ref. RB (INS - AGM)(a)	5.00%	09/01/2044		5,000		5,019,280
Irvine (City of), CA (Reassessment District No. 13-1); Series 2013, RB	5.00%	09/02/2025		710		715,633
Irvine (City of), CA Community Facilities District No. 2013-3 (Great Park Improvement Area No. 1);
Series 2014, RB	5.00%	09/01/2039		2,000		2,011,285
Series 2014, RB	5.00%	09/01/2044		500		501,656
Jurupa (City of), CA Public Financing Authority; Series 2014 A, Ref. RB	5.00%	09/01/2042		1,000		1,008,240
Jurupa Community Services District;
Series 2021 A, RB	4.00%	09/01/2031		100		98,438
Series 2021 A, RB	4.00%	09/01/2033		100		97,832
Series 2021 A, RB	4.00%	09/01/2034		165		160,794
Series 2021 A, RB	4.00%	09/01/2036		180		170,054
Series 2021 A, RB	4.00%	09/01/2038		385		349,848
Series 2021 A, RB	4.00%	09/01/2039		135		121,084
Series 2021 A, RB	4.00%	09/01/2040		140		123,840
La Mesa (City of), CA (Assessment District No. 98-1); Series 1998, RB	5.75%	09/02/2023		10		10,000
Long Beach (City of), CA;
Series 2015 D, RB	5.00%	05/15/2042		7,500		7,656,461
Series 2015, RB	5.00%	05/15/2027		850		860,742
Long Beach (City of), CA (Community Facilities District No. 6); Series 2002, RB	6.25%	10/01/2026		20		20,033
Long Beach (City of), CA Bond Finance Authority;
Series 2007 A, RB	5.25%	11/15/2023		1,435		1,438,014
Series 2007 A, RB	5.50%	11/15/2037		100		106,784
Long Beach Unified School District (Election of 2008); Series 2009, GO Bonds	5.75%	08/01/2033		30		30,050
Los Angeles (City of), CA Department of Airports;
Series 2015 C, Ref. RB	5.00%	05/15/2038		4,240		4,350,224
Series 2018 B, Ref. RB(e)	5.00%	05/15/2034		1,000		1,057,260
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport);
Series 2015 A, RB(e)	5.00%	05/15/2040		5,000		5,055,675
Series 2017 A, RB(e)	5.00%	05/15/2042		16,350		16,652,240
Series 2018 A, RB(e)	5.25%	05/15/2038		3,565		3,734,359
Series 2018 D, Ref. RB(e)	5.00%	05/15/2030		9,000		9,656,285
Los Angeles (City of), CA Department of Water & Power; Series 2017 A, RB	5.00%	07/01/2042		5,000		5,207,317
Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds); Series 2020 A, RB	4.00%	06/01/2035		1,000		1,050,252
Los Angeles (County of), CA Public Works Financing Authority; Series 2015 A, RB	5.00%	12/01/2044		3,810		3,854,791
Los Angeles (Port of), CA;
Series 2014 A, Ref. RB(e)	5.00%	08/01/2030		2,000		2,022,577
Series 2014 A, Ref. RB(e)	5.00%	08/01/2031		1,250		1,263,949
Series 2014 A, Ref. RB(e)	5.00%	08/01/2032		1,745		1,763,894
Series 2014 A, Ref. RB(e)	5.00%	08/01/2033		1,895		1,915,033
Series 2014 A, Ref. RB(e)	5.00%	08/01/2034		2,470		2,494,984
Madera (County of), CA (Valley Children’s Hospital); Series 1995, COP (INS - NATL)(a)	5.75%	03/15/2028		455		467,084
Manteca Unified School District (Community Facilities District No. 1989-2); Series 2013 F, RB (INS - AGM)(a)	5.00%	09/01/2027		1,285		1,286,464
Marina (City of), CA Redevelopment Agency Successor Agency;
Series 2018 A, RB	5.00%	09/01/2033		340		356,342
Series 2018 B, RB	5.00%	09/01/2033		250		262,115
Modesto (City of), CA (Golf Course); Series 1993 B, COP (INS - NATL)(a)	5.00%	11/01/2023		65		64,882

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)
Mountain House Public Financing Authority (Green Bonds);
Series 2020 A, RB (INS - BAM)(a)	4.00%	12/01/2036	$	310	$	315,139
Series 2020 A, RB (INS - BAM)(a)	4.00%	12/01/2037		495		499,349
Series 2020 A, RB (INS - BAM)(a)	4.00%	12/01/2038		555		556,308
Series 2020 A, RB (INS - BAM)(a)	4.00%	12/01/2039		470		466,809
Series 2020 A, RB (INS - BAM)(a)	4.00%	12/01/2040		600		590,388
Series 2020 B, RB (INS - BAM)(a)	4.00%	12/01/2035		1,000		1,022,090
Mountain View (City of), CA; Series 2004 A, RB (INS - NATL)(a)	4.50%	06/01/2026		10		10,011
Mt. San Jacinto Community College District (Election of 2014); Series 2018 B, GO Bonds	4.00%	08/01/2043		5,000		4,943,437
Napa Valley Unified School District; Series 2016 C, Ref. GO Bonds	5.00%	08/01/2041		300		311,115
Natomas Unified School District;
Series 2014, Ref. GO Bonds (INS - BAM)(a)	5.00%	08/01/2026		760		760,821
Series 2020 A, GO Bonds (INS - AGM)(a)	4.00%	08/01/2045		4,000		3,845,128
Northern California Energy Authority; Series 2018 A, RB(c)	4.00%	07/01/2024		5,000		4,992,691
Northern California Tobacco Securitization Authority; Series 2021 B-1, Ref. RB	4.00%	06/01/2049		1,025		1,002,358
Oakland Unified School District (County of Alameda); Series 2016, Ref. GO Bonds (INS - BAM)(a)	5.00%	08/01/2030		5,000		5,283,735
Oceanside (City of), CA (Community Facilities District No. 200-1 – Ocean Ranch Corporate Centre);
Series 2013 A, Ref. RB	5.00%	09/01/2026		665		665,554
Series 2013 A, Ref. RB	5.00%	09/01/2027		725		725,630
Series 2013 A, Ref. RB	5.00%	09/01/2028		785		785,684
Oxnard (City of), CA Financing Authority; Series 2014, Ref. RB (INS - AGM)(a)	5.00%	06/01/2029		2,000		2,022,779
Palm Desert (City of), CA;
Series 2021 A, Ref. RB	3.00%	09/01/2023		270		270,000
Series 2021 A, Ref. RB	3.00%	09/01/2024		280		274,360
Series 2021 A, Ref. RB	4.00%	09/01/2025		290		287,654
Palm Springs Unified School District;
Series 2014, Ref. GO Bonds	4.00%	08/01/2033		1,155		1,157,048
Series 2014, Ref. GO Bonds	4.00%	08/01/2035		1,095		1,096,094
Palo Alto (City of), CA; Series 1999 A, Ref. RB (INS - AMBAC)(a)	5.25%	06/01/2024		5		5,035
Palomar Health;
Series 2016, Ref. RB	5.00%	11/01/2031		1,625		1,663,648
Series 2016, Ref. RB	5.00%	11/01/2036		1,845		1,866,782
Series 2016, Ref. RB	5.00%	11/01/2039		6,320		6,361,726
Peninsula Corridor Joint Powers Board; Series 2019 A, Ref. RB	5.00%	10/01/2044		4,000		4,100,991
Perris (City of), CA Joint Powers Authority; Series 2014 B, Ref. RB	5.00%	09/01/2038		1,050		1,050,379
Perris Elementary School District (Election of 2014);
Series 2014 A, GO Bonds (INS - BAM)(a)	6.00%	08/01/2027		185		189,106
Series 2014 A, GO Bonds (INS - BAM)(a)	6.00%	08/01/2028		205		209,550
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		1,802,804
Series 2013, Ref. RB	5.25%	09/01/2033		200		200,191
Rancho Mirage (City of), CA (Reassessment District No. R22-85); Series 2002, Ref. RB	5.75%	09/02/2026		15		15,134
Redlands (City of), CA (Community Facilities District No. 2003-1 - Redlands Business Center); Series 2004, RB	5.85%	09/01/2033		10		10,096
Redwood City (City of), CA (Community Facilities District No. 99-1); Series 2012, Ref. RB	5.00%	09/01/2029		690		690,544
Richmond (City of), CA Joint Powers Financing Authority; Series 2016, RB	5.50%	11/01/2029		5,385		5,589,368
Riverside (City of), CA (Community Facilities District No. 2006-1); Series 2013, RB	5.25%	09/01/2043		500		501,391
Riverside (City of), CA (Riverwalk Auto Center Assessment District);
Series 2012, Ref. RB	5.00%	09/02/2023		315		315,000
Series 2012, Ref. RB	5.00%	09/02/2024		335		336,645
Riverside (City of), CA (Riverwalk Business Center Assessment District); Series 2004, RB	6.25%	09/02/2029		200		202,693
Riverside (City of), CA Public Financing Authority;
Series 2012 A, Ref. RB	5.00%	11/01/2027		1,640		1,644,233
Series 2012 A, Ref. RB	5.00%	11/01/2028		1,155		1,157,963
Riverside (County of), CA Community Facilities District No. 04-2 (Lake Hills Crest); Series 2012, Ref. RB	5.00%	09/01/2028		450		452,976
Riverside (County of), CA Community Facilities District No. 05-8 (Scott Road); Series 2013, RB	5.00%	09/01/2042		3,000		3,000,519

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)
Riverside Unified School District (Community Facilities District No. 32);
Series 2020, RB	4.00%	09/01/2034	$	500	$	485,973
Series 2020, RB	4.00%	09/01/2037		500		462,141
Series 2020, RB	4.00%	09/01/2040		350		309,968
Riverside Unified School District (Community Facilities District No. 33);
Series 2021, RB	4.00%	09/01/2035		295		280,236
Series 2021, RB	4.00%	09/01/2036		305		287,241
Series 2021, RB	4.00%	09/01/2037		320		294,493
Series 2021, RB	4.00%	09/01/2038		330		298,356
Series 2021, RB	4.00%	09/01/2039		345		311,210
Series 2021, RB	4.00%	09/01/2040		190		169,270
Romoland School District Community Facilities No. 2004-1;
Series 2013, RB	5.00%	09/01/2025		365		365,216
Series 2013, RB	5.00%	09/01/2026		440		440,305
Series 2013, RB	5.00%	09/01/2027		405		405,301
Series 2013, RB	5.00%	09/01/2028		500		500,366
Roseville (City of), CA (Villages at Sierra Vista Community Facilities District No. 1 - Public Facilities);
Series 2020, RB	4.00%	09/01/2033		235		231,031
Series 2020, RB	4.00%	09/01/2035		275		265,930
Series 2020, RB	4.00%	09/01/2037		320		298,255
Roseville (City of), CA Natural Gas Financing Authority;
Series 2007, RB	5.00%	02/15/2024		265		265,630
Series 2007, RB	5.00%	02/15/2025		100		100,651
Sacramento (City of), CA (2019 Sacramento Tourism Infrastructure District - Convention Center Ballroom);
Series 2019, RB	4.00%	06/01/2034		1,265		1,282,302
Series 2019, RB	4.00%	06/01/2037		1,760		1,723,453
Sacramento (City of), CA Area Flood Control Agency; Series 2014, RB (INS - BAM)(a)	5.00%	10/01/2039		1,900		1,913,576
Sacramento (City of), CA Financing Authority (Westlake and Regency Park);
Series 2013 A, Ref. RB	5.00%	09/01/2024		1,840		1,841,076
Series 2013 A, Ref. RB	5.00%	09/01/2025		850		850,478
Series 2013 A, Ref. RB (INS - AGM)(a)	5.00%	09/01/2026		785		785,453
Series 2013 A, Ref. RB	5.00%	09/01/2027		455		455,254
Sacramento (City of), CA Municipal Utility District; Series 2015, Ref. RB	5.00%	07/01/2030		1,235		1,279,421
Sacramento (County of), CA;
Series 1991 A, RB(b)(e)	7.25%	10/01/2023		255		255,649
Series 2018 C, Ref. RB(e)	5.00%	07/01/2037		6,000		6,208,816
Sacramento (County of), CA (Juvenile Courthouse); Series 2003, COP (INS - AMBAC)(a)	5.00%	12/01/2023		430		430,462
Sacramento (County of), CA Housing Authority; Series 2002 C, RB (INS - AMBAC)(a)(e)	5.25%	06/01/2027		195		190,656
Sacramento (County of), CA Public Financing Authority; Series 2003 A, RB (INS - NATL)(a)	5.13%	12/01/2028		15		15,022
Salinas (City of), CA Redevelopment Agency; Series 1996 A, RB (INS - AGM)(a)	5.50%	11/01/2023		45		45,064
San Bernardino (City of), CA Joint Powers Financing Authority;
Series 1999, Ref. COP (INS - NATL)(a)	5.50%	09/01/2024		65		65,100
Series 2005 A, Ref. RB (INS - AGM)(a)	5.75%	10/01/2023		180		180,273
Series 2005 B, Ref. RB (INS - AGM)(a)	5.75%	10/01/2023		70		70,106
San Bernardino (City of), CA Redevelopment Agency Successor Agency; Series 1995, RB(e)	7.88%	07/01/2025		5		5,023
San Bernardino (County of), CA Redevelopment Agency Successor Agency (San Sevaine Redevelopment); Series 2016 B, Ref. RB (INS - AGM)(a)	5.00%	09/01/2028		285		294,633
San Bernardino County Transportation Authority; Series 2014 A, RB	5.25%	03/01/2040		9,045		9,127,509
San Carlos School District (Election of 2012); Series 2013, GO Bonds(b)(c)	5.00%	11/15/2023		120		120,393
San Clemente (City of), CA;
Series 2021, Ref. RB	4.00%	09/01/2026		100		99,770
Series 2021, Ref. RB	4.00%	09/01/2027		100		100,059
Series 2021, Ref. RB	4.00%	09/01/2028		100		100,263
Series 2021, Ref. RB	4.00%	09/01/2029		100		99,772
Series 2021, Ref. RB	4.00%	09/01/2030		100		99,230

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)
San Diego (City of), CA (Assessment District No. 4096);
Series 2013, Ref. RB	5.00%	09/02/2023	$	175	$	175,000
Series 2013, Ref. RB	5.00%	09/02/2024		185		185,774
Series 2013, Ref. RB	5.00%	09/02/2025		190		190,852
Series 2013, Ref. RB	5.13%	09/02/2026		205		206,218
Series 2013, Ref. RB	5.13%	09/02/2027		215		216,391
Series 2013, Ref. RB	5.25%	09/02/2028		225		226,670
Series 2013, Ref. RB	5.38%	09/02/2029		240		241,936
Series 2013, Ref. RB	5.38%	09/02/2030		250		251,816
Series 2013, Ref. RB	5.50%	09/02/2031		260		262,065
Series 2013, Ref. RB	5.50%	09/02/2032		280		282,197
San Diego (City of), CA Community Facilities District No. 3;
Series 2013, Ref. RB	5.00%	09/01/2025		545		545,399
Series 2013, Ref. RB	5.00%	09/01/2027		610		610,548
Series 2013, Ref. RB	5.00%	09/01/2028		640		640,586
Series 2013, Ref. RB	5.00%	09/01/2030		720		720,565
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement);
Series 2015 A, RB	5.00%	10/15/2033		1,250		1,294,875
Series 2015 A, RB	5.00%	10/15/2034		1,000		1,035,139
San Diego (City of), CA Redevelopment Agency (Centre City Redevelopment); Series 2003 B, RB	5.25%	09/01/2026		55		55,072
San Diego (County of), CA Regional Airport Authority;
Series 2017 B, RB(e)	5.00%	07/01/2037		1,000		1,028,135
Series 2020, Ref. RB	5.00%	07/01/2040		2,000		2,168,241
San Diego (County of), CA Water Authority; Series 1998 A, COP (INS - NATL)(a)	4.75%	05/01/2028		95		95,121
San Francisco (City & County of), CA;
Series 2015 A, COP	5.00%	04/01/2029		700		700,839
Series 2015 R-1, Ref. COP	4.00%	09/01/2032		2,105		2,105,197
Series 2015 R-1, Ref. COP	4.00%	09/01/2035		4,090		4,068,387
Series 2015 R1, Ref. GO Bonds	4.00%	06/15/2030		100		100,034
San Francisco (City & County of), CA (Bayshore Hester Assessment District No. 95-1); Series 1996, RB	6.85%	09/02/2026		15		15,655
San Francisco (City & County of), CA (Moscone Convention Center Expansion); Series 2017 B, COP	4.00%	04/01/2042		2,250		2,178,610
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);
Series 2014 A, RB(e)	5.00%	05/01/2040		575		576,369
Series 2014 A, RB(e)	5.00%	05/01/2044		10,000		10,001,713
Series 2016 B, RB(e)	5.00%	05/01/2041		10,000		10,118,692
Series 2018 D, RB(e)	5.00%	05/01/2043		8,000		8,143,863
Series 2019 A, RB(e)	5.00%	05/01/2037		8,000		8,392,297
Series 2019 A, RB(e)	5.00%	05/01/2044		1,000		1,027,538
San Francisco (City & County of), CA Infrastructure & Revitalization Financing District No. 1;
Series 2022 A, RB(d)	5.00%	09/01/2027		295		300,936
Series 2022 A, RB(d)	5.00%	09/01/2032		400		417,002
Series 2022 B, RB(d)	5.00%	09/01/2032		400		412,807
San Francisco (City & County of), CA Public Utilities Commission;
Series 2021 B, RB	4.00%	11/01/2043		1,355		1,347,197
Series 2021 B, RB	4.00%	11/01/2044		1,465		1,452,876
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		503,630
Series 2013 C, RB(h)	0.00%	08/01/2036		1,245		599,547
San Francisco Bay Area Rapid Transit District; Series 2019 A, RB	4.00%	07/01/2039		2,075		2,063,426
San Jacinto (City of), CA Community Facilities District No. 2002-1; Series 2016, Ref. RB	5.00%	09/01/2026		925		953,643
San Jose (City of), CA;
Series 2017 A, Ref. RB(e)	5.00%	03/01/2035		500		517,204
Series 2017 A, Ref. RB(e)	5.00%	03/01/2036		1,000		1,031,031
Series 2017 A, Ref. RB(e)	5.00%	03/01/2037		1,250		1,284,263
San Jose (City of), CA (El Parador Apartments); Series 2000 A, RB(e)	6.10%	01/01/2031		25		24,997
San Jose (City of), CA (Orvieto Family Apartments); Series 2010 B-1, RB	4.75%	08/01/2029		1,795		1,796,810
San Luis Obispo (County of), CA (Paso Robles Courthouse); Series 2007, COP (INS - AGM)(a)	4.25%	10/15/2026		5		5,004
Santa Clara (County of), CA Financing Authority; Series 2018 A, RB	4.00%	04/01/2043		3,670		3,628,225

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)
Santa Clara (County of), CA Housing Authority;
Series 2001 A, RB(e)	5.85%	08/01/2031	$	1,445	$	1,448,068
Series 2010 A-1, RB (CEP - FHLMC)	4.75%	11/01/2027		1,430		1,430,359
Santa Clarita (City of), CA Community Facilities District No. 2002-1 (Valencia Town Center);
Series 2012, Ref. RB	5.00%	11/15/2023		635		635,364
Series 2012, Ref. RB	5.00%	11/15/2024		325		325,217
Series 2012, Ref. RB	5.00%	11/15/2025		925		925,678
Series 2012, Ref. RB	5.00%	11/15/2027		785		785,656
Series 2012, Ref. RB	5.00%	11/15/2028		1,170		1,171,029
Santa Margarita Water District Community Facilities District No. 2013-1 (Village of Sendero);
Series 2013, RB(b)(c)	5.63%	09/01/2023		120		120,000
Santa Nella (County of), CA Water District; Series 1998, Ref. RB	6.25%	09/02/2028		10		9,190
Saugus Union School District (Community Facilities District No .2020-1);
Series 2013, Ref. RB(b)(c)	5.00%	09/01/2023		710		710,000
Series 2013, Ref. RB(b)(c)	5.00%	09/01/2023		770		770,000
Series 2013, Ref. RB(b)(c)	5.00%	09/01/2023		830		830,000
Series 2013, Ref. RB(b)(c)	5.00%	09/01/2023		895		895,000
Saugus Union School District Financing Authority;
Series 2021 A, RB (INS - BAM)(a)	4.00%	09/01/2038		650		647,441
Series 2021 A, RB (INS - BAM)(a)	4.00%	09/01/2041		260		255,789
Selma (City of), CA Redevelopment Agency; Series 2010 A, RB	5.75%	09/01/2024		375		375,352
Simi Valley (City of), CA Community Development Agency (Merged Tapo Canyon & West End Community Development); Series 2003, Ref. RB (INS - NATL)(a)	5.00%	09/01/2030		25		25,045
Sonora Union High School District (Election of 2012); Series 2013 A, GO Bonds (INS - AGM)(a)	5.63%	08/01/2029		1,020		1,021,577
South Pasadena (City of), CA; Series 2016, Ref. RB (INS - BAM)(a)	5.00%	10/01/2036		1,115		1,173,249
South San Francisco (City of) CA Public Facilities Financing Authority; Series 2021 A, RB	4.00%	06/01/2040		3,305		3,296,484
South Tahoe Joint Powers Financing Authority (South Tahoe Redevelopment Project Area No. 1);
Series 2014, Ref. RB (INS - AGM)(a)	4.00%	10/01/2034		500		501,154
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.);
Series 2019, Ref. RB	5.00%	06/01/2037		1,170		1,242,592
Series 2019, Ref. RB	5.00%	06/01/2038		2,000		2,110,960
Series 2019, Ref. RB	5.00%	06/01/2039		1,810		1,903,679
Series 2019, Ref. RB	5.00%	06/01/2048		8,110		8,246,702
Stockton Unified School District;
Series 2012, Ref. GO Bonds (INS - AGM)(a)	5.00%	07/01/2025		1,620		1,621,662
Series 2012, Ref. GO Bonds (INS - AGM)(a)	5.00%	07/01/2026		1,115		1,116,122
Sutter & Butte (Counties of), CA Flood Agency;
Series 2013, RB	5.00%	10/01/2025		300		300,326
Series 2013, RB	5.00%	10/01/2026		415		415,436
Series 2013, RB	5.00%	10/01/2027		700		700,715
Series 2013, RB	5.00%	10/01/2028		1,465		1,466,453
Series 2013, RB	5.00%	10/01/2029		1,490		1,491,346
Tejon Ranch Public Facilities Finance Authority (Community Facilities District No. 2008-1);
Series 2012 A, Ref. RB	5.00%	09/01/2032		1,500		1,502,279
Series 2012 B, RB	5.00%	09/01/2032		1,500		1,502,279
Three Rivers Levee Improvement Authority (Community Facilities District No. 2006-1);
Series 2021, Ref. RB	4.00%	09/01/2026		220		217,970
Series 2021, Ref. RB	4.00%	09/01/2028		260		257,896
Series 2021, Ref. RB	4.00%	09/01/2030		300		294,120
Series 2021, Ref. RB	4.00%	09/01/2032		100		96,971
Tracy (City of), CA Community Facilities District No. 93-1 (I-205 Parcel GL-17);
Series 1996 A, RB	6.30%	09/01/2026		15		15,177
Series 2002, RB	6.25%	09/01/2032		25		25,043
Transbay Joint Powers Authority (Green Bonds); Series 2020 B, RB	2.40%	10/01/2049		865		831,886
Truckee (Town of), CA Donner Public Utility District (Community Facilities District No. 04-1); Series 2004, RB	5.80%	09/01/2035		30		28,461

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)
Tustin (City of), CA Community Facilities District (Tustin Legacy/John Laing Homes);
Series 2013, Ref. RB	5.00%	09/01/2024	$	420	$	422,739
Series 2013, Ref. RB	5.00%	09/01/2025		445		447,991
Series 2013, Ref. RB	5.00%	09/01/2026		470		473,424
Series 2013, Ref. RB	5.00%	09/01/2027		490		493,804
Series 2013, Ref. RB	5.00%	09/01/2028		515		519,154
Tustin Unified School District (Community Facilities District No. 97-1); Series 2015 A, Ref. RB (INS - BAM)(a)	5.00%	09/01/2038		4,155		4,242,018
University of California; Series 2014 AM, RB	5.00%	05/15/2044		4,000		4,036,502
Vacaville (City of), CA Redevelopment Agency Successor Agency; Series 2000 A, Ref. RB	6.00%	11/01/2024		65		65,262
Vallejo (City of), CA;
Series 2003 A, RB	6.00%	09/01/2026		20		20,163
Series 2003 A, RB	6.13%	09/01/2034		30		30,302
Victor Elementary School District; Series 2015 B, GO Bonds	5.00%	08/01/2042		2,925		2,954,281
Victorville (City of), CA Redevelopment Agency; Series 2002 A, RB (INS - AGM)(a)	5.13%	12/01/2031		20		20,036
Wasco (City of), CA Public Financing Authority; Series 1994, RB	7.50%	09/15/2023		5		5,004
Western Riverside (County of), CA Water & Wastewater Financing Authority; Series 2013 A-1, Ref. RB	5.00%	09/01/2025		2,335		2,337,639
Whittier (City of), CA (Presbyterian Intercommunity Hospital, Inc.); Series 2014, RB	5.00%	06/01/2044		14,505		14,504,633
William S. Hart Union High School District (Community Facilities District No. 2005-1); Series 2013, Ref.RB(b)(c)	5.00%	09/01/2023		835		835,000
						653,754,977
Guam–0.16%Guam (Territory of); Series 2021 F, Ref. RB	4.00%	01/01/2036		1,160		1,089,444
Northern Mariana Islands–0.16%Northern Mariana Islands (Commonwealth of); Series 2007 A, Ref. GO Bonds(d)	5.00%	06/01/2030		1,150		1,039,079
Puerto Rico–4.09%Children’s Trust Fund;
Series 2002, RB	5.50%	05/15/2039		3,755		3,755,439
Series 2002, RB	5.63%	05/15/2043		335		336,682
Corp. Para El Financiamiento Publico de Puerto Rico;
Series 2011, RB	6.00%	08/01/2024		600		15,750
Series 2011, RB	6.00%	08/01/2025		1,400		36,750
Series 2011, RB	6.00%	08/01/2026		3,300		86,625
Series 2011, RB	5.50%	08/01/2031		1,750		45,938
PR Custodial Trust; Series 2003 A, RB	0.00%	03/15/2049		144		5,264
PRHTA Custodial Trust;
Series 2022 G, RB(f)	5.00%	12/06/2049		23		8,410
Series 2022 L, RB(f)	5.25%	12/06/2049		329		110,965
Puerto Rico (Commonwealth of);
Series 2021 A, GO Bonds(h)	0.00%	07/01/2024		27		26,236
Series 2021 A, GO Bonds(h)	0.00%	07/01/2033		215		130,934
Series 2021 A-1, GO Bonds	5.38%	07/01/2025		8,856		9,024,429
Series 2021 A-1, GO Bonds	5.63%	07/01/2027		184		192,202
Series 2021 A-1, GO Bonds	5.63%	07/01/2029		181		191,817
Series 2021 A-1, GO Bonds	5.75%	07/01/2031		176		190,457
Series 2021 A-1, GO Bonds	4.00%	07/01/2033		347		324,907
Series 2021 A-1, GO Bonds	4.00%	07/01/2035		150		137,944
Series 2021 A-1, GO Bonds	4.00%	07/01/2037		129		115,899
Series 2021 A-1, GO Bonds	4.00%	07/01/2041		175		151,458
Subseries 2022, RN	0.00%	11/01/2043		787		406,223
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2008 A, RB (INS - AGC)(a)	6.13%	07/01/2024		10		10,099
Series 2021 B, RB(d)	5.00%	07/01/2025		4,060		4,088,520

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
Puerto Rico–(continued)
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2004 PP, Ref. RB (INS - NATL)(a)	5.00%	07/01/2025	$	470	$	470,064
Series 2005 RR, RB (INS - NATL)(a)	5.00%	07/01/2024		520		520,078
Series 2005 SS, Ref. RB (INS - NATL)(a)	5.00%	07/01/2024		100		100,015
Series 2005 SS, Ref. RB (INS - NATL)(a)	5.00%	07/01/2025		25		25,008
Series 2007 UU, Ref. RB (INS - AGM)(a)	5.00%	07/01/2024		455		457,709
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2000, RB (Acquired 09/30/2008; Cost $2,130,000)(e)(f)(g)	6.63%	06/01/2026		2,130		1,491,000
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB	4.50%	07/01/2034		4,057		4,056,768
Series 2018 A-1, RB	4.55%	07/01/2040		4		3,900
Series 2018 A-1, RB(h)	0.00%	07/01/2046		5		1,393
Series 2018 A-1, RB(h)	0.00%	07/01/2051		5		1,033
Series 2018 A-1, RB	4.75%	07/01/2053		4		3,750
Series 2018 A-1, RB	5.00%	07/01/2058		5		4,852
Series 2019 A-2, RB	4.54%	07/01/2053		46		41,632
Series 2019 A-2, RB	4.78%	07/01/2058		620		581,182
University of Puerto Rico;
Series 2006 P, Ref. RB (INS - NATL)(a)	5.00%	06/01/2024		100		100,095
Series 2006 P, Ref. RB	5.00%	06/01/2024		315		313,292
						27,564,719
Virgin Islands–0.10%
Virgin Islands (Government of) Public Finance Authority (Virgin Islands Gross Receipts Taxes Loan Note);
Series 2006, RB (INS - NATL)(a)	5.00%	10/01/2023		300		302,932
Series 2006, RB (INS - NATL)(a)	5.00%	10/01/2024		90		90,884
Series 2006, RB (INS - NATL)(a)	5.00%	10/01/2025		170		171,680
Series 2006, RB (INS - NATL)(a)	5.00%	10/01/2026		125		126,250
						691,746
Total Municipal Obligations (Cost $702,317,987)						684,139,965
U.S. Dollar Denominated Bonds & Notes–0.52%
California–0.52%
CalPlant I LLC;
Series 21A(d)(f)(i)	9.50%	03/31/2024		240		240,000
Series 21B(d)(f)(i)	9.50%	03/31/2024		905		905,000
Series 22A(d)(f)(i)	9.50%	03/31/2024		500		500,000
Series 22B(d)(f)(i)	9.50%	03/31/2024		45		45,000
Series 22C(d)(f)(i)	9.50%	03/31/2024		325		325,000
Series 22X(d)(f)(i)	9.50%	03/31/2024		490		490,000
Series 23A(d)(f)(i)	9.50%	03/31/2024		175		175,000
Series 23B(d)(f)(i)	9.50%	03/31/2024		155		155,000
Series 23C(d)(f)(i)	9.50%	03/31/2024		245		245,000
Series 23D (Acquired 05/04/2023; Cost $215,000)(d)(f)(g)(i)	9.50%	03/31/2024		215		215,000
Series 23E(d)(f)(i)	9.50%	03/31/2024		240		240,000
Total U.S. Dollar Denominated Bonds & Notes (Cost $3,535,000)						3,535,000
TOTAL INVESTMENTS IN SECURITIES(j)–102.05% (Cost $705,852,987)						687,674,965
BORROWINGS–(3.16)%						(21,300,000	)
OTHER ASSETS LESS LIABILITIES–1.11%						7,460,282
NET ASSETS–100.00%					$	673,835,247

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

15 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
INS	- Insurer
NATL	- National Public Finance Guarantee Corp.
RB	- Revenue Bonds
Ref.	- Refunding
RN	- Revenue Notes
SGI	- Syncora Guarantee, Inc.

Notes to Schedule of Investments:

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

^(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)  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, 2023 was $51,073,780, which represented 7.58% of the Fund’s Net Assets.

^(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, 2023 was $5,427,275, which represented less than 1% of the Fund’s Net Assets.

^(g)  Restricted security. The aggregate value of these securities at August 31, 2023 was $1,987,900, which represented less than 1% of the Fund’s Net Assets.

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

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

^(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.	6.14%

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2023

Revenue Bonds	89.31%
General Obligation Bonds	7.91
Pre-Refunded Bonds	2.78

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

16 Invesco Limited Term California Municipal Fund

Statement of Assets and Liabilities

August 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $705,852,987)	$	687,674,965
Receivable for:
Investments sold		1,850,000
Fund shares sold		732,754
Interest		9,988,559
Investments matured, at value (Cost $1,017,842)		50,000
Investment for trustee deferred compensation and retirement plans		33,622
Other assets		113,633
Total assets		700,443,533
Liabilities:
Payable for:
Borrowings		21,300,000
Dividends		701,672
Fund shares reacquired		665,185
Amount due custodian		3,506,349
Accrued fees to affiliates		192,985
Accrued interest expense		166,140
Accrued trustees’ and officers’ fees and benefits		7,436
Accrued other operating expenses		34,897
Trustee deferred compensation and retirement plans		33,622
Total liabilities		26,608,286
Net assets applicable to shares outstanding	$	673,835,247

Net assets consist of:
Shares of beneficial interest	$	772,692,447
Distributable earnings (loss)		(98,857,200	)
	$	673,835,247
Net Assets:
Class A	$	262,400,026
Class C	$	21,490,944
Class Y	$	385,482,635
Class R6	$	4,461,642
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		84,865,872
Class C		6,986,433
Class Y		124,353,434
Class R6		1,445,185
Class A:
Net asset value per share	$	3.09
Maximum offering price per share (Net asset value of $3.09 ÷ 97.50%)	$	3.17
Class C:
Net asset value and offering price per share	$	3.08
Class Y:
Net asset value and offering price per share	$	3.10
Class R6:
Net asset value and offering price per share	$	3.09

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

17 Invesco Limited Term California Municipal Fund

Statement of Operations

For the six months ended August 31, 2023

(Unaudited)

Investment income:
Interest	$	13,596,999
Expenses:
Advisory fees		1,450,555
Administrative services fees		49,910
Custodian fees		5,324
Distribution fees:
Class A		356,498
Class C		122,042
Interest, facilities and maintenance fees		559,421
Transfer agent fees – A, C and Y		218,052
Transfer agent fees – R6		374
Trustees’ and officers’ fees and benefits		11,619
Registration and filing fees		33,552
Reports to shareholders		11,776
Professional services fees		45,199
Other		8,609
Total expenses		2,872,931
Less: Expense offset arrangement(s)		(455	)
Net expenses		2,872,476
Net investment income		10,724,523
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities		(993,454	)
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(5,124	)
Net realized and unrealized gain (loss)		(998,578	)
Net increase in net assets resulting from operations	$	9,725,945

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

18 Invesco Limited Term California Municipal Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2023 and the year ended February 28, 2023

(Unaudited)

	August 31, 2023			February 28, 2023
Operations:
Net investment income	$	10,724,523		$	17,413,094
Net realized gain (loss)		(993,454	)		(22,575,767	)
Change in net unrealized appreciation (depreciation)		(5,124	)		(21,799,054	)
Net increase (decrease) in net assets resulting from operations		9,725,945			(26,961,727	)
Distributions to shareholders from distributable earnings:
Class A		(3,828,913	)		(6,304,884	)
Class C		(239,027	)		(383,945	)
Class Y		(5,782,528	)		(9,038,338	)
Class R6		(76,177	)		(116,698	)
Total distributions from distributable earnings		(9,926,645	)		(15,843,865	)
Share transactions–net:
Class A		(27,618,388	)		(36,328,493	)
Class C		(4,600,823	)		(7,739,299	)
Class Y		2,745,981			(7,181,503	)
Class R6		(104,565	)		(1,645,880	)
Net increase (decrease) in net assets resulting from share transactions		(29,577,795	)		(52,895,175	)
Net increase (decrease) in net assets		(29,778,495	)		(95,700,767	)
Net assets:
Beginning of period		703,613,742			799,314,509
End of period	$	673,835,247		$	703,613,742

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

19 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 08/31/23		$3.09		$0.05		$(0.01	)		$ 0.04			$(0.04	)		$3.09		1.36	%		$262,400		0.91	%(d)		0.91	%(d)		0.76	%(d)		2.94	%(d)		15	%
Year ended 02/28/23		3.27		0.07		(0.19	)		(0.12	)		(0.06	)		3.09		(3.52	)		290,093		0.83			0.83			0.77			2.30			59
Year ended 02/28/22		3.34		0.06		(0.06	)		0.00			(0.07	)		3.27		0.04			344,777		0.80			0.80			0.76			1.66			29
Year ended 02/28/21		3.42		0.08		(0.08	)		0.00			(0.08	)		3.34		0.09			317,908		0.85			0.85			0.79			2.35			27
Seven months ended 02/29/20		3.32		0.05		0.10			0.15			(0.05	)		3.42		4.51			255,461		0.84	(d)		0.84	(d)		0.78	(d)		2.60	(d)		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
Class C
Six months ended 08/31/23		3.08		0.03		0.00			0.03			(0.03	)		3.08		0.99			21,491		1.66	(d)		1.66	(d)		1.51	(d)		2.19	(d)		15
Year ended 02/28/23		3.25		0.05		(0.18	)		(0.13	)		(0.04	)		3.08		(3.96	)		26,082		1.58			1.58			1.52			1.55			59
Year ended 02/28/22		3.32		0.03		(0.05	)		(0.02	)		(0.05	)		3.25		(0.71	)		35,663		1.55			1.55			1.51			0.91			29
Year ended 02/28/21		3.40		0.05		(0.07	)		(0.02	)		(0.06	)		3.32		(0.65	)		46,761		1.60			1.60			1.54			1.60			27
Seven months ended 02/29/20		3.31		0.04		0.08			0.12			(0.03	)		3.40		3.76			74,037		1.59	(d)		1.59	(d)		1.53	(d)		1.84	(d)		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
Class Y
Six months ended 08/31/23		3.10		0.05		0.00			0.05			(0.05	)		3.10		1.49			385,483		0.66	(d)		0.66	(d)		0.51	(d)		3.19	(d)		15
Year ended 02/28/23		3.28		0.08		(0.19	)		(0.11	)		(0.07	)		3.10		(3.24	)		382,868		0.58			0.58			0.52			2.55			59
Year ended 02/28/22		3.35		0.06		(0.05	)		0.01			(0.08	)		3.28		0.30			412,391		0.55			0.55			0.51			1.91			29
Year ended 02/28/21		3.43		0.09		(0.08	)		0.01			(0.09	)		3.35		0.35			340,628		0.60			0.60			0.54			2.60			27
Seven months ended 02/29/20		3.33		0.06		0.09			0.15			(0.05	)		3.43		4.64			298,245		0.59	(d)		0.59	(d)		0.53	(d)		2.84	(d)		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
Class R6
Six months ended 08/31/23		3.09		0.05		0.00			0.05			(0.05	)		3.09		1.52			4,462		0.61	(d)		0.61	(d)		0.46	(d)		3.24	(d)		15
Year ended 02/28/23		3.27		0.08		(0.19	)		(0.11	)		(0.07	)		3.09		(3.21	)		4,570		0.52			0.52			0.46			2.61			59
Year ended 02/28/22		3.34		0.07		(0.06	)		0.01			(0.08	)		3.27		0.37			6,483		0.49			0.49			0.45			1.97			29
Year ended 02/28/21		3.41		0.09		(0.07	)		0.02			(0.09	)		3.34		0.70			10,792		0.53			0.54			0.47			2.67			27
Seven months ended 02/29/20		3.32		0.05		0.09			0.14			(0.05	)		3.41		4.38			9,052		0.50	(d)		0.56	(d)		0.50	(d)		2.94	(d)		13
Period ended 07/31/19(e)		3.29		0.02		0.03			0.05			(0.02	)		3.32		1.44			166		0.60	(d)		0.65	(d)		0.52	(d)		3.09	(d)		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)  Annualized.

^(e)  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 Limited Term California Municipal Fund

Notes to Financial Statements

August 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Limited Term 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 eight 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 eighth anniversary after a purchase of Class C shares.

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 generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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.

21 Invesco Limited Term California Municipal Fund

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, administrative expenses and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

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. 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.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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, 2023, 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). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, 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

22 Invesco Limited Term California Municipal Fund

Class R6 shares to 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary 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, 2023, 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, 2023, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $3,614 in front-end sales commissions from the sale of Class A shares and $55,342 and $1,316 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2023. 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	$–	$	684,139,965		$        –	$	684,139,965
U.S. Dollar Denominated Bonds & Notes	–		–		3,535,000		3,535,000
Total Investments in Securities	–		684,139,965		3,535,000		687,674,965
Other Investments - Assets
Investments Matured	–		50,000		–		50,000
Total Investments	$–	$	684,189,965		$3,535,000	$	687,724,965

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $455.

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

23 Invesco Limited Term California Municipal Fund

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 revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Invesco Funds, and which will expire on February 22, 2024. The revolving credit and security agreement is secured by the assets of the Fund. 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.

During the six months ended August 31, 2023, the average daily balance of borrowing under the revolving credit and security agreement was $13,687,500 with an average interest rate of 5.32%. 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.

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 carryforward 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 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$22,377,594	$59,867,186	$	82,244,780

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2023 was $106,677,107 and $119,313,459, 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	$	2,072,451
Aggregate unrealized (depreciation) of investments		(21,051,363	)
Net unrealized appreciation (depreciation) of investments	$	(18,978,912	)

Cost of investments for tax purposes is $706,703,877.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2023(a)						February 28, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		6,893,769		$	21,442,274			32,781,609		$	102,249,252
Class C		196,448			607,838			1,922,795			5,951,041
Class Y		24,417,920			76,042,211			105,744,848			330,647,420
Class R6		369,636			1,149,564			695,749			2,140,841
Issued as reinvestment of dividends:
Class A		788,293			2,451,561			1,230,812			3,825,625
Class C		51,173			158,381			81,330			251,596
Class Y		1,073,459			3,347,120			1,656,660			5,161,109
Class R6		16,169			50,232			27,680			86,029
Automatic conversion of Class C shares to Class A shares:
Class A		760,842			2,365,942			1,396,371			4,357,552
Class C		(764,482	)		(2,365,942	)		(1,402,472	)		(4,357,552	)

24 Invesco Limited Term California Municipal Fund

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2023(a)						February 28, 2023
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(17,345,138	)	$	(53,878,165	)		(47,055,768	)	$	(146,760,922	)
Class C		(970,023	)		(3,001,100	)		(3,086,171	)		(9,584,384	)
Class Y		(24,569,596	)		(76,643,350	)		(109,695,018	)		(342,990,032	)
Class R6		(419,887	)		(1,304,361	)		(1,229,377	)		(3,872,750	)
Net increase (decrease) in share activity		(9,501,417	)	$	(29,577,795	)		(16,930,952	)	$	(52,895,175	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 64% 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.

25 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, 2023 through August 31, 2023.

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  (03/01/23)	Ending  Account Value  (08/31/23)1	Expenses  Paid During  Period2	Ending  Account Value  (08/31/23)	Expenses  Paid During  Period2	Annualized  Expense Ratio
Class A	$1,000.00	$1,013.60	$4.61	$1,020.56	$4.62	0.91%
Class C	1,000.00	1,009.90	8.39	1,016.79	8.42	1.66
Class Y	1,000.00	1,014.90	3.34	1,021.82	3.35	0.66
Class R6	1,000.00	1,015.20	3.09	1,022.07	3.10	0.61

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, 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 184/366 to reflect the most recent fiscal half year.

26 Invesco Limited Term California Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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 (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, 2023. 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 has established an Investments Committee, which in turn has established Sub-Committees, that 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 information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees 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 requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by 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. 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 accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment

professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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 to the Fund 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, 2022 to the performance of funds in the Broadridge performance universe and against the S&P Municipal California Investment Grade 4-7 Years Bond Total Return Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period, the second quintile for the three year period and in the first quintile for the five year period (the first quintile being the best performing

27 Invesco Limited Term California Municipal Fund

funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board considered that bond selection and an allocation to certain sectors negatively impacted Fund performance. 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, which did not change its 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 is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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 there were only four funds (including the Fund) in the expense group.

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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty.

The Board 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 also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 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 most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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 received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination 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. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

28 Invesco Limited Term California Municipal 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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list 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/corporate/about-us/esg. 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 number(s): 811-07890 and 033-66242       Invesco Distributors, Inc. O-ROLTCAM-SAR-1           

Semiannual Report to Shareholders August 31, 2023

Invesco Limited Term Municipal Income Fund

Nasdaq:

A: ATFAX ∎ A2: AITFX ∎ C: ATFCX ∎ Y: ATFYX ∎ R5: ATFIX ∎ R6: ATFSX

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

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

Unless otherwise noted, all data is 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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/23 to 8/31/23, 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	1.04	%
Class A2 Shares	1.17
Class C Shares	0.66
Class Y Shares	1.07
Class R5 Shares	1.15
Class R6 Shares	1.10
S&P Municipal Bond Index▼ (Broad Market Index)	1.22
S&P Municipal Bond Investment Grade Short Intermediate Index▼ (Style-Specific Index)	0.91
Lipper Short-Intermediate Municipal Debt Funds Index∎ (Peer Group Index)	1.05
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.

2 Invesco Limited Term Municipal Income Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (10/31/02)	2.53	%
10 Years	1.38
5 Years	0.82
1 Year	-0.82
Class A2 Shares
Inception (5/11/87)	4.26	%
10 Years	1.79
5 Years	1.41
1 Year	1.05
Class C Shares
Inception (6/28/13)	0.91	%
10 Years	1.02
5 Years	0.60
1 Year	0.05
Class Y Shares
Inception (10/3/08)	3.01	%
10 Years	1.89
5 Years	1.59
1 Year	1.96
Class R5 Shares
Inception (7/30/04)	2.91	%
10 Years	1.91
5 Years	1.63
1 Year	1.94
Class R6 Shares 10 Years	1.84	%
5 Years	1.66
1 Year	2.02

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.

3 Invesco Limited Term Municipal Income Fund

 

 

 

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), 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 17, 2023, 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 January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during 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.

4 Invesco Limited Term Municipal Income Fund

Schedule of Investments

August 31, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations-98.71%
Alabama-3.36%
Alabama (State of) Federal Aid Highway Finance Authority (Garvee); Series 2017 B, Ref. RB(a)		5.00%		09/01/2024	$	3,580	$	3,639,064
Black Belt Energy Gas District (The);
Series 2023 B, RB		5.00%		12/01/2030		2,000		2,084,392
Series 2023 B, RB(b)		5.25%		12/01/2030		5,000		5,273,243
Black Belt Energy Gas District (The) (No. 4); Series 2019 A-1, RB(b)		4.00%		12/01/2025		36,730		36,435,888
Black Belt Energy Gas District (The) (No. 5); Series 2020 A-1, RB(b)		4.00%		10/01/2026		17,375		17,163,687
Black Belt Energy Gas District (The) (No. 6); Series 2021 B, RB(b)		4.00%		12/01/2026		4,000		3,910,963
Black Belt Energy Gas District (The) (No. 7); Series 2021, RB(b)		4.00%		12/01/2026		15,000		14,666,112
Huntsville (City of), AL; Series 2015 A, GO Wts.		5.00%		05/01/2035		3,000		3,078,041
Southeast Alabama Gas Supply District (The) (No. 1);
Series 2018 B, RB (67% of 1 mo. USD LIBOR + 0.90%)(b)(c)		4.55%		04/01/2024		8,625		8,634,118
Series 2018 C, RB (SIFMA Municipal Swap Index + 0.65%)(b)(c)		4.71%		04/01/2024		2,875		2,875,088
Southeast Alabama Gas Supply District (The) (No. 2); Series 2018 A, RB(b)		4.00%		06/01/2024		5,500		5,476,502
Southeast Energy Authority A Cooperative District (No. 3); Series 2022 A-1, RB(b)		5.50%		12/01/2029		3,000		3,146,973
								106,384,071
Alaska-0.14%
Anchorage (Municipality of), AK; Series 2022 A, GO Bonds		5.00%		09/01/2024		1,000		1,015,326
Northern Tobacco Securitization Corp.; Series 2021 B-1, Ref. RB		4.00%		06/01/2050		3,590		3,509,001
								4,524,327
Arizona-1.67%
Arizona (State of) Industrial Development Authority (Pinecrest Academy of Northern Nevada); Series 2022 A, RB(d)		4.50%		07/15/2029		1,250		1,204,983
Arizona State University;
Series 2014, RB		5.00%		08/01/2033		2,200		2,215,190
Series 2014, RB		5.00%		08/01/2034		3,320		3,342,922
Series 2014, RB		5.00%		08/01/2044		4,145		4,161,903
Glendale Municipal Property Corp.; Series 2012 C, Ref. RB		4.00%		07/01/2038		100		93,841
La Paz (County of), AZ Industrial Development Authority (Charter School Solutions- Harmony Public Schools); Series 2016 A, RB(d)		5.00%		02/15/2026		755		761,174
Marana (Town of), AZ; Series 2013, Ref. RB		5.00%		07/01/2033		1,400		1,401,069
Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group);
Series 2016, Ref. RB		5.00%		01/01/2034		1,010		1,053,201
Series 2016, Ref. RB		5.00%		01/01/2035		5,000		5,205,276
Maricopa (County of), AZ Industrial Development Authority (Honorhealth); Series 2019 B, RB(b)		5.00%		09/01/2024		14,500		14,662,996
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2021, RB(d)		3.00%		07/01/2031		625		544,125
Phoenix Civic Improvement Corp.;
Series 2017, Ref. RB		5.00%		07/01/2038		10,820		11,201,874
Series 2022, RB		5.00%		07/01/2034		1,600		1,844,039
Pima (County of), AZ Industrial Development Authority (Tuscon Country Day School);
Series 2007, Ref. RB		5.00%		06/01/2037		715		610,313
University of Arizona (The); Series 2018 A, RB		5.00%		06/01/2043		4,500		4,720,639
								53,023,545
Arkansas-0.09%
Rogers School District No. 30; Series 2019, GO Bonds		5.00%		02/01/2024		2,750		2,769,176
California-4.56%
California (State of);
Series 2022, Ref. GO Bonds		5.00%		09/01/2035		5,500		6,334,812
Series 2022, Ref. GO Bonds		5.00%		09/01/2036		7,780		8,880,339
California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.); Series 2020 B-1, Ref. RB		5.00%		06/01/2049		1,425		1,440,158

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

5 Invesco Limited Term Municipal Income Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California-(continued)
California (State of) County Tobacco Securitization Agency (Sonoma County Securitization Corp.); Series 2020, Ref. RB		5.00%		06/01/2049	$	680	$	687,686
California (State of) Health Facilities Financing Authority (Adventist Health System);
Series 2013 A, RB		4.00%		03/01/2033		240		229,807
California (State of) Health Facilities Financing Authority (Sutter Health); Series 2018 A, RB		5.00%		11/15/2048		10,000		10,225,583
California (State of) Housing Finance Agency; Series 2019 A-2, RB		4.00%		03/20/2033		15,336		14,807,643
California (State of) Housing Finance Agency (Social Certificates);
Series 2021 A, RB		3.25%		08/20/2036		5		4,343
Series 2021-2A, Revenue Ctfs. (CEP - FHLMC)		3.75%		03/25/2035		5,858		5,630,262
Series 2023-1, RB		4.38%		09/20/2036		4,992		4,855,214
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2016 A, Ref. RB		4.00%		06/01/2026		910		890,808
California (State of) Public Finance Authority (Enso Village) (Green Bonds);
Series 2021 B-3, RB(d)		2.13%		11/15/2027		1,000		970,738
Series 2021, RB(d)		2.38%		11/15/2028		1,500		1,446,760
Golden State Tobacco Securitization Corp.; Series 2017 A-1, Ref. RB(a)		5.00%		06/01/2025		10,000		10,326,125
Grossmont-Cuyamaca Community College District (Election of 2002); Series 2008 C, GO Bonds (INS - AGC)(e)(f)		0.00%		08/01/2025		3,000		2,798,098
Los Angeles (City of), CA Department of Airports; Series 2019 E, RB		5.00%		05/15/2044		2,450		2,601,180
Los Angeles (City of), CA Department of Airports (Green Bonds);
Series 2022 I, RB		5.00%		05/15/2035		1,355		1,562,842
Series 2022 I, RB		5.00%		05/15/2036		750		856,652
Series 2022 I, RB		5.00%		05/15/2037		1,130		1,278,460
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport);
Series 2022 B, RB		5.00%		05/15/2038		4,740		5,350,250
Los Angeles (City of), CA Department of Water & Power;
Series 2014 D, RB		5.00%		07/01/2027		2,000		2,029,929
Series 2014 D, RB		5.00%		07/01/2028		2,550		2,587,744
Subseries 2002 A-7, Ref. VRD RB(g)		1.65%		07/01/2035		10,000		10,000,000
Los Angeles (County of), CA Public Works Financing Authority; Series 2015 A, RB		5.00%		12/01/2044		14,095		14,260,704
Madera Unified School District (2048 School Facilities); Series 2018, COP (INS - BAM)(e)		5.00%		09/01/2034		500		510,931
Northern California Tobacco Securitization Authority; Series 2021 B-1, Ref. RB		4.00%		06/01/2049		1,140		1,114,818
San Diego (City of), CA Association of Governments (Mid Coast Corridor; Green Bonds);
Series 2019, RB		1.80%		11/15/2027		1,370		1,255,186
San Diego (City of), CA Public Facilities Financing Authority;
Series 2016 B, Ref. RB		5.00%		08/01/2038		8,735		9,125,999
Series 2023 A, RB		5.00%		08/01/2039		1,025		1,160,996
Series 2023 A, RB		5.00%		08/01/2040		1,250		1,409,388
San Jose (City of), CA; Series 2017 B, Ref. RB		5.00%		03/01/2042		1,960		2,031,633
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.); Series 2019, Ref. RB		5.00%		06/01/2038		2,000		2,110,960
Tender Option Bond Trust Receipts/Certificates; Series 2021, VRD RB(d)(g)		3.57%		10/01/2049		2,600		2,600,000
Tustin Unified School District (Community Facilities District No. 97-1);
Series 2015 A, Ref. RB		5.00%		09/01/2023		650		650,000
Series 2015 A, Ref. RB		5.00%		09/01/2024		1,500		1,518,172
University of California;
Series 2023 BM, Ref. RB		5.00%		05/15/2034		1,500		1,784,014
Series 2023 BM, Ref. RB		5.00%		05/15/2035		2,500		2,944,450
Series 2023 BM, Ref. RB		5.00%		05/15/2036		2,500		2,911,643
Series 2023 BM, Ref. RB		5.00%		05/15/2037		2,000		2,303,970
West Contra Costa Unified School District (Election of 2005); Series 2008 B, GO Bonds		6.00%		08/01/2027		1,000		1,110,426
								144,598,723
Colorado-3.16%
Arapahoe County School District No. 1 Englewood; Series 2017, GO Bonds		5.00%		12/01/2038		1,715		1,781,421
Colorado (State of); Series 2017 J, COP		5.25%		03/15/2042		1,250		1,301,339
Colorado (State of) Health Facilities Authority (Aberdeen Ridge); Series 2021 B, RB		2.13%		05/15/2028		1,000		904,028
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group); Series 2018 B, RB(b)		5.00%		11/20/2025		5,825		6,001,753
Colorado (State of) Health Facilities Authority (Children’s Hospital); Series 2013 A, RB		5.00%		12/01/2036		21,235		21,268,078

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
Colorado-(continued)
Colorado (State of) Health Facilities Authority (CommonSpirit Health); Series 2019 B-2, RB(b)		5.00%		08/01/2026	$	2,000	$	2,048,223
Colorado (State of) Health Facilities Authority (SCL Health System); Series 2013 A, RB(a)(b)		5.50%		01/01/2024		1,820		1,831,964
Colorado (State of) Health Facilities Authority (Vail Valley Medical Center); Series 2015, RB		5.00%		01/15/2035		2,000		2,054,622
Colorado Springs (City of), CO;
Series 2013 B-1, RB(a)(b)		5.00%		11/29/2023		4,000		4,012,308
Series 2013 B-2, RB(a)(b)		5.00%		11/29/2023		4,500		4,513,847
Series 2017 A-2, RB		5.00%		11/15/2042		2,250		2,347,187
Series 2023 B, Ref. RB		5.00%		11/15/2039		2,740		3,018,050
Denver (City & County of), CO;
Series 2012 B, RB		4.00%		11/15/2031		1,125		1,125,310
Series 2012 B, RB		5.00%		11/15/2043		2,590		2,590,990
Series 2013 B, RB		5.00%		11/15/2043		10,000		10,008,599
Series 2018 B, Ref. RB		5.00%		12/01/2043		5,000		5,177,616
Series 2022 B, RB		5.00%		11/15/2035		1,050		1,184,678
Denver City & County School District No. 1; Series 2017, GO Bonds		5.00%		12/01/2041		7,440		7,700,561
El Paso (County of), CO School District No. 20; Series 2017, GO Bonds		5.00%		12/15/2033		2,900		3,042,124
Elbert & Highway 86 Commercial Metropolitan District; Series 2021 A, Ref. GO Bonds(d)		3.75%		12/01/2029		500		449,799
Mulberry Metropolitan District No. 2; Series 2022, RB		7.00%		12/01/2034		1,500		1,518,615
Prairie Center Metropolitan District No. 7; Series 2020, GO Bonds		4.13%		12/15/2036		390		340,984
Public Authority for Colorado Energy;
Series 2008, RB		6.13%		11/15/2023		370		371,394
Series 2008, RB		6.25%		11/15/2028		2,000		2,123,698
Regional Transportation District (Fastracks); Series 2017 A, RB		5.00%		11/01/2033		1,000		1,051,448
Tender Option Bond Trust Receipts/Certificates;
Series 2022, VRD RB(d)(g)		4.36%		05/01/2038		5,000		5,000,000
Series 2022, VRD RB(d)(g)		4.36%		05/01/2046		6,000		6,000,000
Vauxmont Metropolitan District;
Series 2019, Ref. GO Bonds (INS - AGM)(e)		5.00%		12/15/2028		125		131,143
Series 2019, Ref. GO Bonds (INS - AGM)(e)		5.00%		12/15/2029		125		131,095
Series 2019, Ref. GO Bonds (INS - AGM)(e)		5.00%		12/15/2030		125		131,111
West Meadow Metropolitan District (Senior Bonds); Series 2023 A, Ref. GO Bonds(d)		6.00%		12/01/2038		1,000		1,017,430
								100,179,415
Connecticut-1.50%
Connecticut (State of);
Series 2018 C, GO Bonds		4.00%		06/15/2024		7,035		7,075,050
Series 2020 A, RB		5.00%		05/01/2034		5,000		5,572,980
Series 2021 A, RB		5.00%		05/01/2035		8,000		8,961,820
Series 2021 D, RB		5.00%		11/01/2035		3,430		3,846,023
Connecticut (State of) (Transportation Infrastructure);
Series 2016 A, RB		5.00%		09/01/2030		1,965		2,058,302
Series 2016 A, RB		5.00%		09/01/2036		4,000		4,142,558
Series 2018, RB		5.00%		01/01/2027		3,000		3,176,928
Connecticut (State of) Health & Educational Facilities Authority (New Haven Hospital);
Series 2014 A, RB		5.00%		07/01/2033		4,710		4,755,553
Connecticut (State of) Housing Finance Authority (Social Bonds); Series 2022, RB (CEP - GNMA)		5.50%		11/15/2052		6,500		6,790,333
New Haven (City of), CT; Series 2018 A, GO Bonds		5.00%		08/01/2025		1,160		1,185,844
								47,565,391
District of Columbia-1.28%
District of Columbia;
Series 2014 C, GO Bonds		5.00%		06/01/2033		6,690		6,765,215
Series 2014 C, GO Bonds		5.00%		06/01/2034		5,000		5,055,848
Series 2017 A, Ref. GO Bonds		5.00%		06/01/2032		1,000		1,058,946
Series 2020, RB		5.00%		12/01/2033		1,635		1,800,664
Series 2022 A, RB		5.00%		07/01/2036		7,500		8,507,641
District of Columbia (Children’s Hospital Obligated Group); Series 2015, Ref. RB		5.00%		07/15/2040		5,310		5,354,143
District of Columbia Tobacco Settlement Financing Corp.; Series 2001, RB		6.75%		05/15/2040		410		420,783

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
District of Columbia-(continued)
Washington Metropolitan Area Transit Authority;
Series 2017 B, RB		5.00%		07/01/2035	$	1,400	$	1,468,285
Series 2017 B, RB		5.00%		07/01/2042		6,250		6,446,455
Series 2018, RB		5.00%		07/01/2043		3,595		3,706,957
								40,584,937
Florida-4.63%
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.); Series 2014 B, RB		5.00%		12/01/2034		3,815		3,843,120
Cape Coral (City of) FL; Series 2017, Ref. RB		5.00%		10/01/2033		1,740		1,846,693
Central Florida Expressway Authority; Series 2016 B, Ref. RB		5.00%		07/01/2033		3,005		3,112,689
Clearwater (City of), FL; Series 2017, Ref. RB		5.00%		12/01/2035		4,475		4,660,807
Florida (State of); Series 2022 C, Ref. GO Bonds		5.00%		06/01/2024		4,110		4,160,724
Florida (State of) Mid-Bay Bridge Authority; Series 2015 A, Ref. RB		5.00%		10/01/2023		1,000		1,000,617
Florida Development Finance Corp. (IPS Florida LLC-Idea); Series 2022, RB(d)		5.25%		06/15/2029		1,200		1,179,402
Florida Development Finance Corp. (Mayflower Retirement Community); Series 2021, Ref. RB(d)		2.38%		06/01/2027		370		354,893
Florida Housing Finance Corp. (Social Bonds); Series 2022-3, RB (CEP - GNMA)		5.50%		01/01/2054		5,590		5,829,233
Gainesville (City of), FL; Series 2012 B, Ref. VRD RB(g)		3.00%		10/01/2042		4,005		4,005,000
Hialeah (City of), FL Utility System;
Series 2022, Ref. RB		5.00%		10/01/2024		1,260		1,275,514
Series 2022, Ref. RB		5.00%		10/01/2025		1,335		1,369,895
Series 2022, Ref. RB		5.00%		10/01/2034		2,065		2,291,042
Series 2022, Ref. RB		5.00%		10/01/2036		2,275		2,484,406
Series 2022, Ref. RB		5.00%		10/01/2037		2,390		2,579,238
Series 2022, Ref. RB		5.00%		10/01/2038		2,510		2,664,049
Hillsborough (County of), FL Aviation Authority (Tampa International Airport);
Series 2015 A, RB		5.00%		10/01/2044		10,000		10,028,292
Series 2018 F, RB		5.00%		10/01/2043		1,305		1,354,902
Jacksonville (City of), FL; Series 2021 A, RB		5.00%		10/01/2034		1,680		1,896,635
JEA Electric System; Series 2008 3C-1, VRD RB(g)		4.00%		10/01/2034		12,090		12,090,000
Lee (County of), FL Industrial Development Authority (Cypress Cove at Healthpark); Series 2022 B-2, RB		3.25%		10/01/2026		3,450		3,288,426
Miami (City of) & Dade (County of), FL School Board;
Series 2015 A, Ref. COP		5.00%		05/01/2032		1,690		1,724,253
Series 2015 D, Ref. COP		5.00%		02/01/2034		1,000		1,027,425
Series 2016 C, Ref. COP		3.25%		02/01/2033		540		523,147
Series 2022 A, GO Bonds (INS - BAM)(e)		5.00%		03/15/2036		7,730		8,706,772
Series 2022 A, GO Bonds (INS - BAM)(e)		5.00%		03/15/2041		1,865		2,032,290
Miami-Dade (County of), FL;
Series 2014 B, Ref. RB		5.00%		10/01/2037		5,000		5,035,955
Series 2016 A, Ref. GO Bonds		5.00%		07/01/2037		1,660		1,711,318
Series 2017 A, RB		5.00%		10/01/2034		5,110		5,224,846
Series 2019, RB		5.00%		10/01/2043		4,085		4,238,704
Miami-Dade (County of), FL Expressway Authority; Series 2016 A, Ref. RB		5.00%		07/01/2032		2,000		2,060,297
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group);
Series 2016 A, Ref. RB		5.00%		10/01/2033		2,535		2,645,906
Series 2016 A, Ref. RB		5.00%		10/01/2035		1,210		1,254,521
Series 2016 A, Ref. RB		5.00%		10/01/2036		6,210		6,407,266
Series 2023 A, RB		5.00%		10/01/2037		1,000		1,075,207
Series 2023 A, RB		5.00%		10/01/2038		1,000		1,067,318
Pinellas (County of), FL Housing Finance Authority (Social Bonds); Series 2021 A, RB (CEP - GNMA)		3.00%		03/01/2052		2,450		2,348,982
Pompano Beach (City of), FL (John Knox Village);
Series 2021 B-1, RB		2.00%		01/01/2029		1,605		1,376,934
Series 2021 B-2, RB		1.45%		01/01/2027		2,700		2,412,931
Reedy Creek Improvement District; Series 2016, GO Bonds		5.00%		06/01/2035		6,150		6,304,209
Seminole County School Board; Series 2016 C, COP		5.00%		07/01/2036		1,000		1,027,409
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group); Series 2017, Ref. RB		5.00%		08/15/2042		6,000		6,105,469

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)
St. Johns (County of), FL Industrial Development Authority (Vicar’s Landing);
Series 2021, Ref. RB		4.00%		12/15/2024	$	145	$	142,814
Series 2021, Ref. RB		4.00%		12/15/2025		180		175,104
Series 2021, Ref. RB		4.00%		12/15/2026		185		177,677
Series 2021, Ref. RB		4.00%		12/15/2027		215		203,782
Series 2021, Ref. RB		4.00%		12/15/2028		200		187,889
Series 2021, Ref. RB		4.00%		12/15/2029		220		205,104
Series 2021, Ref. RB		4.00%		12/15/2030		200		184,797
Series 2021, Ref. RB		4.00%		12/15/2031		205		187,702
Tender Option Bond Trust Receipts/Certificates; Series 2022, VRD RB(d)(g)		4.16%		01/01/2045		6,000		6,000,000
USF Financing Corp.; Series 2012 A, Ref. COP		5.00%		07/01/2031		2,000		2,062,006
Wildwood (City of), FL Village Community Development Disctrict No. 15;
Series 2023, RB(d)		4.25%		05/01/2028		700		700,586
Series 2023, RB(d)		4.38%		05/01/2033		1,000		1,003,503
								146,857,700
Georgia-2.16%
Atlanta (City of), GA; Series 2009 B, RB (INS - AGM)(e)		5.25%		11/01/2027		2,000		2,126,591
Dalton (City of), GA Downtown Development Authority (Hamilton Health Care System);
Series 1996, Revenue Ctfs. (INS - NATL)(e)		5.50%		08/15/2026		1,705		1,753,676
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.); Series 2017, Ref. RB		5.00%		02/15/2045		6,315		6,380,821
George L Smith II Congress Center Authority (Convention Center Hotel); Series 2021, RB		2.38%		01/01/2031		725		626,361
Main Street Natural Gas, Inc.;
Series 2018 A, RB(a)(b)		4.00%		09/01/2023		4,430		4,430,000
Series 2021 A, RB(b)		4.00%		09/01/2027		17,500		17,355,131
Series 2021 C, RB(b)		4.00%		12/01/2028		5,000		4,871,085
Series 2022 C, RB(b)(d)		4.00%		11/01/2027		20,000		19,142,800
Subseries 2018 C, RB(b)		4.00%		12/01/2023		3,000		2,998,988
Subseries 2018 D, RB (1 mo. USD LIBOR + 0.83%)(b)(c)		4.48%		12/01/2023		8,700		8,703,065
								68,388,518
Hawaii-0.18%
Honolulu (City & County of), HI;
Series 2012 A, GO Bonds		4.00%		11/01/2036		100		100,007
Series 2017 A, GO Bonds		5.00%		09/01/2041		1,850		1,925,616
Series 2023, RB(b)		5.00%		06/01/2026		3,625		3,733,219
								5,758,842
Idaho-0.18%
Canyon County School District No. 139 Vallivue;
Series 2015 A, GO Bonds(a)(b)		5.00%		09/15/2025		625		646,424
Series 2015 A, GO Bonds		5.00%		09/15/2034		775		796,265
Idaho (State of) Housing & Finance Association;
Series 2023 A, RB		5.00%		08/15/2038		2,350		2,597,047
Series 2023 A, RB		5.00%		08/15/2039		1,650		1,814,105
								5,853,841
Illinois-6.74%
Bartlett (Village of), IL (Quarry Redevelopment); Series 2016, Ref. RB		4.00%		01/01/2024		850		847,349
Chicago (City of), IL;
Series 2003 B, Ref. GO Bonds		5.00%		01/01/2024		3,205		3,214,132
Series 2004, Ref. RB		5.00%		11/01/2024		14,440		14,645,087
Series 2008 C, Ref. RB		5.00%		01/01/2035		1,000		1,011,784
Series 2023 B, Ref. RB (INS - AGM)(e)		5.00%		11/01/2036		1,500		1,635,868
Series 2023 B, Ref. RB (INS - AGM)(e)		5.00%		11/01/2037		1,000		1,083,929
Series 2023 B, Ref. RB (INS - AGM)(e)		5.00%		11/01/2038		1,250		1,343,685

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-(continued)
Chicago (City of), IL (O’Hare International Airport);
Series 2016 B, Ref. RB		5.00%		01/01/2035	$	2,500	$	2,574,315
Series 2016 B, Ref. RB		5.00%		01/01/2041		3,800		3,858,110
Series 2016 C, Ref. RB		5.00%		01/01/2034		1,500		1,547,202
Series 2017 D, RB		5.25%		01/01/2029		1,665		1,762,599
Series 2017 D, RB		5.25%		01/01/2036		5,000		5,236,159
Series 2017 D, RB		5.25%		01/01/2042		1,530		1,575,416
Series 2022, Ref. RB		5.00%		01/01/2034		1,000		1,122,513
Series 2022, Ref. RB		5.00%		01/01/2035		2,330		2,597,977
Series 2022, Ref. RB (INS - AGM)(e)		5.00%		01/01/2038		4,750		5,112,776
Chicago (City of), IL Board of Education; Series 1998 B-1, GO Bonds (INS - NATL)(e)(f)		0.00%		12/01/2025		735		667,745
Chicago (City of), IL Midway International Airport; Series 2014 B, Ref. RB		5.00%		01/01/2035		3,000		3,008,906
Cook (County of), IL;
Series 2017, Ref. RB		5.00%		11/15/2037		1,900		1,969,382
Series 2018, Ref. GO Bonds		5.00%		11/15/2034		1,000		1,021,278
Cook County Community College District No. 508 (City Colleges of Chicago); Series 2013, GO Bonds (INS - BAM)(e)		5.50%		12/01/2038		6,500		6,528,376
Cook County Township High School District No. 220 Reavis; Series 2012, GO Bonds		3.00%		12/01/2024		1,035		1,021,474
Glen Ellyn (Village of), IL Park District;
Series 2023 A, GO Bonds		5.00%		12/15/2023		505		507,249
Series 2023 A, GO Bonds		5.00%		12/15/2024		410		417,548
Illinois (State of);
Series 2013, RB		5.00%		06/15/2026		500		500,446
Series 2014, GO Bonds		5.00%		02/01/2025		4,695		4,709,004
Series 2017 D, GO Bonds		5.00%		11/01/2024		3,480		3,529,050
Series 2017 D, GO Bonds		5.00%		11/01/2027		1,065		1,121,154
Series 2020, GO Bonds		5.50%		05/01/2024		3,500		3,539,063
Series 2020, GO Bonds		5.50%		05/01/2025		5,000		5,140,875
Series 2020, GO Bonds		5.50%		05/01/2026		6,750		7,056,911
Illinois (State of) Finance Authority;
Series 2015 A, Ref. RB		5.00%		11/15/2034		1,650		1,681,479
Series 2016 A, Ref. RB		5.00%		10/01/2035		3,750		3,876,964
Illinois (State of) Finance Authority (Advocate Health Care Network); Series 2008 A, Ref. RB		5.00%		11/01/2030		3,000		3,112,599
Illinois (State of) Finance Authority (Ascension Health); Series 2016 C, Ref. RB		5.00%		02/15/2036		2,500		2,597,073
Illinois (State of) Finance Authority (DePaul College Prep Foundation);
Series 2023, Ref. RB(d)		4.30%		08/01/2028		1,220		1,209,321
Series 2023, Ref. RB(d)		5.25%		08/01/2038		1,300		1,308,900
Illinois (State of) Finance Authority (Uchicago Medicine); Series 2022 B-2, RB(b)		5.00%		08/15/2027		9,500		10,021,206
Illinois (State of) Housing Development Authority; Series 2019 C, RB (CEP - GNMA)		4.00%		10/01/2049		4,590		4,537,719
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2002, RB (INS - NATL)(e)(f)		0.00%		12/15/2032		25,000		17,259,402
Illinois (State of) Municipal Electric Agency; Series 2015 A, Ref. RB		4.00%		02/01/2035		7,430		7,311,399
Illinois (State of) Toll Highway Authority;
Series 2013 A, RB		5.00%		01/01/2038		25,075		25,088,836
Series 2014 C, RB		5.00%		01/01/2036		8,170		8,278,276
Series 2014 C, RB		5.00%		01/01/2038		1,585		1,606,496
Series 2015 A, RB		5.00%		01/01/2037		1,500		1,530,664
Series 2015 B, RB		5.00%		01/01/2036		10,000		10,230,934
Kane and DeKalb (Counties of), IL Community Unit School District No. 301; Series 2017, GO Bonds		5.00%		01/01/2033		1,235		1,302,854
Long Grove (Village of), IL (Sunset Grove);
Series 2020, Ref. RB		3.00%		01/01/2026		280		271,488
Series 2020, Ref. RB		3.10%		01/01/2027		290		277,564
Series 2020, Ref. RB		3.25%		01/01/2028		305		292,950
Series 2020, Ref. RB		3.35%		01/01/2029		320		307,306
Series 2020, Ref. RB		3.50%		01/01/2030		330		314,294
Series 2020, Ref. RB		3.60%		01/01/2031		345		328,863
Series 2020, Ref. RB		3.70%		01/01/2032		490		467,016

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)
Railsplitter Tobacco Settlement Authority;
Series 2017, RB		5.00%			06/01/2025	$	2,000	$	2,047,116
Series 2017, RB		5.00%			06/01/2026		5,135		5,337,095
Sales Tax Securitization Corp.;
Series 2017 A, Ref. RB		5.00%			01/01/2026		6,525		6,717,596
Series 2023 C, Ref. RB		5.00%			01/01/2035		5,000		5,445,620
Wheaton-Warrenville Community Unit School District No. 200; Series 2019, Ref. GO Bonds		5.00%			10/01/2024		1,100		1,115,744
									213,784,136
Indiana-1.46%
Columbus (City of), IN; Series 2016, Ref. RB (INS - BAM)(e)		1.99%			02/15/2027		8,045		7,543,083
Indiana (State of) Finance Authority; Series 2015, RB		5.00%			03/01/2036		2,480		2,509,677
Indiana (State of) Finance Authority (CWA Authority); Series 2015 A, RB		5.00%			10/01/2024		1,000		1,016,847
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.);
Series 2010 A, RB		3.00%			11/01/2030		4,350		4,016,017
Series 2012 A, RB		4.25%			11/01/2030		3,335		3,329,674
Series 2012 B, RB		3.00%			11/01/2030		2,000		1,846,445
Indiana (State of) Finance Authority (United States Steel Corp.); Series 2021 A, Ref. RB		4.13%			12/01/2026		7,000		6,904,724
Indiana (State of) Housing & Community Development Authority (Social Bonds); Series 2023 A-1, RB (CEP - GNMA)		5.75%			07/01/2053		2,990		3,158,675
Indiana (State of) Municipal Power Agency; Series 2016 A, Ref. RB		5.00%			01/01/2042		8,475		8,635,053
Northern Indiana Commuter Transportation District; Series 2016, RB		5.00%			07/01/2041		7,140		7,278,334
									46,238,529
Iowa-1.48%
Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics); Series 2022 C, RB		5.00%			09/01/2036		4,380		4,786,948
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB(b)		4.00%			12/01/2032		10,000		9,610,243
Iowa (State of) Finance Authority (Iowa Health System); Series 2018, Ref. RB (SIFMA Municipal Swap Index + 0.58%)(b)(c)(d)		4.64%			01/04/2024		13,190		13,182,137
PEFA, Inc.; Series 2019, RB(b)		5.00%			09/01/2026		19,250		19,437,593
									47,016,921
Kansas-1.01%
Kansas (State of) Development Finance Authority; Series 2021, Ref. RB(b)		5.00%			11/15/2031		17,450		19,356,957
University of Kansas Hospital Authority (KU Health System); Series 2015, Ref. RB		5.00%			09/01/2045		10,020		10,079,095
Wyandotte (County of) & Kansas City (City of), KS Unified Government; Series 2016 C, RB		5.00%			09/01/2041		2,450		2,497,441
									31,933,493
Kentucky-1.57%
Christian (County of), KY (Jennie Stuart Medical Center, Inc.); Series 2016, Ref. RB		5.00%			02/01/2026		1,230		1,246,176
Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health Initiatives); Series 2011 B, RB (SIFMA Municipal Swap Index + 1.40%)(b)(c)		5.46%			02/01/2025		2,340		2,342,646
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway); Series 2015 A, RB		5.00%			07/01/2037		4,400		4,425,621
Kentucky (Commonwealth of) Municipal Power Agency;
Series 2015 A, Ref. RB (INS - NATL)(e)		5.00%			09/01/2026		2,000		2,038,266
Series 2015 A, Ref. RB (INS - NATL)(e)		5.00%			09/01/2027		3,380		3,444,670
Series 2015 A, Ref. RB (INS - NATL)(e)		5.00%			09/01/2028		2,870		2,924,362
Kentucky (Commonwealth of) Property & Building Commission (No. 115); Series 2017, RB		5.00	%		04/01/2028		1,000		1,051,281
Kentucky (Commonwealth of) Public Energy Authority;
Series 2018 A, RB(b)		4.00%			04/01/2024		20,785		20,793,840
Series 2018 B, RB(b)		4.00%			01/01/2025		5,000		4,978,974
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.);
Series 2013 A, RB(a)(b)		5.75%			10/01/2023		105		105,151
Series 2013 A, RB(a)(b)		5.75%			10/01/2023		100		100,144
Series 2016 A, Ref. RB		5.00%			10/01/2033		1,740		1,792,063
Trimble (County of), KY (Louisville Gas & Electric); Series 2002 A, Ref. RB		0.63%			09/01/2026		3,375		3,011,868

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-(continued)
Western Kentucky University; Series 2012 A, RB (CEP - Colorado Higher Education Intercept Program)		5.00%		05/01/2032	$	1,625	$	1,626,841
								49,881,903
Louisiana-0.96%
Louisiana (State of);
Series 2015, RB		5.00%		09/01/2026		2,000		2,060,670
Series 2016 A, GO Bonds		5.00%		09/01/2035		2,575		2,690,960
Series 2022 A, Ref. RB (SOFR + 0.50%)(b)(c)		4.22%		05/01/2026		3,500		3,430,876
Louisiana (State of) Public Facilities Authority (Franciscan Missionaries); Series 2015, Ref. RB		5.00%		07/01/2039		7,395		7,395,838
Louisiana Housing Corp. (Home Ownership Program); Series 2022 B, RB (CEP - GNMA)		6.00%		12/01/2052		4,185		4,483,775
New Orleans (City of), LA;
Series 2015, RB		5.00%		12/01/2023		600		602,060
Series 2015, RB		5.00%		06/01/2026		250		256,847
Series 2015, RB		5.00%		06/01/2027		350		359,346
Series 2015, Ref. GO Bonds		5.00%		12/01/2024		1,000		1,018,313
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 B, Ref. RB (INS - AGM)(e)		5.00%		10/01/2026		200		209,772
St. John the Baptist (Parish of), LA (Marathon Oil Corp.); Series 2017, Ref. RB(b)		2.10%		07/01/2024		3,000		2,947,160
Tobacco Settlement Financing Corp.; Series 2013 A, Ref. RB		5.25%		05/15/2035		5,000		5,036,565
								30,492,182
Maine-0.13%
Lewiston (City of), ME (UBS Financial Services, Inc.); Series 2008 B, GO Bonds (INS - AGM)(e)		5.50%		12/15/2023		950		951,485
Maine (State of) State housing Authority (Social Bonds); Series 2023 B, RB(b)		3.13%		05/01/2024		3,300		3,284,550
								4,236,035
Maryland-1.63%
Baltimore (City of), MD (Water);
Series 2014 A, RB		5.00%		07/01/2034		3,635		3,694,034
Series 2017 A, RB		5.00%		07/01/2041		6,125		6,321,476
Howard (County of), MD Housing Commission (Social Bonds);
Series 2021 A, Ref. RB		1.20%		06/01/2027		3,000		2,711,806
Series 2021 A, Ref. RB		1.60%		06/01/2029		2,000		1,747,024
Maryland (State of) Health & Higher Educational Facilities Authority; Series 2013 A, RB		5.00%		08/15/2027		2,000		2,000,818
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health); Series 2017 A, RB		5.00%		05/15/2042		3,125		3,186,810
Maryland Economic Development Corp. (CNX Marine Terminal, Inc. - Port of Baltimore Facility); Series 2010, Ref. RB		5.75%		09/01/2025		11,920		12,019,352
Washington (State of) Suburban Sanitary Commission; Series 2013, VRD RB(g)		2.85%		06/01/2024		10,000		10,000,000
Washington Metropolitan Area Transit Authority (Sustainability Bonds); Series 2015 B, VRD GO Bonds(g)		2.82%		06/01/2024		10,000		10,000,000
								51,681,320
Massachusetts-2.32%
Massachusetts (Commonwealth of);
Series 2015 A, Ref. GO Bonds		5.00%		07/01/2035		10,000		10,284,875
Series 2017 A, GO Bonds		5.00%		04/01/2035		7,000		7,434,962
Series 2018 E, GO Bonds		5.25%		09/01/2043		2,000		2,120,825
Massachusetts (Commonwealth of) Clean Water Trust (The) (Green Bonds);
Series 2022, RB		5.00%		02/01/2035		875		1,007,453
Series 2022, RB		5.00%		02/01/2036		1,240		1,413,572
Massachusetts (Commonwealth of) Clean Water Trust (The) (Sustainable Development Bonds);
Series 2022, RB		5.00%		02/01/2035		1,500		1,727,062
Series 2022, RB		5.00%		02/01/2036		2,000		2,279,956
Massachusetts (Commonwealth of) Development Finance Agency;
Series 2015 F, Ref. RB		5.00%		08/15/2034		1,750		1,797,562
Series 2016 Q, Ref. RB		5.00%		07/01/2046		7,150		7,305,703
Series 2019 A, Ref. RB		5.00%		07/01/2025		845		854,453
Series 2019 A, Ref. RB		5.00%		07/01/2027		2,300		2,345,343

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
Massachusetts–(continued)
Massachusetts (Commonwealth of) Development Finance Agency (Harvard University); Series 2016 A, Ref. RB		4.00%		07/15/2036	$	10,395	$	10,501,236
Massachusetts (Commonwealth of) Development Finance Agency (International Charter School); Series 2015, Ref. RB		5.00%		04/15/2025		755		754,082
Massachusetts (Commonwealth of) Development Finance Agency (Suffolk University); Series 2017, Ref. RB		5.00%		07/01/2024		1,000		1,007,577
Massachusetts (Commonwealth of) Federal Highway; Series 2017 A, Ref. RB		5.00%		06/15/2027		2,000		2,102,135
Massachusetts (Commonwealth of) School Building Authority;
Series 2015 D, Ref. RB		5.00%		08/15/2037		15,000		15,362,005
Series 2016 C, Ref. RB		5.00%		11/15/2034		5,000		5,267,412
								73,566,213
Michigan–4.57%
Grand Rapids (City of), MI; Series 2018, RB		5.00%		01/01/2043		2,500		2,576,976
Great Lakes Water Authority; Series 2016 C, Ref. RB		5.00%		07/01/2036		3,560		3,683,728
Livonia Public Schools; Series 2016, GO Bonds (INS - AGM)(e)		5.00%		05/01/2040		4,365		4,453,701
Macomb (County of), MI Interceptor Drain Drainage District; Series 2017 A, Ref. RB		5.00%		05/01/2042		4,000		4,142,445
Michigan (State of) Building Authority; Series 2016 I, Ref. RB		5.00%		04/15/2024		1,510		1,525,254
Michigan (State of) Building Authority (Facilities Program);
Series 2015 I, Ref. RB		5.00%		04/15/2038		1,650		1,685,841
Series 2016 I, Ref. RB		5.00%		04/15/2041		3,450		3,546,211
Series 2020, Ref. VRD RB(g)		4.18%		10/15/2042		2,000		2,000,000
Series 2023 I-M, VRD RB(g)		4.18%		04/15/2058		19,905		19,905,000
Michigan (State of) Finance Authority (Beaumont Health Credit Group); Series 2016, RB		5.00%		11/01/2044		11,325		11,407,796
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);
Series 2014 C-3, RB (INS - AGM)(e)		5.00%		07/01/2032		3,500		3,537,563
Series 2015, RB		5.00%		07/01/2035		7,830		7,973,941
Michigan (State of) Finance Authority (Henry Ford Health System);
Series 2016, Ref. RB		5.00%		11/15/2032		2,725		2,819,897
Series 2016, Ref. RB		5.00%		11/15/2037		4,235		4,320,669
Series 2016, Ref. RB		5.00%		11/15/2041		5,560		5,633,381
Michigan (State of) Finance Authority (Local Government Loan Program); Series 2014, Ref. RB		3.88%		10/01/2023		2,000		1,999,231
Michigan (State of) Finance Authority (McLaren Health Care); Series 2015, Ref. RB		5.00%		05/15/2038		5,000		5,036,589
Michigan (State of) Finance Authority (Trinity Health Credit Group); Series 2017, Ref. RB		5.00%		12/01/2035		1,785		1,872,006
Portage Public Schools; Series 2016, Ref. GO Bonds		5.00%		11/01/2035		1,300		1,337,950
Regents of the University of Michigan; Series 2012 B, VRD RB(g)		2.45%		04/01/2042		9,200		9,200,000
Rib Floater Trust; Series 2022-047, VRD RB(d)(g)		3.26%		12/01/2045		25,390		25,390,000
Rochester Community School District; Series 2016 I, GO Bonds		5.00%		05/01/2035		2,350		2,414,415
Troy School District;
Series 2023, GO Bonds		5.00%		05/01/2042		1,335		1,445,450
Series 2023, GO Bonds		5.00%		05/01/2043		1,310		1,416,689
Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport);
Series 2012 A, RB		5.00%		12/01/2037		830		830,286
Series 2012 A, RB		5.00%		12/01/2042		5,220		5,220,904
Series 2021 A, RB		5.00%		12/01/2034		1,650		1,842,119
Series 2021 A, RB		5.00%		12/01/2036		1,685		1,840,089
Series 2021 A, RB		5.00%		12/01/2038		2,000		2,151,439
Series 2021 A, RB		5.00%		12/01/2039		1,855		1,992,087
Wayne State University; Series 2015 A, Ref. RB		5.00%		11/15/2033		1,500		1,515,248
								144,716,905
Minnesota–0.79%
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission;
Series 2014 A, Ref. RB		5.00%		01/01/2030		2,000		2,007,566
Series 2014 A, Ref. RB		5.00%		01/01/2031		6,020		6,042,101
Minnesota (State of);
Series 2021 B, GO Bonds		5.00%		09/01/2023		1,380		1,380,000
Series 2023 D, Ref. GO Bonds		5.00%		08/01/2025		13,290		13,732,084

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)
Minnesota (State of) Higher Education Facilities Authority (Concordia University, St. Paul); Series 2007 Six-Q, VRD RB (LOC - U.S. Bank N.A.)(g)(h)		2.95%		04/01/2037	$	1,800	$	1,800,000
								24,961,751
Mississippi–0.22%
Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care); Series 2016, RB		5.00%		09/01/2036		7,000		7,091,225
Missouri–1.37%
Jackson County Consolidated School District No. 4; Series 2022, GO Bonds		5.00%		03/01/2038		3,675		3,779,559
Missouri (State of) Health & Educational Facilities Authority (Coxhealth);
Series 2015 A, Ref. RB		5.00%		11/15/2033		7,535		7,681,141
Series 2015 A, Ref. RB		5.00%		11/15/2039		3,200		3,222,227
Missouri (State of) Health & Educational Facilities Authority (Mercy Health);
Series 2012, RB		4.00%		11/15/2042		690		648,475
Series 2018 A, Ref. RB		5.00%		06/01/2026		120		124,500
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.); Series 2016, Ref. RB		5.00%		11/15/2031		2,740		2,831,625
Missouri (State of) Housing Development Commission (First Place Homeownership Loan); Series 2023, RB (CEP - GNMA)		5.75%		05/01/2053		4,140		4,376,895
Missouri (State of) Joint Municipal Electric Utility Commission (Iatan 2);
Series 2014 A, Ref. RB		5.00%		01/01/2032		1,470		1,474,490
Series 2014 A, Ref. RB		5.00%		01/01/2034		2,000		2,005,980
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State); Series 2015 A, Ref. RB		5.00%		06/01/2027		2,600		2,655,290
North Kansas City School District No. 74 (Missouri Direct Deposit Program); Series 2022, GO Bonds		5.25%		03/01/2038		2,500		2,811,854
Pattonville R-3 School District; Series 2018 A, GO Bonds		5.00%		03/01/2037		2,095		2,149,108
St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills);
Series 2012, RB		5.00%		09/01/2032		1,020		999,048
Series 2013 A, RB		5.00%		09/01/2023		305		305,000
Taney (County of), MO Industrial Development Authority (Big Cedar Infrastructure); Series 2023, RB(d)		5.00%		10/01/2033		1,105		1,085,251
Tender Option Bond Trust Receipts/Certificates; Series 2018, VRD RB(d)(g)		4.19%		05/15/2041		7,240		7,240,000
								43,390,443
Nebraska–1.10%
Central Plains Energy Project; Series 2019, Ref. RB(b)		4.00%		08/01/2025		3,380		3,359,283
Douglas (County of), NE (Creighton University);
Series 2017, Ref. RB		5.00%		07/01/2025		2,020		2,064,641
Series 2021, Ref. RB (SIFMA Municipal Swap Index + 0.53%)(b)(c)		4.59%		09/01/2026		7,850		7,739,248
Nebraska (State of) Public Power District; Series 2016 B, Ref. RB		5.00%		01/01/2036		3,500		3,574,063
Omaha (City of), NE Public Power District; Series 2015 A, RB		5.00%		02/01/2040		6,000		6,046,209
Public Power Generation Agency (Whelan Energy Center Unit 2);
Series 2015, Ref. RB		5.00%		01/01/2031		6,385		6,472,928
Series 2016 A, Ref. RB		5.00%		01/01/2034		3,250		3,365,586
University of Nebraska Facilities Corp. (The); Series 2019 B, Ref. RB		5.00%		10/01/2024		2,125		2,158,554
							��	34,780,512
Nevada–0.97%
Clark (County of), NV (Las Vegas McCarran International Airport); Series 2019, Ref. RB		5.00%		07/01/2024		5,000		5,060,971
Clark County School District;
Series 2015 C, Ref. GO Bonds (INS - BAM)(e)		5.00%		06/15/2027		4,000		4,148,252
Series 2022 A, GO Bonds		5.25%		06/15/2035		11,200		12,802,274
Las Vegas Valley Water District;
Series 2016 B, Ref. GO Bonds		5.00%		06/01/2036		3,750		3,880,453
Series 2022 D, GO Bonds		5.00%		06/01/2036		1,855		2,074,609
Sparks (City of), NV (Tourism Improvement District No. 1); Series 2019 A, Ref. RB(d)		2.75%		06/15/2028		3,145		2,918,703
								30,885,262

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 Hampshire–0.62%
New Hampshire (State of) Business Finance Authority; Series 2020-1A, RB	4.13%		01/20/2034	$	1,795	$  1,729,272
New Hampshire (State of) Business Finance Authority (Social Bonds);
Series 2022-1A, RB	4.38%		09/20/2036		8,375	8,108,812
Series 2022-2A, RB	4.00%		10/20/2036		6,798	6,376,243
New Hampshire (State of) Health and Education Facilities Authority; Series 2016, Ref. RB	5.50%		06/01/2036		3,250	3,338,054
						19,552,381
New Jersey–4.01%
Camden (County of), NJ Improvement Authority (The) (Rowan University School of Osteopathic Medicine); Series 2013, Ref. RB	5.00%		12/01/2032		3,800	3,804,478
Dover (Town of), NJ; Series 2023, GO Notes	5.00%		01/24/2024		14,925	15,021,513
New Jersey (State of) Economic Development Authority;
Series 2016 AAA, RB	5.00%		06/15/2035		1,450	1,497,110
Series 2017 A, Ref. RB (INS - BAM)(e)	5.00%		07/01/2027		13,205	14,023,608
Series 2024 SSS, Ref. RB	5.00%		06/15/2035		1,500	1,612,762
New Jersey (State of) Educational Facilities Authority;
Series 2014 A, RB	5.00%		07/01/2032		1,010	1,021,152
Series 2015 D, Ref. RB	5.00%		07/01/2034		2,090	2,139,171
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); Series 2016, Ref. RB	5.00%		07/01/2033		1,000	1,032,786
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group);
Series 2016 A, Ref. RB	5.00%		07/01/2031		5,195	5,448,052
Series 2019 B-1, Ref. RB(b)	5.00%		07/01/2024		7,590	7,675,770
New Jersey (State of) Housing & Mortgage Finance Agency (Social Bonds); Series 2022 I, RB	5.00%		10/01/2053		11,875	12,160,260
New Jersey (State of) Transportation Trust Fund Authority;
Series 2005 B, RB (INS - AMBAC)(e)	5.25%		12/15/2023		505	507,184
Series 2010 D, RB	5.25%		12/15/2023		3,305	3,319,295
Series 2016 A-1, RN	5.00%		06/15/2024		4,500	4,549,461
Series 2016 A-1, RN	5.00%		06/15/2028		1,140	1,187,412
Series 2016 A-1, RN	5.00%		06/15/2030		2,025	2,107,568
Series 2018 A, Ref. RB	5.00%		12/15/2025		5,000	5,161,722
Series 2018 A, Ref. RB	5.00%		12/15/2027		2,500	2,664,051
Series 2018 A, Ref. RN	5.00%		06/15/2024		1,000	1,010,991
Series 2018 A, Ref. RN	5.00%		06/15/2029		5,000	5,211,045
Series 2019, Ref. RB	5.00%		12/15/2027		10,250	10,922,609
New Jersey (State of) Turnpike Authority;
Series 2015 E, RB	5.00%		01/01/2032		3,310	3,374,064
Series 2017 A-1, RB	5.00%		01/01/2034		10,000	10,510,919
Tender Option Bond Trust Receipts/Certificates; Series 2022, VRD RB(d)(g)	4.12%		01/01/2052		3,040	3,040,000
Tobacco Settlement Financing Corp.;
Series 2018 A, Ref. RB	5.00%		06/01/2025		1,000	1,022,830
Series 2018 A, Ref. RB	5.00%		06/01/2033		6,500	6,939,582
						126,965,395
New Mexico–0.85%
Albuquerque Municipal School District No. 12; Series 2017, GO Bonds	5.00%		08/01/2030		1,250	1,306,540
Farmington (City of), NM (Public Service Co. of New Mexico San Juan); Series 2010, Ref. RB(b)	3.90%		06/01/2028		6,300	6,254,139
Farmington (City of), NM (Southern California Edison); Series 2005 B, Ref. RB	1.80%		04/01/2029		8,000	6,751,913
New Mexico (State of) Finance Authority;
Series 2023 A-2, RB	5.00%		06/01/2043		3,310	3,357,409
Series 2023 A-2, RB	5.00%		06/01/2048		4,300	4,346,993
New Mexico Mortgage Finance Authority (Santa FE Apartments and Sangre De Cristo); Series 2023, RB(b)	5.00%		06/01/2025		5,000	5,051,050
						27,068,044
New York–9.33%
Hempstead (Town of), NY; Series 2019 B, Ref. GO Bonds	5.00%		08/01/2024		1,215	1,234,286

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)
Jefferson Civic Facility Development Corp. (Samaritan Medical Center);
Series 2017 A, Ref. RB	5.00%		11/01/2023	$	1,185	$  1,185,930
Series 2017 A, Ref. RB	5.00%		11/01/2024		1,245	1,251,603
Long Island (City of), NY Power Authority;
Series 2014, Ref. RB (1 mo. USD LIBOR + 0.75%)(b)(c)	4.56%		10/01/2023		4,125	4,125,000
Series 2023 D, Ref. VRD RB (LOC - Barclays Bank PLC)(g)(h)	3.40%		05/01/2033		7,000	7,000,000
Metropolitan Transportation Authority;
Series 2014 C, RB	5.00%		11/15/2023		5,000	5,013,226
Series 2016 A, Ref. RB	5.25%		11/15/2034		5,600	5,924,740
Series 2016 C-1, RB	5.00%		11/15/2025		2,125	2,182,501
Metropolitan Transportation Authority (Green Bonds);
Series 2016 A2, Ref. RB	5.00%		11/15/2027		9,000	9,316,456
Series 2016 A-2, Ref. RB	5.00%		11/15/2023		1,000	1,002,645
Series 2017 B, Ref. RB	5.00%		11/15/2024		8,905	9,040,570
Series 2017 C-1, Ref. RB	5.00%		11/15/2023		3,000	3,007,909
Series 2020 E, Ref. RB	5.00%		11/15/2027		3,750	3,942,266
Series 2020 E, Ref. RB	5.00%		11/15/2028		4,000	4,242,284
Monroe County Industrial Development Corp. (St. Ann’s Community); Series 2019, Ref. RB	5.00%		01/01/2040		1,500	1,309,734
Nassau (County of), NY; Series 2016 C, GO Bonds	5.00%		04/01/2033		5,030	5,231,092
New York (City of), NY;
Subseries 2014 I-2, VRD GO Bonds(g)	2.95%		03/01/2040		9,925	9,925,000
Subseries 2015 F-5, VRD GO Bonds(g)	2.85%		06/01/2044		4,655	4,655,000
Subseries 2018 F-1, GO Bonds	5.00%		04/01/2038		5,825	6,111,937
Subseries 2022 B-1, GO Bonds	5.00%		10/01/2036		1,495	1,659,370
Subseries 2022 B-1, GO Bonds	5.25%		10/01/2040		4,500	4,982,933
New York (City of), NY Industrial Development Agency (Yankee Stadium);
Series 2006, RB (CPI Rate + 0.87%) (INS - FGIC)(c)(e)	4.05%		03/01/2025		1,025	1,028,934
Series 2006, RB (CPI Rate + 0.88%) (INS - FGIC)(c)(e)	4.06%		03/01/2026		2,725	2,749,925
Series 2006, RB (CPI Rate + 0.89%) (INS - FGIC)(c)(e)	4.07%		03/01/2027		5,500	5,594,373
New York (City of), NY Municipal Water Finance Authority;
Series 2008 BB-2, VRD RB(g)	2.90%		06/15/2039		15,000	15,000,000
Series 2013 AA-1, VRD RB(g)	2.95%		06/15/2050		6,500	6,500,000
Series 2016 CC, Ref. RB	5.00%		06/15/2046		4,000	4,113,174
New York (City of), NY Transitional Finance Authority;
Series 2014 B-1, RB	5.00%		08/01/2033		5,000	5,055,223
Series 2014 D1, RB	5.00%		02/01/2040		10,000	10,032,611
Series 2015, RB	5.00%		07/15/2037		1,055	1,071,397
Series 2022 A-1, RB	5.00%		08/01/2035		3,500	3,940,202
Series 2022 A-1, RB	5.00%		08/01/2036		4,000	4,440,428
Series 2022 B, Ref. RB	5.25%		11/01/2035		15,000	17,205,249
Subseries 2010 A-4, VRD RB(g)	2.85%		08/01/2039		10,000	10,000,000
Subseries 2015 B-1, RB	5.00%		11/01/2037		2,825	2,901,184
Subseries 2016 B-1, RB	5.00%		08/01/2036		10,000	10,372,976
New York (State of) Dormitory Authority;
Series 2014 C, RB	5.00%		03/15/2039		2,270	2,283,348
Series 2015 B, RB	5.00%		02/15/2032		1,115	1,137,742
Series 2015 B-B, RB	5.00%		03/15/2035		6,965	7,154,917
New York (State of) Dormitory Authority (New York University); Series 1998 A, RB (INS - NATL)(e)	5.75%		07/01/2027		1,235	1,296,226
New York (State of) Dormitory Authority (North Shore-Long Island Jewish Obligated Group); Series 2015 A, Ref. RB	5.00%		05/01/2037		1,000	1,010,627
New York (State of) Mortgage Agency (Social Bonds); Series 2021, RB	3.25%		10/01/2051		3,750	3,592,953
New York (State of) Utility Debt Securitization Authority;
Series 2013 TE, RB	5.00%		12/15/2031		7,000	7,024,722
Series 2016 A, Ref. RB	5.00%		12/15/2034		4,000	4,186,157
Series 2016 A, Ref. RB	5.00%		12/15/2035		7,000	7,301,146
New York City Housing Development Corp. (Sustainability Bonds); Series 2020 I-2, RB (CEP - Federal Housing Administration)(b)	0.70%		05/01/2025		5,000	4,666,650

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)
New York City Housing Development Corp. (Sustainable Development Bonds);
Series 2021 F-2, RB (CEP - Federal Housing Administration)(b)	0.60%		07/01/2025	$	1,965	$   1,823,220
Series 2022 2B, RB(b)	3.40%		12/22/2026		18,655	18,341,743
New York Liberty Development Corp. (Green Bonds) (4 World Trade Center);
Series 2021 A, Ref. RB	0.95%		11/15/2027		3,000	2,592,513
Series 2021 A, Ref. RB	1.20%		11/15/2028		1,000	856,511
New York State Environmental Facilities Corp.; Series 2015 A, Ref. RB	5.00%		06/15/2034		6,675	6,869,720
New York State Urban Development Corp.;
Series 2013 A-1, RB	5.00%		03/15/2043		1,000	1,000,654
Series 2013 C, RB	5.00%		03/15/2033		14,050	14,070,666
Series 2017 C-2, Ref. RB	5.00%		03/15/2032		1,000	1,065,836
Suffolk Tobacco Asset Securitization Corp.; Series 2021, Ref. RB	4.00%		06/01/2050		4,895	4,692,773
TSASC, Inc.;
Series 2017 A, Ref. RB	5.00%		06/01/2024		4,500	4,532,494
Series 2017 A, Ref. RB	5.00%		06/01/2025		5,000	5,087,835
Westchester County Local Development Corp.; Series 2021, Ref. RB(d)	2.88%		07/01/2026		3,070	2,926,626
						295,865,237
North Carolina–1.13%
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2013 A, Ref. RB	5.00%		01/15/2039		9,540	9,543,705
Columbus (County of), NC Industrial Facilities & Pollution Control Financing Authority (International Paper Co.); Series 2019, Ref. RB(b)	2.00%		10/01/2024		850	831,798
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group); Series 2013, Ref. RB	5.00%		11/01/2046		4,260	4,260,808
North Carolina (State of) Medical Care Commission (Wake Forest Baptist Obligated Group); Series 2012 A, RB	4.00%		12/01/2045		230	215,189
North Carolina (State of) Municipal Power Agency No. 1; Series 2015 A, Ref. RB	5.00%		01/01/2027		1,615	1,663,545
North Carolina (State of) Turnpike Authority;
Series 2017, Ref. RB (INS - AGM)(e)	5.00%		01/01/2026		1,350	1,395,631
Series 2020 B, RB(a)	5.00%		02/01/2024		17,645	17,742,354
						35,653,030
North Dakota–0.12%
Fargo (City of), ND; Series 2023 A, Ref. GO Bonds	5.00%		05/01/2024		1,110	1,122,306
North Dakota (State of) Housing Finance Agency (Social Bonds); Series 2023, RB	5.75%		01/01/2054		2,500	2,661,643
						3,783,949
Ohio–2.94%
American Municipal Power, Inc. (Prairie State Energy);
Series 2015 A, Ref. RB	5.00%		02/15/2029		2,500	2,513,745
Series 2015 A, Ref. RB	5.00%		02/15/2039		4,000	4,016,532
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Euclid Avenue Development Corp.); Series 2014, Ref. RB	5.00%		08/01/2039		3,010	3,010,650
Franklin (County of), OH (Nationwide Children’s Hospital); Series 2016, Ref. RB	5.00%		11/01/2033		2,610	2,766,166
Greater Cincinnati (Port of), OH Development Authority (IPS Cincinnati LLC); Series 2021, RB(b)	4.38%		06/15/2026		1,500	1,437,988
Miami University; Series 2017, Ref. RB	5.00%		09/01/2041		2,650	2,722,255
Ohio (State of);
Series 2017 A, GO Bonds	5.00%		03/15/2036		5,000	5,031,223
Series 2019 A, GO Bonds	5.00%		05/01/2036		6,000	6,346,172
Ohio (State of) (University Hospitals Health System, Inc.); Series 2016, Ref. RB	5.00%		01/15/2036		2,500	2,540,411
Ohio (State of) Air Quality Development Authority (Duke Energy Corp.); Series 2020 B, Ref. RB(b)	4.00%		06/01/2027		10,000	9,944,314
Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.);
Series 2014 A, RB(b)	2.40%		10/01/2029		4,500	3,876,121
Series 2019 A, Ref. PCR	3.25%		09/01/2029		7,500	7,121,135
Ohio (State of) Higher Educational Facility Commission;
Series 2015, Ref. RB	5.00%		07/01/2041		2,500	2,530,646
Series 2017, RB	5.00%		07/01/2042		1,505	1,546,495

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
Ohio–(continued)
Ohio (State of) Higher Educational Facility Commission (University of Dayton);
Series 2015 A, Ref. RB	5.00%		12/01/2036	$	2,135	$   2,184,890
Series 2022 B, Ref. RB	5.00%		02/01/2024		1,425	1,433,438
Ohio (State of) Housing Finance Agency;
Series 2017 A, RB (CEP - GNMA)	4.10%		03/01/2042		540	530,172
Series 2018 A, RB (CEP - GNMA)	4.00%		09/01/2048		785	765,452
Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund); Series 2016 A, VRD RB(g)	3.28%		12/01/2036		15,000	15,000,000
Ohio State University (The); Series 2014 B-1, VRD RB(g)	3.35%		12/01/2034		14,595	14,595,000
University of Cincinnati; Series 2017 A, RB	5.00%		06/01/2045		2,205	2,262,433
Warren (County of), OH Port Authority (Corridor 75 Park); Series 2022 B, RB	4.75%		12/01/2034		1,065	1,059,516
						93,234,754
Oklahoma–0.30%
Oklahoma (State of) Turnpike Authority;
Second Series 2017 C, RB	5.00%		01/01/2035		1,000	1,052,894
Series 2017 A, RB	5.00%		01/01/2042		1,530	1,558,749
Oklahoma (State of) Water Resources Board (2019 Master Trust); Series 2023, RB	5.00%		04/01/2039		6,325	7,009,471
						9,621,114
Ontario–0.07%
Affordable Housing Tax-Exempt Bond Pass-Thru Trust; Series 2023-1, RB(d)	6.00%		10/05/2040		2,248	2,149,092
Oregon–0.79%
Multnomah (County of), OR Hospital Facilities Authority (Green Bonds);
Series 2021 B, Ref. RB	1.20%		06/01/2028		1,100	932,642
Series 2021 B2, Ref. RB	0.95%		06/01/2027		2,835	2,480,530
Oregon (State of) (Article XI - Q State);
Series 2023 A, GO Bonds	5.00%		05/01/2037		2,300	2,604,499
Series 2023 A, GO Bonds	5.00%		05/01/2038		2,000	2,239,562
Oregon (State of) Lottery;
Series 2022 A, RB	5.00%		04/01/2035		2,815	3,205,600
Series 2022 A, RB	5.00%		04/01/2036		4,800	5,411,175
Oregon Health & Science University; Series 2016 B, Ref. RB	5.00%		07/01/2036		3,270	3,381,713
Portland (City of), OR; Series 2020 A, Ref. RB	5.00%		05/01/2035		1,740	1,917,221
Washington & Multnomah Counties School District No. 48J Beaverton; Series 2017 D, GO Bonds (CEP - Oregon School Bond Guaranty)	5.00%		06/15/2035		2,170	2,296,732
Yamhill (County of), OR Hospital Authority (Friendsview); Series 2021 B-2, RB	2.13%		11/15/2027		500	451,841
						24,921,515
Pennsylvania–2.93%
Allegheny (County of), PA;
Series 2000 C51, VRD GO Bonds (LOC - PNC Bank N.A.)(g)(h)	4.04%		05/01/2027		610	610,000
Series 2018 C-77, GO Bonds	5.00%		11/01/2043		5,030	5,261,567
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University); Series 2022, Ref. RB (SOFR + 0.29%)(b)(c)	4.01%		08/01/2027		1,000	970,552
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018, Ref. RB	5.00%		04/01/2033		3,800	3,967,993
Canon Mcmillan School District; Series 2014 D, GO Bonds (INS - BAM)(e)	5.00%		12/15/2038		2,750	2,772,778
Commonwealth Financing Authority;
Series 2018, RB	5.00%		06/01/2024		3,520	3,554,172
Series 2018, RB	5.00%		06/01/2025		1,980	2,025,636
Series 2018, RB	5.00%		06/01/2026		2,000	2,070,239
Delaware (State of) River Port Authority; Series 2013, RB	5.00%		01/01/2037		10,500	10,534,082
Lancaster (County of), PA Hospital Authority (Masonic Villages); Series 2008 D, VRD RB (LOC - JPMorgan Chase Bank N.A.)(g)(h)	2.85%		07/01/2034		4,080	4,080,000
Lower Moreland Township School District; Series 2021 B, Ref. GO Bonds	5.00%		11/01/2024		1,010	1,028,824
Monroeville Finance Authority;
Series 2023 C, Ref. RB	5.00%		05/15/2035		1,000	1,102,853
Series 2023 C, Ref. RB	5.00%		05/15/2039		1,000	1,049,200
Montgomery (County of), PA Industrial Development Authority; Series 2023, RB(b)	4.10%		04/03/2028		7,000	7,066,772

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
Pennsylvania–(continued)
Montgomery (County of), PA Industrial Development Authority (Constellation Energy); Series 2023 B, Ref. RB	4.10%		06/01/2029	$	1,550	$   1,568,114
Pennsylvania (Commonwealth of);
Series 2018 A, Ref. COP	5.00%		07/01/2025		500	513,717
Series 2018 A, Ref. COP	5.00%		07/01/2037		1,600	1,671,784
Pennsylvania (Commonwealth of) Economic Development Financing Authority;
Series 2023 A-2, RB	5.00%		05/15/2036		1,600	1,745,151
Series 2023 A-2, RB	5.00%		05/15/2039		800	851,071
Series 2023 B, Ref. RB	5.00%		05/15/2039		1,000	1,063,838
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University); Series 2015, Ref. RB	5.00%		09/01/2039		5,000	5,032,717
Pennsylvania (Commonwealth of) Housing Finance Agency (Social Bonds); Series 2021, Ref. RB	3.00%		10/01/2051		9,234	8,913,688
Pennsylvania (Commonwealth of) Public School Building Authority (Delaware County Community college); Series 2023, RB (INS - BAM)(e)	4.13%		10/01/2048		5,005	4,464,039
Pennsylvania (Commonwealth of) Turnpike Commission;
Series 2011 A, RB	5.00%		12/01/2023		1,500	1,505,329
Series 2016 B, Ref. RB	5.00%		06/01/2033		1,345	1,392,927
Series 2016, Ref. RB	5.00%		12/01/2033		2,000	2,100,551
Series 2016, Ref. RB	5.00%		12/01/2034		2,525	2,644,892
Series 2019 A, RB	5.00%		12/01/2029		2,000	2,197,378
Series 2022 A, Ref. RB	5.00%		12/01/2035		1,500	1,655,755
Series 2022 A, Ref. RB	5.00%		12/01/2036		1,455	1,601,104
Pennsylvania State University (The); Series 2015 B, Ref. RB	5.00%		09/01/2034		1,000	1,024,330
State College Area School District; Series 2018, GO Bonds	5.00%		05/15/2044		6,450	6,733,886
						92,774,939
Puerto Rico–1.49%
Children’s Trust Fund;
Series 2002, RB	5.50%		05/15/2039		6,145	6,145,718
Series 2002, RB	5.63%		05/15/2043		900	904,519
Puerto Rico (Commonwealth of); Series 2021 A-1, GO Bonds	5.38%		07/01/2025		20,233	20,618,188
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2004 PP, Ref. RB (INS - NATL)(e)	5.00%		07/01/2025		300	300,041
Series 2005 RR, RB (INS - SGI)(e)	5.00%		07/01/2026		4,000	3,967,856
Series 2005 SS, Ref. RB (INS - NATL)(e)	5.00%		07/01/2024		5,645	5,645,852
Series 2005 SS, Ref. RB (INS - NATL)(e)	5.00%		07/01/2025		355	355,111
Series 2007 TT, RB (INS - NATL)(e)	5.00%		07/01/2026		270	270,137
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(f)	0.00%		07/01/2024		4,303	4,164,126
Series 2018 A-1, RB(f)	0.00%		07/01/2027		5,752	4,923,632
						47,295,180
Rhode Island–0.64%
Rhode Island Health and Educational Building Corp. (University of Rhode Island - Auxiliary Enterprise); Series 2009 B, RB (INS - AGC)(e)	5.25%		09/15/2029		1,100	1,100,532
Tobacco Settlement Financing Corp.;
Series 2015 A, Ref. RB	5.00%		06/01/2026		1,145	1,163,316
Series 2015 A, Ref. RB	5.00%		06/01/2027		6,810	6,923,861
Series 2015 B, Ref. RB	4.50%		06/01/2045		9,380	9,148,092
Series 2015 B, Ref. RB	5.00%		06/01/2050		2,000	1,941,287
						20,277,088
South Carolina–0.67%
Coastal Carolina University; Series 2014, RB	5.00%		06/01/2034		1,355	1,369,308
SCAGO Educational Facilities Corp. for Pickens School District; Series 2015, Ref. RB	5.00%		12/01/2026		2,250	2,306,522
South Carolina (State of) Jobs-Economic Development Authority; Series 2020, RB(b)	5.00%		10/01/2025		5,000	5,113,634
South Carolina (State of) Jobs-Economic Development Authority (AnMed Health); Series 2018 A, Ref. RB	5.00%		05/01/2025		1,500	1,528,713

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 Carolina–(continued)
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group);
Series 2018 A, Ref. RB	5.00%		05/01/2024	$	1,000	$   1,007,970
Series 2018 C, VRD RB(g)	4.63%		05/01/2048		10,000	10,000,000
						21,326,147
South Dakota–0.34%
South Dakota (State of) Health & Educational Facilities Authority (Avera Health); Series 2019 A, Ref. RB(b)	5.00%		07/01/2024		5,000	5,028,954
South Dakota Conservancy District;
Series 2014 B, RB	5.00%		08/01/2031		3,020	3,061,544
Series 2014 B, RB	5.00%		08/01/2032		2,765	2,803,036
						10,893,534
Tennessee–2.31%
Metropolitan Nashville Airport Authority (The); Series 2015 A, RB	5.00%		07/01/2045		4,000	4,043,745
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center); Series 2016 A, RB	5.00%		07/01/2035		20,330	20,928,007
Tennessee Energy Acquisition Corp.;
Series 2006 A, RB	5.25%		09/01/2023		39,950	39,950,000
Series 2018, RB(b)	4.00%		11/01/2025		3,420	3,381,157
Tennessee Housing Development Agency (Social Bonds); Series 2022, RB	5.50%		01/01/2053		4,740	4,943,955
						73,246,864
Texas–12.20%
Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.);
Series 2021, RB(b)(d)	4.50%		06/15/2026		1,400	1,384,098
Series 2023, RB(b)(d)	4.88%		06/15/2026		1,500	1,497,388
Austin (City of), TX;
Series 2017, Ref. RB	5.00%		11/15/2031		1,000	1,049,832
Series 2022, Ref. RB	5.00%		11/15/2034		825	942,779
Series 2022, Ref. RB	5.00%		11/15/2035		1,250	1,411,162
Series 2022, Ref. RB	5.00%		11/15/2036		1,500	1,671,816
Series 2022, Ref. RB	5.00%		11/15/2037		1,250	1,380,409
Series 2022, Ref. RB	5.00%		11/15/2038		1,750	1,920,008
Series 2023, Ref. RB	5.00%		11/15/2035		16,000	18,151,147
Austin Convention Enterprises, Inc.;
Series 2017, Ref. RB	5.00%		01/01/2025		500	501,254
Series 2017, Ref. RB	5.00%		01/01/2025		400	397,418
Austin Independent School District;
Series 2022 B, Ref. GO Bonds (CEP - Texas Permanent School Fund)	5.00%		08/01/2032		2,080	2,353,442
Series 2023, GO Bonds	5.00%		08/01/2035		2,000	2,279,162
Series 2023, GO Bonds	5.00%		08/01/2036		2,265	2,553,250
Barbers Hill Independent School District; Series 2017, GO Bonds (CEP - Texas Permanent School Fund)	5.00%		02/15/2039		2,555	2,653,463
Bridge City Independent School District;
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)	5.00%		02/15/2035		2,385	2,668,367
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)	5.00%		02/15/2036		1,610	1,785,173
Central Texas Regional Mobility Authority; Series 2021 B, RB	5.00%		01/01/2033		1,225	1,341,562
Crockett County Consolidated Common School District No. 1; Series 2023, GO Bonds (INS - AGM)(e)	5.00%		08/15/2037		1,695	1,710,658
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport);
Series 2013 D, Ref. RB(a)(b)	5.00%		11/01/2023		1,000	1,002,376
Series 2022 B, Ref. RB	5.00%		11/01/2035		1,000	1,105,875
Series 2022 B, Ref. RB	5.00%		11/01/2038		4,500	4,872,413
Dallas (City of), TX (Dallas, Denton, Collin and Rockwall Counties); Series 2016 A, Ref. RB	5.00%		10/01/2041		10,000	10,223,428
Denton (City of), TX; Series 2017, RB	5.00%		12/01/2035		3,240	3,343,352
Dickinson Independent School District; Series 2000, Ref. GO Bonds (CEP -Texas Permanent School Fund)	6.00%		02/15/2028		8,590	9,223,298
El Paso (City of), TX; Series 2019 B, Ref. RB	5.00%		03/01/2024		1,205	1,213,492
Frisco (City of), TX; Series 2018, GO Bonds	5.00%		02/15/2024		1,800	1,813,155

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)
Garland (City of), TX;
Series 2016 B, RB	5.00%		03/01/2034	$	1,000	$   1,037,484
Series 2023, Ref. RB	5.00%		03/01/2038		2,240	2,457,130
Gregory-Portland Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	5.00%		02/15/2039		8,030	8,759,616
Harris (County of), TX;
Series 2015 A, Ref. GO Bonds	5.00%		10/01/2031		4,555	4,678,330
Series 2015 A, Ref. GO Bonds	5.00%		10/01/2036		3,855	3,933,096
Series 2016 A, Ref. RB	5.00%		08/15/2034		1,685	1,748,525
Harris County Cultural Education Facilities Finance Corp.; Series 2019 A, Ref. RB (SOFR + 0.73%)(b)(c)	4.44%		07/01/2024		8,000	7,999,988
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System); Series 2016, RB	5.00%		07/01/2038		2,675	2,727,515
Harris County Cultural Education Facilities Finance Corp. (Teco Project); Series 2017, Ref. RB	5.00%		11/15/2033		3,675	3,880,455
Harris County Flood Control District (Sustainability Bonds);
Series 2022 A, GO Bonds	5.00%		10/01/2034		3,000	3,413,512
Series 2022 A, GO Bonds	5.00%		10/01/2035		2,600	2,927,304
Series 2022 A, GO Bonds	5.25%		10/01/2036		2,100	2,379,967
Series 2022 A, GO Bonds	5.25%		10/01/2037		2,500	2,805,802
Harris County Industrial Development Corp. (Energy Transfer L.P.); Series 2023, Ref. RB(b)	4.05%		06/01/2033		4,725	4,645,740
Hays Consolidated Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)	4.00%		02/15/2037		1,000	1,016,323
Houston (City of), TX;
Series 2004 B-6, Ref. VRD RB (LOC - Sumitomo Mitsui Banking)(g)(h)	4.00%		05/15/2034		150	150,000
Series 2015 A, Ref. RB	5.00%		11/15/2036		41,290	42,267,504
Series 2017 A, Ref. GO Bonds	5.00%		03/01/2029		6,000	6,335,089
Humble Independent School District; Series 2018, GO Bonds (CEP - Texas Permanent School Fund)	5.00%		02/15/2043		10,000	10,352,061
Kennedale Independent School District;
Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	5.00%		02/15/2036		2,030	2,291,928
Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	5.00%		02/15/2038		2,245	2,478,621
Lamar Consolidated Independent School District;
Series 2023, GO Bonds	5.00%		02/15/2036		3,000	3,376,756
Series 2023, GO Bonds	5.00%		02/15/2037		2,000	2,222,036
Series 2023, GO Bonds	5.00%		02/15/2038		1,750	1,921,856
Leander Independent School District;
Series 2014 D, Ref. GO Bonds(a)(b)(f)	0.00%		08/15/2024		3,635	3,158,753
Series 2014 D, Ref. GO Bonds (CEP - Texas Permanent School Fund)(f)	0.00%		08/15/2027		2,040	1,768,177
Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2019, Ref. RB	5.00%		05/15/2038		1,015	1,051,164
Magnolia Independent School District; Series 2023, GO Bonds	5.00%		08/15/2040		2,280	2,468,716
New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center);
Series 2021, Ref. RB(d)	4.00%		08/15/2026		660	637,919
Series 2021, Ref. RB(d)	4.00%		08/15/2027		520	498,706
Series 2021, Ref. RB(d)	4.00%		08/15/2028		540	513,860
Series 2021, Ref. RB(d)	4.00%		08/15/2030		1,405	1,313,969
New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven (The)); Series 2022 B3, RB	4.25%		10/01/2026		3,500	3,433,775
North East Texas Regional Mobility Authority; Series 2016, RB	5.00%		01/01/2026		1,870	1,897,689
North Texas Tollway Authority;
Series 2015 A, Ref. RB	5.00%		01/01/2034		5,000	5,065,833
Series 2015 A, Ref. RB	5.00%		01/01/2035		2,000	2,024,340
Series 2017 A, Ref. RB	5.00%		01/01/2039		3,090	3,205,543
Series 2017 A, Ref. RB	5.00%		01/01/2043		5,000	5,138,036
Series 2019 B, Ref. RB	5.00%		01/01/2024		2,000	2,009,592
Northwest Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	5.00%		02/15/2039		2,580	2,816,375
Pasadena Independent School District; Series 2018, GO Bonds (CEP - Texas Permanent School Fund)	5.00%		02/15/2039		1,075	1,128,388

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
Texas–(continued)
Pearland (City of), TX;
Series 2020, Ref. GO Bonds	5.00%		03/01/2024	$	1,010	$   1,018,146
Series 2022 B, Ctfs. of Obligation	5.00%		03/01/2030		1,970	2,053,190
Pecos Barstow Toyah Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	5.00%		02/15/2037		1,300	1,373,833
Pflugerville Independent School District; Series 2023 A, GO Bonds	5.00%		02/15/2039		1,295	1,407,324
Plano Independent School District;
Series 2023, GO Bonds	5.00%		02/15/2036		1,650	1,860,652
Series 2023, GO Bonds	5.00%		02/15/2038		3,350	3,688,912
Port Arthur (Port of), TX Navigation District; Subseries 2010, VRD RB(g)	3.78%		11/01/2040		11,825	11,825,000
Pottsboro Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)	5.00%		02/15/2040		1,200	1,308,900
San Antonio (City of), TX;
Series 2014, RB	5.00%		02/01/2031		2,550	2,562,834
Series 2017, RB	5.00%		02/01/2033		1,000	1,063,936
San Antonio Independent School District;
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)	5.00%		08/15/2034		1,400	1,597,951
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)	5.00%		08/15/2036		2,750	3,079,422
Sienna Management District;
Series 2021, GO Bonds (INS - BAM)(e)	2.00%		10/15/2029		535	473,864
Series 2021, GO Bonds (INS - BAM)(e)	2.00%		10/15/2030		555	481,880
Series 2021, GO Bonds (INS - BAM)(e)	2.00%		10/15/2031		575	490,186
Series 2021, GO Bonds (INS - BAM)(e)	2.00%		10/15/2032		595	495,564
Spring Branch Independent School District;
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)	5.00%		02/01/2035		2,000	2,255,786
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)	5.00%		02/01/2036		2,565	2,870,488
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)	5.00%		02/01/2037		2,000	2,217,331
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)	5.00%		02/01/2038		2,250	2,468,178
Spring Independent School District; Series 2023, GO Bonds	5.00%		08/15/2035		3,120	3,555,147
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health); Series 2018 A, Ref. RB	5.00%		07/01/2024		1,850	1,869,705
Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System); Series 2016 A, Ref. RB	5.00%		02/15/2041		19,835	20,227,991
Texas (State of);
Series 2015 B, Ref. GO Bonds	5.00%		10/01/2036		25,000	25,676,892
Series 2022 B, Ref. GO Bonds	5.00%		08/01/2038		3,100	3,163,957
Texas (State of) (Water Financial Assistance); Series 2022 B, Ref. GO Bonds	5.00%		08/01/2039		7,680	7,825,707
Texas (State of) Public Finance Authority;
Series 2023, RB (INS - BAM)(e)	5.25%		05/01/2036		700	758,322
Series 2023, RB (INS - BAM)(e)	5.25%		05/01/2037		500	539,196
Series 2023, RB (INS - BAM)(e)	5.25%		05/01/2038		500	534,531
Series 2023, RB (INS - BAM)(e)	5.25%		05/01/2039		565	601,959
Texas (State of) Transportation Commission (Central Texas Turnpike System);
Series 2012 A, Ref. RB	4.00%		08/15/2038		350	324,432
Series 2015 C, Ref. RB	5.00%		08/15/2031		14,275	14,367,057
Series 2015 C, Ref. RB	5.00%		08/15/2033		5,000	5,031,077
Series 2015 C, Ref. RB	5.00%		08/15/2034		6,395	6,432,223
Texas (State of) Water Development Board (State Water Implementation Fund); Series 2015 A, RB	5.00%		10/15/2031		2,875	2,984,144
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB	6.25%		12/15/2026		1,365	1,413,563
Trinity River Authority; Series 2017, Ref. RB	5.00%		08/01/2034		1,200	1,263,371
West Travis County Public Utility Agency; Series 2017, Ref. RB (INS - BAM)(e)	5.00%		08/15/2030		1,000	1,067,051
						386,616,952
Utah–0.34%
Salt Lake City (City of), UT; Series 2017 B, RB	5.00%		07/01/2042		1,100	1,125,643
Utah (State of) Building Ownership Authority (Master Lease Program); Series 2022, RB	5.00%	��	05/15/2036		2,735	3,069,749

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

22 Invesco Limited Term Municipal Income Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Utah–(continued)
Utah Telecommunication Open Infrastructure Agency;
Series 2022, Ref. RB		5.25	%		06/01/2033	$	1,000	$	1,137,015
Series 2022, Ref. RB		5.25	%		06/01/2034		1,000		1,136,206
Series 2022, Ref. RB		5.25	%		06/01/2035		1,000		1,128,482
Series 2022, Ref. RB		5.25	%		06/01/2037		2,770		3,063,969
									10,661,064
Vermont–0.04%
Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center (The)); Series 2016 A, Ref. RB		5.00	%		12/01/2032		1,120		1,154,846
Virgin Islands–0.16%
Virgin Islands (Government of) Public Finance Authority (Garvee);
Series 2015, RB(d)		5.00	%		09/01/2023		1,750		1,750,000
Series 2015, RB(d)		5.00	%		09/01/2024		1,650		1,662,007
Series 2015, RB(d)		5.00	%		09/01/2025		1,500		1,501,136
									4,913,143
Virginia–1.09%
Chesapeake Bay Bridge & Tunnel District;
Series 2016, RB (INS - AGM)(e)		5.00	%		07/01/2041		4,910		5,005,596
Series 2019, RAN		5.00	%		11/01/2023		6,360		6,370,698
Hampton (City of), VA Roads Transportation Accountability Commission; Series 2021 A, RB(a)		5.00	%		07/01/2026		5,000		5,250,917
Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs);
Series 2023, RB		5.00	%		02/01/2038		2,500		2,790,815
Series 2023, RB		5.00	%		02/01/2039		10,000		11,083,082
Virginia (Commonwealth of) Housing Development Authority; Subseries 2012 C-2, RB		3.45	%		04/01/2038		4,255		3,955,946
									34,457,054
Washington–6.03%
Chelan County Public Utility District No. 1; Series 2008 B, Ref. VRD RB(g)		3.40	%		07/01/2032		135		135,000
Energy Northwest; Series 2023, Ref. RB		5.00	%		07/01/2038		10,000		11,127,269
Energy Northwest (Columbia Generating Station);
Series 2014, Ref. RB		5.00	%		07/01/2031		8,150		8,248,057
Series 2022, Ref. RB		5.00	%		07/01/2033		16,300		18,804,006
King County School District No. 401 Highline; Series 2022 B, Ref. GO Bonds (CEP - Oregon School Bond Guaranty)		5.00	%		12/01/2025		5,400		5,598,362
Lewis & Thurston (Counties of), WA Centralia School District No. 401; Series 2017, GO Bonds (CEP - Oregon School Bond Guaranty)		5.00	%		12/01/2039		5,000		5,154,355
Seattle (Port of), WA; Series 2017, GO Bonds		5.00	%		01/01/2036		4,000		4,207,042
University of Washington; Series 2016 A, Ref. RB		5.25	%		12/01/2046		10,850		11,237,771
Washington (State of);
Series 2014 E, GO Bonds		5.00	%		02/01/2036		15,440		15,515,843
Series 2015 A-1, GO Bonds		5.00	%		08/01/2026		4,860		4,932,512
Series 2015 B, GO Bonds		5.00	%		02/01/2040		1,575		1,594,219
Series 2016 B, Ref. GO Bonds		5.00	%		07/01/2032		1,180		1,221,395
Series 2016 C, GO Bonds		5.00	%		02/01/2036		1,425		1,471,703
Series 2017 A, COP		5.00	%		07/01/2033		2,100		2,228,910
Series 2017 A, GO Bonds		5.00	%		08/01/2033		1,075		1,121,224
Series 2017 A, GO Bonds		5.00	%		08/01/2036		1,230		1,275,987
Series 2017 A, GO Bonds		5.00	%		08/01/2038		2,000		2,066,963
Series 2019 C, GO Bonds		5.00	%		02/01/2024		3,760		3,786,067
Washington (State of) (Bid Group 2); Series 2022 A-2, GO Bonds		5.00	%		08/01/2039		10,000		10,982,534
Washington (State of) Health Care Facilities Authority;
Series 2015 A, RB		5.00	%		08/15/2034		2,170		2,191,935
Series 2015 B, Ref. RB		5.00	%		10/01/2038		10,790		10,940,902
Washington (State of) Health Care Facilities Authority (Catholic Health Initiatives); Series 2013, RB (SIFMA Municipal Swap Index + 1.40%)(b)(c)		5.46	%		01/01/2025		5,650		5,652,052

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

23 Invesco Limited Term Municipal Income Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Washington–(continued)
Washington (State of) Health Care Facilities Authority (Commonspirit Health);
Series 2019 B-1, Ref. RB(b)		5.00	%		08/01/2024	$	11,685	$	11,730,628
Series 2019 B-3, Ref. RB(b)		5.00	%		08/01/2026		1,010		1,034,353
Washington (State of) Health Care Facilities Authority (Providence Health & Services);
Series 2012 A, RB		5.00	%		10/01/2032		1,940		1,940,429
Series 2012 A, RB		4.00	%		10/01/2034		17,500		16,987,938
Series 2012 A, RB		4.25	%		10/01/2040		2,450		2,273,103
Series 2012 A, RB		5.00	%		10/01/2042		26,650		25,542,668
Washington (State of) Housing Finance Commission (Social Certificates); Series 2021-1A, Revenue Ctfs.		3.50	%		12/20/2035		2,358		2,136,446
									191,139,673
West Virginia–0.16%
Monogalia (County of), WV (Development Disctict No. 4 - University Town Centre); Series 2023, Ref. RB(d)		5.00	%		06/01/2033		1,000		1,019,343
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group);
Series 2023, RB		5.00	%		06/01/2038		1,105		1,170,173
Series 2023, RB		5.00	%		06/01/2039		1,125		1,184,860
West Virginia (State of) State School Building Authority; Series 2016 A, RB		5.00	%		07/01/2027		1,595		1,641,369
									5,015,745
Wisconsin–0.92%
Southern Door County School District; Series 2023 A, GO Bonds		5.00	%		03/01/2024		1,405		1,415,650
Wisconsin (State of); Series 2022-3, Ref. GO Notes		5.00	%		11/01/2023		1,300		1,303,212
Wisconsin (State of) Health & Educational Facilities Authority (Advocate Aurora Health Credit Group);
Series 2018 B-3, Ref. RB(b)		5.00	%		01/31/2024		2,495		2,508,967
Series 2018, Ref. RB(b)		5.00	%		01/29/2025		4,600		4,683,776
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group); Series 2016 A, Ref. RB		5.00	%		11/15/2039		3,745		3,802,015
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group); Series 2016, Ref. RB		5.00	%		11/15/2036		5,000		5,130,407
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB		5.00	%		06/01/2032		1,000		1,000,168
Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care Obligated Group); Series 2015, Ref. RB		5.00	%		08/15/2039		1,535		1,537,233
Wisconsin (State of) Public Finance Authority (Barton College); Series 2018 A, RB		5.00	%		03/01/2028		1,335		1,336,363
Wisconsin (State of) Public Finance Authority (City of Boynton Beach, Florida Municipal Improvements); Series 2018, RB		5.00	%		07/01/2041		2,000		2,056,030
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 A, RB		5.00	%		12/01/2027		1,785		1,803,068
Wisconsin Rapids School District; Series 2020, Ref. GO Bonds		5.00	%		04/01/2024		1,640		1,655,252
WPPI Energy; Series 2014 A, Ref. RB		5.00	%		07/01/2031		1,000		1,008,789
									29,240,930
Total Municipal Obligations (Cost $3,144,069,948)									3,128,972,986
						Shares
MuniFund Preferred Shares–0.38%
Nuveen AMT-Free Quality Municipal Income Fund; MFP, Series D (Cost $12,000,000)							12,000,000		12,000,000
TOTAL INVESTMENTS IN SECURITIES(i)–99.09% (Cost $3,156,069,948)									3,140,972,986
OTHER ASSETS LESS LIABILITIES–0.91%									28,840,442
NET ASSETS–100.00%								$	3,169,813,428

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

24 Invesco Limited 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
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
INS	- Insurer
LIBOR	- London Interbank Offered Rate
LOC	- Letter of Credit
MFP	- MuniFund Preferred Shares
NATL	- National Public Finance Guarantee Corp.
PCR	- Pollution Control Revenue Bonds
RAN	- Revenue Anticipation Notes
RB	- Revenue Bonds
Ref.	- Refunding
RN	- Revenue Notes
SGI	- Syncora Guarantee, Inc.
SIFMA	- Securities Industry and Financial Markets Association
SOFR	- Secured Overnight Financing Rate
USD	- U.S. Dollar
VRD	- Variable Rate Demand
Wts.	- Warrants

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)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.

^(d)  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, 2023 was $120,604,649, which represented 3.80% of the Fund’s Net Assets.

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

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

^(g) 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, 2023.

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

⁽ⁱ⁾ 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 obligations but may be called upon to satisfy issuer’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, 2023

Revenue Bonds	73.58%
General Obligation Bonds	16.85
Other	7.76
Pre-Refunded Bonds	1.81

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

25 Invesco Limited Term Municipal Income Fund

Statement of Assets and Liabilities

August 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $3,156,069,948)	$	3,140,972,986
Cash		34,000,182
Receivable for:
Investments sold		18,177,248
Fund shares sold		11,127,834
Interest		34,794,898
Investment for trustee deferred compensation and retirement plans		165,233
Other assets		134,890
Total assets		3,239,373,271
Liabilities:
Payable for:
Investments purchased		53,424,143
Dividends		2,861,273
Fund shares reacquired		12,164,663
Accrued fees to affiliates		841,336
Accrued trustees’ and officers’ fees and benefits		2,561
Accrued other operating expenses		81,558
Trustee deferred compensation and retirement plans		184,309
Total liabilities		69,559,843
Net assets applicable to shares outstanding	$	3,169,813,428
Net assets consist of:
Shares of beneficial interest	$	3,305,486,267
Distributable earnings (loss)		(135,672,839	)
	$	3,169,813,428

Net Assets:
Class A	$	1,251,481,479
Class A2	$	30,676,841
Class C	$	49,618,651
Class Y	$	1,234,478,587
Class R5	$	775,461
Class R6	$	602,782,409
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		114,923,221
Class A2		2,815,463
Class C		4,558,147
Class Y		113,414,376
Class R5		71,209
Class R6		55,382,200
Class A:
Net asset value per share	$	10.89
Maximum offering price per share (Net asset value of $10.89 ÷ 97.50%)	$	11.17
Class A2:
Net asset value per share	$	10.90
Maximum offering price per share (Net asset value of $10.90 ÷ 99.00%)	$	11.01
Class C:
Net asset value and offering price per share	$	10.89
Class Y:
Net asset value and offering price per share	$	10.88
Class R5:
Net asset value and offering price per share	$	10.89
Class R6:
Net asset value and offering price per share	$	10.88

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

26 Invesco Limited Term Municipal Income Fund

Statement of Operations

For the six months ended August 31, 2023

(Unaudited)

Investment income:
Interest	$	59,877,302
Expenses:
Advisory fees		3,690,461
Administrative services fees		245,977
Custodian fees		10,609
Distribution fees:
Class A		1,656,162
Class C		278,241
Transfer agent fees - A, A2, C and Y		1,000,465
Transfer agent fees - R5		391
Transfer agent fees - R6		46,904
Trustees’ and officers’ fees and benefits		25,075
Registration and filing fees		172,770
Reports to shareholders		63,505
Professional services fees		52,937
Other		26,765
Total expenses		7,270,262
Less: Expense offset arrangement(s)		(685	)
Net expenses		7,269,577
Net investment income		52,607,725
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(1,756,435))		(12,350,923	)
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(3,185,947	)
Net realized and unrealized gain (loss)		(15,536,870	)
Net increase in net assets resulting from operations	$	37,070,855

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

27 Invesco Limited Term Municipal Income Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2023 and the year ended February 28, 2023

(Unaudited)

	August 31, 2023			February 28, 2023
Operations:
Net investment income	$	52,607,725		$	75,764,826
Net realized gain (loss)		(12,350,923	)		(70,746,308	)
Change in net unrealized appreciation (depreciation)		(3,185,947	)		(36,854,818	)
Net increase (decrease) in net assets resulting from operations		37,070,855			(31,836,300	)
Distributions to shareholders from distributable earnings:
Class A		(19,666,973	)		(26,214,372	)
Class A2		(508,522	)		(700,506	)
Class C		(617,304	)		(694,440	)
Class Y		(20,542,512	)		(26,580,592	)
Class R5		(12,502	)		(20,966	)
Class R6		(10,191,780	)		(12,822,128	)
Total distributions from distributable earnings		(51,539,593	)		(67,033,004	)
Share transactions–net:
Class A		(113,388,270	)		(91,063,894	)
Class A2		(157,538	)		(883,564	)
Class C		(9,740,865	)		(13,982,439	)
Class Y		(32,334,018	)		145,027,863
Class R5		5,502			(1,016,059	)
Class R6		(21,963,180	)		123,914,625
Net increase (decrease) in net assets resulting from share transactions		(177,578,369	)		161,996,532
Net increase (decrease) in net assets		(192,047,107	)		63,127,228
Net assets:
Beginning of period		3,361,860,535			3,298,733,307
End of period	$	3,169,813,428		$	3,361,860,535

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

28 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			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 08/31/23		$10.94		$0.17		$(0.06	)		$0.11			$(0.16	)			$10.89		1.04	%		$1,251,481		0.58	%(d)		0.58	%(d)		-	%		3.03	%(d)		26	%
Year ended 02/28/23		11.28		0.23		(0.37	)		(0.14	)		(0.20	)			10.94		(1.21	)		1,370,337		0.58			0.58			-			2.12			96
Year ended 02/28/22		11.52		0.12		(0.23	)		(0.11	)		(0.13	)			11.28		(1.00	)		1,505,388		0.62			0.62			0.58			1.05			23
Year ended 02/28/21		11.52		0.19		0.01			0.20			(0.20	)			11.52		1.75			1,414,161		0.62			0.62			0.61			1.65			19
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
Class A2
Six months ended 08/31/23		10.95		0.18		(0.05	)		0.13			(0.18	)			10.90		1.17			30,677		0.33	(d)		0.33	(d)		-			3.28	(d)		26
Year ended 02/28/23		11.28		0.26		(0.36	)		(0.10	)		(0.23	)			10.95		(0.87	)		31,001		0.33			0.33			-			2.37			96
Year ended 02/28/22		11.53		0.15		(0.25	)		(0.10	)		(0.15	)			11.28		(0.84	)		32,980		0.37			0.37			0.33			1.30			23
Year ended 02/28/21		11.53		0.22		0.01			0.23			(0.23	)			11.53		2.00			32,880		0.37			0.37			0.36			1.90			19
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
Class C
Six months ended 08/31/23		10.94		0.13		(0.06	)		0.07			(0.12	)			10.89		0.66			49,619		1.33	(d)		1.33	(d)		-			2.28	(d)		26
Year ended 02/28/23		11.27		0.15		(0.36	)		(0.21	)		(0.12	)			10.94		(1.86	)		59,567		1.33			1.33			-			1.37			96
Year ended 02/28/22		11.52		0.04		(0.25	)		(0.21	)		(0.04	)			11.27		(1.84	)		75,669		1.37			1.37			1.33			0.30			23
Year ended 02/28/21		11.52		0.10		0.01			0.11			(0.11	)			11.52		0.99			95,786		1.37			1.37			1.36			0.90			19
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
Class Y
Six months ended 08/31/23		10.94		0.18		(0.06	)		0.12			(0.18	)			10.88		1.07			1,234,479		0.33	(d)		0.33	(d)		-			3.28	(d)		26
Year ended 02/28/23		11.27		0.26		(0.36	)		(0.10	)		(0.23	)			10.94		(0.87	)		1,272,667		0.33			0.33			-			2.37			96
Year ended 02/28/22		11.52		0.15		(0.25	)		(0.10	)		(0.15	)			11.27		(0.85	)		1,162,937		0.37			0.37			0.33			1.30			23
Year ended 02/28/21		11.52		0.22		0.01			0.23			(0.23	)			11.52		2.00			991,334		0.37			0.37			0.36			1.90			19
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
Class R5
Six months ended 08/31/23		10.94		0.18		(0.05	)		0.13			(0.18	)			10.89		1.15			775		0.36	(d)		0.36	(d)		-			3.25	(d)		26
Year ended 02/28/23		11.28		0.26		(0.37	)		(0.11	)		(0.23	)			10.94		(0.96	)		774		0.33			0.33			-			2.37			96
Year ended 02/28/22		11.52		0.15		(0.24	)		(0.09	)		(0.15	)			11.28		(0.75	)		1,836		0.36			0.36			0.32			1.31			23
Year ended 02/28/21		11.51		0.23		0.01			0.24			(0.23	)			11.52		2.14			2,165		0.25			0.25			0.23			2.02			19
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
Class R6
Six months ended 08/31/23		10.94		0.18		(0.06	)		0.12			(0.18	)			10.88		1.10			602,782		0.28	(d)		0.28	(d)		-			3.33	(d)		26
Year ended 02/28/23		11.27		0.27		(0.36	)		(0.09	)		(0.24	)			10.94		(0.81	)		627,516		0.27			0.27			-			2.43			96
Year ended 02/28/22		11.51		0.16		(0.24	)		(0.08	)		(0.16	)			11.27		(0.70	)		519,924		0.31			0.31			0.27			1.36			23
Year ended 02/28/21		11.51		0.23		0.01			0.24			(0.24	)			11.51		2.08			347,684		0.30			0.30			0.28			1.97			19
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

^(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)  Annualized.

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

29 Invesco Limited Term Municipal Income Fund

Notes to Financial Statements

August 31, 2023

(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 eight 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 eighth anniversary after a purchase of Class C shares.

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 generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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,

30 Invesco Limited Term Municipal Income Fund

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 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 based on relative net assets of Class R5 and Class R6. 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. Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit.

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. 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.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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, 2023, the effective advisory fee rate incurred by the Fund was 0.22%.

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).

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, 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 the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

31 Invesco Limited Term Municipal Income 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, 2023, 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, 2023, 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 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 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 Plans payments, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $25,117 and $25 in front-end sales commissions from the sale of Class A and Class A2 shares, respectively, and $80,193, $0 and $1,586 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of August 31, 2023, 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 securities from or sell securities to certain other affiliated 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 that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended August 31, 2023, the Fund engaged in securities purchases of $99,508,303 and securities sales of $135,099,026, which resulted in net realized gains (losses) of $(1,756,435).

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $685.

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

32 Invesco Limited Term Municipal Income 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.

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 carryforward 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 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$82,360,560		$34,587,368		$116,947,928

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2023 was $727,600,896 and $810,647,018, 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		$15,964,867
Aggregate unrealized (depreciation) of investments		(32,788,176	)
Net unrealized appreciation (depreciation) of investments	$	(16,823,309	)

Cost of investments for tax purposes is $3,157,796,295.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended August 31, 2023(a)						Year ended February 28, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		9,305,032		$	102,158,192			53,928,796		$	592,560,210
Class A2		332,916			3,688,477			918,802			10,200,143
Class C		142,867			1,568,219			1,197,551			13,109,628
Class Y		19,387,346			212,850,261			118,437,816			1,301,424,121
Class R5		-			-			21,359			237,251
Class R6		8,942,321			98,165,659			41,220,339			453,037,462
Issued as reinvestment of dividends:
Class A		1,321,835			14,506,940			1,781,577			19,542,829
Class A2		19,502			214,182			32,172			353,151
Class C		45,173			495,733			51,483			563,936
Class Y		1,026,267			11,257,429			1,378,819			15,115,506
Class R5		598			6,558			613			6,719
Class R6		769,384			8,439,642			974,181			10,680,857
Automatic conversion of Class C shares to Class A shares:
Class A		218,086			2,388,403			212,588			2,340,417
Class C		(218,173	)		(2,388,403	)		(212,673	)		(2,340,417	)

33 Invesco Limited Term Municipal Income Fund

	Summary of Share Activity
	Six months ended August 31, 2023(a)						Year ended February 28, 2023
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(21,161,139	)	$	(232,441,805	)		(64,169,619	)	$	(705,507,350	)
Class A2		(368,701	)		(4,060,197	)		(1,041,976	)		(11,436,858	)
Class C		(857,661	)		(9,416,414	)		(2,302,767	)		(25,315,586	)
Class Y		(23,368,979	)		(256,441,708	)		(106,613,091	)		(1,171,511,764	)
Class R5		(96	)		(1,056	)		(114,071	)		(1,260,029	)
Class R6		(11,713,458	)		(128,568,481	)		(30,943,791	)		(339,803,694	)
Net increase (decrease) in share activity		(16,176,880	)	$	(177,578,369	)		14,758,108		$	161,996,532

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 72% 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.

34 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, 2023 through August 31, 2023.

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  (03/01/23)	Ending  Account Value  (08/31/23)1	Expenses   Paid During   Period2	Ending  Account Value  (08/31/23)	Expenses   Paid During   Period2	Annualized   Expense Ratio
Class A	$1,000.00	$1,010.40	$2.93	$1,022.22	$2.95	0.58%
Class A2	1,000.00	1,011.70	1.67	1,023.48	1.68	0.33
Class C	1,000.00	1,006.60	6.71	1,018.45	6.75	1.33
Class Y	1,000.00	1,010.70	1.67	1,023.48	1.68	0.33
Class R5	1,000.00	1,011.50	1.82	1,023.33	1.83	0.36
Class R6	1,000.00	1,011.00	1.42	1,023.73	1.42	0.28

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, 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 184/366 to reflect the most recent fiscal half year.

35 Invesco Limited Term Municipal Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

meetings held on June 13, 2023, 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, 2023. 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 has established an Investments Committee, which in turn has established Sub-Committees, that 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 information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees 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 requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by 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. 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 accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a

description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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 to the Fund 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, 2022 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond Investment Grade Short Intermediate Index (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 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

36 Invesco Limited Term Municipal Income Fund

 

performance of Class A shares of the Fund was above the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. 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, which did not change its 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 is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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 requested and considered additional information from management regarding the Fund’s actual management fees and the levels of the Fund’s breakpoints in light of current asset levels.

 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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board 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 considered information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The

Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 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 most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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 received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources.  The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination 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. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

37 Invesco Limited Term Municipal Income Fund

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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:

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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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list 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/ corporate/about-us/esg. 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 number(s): 811-07890 and 033-66242 Invesco Distributors, Inc. LTMI-SAR-1          

Semiannual Report to Shareholders August 31, 2023

Invesco Municipal Income Fund

Nasdaq:

A: VKMMX ∎ C: VMICX ∎ Y: VMIIX ∎ Investor: VMINX ∎ R6: VKMSX

 

2	Fund Performance
4	Liquidity Risk Management Program
5	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

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

Unless otherwise noted, all data is 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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/23 to 8/31/23, 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	1.47	%
Class C Shares	1.08
Class Y Shares	1.59
Investor Class Shares	1.52
Class R6 Shares	1.62
S&P Municipal Bond Index▼ (Broad Market Index)	1.22
S&P Municipal Bond 5+ Year Investment Grade Index▼ (Style-Specific Index)	1.08
Lipper General Municipal Debt Funds Index∎ (Peer Group Index)	1.21
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.

 

2 Invesco Municipal Income Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (8/1/90)	4.21	%
10 Years	2.43
5 Years	0.15
1 Year	-3.04
Class C Shares
Inception (8/13/93)	3.43	%
10 Years	2.27
5 Years	0.28
1 Year	-0.49
Class Y Shares
Inception (8/12/05)	3.22	%
10 Years	3.14
5 Years	1.27
1 Year	1.51
Investor Class Shares
Inception (7/15/13)	2.69	%
10 Years	2.98
5 Years	1.12
1 Year	1.28
Class R6 Shares
10 Years	3.08	%
5 Years	1.33
1 Year	1.56

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.

 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.

 

3 Invesco Municipal Income Fund

 

 

 

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), 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 17, 2023, 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 January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during 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.

4 Invesco Municipal Income Fund

Schedule of Investments

August 31, 2023

(Unaudited)

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Municipal Obligations–102.61%
Alabama–2.83%
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB	5.75%	06/01/2035	$	4,200	$	3,917,493
Black Belt Energy Gas District (The);
Series 2023 A, RB(a)	5.25%	10/01/2030		5,000		5,197,085
Series 2023 B, RB(a)	5.25%	12/01/2030		6,000		6,327,892
Black Belt Energy Gas District (The) (No. 4); Series 2019 A-1, RB(a)	4.00%	12/01/2025		15,000		14,879,889
Hoover (City of), AL Industrial Development Board (United States Steel Corp.); Series 2019, RB(b)	5.75%	10/01/2049		5,000		5,048,150
Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village); Series 2007, RB (Acquired 12/17/2007; Cost $784,728)(c)(d)	5.50%	01/01/2043		900		540,000
Lower Alabama Gas District (The); Series 2016 A, RB	5.00%	09/01/2046		27,000		27,621,651
Southeast Alabama Gas Supply District (The) (No. 1); Series 2018 A, RB(a)	4.00%	04/01/2024		5,370		5,354,646
Southeast Energy Authority A Cooperative District (No. 2); Series 2021 B, RB(a)	4.00%	12/01/2031		7,500		7,151,490
Southeast Energy Authority A Cooperative District (No. 3); Series 2022 A-1, RB(a)	5.50%	12/01/2029		5,445		5,711,755
Tender Option Bond Trust Receipts/Certificates; Series 2022, VRD RB(e)(f)	3.45%	07/01/2025		5,000		5,000,000
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(e)	5.25%	05/01/2044		5,000		4,542,405
						91,292,456
Alaska–0.29%
Alaska (State of) Municipal Bond Bank Authority; Series 2017 A, RB(g)	5.50%	10/01/2042		9,000		9,347,413
Arizona–1.96%
Arizona (State of) Industrial Development Authority (Basis Schools); Series 2017 A, Ref. RB(e)	5.25%	07/01/2047		4,500		4,176,718
Arizona (State of) Industrial Development Authority (Kaizen Education Foundation); Series 2016, RB(e)	5.50%	07/01/2036		5,840		5,898,695
Arizona (State of) Industrial Development Authority (Pinecrest Academy of Nevada-Horizon, Inspirada and St. Rose Campus Projects); Series 2018 A, RB(e)	5.75%	07/15/2048		3,150		3,084,501
Arizona (State of) Industrial Development Authority (Social Bonds); Series 2020 A, RB	4.00%	11/01/2045		2,500		2,205,334
Chandler (City of), AZ Industrial Development Authority (Intel Corp.); Series 2007, RB(a)(b)	4.10%	06/15/2028		10,000		9,971,032
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus);
Series 2017, Ref. RB	5.00%	11/15/2031		2,440		2,309,330
Series 2017, Ref. RB	5.00%	11/15/2036		2,200		1,971,571
Maricopa (County of), AZ Industrial Development Authority (Paradise Schools); Series 2016, Ref. RB(e)	5.00%	07/01/2036		2,500		2,462,637
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(e)	6.50%	07/01/2034		1,095		1,110,604
Phoenix Civic Improvement Corp.;
Series 2019 A, RB	4.00%	07/01/2045		4,235		3,929,387
Series 2019, RB	5.00%	07/01/2049		11,425		11,858,126
Pima (County of), AZ Industrial Development Authority (Desert Heights Charter School); Series 2014, Ref. RB	7.00%	05/01/2034		1,000		1,009,942
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy); Series 2018, RB(e)	5.25%	07/01/2048		5,000		4,459,610
Salt Verde Financial Corp.; Series 2007, RB	5.00%	12/01/2032		5,005		5,202,303
Verrado Community Facilities District No. 1;
Series 2013 A, Ref. GO Bonds(a)(e)(h)	6.00%	10/16/2023		2,000		2,005,774
Series 2013 B, GO Bonds(a)(e)(h)	5.70%	10/16/2023		775		776,995
Series 2013 B, GO Bonds(a)(e)(h)	6.00%	10/16/2023		710		712,050
						63,144,609
Arkansas–0.57%
Arkansas (State of) Development Finance Authority (Baptist Memorial Health); Series 2020, Ref. RB	5.00%	09/01/2044		2,750		2,754,352
Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB(b)	5.45%	09/01/2052		5,000		4,879,046
Arkansas (State of) Development Finance Authority (U.S. Steel Corp.) (Green Bonds); Series 2023, RB(b)	5.70%	05/01/2053		5,000		5,021,101

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

5 Invesco Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Arkansas–(continued)
Pulaski (County of), AR Public Facilities Board; Series 2014, RB	5.00%	12/01/2042	$	5,530	$	5,562,817
						18,217,316
California–10.10%
Bay Area Toll Authority (San Francisco Bay Area); Series 2019 S-8, Ref. RB(a)(h)	5.00%	10/01/2029		5,000		5,642,432
Beverly Hills Unified School District (Election of 2008); Series 2009, GO Bonds(i)	0.00%	08/01/2031		40		30,413
California (State of);
Series 2020, GO Bonds	3.00%	03/01/2050		2,500		1,937,701
Series 2020, GO Bonds	4.00%	03/01/2050		4,400		4,335,182
Series 2020, Ref. GO Bonds	4.00%	03/01/2040		5,000		5,029,083
Series 2021, Ref. GO Bonds	5.00%	10/01/2041		2,500		2,732,145
Series 2022, GO Bonds	4.00%	04/01/2049		2,190		2,170,263
California (State of) Community Choice Financing Authority (Green Bonds); Series 2023, RB(a)	5.00%	08/01/2029		5,000		5,151,606
California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.);
Series 2020 A, Ref. RB	4.00%	06/01/2049		1,500		1,360,743
Series 2020 B-1, Ref. RB	5.00%	06/01/2049		350		353,723
Series 2020 B-2, Ref. RB(i)	0.00%	06/01/2055		10,000		1,644,063
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2006 A, RB(i)	0.00%	06/01/2046		20,000		4,913,054
California (State of) Educational Facilities Authority (Stanford University); Series 2019 V-1, RB(g)	5.00%	05/01/2049		15,000		17,085,986
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		3,045,058
California (State of) Housing Finance Agency;
Series 2019 A, RB	4.25%	01/15/2035		3,522		3,436,232
Series 2019 A-2, RB	4.00%	03/20/2033		9,597		9,265,901
California (State of) Housing Finance Agency (Social Certificates); Series 2023-1, RB	4.38%	09/20/2036		3,494		3,398,650
California (State of) Municipal Finance Authority (Emerson College); Series 2011, RB	5.00%	01/01/2028		275		275,220
California (State of) Municipal Finance Authority (Linxs APM); Series 2018 A, RB(b)	5.00%	12/31/2043		12,550		12,556,877
California (State of) Pollution Control Financing Authority;
Series 2012, RB(b)(e)	5.00%	07/01/2030		3,160		3,169,187
Series 2012, RB(b)(e)	5.00%	07/01/2037		6,955		6,954,020
California (State of) Pollution Control Financing Authority (San Diego County Water Authority); Series 2019, Ref. RB(e)	5.00%	11/21/2045		5,250		5,266,655
California (State of) Public Works Board (Various Correctional Facilities); Series 2014 A, RB	5.00%	09/01/2039		2,500		2,535,635
California (State of) School Finance Authority (New Designs Charter School); Series 2012 A, RB	5.50%	06/01/2042		2,000		1,999,843
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing); Series 2016, Ref. RB(e)	5.00%	06/01/2046		3,000		2,766,244
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center);
Series 2016 A, RB(e)	5.00%	12/01/2041		6,475		6,354,306
Series 2016 A, RB(e)	5.25%	12/01/2056		6,150		6,016,634
California (State of) Statewide Communities Development Authority (Pooled Financing Program); Series 2004 A, RB (INS - AGM)(j)	5.25%	10/01/2024		60		60,094
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program); Series 2006 C, RB(e)(i)	0.00%	06/01/2055		45,000		2,670,336
Clovis Unified School District (Election of 2004); Series 2004 A, GO Bonds (INS - NATL)(i)(j)	0.00%	08/01/2029		1,585		1,282,836
Clovis Unified School District (Election of 2012); Series 2015 D, GO Bonds(a)(h)(i)	0.00%	08/01/2025		3,270		2,134,454
Corona-Norco Unified School District (Election of 2006); Series 2009 C, GO Bonds (INS - AGM)(i)(j)	0.00%	08/01/2039		1,000		474,188
El Segundo Unified School District (Election of 2008);
Series 2009 A, GO Bonds(i)	0.00%	08/01/2032		5,030		3,616,335
Series 2009 A, GO Bonds(i)	0.00%	08/01/2033		4,185		2,885,434
Golden State Tobacco Securitization Corp.; Series 2021 B-2, Ref. RB(i)	0.00%	06/01/2066		47,350		4,708,650
Hacienda La Puente Unified School District Facilities Financing Authority (Unified School District GO Bond Program); Series 2007, RB (INS - AGM)(j)	5.00%	08/01/2026		2,000		2,108,484
Hayward Unified School District (Election of 2008); Series 2010 A, GO Bonds (INS - AGM)(i)(j)	0.00%	08/01/2034		1,500		993,432
Inland Empire Tobacco Securitization Corp.; Series 2007 C-1, RB(i)	0.00%	06/01/2036		25,000		10,898,750
Long Beach Unified School District (Election of 2008); Series 2009, GO Bonds	5.75%	08/01/2033		305		305,508

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
California–(continued)
Los Angeles (City of), CA Department of Airports (Green Bonds);
Series 2022 G, RB(b)	5.50%	05/15/2038	$	1,000	$	1,101,293
Series 2022 G, RB(b)	5.50%	05/15/2039		10,000		10,936,320
Series 2022 G, RB(b)	5.50%	05/15/2040		5,000		5,447,259
Series 2022 G, RB(b)	5.25%	05/15/2047		4,500		4,742,361
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport);
Series 2018 A, RB(b)	5.00%	05/15/2044		5,515		5,624,830
Series 2018 A, RB(b)(g)(k)	5.25%	05/15/2048		12,000		12,330,324
Los Angeles Unified School District (Sustainability Bonds); Series 2022 QRR, GO Bonds	5.25%	07/01/2047		5,000		5,518,275
Menifee Union School District (Election of 2008); Series 2009 C, GO Bonds (INS - AGC)(i)(j)	0.00%	08/01/2035		3,260		2,064,330
Morongo Band of Mission Indians (The); Series 2018 A, RB(e)	5.00%	10/01/2042		4,800		4,634,436
M-S-R Energy Authority; Series 2009 B, RB	6.50%	11/01/2039		5,000		5,941,238
Mt. San Antonio Community College District (Election of 2008); Series 2013 A, GO Bonds(l)	6.25%	08/01/2043		6,965		6,323,036
Patterson Joint Unified School District (Election of 2008);
Series 2009 B, GO Bonds (INS - AGM)(i)(j)	0.00%	08/01/2037		1,170		647,149
Series 2009 B, GO Bonds (INS - AGM)(i)(j)	0.00%	08/01/2038		4,770		2,466,783
Series 2009 B, GO Bonds (INS - AGM)(i)(j)	0.00%	08/01/2039		5,010		2,445,762
Series 2009 B, GO Bonds (INS - AGM)(i)(j)	0.00%	08/01/2040		5,260		2,424,215
Series 2009 B, GO Bonds (INS - AGM)(i)(j)	0.00%	08/01/2041		5,520		2,403,549
Placentia-Yorba Linda Unified School District (Election of 2008); Series 2011 D, GO Bonds(i)	0.00%	08/01/2035		1,500		953,179
San Diego (City of), CA Public Facilities Financing Authority; Series 2023 A, RB	4.00%	08/01/2052		10,000		9,527,285
San Diego (County of), CA Regional Airport Authority;
Series 2021 A, RB (INS - AGM)(j)	5.00%	07/01/2051		3,035		3,235,808
Series 2021 B, RB(b)	5.00%	07/01/2046		15,000		15,376,623
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);
Series 2017 A, RB(b)	5.25%	05/01/2042		12,500		12,871,477
Series 2019 E, RB(b)	5.00%	05/01/2050		15,000		15,308,694
San Joaquin Hills Transportation Corridor Agency; Series 2014 B, Ref. RB	5.25%	01/15/2044		5,000		5,059,045
San Mateo Foster City School District; Series 2010, GO Bonds(l)	6.63%	08/01/2042		4,915		4,876,303
Santa Margarita Water District Community Facilities District No. 2013-1 (Village of Sendero); Series 2013, RB(a)(h)	5.38%	09/01/2023		2,430		2,430,000
Silicon Valley Tobacco Securitization Authority (Santa Clara);
Series 2007 A, RB(i)	0.00%	06/01/2036		22,000		10,659,077
Series 2007 A, RB(i)	0.00%	06/01/2041		5,000		1,776,309
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.); Series 2019, Ref. RB	5.00%	06/01/2048		4,440		4,514,841
Torrance Unified School District (Election of 2008-Measure Z); Series 2009 B-1, GO Bonds(i)	0.00%	08/01/2026		1,250		1,131,527
Transbay Joint Powers Authority (Green Bonds); Series 2020 A, RB	5.00%	10/01/2049		1,200		1,204,836
West Contra Costa Unified School District; Series 2005, GO Bonds (INS - NATL)(i)(j)	0.00%	08/01/2027		7,865		6,837,899
Yosemite Community College District (Election of 2004); Series 2008 C, GO Bonds (INS - AGM)(i)(j)	0.00%	08/01/2024		3,570		3,459,109
						325,838,529
Colorado–3.58%
Amber Creek Metropolitan District; Series 2017 A, Ref. GO Bonds	5.13%	12/01/2047		1,029		914,646
Broadway Park North Metropolitan District No. 2; Series 2020, GO Bonds(e)	5.00%	12/01/2049		1,600		1,446,323
Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2017, RB(e)	5.00%	12/01/2037		3,500		3,303,963
Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group); Series 2018 A, RB	5.00%	11/15/2048		5,000		5,118,559
Colorado (State of) Health Facilities Authority (CommonSpirit Health); Series 2019 A-2, Ref. RB	4.00%	08/01/2049		15,000		12,999,907
Colorado (State of) Health Facilities Authority (Evangelical Lutheran Good Samaritan Society (The)); Series 2017, Ref. RB(a)(h)	5.00%	06/01/2027		3,500		3,730,241
Colorado (State of) High Performance Transportation Enterprise (C-470 Express Lanes); Series 2017, RB	5.00%	12/31/2051		6,220		6,136,062
Denver (City & County of), CO;
Series 2018 A, RB(b)(g)	5.25%	12/01/2043		15,000		15,444,438
Series 2018 A, Ref. RB(b)	5.00%	12/01/2048		15,800		15,943,816
Series 2021 A, RB	4.00%	08/01/2051		9,000		8,246,324
Series 2022 A, RB(b)	5.50%	11/15/2042		7,500		8,159,293
Series 2022 A, RB(b)	5.50%	11/15/2053		6,755		7,195,521
Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB(b)	5.00%	10/01/2032		5,000		4,971,017

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
Colorado–(continued)
Denver (City & County of), CO Convention Center Hotel Authority; Series 2016, Ref. RB	5.00%	12/01/2035	$	2,500	$	2,520,488
Denver (City & County of), CO Health & Hospital Authority; Series 2019 A, Ref. RB	4.00%	12/01/2039		1,000		881,481
Neu Town Metropolitan District; Series 2018 A, Ref. GO Bonds	5.38%	12/01/2046		3,000		2,816,752
Public Authority for Colorado Energy; Series 2008, RB	6.50%	11/15/2038		11,835		13,881,243
Sterling Ranch Community Authority Board; Series 2020 A, Ref. RB	4.25%	12/01/2050		2,250		1,841,449
						115,551,523
Connecticut–0.59%
Connecticut (State of);
Series 2019 A, GO Bonds	5.00%	04/15/2034		2,000		2,184,676
Series 2019 A, GO Bonds	5.00%	04/15/2036		2,600		2,805,073
Series 2019 A, GO Bonds	5.00%	04/15/2039		1,600		1,693,173
Connecticut (State of) Health & Educational Facilities Authority (Church Home of Hartford, Inc.); Series 2016 A, RB(e)	5.00%	09/01/2046		3,990		3,228,016
Connecticut (State of) Health & Educational Facilities Authority (Duncaster, Inc.);
Series 2014 A, RB	5.00%	08/01/2035		1,000		992,871
Series 2014 A, RB	5.00%	08/01/2044		5,000		4,781,120
Connecticut (State of) Health & Educational Facilities Authority (The Griffin Hospital); Series 2020 G-1, Ref. RB(e)	5.00%	07/01/2044		3,850		3,496,202
						19,181,131
District of Columbia–2.91%
District of Columbia;
Series 2006 B-1, RB (INS - NATL)(j)	5.00%	02/01/2031		945		945,708
Series 2020 A, RB	4.00%	03/01/2045		6,665		6,377,983
Series 2023 A, GO Bonds	5.00%	01/01/2045		11,675		12,637,950
District of Columbia (Georgetown University);
Series 2017, Ref. RB(a)(h)	5.00%	04/01/2027		1,180		1,255,689
Series 2017, Ref. RB(a)(h)	5.00%	04/01/2027		7,125		7,582,022
District of Columbia (Ingleside at Rock Creek); Series 2017 A, RB	5.00%	07/01/2052		2,250		1,835,178
District of Columbia Tobacco Settlement Financing Corp.; Series 2006 A, RB(i)	0.00%	06/15/2046		25,000		5,696,290
District of Columbia Water & Sewer Authority (Green Bonds); Series 2022 C-1, RB	4.00%	10/01/2051		10,000		9,425,406
Metropolitan Washington Airports Authority; Series 2016 A, Ref. RB(b)	5.00%	10/01/2034		5,295		5,471,987
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement);
Series 2010 A, RB (INS - AGM)(i)(j)	0.00%	10/01/2037		17,565		9,039,191
Series 2019 B, Ref. RB	4.00%	10/01/2049		26,045		23,513,457
Washington (State of) Metropolitan Area Transit Authority; Series 2020 A, RB	4.00%	07/15/2045		5,000		4,780,701
Washington (State of) Metropolitan Area Transit Authority (Sustainability Bonds); Series 2023 A, RB	5.25%	07/15/2053		5,000		5,424,107
						93,985,669
Florida–6.84%
Broward (County of), FL;
Series 2019 A, RB(b)	4.00%	10/01/2049		5,530		4,923,461
Series 2022 A, RB	4.00%	10/01/2047		5,005		4,767,248
Broward (County of), FL (Convention Center Expansion); Series 2021, RB	4.00%	09/01/2047		15,000		13,880,094
Capital Trust Agency, Inc. (Franklin Academy); Series 2020, RB(e)	5.00%	12/15/2055		2,000		1,623,343
Capital Trust Agency, Inc. (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. RB(e)	5.00%	07/01/2046		2,500		1,798,236
Collier (County of), FL Industrial Development Authority (The Arlington of Naples);
Series 2014 A, RB (Acquired 12/16/2013; Cost $745,694)(c)(d)(e)	7.25%	05/15/2026		746		41,013
Series 2014 A, RB (Acquired 12/16/2013; Cost $1,821,324)(c)(d)(e)	7.75%	05/15/2035		1,864		102,533
Davie (Town of), FL (Nova Southeastern University); Series 2018, Ref. RB	5.00%	04/01/2048		7,605		7,722,480
Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB	5.00%	01/01/2048		5,000		5,020,886
Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion);
Series 2021, Ref. RB(a)(b)(e)	7.50%	08/15/2024		5,000		4,922,929
Series 2022 A, Ref. RB(a)(b)(e)	7.25%	10/03/2023		5,000		5,102,583
Florida Development Finance Corp. (Green Bonds); Series 2019 B, RB(b)(e)	7.38%	01/01/2049		10,000		10,020,275
Florida Development Finance Corp. (Renaissance Charter School, Inc.);
Series 2015, RB(e)	6.00%	06/15/2035		2,935		2,949,383
Series 2020 C, Ref. RB(e)	5.00%	09/15/2050		2,200		1,782,370
Greater Orlando Aviation Authority; Series 2019 A, RB(b)	4.00%	10/01/2044		10,000		9,358,843

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
Florida–(continued)
Highlands (County of), FL Health Facilities Authority (Trousdale Foundation Properties); Series 2018 A, RB (Acquired 08/29/2018-12/26/2018; Cost $5,886,218)(c)(d)	6.00%	04/01/2038	$	6,000	$	1,320,000
Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2018 E, RB(b)(g)	5.00%	10/01/2048		15,000		15,214,098
Lake (County of), FL (Lakeside at Waterman Village);
Series 2020 A, Ref. RB	5.50%	08/15/2030		3,805		3,721,263
Series 2020 A, Ref. RB	5.50%	08/15/2040		4,000		3,588,832
Series 2020 A, Ref. RB	5.75%	08/15/2050		3,000		2,609,749
Series 2020 A, Ref. RB	5.75%	08/15/2055		1,500		1,281,951
Manatee (County of), FL; Series 2023, Ref. RB	4.00%	10/01/2048		5,000		4,733,395
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center);
Series 2014, Ref. RB	5.00%	11/15/2039		1,010		1,012,945
Series 2014, Ref. RB	5.00%	11/15/2044		1,045		1,045,010
Miami-Dade (County of), FL;
Series 2017 B, Ref. RB(b)	5.00%	10/01/2040		6,000		6,113,060
Series 2019 B, RB	4.00%	10/01/2049		15,000		13,968,459
Series 2021, RB	4.00%	10/01/2051		5,000		4,643,837
Subseries 2021 A-1, Ref. RB (INS - AGM)(b)(j)	4.00%	10/01/2045		28,000		25,332,062
Subseries 2021 A-2, Ref. RB (INS - AGM)(j)	4.00%	10/01/2049		11,290		10,629,953
Miami-Dade (County of), FL Expressway Authority; Series 2010 A, RB (INS - AGM)(j)	5.00%	07/01/2035		3,350		3,352,213
Miami-Dade (County of), FL Transit System; Series 2020 A, RB	4.00%	07/01/2050		5,000		4,613,208
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group); Series 2019 A, RB	5.00%	10/01/2047		10,000		10,244,095
Osceola (County of), FL; Series 2020 A-1, Ref. RB	5.00%	10/01/2049		2,080		2,096,491
Pinellas (County of), FL Industrial Development Authority (2017 Foundation for Global Understanding); Series 2019, RB	5.00%	07/01/2039		2,000		1,986,898
Putnam (County of), FL Development Authority (Seminole Electric Cooperative);
Series 2018 A, Ref. RB	5.00%	03/15/2042		12,125		12,452,341
Series 2018 B, Ref. PCR	5.00%	03/15/2042		4,920		5,052,826
Reunion East Community Development District; Series 2005, RB(c)(m)	5.80%	05/01/2036		197		2
Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); Series 2016, RB	5.00%	12/01/2055		4,500		4,291,829
Tampa (City of), FL;
Series 2020 A, RB(i)	0.00%	09/01/2040		1,000		415,464
Series 2020 A, RB(i)	0.00%	09/01/2041		1,000		391,043
Series 2020 A, RB(i)	0.00%	09/01/2042		1,025		376,120
Series 2020 A, RB(i)	0.00%	09/01/2045		1,950		598,350
Series 2020 A, RB(i)	0.00%	09/01/2049		2,600		628,837
Series 2020 A, RB(i)	0.00%	09/01/2053		2,300		440,175
Tampa Bay (City of), FL Water; Series 2001 A, Ref. RB (INS - NATL)(j)	6.00%	10/01/2029		3,000		3,512,969
Wildwood (City of), FL Village Community Development Disctrict No. 15; Series 2023, RB(e)	5.25%	05/01/2054		1,000		1,004,933
						220,688,085
Georgia–1.31%
George L Smith II Congress Center Authority (Convention Center Hotel); Series 2021, RB	4.00%	01/01/2054		3,000		2,477,107
Georgia (State of) Municipal Electric Authority of Georgia (Plant Vogtle Units 3 & 4); Series 2019, RB	5.00%	01/01/2048		9,595		9,622,923
Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System); Series 2017, RAC	5.00%	08/01/2047		7,750		6,992,718
Macon-Bibb (County of), GA Urban Development Authority (Academy for Classical Education, Inc.);
Series 2017 A, RB(e)	5.88%	06/15/2047		1,680		1,663,898
Series 2017 A, RB(e)	6.00%	06/15/2052		1,530		1,526,918
Main Street Natural Gas, Inc.;
Series 2019 A, RB	5.00%	05/15/2043		3,000		3,016,697
Series 2023 C, RB(a)	5.00%	09/01/2030		5,000		5,193,391
Marietta (City of), GA Developing Authority (Life University, Inc.); Series 2017 A, Ref. RB(e)	5.00%	11/01/2037		5,250		4,915,234
Rockdale (County of), GA Development Authority (Pratt Paper (GA), LLC); Series 2018, Ref. RB(b)(e)	4.00%	01/01/2038		7,210		6,788,393
						42,197,279
Guam–0.06%
Guam (Territory of) Waterworks Authority; Series 2020 A, RB	5.00%	01/01/2050		2,000		1,990,699

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
Hawaii–0.26%
Hawaii (State of) Department of Budget & Finance (Hawaiian Electric Co., Inc.); Series 2015, Ref. RB(b)	3.25%	01/01/2025	$	4,500	$	3,397,569
Hawaii (State of) Department of Transportation (Airports Division); Series 2015 A, RB(b)	5.00%	07/01/2045		5,030		5,033,497
						8,431,066
Illinois–9.08%
Bolingbrook (Village of), IL; Series 2005, RB	6.25%	01/01/2024		346		342,125
Chicago (City of), IL;
Series 2002 B, GO Bonds	5.50%	01/01/2032		3,300		3,353,842
Series 2007 E, Ref. GO Bonds	5.50%	01/01/2035		1,500		1,520,291
Series 2008 C, Ref. RB	5.00%	01/01/2039		5,000		5,025,887
Series 2014, RB	5.00%	11/01/2044		1,905		1,908,511
Series 2015 A, GO Bonds	5.50%	01/01/2034		4,440		4,510,139
Series 2015 A, GO Bonds	5.50%	01/01/2035		2,000		2,029,626
Series 2017 A, RB (INS - AGM)(j)	5.25%	01/01/2042		2,000		2,069,030
Series 2017 A, Ref. GO Bonds	6.00%	01/01/2038		8,500		8,962,081
Series 2019 A, GO Bonds	5.50%	01/01/2049		8,000		8,278,496
Chicago (City of), IL (83rd/Stewart Redevelopment); Series 2013, COP(e)	7.00%	01/15/2029		2,209		2,209,681
Chicago (City of), IL (Cottage View Terrace Apartments); Series 2000 A, RB (CEP - GNMA)(b)	6.13%	02/20/2042		1,180		1,180,417
Chicago (City of), IL (Diversey/Narragansett); Series 2006, COP(m)	7.46%	02/15/2026		280		204,173
Chicago (City of), IL (O’Hare International Airport);
Series 2016 C, Ref. RB	5.00%	01/01/2037		2,500		2,558,413
Series 2017 D, RB	5.25%	01/01/2036		4,600		4,817,266
Series 2018 A, Ref. RB(b)	5.00%	01/01/2048		6,300		6,393,649
Series 2022 A, RB(b)(g)(k)	5.25%	01/01/2053		15,000		15,457,878
Chicago (City of), IL Board of Education;
Series 2017 H, GO Bonds	5.00%	12/01/2036		5,750		5,796,168
Series 2018 C, Ref. GO Bonds	5.00%	12/01/2023		3,000		3,006,854
Series 2018 D, GO Bonds	5.00%	12/01/2046		3,000		2,923,440
Series 2022 A, GO Bonds	5.00%	12/01/2047		4,300		4,240,224
Series 2023, RB	5.75%	04/01/2048		5,000		5,424,820
Chicago (City of), IL Metropolitan Water Reclamation District;
Series 2007 B, Ref. GO Bonds	5.25%	12/01/2034		5,000		6,013,875
Series 2015 C, GO Bonds(g)	5.00%	12/01/2027		6,805		6,920,492
Series 2015 C, GO Bonds(g)	5.00%	12/01/2028		4,000		4,065,940
Chicago (City of), IL Midway International Airport;
Series 2013 A, Ref. RB(b)	5.50%	01/01/2032		5,000		5,003,186
Series 2014 A, Ref. RB(b)	5.00%	01/01/2041		10,225		10,225,906
Chicago (City of), IL Transit Authority; Series 2014, RB	5.00%	12/01/2044		8,195		8,215,977
Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Subseries 2014 A, RB	5.38%	03/01/2034		546		488,316
Illinois (State of);
Series 2014, GO Bonds	5.25%	02/01/2033		2,650		2,659,242
Series 2014, GO Bonds	5.00%	05/01/2039		4,710		4,710,827
Series 2017 C, GO Bonds	5.00%	11/01/2029		5,000		5,255,046
Series 2018 A, GO Bonds	6.00%	05/01/2028		10,235		11,277,031
Series 2018 A, GO Bonds	5.00%	05/01/2030		2,775		2,940,059
Series 2020 B, GO Bonds	4.00%	10/01/2034		2,900		2,908,247
Series 2020, GO Bonds	5.50%	05/01/2039		6,250		6,712,582
Illinois (State of) (Rebuild Illinois Program); Series 2019 B, GO Bonds	4.00%	11/01/2035		4,450		4,410,344
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(b)	8.00%	06/01/2032		1,270		1,270,883
Illinois (State of) Finance Authority; Series 2016 C, Ref. RB	5.00%	02/15/2041		10,000		10,239,084
Illinois (State of) Finance Authority (Centegra Health System);
Series 2014 A, RB(a)(h)	5.00%	09/01/2024		1,865		1,893,038
Series 2014 A, RB(a)(h)	5.00%	09/01/2024		1,290		1,309,394
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);
Series 2019 A, Ref. RB	5.00%	11/01/2035		3,430		3,147,818
Series 2019 A, Ref. RB	5.00%	11/01/2040		2,245		1,939,278
Illinois (State of) Finance Authority (Northshore Edward); Series 2022 F, Ref. VRD RB(f)	2.85%	08/15/2057		3,850		3,850,000
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB	5.13%	05/15/2060		783		431,859

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
Illinois–(continued)
Illinois (State of) Finance Authority (Plymouth Place);
Series 2015, Ref. RB(a)(h)	5.00%	05/15/2025	$	1,050	$	1,078,903
Series 2015, Ref. RB(a)(h)	5.25%	05/15/2025		2,355		2,429,445
Illinois (State of) Finance Authority (Rosalind Franklin University);
Series 2017, RB	5.00%	08/01/2049		2,450		2,351,363
Series 2017, Ref. RB	5.00%	08/01/2047		1,025		990,659
Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB	5.00%	11/15/2038		6,750		6,791,028
Illinois (State of) Finance Authority (The University of Chicago); Series 2015 A, RB(g)	5.00%	10/01/2040		10,000		10,176,840
Illinois (State of) Housing Development Authority (Social Bonds); Series 2022 D, VRD RB (CEP - GNMA)(f)	3.40%	04/01/2045		13,360		13,360,000
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 2020, Ref. RB	4.00%	06/15/2050		6,645		5,721,051
Illinois (State of) Sports Facilities Authority;
Series 2014, Ref. RB (INS - AGM)(j)	5.25%	06/15/2031		2,630		2,654,609
Series 2014, Ref. RB (INS - AGM)(j)	5.25%	06/15/2032		2,395		2,416,677
Illinois (State of) Toll Highway Authority;
Series 2013 A, RB(g)	5.00%	01/01/2038		8,000		8,004,414
Series 2015 A, RB(g)	5.00%	01/01/2040		14,190		14,364,100
Series 2021 A, RB	4.00%	01/01/2046		11,355		10,644,055
Plano (City of), IL Special Service Area No. 10 (Lakewood Springs Club); Series 2007, RB(c)(m)	5.80%	03/01/2037		1,500		165,000
Railsplitter Tobacco Settlement Authority; Series 2017, RB	5.00%	06/01/2026		8,000		8,314,850
Sales Tax Securitization Corp.; Series 2018 C, Ref. RB	5.25%	01/01/2043		5,000		5,198,095
						292,762,524
Indiana–0.77%
Indiana (State of) Finance Authority (CWA Authority) (Green Bonds); Series 2016 A, RB (INS - NATL)(j)	5.00%	10/01/2046		15,000		15,364,803
Indiana (State of) Finance Authority (Good Samaritan Hospital); Series 2016 A, RB	5.50%	04/01/2041		4,555		4,608,243
Northern Indiana Commuter Transportation District;
Series 2016, RB	5.00%	07/01/2035		1,700		1,754,393
Series 2016, RB	5.00%	07/01/2041		1,500		1,529,062
Valparaiso (City of), IN (Pratt Paper, LLC); Series 2013, RB(b)	6.75%	01/01/2034		1,500		1,513,429
						24,769,930
Iowa–0.62%
Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB	4.75%	08/01/2042		5,000		4,771,549
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB(a)	5.00%	12/01/2042		10,215		10,274,163
Iowa (State of) Tobacco Settlement Authority;
Series 2021 A-2, Ref. RB	4.00%	06/01/2036		1,000		998,937
Series 2021 A-2, Ref. RB	4.00%	06/01/2049		1,800		1,620,333
Series 2021 B-1, Ref. RB	4.00%	06/01/2049		2,380		2,320,061
						19,985,043
Kansas–0.17%
Lenexa (City of), KS (Lakeview Village, Inc.); Series 2018 A, Ref. RB	5.00%	05/15/2039		1,500		1,409,693
Wichita (City of), KS (Kansas Masonic Home); Series 2016 II-A, RB (Acquired 06/24/2016-05/30/2019; Cost $7,075,417)(c)(d)	5.38%	12/01/2046		6,960		1,600,800
Wichita (City of), KS (Presbyterian Manors, Inc.); Series 2013 IV-A, RB	6.38%	05/15/2043		1,500		1,291,837
Wyandotte (County of), KS Unified Government; Series 2014 A, Ref. RB	5.00%	09/01/2044		1,180		1,184,841
						5,487,171
Kentucky–2.51%
Ashland (City of), KY (King’s Daughters Medical Center);
Series 2019, Ref. RB	4.00%	02/01/2035		465		445,857
Series 2019, Ref. RB	4.00%	02/01/2036		380		359,805
Series 2019, Ref. RB	4.00%	02/01/2037		375		347,814
Series 2019, Ref. RB	4.00%	02/01/2038		375		333,314
Christian (County of), KY (Jennie Stuart Medical Center, Inc.);
Series 2016, Ref. RB	5.38%	02/01/2036		3,000		3,059,392
Series 2016, Ref. RB	5.50%	02/01/2044		5,000		5,039,665

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
Kentucky–(continued)
Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare System); Series 2017 B, RB	5.00%	08/15/2046	$	5,000	$	5,058,340
Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, Inc.); Series 2017 A, Ref. RB (INS - AGM)(j)	5.00%	12/01/2045		15,300		15,738,359
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway);
Series 2015 A, RB	5.00%	07/01/2037		1,700		1,709,899
Series 2015 A, RB	5.00%	07/01/2040		12,705		12,729,552
Series 2015 A, RB	5.00%	01/01/2045		4,175		4,107,180
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); Series 2017 A, Ref. RB	5.00%	06/01/2045		8,950		8,382,967
Kentucky (Commonwealth of) Municipal Power Agency (Prairie State); Series 2019 A, Ref. RB	4.00%	09/01/2045		13,555		11,837,895
Kentucky (Commonwealth of) Public Energy Authority; Series 2020 A, RB(a)	4.00%	06/01/2026		6,000		5,948,815
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.); Series 2013 A, RB(a)(h)	5.75%	10/01/2023		5,870		5,878,469
						80,977,323
Louisiana–1.64%
Jefferson (Parish of), LA Sales Tax District; Series 2019 B, RB (INS - AGM)(j)	4.00%	12/01/2038		6,000		5,916,159
Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-2, Ref. VRD RB (LOC - Bank of New York Mellon)(f)(n)	3.47%	07/01/2047		4,375		4,375,000
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2002 B, RB(a)(h)	5.50%	05/15/2026		1,010		1,068,090
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		12,388,930
New Orleans (City of), LA;
Series 2014, Ref. RB(a)(h)	5.00%	06/01/2024		605		612,201
Series 2015, RB(a)(h)	5.00%	12/01/2025		3,000		3,112,175
Series 2015, RB(a)(h)	5.00%	12/01/2025		5,500		5,705,654
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); Series 2018 A, RB (INS - AGM)(j)	5.00%	10/01/2048		5,000		5,130,028
St. John the Baptist (Parish of), LA (Marathon Oil Corp.);
Series 2017, Ref. RB(a)	2.13%	07/01/2024		4,000		3,930,345
Subseries 2017 A-3, Ref. RB(a)	2.20%	07/01/2026		4,000		3,768,716
Tobacco Settlement Financing Corp.; Series 2013 A, Ref. RB	5.25%	05/15/2035		6,925		6,975,643
						52,982,941
Maryland–1.59%
Anne Arundel (County of), MD; Series 2023, GO Bonds	4.00%	10/01/2052		10,000		9,620,949
Baltimore (City of), MD (Convention Center Hotel); Series 2017, Ref. RB	5.00%	09/01/2039		7,100		6,611,225
Baltimore (City of), MD (East Baltimore Research Park); Series 2017, Ref. RB	5.00%	09/01/2038		1,650		1,640,583
Baltimore (County of), MD (Oak Crest Village, Inc.);
Series 2020, Ref. RB	4.00%	01/01/2045		1,750		1,518,783
Series 2020, Ref. RB	4.00%	01/01/2050		2,500		2,097,008
Maryland (State of) Health & Higher Educational Facilities Authority (Green Street Academy);
Series 2017 A, RB(e)	5.13%	07/01/2037		1,265		1,215,842
Series 2017 A, RB(e)	5.25%	07/01/2047		4,295		3,950,155
Series 2017 A, RB(e)	5.38%	07/01/2052		1,530		1,405,356
Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health); Series 2016, Ref. RB	5.00%	07/01/2047		5,000		5,041,088
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health); Series 2017 A, RB	5.00%	05/15/2042		5,000		5,098,896
Prince George’s (County of), MD (Collington Episcopal Life Care Community, Inc.);
Series 2017, Ref. RB	5.25%	04/01/2037		2,000		1,793,356
Series 2017, Ref. RB	5.25%	04/01/2047		4,035		3,321,522
Rib Floater Trust; Series 2022-024, VRD RB (LOC - Barclays Bank PLC)(e)(f)(n)	4.41%	11/15/2049		5,000		5,000,000
Rockville (City of), MD (Ingleside at King Farm); Series 2017 B, RB	5.00%	11/01/2042		3,500		3,039,697
						51,354,460
Massachusetts–1.71%
Massachusetts (Commonwealth of) Bay Transportation Authority; Series 2016 A, Ref. RB(i)	0.00%	07/01/2031		13,000		9,540,384
Massachusetts (Commonwealth of) Development Finance Agency; Series 2019 A, Ref. RB	5.00%	07/01/2044		4,000		3,887,390

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
Massachusetts–(continued)
Massachusetts (Commonwealth of) Development Finance Agency (Caregroup);
Series 2016 I, Ref. RB	5.00%	07/01/2036	$	3,000	$	3,077,534
Series 2016 I, Ref. RB	5.00%	07/01/2038		2,045		2,086,783
Series 2018 J-2, RB	5.00%	07/01/2043		4,100		4,185,722
Series 2018 J-2, RB	5.00%	07/01/2053		5,000		5,053,344
Massachusetts (Commonwealth of) Development Finance Agency (Emerson College); Series 2016 A, RB	5.00%	01/01/2047		5,000		4,808,445
Massachusetts (Commonwealth of) Development Finance Agency (International Charter School); Series 2015, Ref. RB	5.00%	04/15/2040		2,000		1,921,858
Massachusetts (Commonwealth of) Development Finance Agency (Lawrence General Hospital);
Series 2017, Ref. RB	5.00%	07/01/2042		1,000		820,495
Series 2017, Ref. RB	5.00%	07/01/2047		3,000		2,368,208
Massachusetts (Commonwealth of) Port Authority; Series 2019 A, Ref. RB(b)	5.00%	07/01/2040		1,000		1,038,913
Massachusetts (Commonwealth of) Port Authority (Bosfuel); Series 2019 A, Ref. RB(b)	4.00%	07/01/2044		7,500		6,860,530
Massachusetts (Commonwealth of) Transportation Fund (Rail Enhancement Program); Series 2021 A, RB(g)	4.00%	06/01/2050		10,000		9,523,050
						55,172,656
Michigan–2.01%
Kalamazoo Economic Development Corp. (Heritage Community of Kalamazoo);
Series 2019, Ref. RB	5.00%	05/15/2037		2,450		2,229,580
Series 2019, Ref. RB	5.00%	05/15/2042		3,310		2,853,928
Michigan (State of); Series 2021, RB	4.00%	11/15/2046		15,000		14,283,336
Michigan (State of) Building Authority (Facilities Program); Series 2021 I, RB	4.00%	10/15/2046		7,000		6,678,226
Michigan (State of) Finance Authority; Series 2020 B-1, Ref. RB	5.00%	06/01/2049		1,140		1,159,299
Michigan (State of) Finance Authority (Beaumont Health Credit Group); Series 2016, RB	5.00%	11/01/2044		9,000		9,065,798
Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center); Series 2018, RB	5.00%	11/01/2043		2,500		2,600,912
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);
Series 2014 C-6, Ref. RB	5.00%	07/01/2033		1,355		1,368,334
Series 2014 D-1, Ref. RB (INS - AGM)(j)	5.00%	07/01/2037		2,000		2,014,508
Series 2014 D-2, Ref. RB (INS - AGM)(j)	5.00%	07/01/2027		4,000		4,046,501
Series 2014 D-4, Ref. RB	5.00%	07/01/2029		1,355		1,368,224
Michigan (State of) Finance Authority (Local Government Loan Program); Series 2014 F, Ref. RB	4.50%	10/01/2029		4,000		3,945,199
Oakland University Board of Trustees; Series 2016, RB	5.00%	03/01/2047		7,500		7,582,780
Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport);
Series 2012 B, RB(b)	5.00%	12/01/2032		1,500		1,500,410
Series 2012 B, RB(b)	5.00%	12/01/2037		1,500		1,499,988
Series 2012 D, Ref. RB(b)	5.00%	12/01/2028		2,500		2,500,710
						64,697,733
Minnesota–0.27%
Minnesota (State of) Higher Education Facilities Authority (Bethel University); Series 2017, Ref. RB	5.00%	05/01/2047		7,615		6,755,211
St. Paul (City of), MN Housing & Redevelopment Authority (Hmong College Prep Academy); Series 2016, Ref. RB	5.75%	09/01/2046		2,000		1,982,360
						8,737,571
Mississippi–0.14%
West Rankin Utility Authority; Series 2018, RB(a)(h)	5.00%	01/01/2028		4,050		4,364,037
Missouri–1.63%
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport); Series 2019 B, RB (INS - AGM)(b)(j)	5.00%	03/01/2049		11,975		12,148,817
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		1,150		990,939
Kansas City (City of), MO Land Clearance for Redevelopment Authority (Convention Center Hotel); Series 2018 B, RB(e)	5.00%	02/01/2040		1,500		1,176,679
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights);
Series 2017 A, Ref. RB	5.25%	05/15/2042		1,675		1,337,693
Series 2017 A, Ref. RB	5.25%	05/15/2050		2,900		2,170,162

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
Missouri–(continued)
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC - FHLB of Chicago)(f)(n)	4.24%	08/01/2038	$	1,120	$	1,120,000
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services);
Series 2016 B, Ref. RB	5.00%	02/01/2046		4,000		3,719,657
Series 2019 A, RB	5.00%	02/01/2042		3,000		2,867,707
Missouri (State of) Health & Educational Facilities Authority (Medical Research Lutheran Services); Series 2016 A, RB	5.00%	02/01/2036		3,200		3,170,694
Missouri (State of) Health & Educational Facilities Authority (Mercy Health); Series 2017 C, Ref. RB(g)	5.00%	11/15/2047		15,540		15,683,938
St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills); Series 2013 A, RB	5.88%	09/01/2043		1,750		1,750,053
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); Series 2018 A, RB	5.13%	09/01/2048		7,500		6,542,285
						52,678,624
Montana–0.07%
Kalispell (City of), MT (Immanuel Lutheran Corp.); Series 2017, Ref. RB	5.25%	05/15/2047		2,645		2,118,153
Nebraska–0.72%
Central Plains Energy Project (No. 3); Series 2017 A, Ref. RB	5.00%	09/01/2035		8,140		8,501,578
Omaha (City of), NE Public Power District;
Series 2021 A, RB	4.00%	02/01/2051		5,000		4,662,503
Series 2021 A, RB (INS - AGM)(j)	4.00%	02/01/2051		5,000		4,761,704
Public Power Generation Agency (Whelan Energy Center Unit 2); Series 2016 A, Ref. RB	5.00%	01/01/2037		5,000		5,135,919
						23,061,704
Nevada–0.08%
Nevada (State of) Department of Business & Industry (Doral Academy of Nevada); Series 2017 A, RB	5.00%	07/15/2047		2,900		2,666,119
New Hampshire–0.56%
New Hampshire (State of) Business Finance Authority; Series 2020-1A, RB	4.13%	01/20/2034		10,890		10,494,264
New Hampshire (State of) Business Finance Authority (Covanta Green Bonds); Series 2020 B, Ref. RB(a)(b)(e)	3.75%	07/02/2040		1,205		927,663
New Hampshire (State of) Business Finance Authority (Covanta); Series 2020 A, Ref. RB(a)(e)	3.63%	07/02/2040		740		559,924
New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB	4.00%	10/20/2036		6,640		6,227,850
						18,209,701
New Jersey–5.48%
Garden State Preservation Trust; Series 2005 A, RB (INS - AGM)(j)	5.75%	11/01/2028		6,000		6,405,961
Gloucester (County of), NJ Industrial Pollution Control Financing Authority (Logan); Series 2014 A, Ref. PCR(b)(h)	5.00%	12/01/2024		1,290		1,297,310
Hudson County Improvement Authority (Hudson County Courthouse); Series 2020, RB	4.00%	10/01/2046		10,000		9,584,610
New Jersey (State of); Series 2020 A, GO Bonds	4.00%	06/01/2032		9,120		9,553,571
New Jersey (State of) Economic Development Authority;
Series 2005 N-1, Ref. RB (INS - AMBAC)(j)	5.50%	09/01/2024		3,885		3,954,538
Series 2017 A, Ref. RB	5.00%	07/01/2033		2,800		2,929,253
New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology, Inc.);
Series 2012 C, RB	5.00%	07/01/2032		620		605,275
Series 2012 C, RB	5.30%	07/01/2044		2,380		2,270,178
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); Series 2013, RB(b)	5.38%	01/01/2043		1,500		1,502,028
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		6,498,074
New Jersey (State of) Health Care Facilities Financing Authority (Princeton HealthCare System); Series 2016 A, Ref. RB	5.00%	07/01/2039		7,000		7,175,401

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
New Jersey–(continued)
New Jersey (State of) Transportation Trust Fund Authority;
Series 2006 C, RB (INS - AGC)(i)(j)	0.00%	12/15/2026	$	10,000	$	8,870,325
Series 2006 C, RB (INS - NATL)(i)(j)	0.00%	12/15/2031		7,410		5,383,079
Series 2010 D, RB	5.25%	12/15/2023		2,000		2,008,651
Series 2014, RB	5.00%	06/15/2032		3,000		3,211,625
Series 2015 AA, RB	5.25%	06/15/2041		2,500		2,545,894
Series 2015 AA, RB	5.00%	06/15/2045		3,420		3,442,442
Series 2016 A-1, RN	5.00%	06/15/2027		10,000		10,405,713
Series 2018 A, Ref. RB	5.00%	12/15/2035		7,030		7,449,290
Series 2018 A, RN(g)(k)	5.00%	06/15/2030		5,000		5,203,872
Series 2018 A, RN(g)(k)	5.00%	06/15/2031		7,500		7,797,545
Series 2019 BB, RB	5.00%	06/15/2044		5,000		5,155,808
Series 2019 BB, RB	4.00%	06/15/2050		6,930		6,382,339
Series 2020 AA, RB	4.00%	06/15/2050		11,760		10,830,635
Series 2022, RB	5.50%	06/15/2050		5,000		5,450,307
New Jersey (State of) Turnpike Authority;
Series 2016 A, Ref. RB	5.00%	01/01/2034		5,000		5,170,507
Series 2021 A, RB	4.00%	01/01/2042		2,750		2,711,556
Series 2021 A, RB	4.00%	01/01/2051		10,000		9,525,806
Series 2022 B, RB	5.25%	01/01/2052		12,000		13,137,851
Tobacco Settlement Financing Corp.; Series 2018 A, Ref. RB	5.00%	06/01/2046		10,000		10,180,664
						176,640,108
New Mexico–0.03%
New Mexico (State of) Hospital Equipment Loan Council (La Vida Expansion); Series 2019 A, RB	5.00%	07/01/2049		1,250		1,012,736
New York–9.92%
Brooklyn Arena Local Development Corp. (Barclays Center); Series 2009, RB(i)	0.00%	07/15/2035		5,000		2,881,800
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB	5.00%	06/01/2045		5,850		5,418,298
Hudson Yards Infrastructure Corp.; Series 2017 A, Ref. RB	4.00%	02/15/2044		5,000		4,662,827
Metropolitan Transportation Authority; Series 2013 A, RB	5.00%	11/15/2038		3,025		3,025,010
Metropolitan Transportation Authority (Green Bonds);
Series 2017 A-1, RB	5.25%	11/15/2057		2,280		2,306,498
Series 2017 C-1, Ref. RB	5.00%	11/15/2024		3,670		3,725,872
Series 2019 C, RB (INS - AGM)(j)	4.00%	11/15/2045		10,000		9,483,209
Series 2020 C-1, RB	5.00%	11/15/2050		4,000		4,047,345
Series 2020 D-3, RB	4.00%	11/15/2050		10,000		8,926,481
Series 2020 E, Ref. RB	4.00%	11/15/2045		5,000		4,578,779
Monroe County Industrial Development Corp. (St. Ann’s Community);
Series 2019, Ref. RB	5.00%	01/01/2040		4,985		4,352,682
Series 2019, Ref. RB	5.00%	01/01/2050		2,015		1,623,260
New York & New Jersey (States of) Port Authority;
Ninety-Third Series 1994, RB	6.13%	06/01/2094		5,250		5,312,842
Series 2019, RB(b)	5.00%	11/01/2049		6,500		6,596,953
New York (City of), NY;
Series 2018 E-1, GO Bonds	5.00%	03/01/2041		2,695		2,809,419
Series 2021 A-1, GO Bonds	5.00%	08/01/2047		10,000		10,534,985
Series 2022 A, GO Bonds	5.25%	09/01/2043		7,500		8,210,645
Subseries 2019 A-1, GO Bonds	4.00%	08/01/2042		11,930		11,544,871
New York (City of), NY Transitional Finance Authority;
Series 2019, RB	4.00%	11/01/2042		10,000		9,758,441
Series 2022 C-1, RB	4.00%	02/01/2051		6,000		5,640,379
Series 2023 F-1, RB	5.00%	02/01/2044		5,000		5,371,188
Subseries 2013, RB(g)	5.00%	11/01/2038		5,465		5,476,260
Subseries 2013, RB(g)	5.00%	11/01/2042		12,625		12,646,237
New York (State of) Dormitory Authority;
Series 2014 C, RB	5.00%	03/15/2040		12,030		12,098,856
Series 2021 A, Ref. RB	5.00%	03/15/2049		3,360		3,512,750
New York (State of) Dormitory Authority (Bidding Group 3); Series 2021 E, Ref. RB	4.00%	03/15/2040		10,855		10,704,072

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
New York–(continued)
New York (State of) Power Authority (Green Bonds);
Series 2020 A, Ref. RB	4.00%	11/15/2045	$	7,000	$	6,768,030
Series 2020 A, Ref. RB	4.00%	11/15/2055		5,000		4,706,041
New York (State of) Thruway Authority; Series 2019 B, RB	4.00%	01/01/2050		10,000		9,158,021
New York City Housing Development Corp. (Sustainable Development Bonds); Series 2023, RB	4.80%	02/01/2053		10,000		10,036,818
New York Counties Tobacco Trust VI; Series 2016 A-1, Ref. RB	5.75%	06/01/2043		10,000		10,238,985
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 1, Ref. RB(e)	5.00%	11/15/2044		10,905		10,437,059
New York State Urban Development Corp.; Series 2020 A, RB	4.00%	03/15/2049		10,045		9,477,913
New York State Urban Development Corp. (Bidding Group 3); Series 2021 A, Ref. RB	4.00%	03/15/2045		10,000		9,594,163
New York Transportation Development Corp. (American Airlines, Inc.); Series 2016, Ref. RB(b)	5.00%	08/01/2026		13,200		13,229,154
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment);
Series 2018, RB(b)	5.00%	01/01/2034		6,970		7,167,528
Series 2018, RB(b)	5.00%	01/01/2036		1,235		1,259,267
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016 A, RB(b)	5.25%	01/01/2050		14,815		14,814,840
New York Transportation Development Corp. (Terminal 4 JFK International Airport);
Series 2020 A, Ref. RB(b)	4.00%	12/01/2038		1,275		1,201,800
Series 2020, Ref. RB	5.00%	12/01/2038		2,000		2,095,673
Series 2022, RB(b)	5.00%	12/01/2037		2,700		2,805,821
Series 2022, RB(b)	5.00%	12/01/2041		7,875		8,092,501
Rockland Tobacco Asset Securitization Corp.;
Series 2001, RB	5.63%	08/15/2035		860		872,664
Series 2005 A, RB(e)(i)	0.00%	08/15/2045		54,565		15,312,674
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);
Series 2021 C-1A, RB	5.00%	05/15/2051		4,115		4,339,392
Series 2022 A, RB	5.25%	05/15/2052		5,000		5,389,746
TSASC, Inc.; Series 2016 B, Ref. RB	5.00%	06/01/2045		8,265		7,704,268
						319,952,317
North Carolina–0.50%
North Carolina (State of) Department of Transportation (I-77 HOT Lanes); Series 2015, RB(b)	5.00%	06/30/2054		5,475		5,348,088
North Carolina (State of) Medical Care Commission (Pennybyrn at Maryfield);
Series 2015, Ref. RB	5.00%	10/01/2035		1,855		1,777,038
Series 2020, RB	5.00%	10/01/2040		1,050		953,342
Series 2020, RB	5.00%	10/01/2045		1,000		870,774
North Carolina (State of) Turnpike Authority; Series 2018, Ref. RB	5.00%	01/01/2040		7,000		7,234,640
						16,183,882
North Dakota–0.31%
Burleigh (County of), ND (University of Mary); Series 2016, RB	5.20%	04/15/2046		1,520		1,379,946
Ward (County of), ND (Trinity Obligated Group); Series 2017 C, RB	5.00%	06/01/2048		11,065		8,629,444
						10,009,390
Ohio–3.93%
Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, Ref. RB	5.25%	11/15/2046		5,000		5,022,487
American Municipal Power, Inc. (Greenup Hydroelectric); Series 2016 A, RB	5.00%	02/15/2046		10,000		10,075,126
Buckeye Tobacco Settlement Financing Authority;
Series 2020 B-2, Ref. RB	5.00%	06/01/2055		22,965		21,023,906
Series 2020 B-3, Ref. RB(i)	0.00%	06/01/2057		21,475		2,481,125
Centerville (City of), OH (Graceworks Lutheran Services); Series 2017, Ref. RB	5.25%	11/01/2047		5,400		4,646,971
Chillicothe (City of), OH (Adena Health System Obligated Group); Series 2017, Ref. RB	5.00%	12/01/2037		5,000		5,090,052
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools);
Series 2014 A, Ref. RB(e)	5.75%	01/01/2024		135		134,665
Series 2014 A, Ref. RB(e)	6.50%	01/01/2034		2,450		2,451,141
Cleveland (City of), OH; Series 2008 B-2, RB (INS - NATL)(i)(j)	0.00%	11/15/2025		2,895		2,668,418

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
Ohio–(continued)
Cuyahoga (County of), OH (MetroHealth System);
Series 2017, Ref. RB	5.00%	02/15/2052	$	5,000	$	4,803,732
Series 2017, Ref. RB	5.50%	02/15/2052		7,000		7,052,587
Series 2017, Ref. RB	5.00%	02/15/2057		2,150		2,046,041
Hamilton (County of), OH (Cincinnati Children’s Hospital); Series 2019 CC, RB	5.00%	11/15/2049		15,050		16,039,160
Hamilton (County of), OH (Life Enriching Communities);
Series 2016, Ref. RB	5.00%	01/01/2046		6,505		5,820,222
Series 2016, Ref. RB	5.00%	01/01/2051		1,695		1,478,760
Hamilton (County of), OH (UC Health); Series 2020, RB	5.00%	09/15/2050		12,040		11,340,348
Lucas (County of), OH (ProMedica Healthcare System); Series 2018 A, Ref. RB	5.25%	11/15/2048		1,500		1,257,634
Montgomery (County of), OH (Dayton Children’s Hospital); Series 2021, Ref. RB	4.00%	08/01/2046		2,500		2,236,784
Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB	5.00%	02/15/2044		7,740		7,010,032
Ohio (State of) (Portsmouth Bypass); Series 2015, RB(b)	5.00%	12/31/2025		2,000		2,029,682
Ohio (State of) Housing Finance Agency (Covenant House Apartments); Series 2008 C, RB (CEP - GNMA)(b)	6.10%	09/20/2049		2,845		2,846,289
Ohio (State of) Water Development Authority Water Pollution Control Loan Fund (Green Bonds); Series 2021 A, RB	4.00%	12/01/2046		6,540		6,226,238
Tuscarawas (County of), OH Economic Development and Finance Alliance (Ashland University); Series 2015, Ref. RB	6.00%	03/01/2045		3,000		2,925,780
						126,707,180
Oklahoma–1.02%
Oklahoma (State of) Development Finance Authority (OU Medicine);
Series 2018 B, RB	5.25%	08/15/2043		8,500		8,061,544
Series 2018 B, RB(g)(k)	5.50%	08/15/2052		6,000		5,742,599
Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources, Inc.-Cross Village Student Housing);
Series 2017, RB(c)	5.00%	08/01/2052		2,000		2,000
Series 2017, RB(c)	5.25%	08/01/2057		2,610		2,610
Oklahoma (State of) Water Resources Board (2019 Master Trust);
Series 2023, RB	4.00%	04/01/2048		2,950		2,851,048
Series 2023, RB	4.13%	04/01/2053		3,700		3,607,186
Tulsa (City of), OK Airports Improvement Trust; Series 2001 C, Ref. RB(b)	5.50%	12/01/2035		7,500		7,517,298
Tulsa (City of), OK Airports Improvement Trust (American Airlines Group, Inc.); Series 2015, Ref. RB(a)(b)	5.00%	06/01/2025		5,000		5,021,919
						32,806,204
Oregon–0.67%
Clackamas (County of), OR Hospital Facility Authority (Mary’s Woods at Marylhurst, Inc.);
Series 2018 A, RB	5.00%	05/15/2048		1,090		944,145
Series 2018 A, RB	5.00%	05/15/2052		500		422,310
Clackamas (County of), OR Hospital Facility Authority (Rose Villa);
Series 2020 A, Ref. RB	5.13%	11/15/2040		1,000		939,503
Series 2020 A, Ref. RB	5.25%	11/15/2050		1,250		1,135,801
Clackamas (County of), OR Hospital Facility Authority (Willamette View);
Series 2017 A, Ref. RB	5.00%	11/15/2047		2,415		2,125,344
Series 2017 A, Ref. RB	5.00%	11/15/2052		2,960		2,546,984
Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB(b)	5.50%	07/01/2048		5,000		5,372,610
Portland (Port of), OR (Portland International Airport);
Series 2017 24 B, RB(b)	5.00%	07/01/2047		3,000		3,021,940
Series 2019 25 B, RB(b)	5.00%	07/01/2049		5,000		5,081,209
						21,589,846
Pennsylvania–3.24%
Allegheny (County of), PA Airport Authority; Series 2021 A, RB(b)	5.00%	01/01/2051		15,000		15,205,015
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University); Series 2019, Ref. RB	4.00%	09/01/2049		5,535		4,944,223
Pennsylvania (Commonwealth of) Economic Development Financing Authority (National Gypson Co.); Series 2014, Ref. RB(b)	5.50%	11/01/2044		3,300		3,305,585
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges); Series 2022, RB(b)	5.25%	06/30/2053		12,000		12,199,104

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
Pennsylvania–(continued)
Pennsylvania (Commonwealth of) Turnpike Commission;
Series 2014 A-2, RB(l)	5.13%	12/01/2040	$	5,500	$	5,478,607
Series 2017 A, RB	5.50%	12/01/2046		10,000		10,291,722
Series 2017 A-1, RB	5.00%	12/01/2042		2,500		2,585,704
Series 2017 B-1, RB	5.25%	06/01/2047		9,875		10,088,645
Series 2020 B, RB	5.00%	12/01/2045		2,000		2,084,588
Series 2021 A, RB	4.00%	12/01/2046		1,000		930,663
Series 2021 A, Ref. RB	4.00%	12/01/2051		8,500		7,779,050
Series 2021 B, Ref. RB	4.00%	12/01/2053		5,995		5,432,149
Philadelphia (City of), PA; Series 2017 B, Ref. RB(b)	5.00%	07/01/2047		7,500		7,557,244
Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University); Series 2022, RB	5.25%	11/01/2047		8,000		8,353,453
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University); Series 2017 A, Ref. RB	5.00%	09/01/2047		3,500		3,514,720
Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group); Series 2017, Ref. RB	5.00%	07/01/2042		3,000		2,472,136
Philadelphia School District (The); Series 2007 A, Ref. GO Bonds (INS - NATL)(j)	5.00%	06/01/2026		2,360		2,444,130
						104,666,738
Puerto Rico–1.28%
Children’s Trust Fund;
Series 2002, RB	5.50%	05/15/2039		5,665		5,665,662
Series 2002, RB	5.63%	05/15/2043		1,250		1,256,276
Series 2008 B, RB(i)	0.00%	05/15/2057		260,000		14,304,368
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2007 VV, Ref. RB (INS - NATL)(j)	5.25%	07/01/2030		2,700		2,659,962
Series 2012 A, RB(c)	5.00%	07/01/2042		5,525		1,519,375
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB	4.50%	07/01/2034		1,400		1,399,920
Series 2018 A-1, RB	4.55%	07/01/2040		1,583		1,543,143
Series 2018 A-1, RB(i)	0.00%	07/01/2046		31,000		8,634,374
Series 2018 A-1, RB	5.00%	07/01/2058		4,500		4,366,825
						41,349,905
South Carolina–1.70%
Patriots Energy Group Financing Agency; Series 2018 A, RB(a)	4.00%	02/01/2024		5,000		4,988,512
South Carolina (State of) Jobs-Economic Development Authority (Lutheran Homes);
Series 2013, RB	5.00%	05/01/2028		2,000		1,914,170
Series 2017, Ref. RB	5.00%	05/01/2037		2,860		2,470,631
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group);
Series 2018 A, Ref. RB	5.00%	05/01/2048		14,650		14,653,641
South Carolina (State of) Ports Authority; Series 2015, RB(a)(b)(h)	5.00%	07/01/2025		10,000		10,208,598
South Carolina (State of) Public Service Authority;
Series 2013 E, Ref. RB	5.50%	12/01/2053		5,000		5,002,175
Series 2015 E, Ref. RB	5.25%	12/01/2055		7,365		7,388,975
Series 2020 A, Ref. RB	5.00%	12/01/2043		3,300		3,387,335
University of South Carolina (Campus Village); Series 2021 A, RB	4.00%	05/01/2051		5,000		4,680,943
						54,694,980
Tennessee–0.97%
Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health); Series 2016 A, Ref. RB	5.00%	01/01/2042		14,000		14,105,905
Metropolitan Nashville Airport Authority (The); Series 2019 B, RB(b)	5.00%	07/01/2044		5,000		5,117,769
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center); Series 2017 A, RB	5.00%	07/01/2048		10,000		10,069,761
Shelby (County of), TN Health, Educational & Housing Facilities Board (The Village at Germantown, Inc.);
Series 2014, RB	5.00%	12/01/2034		1,000		946,374
Series 2014, RB	5.25%	12/01/2044		1,165		1,047,856
						31,287,665

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
Texas–11.66%
Aldine Independent School District; Series 2017 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)(g)	5.00%	02/15/2045	$	15,000	$	15,410,757
Arlington Higher Education Finance Corp. (Universal Academy); Series 2014 A, RB	7.00%	03/01/2034		1,000		1,002,488
Aubrey Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)	4.00%	02/15/2052		5,000		4,628,817
Austin (City of), TX; Series 2022, RB(b)	5.25%	11/15/2047		10,000		10,484,321
Clifton Higher Education Finance Corp. (Idea Public Schools); Series 2013, RB	6.00%	08/15/2043		2,000		2,002,089
Clifton Higher Education Finance Corp. (International Leadership of Texas);
Series 2015 A, RB	5.13%	08/15/2030		2,000		1,991,285
Series 2018 D, RB	6.00%	08/15/2038		5,000		5,035,704
Cypress-Fairbanks Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	4.00%	02/15/2048		6,750		6,467,415
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport); Series 2022 B, Ref. RB	4.00%	11/01/2045		10,000		9,470,191
Decatur (City of), TX Hospital Authority (Wise Regional Health System);
Series 2014 A, Ref. RB	5.00%	09/01/2034		1,250		1,250,428
Series 2014 A, Ref. RB	5.25%	09/01/2044		1,500		1,500,663
El Paso (City of), TX; Series 2022 A, RB	4.00%	03/01/2048		10,000		9,250,499
Forney Independent School District; Series 2022 B, GO Bonds (CEP - Texas Permanent School Fund)	4.00%	08/15/2047		7,460		7,163,738
Grand Parkway Transportation Corp.;
Series 2013 B, RB(a)(h)	5.25%	10/01/2023		14,360		14,376,686
Series 2020, Ref. RB	4.00%	10/01/2049		15,300		13,847,819
Series 2020, Ref. RB (INS - AGM)(j)	4.00%	10/01/2049		10,205		9,398,943
Harris (County of), TX; Series 2007 C, Ref. GO Bonds (INS - AGM)(j)	5.25%	08/15/2031		6,665		7,731,672
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank N.A.)(f)(n)	4.10%	02/15/2042		100		100,000
Harris (County of), TX Port Authority of Houston; Series 2021, RB	4.00%	10/01/2046		7,065		6,643,121
Harris County Industrial Development Corp. (Energy Transfer L.P.); Series 2023, Ref. RB(a)	4.05%	06/01/2033		8,750		8,603,223
Houston (City of), TX Airport System (United Airlines, Inc.);
Series 2020 B-2, Ref. RB(b)	5.00%	07/15/2027		1,500		1,512,848
Series 2020 C, Ref. RB(b)	5.00%	07/15/2027		3,875		3,908,191
Houston (City of), TX Convention & Entertainment Facilities Department;
Series 2001 B, RB (INS - AGM)(i)(j)	0.00%	09/01/2026		8,750		7,779,472
Series 2001 B, RB (INS - AGM)(i)(j)	0.00%	09/01/2027		3,600		3,084,299
Katy Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	4.00%	02/15/2053		6,025		5,673,277
Lamar Consolidated Independent School District; Series 2023, GO Bonds	4.00%	02/15/2053		5,000		4,591,497
Love Field Airport Modernization Corp. (Southwest Airlines Co.); Series 2012, RB(b)	5.00%	11/01/2028		2,000		2,000,258
Lower Colorado River Authority (LCRA Transmission Services Corp.);
Series 2019, Ref. RB	5.00%	05/15/2044		3,395		3,476,936
Series 2022, Ref. RB	6.00%	05/15/2052		4,265		4,793,411
Series 2023, Ref. RB (INS - AGM)(j)	5.25%	05/15/2053		10,000		10,712,920
Magnolia Independent School District; Series 2023, GO Bonds	4.00%	08/15/2047		6,155		5,919,505
Medina Valley Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	4.00%	02/15/2053		5,500		5,178,925
Mesquite Health Facilities Development Corp. (Christian Care Centers, Inc.);
Series 2014, Ref. RB (Acquired 08/27/2014; Cost $669,823)(c)(d)	5.13%	02/15/2030		662		19,863
Series 2014, Ref. RB (Acquired 08/27/2014-05/08/2018; Cost $808,438)(c)(d)	5.13%	02/15/2042		808		24,233
Series 2016, Ref. RB (Acquired 05/08/2018; Cost $111,776)(c)(d)	5.00%	02/15/2030		108		3,243
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(b)(e)	4.63%	10/01/2031		4,320		4,221,732
Montgomery Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	4.00%	02/15/2053		10,000		9,227,477
New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community);
Series 2021 A-1, RB	7.50%	11/15/2037		15		11,434
Series 2021, RB	2.00%	11/15/2061		355		140,472
New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); Series 2017, Ref. RB	5.00%	01/01/2047		3,000		2,608,757
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford);
Series 2016 A, RB	5.00%	11/15/2026		1,145		1,102,745
Series 2016 A, RB	5.38%	11/15/2036		865		753,876
Series 2016 A, RB	5.50%	11/15/2046		1,250		1,015,533

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
Texas–(continued)
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North);
Series 2018, Ref. RB	5.00%	10/01/2035	$	1,820	$	1,640,513
Series 2018, Ref. RB	5.00%	10/01/2039		3,260		2,753,577
Series 2020, RB	5.25%	10/01/2055		5,000		3,856,341
New Hope Cultural Education Facilities Finance Corp. (Tarleton State University); Series 2014 A, RB(a)(h)	5.00%	04/01/2024		3,000		3,026,027
North East Texas Regional Mobility Authority;
Series 2016 A, RB	5.00%	01/01/2041		6,750		6,790,921
Series 2016, RB	5.00%	01/01/2036		3,400		3,454,599
North Texas Tollway Authority;
Series 2008 D, Ref. RB (INS - AGC)(i)(j)	0.00%	01/01/2028		12,800		10,961,592
Series 2008 D, Ref. RB (INS - AGC)(i)(j)	0.00%	01/01/2029		2,165		1,786,011
Series 2008 D, Ref. RB (INS - AGC)(i)(j)	0.00%	01/01/2031		4,710		3,587,477
Pottsboro Higher Education Finance Corp. (Imagine International Academy of North Texas LLC); Series 2016 A, RB	5.00%	08/15/2046		3,000		2,697,545
Red River Health Facilities Development Corp. (MRC Crossing); Series 2014 A, RB(h)	6.75%	11/15/2024		410		416,582
Rockwall Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	4.00%	02/15/2053		11,000		10,375,278
Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area);
Series 2016, RB	5.38%	09/15/2030		395		391,557
Series 2016, RB	5.75%	09/15/2036		145		142,582
San Antonio (City of), TX; Series 2023 A, Ref. RB	5.50%	02/01/2050		6,500		7,161,229
San Jacinto River Authority (Groundwater Reduction Plan Division);
Series 2011, RB (INS - AGM)(j)	5.00%	10/01/2032		1,250		1,251,424
Series 2011, RB (INS - AGM)(j)	5.00%	10/01/2037		1,000		1,000,955
Spring Independent School District; Series 2023, GO Bonds	4.00%	08/15/2052		5,000		4,607,365
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2007, RB (Acquired 07/18/2007; Cost $1,485,000)(c)(d)	5.75%	02/15/2025		1,485		816,750
Series 2007, RB (Acquired 07/18/2007; Cost $1,500,000)(c)(d)	5.75%	02/15/2029		1,500		825,000
Series 2017 A, RB (Acquired 03/27/2020; Cost $1,010,412)(c)(d)	6.38%	02/15/2048		1,000		550,000
Series 2017 A, RB (Acquired 12/15/2016; Cost $5,023,907)(c)(d)	6.38%	02/15/2052		5,000		2,750,000
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health); Series 2018 B, RB	5.00%	07/01/2043		4,080		4,206,262
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
Series 2020, Ref. RB	6.63%	11/15/2041		500		464,345
Series 2020, Ref. RB	6.75%	11/15/2051		500		448,186
Series 2020, Ref. RB	6.88%	11/15/2055		500		451,600
Texas (State of) Transportation Commission;
Series 2014 B, VRD RB(f)	4.07%	04/01/2032		7,000		7,000,000
Series 2019, RB(i)	0.00%	08/01/2045		4,000		1,272,982
Series 2019, RB(i)	0.00%	08/01/2046		3,180		954,628
Texas (State of) Transportation Commission (Central Texas Turnpike System);
Series 2002 A, RB (INS - BHAC)(i)(j)	0.00%	08/15/2027		970		848,608
Series 2002, RB(h)(i)	0.00%	08/15/2027		30		26,292
Series 2015 B, Ref. RB(i)	0.00%	08/15/2036		7,670		4,071,638
Series 2015 B, Ref. RB(i)	0.00%	08/15/2037		9,995		4,992,117
Texas (State of) Water Development Board (Master Trust);
Series 2021, RB	4.00%	10/15/2051		11,270		10,568,879
Series 2022, RB	5.00%	10/15/2047		16,380		17,452,166
Texas Municipal Gas Acquisition & Supply Corp. III; Series 2021, Ref. RB	5.00%	12/15/2032		5,000		5,121,311
Texas Private Activity Bond Surface Transportation Corp. (Blueridge Transportation Group, LLC SH 288 Toll Lanes);
Series 2016, RB(b)	5.00%	12/31/2045		10,400		10,404,777
Series 2016, RB(b)	5.00%	12/31/2050		4,095		4,075,620
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		2,000		1,903,896
Series 2023, RB(b)	5.50%	12/31/2058		5,000		5,298,470
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3A and 3B Facility); Series 2013, RB(b)	7.00%	12/31/2038		3,475		3,482,182
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3C); Series 2019, RB(b)	5.00%	06/30/2058		7,500		7,514,476

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
Texas–(continued)
Ysleta Independent School District Public Facility Corp.; Series 2001, Ref. RB (INS - AMBAC)(j)	5.38%	11/15/2024	$	685	$	686,979
						376,209,502
Utah–0.83%
Mida Mountain Village Public Infrastructure District (Assessment Area No. 2); Series 2021, RB(e)	4.00%	08/01/2050		3,000		2,224,139
Salt Lake City (City of), UT;
Series 2017 A, RB(b)	5.00%	07/01/2042		14,000		14,212,991
Series 2021 A, RB(b)	5.00%	07/01/2046		10,000		10,251,082
						26,688,212
Virginia–0.37%
Ballston Quarter Community Development Authority; Series 2016 A, RB	5.50%	03/01/2046		2,400		1,719,788
Hanover (County of), VA Economic Development Authority (Covenant Woods);
Series 2018, Ref. RB	5.00%	07/01/2048		700		610,168
Series 2018, Ref. RB	5.00%	07/01/2051		1,000		861,812
Tobacco Settlement Financing Corp.; Series 2007 B-2, RB	5.20%	06/01/2046		4,000		3,860,086
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC);
Series 2022, Ref. RB(b)	4.00%	07/01/2039		5,250		4,837,215
						11,889,069
Washington–2.80%
King (County of), WA; Series 2019 A, Ref. VRD GO Bonds(f)	3.00%	01/01/2046		695		695,000
Seattle (City of), WA; Series 2023 A, Ref. RB	5.00%	03/01/2048		5,000		5,338,693
Seattle (Port of), WA;
Series 2018 A, RB(b)(g)	5.00%	05/01/2043		21,000		21,327,835
Series 2021 C, Ref. RB(b)	5.00%	08/01/2046		10,000		10,241,683
Series 2022 B, Ref. RB(b)	5.50%	08/01/2047		1,500		1,602,816
Washington (State of); Series 2021 A, Ref. GO Bonds	5.00%	06/01/2040		2,750		2,951,882
Washington (State of) Convention Center Public Facilities District;
Series 2018, RB	5.00%	07/01/2048		20,000		20,169,182
Series 2018, RB(g)(k)	5.00%	07/01/2058		16,500		16,617,993
Washington (State of) Housing Finance Commission (Bayview Manor Homes); Series 2016 A, Ref. RB(e)	5.00%	07/01/2046		7,255		5,660,579
Washington (State of) Housing Finance Commission (Heron’s Key Senior Living);
Series 2015 A, RB(a)(e)(h)	6.50%	07/01/2025		800		836,459
Series 2015 A, RB(a)(e)(h)	6.75%	07/01/2025		820		860,941
Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.); Series 2016, Ref. RB(e)	5.00%	01/01/2036		1,875		1,628,788
Washington (State of) Housing Finance Commission (The Hearthstone);
Series 2018 A, Ref. RB(e)	5.00%	07/01/2048		2,000		1,443,825
Series 2018 A, Ref. RB(e)	5.00%	07/01/2053		1,500		1,051,457
						90,427,133
West Virginia–0.20%
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		2,500		2,557,866
West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC);
Series 2016, RB(b)(c)(e)	6.75%	02/01/2026		4,035		2,824,500
Series 2018, RB(b)(c)(e)	8.75%	02/01/2036		1,300		1,040,000
						6,422,366
Wisconsin–2.83%
Wisconsin (State of) Center District; Series 2020 D, RB (INS - AGM)(i)(j)	0.00%	12/15/2055		11,870		2,495,519
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		2,719,248
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group); Series 2021, RB	4.00%	08/15/2046		10,170		9,335,005
Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health); Series 2022 A, Ref. RB	4.00%	04/01/2042		9,460		8,664,499

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
Wisconsin–(continued)
Wisconsin (State of) Health & Educational Facilities Authority (St. John’s Communities, Inc.);
Series 2018 A, RB(a)(h)	5.00%	09/15/2023	$	1,000	$	1,000,405
Series 2018 A, RB(a)(h)	5.00%	09/15/2023		5,000		5,002,027
Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands);
Series 2017, RB(c)(e)	6.75%	08/01/2031		3,000		2,100,000
Series 2017, RB(e)	7.00%	12/01/2050		6,100		5,530,718
Wisconsin (State of) Public Finance Authority (Explore Academy);
Series 2020 A, RB(e)	6.13%	02/01/2050		2,500		2,137,378
Series 2022 A, RB(e)	6.13%	02/01/2050		2,705		2,312,644
Wisconsin (State of) Public Finance Authority (Green Bonds); Series 2021, RB(b)	4.00%	03/31/2056		5,500		4,276,350
Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. - Central District Development);
Series 2016, RB	5.00%	03/01/2036		4,500		4,602,281
Series 2016, RB	5.00%	03/01/2041		6,000		6,068,339
Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 A-1, RB(e)	6.25%	01/01/2038		5,250		3,228,750
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.);
Series 2018 A, RB	5.20%	12/01/2037		5,000		5,024,782
Series 2018 A, RB	5.35%	12/01/2045		4,000		3,885,441
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center);
Series 2016 A, Ref. RB	5.00%	06/01/2032		2,000		2,045,044
Series 2016 A, Ref. RB	5.00%	06/01/2034		7,180		7,333,294
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB	5.75%	04/01/2035		1,955		1,983,019
Wisconsin (State of) Public Finance Authority (The Evergreens Obligated Group); Series 2019 A, Ref. RB	5.00%	11/15/2044		4,975		4,612,715
Wisconsin (State of) Public Finance Authority (WhiteStone); Series 2017, Ref. RB(e)	5.00%	03/01/2052		1,075		869,375
Wisconsin (State of) Public Finance Authority (Wittenberg University); Series 2016, RB(e)	5.25%	12/01/2039		7,285		6,127,366
						91,354,199
TOTAL INVESTMENTS IN SECURITIES(o)–102.61% (Cost $3,402,414,316)						3,309,782,897
FLOATING RATE NOTE OBLIGATIONS–(5.05)%
Notes with interest and fee rates ranging from 3.45% to 4.13% at 08/31/2023 and contractual maturities of collateral ranging from 12/01/2027 to 07/01/2058 (See Note 1J)(p)						(162,920,000	)
OTHER ASSETS LESS LIABILITIES–2.44%						78,886,422
NET ASSETS–100.00%					$	3,225,749,319

Investment Abbreviations:
AGC	- Assured Guaranty Corp.
AGM	- Assured Guaranty Municipal Corp.
AMBAC	- American Municipal Bond Assurance Corp.
BHAC	- Berkshire Hathaway Assurance Corp.
CEP	- Credit Enhancement Provider
COP	- Certificates of Participation
FHLB	- Federal Home Loan Bank
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

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

22 Invesco 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)  Security subject to the alternative minimum tax.

^(c)  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, 2023 was $16,246,922, which represented less than 1% of the Fund’s Net Assets.

^(d)  Restricted security. The aggregate value of these securities at August 31, 2023 was $8,593,435, which represented less than 1% of the Fund’s Net Assets.

^(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, 2023 was $220,206,647, which represented 6.83% of the Fund’s Net Assets.

^(f)  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, 2023.

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

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

⁽ⁱ⁾  Zero coupon bond issued at a discount.

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

^(k)  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 $42,175,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

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

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

⁽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)  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.	5.60%

^(p)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2023. At August 31, 2023, the Fund’s investments with a value of $243,842,009 are held by TOB Trusts and serve as collateral for the $162,920,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2023

Revenue Bonds	85.79%
General Obligation Bonds	10.24
Pre-Refunded Bonds	2.74
Other	1.23

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

23 Invesco Municipal Income Fund

Statement of Assets and Liabilities

August 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $3,402,414,316)	$	3,309,782,897
Cash		17,932,055
Receivable for:
Investments sold		35,082,059
Fund shares sold		2,873,248
Interest		38,542,105
Investment for trustee deferred compensation and retirement plans		249,311
Other assets		670,504
Total assets		3,405,132,179
Liabilities:
Floating rate note obligations		162,920,000
Payable for:
Investments purchased		7,469,824
Dividends		3,763,007
Fund shares reacquired		3,737,278
Accrued fees to affiliates		1,041,636
Accrued interest expense		26,204
Accrued trustees’ and officers’ fees and benefits		2,401
Accrued other operating expenses		107,690
Trustee deferred compensation and retirement plans		314,820
Total liabilities		179,382,860
Net assets applicable to shares outstanding	$	3,225,749,319
Net assets consist of:
Shares of beneficial interest	$	3,620,745,672
Distributable earnings (loss)		(394,996,353	)
	$	3,225,749,319

Net Assets:
Class A	$	2,172,607,955
Class C	$	113,610,066
Class Y	$	464,827,279
Investor Class	$	71,131,439
Class R6	$	403,572,580
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		185,680,668
Class C		9,747,167
Class Y		39,735,101
Investor Class		6,073,719
Class R6		34,495,926
Class A:
Net asset value per share	$	11.70
Maximum offering price per share (Net asset value of $11.70 ÷ 95.75%)	$	12.22
Class C:
Net asset value and offering price per share	$	11.66
Class Y:
Net asset value and offering price per share	$	11.70
Investor Class:
Net asset value and offering price per share	$	11.71
Class R6:
Net asset value and offering price per share	$	11.70

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

24 Invesco Municipal Income Fund

Statement of Operations

For the six months ended August 31, 2023

(Unaudited)

Investment income:
Interest	$	76,873,614
Expenses:
Advisory fees		7,413,879
Administrative services fees		232,169
Custodian fees		9,741
Distribution fees:
Class A		2,757,699
Class C		607,213
Investor Class		55,514
Interest, facilities and maintenance fees		4,208,433
Transfer agent fees – A, C, Y and Investor		882,240
Transfer agent fees – R6		28,748
Trustees’ and officers’ fees and benefits		23,623
Registration and filing fees		204,346
Reports to shareholders		63,808
Professional services fees		84,850
Other		24,697
Total expenses		16,596,960
Less: Expense offset arrangement(s)		(4,208	)
Net expenses		16,592,752
Net investment income		60,280,862
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $ (1,058,391))		(12,856,865	)
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(2,826,675	)
Net realized and unrealized gain (loss)		(15,683,540	)
Net increase in net assets resulting from operations	$	44,597,322

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

25 Invesco Municipal Income Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2023 and the year ended February 28, 2023

(Unaudited)

	August 31, 2023			February 28, 2023
Operations:
Net investment income	$	60,280,862		$	110,594,477
Net realized gain (loss)		(12,856,865	)		(129,427,337	)
Change in net unrealized appreciation (depreciation)		(2,826,675	)		(282,911,427	)
Net increase (decrease) in net assets resulting from operations		44,597,322			(301,744,287	)
Distributions to shareholders from distributable earnings:
Class A		(41,366,124	)		(75,879,793	)
Class C		(1,822,045	)		(3,700,621	)
Class Y		(9,092,738	)		(14,093,930	)
Investor Class		(1,435,636	)		(2,766,717	)
Class R6		(7,761,926	)		(12,121,899	)
Total distributions from distributable earnings		(61,478,469	)		(108,562,960	)
Share transactions–net:
Class A		20,163,764			(106,342,774	)
Class C		(11,600,933	)		(35,167,756	)
Class Y		100,197,668			(38,174,816	)
Investor Class		(2,938,467	)		(6,199,325	)
Class R6		52,780,327			30,910,854
Net increase (decrease) in net assets resulting from share transactions		158,602,359			(154,973,817	)
Net increase (decrease) in net assets		141,721,212			(565,281,064	)
Net assets:
Beginning of period		3,084,028,107			3,649,309,171
End of period	$	3,225,749,319		$	3,084,028,107

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

26 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 08/31/23		$11.75		$0.22		$(0.05	)		$0.17			$(0.22	)		$11.70		1.47	%		$2,172,608		1.07	%(d)		1.07	%(d)		0.81	%(d)		3.68	%(d)		7	%
Year ended 02/28/23		13.27		0.42		(1.53	)		(1.11	)		(0.41	)		11.75		(8.39	)		2,162,852		1.03			1.03			0.81			3.44			39
Year ended 02/28/22		13.61		0.40		(0.32	)		0.08			(0.42	)		13.27		0.52			2,557,469		0.90			0.90			0.80			2.91			11
Year ended 02/28/21		14.04		0.43		(0.46	)		(0.03	)		(0.40	)		13.61		(0.14	)		2,545,279		0.92			0.92			0.81			3.25			23
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
Class C
Six months ended 08/31/23		11.71		0.17		(0.04	)		0.13			(0.18	)		11.66		1.08			113,610		1.82	(d)		1.82	(d)		1.56	(d)		2.93	(d)		7
Year ended 02/28/23		13.22		0.32		(1.51	)		(1.19	)		(0.32	)		11.71		(9.05	)		125,624		1.78			1.78			1.56			2.69			39
Year ended 02/28/22		13.55		0.30		(0.32	)		(0.02	)		(0.31	)		13.22		(0.18	)		180,005		1.65			1.65			1.55			2.16			11
Year ended 02/28/21		13.97		0.33		(0.45	)		(0.12	)		(0.30	)		13.55		(0.83	)		220,569		1.67			1.67			1.56			2.50			23
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
Class Y
Six months ended 08/31/23		11.75		0.23		(0.04	)		0.19			(0.24	)		11.70		1.59			464,827		0.82	(d)		0.82	(d)		0.56	(d)		3.93	(d)		7
Year ended 02/28/23		13.27		0.45		(1.53	)		(1.08	)		(0.44	)		11.75		(8.15	)		368,000		0.78			0.78			0.56			3.69			39
Year ended 02/28/22		13.61		0.44		(0.33	)		0.11			(0.45	)		13.27		0.77			457,194		0.65			0.65			0.55			3.16			11
Year ended 02/28/21		14.04		0.47		(0.47	)		0.00			(0.43	)		13.61		0.11			468,937		0.67			0.67			0.56			3.50			23
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
Investor Class
Six months ended 08/31/23		11.76		0.23		(0.05	)		0.18			(0.23	)		11.71		1.52	(e)		71,131		0.97	(d)(e)		0.97	(d)(e)		0.71	(d)(e)		3.78	(d)(e)		7
Year ended 02/28/23		13.28		0.43		(1.53	)		(1.10	)		(0.42	)		11.76		(8.28	)(e)		74,358		0.92	(e)		0.92	(e)		0.70	(e)		3.55	(e)		39
Year ended 02/28/22		13.63		0.41		(0.33	)		0.08			(0.43	)		13.28		0.53	(e)		90,711		0.81	(e)		0.81	(e)		0.71	(e)		3.00	(e)		11
Year ended 02/28/21		14.05		0.45		(0.46	)		(0.01	)		(0.41	)		13.63		0.03	(e)		97,587		0.81	(e)		0.81	(e)		0.70	(e)		3.36	(e)		23
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
Class R6
Six months ended 08/31/23		11.75		0.24		(0.05	)		0.19			(0.24	)		11.70		1.62			403,573		0.77	(d)		0.77	(d)		0.51	(d)		3.98	(d)		7
Year ended 02/28/23		13.27		0.45		(1.53	)		(1.08	)		(0.44	)		11.75		(8.11	)		353,195		0.73			0.73			0.51			3.74			39
Year ended 02/28/22		13.61		0.44		(0.32	)		0.12			(0.46	)		13.27		0.82			363,930		0.60			0.60			0.50			3.21			11
Year ended 02/28/21		14.04		0.48		(0.47	)		0.01			(0.44	)		13.61		0.17			270,815		0.61			0.61			0.50			3.56			23
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

^(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)  Annualized.

^(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 0.15%, 0.14%, 0.16%, 0.14%, 0.17% and 0.13% for the six months ended August 31, 2023 and for the years ended February 28, 2023, February 28, 2022, February 28, 2021, February 29, 2020, and February 28, 2019, respectively.

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

27 Invesco Municipal Income Fund

Notes to Financial Statements

August 31, 2023

(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 eight 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 eighth anniversary after a purchase of Class C shares.

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 generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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.

28 Invesco Municipal Income Fund

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 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, administrative expenses and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

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. 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 

29 Invesco Municipal Income Fund

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.

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. 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.

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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, 2023, 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).

Effective July 1, 2023, the Adviser has contractually agreed, for an indefinite period, 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 the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary 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, 2023, 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, 2023, 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, Investor Class 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, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, 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, up to 1.00% of the average daily net assets of Class C shares, and up to 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2023, 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 

30 Invesco Municipal Income Fund

shareholder. During the six months ended August 31, 2023, IDI advised the Fund that IDI retained $71,179 in front-end sales commissions from the sale of Class A shares and $19,339 and $294 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2023. 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		$–			$3,309,413,722		$	369,175			$3,309,782,897

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated 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 that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended August 31, 2023, the Fund engaged in securities purchases of $96,652,461 and securities sales of $64,505,880, which resulted in net realized gains (losses) of $(1,058,391).

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,208.

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 revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Invesco Funds, and which will expire on February 22, 2024. The revolving credit and security agreement is secured by the assets of the Fund. 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. During the six months ended August 31, 2023, the Fund did not borrow 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.

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, 2023 were $176,009,286 and 3.88%, respectively.

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.

31 Invesco 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 carryforward 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 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$166,178,070		$130,450,611		$296,628,681

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2023 was $347,833,252 and $211,618,905, 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	$ 49,165,677
Aggregate unrealized (depreciation) of investments	(142,079,829)
Net unrealized appreciation (depreciation) of investments	$(92,914,152)

Cost of investments for tax purposes is $3,402,697,049.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended August 31, 2023(a)						Year ended February 28, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		15,577,942		$	185,051,398			51,939,998		$	622,005,075
Class C		342,277			4,057,047			2,086,245			24,691,610
Class Y		14,869,839			176,836,215			14,023,508			168,550,621
Investor Class		197,776			2,353,536			129,085			1,553,791
Class R6		8,758,153			103,954,149			19,086,248			228,925,511
Issued as reinvestment of dividends:
Class A		2,185,761			25,945,643			3,915,578			46,894,527
Class C		114,335			1,352,604			235,311			2,809,733
Class Y		444,731			5,278,187			603,890			7,233,773
Investor Class		87,009			1,033,953			166,270			1,993,122
Class R6		499,075			5,923,078			776,676			9,299,042
Automatic conversion of Class C shares to Class A shares:
Class A		159,121			1,889,471			315,953			3,793,670
Class C		(159,719	)		(1,889,471	)		(317,247	)		(3,793,670	)
Reacquired:
Class A		(16,249,464	)		(192,722,748	)		(64,878,292	)		(779,036,046	)
Class C		(1,279,447	)		(15,121,113	)		(4,895,438	)		(58,875,429	)
Class Y		(6,894,222	)		(81,916,734	)		(17,770,229	)		(213,959,210	)
Investor Class		(531,436	)		(6,325,956	)		(804,121	)		(9,746,238	)
Class R6		(4,813,781	)		(57,096,900	)		(17,237,266	)		(207,313,699	)
Net increase (decrease) in share activity		13,307,950		$	158,602,359			(12,623,831	)	$	(154,973,817	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 67% 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.

32 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, 2023 through August 31, 2023.

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  (03/01/23)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized  Expense Ratio
		Ending  Account Value  (08/31/23)1	Expenses  Paid During  Period2	Ending  Account Value  (08/31/23)	Expenses  Paid During  Period2
Class A	$1,000.00	$1,014.70	$5.42	$1,019.76	$5.43	1.07%
Class C	1,000.00	1,010.80	9.20	1,015.99	9.22	1.82
Class Y	1,000.00	1,015.90	4.16	1,021.01	4.17	0.82
Investor Class	1,000.00	1,015.20	4.91	1,020.26	4.93	0.97
Class R6	1,000.00	1,016.20	3.90	1,021.27	3.91	0.77

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, 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 184/366 to reflect the most recent fiscal half year.

33 Invesco Municipal Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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 has established an Investments Committee, which in turn has established Sub-Committees that 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 information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees 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 requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by 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. 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 accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent.The Board received a

description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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 to the Fund 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, 2022 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond 5+ Year Investment Grade Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period, the fourth quintile for the three year period, and the third 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

34 Invesco Municipal Income Fund

that performance of Class A shares of the Fund was below the performance of the Index for the one, three, and five year periods. The Board considered that Fund performance was negatively impacted by allocations to bonds within specific sectors, credit qualities and geographies. 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, which did not change its 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 is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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 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 contractual management fees and total expenses as well as the levels of the Fund’s breakpoints in light of current assets. The Board requested and considered additional information from management regarding the Fund’s actual management fees in light of current asset levels. As previously noted, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management, including with respect to management’s philosophy regarding breakpoints in the Fund’s contractual management fee schedule and how the services provided by the municipal investment team to the Fund may be distinguished from those provided by peer municipal managers. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board 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 considered additional information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 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 most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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 received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination 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. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such

35 Invesco Municipal Income Fund

services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

36 Invesco Municipal Income Fund

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

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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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list 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/ corporate/about-us/esg. 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 number(s): 811-07890 and 033-66242     Invesco Distributors, Inc. VK-MINC-SAR-1          

Semiannual Report to Shareholders August 31, 2023

Invesco New Jersey Municipal Fund

Nasdaq:

A: ONJAX ∎ C: ONJCX ∎ Y: ONJYX ∎ R6: IORJX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
10	Financial Statements
13	Financial Highlights
14	Notes to Financial Statements
20	Fund Expenses
21	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is 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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/23 to 8/31/23, 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	1.25	%
Class C Shares	0.92
Class Y Shares	1.38
Class R6 Shares	1.41
S&P Municipal Bond New Jersey Index▼	1.61
U.S. Consumer Price Index▼	2.06
Source(s): ▼Bloomberg LP
The S&P Municipal Bond New Jersey Index is a broad, market value-weighted index that seeks to measure the performance of bonds issued within New Jersey.
The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the US 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.

2 Invesco New Jersey Municipal Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (3/1/94)	4.03	%
10 Years	3.37
5 Years	1.42
1 Year	-2.88
Class C Shares
Inception (8/29/95)	4.02	%
10 Years	3.24
5 Years	1.65
1 Year	-0.19
Class Y Shares
Inception (11/29/10)	3.79	%
10 Years	4.03
5 Years	2.56
1 Year	1.70
Class R6 Shares
10 Years	3.96	%
5 Years	2.59
1 Year	1.75

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 was subsequently renamed the Invesco New Jersey Municipal Fund (the Fund). Returns shown above, for periods ending on or 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 on and 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.

3 Invesco New Jersey Municipal Fund

 

 

 

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), 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 17, 2023, 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 January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during 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.

4 Invesco New Jersey Municipal Fund

Schedule of Investments

August 31, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Municipal Obligations–100.28%
New Jersey–84.69%
Atlantic City (City of), NJ; Series 2017 A, Ref. GO Bonds (INS - BAM)(a)		5.00%		03/01/2042	$	1,250	$  1,280,331
Camden (County of), NJ Improvement Authority (The) (KIPP Cooper Norcross Academy) (Social Bonds); Series 2022, RB		6.00%		06/15/2052		1,325	1,377,234
Casino Reinvestment Development Authority, Inc.;
Series 2004, RB (INS - AMBAC)(a)		5.25%		01/01/2024		1,665	1,665,736
Series 2004, RB (INS - AMBAC)(a)		5.00%		01/01/2025		220	220,066
Series 2014, Ref. RB (INS - AGM)(a)		5.00%		11/01/2028		1,000	1,018,334
Series 2014, Ref. RB (INS - AGM)(a)		5.00%		11/01/2031		2,000	2,031,114
Series 2014, Ref. RB		5.25%		11/01/2039		3,000	3,016,812
Series 2014, Ref. RB		5.25%		11/01/2044		4,990	5,005,003
Essex (County of), NJ Improvement Authority (559 Broad/Hazelwood); Series 2020 A, RB(b)		4.00%		08/01/2060		1,500	1,155,639
Essex (County of), NJ Improvement Authority (CHF-Newark LLC-NJIT Student Housing); Series 2021 A, RB (INS - BAM)(a)		4.00%		08/01/2051		1,040	949,305
Garden State Preservation Trust;
Series 2003 B, RB (INS - AGM)(a)(c)		0.00%		11/01/2026		140	125,115
Series 2005 A, RB (INS - AGM)(a)		5.75%		11/01/2028		4,250	4,537,556
Gloucester (County of), NJ Improvement Authority (The) (Rowan University);
Series 2015, RB		5.00%		07/01/2033		1,400	1,434,135
Series 2019, RB		5.00%		07/01/2044		2,375	2,505,132
Hudson County Improvement Authority (Hudson County Courthouse); Series 2020, RB		4.00%		10/01/2046		1,600	1,533,538
Jersey City (City of), NJ Redevelopment Agency (Bayfront Redevelopment); Series 2022, RB		4.00%		12/15/2031		2,000	2,103,855
Lavallette School District; Series 2005, GO Bonds (INS - SGI)(a)		4.20%		02/01/2025		10	10,005
Middlesex (County of), NJ Improvement Authority (New Jersey Health + Life Science Exchange - H-1); Series 2023, RB		5.00%		08/15/2053		2,000	2,150,757
Middlesex (County of), NJ Improvement Authority (Senior Citizens Housing); Series 2000, RB (INS - AMBAC)(a)(d)		5.50%		09/01/2030		20	20,033
New Jersey (State of);
Series 2016, GO Bonds(e)		5.00%		06/01/2028		5,000	5,327,810
Series 2020 A, GO Bonds		4.00%		06/01/2032		4,540	4,755,835
New Jersey (State of) Building Authority;
Series 2016 A, Ref. RB(f)(g)		5.00%		06/15/2026		300	314,727
Series 2016 A, Ref. RB (INS - BAM)(a)		5.00%		06/15/2028		600	626,568
New Jersey (State of) Economic Development Authority;
Series 1998 B, RB(d)		6.50%		04/01/2031		90	89,570
Series 2005 N-1, Ref. RB (INS - NATL)(a)		5.50%		09/01/2023		100	100,000
Series 2015 WW, RB(f)(g)		5.00%		06/15/2025		3,000	3,097,339
Series 2015 WW, RB(f)(g)		5.00%		06/15/2025		3,000	3,097,339
Series 2017 A, Ref. RB (INS - BAM)(a)		5.00%		07/01/2033		3,000	3,149,404
Series 2018 A, RB		5.00%		06/15/2047		3,000	3,062,766
Series 2020, RB		4.00%		11/01/2038		1,000	993,276
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	1,412,949
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, RB(d)		5.25%		09/15/2029		2,350	2,356,681
Series 2012, RB(d)		5.75%		09/15/2027		900	900,822
New Jersey (State of) Economic Development Authority (Elite Pharmaceuticals, Inc. - 2005); Series 2005 A, RB(d)		6.50%		09/01/2030		20	17,261
New Jersey (State of) Economic Development Authority (Foundation Academy Charter School);
Series 2018 A, RB		5.00%		07/01/2038		350	344,756
Series 2018 A, RB		5.00%		07/01/2050		1,000	926,062
New Jersey (State of) Economic Development Authority (Golden Door Charter School);
Series 2018 A, RB(b)		6.25%		11/01/2038		1,050	1,084,842
Series 2018 A, RB(b)		6.50%		11/01/2052		2,500	2,586,893

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

5 Invesco New Jersey Municipal Fund

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
New Jersey–(continued)
New Jersey (State of) Economic Development Authority (Leap Academy University Charter School, Inc.);
Series 2013, RB		6.00%		10/01/2043	$	3,200	$  3,203,721
Series 2014 A, RB(b)		6.00%		10/01/2034		515	516,823
New Jersey (State of) Economic Development Authority (Lions Gate); Series 2014, RB		5.25%		01/01/2044		3,815	3,514,830
New Jersey (State of) Economic Development Authority (Marion P. Thomas Charter School);
Series 2018 A, RB(b)		5.00%		10/01/2033		1,000	944,675
Series 2018 A, RB(b)		5.25%		10/01/2038		2,500	2,322,605
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB		5.13%		06/15/2037		2,631	2,772,842
New Jersey (State of) Economic Development Authority (North Star Academy Charter School of Newark, Inc.); Series 2017, RB		5.00%		07/15/2047		2,000	1,946,292
New Jersey (State of) Economic Development Authority (Port Newark Container Terminal LLC); Series 2017, Ref. RB(d)		5.00%		10/01/2047		2,000	2,012,360
New Jersey (State of) Economic Development Authority (Portal North Bridge); Series 2022 A, RB		5.00%		11/01/2052		2,000	2,091,509
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		50	49,543
New Jersey (State of) Economic Development Authority (Social Bonds); Series 2021 QQQ, RB		4.00%		06/15/2046		3,465	3,299,593
New Jersey (State of) Economic Development Authority (Team Academy Charter School); Series 2018 A, RB		5.00%		12/01/2048		3,000	2,995,577
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); Series 2013, RB(d)		5.38%		01/01/2043		8,650	8,661,693
New Jersey (State of) Economic Development Authority (UMM Energy Partners, LLC);
Series 2012 A, RB(d)		5.00%		06/15/2037		1,515	1,503,244
Series 2012 A, RB(d)		5.13%		06/15/2043		3,250	3,229,611
New Jersey (State of) Educational Facilities Authority (Georgian Court University);
Series 2017 G, Ref. RB		5.00%		07/01/2030		1,395	1,344,905
Series 2017 G, Ref. RB		5.00%		07/01/2033		1,590	1,499,043
Series 2017 G, Ref. RB		5.00%		07/01/2035		1,485	1,367,509
Series 2017 G, Ref. RB		5.00%		07/01/2036		1,640	1,487,780
New Jersey (State of) Educational Facilities Authority (Green Bonds); Series 2020 A, RB		5.00%		07/01/2037		1,790	1,842,603
New Jersey (State of) Educational Facilities Authority (New Jersey City University); Series 2021, Ref. RB (INS - AGM)(a)		4.00%		07/01/2036		765	745,105
New Jersey (State of) Educational Facilities Authority (Princeton University); Series 2022 A, RB		5.00%		03/01/2032		2,500	2,920,775
New Jersey (State of) Educational Facilities Authority (Rider University);
Series 2017 F, RB		5.00%		07/01/2035		185	171,849
Series 2017 F, RB		5.00%		07/01/2036		400	365,543
Series 2017 F, RB		5.00%		07/01/2047		3,250	2,686,966
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds);
Series 2020 A, RB		5.00%		07/01/2045		750	754,013
Series 2020 A, RB		4.00%		07/01/2050		3,000	2,515,920
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		1,990	2,037,681
New Jersey (State of) Health Care Facilities Financing Authority; Series 2017, Ref. RB		5.00%		10/01/2038		2,000	2,067,970
New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.); Series 2008 B, VRD RB (LOC - Bank Of America N.A.)(h)(i)		3.98%		07/01/2036		300	300,000
New Jersey (State of) Health Care Facilities Financing Authority (Barnabas Health Obligated Group); Series 2014, Ref. RB		5.00%		07/01/2044		3,000	3,016,297
New Jersey (State of) Health Care Facilities Financing Authority (Marlboro Psychiatric Hospital); Series 2013, RB		5.00%		09/15/2029		5,000	5,001,753
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group); Series 2021, RB		4.00%		07/01/2045		3,000	2,869,085
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	2,005,275
New Jersey (State of) Health Care Facilities Financing Authority (Valley Health System Obligated Group); Series 2019, RB		5.00%		07/01/2030		1,250	1,343,461
New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health Inc.); Series 2009 E, VRD RB (LOC - Td Bank N.A.)(h)(i)		2.75%		07/01/2043		5,000	5,000,000

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)
New Jersey (State of) Higher Education Student Assistance Authority; Series 2019 C, Ref. RB(d)		3.63%		12/01/2049	$	1,000	$    770,257
Series 2021 C, RB(d)		3.25%		12/01/2051		500	342,598
Series 2023 B, RB(d)		4.00%		12/01/2044		2,000	1,899,536
Series 2023 C, RB(d)		5.00%		12/01/2053		2,000	1,858,701
New Jersey (State of) Housing & Mortgage Finance Agency;
Series 2018 A, Ref. RB		3.95%		11/01/2043		870	761,640
Series 2018 BB, Ref. RB(d)		3.80%		10/01/2032		765	740,732
Series 2019 A, Ref. RB		3.00%		11/01/2044		510	385,656
Series 2019 A, Ref. RB		3.05%		11/01/2049		865	624,416
Series 2020 E, Ref. RB		2.45%		10/01/2050		515	374,211
New Jersey (State of) Housing & Mortgage Finance Agency (Social Bonds);
Series 2022 I, RB		5.00%		10/01/2053		2,970	3,041,345
Series 2023 J, RB		4.70%		10/01/2048		3,250	3,244,530
New Jersey (State of) Transportation Trust Fund Authority;
Series 2008 A, RB (INS - BAM)(a)(c)		0.00%		12/15/2037		2,000	1,063,976
Series 2008 A, RB(c)		0.00%		12/15/2038		2,000	996,094
Series 2009 A, RB(c)		0.00%		12/15/2039		10,000	4,709,427
Series 2010 A, RB (INS - BAM)(a)(c)		0.00%		12/15/2028		1,200	989,457
Series 2018 A, Ref. RB		4.25%		12/15/2038		7,790	7,838,176
Series 2018 A, Ref. RN		5.00%		06/15/2031		3,540	3,680,441
Series 2019 BB, RB		4.00%		06/15/2050		5,930	5,461,366
Series 2022, RB		5.50%		06/15/2050		1,500	1,635,092
Series 2023 AA, Ref. RB		4.25%		06/15/2044		2,000	1,964,185
New Jersey (State of) Turnpike Authority;
Series 2019 A, RB		5.00%		01/01/2048		2,000	2,091,517
Series 2021 A, RB		4.00%		01/01/2042		5,975	5,891,471
Series 2022 B, RB		5.25%		01/01/2052		3,000	3,284,463
Newark (City of), NJ;
Series 2015 A, GO Bonds		5.00%		07/15/2029		3,000	3,075,886
Series 2015 B, GO Bonds (CEP - Oregon School Bond Guaranty)		5.00%		07/15/2029		430	440,877
Series 2020 C, Ref. GO Bonds (INS - AGM)(a)		4.00%		10/01/2039		305	296,670
Newark (City of), NJ Housing Authority;
Series 2007, Ref. RB (INS - NATL)(a)		5.00%		01/01/2032		760	821,495
Series 2017, Ref. RB		4.00%		01/01/2037		1,000	1,000,020
Newark (City of), NJ Parking Authority (The);
Series 2023, RB (INS - AGM)(a)		5.25%		02/01/2043		375	392,975
Series 2023, RB (INS - AGM)(a)		5.50%		02/01/2051		500	526,392
Passaic (County of), NJ Improvement Authority (The) (Paterson Arts & Science Charter School);
Series 2023, RB		5.38%		07/01/2053		1,000	975,915
Series 2023, RB		5.50%		07/01/2058		1,000	978,611
Salem (County of), NJ Pollution Control Financing Authority (Chambers); Series 2014 A, PCR(d)(f)		5.00%		12/01/2023		4,900	4,916,230
South Jersey Transportation Authority;
Series 2014 A, Ref. RB		5.00%		11/01/2039		3,650	3,649,759
Series 2020 A, RB		5.00%		11/01/2045		2,000	2,035,302
Series 2022 A, RB		4.63%		11/01/2047		1,000	985,316
Series 2022 A, RB		5.25%		11/01/2052		2,000	2,064,782
Tender Option Bond Trust Receipts/Certificates; Series 2021, VRD RB(b)(h)		4.36%		12/15/2028		3,000	3,000,000
Tobacco Settlement Financing Corp.;
Series 2018 A, Ref. RB		5.00%		06/01/2046		6,000	6,108,398
Series 2018 A, Ref. RB		5.25%		06/01/2046		1,000	1,032,909
Series 2018 B, Ref. RB		5.00%		06/01/2046		5,170	5,086,804
Union (County of), NJ Improvement Authority; Series 1998 A, RB (INS - NATL)(a)(d)		5.00%		03/01/2028		55	55,074
Wall Township School District; Series 2023, GO Bonds (CEP - Oregon School Bond Guaranty)		4.00%		07/15/2045		2,000	1,901,394
							239,787,147
Puerto Rico–8.30%
Children’s Trust Fund; Series 2002, RB		5.63%		05/15/2043		15,000	15,075,313
Corp. Para El Financiamiento Publico de Puerto Rico; Series 2011, RB		6.00%		08/01/2026		5,235	137,419

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
Puerto Rico–(continued)
Puerto Rico (Commonwealth of);
Series 2021 A, GO Bonds(c)		0.00%		07/01/2024	$	34	$   33,328
Series 2021 A, GO Bonds(c)		0.00%		07/01/2033		273	166,323
Series 2021 A-1, GO Bonds		5.38%		07/01/2025		236	240,732
Series 2021 A-1, GO Bonds		5.63%		07/01/2027		234	244,154
Series 2021 A-1, GO Bonds		5.63%		07/01/2029		230	243,667
Series 2021 A-1, GO Bonds		5.75%		07/01/2031		224	241,939
Series 2021 A-1, GO Bonds		4.00%		07/01/2033		212	198,620
Series 2021 A-1, GO Bonds		4.00%		07/01/2035		191	175,230
Series 2021 A-1, GO Bonds		4.00%		07/01/2037		164	147,227
Series 2021 A-1, GO Bonds		4.00%		07/01/2041		222	192,397
Series 2021 A-1, GO Bonds		4.00%		07/01/2046		231	192,621
Subseries 2022, RN		0.00%		11/01/2043		1,001	516,573
Subseries 2022, RN		0.00%		11/01/2051		5,558	2,313,382
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2010 AAA, RB(j)		5.25%		07/01/2030		500	137,500
Series 2010 AAA, RB(j)		5.25%		07/01/2031		550	151,250
Series 2012 A, RB(j)		5.05%		07/01/2042		45	12,375
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control
Facilities Financing Authority; Series 2000, RB (Acquired 05/26/2000; Cost $159,655)(d)(j)(k)		6.63%		06/01/2026		160	112,000
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(c)		0.00%		07/01/2051		6,271	1,296,137
Series 2018 A-1, RB		5.00%		07/01/2058		1,371	1,330,426
Series 2019 A-2, RB		4.54%		07/01/2053		60	54,303
Series 2019 A-2B, RB		4.55%		07/01/2040		304	296,408
							23,509,324
New York–5.56%
New York & New Jersey (States of) Port Authority;
Series 2019 220, RB(d)		4.00%		11/01/2059		2,000	1,760,484
Series 2019, RB(d)		5.00%		11/01/2049		1,500	1,522,374
Series 2020 221, RB(d)		4.00%		07/15/2045		4,000	3,733,144
Series 2021, Ref. RB(d)		4.00%		07/15/2046		1,615	1,483,855
Series 2022, Ref. RB(d)		5.50%		08/01/2052		500	540,617
Two Hundred Fortieth Series 2023, Ref. RB		5.00%		07/15/2053		4,000	4,252,546
Two Hundred Sixth Series 2017, Ref. RB(d)		5.00%		11/15/2037		850	875,746
Two Hundred Twenty Three Series 2021, Ref. RB(d)		4.00%		07/15/2041		1,635	1,558,116
							15,726,882
Virgin Islands–0.68%
Tobacco Settlement Financing Corp.;
Series 2006, RB(c)		0.00%		05/15/2035		1,100	489,770
Series 2006, RB(c)		0.00%		05/15/2035		3,100	1,288,479
Virgin Islands (Government of) Water & Power Authority (Electric System);
Series 2007 A, RB		5.00%		07/01/2024		50	49,063
Series 2007 A, RB		5.00%		07/01/2026		15	14,369
Series 2007 A, RB		5.00%		07/01/2027		85	80,925
							1,922,606
Guam–0.67%
Guam (Territory of); Series 2021 F, Ref. RB		4.00%		01/01/2036		2,000	1,878,351
Guam Housing Corp.; Series 1998 A, RB (CEP - FHLMC)(d)		5.75%		09/01/2031		10	10,001
							1,888,352

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
Northern Mariana Islands–0.38%
Northern Mariana Islands (Commonwealth of) Ports Authority; Series 1998 A, RB(d)		6.25%		03/15/2028	$	1,135	$  1,087,741
TOTAL INVESTMENTS IN SECURITIES(l)–100.28% (Cost $288,968,064)							283,922,052
FLOATING RATE NOTE OBLIGATIONS–(1.32)%
Note with an interest and fee rate of 4.24% at 08/31/2023 and a contractual maturity of collateral of 06/01/2028 (See Note 1J)(m)							(3,750,000)
OTHER ASSETS LESS LIABILITIES–1.04%							2,961,959
NET ASSETS–100.00%							$283,134,011

Investment Abbreviations:

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
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.
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 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, 2023 was $13,024,426, which represented 4.60% of the Fund’s Net Assets.

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

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

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

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

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

^(h)  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, 2023.

⁽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)  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, 2023 was $413,125, which represented less than 1% of the Fund’s Net Assets.

^(k)  Restricted security. The value of this security at August 31, 2023 represented less than 1% of the Fund’s Net Assets.

^(l)  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 obligations but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

^(m)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2023. At August 31, 2023, the Fund’s investments with a value of $5,327,810 are held by TOB Trusts and serve as collateral for the $3,750,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2023

Revenue Bonds	86.30	%
General Obligation Bonds	6.75
Pre-Refunded Bonds	4.03
Other	2.92

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

9 Invesco New Jersey Municipal Fund

Statement of Assets and Liabilities

August 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $288,968,064)	$	283,922,052
Cash		103,994
Receivable for:
Investments sold		105,000
Fund shares sold		63,586
Interest		3,248,135
Investments matured, at value (Cost $776,457)		211,585
Investment for trustee deferred compensation and retirement plans		36,668
Other assets		81,824
Total assets		287,772,844
Liabilities:
Floating rate note obligations		3,750,000
Payable for:
Dividends		367,066
Fund shares reacquired		323,149
Accrued fees to affiliates		109,803
Accrued interest expense		3,203
Accrued trustees’ and officers’ fees and benefits		18,675
Accrued other operating expenses		30,269
Trustee deferred compensation and retirement plans		36,668
Total liabilities		4,638,833
Net assets applicable to shares outstanding	$	283,134,011

Net assets consist of:
Shares of beneficial interest	$	458,956,821
Distributable earnings (loss)		(175,822,810	)
	$	283,134,011
Net Assets:
Class A	$	188,975,726
Class C	$	20,139,085
Class Y	$	73,898,597
Class R6	$	120,603
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		21,630,155
Class C		2,301,709
Class Y		8,448,786
Class R6		13,804
Class A:
Net asset value per share	$	8.74
Maximum offering price per share (Net asset value of $8.74 ÷ 95.75%)	$	9.13
Class C:
Net asset value and offering price per share	$	8.75
Class Y:
Net asset value and offering price per share	$	8.75
Class R6:
Net asset value and offering price per share	$	8.74

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

10 Invesco New Jersey Municipal Fund

Statement of Operations

For the six months ended August 31, 2023

(Unaudited)

Investment income:
Interest	$	6,244,938
Expenses:
Advisory fees		817,138
Administrative services fees		20,236
Custodian fees		1,710
Distribution fees:
Class A		240,134
Class C		94,514
Interest, facilities and maintenance fees		132,377
Transfer agent fees– A, C and Y		91,188
Transfer agent fees – R6		5
Trustees’ and officers’ fees and benefits		9,457
Registration and filing fees		29,615
Reports to shareholders		8,402
Professional services fees		48,899
Other		5,059
Total expenses		1,498,734
Less: Expense offset arrangement(s)		(619	)
Net expenses		1,498,115
Net investment income		4,746,823
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities		(1,536,318	)
Change in net unrealized appreciation of unaffiliated investment securities		317,809
Net realized and unrealized gain (loss)		(1,218,509	)
Net increase in net assets resulting from operations	$	3,528,314

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

11 Invesco New Jersey Municipal Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2023 and the year ended February 28, 2023

(Unaudited)

	August 31, 2023			February 28, 2023
Operations:
Net investment income	$	4,746,823		$	8,344,232
Net realized gain (loss)		(1,536,318	)		(16,644,174	)
Change in net unrealized appreciation (depreciation)		317,809			(8,985,037	)
Net increase (decrease) in net assets resulting from operations		3,528,314			(17,284,979	)
Distributions to shareholders from distributable earnings:
Class A		(3,723,872	)		(7,978,982	)
Class C		(335,187	)		(690,323	)
Class Y		(1,456,959	)		(2,309,913	)
Class R6		(1,935	)		(479	)
Total distributions from distributable earnings		(5,517,953	)		(10,979,697	)
Share transactions–net:
Class A		(1,060,347	)		(1,967,147	)
Class C		(328,991	)		591,648
Class Y		8,169,828			26,779,497
Class R6		77,145			36,826
Net increase in net assets resulting from share transactions		6,857,635			25,440,824
Net increase (decrease) in net assets		4,867,996			(2,823,852	)
Net assets:
Beginning of period		278,266,015			281,089,867
End of period	$	283,134,011		$	278,266,015

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

12 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 08/31/23	$	8.80	$	0.15	$	(0.04	)	$	0.11		$	(0.17	)	$	8.74		1.25	%	$	188,976		1.06	%(d)		1.06	%(d)		0.97	%(d)		3.30	%(d)		15	%
Year ended 02/28/23		9.75		0.28		(0.86	)		(0.58	)		(0.37	)		8.80		(5.96	)		191,328		1.04			1.04			0.97			3.11			31
Year ended 02/28/22		9.86		0.28		(0.02	)		0.26			(0.37	)		9.75		2.63			214,469		1.08			1.09			0.98			2.73			9
Year ended 02/28/21		10.27		0.32		(0.31	)		0.01			(0.42	)		9.86		0.25			195,684		1.11			1.16			0.97			3.32			27
Seven months ended 02/29/20		9.85		0.19		0.40			0.59			(0.17	)		10.27		6.00			197,732		1.18	(d)		1.21	(d)		1.00	(d)		3.30	(d)		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			1.01			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
Class C
Six months ended 08/31/23		8.81		0.12		(0.04	)		0.08			(0.14	)		8.75		0.92	(e)		20,139		1.71	(d)(e)		1.71	(d)(e)		1.62	(d)(e)		2.65	(d)(e)		15
Year ended 02/28/23		9.77		0.22		(0.87	)		(0.65	)		(0.31	)		8.81		(6.67	)(e)		20,606		1.69	(e)		1.69	(e)		1.62	(e)		2.46	(e)		31
Year ended 02/28/22		9.88		0.21		(0.01	)		0.20			(0.31	)		9.77		1.97			22,184		1.73			1.74			1.63			2.08			9
Year ended 02/28/21		10.28		0.26		(0.31	)		(0.05	)		(0.35	)		9.88		(0.33	)		20,687		1.76			1.81			1.62			2.67			27
Seven months ended 02/29/20		9.87		0.15		0.39			0.54			(0.13	)		10.28		5.54			35,355		1.83	(d)		1.86	(d)		1.65	(d)		2.64	(d)		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
Class Y
Six months ended 08/31/23		8.81		0.16		(0.04	)		0.12			(0.18	)		8.75		1.38			73,899		0.81	(d)		0.81	(d)		0.72	(d)		3.55	(d)		15
Year ended 02/28/23		9.76		0.30		(0.86	)		(0.56	)		(0.39	)		8.81		(5.72	)		66,288		0.79			0.79			0.72			3.36			31
Year ended 02/28/22		9.88		0.30		(0.02	)		0.28			(0.40	)		9.76		2.78			44,427		0.84			0.84			0.74			2.97			9
Year ended 02/28/21		10.28		0.35		(0.30	)		0.05			(0.45	)		9.88		0.62			31,634		0.87			0.91			0.73			3.56			27
Seven months ended 02/29/20		9.87		0.21		0.38			0.59			(0.18	)		10.28		6.04			32,117		0.94	(d)		0.97	(d)		0.76	(d)		3.54	(d)		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
Class R6
Six months ended 08/31/23		8.80		0.16		(0.04	)		0.12			(0.18	)		8.74		1.41			121		0.76	(d)		0.76	(d)		0.67	(d)		3.60	(d)		15
Year ended 02/28/23		9.76		0.30		(0.86	)		(0.56	)		(0.40	)		8.80		(5.76	)		45		0.74			0.74			0.67			3.41			31
Year ended 02/28/22		9.86		0.31		0.00			0.31			(0.41	)		9.76		3.06			10		0.72			0.77			0.62			3.09			9
Year ended 02/28/21		10.27		0.35		(0.31	)		0.04			(0.45	)		9.86		0.61			10		0.77			0.91			0.63			3.66			27
Seven months ended 02/29/20		9.85		0.21		0.40			0.61			(0.19	)		10.27		6.21			11		0.84	(d)		0.94	(d)		0.73	(d)		3.64	(d)		12
Period ended 07/31/19(f)		9.74		0.08		0.08			0.16			(0.05	)		9.85		1.73			10		0.99	(d)		1.07	(d)		0.71	(d)		4.46	(d)		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) Annualized.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.90% for the six months ended August 31, 2023 and for the year ended February 28, 2023.

^(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.

13 Invesco New Jersey Municipal Fund

Notes to Financial Statements

August 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco New Jersey 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 eight 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 eighth anniversary after a purchase of Class C shares.

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 generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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.

14 Invesco New Jersey Municipal Fund

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. 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 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. The risk of material loss as a result of such indemnification claims is considered remote.

I. 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.

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

15 Invesco New Jersey 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’ claims. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

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 the Adviser. 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 $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, 2023, the effective advisory fee rate incurred by the Fund was 0.57%.

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). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

Effective July 1, 2023, the Adviser has contractually agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses 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 to 1.50%, 2.15%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary 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, 2023, 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.

16 Invesco New Jersey Municipal Fund

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, 2023, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $4,842 in front-end sales commissions from the sale of Class A shares and $0 and $1,253 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2023. 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		$–	$	283,922,052		$–		$283,922,052
Other Investments - Assets
Investments Matured		–		211,585		–		211,585
Total Investments		$–	$	284,133,637		$–		$284,133,637

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated 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 that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended August 31, 2023, the Fund engaged in securities purchases of $4,475,737 and securities sales of $3,102,927, 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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $619.

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.

17 Invesco New Jersey Municipal Fund

NOTE 7–Cash Balances and Borrowings

The Trust 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 Trust 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, 2023 were $3,750,000 and 3.74%, respectively.

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 carryforward 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 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	20,659,196	$	149,029,101	$	169,688,297

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2023 was $45,637,036 and $41,887,461, 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	$4,264,034
Aggregate unrealized (depreciation) of investments	(9,539,337	)
Net unrealized appreciation (depreciation) of investments	$(5,275,303	)

Cost of investments for tax purposes is $289,408,940.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2023(a)						February 28, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		887,865		$	7,873,010			2,896,418		$	26,051,148
Class C		222,769			1,982,063			723,328			6,481,812
Class Y		1,811,191			16,057,373			5,229,988			46,964,060
Class R6		8,520			75,886			4,107			36,754
Issued as reinvestment of dividends:
Class A		246,821			2,185,630			523,167			4,674,690
Class C		25,498			226,158			51,339			459,417
Class Y		100,700			892,610			159,794			1,426,384
Class R6		142			1,259			8			72
Automatic conversion of Class C shares to Class A shares:
Class A		141,400			1,254,966			167,972			1,513,718
Class C		(141,229	)		(1,254,966	)		(167,751	)		(1,513,718	)

18 Invesco New Jersey Municipal Fund

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2023(a)						February 28, 2023
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(1,399,240	)	$	(12,373,953	)		(3,823,857	)	$	(34,206,703	)
Class C		(144,629	)		(1,282,246	)		(539,024	)		(4,835,863	)
Class Y		(991,286	)		(8,780,155	)		(2,411,456	)		(21,610,947	)
Net increase in share activity		768,522		$	6,857,635			2,814,033		$	25,440,824

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 60% 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.

19 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, 2023 through August 31, 2023.

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  (03/01/23)	Ending  Account Value  (08/31/23)1	Expenses   Paid During   Period2	Ending  Account Value  (08/31/23)	Expenses   Paid During   Period2	Annualized   Expense Ratio
Class A	$1,000.00	$1,012.50	$5.36	$1,019.81	$5.38	1.06%
Class C	1,000.00	1,009.20	8.64	1,016.54	8.67	1.71
Class Y	1,000.00	1,013.80	4.10	1,021.06	4.12	0.81
Class R6	1,000.00	1,014.10	3.85	1,021.32	3.86	0.76

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, 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 184/366 to reflect the most recent fiscal half year.

20 Invesco New Jersey Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

At meetings held on June 13, 2023, 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 (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, 2023. 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 has established an Investments Committee, which in turn has established Sub-Committees, that 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 information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees 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 requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by 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. 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 accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a

description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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 to the Fund 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, 2022 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond New Jersey Index (Index). The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one year period and the first quintile for the 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

21 Invesco New Jersey Municipal Fund

below the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction 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, which did not change its 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 is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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 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. As previously noted, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management, including with respect to how the services provided by the municipal investment team to the Fund may be distinguished from those provided by peer municipal managers. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

 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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board 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 also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 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 most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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 received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the

performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination 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. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 The Board also received information about commissions that an affiliated broker may receive for

22 Invesco New Jersey Municipal Fund

executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

23 Invesco New Jersey Municipal 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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list 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/corporate/about-us/esg. 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 number(s): 811-07890 and 033-66242     Invesco Distributors, Inc. O-RONJM-SAR-1          

Semiannual Report to Shareholders August 31, 2023

Invesco Pennsylvania Municipal Fund

Nasdaq:

A: OPATX ∎ C: OPACX ∎ Y: OPAYX ∎ R6: IORPX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
14	Financial Statements
17	Financial Highlights
18	Notes to Financial Statements
24	Fund Expenses
25	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is 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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/23 to 8/31/23, 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	0.86	%
Class C Shares	0.63
Class Y Shares	1.08
Class R6 Shares	1.11
S&P Municipal Bond Pennsylvania 5+ Year Investment Grade Index▼	1.06
U.S. Consumer Price Index∎	2.06
Source(s): ▼RIMES Technologies Corp.; ∎Bloomberg LP
The S&P Municipal Bond Pennsylvania 5+ Year Investment Grade Index tracks the performance of investment-grade, Pennsylvania-issued US municipals with maturities equal to or greater than five years.
The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the US 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.

2 Invesco Pennsylvania Municipal Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (9/18/89)	5.00	%
10 Years	4.07
5 Years	1.42
1 Year	-3.75
Class C Shares
Inception (8/29/95)	4.45	%
10 Years	3.94
5 Years	1.65
1 Year	-1.07
Class Y Shares
Inception (11/29/10)	4.46	%
10 Years	4.75
5 Years	2.55
1 Year	0.87
Class R6 Shares
10 Years	4.66	%
5 Years	2.56
1 Year	0.92

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 was subsequently renamed the Invesco Pennsylvania Municipal Fund (the Fund). Returns shown above, for periods ending on or 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 on and 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.

3 Invesco Pennsylvania Municipal Fund

 

 

 

Liquidity Risk Management Program

  In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), 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 17, 2023, 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 January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during 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.

4 Invesco Pennsylvania Municipal Fund

Schedule of Investments

August 31, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Municipal Obligations–99.34%
Pennsylvania–85.06%
Aliquippa School District; Series 2018, Ref. GO Bonds (INS - BAM)(a)		4.00%		12/01/2041	$	1,750	$ 1,709,149
Allegheny (County of), PA;
Series 2016 C-76, GO Bonds		5.00%		11/01/2041		14,320	14,824,595
Series 2018 C-77, GO Bonds		5.00%		11/01/2043		4,960	5,188,345
Series 2020 C-78, GO Bonds		4.00%		11/01/2049		1,080	994,349
Allegheny (County of), PA Airport Authority; Series 2021 A, RB (INS - AGM)(a)(b)		4.00%		01/01/2046		6,500	5,931,068
Allegheny (County of), PA Higher Education Building Authority (Chatham University);
Series 2022, Ref. RB		5.25%		09/01/2034		535	538,695
Series 2022, Ref. RB		5.25%		09/01/2035		540	538,284
Allegheny (County of), PA Higher Education Building Authority (Robert Morris University);
Series 1998 A, Ref. RB (INS - BAM)(a)		6.00%		05/01/2028		120	124,742
Series 2017, RB		5.00%		10/15/2037		615	598,190
Series 2017, RB		5.00%		10/15/2047		1,500	1,360,076
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	15,616,185
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%)(c)		4.59%		02/01/2037		495	485,118
Series 2019 A, Ref. RB		4.00%		07/15/2038		1,035	988,644
Allegheny (County of), PA Industrial Development Authority (Propel Charter School - Sunrise); Series 2013, RB		6.00%		07/15/2038		1,600	1,601,043
Allegheny (County of), PA Residential Finance Authority (Allegheny Independence House Apartments); Series 2007 B, RB (CEP - GNMA)(b)		6.10%		01/20/2043		1,100	1,100,454
Allegheny (County of), PA Sanitary Authority;
Series 2015, Ref. RB		5.00%		12/01/2045		2,120	2,160,285
Series 2022, RB		5.75%		06/01/2052		3,250	3,656,928
Allentown (City of), PA Neighborhood Improvement Zone Development Authority; Series 2022, Ref. RB		5.00%		05/01/2042		2,000	1,973,629
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center);
Series 2018, RB(d)		5.00%		05/01/2042		615	606,884
Series 2018, RB(d)		5.38%		05/01/2042		4,000	4,015,072
Allentown City School District;
Series 2018 B, GO Bonds (INS - BAM)(a)		5.00%		06/01/2036		1,250	1,291,506
Series 2018 B, GO Bonds (INS - BAM)(a)		5.00%		06/01/2037		1,255	1,295,680
Berks (County of), PA Industrial Development Authority (Highlands at Wyomissing (The));
Series 2017 A, Ref. RB		5.00%		05/15/2037		1,125	1,088,089
Series 2017 A, Ref. RB		5.00%		05/15/2042		500	461,108
Series 2017 A, Ref. RB		5.00%		05/15/2047		600	535,710
Series 2017 C, RB		5.00%		05/15/2047		475	424,104
Series 2017, RB		5.00%		05/15/2042		600	553,330
Berks (County of), PA Industrial Development Authority (Tower Health); Series 2017, Ref. RB		5.00%		11/01/2050		8,480	5,282,781
Berks (County of), PA Municipal Authority (Reading Hospital Medical Center); Series 2012 A, RB		5.00%		11/01/2040		1,000	629,353
Bethlehem Area School District; Series 2015 A, GO Bonds (INS - BAM)(a)		5.00%		08/01/2035		3,000	3,068,126
Bucks (County of), PA Industrial Development Authority (Pennswood Village); Series 2018, Ref. RB		5.00%		10/01/2037		270	267,035
Cheltenham (Township of), PA; Series 2018, GO Bonds		4.00%		07/01/2048		2,660	2,470,115
Chester (County of), PA Health & Education Facilities Authority (Main Line Health System); Series 2017 A, Ref. RB		5.00%		10/01/2052		2,000	2,036,117
Chester (County of), PA Health & Education Facilities Authority (Simpson Senior Services);
Series 2019, Ref. RB		3.25%		12/01/2029		155	132,495
Series 2019, Ref. RB		4.00%		12/01/2039		305	228,932
Series 2019, Ref. RB		5.00%		12/01/2051		8,000	6,430,142
Chester (County of), PA Industrial Development Authority (Avon Grove Charter School); Series 2017 A, Ref. RB		5.00%		12/15/2051		770	709,290
Chester (County of), PA Industrial Development Authority (Collegium Charter School); Series 2017 A, RB		5.25%		10/15/2047		695	637,230
Chester (County of), PA Industrial Development Authority (Longwood Gardens) (Sustainability Bonds); Series 2019, RB		5.00%		12/01/2044		1,440	1,529,710

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

5 Invesco Pennsylvania Municipal Fund

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Pennsylvania–(continued)
Chester (County of), PA Industrial Development Authority (Renaissance Academy Charter School); Series 2014, RB		5.00%		10/01/2044	$	2,215	$  2,020,338
Chester (County of), PA Industrial Development Authority (Sustainability Bonds); Series 2021, RB		4.00%		12/01/2051		9,840	9,037,956
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	974,572
Series 2013, RB		5.00%		08/01/2045		750	695,332
Clairton (City of), PA Municipal Authority; Series 2012 B, RB		5.00%		12/01/2037		3,000	3,001,211
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	2,333,873
Series 2014 A, RB		5.00%		07/01/2045		1,000	1,003,483
Series 2014, Ref. RB		5.00%		07/01/2024		1,220	1,233,687
Series 2014, Ref. RB		5.00%		07/01/2029		2,430	2,455,728
Series 2014, Ref. RB		5.00%		07/01/2033		3,500	3,537,254
Coatesville School District;
Series 2020 A, GO Bonds (INS - BAM)(a)(e)		0.00%		10/01/2034		300	180,769
Series 2020 A, GO Bonds (INS - BAM)(a)(e)		0.00%		10/01/2038		2,700	1,253,842
Series 2020 B, Ref. GO Bonds (INS - BAM)(a)(e)		0.00%		10/01/2033		500	318,179
Series 2020 B, Ref. GO Bonds (INS - BAM)(a)(e)		0.00%		10/01/2034		980	590,512
Series 2020 C, Ref. GO Bonds (INS - BAM)(a)(e)		0.00%		10/01/2033		640	407,269
Commonwealth Financing Authority;
Series 2018, RB(f)(g)		5.00%		06/01/2034		2,500	2,648,640
Series 2018, RB(f)(g)		5.00%		06/01/2035		500	527,758
Cumberland (County of), PA Municipal Authority (Diakon Lutheran);
Series 2015, Ref. RB(h)(i)		5.00%		01/01/2025		515	525,631
Series 2015, Ref. RB		5.00%		01/01/2038		630	629,954
Cumberland (County of), PA Municipal Authority (Messiah Village);
Series 2018, Ref. RB		5.00%		07/01/2031		1,565	1,546,956
Series 2018, Ref. RB		5.00%		07/01/2035		3,210	3,104,068
Dallas Area Municipal Authority (Misericordia University);
Series 2019, Ref. RB		5.00%		05/01/2039		1,050	1,006,995
Series 2019, Ref. RB		5.00%		05/01/2048		4,000	3,611,870
Dauphin (County of), PA General Authority (Pinnacle Health System); Series 2016 A, Ref. RB		5.00%		06/01/2034		510	524,883
Delaware (County of), PA Authority (Eastern University); Series 2012, RB		5.25%		10/01/2032		5,215	5,191,622
Delaware (County of), PA Authority (Elywn);
Series 2017, Ref. RB		5.00%		06/01/2027		335	330,712
Series 2017, Ref. RB		5.00%		06/01/2037		3,500	3,243,268
Delaware (County of), PA Authority (Mercy Health Corp.); Series 1993 A, RB(h)		5.38%		11/15/2023		10	10,188
Delaware (County of), PA Authority (Neumann University);
Series 2016, Ref. RB		5.00%		10/01/2031		1,425	1,434,860
Series 2016, Ref. RB		5.00%		10/01/2035		2,305	2,314,450
Delaware (County of), PA Authority (Villanova University); Series 2015, RB		5.00%		08/01/2045		215	218,772
Delaware (County of), PA Industrial Development Authority (Mercy Health Corp. of Southeastern PA); Series 2016 A, RB(d)		5.13%		06/01/2046		2,080	1,903,706
Delaware (State of) River Port Authority; Series 2013, RB		5.00%		01/01/2040		2,510	2,516,267
Delaware Valley Regional Finance Authority; Series 2002, RB		5.75%		07/01/2032		1,000	1,198,980
Doylestown (City of), PA Hospital Authority; Series 2019 A, RB		4.00%		07/01/2045		250	183,239
DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare); Series 2018, Ref. RB		5.00%		07/15/2048		650	655,352
East Hempfield (Township of), PA Industrial Development Authority (Student Services, Inc. Student Housing at Millersville University of Pennsylvania); Series 2014, RB(h)(i)		5.00%		07/01/2024		250	253,110
East Hempfield (Township of), PA Industrial Development Authority (Willow Valley Communities);
Series 2016, Ref. RB		5.00%		12/01/2030		630	644,356
Series 2016, Ref. RB		5.00%		12/01/2039		370	372,697
Erie (City & County of), PA Water Authority; Series 2018 A, Ref. RB (INS - AGM)(a)		5.00%		12/01/2043		1,280	1,340,815
Erie (City of), PA Higher Education Building Authority (AICUP Financing Program);
Series 2021, RB		4.00%		05/01/2036		200	179,985
Series 2021, RB		4.00%		05/01/2041		730	605,931
Series 2021, RB		5.00%		05/01/2047		330	302,688
Erie (City of), PA Higher Education Building Authority (Gannon University); Series 2013, RB		5.00%		05/01/2038		7,840	7,644,700

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)
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.);
Series 2018, Ref. RB		5.00%		12/01/2043	$	475	$    387,997
Series 2018, Ref. RB		5.00%		12/01/2053		3,700	2,811,758
Series 2019, RB		5.00%		12/01/2039		755	646,418
Geisinger Authority (Geisinger Health System);
Series 2017 A-1, Ref. RB		5.00%		02/15/2045		16,655	16,812,771
Series 2017 A-1, Ref. RB		4.00%		02/15/2047		5,000	4,569,430
Lancaster (City of), PA Industrial Development Authority (Landis Homes Retirement Community); Series 2021, Ref. RB		4.00%		07/01/2056		1,800	1,272,272
Lancaster (City of), PA Industrial Development Authority (Willow Valley Communities); Series 2019, RB		5.00%		12/01/2049		5,005	4,992,421
Lancaster (County of), PA Hospital Authority (Brethren Village); Series 2017, Ref. RB		5.13%		07/01/2037		1,135	1,036,510
Lancaster (County of), PA Hospital Authority (Landis Homes Retirement Community); Series 2015, Ref. RB		5.00%		07/01/2045		625	561,359
Lancaster (County of), PA Hospital Authority (Masonic Villages); Series 2015, Ref. RB		5.00%		11/01/2035		210	211,979
Lancaster (County of), PA Hospital Authority (Penn State Health); Series 2021, RB		5.00%		11/01/2051		1,550	1,582,187
Lancaster School District; Series 2020, GO Bonds (INS - AGM)(a)		4.00%		06/01/2034		900	922,760
Latrobe (City of), PA Industrial Development Authority (Seton Hill University);
Series 2021, Ref. RB		4.00%		03/01/2046		485	374,416
Series 2021, Ref. RB		4.00%		03/01/2051		485	359,050
Lehigh (County of), PA (Lehigh Valley Health Network);
Series 2019 A, Ref. RB		5.00%		07/01/2044		1,000	1,000,014
Series 2019, Ref. RB		4.00%		07/01/2049		8,500	7,681,029
Lehigh (County of), PA General Purpose Authority (Kidspeace Obligation Group);
Series 2014 A, RB		7.50%		02/01/2044		5,059	4,363,604
Series 2014 B, RB(j)		7.50%		02/01/2044		3,735	2,010,831
Series 2014 C, RB(k)		0.00%		02/01/2044		3,238	18,412
Lehigh (County of), PA General Purpose Authority (Lehigh Valley Academy); Series 2022, RB		4.00%		06/01/2052		3,750	2,970,482
Littlestown Area School District; Series 2023 A, GO Bonds (INS - BAM)(a)		5.00%		10/01/2050		1,400	1,460,390
Maxatawny (Township of), PA Municipal Authority (Diakon Lutheran Social Ministries);
Series 2022 A, RB		5.00%		01/01/2042		930	875,645
Series 2022 A, RB		4.50%		01/01/2045		800	688,524
Montgomery (County of), PA Higher Education & Health Authority (Holy Redeemer Health System); Series 2014 A, Ref. RB		5.00%		10/01/2027		390	390,236
Montgomery (County of), PA Higher Education & Health Authority (Philadelphia Presbytery Homes, Inc.);
Series 2017, Ref. RB		5.00%		12/01/2037		750	718,959
Series 2017, Ref. RB		5.00%		12/01/2047		1,000	901,280
Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University); Series 2019, Ref. RB		4.00%		09/01/2049		6,500	5,806,224
Montgomery (County of), PA Industrial Development Authority (ACTS Retirement-Life Communities, Inc.);
Series 2016, Ref. RB		5.00%		11/15/2036		15,000	14,913,012
Series 2020 C, RB		4.00%		11/15/2043		350	286,063
Series 2020 C, RB		5.00%		11/15/2045		675	634,456
Montgomery (County of), PA Industrial Development Authority (Germantown Academy); Series 2021, Ref. RB		4.00%		10/01/2046		2,740	2,157,123
Montgomery (County of), PA Industrial Development Authority (Haverford School); Series 2019, Ref. RB		4.00%		03/01/2049		3,250	2,826,444
Montgomery (County of), PA Industrial Development Authority (Waverly Heights Ltd.); Series 2019, Ref. RB		5.00%		12/01/2049		1,000	996,040
Northampton (County of), PA General Purpose Authority (LaFayette College); Series 2017, Ref. RB		5.00%		11/01/2047		4,500	4,604,517
Northampton (County of), PA General Purpose Authority (Moravian College); Series 2016, Ref. RB		5.00%		10/01/2036		2,250	2,263,255
Northampton (County of), PA General Purpose Authority (St. Luke’s University Health Network);
Series 2016, Ref. RB		5.00%		08/15/2036		330	337,679
Series 2016, Ref. RB		5.00%		08/15/2046		1,170	1,170,222
Series 2018 A, Ref. RB		4.00%		08/15/2048		8,430	7,196,815
Northampton (County of), PA Industrial Development Authority;
Series 2013 A, RB (Acquired 04/03/2013; Cost $13,041,003)(l)(m)(n)		5.00%		12/31/2023		14,827	2,668,790
Series 2013, RB(l)(m)		5.00%		12/31/2023		7,606	1,369,129

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)
Northampton (County of), PA Industrial Development Authority (Morningstar Senior Living, Inc.);
Series 2019, Ref. RB		5.00%		11/01/2039	$	500	$  443,009
Series 2019, Ref. RB		5.00%		11/01/2044		950	809,621
Series 2019, Ref. RB		5.00%		11/01/2049		1,050	867,887
Northeastern Pennsylvania (Commonwealth of) Hospital & Education Authority (Kings College); Series 2019, RB		5.00%		05/01/2044		1,000	918,673
Penn Hills School District; Series 2020, Ref. GO Bonds (INS - BAM)(a)		3.00%		10/01/2042		4,000	3,161,430
Pennsylvania (Commonwealth of);
First Series 2020, GO Bonds		2.13%		05/01/2040		2,500	1,678,304
Second series 2013, GO Bonds		5.00%		10/15/2031		2,870	2,876,053
Series 2018 A, Ref. COP		4.00%		07/01/2046		540	491,504
Series 2022, GO Bonds		5.00%		10/01/2042		2,000	2,183,789
Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC); Series 2018 A, Ref. COP		5.00%		07/01/2043		5,590	5,763,027
Pennsylvania (Commonwealth of) Economic Development Financing Authority;
Series 2017 A, Ref. RB		4.00%		11/15/2035		5,000	4,932,269
Series 2023 A-2, RB		4.00%		05/15/2053		3,250	2,874,967
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Capital Region Parking System);
Series 2013 C, RB (INS - AGM)(a)(e)		0.00%		01/01/2044		775	284,483
Series 2013, RB		6.00%		07/01/2053		920	921,362
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Covanta Holding Corp.) (Green Bonds); Series 2019 A, RB(b)(d)		3.25%		08/01/2039		1,250	911,176
Pennsylvania (Commonwealth of) Economic Development Financing Authority (National Gypson Co.); Series 2014, Ref. RB(b)		5.50%		11/01/2044		635	636,075
Pennsylvania (Commonwealth of) Economic Development Financing Authority (PA Bridges Finco L.P.); Series 2015, RB(b)		5.00%		12/31/2034		1,420	1,439,977
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges); Series 2022, RB(b)		5.25%		06/30/2053		2,600	2,643,139
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement);
Series 2015, RB(b)		5.00%		12/31/2038		4,640	4,660,846
Series 2015, RB(b)		5.00%		06/30/2042		11,750	11,664,358
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Presbyterian Senior Living);
Series 2021, Ref. RB		4.00%		07/01/2041		700	603,859
Series 2021, Ref. RB		4.00%		07/01/2046		2,000	1,655,671
Series 2023, RB		5.25%		07/01/2049		1,300	1,290,811
Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC);
Series 2020 A-1, RB		4.00%		04/15/2050		1,500	1,342,250
Series 2022 A, Ref. RB		4.00%		02/15/2052		1,500	1,331,617
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Holy Family University); Series 2013 A, RB(h)(i)		6.25%		09/01/2023		320	320,000
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (La Salle University); Series 2012, RB		5.00%		05/01/2042		1,180	969,144
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University); Series 2015, Ref. RB		5.25%		09/01/2050		1,070	1,071,634
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania); Series 2017, RB(g)		5.00%		08/15/2046		2,200	2,274,242
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System);
Series 2017 A, RB		5.00%		08/15/2042		1,075	1,098,571
Series 2019, RB		4.00%		08/15/2044		10,000	9,273,211
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Widener College); Series 2014, Ref. RB		5.00%		07/15/2038		1,000	1,001,566
Pennsylvania (Commonwealth of) Housing Finance Agency; Series 2019-131 A, RB		3.10%		10/01/2044		2,500	1,905,920
Pennsylvania (Commonwealth of) Housing Finance Agency (Social bonds); Series 2023 141-A, RB		5.75%		10/01/2053		992	1,049,148
Pennsylvania (Commonwealth of) Public School Building Authority (Harrisburg School); Series 2016 A, Ref. RB (INS - AGM)(a)		5.00%		12/01/2030		910	949,482

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)
Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District);
Series 2016 A, Ref. RB		5.00%		06/01/2027	$	3,750	$  3,886,253
Series 2016 A, Ref. RB (INS - AGM)(a)		5.00%		06/01/2032		9,520	9,900,507
Series 2016, Ref. RB(h)(i)		5.00%		12/01/2026		5	5,302
Series 2016, Ref. RB		5.00%		06/01/2036		4,795	4,901,667
Pennsylvania (Commonwealth of) Turnpike Commission;
Series 2009 C, RB (INS - AGM)(a)		6.25%		06/01/2033		2,000	2,160,976
Series 2009 E, RB		6.38%		12/01/2038		11,435	12,462,448
Series 2015 B, RB		5.00%		12/01/2030		500	521,126
Series 2015 B, RB		5.00%		12/01/2031		1,000	1,042,677
Series 2017 A, RB		5.50%		12/01/2042		5,000	5,163,010
Series 2017 A-1, RB		5.00%		12/01/2035		1,050	1,109,615
Series 2017 B-1, RB		5.25%		06/01/2047		1,630	1,665,265
Series 2018 A-2, RB		5.00%		12/01/2043		535	558,618
Series 2018 A-2, RB		5.00%		12/01/2048		6,000	6,204,958
Series 2019 A, RB		5.00%		12/01/2044		1,000	1,045,059
Series 2019 A, RB (INS - AGM)(a)		4.00%		12/01/2049		3,800	3,533,653
Series 2019 A, RB		5.00%		12/01/2049		9,660	10,057,860
Series 2021 A, RB		4.00%		12/01/2050		3,000	2,735,968
Series 2021 A, Ref. RB		4.00%		12/01/2051		8,690	7,952,935
Series 2022 B, Ref. RB		5.25%		12/01/2052		3,000	3,226,861
Series 2023, Ref. RB (SIFMA Municipal Swap Index + 0.85%)(c)(i)		4.91%		07/15/2026		2,000	2,000,357
Pennsylvania Higher Education Assistance Agency;
Series 2021 A, RB(b)		5.00%		06/01/2030		400	421,666
Series 2021 A, RB(b)		2.63%		06/01/2042		1,900	1,582,130
Series 2023 B, RB(b)		5.00%		06/01/2050		800	766,761
Pennsylvania Higher Education Assistance Agency (Senior Bonds); Series 2023 A, RB(b)		4.00%		06/01/2044		5,000	4,810,641
Pennsylvania State University (The);
Series 2016 A, RB		5.00%		09/01/2041		1,430	1,474,681
Series 2017 A, RB		5.00%		09/01/2047		2,500	2,577,624
Series 2019 A, RB		5.00%		09/01/2044		1,330	1,404,343
Philadelphia (City of), PA;
Series 2017 15, Ref. RB		5.00%		08/01/2047		3,620	3,670,392
Series 2017 A, RB		5.00%		10/01/2052		1,895	1,934,167
Series 2017 A, RB(f)(g)		5.25%		10/01/2052		2,070	2,131,867
Series 2017 A, Ref. GO Bonds (INS - AGM)(a)		5.00%		08/01/2035		3,500	3,702,648
Series 2017 A, Ref. GO Bonds		5.00%		08/01/2036		700	736,575
Series 2017 B, Ref. RB(b)		5.00%		07/01/2047		19,700	19,850,360
Series 2017, Ref. GO Bonds		5.00%		08/01/2041		1,000	1,037,806
Series 2018 A, RB		5.00%		10/01/2053		7,000	7,172,739
Series 2019 B, GO Bonds		5.00%		02/01/2037		145	154,480
Series 2019 B, RB		5.00%		11/01/2049		4,635	4,783,450
Series 2019 B, RB		5.00%		11/01/2054		11,030	11,352,651
Series 2020 A, RB (INS - AGM)(a)		5.00%		08/01/2050		5,000	5,188,730
Series 2020 A, RB		5.00%		11/01/2050		1,250	1,294,459
Series 2020 C, Ref. RB(b)		4.00%		07/01/2050		3,725	3,277,114
Series 2021 A, GO Bonds		4.00%		05/01/2042		2,500	2,375,710
Series 2021, Ref. RB (INS - AGM)(a)(b)		4.00%		07/01/2039		1,000	956,906
Sixteenth Series 2020 A, RB (INS - AGM)(a)		4.00%		08/01/2045		1,735	1,636,727
Philadelphia (City of), PA Authority for Industrial Development;
Series 2017, Ref. RB(d)(h)(i)		5.00%		03/15/2028		30	32,315
Series 2017, Ref. RB(d)		5.00%		03/15/2045		510	426,127
Philadelphia (City of), PA Authority for Industrial Development (Children’s Hospital of Philadelphia); Series 2014 A, RB(g)(h)(i)		5.00%		07/01/2024		1,500	1,518,047
Philadelphia (City of), PA Authority for Industrial Development (Cultural and Commercials Corridors); Series 2016, Ref. RB		5.00%		12/01/2031		840	861,526
Philadelphia (City of), PA Authority for Industrial Development (First Philadelphia Preparatory Charter School); Series 2014 A, RB		7.00%		06/15/2033		820	837,697

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)
Philadelphia (City of), PA Authority for Industrial Development (Independence Charter School - West);
Series 2019, RB		4.00%		06/15/2029	$	300	$	283,933
Series 2019, RB		5.00%		06/15/2050		350		308,258
Philadelphia (City of), PA Authority for Industrial Development (International Apartments at Temple University);
Series 2010 A, IDR		5.38%		06/15/2030		1,560		1,532,537
Series 2010 A, IDR		5.63%		06/15/2042		4,000		3,667,672
Philadelphia (City of), PA Authority for Industrial Development (Kipp Philadelphia Charter School); Series 2016 B, RB		5.00%		04/01/2046		640		575,982
Philadelphia (City of), PA Authority for Industrial Development (MaST I Charter School); Series 2016 A, Ref. RB		5.25%		08/01/2046		1,500		1,505,810
Philadelphia (City of), PA Authority for Industrial Development (PresbyHomes Germantown/ Morrisville); Series 2005 A, RB		5.63%		07/01/2035		2,294		2,335,141
Philadelphia (City of), PA Authority for Industrial Development (Richard Allen Preparatory Charter School); Series 2006, RB		6.25%		05/01/2033		1,640		1,496,521
Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University);
Series 2020 A, Ref. RB		4.00%		11/01/2045		1,900		1,636,003
Series 2022, RB		5.25%		11/01/2052		2,000		2,076,466
Philadelphia (City of), PA Authority for Industrial Development (Temple University); First Series 2015, Ref. RB		5.00%		04/01/2045		530		534,583
Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University); Series 2017 A, Ref. RB		5.00%		09/01/2047		17,635		17,709,168
Philadelphia (City of), PA Authority for Industrial Development (University Square Apartments);
Series 2017, RB		4.00%		12/01/2047		1,600		1,356,039
Series 2017, RB		5.00%		12/01/2058		10,000		9,297,046
Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group);
Series 2017, Ref. RB		5.00%		07/01/2042		1,000		824,046
Series 2017, Ref. RB		5.00%		07/01/2049		500		394,413
Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University Health System); Series 2017, Ref. RB		5.00%		07/01/2032		1,000		1,020,534
Philadelphia (City of), PA Housing Authority (PHA Headquarters);
Series 2017, RB		5.00%		05/01/2039		1,300		1,327,826
Series 2017, RB		5.00%		05/01/2042		2,415		2,456,540
Series 2017, RB		5.00%		05/01/2047		3,335		3,370,730
Philadelphia (City of), PA Parking Authority; Series 1999 A, RB (INS - AMBAC)(a)		5.25%		02/15/2029		25		25,034
Philadelphia School District (The);
Series 2007 A, Ref. GO Bonds (INS - NATL)(a)		5.00%		06/01/2025		535		546,786
Series 2016 F, Ref. GO Bonds		5.00%		09/01/2028		5,000		5,191,998
Series 2016 F, Ref. GO Bonds		5.00%		09/01/2029		10,000		10,401,253
Series 2016 F, Ref. GO Bonds		5.00%		09/01/2032		1,000		1,030,392
Series 2019 A, GO Bonds		4.00%		09/01/2037		7,050		6,735,319
Series 2019 A, GO Bonds		5.00%		09/01/2044		1,000		1,032,724
Series 2021 A, GO Bonds		4.00%		09/01/2046		2,000		1,833,201
Pittsburgh (City of), PA;
Series 2021, GO Bonds		4.00%		09/01/2040		500		487,479
Series 2021, GO Bonds		4.00%		09/01/2041		600		584,330
Series 2022, GO Bonds		5.00%		09/01/2042		1,250		1,323,989
Pittsburgh (City of), PA Urban Redevelopment Authority (Marian Plaza); Series 2007, RB (CEP - GNMA)(b)		6.13%		01/20/2043		2,420		2,421,605
Pittsburgh (City of), PA Water & Sewer Authority;
Series 2013 A, Ref. RB(h)(i)		5.00%		09/29/2023		500		500,522
Series 2019 A, RB (INS - AGM)(a)		5.00%		09/01/2044		1,200		1,261,196
Series 2020 B, RB (INS - AGM)(a)		4.00%		09/01/2045		1,000		969,282
Series 2020 B, RB (INS - AGM)(a)		4.00%		09/01/2050		4,350		4,135,007
Series 2023 A, RB (INS - AGM)(a)		4.25%		09/01/2053		800		767,204
Pottsville (City of), PA Hospital Authority (Lehigh Valley); Series 2016 B, Ref. RB		5.00%		07/01/2041		4,000		4,005,586
Reading School District;
Series 2017, Ref. GO Bonds (INS - AGM)(a)		5.00%		03/01/2037		1,500		1,564,876
Series 2017, Ref. GO Bonds (INS - AGM)(a)		5.00%		03/01/2038		1,500		1,552,536

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)
Scranton School District;
Series 2017 E, Ref. GO Bonds (INS - BAM)(a)		5.00%		12/01/2034	$	820		$	876,975
Series 2017 E, Ref. GO Bonds (INS - BAM)(a)		5.00%		12/01/2035		750			797,746
Southcentral Pennsylvania General Authority (Hanover Hospital, Inc.); Series 2015, Ref. RB		5.00%		12/01/2029		1,000			1,026,343
Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group); Series 2019 A, Ref. RB		5.00%		06/01/2049		750			765,968
Southeastern Pennsylvania Transportation Authority; Series 2022, RB		5.25%		06/01/2052		4,000			4,327,234
Susquehanna Area Regional Airport Authority; Series 2017, Ref. RB(b)		5.00%		01/01/2038		1,350	��		1,332,924
Trinity Area School District; Series 2021, GO Bonds (INS - AGM)(a)		4.00%		11/01/2051		1,485			1,361,892
Washington (County of), PA Redevelopment Authority (Victory Centre); Series 2018, Ref. RB		5.00%		07/01/2028		500			498,272
West Shore School District; Series 2020, GO Bonds		4.00%		11/15/2048		2,000			1,855,206
Westmoreland (County of), PA Industrial Development Authority (Excela Health); Series 2020 A, Ref. RB		4.00%		07/01/2037		1,400			1,247,986
Westmoreland (County of), PA Municipal Authority; Series 2016, Ref. RB (INS - BAM)(a)		5.00%		08/15/2038		2,000			2,037,734
Wilkes-Barre Area School District;
Series 2016 B, GO Bonds (INS - BAM)(a)		5.00%		08/01/2034		2,600			2,747,401
Series 2016 B, GO Bonds (INS - BAM)(a)		5.00%		08/01/2036		2,125			2,245,597
									639,254,923
Puerto Rico–13.00%
Children’s Trust Fund;
Series 2002, RB		5.50%		05/15/2039		14,930			14,931,744
Series 2005 A, RB(e)		0.00%		05/15/2050		53,320			9,667,396
Series 2008 A, RB(e)		0.00%		05/15/2057		415,530			28,899,945
Corp. Para El Financiamiento Publico de Puerto Rico; Series 2011, RB		5.50%		08/01/2031		5,725			150,281
Puerto Rico (Commonwealth of);
Series 2021 A, GO Bonds(e)		0.00%		07/01/2024		212			203,951
Series 2021 A, GO Bonds(e)		0.00%		07/01/2033		2,000			1,218,611
Series 2021 A-1, GO Bonds		5.38%		07/01/2025		1,446			1,473,156
Series 2021 A-1, GO Bonds		5.63%		07/01/2027		1,433			1,494,095
Series 2021 A-1, GO Bonds		5.63%		07/01/2029		1,409			1,491,114
Series 2021 A-1, GO Bonds		5.75%		07/01/2031		1,369			1,480,537
Series 2021 A-1, GO Bonds		4.00%		07/01/2033		1,298			1,215,462
Series 2021 A-1, GO Bonds		4.00%		07/01/2035		1,167			1,072,324
Series 2021 A-1, GO Bonds		4.00%		07/01/2037		1,001			900,957
Series 2021 A-1, GO Bonds		4.00%		07/01/2041		1,361			1,177,373
Series 2021 A-1, GO Bonds		4.00%		07/01/2046		1,416			1,178,744
Subseries 2022, RN		0.00%		11/01/2043		6,771			3,495,585
Subseries 2022, RN		0.00%		11/01/2051		189			78,716
Subseries 2022, RN		0.00%		11/01/2051		198			102,717
Subseries 2022, RN		0.00%		11/01/2051		73			70,299
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2008 A, RB		6.13%		07/01/2024		381			386,111
Series 2022 A, Ref. RB(d)		5.00%		07/01/2033		2,000			2,024,702
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2005 SS, Ref. RB (INS - NATL)(a)		5.00%		07/01/2025		6,000			6,001,877
Series 2007 TT, RB(k)		5.00%		07/01/2032		1,450			398,750
Series 2010 AAA, RB(k)		5.25%		07/01/2024		1,435			394,625
Series 2010 XX, RB(k)		5.25%		07/01/2040		2,445			672,375
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2022 A, RB		5.00%		07/01/2062		414			407,997
Series 2022 B, RB(e)		0.00%		07/01/2032		269			173,065
Series 2022 C, RB(j)		5.00%		07/01/2053		3,710			2,351,134

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
Puerto Rico–(continued)
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(e)		0.00%		07/01/2046	$	3,912	$	1,089,602
Series 2018 A-1, RB(e)		0.00%		07/01/2051		7,242		1,496,831
Series 2018 A-1, RB		5.00%		07/01/2058		5,537		5,373,135
Series 2019 A-2, RB		4.54%		07/01/2053		91		82,359
Series 2019 A-2, RB		4.78%		07/01/2058		1,216		1,139,866
Series 2019 A-2B, RB		4.55%		07/01/2040		1,063		1,036,452
University of Puerto Rico;
Series 2006 P, Ref. RB		5.00%		06/01/2030		3,235		3,118,171
Series 2006 Q, RB		5.00%		06/01/2030		1,300		1,253,052
								97,703,111
Virgin Islands–1.02%
Tobacco Settlement Financing Corp.;
Series 2006, RB(e)		0.00%		05/15/2035		4,150		1,724,900
Series 2006, RB(e)		0.00%		05/15/2035		2,195		977,313
Series 2006, RB(e)		0.00%		05/15/2035		7,000		2,909,469
Virgin Islands (Government of) Public Finance Authority (Virgin Islands Gross Receipts Taxes Loan Note); Series 2014 C, Ref. RB(d)		5.00%		10/01/2039		2,500		2,034,463
								7,646,145
Northern Mariana Islands–0.15%
Northern Mariana Islands (Commonwealth of) Ports Authority;
Series 1998 A, RB(b)		6.25%		03/15/2028		655		627,727
Series 1998 A, RB(b)		6.60%		03/15/2028		495		476,237
								1,103,964
Guam–0.11%
Guam (Territory of) Waterworks Authority; Series 2014 A, Ref. RB		5.00%		07/01/2029		285		286,636
Guam Housing Corp.; Series 1998 A, RB (CEP - FHLMC)(b)		5.75%		09/01/2031		585		585,074
								871,710
TOTAL INVESTMENTS IN SECURITIES(o)–99.34% (Cost $805,380,407)								746,579,853
FLOATING RATE NOTE OBLIGATIONS–(0.78)%
Notes with interest and fee rates ranging from 4.58% to 4.62% at 08/31/2023 and contractual maturities of collateral ranging from 06/01/2034 to 10/01/2052 (See Note 1K)(p)								(5,845,000	)
OTHER ASSETS LESS LIABILITIES–1.44%								10,815,434
NET ASSETS–100.00%							$	751,550,287

Investment Abbreviations:
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
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
RN	– Revenue Notes
SIFMA	– Securities Industry and Financial Markets Association
USD	– U.S. Dollar

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

12 Invesco Pennsylvania Municipal Fund

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)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.

^(d)  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, 2023 was $11,954,445, which represented 1.59% of the Fund’s Net Assets.

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

^(f)  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.

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

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

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

^(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, 2023 was $1,484,162, which represented less than 1% 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⁾  Restricted security. The value of this security at August 31, 2023 represented less than 1% of the Fund’s Net Assets.

^(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.	6.45%

^(p)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2023. At August 31, 2023, the Fund’s investments with a value of $9,100,554 are held by TOB Trusts and serve as collateral for the $5,845,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2023

Revenue Bonds	84.98	%
General Obligation Bonds	14.60
Pre-Refunded Bonds	0.42

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

13 Invesco Pennsylvania Municipal Fund

Statement of Assets and Liabilities

August 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $805,380,407)	$	746,579,853
Cash		607,077
Receivable for:
Investments sold		37,933
Fund shares sold		390,949
Interest		9,103,431
Investments matured, at value (Cost $6,213,959)		5,725,894
Investment for trustee deferred compensation and retirement plans		77,088
Other assets		158,883
Total assets		762,681,108
Liabilities:
Floating rate note obligations		5,845,000
Payable for:
Investments purchased		3,555,716
Dividends		963,719
Fund shares reacquired		307,928
Accrued fees to affiliates		299,925
Accrued interest expense		13,083
Accrued trustees’ and officers’ fees and benefits		31,012
Accrued other operating expenses		31,573
Trustee deferred compensation and retirement plans		82,865
Total liabilities		11,130,821
Net assets applicable to shares outstanding	$	751,550,287

Net assets consist of:
Shares of beneficial interest	$	942,213,351
Distributable earnings (loss)		(190,663,064	)
	$	751,550,287
Net Assets:
Class A	$	538,140,584
Class C	$	59,949,533
Class Y	$	151,214,809
Class R6	$	2,245,361
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		53,419,274
Class C		5,970,258
Class Y		14,999,310
Class R6		222,940
Class A:
Net asset value per share	$	10.07
Maximum offering price per share (Net asset value of $10.07 ÷ 95.75%)	$	10.52
Class C:
Net asset value and offering price per share	$	10.04
Class Y:
Net asset value and offering price per share	$	10.08
Class R6:
Net asset value and offering price per share	$	10.07

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

14 Invesco Pennsylvania Municipal Fund

Statement of Operations

For the six months ended August 31, 2023

(Unaudited)

Investment income:
Interest	$	18,523,484
Expenses:
Advisory fees		1,789,720
Administrative services fees		54,975
Custodian fees		6,062
Distribution fees:
Class A		689,827
Class C		282,245
Interest, facilities and maintenance fees		347,277
Transfer agent fees - A, C and Y		255,867
Transfer agent fees - R6		126
Trustees’ and officers’ fees and benefits		11,990
Registration and filing fees		31,292
Reports to shareholders		18,566
Professional services fees		70,247
Other		5,262
Total expenses		3,563,456
Less: Expense offset arrangement(s)		(2,340	)
Net expenses		3,561,116
Net investment income		14,962,368
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities		(4,843,102	)
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(2,777,190	)
Net realized and unrealized gain (loss)		(7,620,292	)
Net increase in net assets resulting from operations	$	7,342,076

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

15 Invesco Pennsylvania Municipal Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2023 and the year ended February 28, 2023

(Unaudited)

	August 31, 2023			February 28, 2023
Operations:
Net investment income	$	14,962,368		$	27,910,980
Net realized gain (loss)		(4,843,102	)		(9,925,282	)
Change in net unrealized appreciation (depreciation)		(2,777,190	)		(80,912,318	)
Net increase (decrease) in net assets resulting from operations		7,342,076			(62,926,620	)
Distributions to shareholders from distributable earnings:
Class A		(10,330,585	)		(19,237,292	)
Class C		(947,655	)		(1,825,247	)
Class Y		(2,964,304	)		(4,547,589	)
Class R6		(35,061	)		(41,586	)
Total distributions from distributable earnings		(14,277,605	)		(25,651,714	)
Share transactions–net:
Class A		(22,398,739	)		(39,113,796	)
Class C		(2,073,626	)		(13,658,636	)
Class Y		9,019,685			21,992,444
Class R6		1,136,875			190,421
Net increase (decrease) in net assets resulting from share transactions		(14,315,805	)		(30,589,567	)
Net increase (decrease) in net assets		(21,251,334	)		(119,167,901	)
Net assets:
Beginning of period		772,801,621			891,969,522
End of period	$	751,550,287		$	772,801,621

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

16 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 08/31/23			$10.17		$0.20		$(0.11	)		$0.09			$(0.19	)		$10.07		0.86	%	$	538,141		0.92	%(d)		0.92	%(d)		0.82	%(d)		3.84	%(d)		6	%
Year ended 02/28/23			11.30		0.37		(1.16	)		(0.79	)		(0.34	)		10.17		(7.04	)(e)		565,422		0.89	(e)		0.89	(e)		0.82	(e)		3.51	(e)		19
Year ended 02/28/22			11.47		0.33		(0.15	)		0.18			(0.35	)		11.30		1.53	(e)		671,015		0.87	(e)		0.87	(e)		0.82	(e)		2.82	(e)		8
Year ended 02/28/21			11.68		0.37		(0.21	)		0.16			(0.37	)		11.47		1.48	(e)		674,756		0.92	(e)		0.92	(e)		0.84	(e)		3.27	(e)		14
Seven months ended 02/29/20			11.19		0.23		0.47			0.70			(0.21	)		11.68		6.36			534,700		0.88	(d)		1.03	(d)		0.88	(d)		3.54	(d)		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
Class C
Six months ended 08/31/23			10.13		0.16		(0.09	)		0.07			(0.16	)		10.04		0.63			59,950		1.57	(d)		1.57	(d)		1.48	(d)		3.19	(d)		6
Year ended 02/28/23			11.27		0.30		(1.17	)		(0.87	)		(0.27	)		10.13		(7.72	)(e)		62,564		1.53	(e)		1.53	(e)		1.46	(e)		2.87	(e)		19
Year ended 02/28/22			11.43		0.25		(0.14	)		0.11			(0.27	)		11.27		0.96	(e)		84,383		1.53	(e)		1.53	(e)		1.48	(e)		2.16	(e)		8
Year ended 02/28/21			11.65		0.30		(0.22	)		0.08			(0.30	)		11.43		0.76	(e)		83,646		1.53	(e)		1.53	(e)		1.45	(e)		2.66	(e)		14
Seven months ended 02/29/20			11.15		0.19		0.48			0.67			(0.17	)		11.65		6.07			110,395		1.54	(d)		1.69	(d)		1.54	(d)		2.88	(d)		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
Class Y	��
Six months ended 08/31/23			10.17		0.21		(0.10	)		0.11			(0.20	)		10.08		1.08			151,215		0.67	(d)		0.67	(d)		0.58	(d)		4.09	(d)		6
Year ended 02/28/23			11.31		0.39		(1.17	)		(0.78	)		(0.36	)		10.17		(6.89	)		143,677		0.65			0.65			0.57			3.75			19
Year ended 02/28/22			11.47		0.36		(0.14	)		0.22			(0.38	)		11.31		1.87			135,503		0.63			0.63			0.58			3.06			8
Year ended 02/28/21			11.69		0.40		(0.22	)		0.18			(0.40	)		11.47		1.64			112,953		0.68			0.68			0.60			3.51			14
Seven months ended 02/29/20			11.19		0.25		0.48			0.73			(0.23	)		11.69		6.60			84,030		0.64	(d)		0.79	(d)		0.64	(d)		3.78	(d)		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
Class R6
Six months ended 08/31/23			10.16		0.21		(0.10	)		0.11			(0.20	)		10.07		1.11			2,245		0.61	(d)		0.61	(d)		0.53	(d)		4.15	(d)		6
Year ended 02/28/23			11.29		0.40		(1.16	)		(0.76	)		(0.37	)		10.16		(6.76	)		1,138		0.59			0.59			0.52			3.81			19
Year ended 02/28/22			11.46		0.36		(0.14	)		0.22			(0.39	)		11.29		1.86			1,068		0.55			0.55			0.50			3.14			8
Year ended 02/28/21			11.68		0.40		(0.21	)		0.19			(0.41	)		11.46		1.70			850		0.61			0.61			0.53			3.58			14
Seven months ended 02/29/20			11.18		0.25		0.48			0.73			(0.23	)		11.68		6.63			732		0.62	(d)		0.77	(d)		0.62	(d)		3.83	(d)		6
Period ended 07/31/19(f)			11.05		0.10		0.10			0.20			(0.07	)		11.18		1.86			10		0.62	(d)		0.90	(d)		0.62	(d)		4.59	(d)		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 February 28, 2021, 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)  Annualized.

^(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 0.24% for Class A for the year ended February 28, 2023, 2022 and 2021, respectively. 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 0.90%, 0.89% and 0.85% for Class C for six months ended August 31, 2023, for the years ended February 28, 2023 and 2021 respectively.

^(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.

17 Invesco Pennsylvania Municipal Fund

Notes to Financial Statements

August 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Pennsylvania 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 eight 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 eighth anniversary after a purchase of Class C shares.

 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 generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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.

18 Invesco Pennsylvania Municipal Fund

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, administrative expenses and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

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. The risk of material loss as a result of such indemnification claims is considered remote.

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.

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.

19 Invesco Pennsylvania Municipal Fund

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.

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. 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.

M. 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.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

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. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.

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 the Adviser. 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%

* 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, 2023, 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). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

 Effective July 1, 2023, the Adviser has contractually agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses 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 to 1.50%, 2.15%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

20 Invesco Pennsylvania Municipal 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, 2023, 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, 2023, 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, 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 and up to a maximum 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $13,470 in front-end sales commissions from the sale of Class A shares and $0 and $249 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

 The following is a summary of the tiered valuation input levels, as of August 31, 2023. 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		$–		$742,541,934		$4,037,919		$746,579,853
Other Investments - Assets
Investments Matured		–		5,725,894		–		5,725,894
Total Investments		$–		$748,267,828		$4,037,919		$752,305,747

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,340.

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 revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Invesco Funds, and which will expire on February 22, 2024. The revolving credit

21 Invesco Pennsylvania Municipal Fund

and security agreement is secured by the assets of the Fund. 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. During the six months ended August 31, 2023, the Fund did not borrow 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.

 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, 2023 were $7,735,000 and 3.95%, 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 carryforward 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 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$14,051,405		$131,065,848		$145,117,253

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2023 was $41,851,908 and $51,949,492, 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	$  9,051,568
Aggregate unrealized (depreciation) of investments	(62,991,213	)
Net unrealized appreciation (depreciation) of investments	$(53,939,645	)

 Cost of investments for tax purposes is $806,245,392.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended August 31, 2023(a)						Year ended February 28, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		1,231,550		$	12,614,771			5,103,247		$	53,075,063
Class C		442,370			4,511,367			820,575			8,466,741
Class Y		2,267,556			23,215,222			7,112,127			73,561,836
Class R6		110,841			1,136,092			24,607			265,261
Issued as reinvestment of dividends:
Class A		603,911			6,172,959			1,117,278			11,567,481
Class C		62,134			633,173			118,279			1,221,126
Class Y		157,553			1,611,659			250,945			2,597,672
Class R6		1,216			12,395			1,077			11,105
Automatic conversion of Class C shares to Class A shares:
Class A		304,953			3,110,934			542,070			5,641,107
Class C		(305,998	)		(3,110,934	)		(543,592	)		(5,641,107	)

22 Invesco Pennsylvania Municipal Fund

	Summary of Share Activity
	Six months ended August 31, 2023(a)						Year ended February 28, 2023
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(4,333,921	)	$	(44,297,403	)		(10,544,662	)	$	(109,397,447	)
Class C		(401,741	)		(4,107,232	)		(1,711,567	)		(17,705,396	)
Class Y		(1,547,026	)		(15,807,196	)		(5,227,131	)		(54,167,064	)
Class R6		(1,138	)		(11,612	)		(8,268	)		(85,945	)
Net increase (decrease) in share activity		(1,407,740	)	$	(14,315,805	)		(2,945,015	)	$	(30,589,567	)

^(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.

23 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, 2023 through August 31, 2023.

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  (03/01/23)		Ending Account Value  (08/31/23)1		Expenses  Paid During  Period2		Ending  Account Value  (08/31/23)		Expenses  Paid During  Period2		Annualized  Expense  Ratio
Class A		$1,000.00		$1,008.60		$4.65		$1,020.51		$4.67		0.92	%
Class C		1,000.00		1,006.30		7.92		1,017.24		7.96		1.57
Class Y		1,000.00		1,010.80		3.39		1,021.77		3.40		0.67
Class R6		1,000.00		1,011.10		3.08		1,022.07		3.10		0.61

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, 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 184/366 to reflect the most recent fiscal half year.

24 Invesco Pennsylvania Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

At meetings held on June 13, 2023, 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 (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, 2023. 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 has established an Investments Committee, which in turn has established Sub-Committees, that 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 information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees 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 requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by 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. 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 accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to

attract and retain talent. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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 to the Fund 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, 2022 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond Pennsylvania 5+ Year Investment Grade Index (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 year period and the first quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the

25 Invesco Pennsylvania Municipal Fund

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 above the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction 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, which did not change its 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. 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 is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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 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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board 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 also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 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 most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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 received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination 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. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

26 Invesco Pennsylvania 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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list 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/ corporate/about-us/esg. 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 number(s): 811-07890 and 033-66242    Invesco Distributors, Inc. O-ROPAM-SAR-1           

Semiannual Report to Shareholders August 31, 2023

Invesco Rochester^® AMT-Free New York Municipal Fund

Nasdaq:

A: OPNYX ⬛ C: ONYCX ⬛ Y: ONYYX ⬛ R6: IORNX

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
14	Financial Statements
17	Financial Highlights
18	Notes to Financial Statements
23	Fund Expenses
24	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is 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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/23 to 8/31/23, 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	1.74	%
Class C Shares	1.36
Class Y Shares	1.87
Class R6 Shares	1.78
S&P Municipal Bond New York 5+ Year Investment Grade Index▼	1.40
U.S. Consumer Price Index∎	2.06
Source(s): ▼RIMES Technologies Corp.; ∎Bloomberg LP
The S&P Municipal Bond New York 5+ Year Investment Grade Index seeks to measure the performance of investment-grade, New York-issued US municipals with maturities equal to or greater then five years.  The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the US 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.

2 Invesco Rochester^® AMT-Free New York Municipal Fund

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (8/16/84)	5.69	%
10 Years	3.30
5 Years	0.43
1 Year	-2.65
Class C Shares
Inception (8/29/95)	4.11	%
10 Years	3.12
5 Years	0.51
1 Year	-0.08
Class Y Shares
Inception (1/31/11)	4.55	%
10 Years	3.99
5 Years	1.52
1 Year	1.92
Class R6 Shares
10 Years	3.88	%
5 Years	1.55
1 Year	1.87

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 was subsequently renamed the Invesco Rochester^® AMT-Free New York Municipal Fund (the Fund). Returns shown above, for periods ending on or 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 on and 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.

3 Invesco Rochester^® AMT-Free New York Municipal Fund

Liquidity Risk Management Program

  In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), 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 17, 2023, 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 January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during 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.

4 Invesco Rochester^® AMT-Free New York Municipal Fund

Schedule of Investments

August 31, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Municipal Obligations–107.45%
New York–100.33%
Albany (County of), NY Industrial Development Agency (Sage Colleges); Series 1999 A, RB		5.30%		04/01/2029	$	2,860	$	2,533,909
Albany Capital Resource Corp. (Empire Commons Student Housing, Inc.);
Series 2016 A, Ref. RB		5.00%		05/01/2027		200		205,947
Series 2016 A, Ref. RB		5.00%		05/01/2032		200		205,692
Amherst Development Corp. (Daemen College); Series 2018, Ref. RB		5.00%		10/01/2024		570		570,659
Brookhaven Local Development Corp. (Jefferson’s Ferry);
Series 2016, Ref. RB		5.25%		11/01/2036		215		216,911
Series 2020 B, RB		4.00%		11/01/2055		1,250		960,869
Brooklyn Arena Local Development Corp. (Barclays Center); Series 2016 A, Ref. RB		5.00%		07/15/2042		4,000		3,956,429
Broome County Local Development Corp. (Good Shepherd Village at Endwell); Series 2021, Ref. RB		4.00%		07/01/2036		640		546,115
Buffalo & Erie County Industrial Land Development Corp. (Charter School for Applied Technology); Series 2017 A, Ref. RB		5.00%		06/01/2035		160		162,162
Buffalo & Erie County Industrial Land Development Corp. (Medaille College);
Series 2013, Ref. RB		5.25%		04/01/2035		4,300		3,225,000
Series 2018, Ref. RB(a)		5.00%		10/01/2038		1,200		900,000
Build NYC Resource Corp. (Children’s Aid Society (The)); Series 2019, RB		4.00%		07/01/2044		450		411,853
Build NYC Resource Corp. (Consortium for Worker Education, Inc.); Series 2020, RB(a)		5.00%		12/01/2049		1,360		1,053,932
Build NYC Resource Corp. (Grand Concourse Academy Charter School); Series 2022 A, RB		5.00%		07/01/2052		150		143,217
Build NYC Resource Corp. (KIPP NYC Public School) (Social Bonds); Series 2023, RB		5.25%		07/01/2052		1,500		1,509,613
Build NYC Resource Corp. (Manhattan College);
Series 2017, Ref. RB		5.00%		08/01/2032		170		177,145
Series 2017, Ref. RB		5.00%		08/01/2036		290		298,089
Series 2017, Ref. RB		5.00%		08/01/2047		600		603,623
Build NYC Resource Corp. (New Dawn Charter Schools);
Series 2019, RB(a)		5.63%		02/01/2039		190		182,153
Series 2019, RB(a)		5.75%		02/01/2049		230		209,998
Build NYC Resource Corp. (New York Law School); Series 2016, Ref. RB		5.00%		07/01/2041		650		641,037
Build NYC Resource Corp. (Special Needs Facilities Pooled Program);
Series 2013 A-1, RB		5.38%		07/01/2028		1,490		1,367,612
Series 2013 A-1, RB		5.75%		07/01/2033		790		686,073
Build NYC Resource Corp. (Whin Music Community Charter School); Series 2022, RB(a)		6.50%		07/01/2052		3,100		2,996,029
Canandaigua & Bristol (Towns of), NY;
Series 2007, GO Bonds		5.00%		12/15/2027		25		25,068
Series 2007, GO Bonds		5.00%		12/15/2028		30		30,079
Series 2007, GO Bonds		5.00%		12/15/2029		30		30,073
Series 2007, GO Bonds		5.00%		12/15/2030		30		30,069
Series 2007, GO Bonds		5.00%		12/15/2031		35		35,072
Series 2007, GO Bonds		5.00%		12/15/2032		35		35,060
Series 2007, GO Bonds		5.00%		12/15/2033		35		35,051
Series 2007, GO Bonds		5.00%		12/15/2034		40		40,051
Series 2007, GO Bonds		5.00%		12/15/2035		40		40,036
Series 2007, GO Bonds		5.00%		12/15/2036		45		45,031
Series 2007, GO Bonds		5.00%		12/15/2037		45		45,024
Series 2007, GO Bonds		5.00%		12/15/2038		50		50,025
Series 2007, GO Bonds		5.00%		12/15/2039		50		50,021
Series 2007, GO Bonds		5.00%		12/15/2040		55		55,018
Series 2007, GO Bonds		5.00%		12/15/2041		55		55,012
Series 2007, GO Bonds		5.00%		12/15/2042		60		60,012
Cattaraugus (County of), NY (St. Bonaventure University);
Series 2014, RB		5.00%		05/01/2034		100		100,921
Series 2014, RB		5.00%		05/01/2039		100		100,494
Dutchess County Local Development Corp. (Health Quest Systems, Inc.);
Series 2016 B, RB		5.00%		07/01/2046		12,200		11,791,489
Series 2019 B, Ref. RB		4.00%		07/01/2044		120		103,976

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

5 Invesco Rochester^® AMT-Free New York Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York–(continued)
Dutchess County Local Development Corp. (Marist College); Series 2022, RB		4.00%		07/01/2049	$	1,500	$	1,339,192
Dutchess County Local Development Corp. (Nuvance Health); Series 2019 B, Ref. RB		4.00%		07/01/2049		300		250,382
Dutchess County Local Development Corp. (Vassar College);
Series 2017, Ref. RB		5.00%		07/01/2034		160		169,199
Series 2017, Ref. RB		5.00%		07/01/2036		160		167,614
Series 2017, Ref. RB		5.00%		07/01/2037		235		244,984
Series 2017, Ref. RB		5.00%		07/01/2042		500		515,181
Erie Tobacco Asset Securitization Corp.;
Series 2005 A, RB		5.00%		06/01/2031		75		73,348
Series 2005 A, RB		5.00%		06/01/2038		5,000		4,754,181
Series 2005 D, RB(b)		0.00%		06/01/2055		74,000		5,080,907
Genesee County Funding Corp. (The) (Rochester Regional Health Obligated Group); Series 2022 A, Ref. RB		5.25%		12/01/2052		4,950		5,030,170
Glen Cove Local Economic Assistance Corp. (Garvies Point Public Improvement); Series 2016 B, RB(b)		0.00%		01/01/2045		18,435		4,703,405
Glen Cove Local Economic Assistance Corp. (Tiegerman School); Series 2018 A-2, RB (Acquired 06/26/2018; Cost $965,000)(a)(c)		5.50%		07/01/2044		965		841,347
Guilderland (Town of), NY Industrial Development Agency; Series 2017 A, RB(a)(d)		5.88%		01/01/2052		5,000		3,250,000
Hempstead Town Local Development Corp. (Evergreen Charter School); Series 2019, Ref. RB(a)		6.80%		12/01/2044		1,640		1,647,857
Hempstead Town Local Development Corp. (Molloy College);
Series 2014, RB		5.00%		07/01/2029		300		302,351
Series 2014, RB		5.00%		07/01/2034		300		301,526
Series 2014, RB		5.00%		07/01/2039		250		250,042
Series 2014, RB		5.00%		07/01/2044		200		197,115
Series 2017, Ref. RB		5.00%		07/01/2029		100		102,741
Series 2017, Ref. RB		5.00%		07/01/2030		80		82,147
Series 2017, Ref. RB		5.00%		07/01/2031		75		76,948
Series 2017, Ref. RB		5.00%		07/01/2032		135		138,297
Series 2017, Ref. RB		5.00%		07/01/2035		135		137,232
Series 2017, Ref. RB		5.00%		07/01/2036		110		111,270
Series 2017, Ref. RB		5.00%		07/01/2038		80		80,256
Huntington Local Development Corp.; Series 2016, RB(a)		6.50%		12/01/2046		2,130		1,578,769
Long Island (City of), NY Power Authority;
Series 2014 A, Ref. RB		5.00%		09/01/2039		1,185		1,198,780
Series 2014 A, Ref. RB		5.00%		09/01/2044		2,970		2,998,496
Series 2016 B, Ref. RB		5.00%		09/01/2036		1,250		1,301,601
Series 2016 B, Ref. RB		5.00%		09/01/2046		1,485		1,524,654
Series 2017, RB		5.00%		09/01/2042		4,000		4,162,586
Series 2018, RB		5.00%		09/01/2034		5,000		5,427,945
Series 2018, RB		5.00%		09/01/2039		1,000		1,052,208
Series 2021 A, Ref. RB		4.00%		09/01/2039		3,000		2,951,190
Long Island (City of), NY Power Authority (Green Bonds);
Series 2023 E, RB		5.00%		09/01/2048		1,000		1,068,937
Series 2023 E, RB		5.00%		09/01/2053		2,000		2,127,687
Metropolitan Transportation Authority;
Series 2014 B, RB		5.25%		11/15/2039		900		903,853
Series 2014 B, RB		5.00%		11/15/2044		2,000		2,002,356
Series 2016 B, Ref. RB		5.00%		11/15/2035		2,000		2,050,345
Series 2016 B, Ref. RB		5.00%		11/15/2037		7,000		7,129,714
Series 2016 C-1, RB		5.25%		11/15/2056		11,760		11,858,371
Metropolitan Transportation Authority (Bidding Group 2); Series 2022 A, RB		4.00%		11/15/2052		4,570		4,286,690
Metropolitan Transportation Authority (Green Bonds);
Series 2016 A-1, RB		5.25%		11/15/2056		5,715		5,755,890
Series 2017 A-1, RB		5.25%		11/15/2057		2,565		2,594,810
Series 2017 B-1, RB		5.25%		11/15/2057		10,000		10,454,627
Monroe County Industrial Development Corp. (Monroe Community College);
Series 2014, Ref. RB (INS - AGM)(e)		5.00%		01/15/2028		350		352,200
Series 2014, Ref. RB (INS - AGM)(e)		5.00%		01/15/2029		500		503,267
Series 2014, Ref. RB (INS - AGM)(e)		5.00%		01/15/2038		150		150,830

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

6 Invesco Rochester^® AMT-Free New York Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York–(continued)
Monroe County Industrial Development Corp. (Rochester General Hospital (The));
Series 2013 A, Ref. RB		5.00%		12/01/2032	$	1,450	$	1,451,966
Series 2017, RB		5.00%		12/01/2036		1,400		1,415,178
Monroe County Industrial Development Corp. (Rochester Regional Health); Series 2020, Ref. RB		4.00%		12/01/2046		1,000		832,895
Monroe County Industrial Development Corp. (St. Ann’s Community); Series 2019, Ref. RB		5.00%		01/01/2050		3,000		2,416,765
Monroe County Industrial Development Corp. (St. John Fisher College);
Series 2011, RB		5.63%		06/01/2026		95		95,118
Series 2011, RB		6.00%		06/01/2034		250		250,437
Series 2014 A, RB		5.00%		06/01/2029		100		100,944
Series 2014 A, RB		5.50%		06/01/2034		180		182,405
Series 2014 A, RB		5.00%		06/01/2044		285		286,329
Montgomery County Capital Resource Corp.;
Series 2020 A-1, RB		4.95%		07/01/2030		750		688,681
Series 2020 A-2, RB		5.40%		07/01/2050		5,625		4,233,301
Series 2020 B, RB		5.38%		07/01/2025		180		174,805
MTA Hudson Rail Yards Trust Obligations;
Series 2016 A, RB		5.00%		11/15/2051		1,000		1,001,641
Series 2016 A, RB		5.00%		11/15/2056		17,000		17,001,965
Nassau (County of), NY;
Series 2018 B, GO Bonds (INS - AGM)(e)		5.00%		07/01/2049		3,930		4,081,929
Series 2019 A, GO Bonds (INS - AGM)(e)		5.00%		04/01/2043		1,490		1,577,041
Nassau (County of), NY Industrial Development Agency; Series 2003 A-C, RB		7.00%		09/01/2028		760		730,498
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside);
Series 2021, RB (Acquired 11/14/2014-10/16/2018; Cost $3,188,145)(c)		5.00%		01/01/2058		3,133		937,272
Series 2021, Ref. RB (Acquired 09/07/2021; Cost $1,540,000)(a)(c)(d)		9.00%		01/01/2041		1,540		1,463,000
Nassau County Local Economic Assistance Corp. (Hispanic Counseling Center, Inc.); Series 2018 A-2, Ref. RB		5.20%		12/01/2037		290		216,502
Nassau County Tobacco Settlement Corp.;
Series 2006 A-2, RB		5.25%		06/01/2026		2,677		2,643,410
Series 2006 D, RB(b)		0.00%		06/01/2060		60,000		3,284,154
New Rochelle (City of), NY (70 Nardozzi/City DPW); Series 2018 A-2, RB		5.13%		08/01/2050		3,095		2,075,003
New Rochelle (City of), NY (Iona College);
Series 2015 A, Ref. RB		5.00%		07/01/2032		350		357,070
Series 2015 A, Ref. RB		5.00%		07/01/2033		565		576,023
Series 2015 A, Ref. RB		5.00%		07/01/2034		450		458,715
Series 2015 A, Ref. RB		5.00%		07/01/2040		200		201,205
Series 2015 A, Ref. RB		5.00%		07/01/2045		225		225,506
New York (City of), NY;
Series 1997 C, GO Bonds		5.50%		11/15/2037		15		15,024
Series 2020 D-1, GO Bonds		5.00%		03/01/2038		1,400		1,497,881
Series 2020 D-1, GO Bonds		4.00%		03/01/2042		2,600		2,517,358
Series 2020 D-1, GO Bonds		4.00%		03/01/2050		2,000		1,887,061
Series 2021 A-1, GO Bonds		4.00%		08/01/2050		10,850		10,231,889
Series 2021 F-1, GO Bonds		3.00%		03/01/2041		1,585		1,287,661
Series 2021 F-1, GO Bonds		5.00%		03/01/2044		5,000		5,286,711
Series 2024 A, GO Bonds		5.00%		08/01/2051		2,100		2,223,473
Subseries 2022 D-1, GO Bonds		5.25%		05/01/2043		3,225		3,520,913
New York (City of), NY Industrial Development Agency (Comprehensive Care Management);
Series 2005 C-2, RB		6.00%		05/01/2026		75		68,831
Series 2005 E-2, RB		6.13%		11/01/2035		250		183,956
New York (City of), NY Industrial Development Agency (The Child School); Series 2003, RB		7.55%		06/01/2033		3,230		3,243,129
New York (City of), NY Industrial Development Agency (Yankee Stadium);
Series 2020, Ref. RB		4.00%		03/01/2045		1,300		1,172,948
Series 2020, Ref. RB (INS - AGM)(e)		4.00%		03/01/2045		800		747,438

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

7 Invesco Rochester^® AMT-Free New York Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York–(continued)
New York (City of), NY Municipal Water Finance Authority;
Series 2019 CC-1, RB		4.00%		06/15/2040	$	950	$	939,458
Series 2019 CC-1, RB		4.00%		06/15/2049		1,050		997,493
Series 2020, Ref. RB		5.00%		06/15/2050		1,500		1,572,415
Series 2021 AA-1, RB(f)		4.00%		06/15/2050		18,090		17,124,712
Series 2021 CC-1, RB(f)		4.00%		06/15/2051		11,000		10,377,689
New York (City of), NY Transitional Finance Authority;
Series 2015 S, RB		5.00%		07/15/2034		1,395		1,424,128
Series 2017 C, Ref. RB		5.00%		11/01/2030		920		974,207
Series 2017 C, Ref. RB		5.00%		11/01/2032		1,470		1,555,181
Series 2018 S-1, RB		5.00%		07/15/2043		8,085		8,418,488
Series 2019 B-1, RB		4.00%		11/01/2042		10,000		9,758,441
Series 2020 C-1, RB		4.00%		05/01/2036		300		303,819
Series 2020, RB		4.00%		05/01/2044		10,000		9,661,916
Series 2021 B-1, RB		4.00%		08/01/2048		4,120		3,903,078
Series 2021 E-1, RB		4.00%		02/01/2043		1,000		973,528
Series 2022 F-1, RB		5.00%		02/01/2044		2,500		2,669,005
Series 2023 A-1, RB		5.00%		05/01/2053		5,000		5,285,910
Subseries 2014 B-1, RB		5.00%		11/01/2040		1,000		1,005,321
Subseries 2019 S1B, RB		4.00%		07/15/2041		3,335		3,226,377
New York (City of), NY Trust for Cultural Resources (Juilliard School (The));
Series 2018 A, Ref. RB		5.00%		01/01/2033		290		319,311
Series 2018 A, Ref. RB		5.00%		01/01/2037		400		431,814
Series 2018 A, Ref. RB		5.00%		01/01/2038		300		321,138
Series 2018 A, Ref. RB		4.00%		01/01/2039		1,100		1,065,569
New York (State of) Dormitory Authority;
Series 2015 A-1, Ref. RB(a)		4.80%		12/01/2023		270		268,045
Series 2016 A, Ref. RB		5.00%		07/01/2036		1,000		1,032,316
Series 2018 A, RB		5.00%		07/01/2048		1,110		1,157,696
Series 2020 A, Ref. RB		4.00%		03/15/2046		935		889,526
Series 2022 A, Ref. RB		4.00%		03/15/2040		880		867,764
New York (State of) Dormitory Authority (Alliance Long Island AGYS, Inc.);
Series 2015 A-2, Ref. RB(a)		5.35%		12/01/2035		5,985		4,566,900
Series 2015 B-1, Ref. RB(a)		6.18%		12/01/2031		1,600		1,402,915
New York (State of) Dormitory Authority (Catholic Health System Obligated Group);
Series 2012 A, RB		4.75%		07/01/2039		1,250		982,362
Series 2012 B, RB		5.00%		07/01/2032		115		100,176
Series 2012 B, RB		4.75%		07/01/2039		300		235,767
New York (State of) Dormitory Authority (Fashion Institute of Technology Student Housing Corp.);
Series 2007, RB (INS - NATL)(e)		5.25%		07/01/2027		6,425		6,562,240
Series 2007, RB (INS - NATL)(e)		5.25%		07/01/2028		3,765		3,860,796
New York (State of) Dormitory Authority (Fordham University);
Series 2014, RB		5.00%		07/01/2030		100		101,224
Series 2016 A, Ref. RB		5.00%		07/01/2041		765		781,084
Series 2020, RB		4.00%		07/01/2050		2,000		1,820,485
New York (State of) Dormitory Authority (Montefiore Obligated Group);
Series 2018 A, Ref. RB		5.00%		08/01/2035		480		474,293
Series 2020 A, Ref. RB		4.00%		09/01/2050		1,200		980,120
New York (State of) Dormitory Authority (New School (The));
Series 2015 A, Ref. RB(g)(h)		5.00%		07/01/2025		30		30,893
Series 2015 A, Ref. RB		5.00%		07/01/2040		370		373,567
Series 2016 A, Ref. RB		5.00%		07/01/2035		1,855		1,916,212
Series 2016 A, Ref. RB		5.00%		07/01/2036		1,915		1,969,712
Series 2016 A, Ref. RB		5.00%		07/01/2037		1,265		1,295,581
Series 2016 A, Ref. RB		5.00%		07/01/2041		595		604,202
Series 2016 A, Ref. RB		5.00%		07/01/2046		6,650		6,716,684
Series 2022 A, Ref. RB		4.00%		07/01/2052		1,375		1,180,050

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

8 Invesco Rochester^® AMT-Free New York Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York–(continued)
New York (State of) Dormitory Authority (New York University);
Series 2016 A, RB		5.00%		07/01/2035	$	5,000	$	5,208,288
Series 2019 A, RB		5.00%		07/01/2049		5,860		6,153,041
Series 2021 A, Ref. RB		3.00%		07/01/2041		1,215		971,270
Series 2021 A, Ref. RB		5.00%		07/01/2051		1,140		1,211,492
New York (State of) Dormitory Authority (NYU Hospitals Center); Series 2014, Ref. RB		5.00%		07/01/2028		645		653,408
New York (State of) Dormitory Authority (Orange Regional Medical Center);
Series 2017, Ref. RB(a)		5.00%		12/01/2029		600		598,069
Series 2017, Ref. RB(a)		5.00%		12/01/2030		400		398,672
Series 2017, Ref. RB(a)		5.00%		12/01/2032		300		298,804
Series 2017, Ref. RB(a)		5.00%		12/01/2033		300		298,318
Series 2017, Ref. RB(a)		5.00%		12/01/2035		300		293,751
Series 2017, Ref. RB(a)		5.00%		12/01/2036		200		195,195
Series 2017, Ref. RB(a)		5.00%		12/01/2037		200		192,174
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		265		268,167
New York (State of) Dormitory Authority (Pratt Institute); Series 2016, Ref. RB		5.00%		07/01/2046		500		504,171
New York (State of) Dormitory Authority (Rochester Institute of Technology); Series 2019 A, RB		4.00%		07/01/2044		5,790		5,425,894
New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds); Series 2019 B, RB		5.00%		07/01/2050		5,045		5,266,726
New York (State of) Dormitory Authority (St. John’s University); Series 2015 A, Ref. RB		5.00%		07/01/2034		100		102,158
New York (State of) Dormitory Authority (United Cerebral Palsy Association);
Series 2017 A, RB(a)		5.50%		12/01/2047		3,030		2,049,368
Series 2017 A-2, RB(a)		5.38%		09/01/2050		4,800		3,505,844
Series 2017 A-2, Ref. RB (Acquired 10/25/2017; Cost $1,425,000)(a)(c)		5.38%		10/01/2042		1,425		1,059,476
New York (State of) Dormitory Authority (Wagner College); Series 2022, Ref. RB		5.00%		07/01/2047		3,620		3,532,498
New York (State of) Mortgage Agency (Social Bonds);
Series 2023 252, RB		4.45%		10/01/2043		150		147,868
Series 2023 252, RB		4.55%		10/01/2048		250		243,379
Series 2023 252, RB		4.65%		10/01/2053		225		216,177
New York (State of) Power Authority (Green Bonds);
Series 2020 A, Ref. RB		4.00%		11/15/2045		5,850		5,656,139
Series 2020 A, Ref. RB		4.00%		11/15/2060		7,050		6,547,404
New York (State of) Power Authority (Green Transmission) (Green Bonds);
Series 2022, RB (INS - AGM)(e)		4.00%		11/15/2047		2,650		2,511,169
Series 2022, RB (INS - AGM)(e)		4.00%		11/15/2052		5,000		4,680,351
New York (State of) Thruway Authority;
Series 2018 L, Ref. RB		5.00%		01/01/2033		190		203,821
Series 2018 L, Ref. RB		5.00%		01/01/2034		340		364,314
Series 2018 L, Ref. RB		5.00%		01/01/2035		385		411,451
Series 2019 B, RB		4.00%		01/01/2050		10,000		9,158,021
New York (State of) Thruway Authority (Bidding Group 5); Series 2021 A-1, Ref. RB		4.00%		03/15/2059		5,715		5,172,756
New York (State of) Thruway Authority (Green Bonds) (Bidding Group 1);
Series 2022 C, RB		5.00%		03/15/2053		6,000		6,315,835
Series 2022 C, RB(f)		5.00%		03/15/2053		13,500		14,210,629
New York (State of) Thruway Authority (Group 1); Series 2021 O, Ref. RB		4.00%		01/01/2049		3,025		2,843,168
New York (State of) Thruway Authority (Group 2); Series 2020 N, RB		4.00%		01/01/2045		3,280		3,124,071
New York (State of) Utility Debt Securitization Authority;
Series 2017, RB		5.00%		12/15/2038		8,460		9,030,723
Series 2017, RB		5.00%		12/15/2040		15,000		15,948,720
New York (State of) Utility Debt Securitization Authority (Green Bonds);
Series 2022, Ref. RB		5.00%		12/15/2049		1,000		1,081,907
Series 2022, Ref. RB		5.00%		09/15/2052		750		809,568
New York City Housing Development Corp.; Series 1999 E, RB		6.25%		05/01/2036		5		5,009
New York City Housing Development Corp. (Sustainable Development Bonds); Series 2023, RB		4.80%		02/01/2053		3,240		3,251,929
New York Counties Tobacco Trust I; Series 2000 A, RB		6.50%		06/01/2035		365		365,177
New York Counties Tobacco Trust II;
Series 2001, RB		5.63%		06/01/2035		255		259,534
Series 2001, RB		5.75%		06/01/2043		15		15,267

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

9 Invesco Rochester^® AMT-Free New York Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York–(continued)
New York Counties Tobacco Trust IV;
Series 2005 A, RB		5.00%		06/01/2038	$	835	$	804,568
Series 2010 A, RB(a)		6.25%		06/01/2041		2,175		2,175,017
New York Counties Tobacco Trust V;
Series 2005 S-3, RB(b)		0.00%		06/01/2055		84,200		6,295,743
Series 2005 S4B, RB(a)(b)		0.00%		06/01/2060		155,400		6,384,920
New York Counties Tobacco Trust VI;
Series 2016 A, Ref. RB		5.63%		06/01/2035		8,680		8,907,991
Series 2016 A, Ref. RB		6.00%		06/01/2043		2,030		2,054,277
Series 2016 A-1, Ref. RB		5.75%		06/01/2043		2,085		2,134,828
Series 2016 A-2, Ref. RB		5.00%		06/01/2051		1,125		1,028,999
New York Liberty Development Corp. (Goldman Sachs Headquarters);
Series 2005, Ref. RB		5.25%		10/01/2035		15,580		17,464,885
Series 2007, RB		5.50%		10/01/2037		5,025		5,626,346
New York Liberty Development Corp. (Green Bonds);
Series 2021 A, Ref. RB		2.75%		11/15/2041		3,845		2,950,356
Series 2021 A, Ref. RB		2.88%		11/15/2046		6,155		4,478,225
New York State Urban Development Corp.; Series 2020 A, RB		4.00%		03/15/2045		3,065		2,940,611
New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2020, Ref. RB		5.00%		12/01/2038		1,500		1,571,754
Niagara Area Development Corp. (Catholic Health System, Inc.); Series 2022, RB		5.00%		07/01/2052		450		334,239
Oneida County Local Development Corp. (Mohawk Valley Health System);
Series 2019, Ref. RB (INS - AGM)(e)		4.00%		12/01/2038		180		168,809
Series 2019, Ref. RB (INS - AGM)(e)		4.00%		12/01/2049		580		496,090
Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.);
Series 2017, Ref. RB		5.00%		05/01/2033		280		285,032
Series 2017, Ref. RB		5.00%		05/01/2034		200		203,122
Series 2017, Ref. RB		5.00%		05/01/2037		250		253,063
Series 2017, Ref. RB		5.00%		05/01/2040		150		151,235
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University);
Series 2019, Ref. RB		4.00%		12/01/2047		1,150		1,087,882
Series 2019, Ref. RB		4.00%		12/01/2049		1,500		1,395,912
Onondaga Civic Development Corp.;
Series 2015, Ref. RB		5.00%		10/01/2030		1,060		1,035,912
Series 2015, Ref. RB		5.00%		10/01/2040		2,345		2,126,779
Orange County Funding Corp.; Series 2013, RB		6.50%		01/01/2046		715		563,427
Rockland Tobacco Asset Securitization Corp.; Series 2001, RB		5.63%		08/15/2035		475		481,995
Series 2001, RB		5.75%		08/15/2043		3,160		3,206,607
St. Johns (County of), FL Industrial Development Authority (St. Lawrence University);
Series 2022, Ref. RB		5.25%		07/01/2039		400		434,948
Series 2022, Ref. RB		5.25%		07/01/2040		265		286,950
Suffolk County Economic Development Corp.; Series 2010 A, RB		7.38%		12/01/2040		255		220,994
Sullivan (County of), NY (Adelaar Infratructure);
Series 2016 A-2, RB(a)		5.35%		11/01/2049		8,220		7,323,460
Series 2016 B-2, RB(a)		5.35%		11/01/2049		1,175		1,046,845
Series 2016 C-2, RB(a)		5.35%		11/01/2049		1,160		1,033,481
Series 2016 D-2, RB(a)		5.35%		11/01/2049		760		677,108
Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.);
Series 2013 A, RB(d)		5.00%		07/01/2032		330		115,500
Series 2013 A, RB(d)		5.00%		07/01/2038		2,785		974,750
Triborough Bridge & Tunnel Authority;
Series 2016 A, Ref. RB		5.00%		11/15/2046		1,260		1,288,727
Series 2017 A, RB		5.00%		11/15/2038		300		312,336
Series 2017 A, RB		5.00%		11/15/2047		1,000		1,026,460
Series 2017 B, Ref. RB		5.00%		11/15/2032		875		925,885
Series 2017 B, Ref. RB		5.00%		11/15/2033		900		951,542
Series 2017 B, Ref. RB		5.00%		11/15/2034		575		607,006
Series 2017 B, Ref. RB		5.00%		11/15/2038		1,900		1,978,126
Series 2021 A-1, Ref. RB		4.00%		05/15/2046		1,950		1,869,751

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

10 Invesco Rochester^® AMT-Free New York Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York–(continued)
Triborough Bridge & Tunnel Authority (Green Bonds); Series 2022 D-2, RB		5.25%		05/15/2047	$	9,625	$	10,475,042
Triborough Bridge & Tunnel Authority (MTA Brdiges & Tunnels) (Green Bonds); Subseries 2022 D-2, RB		5.50%		05/15/2052		800		883,246
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);
Series 2019 A, RB		5.00%		11/15/2049		2,200		2,278,399
Series 2020 A, RB		5.00%		11/15/2054		2,900		3,026,049
Series 2021 A, RB		5.00%		11/15/2056		5,700		5,954,740
Series 2021 A, RB(f)		5.00%		11/15/2056		12,500		13,058,641
Series 2022 A, Ref. RB		4.00%		05/15/2051		3,735		3,530,461
Series 2022, RB(f)		5.25%		05/15/2057		10,000		10,737,841
Series 2023 A, RB		4.25%		05/15/2058		10,000		9,612,789
TSASC, Inc.;
Series 2016 B, Ref. RB		5.00%		06/01/2045		8,000		7,457,246
Series 2017 A, Ref. RB		5.00%		06/01/2030		3,275		3,403,941
Series 2017 A, Ref. RB		5.00%		06/01/2034		5,000		5,157,728
Series 2017 A, Ref. RB		5.00%		06/01/2035		3,000		3,081,295
Series 2017 A, Ref. RB		5.00%		06/01/2036		3,000		3,069,492
Westchester County Healthcare Corp.;
Series 2010 B, RB		6.13%		11/01/2037		325		325,721
Series 2014 A, RB		5.00%		11/01/2044		2,247		2,092,230
Westchester County Local Development Corp. (Kendal on Hudson); Series 2022, Ref. RB		4.25%		01/01/2045		835		700,229
Westchester County Local Development Corp. (Purchase Senior Learning Community Inc.); Series 2021, Ref. RB(a)		4.50%		07/01/2056		1,200		836,864
Westchester County Local Development Corp. (Wartburg Senior Housing); Series 2015 A, Ref. RB(a)		5.00%		06/01/2030		500		455,720
Westchester County Local Development Corp. (Westchester Medical Center Obligated Group);
Series 2016, Ref. RB		5.00%		11/01/2029		1,000		1,002,351
Series 2016, Ref. RB		5.00%		11/01/2032		1,500		1,497,404
Westchester Tobacco Asset Securitization Corp.; Series 2016 C, Ref. RB		5.00%		06/01/2045		7,050		7,050,315
Western Regional Off-Track Betting Corp.; Series 2021, Ref. RB(a)		4.13%		12/01/2041		715		531,315
Yonkers Economic Development Corp. (Charter School Education Excellence);
Series 2019 A, RB		5.00%		10/15/2039		420		391,768
Series 2019 A, RB		5.00%		10/15/2049		640		563,722
								670,746,999
Puerto Rico–7.12%
Children’s Trust Fund;
Series 2002, RB		5.50%		05/15/2039		3,035		3,035,354
Series 2002, RB		5.63%		05/15/2043		9,700		9,748,703
Series 2005 A, RB(b)		0.00%		05/15/2050		6,300		1,142,247
Corp. Para El Financiamiento Publico de Puerto Rico; Series 2011, RB		5.50%		08/01/2031		4,055		106,444
PRIFA Custodial Trust;
Series 2005 A, RB		0.00%		03/15/2049		623		366,632
Series 2022, RB		0.00%		03/15/2049		3,658		1,570,728
Puerto Rico (Commonwealth of);
Series 2021 A, GO Bonds(b)		0.00%		07/01/2024		60		57,789
Series 2021 A, GO Bonds(b)		0.00%		07/01/2033		473		288,395
Series 2021 A-1, GO Bonds		5.38%		07/01/2025		410		417,414
Series 2021 A-1, GO Bonds		5.63%		07/01/2027		406		423,347
Series 2021 A-1, GO Bonds		5.63%		07/01/2029		399		422,504
Series 2021 A-1, GO Bonds		5.75%		07/01/2031		388		419,507
Series 2021 A-1, GO Bonds		4.00%		07/01/2033		768		718,950
Series 2021 A-1, GO Bonds		4.00%		07/01/2035		331		303,841
Series 2021 A-1, GO Bonds		4.00%		07/01/2037		284		255,283
Series 2021 A-1, GO Bonds		4.00%		07/01/2041		386		333,606
Series 2021 A-1, GO Bonds		4.00%		07/01/2046		0		3
Subseries 2022, RN		0.00%		11/01/2043		2,029		1,047,329
Subseries 2022, RN		0.00%		11/01/2051		4,424		2,289,456
Subseries 2022, RN		0.00%		11/01/2051		230		221,542
Subseries 2022, RN		0.00%		11/01/2051		267		42,141
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority; Series 2008 A, RB		6.13%		07/01/2024		1,604		1,625,516

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

11 Invesco Rochester^® AMT-Free New York Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Puerto Rico–(continued)
Puerto Rico (Commonwealth of) Electric Power Authority; Series 2005 RR, RB (INS - SGI)(e)		5.00%		07/01/2027	$	1,000	$	991,207
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2022 A, RB		5.00%		07/01/2062		1,901		1,875,399
Series 2022 B, RB(b)		0.00%		07/01/2032		1,236		795,512
Series 2022 C, RB(j)		5.00%		07/01/2053		2,114		1,339,656
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (University of the Sacred Heart Project);
Series 2012, Ref. RB		5.00%		10/01/2031		100		100,112
Series 2012, Ref. RB		5.00%		10/01/2042		150		150,293
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB		4.50%		07/01/2034		475		474,973
Series 2018 A-1, RB		4.55%		07/01/2040		199		194,030
Series 2018 A-1, RB(b)		0.00%		07/01/2046		9,897		2,756,594
Series 2018 A-1, RB		4.75%		07/01/2053		1,455		1,364,033
Series 2018 A-1, RB		5.00%		07/01/2058		6,182		5,999,047
Series 2019 A-2, RB		4.54%		07/01/2053		71		64,258
Series 2019 A-2, RB		4.78%		07/01/2058		953		893,333
Series 2019 A-2B, RB		4.55%		07/01/2040		1,898		1,850,598
University of Puerto Rico;
Series 2006 Q, RB		5.00%		06/01/2025		1,000		988,042
Series 2006 Q, RB		5.00%		06/01/2030		3,000		2,891,658
								47,565,476
TOTAL INVESTMENTS IN SECURITIES(k) –107.45% (Cost $765,001,442)								718,312,475
FLOATING RATE NOTE OBLIGATIONS–(7.08)%
Notes with interest and fee rates ranging from 4.61% to 4.63% at 08/31/2023 and contractual maturities of collateral ranging from 06/15/2050 to 05/15/2057 (See Note 1K)(l)								(47,315,000	)
BORROWINGS–(1.51)%								(10,100,000	)
OTHER ASSETS LESS LIABILITIES–1.14%								7,619,387
NET ASSETS–100.00%							$	668,516,862

Investment Abbreviations:

AGM	– Assured Guaranty Municipal Corp.
GO	– General Obligation
INS	– Insurer
LOC	– Letter of Credit
NATL	– National Public Finance Guarantee Corp.
RB	– Revenue Bonds
Ref.	– Refunding
RN	– Revenue Notes
SGI	– Syncora Guarantee, Inc.

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, 2023 was $49,715,346, which represented 7.44% of the Fund’s Net Assets.

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

^(c)  Restricted security. The aggregate value of these securities at August 31, 2023 was $4,301,095, which represented less than 1% of the Fund’s Net Assets.

^(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, 2023 was $5,803,250, which represented less than 1% of the Fund’s Net Assets.

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

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

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

^(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) 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 obligations but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

^(l) Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2023. At August 31, 2023, the Fund’s investments with a value of $65,509,512 are held by TOB Trusts and serve as collateral for the $47,315,000 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.

12 Invesco Rochester^® AMT-Free New York Municipal Fund

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2023

Revenue Bonds	94.65%
General Obligation Bonds	5.35

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

13 Invesco Rochester^® AMT-Free New York Municipal Fund

Statement of Assets and Liabilities

August 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $765,001,442)	$	718,312,475
Receivable for:
Investments sold		125,000
Fund shares sold		347,662
Interest		8,634,778
Investment for trustee deferred compensation and retirement plans		69,233
Other assets		149,197
Total assets		727,638,345
Liabilities:
Floating rate note obligations		47,315,000
Payable for:
Borrowings		10,100,000
Dividends		947,090
Fund shares reacquired		236,347
Amount due custodian		102,507
Accrued fees to affiliates		226,716
Accrued interest expense		46,404
Accrued trustees’ and officers’ fees and benefits		39,865
Accrued other operating expenses		38,321
Trustee deferred compensation and retirement plans		69,233
Total liabilities		59,121,483
Net assets applicable to shares outstanding	$	668,516,862

Net assets consist of:
Shares of beneficial interest	$	864,808,144
Distributable earnings (loss)		(196,291,282	)
	$	668,516,862
Net Assets:
Class A	$	566,902,766
Class C	$	13,356,874
Class Y	$	88,017,683
Class R6	$	239,539
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		54,783,500
Class C		1,290,241
Class Y		8,494,733
Class R6		23,133
Class A:
Net asset value per share	$	10.35
Maximum offering price per share (Net asset value of $10.35 ÷ 95.75%)	$	10.81
Class C:
Net asset value and offering price per share	$	10.35
Class Y:
Net asset value and offering price per share	$	10.36
Class R6:
Net asset value and offering price per share	$	10.35

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

14 Invesco Rochester^® AMT-Free New York Municipal Fund

Statement of Operations

For the six months ended August 31, 2023

(Unaudited)

Investment income:
Interest	$	16,873,027
Expenses:
Advisory fees		1,747,325
Administrative services fees		48,521
Custodian fees		4,784
Distribution fees:
Class A		687,439
Class C		73,730
Interest, facilities and maintenance fees		1,908,133
Transfer agent fees - A, C and Y		152,943
Transfer agent fees - R6		9
Trustees’ and officers’ fees and benefits		11,549
Registration and filing fees		30,849
Reports to shareholders		12,125
Professional services fees		41,649
Other		8,602
Total expenses		4,727,658
Less: Expense offset arrangement(s)		(1,962	)
Net expenses		4,725,696
Net investment income		12,147,331
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities		(7,706,260	)
Change in net unrealized appreciation of unaffiliated investment securities		7,359,523
Net realized and unrealized gain (loss)		(346,737	)
Net increase in net assets resulting from operations	$	11,800,594

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

15 Invesco Rochester^® AMT-Free New York Municipal Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2023 and the year ended February 28, 2023

(Unaudited)

	August 31, 2023			February 28, 2023
Operations:
Net investment income	$	12,147,331		$	24,267,153
Net realized gain (loss)		(7,706,260	)		(43,837,108	)
Change in net unrealized appreciation (depreciation)		7,359,523			(51,028,501	)
Net increase (decrease) in net assets resulting from operations		11,800,594			(70,598,456	)
Distributions to shareholders from distributable earnings:
Class A		(11,200,809	)		(20,752,114	)
Class C		(226,075	)		(458,904	)
Class Y		(1,757,146	)		(3,187,048	)
Class R6		(3,895	)		(331	)
Total distributions from distributable earnings		(13,187,925	)		(24,398,397	)
Share transactions–net:
Class A		(9,031,496	)		(69,508,036	)
Class C		(2,160,698	)		(3,865,628	)
Class Y		4,192,274			(3,797,344	)
Class R6		233,505			-
Net increase (decrease) in net assets resulting from share transactions		(6,766,415	)		(77,171,008	)
Net increase (decrease) in net assets		(8,153,746	)		(172,167,861	)
Net assets:
Beginning of period		676,670,608			848,838,469
End of period	$	668,516,862		$	676,670,608

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

16 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 08/31/23		$10.37		$0.19		$(0.01	)		$0.18			$(0.20	)		$10.35		1.74	%(d)		$566,903		1.39	%(d)(e)		1.39	%(d)(e)		0.83	%(d)(e)		3.53	%(d)(e)		11	%
Year ended 02/28/23		11.71		0.35		(1.33	)		(0.98	)		(0.36	)		10.37		(8.39	)(d)		577,077		1.06	(d)		1.06	(d)		0.84	(d)		3.34	(d)		44
Year ended 02/28/22		11.94		0.30		(0.19	)		0.11			(0.34	)		11.71		0.86	(d)		727,823		0.88	(d)		0.88	(d)		0.81	(d)		2.48	(d)		10
Year ended 02/28/21		12.41		0.34		(0.45	)		(0.11	)		(0.36	)		11.94		(0.81	)(d)		767,102		0.95	(d)		0.97	(d)		0.83	(d)		2.89	(d)		15
Five months ended 02/29/20		12.03		0.15		0.38			0.53			(0.15	)		12.41		4.43			827,596		1.02	(e)		1.02	(e)		0.83	(e)		2.98	(e)		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
Class C
Six months ended 08/31/23		10.38		0.15		(0.02	)		0.13			(0.16	)		10.35		1.26			13,357		2.16	(e)		2.16	(e)		1.60	(d)(e)		2.76	(e)		11
Year ended 02/28/23		11.72		0.27		(1.34	)		(1.07	)		(0.27	)		10.38		(9.08	)		15,520		1.82			1.82			1.60	(d)		2.58			44
Year ended 02/28/22		11.95		0.21		(0.19	)		0.02			(0.25	)		11.72		0.09			21,840		1.64			1.64			1.57			1.72			10
Year ended 02/28/21		12.42		0.25		(0.45	)		(0.20	)		(0.27	)		11.95		(1.54	)		26,100		1.71			1.74			1.59			2.13			15
Five months ended 02/29/20		12.04		0.11		0.38			0.49			(0.11	)		12.42		4.09			50,011		1.78	(e)		1.78	(e)		1.59	(e)		2.22	(e)		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
Class Y
Six months ended 08/31/23		10.38		0.20		0.00			0.20			(0.22	)		10.36		1.87			88,018		1.16	(e)		1.16	(e)		0.60	(d)(e)		3.76	(e)		11
Year ended 02/28/23		11.73		0.38		(1.35	)		(0.97	)		(0.38	)		10.38		(8.23	)		84,065		0.82			0.82			0.60	(d)		3.58			44
Year ended 02/28/22		11.96		0.33		(0.19	)		0.14			(0.37	)		11.73		1.10			99,166		0.64			0.64			0.57			2.72			10
Year ended 02/28/21		12.43		0.37		(0.45	)		(0.08	)		(0.39	)		11.96		(0.57	)		86,177		0.71			0.73			0.59			3.13			15
Five months ended 02/29/20		12.05		0.16		0.38			0.54			(0.16	)		12.43		4.52			83,905		0.78	(e)		0.78	(e)		0.59	(e)		3.22	(e)		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
Class R6
Six months ended 08/31/23		10.38		0.20		(0.01	)		0.19			(0.22	)		10.35		1.78			240		1.12	(e)		1.12	(e)		0.56	(d)(e)		3.80	(e)		11
Year ended 02/28/23		11.72		0.39		(1.34	)		(0.95	)		(0.39	)		10.38		(8.09	)		9		0.76			0.76			0.54	(d)		3.64			44
Year ended 02/28/22		11.96		0.33		(0.20	)		0.13			(0.37	)		11.72		1.05			10		0.62			0.62			0.56			2.74			10
Year ended 02/28/21		12.41		0.38		(0.43	)		(0.05	)		(0.40	)		11.96		(0.31	)		10		0.62			0.72			0.49			3.22			15
Five months ended 02/29/20		12.03		0.17		0.38			0.55			(0.17	)		12.41		4.56			74		0.68	(e)		0.78	(e)		0.59	(e)		3.32	(e)		11
Period ended 09/30/19(f)		11.78		0.18		0.20			0.38			(0.13	)		12.03		3.25			10		0.81	(e)		0.87	(e)		0.55	(e)		4.20	(e)		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 0.23% and 0.24% for Class A for the six months ended August 31, 2023 and the years ended February 28, 2023, 2022 and 2021, 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.

17 Invesco Rochester^® AMT-Free New York Municipal Fund

Notes to Financial Statements

August 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco 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 eight 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 eighth anniversary after a purchase of Class C shares.

 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 generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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.

18 Invesco Rochester^® AMT-Free New York Municipal Fund

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, administrative expenses and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

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. The risk of material loss as a result of such indemnification claims is considered remote.

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.

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.

19 Invesco Rochester^® AMT-Free New York Municipal Fund

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.

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 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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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 $ 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, 2023, the effective advisory fee rate incurred by the Fund was 0.51%.

 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). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

 Effective July 1, 2023, the Adviser has agreed, for an indefinite period, 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 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary 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, 2023, 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, 2023, 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 Plans payments, up to 0.25% of the average daily net assets of each class of shares may

20 Invesco Rochester^® AMT-Free New York Municipal Fund

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, 2023, 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, 2023, IDI advised the Fund that IDI retained $6,070 in front-end sales commissions from the sale of Class A shares and $0 and $51 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

 As of August 31, 2023, 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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,962.

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 revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Invesco Funds, and which will expire on February 22, 2024. The revolving credit and security agreement is secured by the assets of the Fund. 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.

 During the six months ended August 31, 2023, the average daily balance of borrowing under the revolving credit and security agreement was $4,516,304 with an average interest rate of 5.21%. 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, 2023 were $46,647,143 and 6.77%, 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 carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

21 Invesco Rochester^® AMT-Free New York Municipal Fund

 The Fund had a capital loss carryforward as of February 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$40,292,019		$114,715,099		$155,007,118

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2023 was $84,925,148 and $81,288,922, 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		$ 4,418,672
Aggregate unrealized (depreciation) of investments		(54,208,259	)
Net unrealized appreciation (depreciation) of investments	$	(49,789,587	)

 Cost of investments for tax purposes is $768,102,062.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended August 31, 2023(a)						Year ended February 28, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		1,410,845		$	14,745,360			4,655,618		$	48,234,018
Class C		35,406			374,298			201,702			2,106,982
Class Y		973,332			10,221,812			6,010,382			62,692,575
Class R6		22,225			232,884			-			-
Issued as reinvestment of dividends:
Class A		616,281			6,475,846			1,153,817			12,121,541
Class C		14,806			155,645			30,824			324,031
Class Y		81,652			858,831			162,968			1,718,946
Class R6		59			621			-			-
Automatic conversion of Class C shares to Class A shares:
Class A		142,998			1,501,466			242,260			2,540,646
Class C		(142,925	)		(1,501,466	)		(242,179	)		(2,540,646	)
Reacquired:
Class A		(3,032,235	)		(31,754,168	)		(12,542,723	)		(132,404,241	)
Class C		(112,911	)		(1,189,175	)		(358,336	)		(3,755,995	)
Class Y		(655,738	)		(6,888,369	)		(6,532,031	)		(68,208,865	)
Net increase (decrease) in share activity		(646,205	)	$	(6,766,415	)		(7,217,698	)	$	(77,171,008	)

^(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.

22 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, 2023 through August 31, 2023.

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  (03/01/23)	Ending  Account Value  (08/31/23)1	Expenses   Paid During   Period2	Ending  Account Value  (08/31/23)	Expenses   Paid During   Period2	Annualized    Expense Ratio
Class A	$1,000.00	$1,017.40	$7.05	$1,018.15	$7.05	1.39%
Class C	1,000.00	1,013.60	10.93	1,014.28	10.94	2.16
Class Y	1,000.00	1,018.70	5.89	1,019.30	5.89	1.16
Class R6	1,000.00	1,017.80	5.68	1,019.51	5.69	1.12

¹ The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, 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 184/366 to reflect the most recent fiscal half year.

23 Invesco Rochester^® AMT-Free New York Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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 (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, 2023. 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 has established an Investments Committee, which in turn has established Sub-Committees, that 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 information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees 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 requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by 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. 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 accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to

attract and retain talent. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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 to the Fund 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, 2022 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond New York 5+ Year Investment Grade Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period, the fourth quintile for the three year period and the first quintile for the five year period (the first quintile being the best performing funds and

24 Invesco Rochester^® AMT-Free New York Municipal Fund

the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board considered that the Fund’s allocation to bonds with particular rating and duration characteristics and within certain sectors negatively impacted Fund performance. 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, which did not change its 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 is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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 contractual management fees and total expense ratio were in the fifth quintile of its expense group and discussed with management reasons for such relative contractual management fees and total expenses. As previously noted, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management, including with respect to how the services provided by the municipal investment team to the Fund may be distinguished from those provided by peer municipal managers. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board 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 also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 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 most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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 received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination 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. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by

25 Invesco Rochester^® AMT-Free New York Municipal Fund

Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

26 Invesco Rochester^® AMT-Free New York Municipal Fund

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Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list 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/ corporate/about-us/esg. 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 number(s): 811-07890 and 033-66242     Invesco Distributors, Inc. O-ROAFNYM-SAR-1          

Semiannual Report to Shareholders August 31, 2023

Invesco Rochester^® Limited Term New York Municipal Fund

Nasdaq:

A: LTNYX ∎ C: LTNCX ∎ Y: LTBYX ∎ R6: IORMX

2	Fund Performance
4	Liquidity Risk Management Program
5	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

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

Unless otherwise noted, all data is 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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/23 to 8/31/23, 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	0.83	%
Class C Shares	0.44
Class Y Shares	0.96
Class R6 Shares	0.98
S&P Municipal Bond 2-17 Years Investment Grade Indexq	0.84
S&P Municipal New York Investment Grade 4-7 Years Bond Indexq	0.85
Source(s): qRIMES Technologies Corp.
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 S&P Municipal New York Investment Grade 4-7 Years Bond Index consists of bonds issued in the State of New York with maturities between four and seven years that are rated at least BBB- by S&P Global Ratings, Baa3 by Moody’s or BBB- by Fitch Ratings.  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.

2 Invesco Rochester^® Limited Term New York Municipal Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (9/18/91)	3.95	%
10 Years	1.80
5 Years	1.08
1 Year	-0.93
Class C Shares
Inception (5/1/97)	3.17	%
10 Years	1.42
5 Years	0.86
1 Year	-0.21
Class Y Shares
Inception (3/30/11)	2.49	%
10 Years	2.30
5 Years	1.87
1 Year	1.81
Class R6 Shares
10 Years	2.18	%
5 Years	1.87
1 Year	1.49

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 was subsequently renamed the Invesco Rochester^® Limited Term New York Municipal Fund (the Fund). Returns shown above, for periods ending on or 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 on and 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.

3 Invesco Rochester^® Limited Term New York Municipal Fund

 

 

 

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), 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 con-

sist of “Illiquid Investments” that are as- sets (an investment that cannot reason- ably be expected to be sold or disposed of in current market conditions in seven cal- endar days or less without the sale or dis- position significantly changing the market value of the investment). The Liquidity Rule and the Program also require report- ing 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 17, 2023, the Committee presented a report to the Board that addressed the operation of the Program and assessed the Program’s ad- equacy and effectiveness of implementa- tion (the “Report”). The Report covered the period from January 1, 2022 through December 31, 2022 (the “Program Re- porting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during the Program Reporting Period.

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

∎ The Program, as adopted and imple- mented, 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 In- vestments and therefore has not adopted an HLIM.

4 Invesco Rochester^® Limited Term New York Municipal Fund

Schedule of Investments

August 31, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations–99.98%
New York–89.34%
Albany (County of), NY Airport Authority;
Series 2018 A, RB		5.00%		12/15/2035	$	745	$	792,570
Series 2018 A, RB		5.00%		12/15/2036		780		822,472
Series 2018 A, RB		5.00%		12/15/2037		820		858,237
Series 2018 A, RB		5.00%		12/15/2038		500		522,942
Series 2018 B, RB(a)		5.00%		12/15/2030		240		253,602
Series 2018 B, RB(a)		5.00%		12/15/2031		300		317,081
Series 2018 B, RB(a)		5.00%		12/15/2032		320		337,974
Albany Capital Resource Corp. (Albany Law School of Union University);
Series 2017 A, Ref. RB		5.00%		07/01/2029		1,500		1,552,353
Series 2017 A, Ref. RB		5.00%		07/01/2031		1,520		1,570,303
Albany Capital Resource Corp. (Brighter Choice Elementary); Series 2021, Ref. RB		3.25%		04/01/2031		5,890		5,148,091
Albany Capital Resource Corp. (College of Saint Rose (The));
Series 2021, Ref. RB		4.00%		07/01/2025		1,025		967,337
Series 2021, Ref. RB		4.00%		07/01/2026		1,065		977,478
Series 2021, Ref. RB		4.00%		07/01/2027		1,105		988,228
Series 2021, Ref. RB		4.00%		07/01/2028		585		510,243
Series 2021, Ref. RB		4.00%		07/01/2036		7,295		5,147,717
Albany Capital Resource Corp. (Empire Commons Student Housing, Inc.);
Series 2016 A, Ref. RB		5.00%		05/01/2024		400		402,490
Series 2016 A, Ref. RB		5.00%		05/01/2025		300		304,937
Series 2016 A, Ref. RB		5.00%		05/01/2026		300		308,309
Allegany County Capital Resource Corp. (Houghton College); Series 2022 A, Ref. RB		5.00%		12/01/2037		1,525		1,528,475
Amherst Development Corp. (Daemen College);
Series 2018, Ref. RB		5.00%		10/01/2027		655		666,364
Series 2018, Ref. RB		5.00%		10/01/2028		690		705,134
Series 2018, Ref. RB		5.00%		10/01/2029		730		744,644
Series 2018, Ref. RB		5.00%		10/01/2030		760		774,736
Series 2018, Ref. RB		5.00%		10/01/2031		805		819,972
Series 2018, Ref. RB		5.00%		10/01/2043		540		521,701
Brookhaven Local Development Corp. (Jefferson’s Ferry);
Series 2016, Ref. RB		5.25%		11/01/2027		500		508,679
Series 2016, Ref. RB		5.25%		11/01/2028		1,000		1,017,651
Series 2016, Ref. RB		5.25%		11/01/2029		1,000		1,017,945
Series 2016, Ref. RB		5.25%		11/01/2030		650		661,664
Series 2016, Ref. RB		5.25%		11/01/2031		650		661,664
Broome County Local Development Corp. (Good Shepherd Village at Endwell); Series 2021, Ref. RB		4.00%		07/01/2031		1,350		1,238,723
Broome County Local Development Corp. (United Health Services Hospital);
Series 2020, Ref. RB (INS - AGM)(b)		4.00%		04/01/2038		1,500		1,429,188
Series 2020, Ref. RB (INS - AGM)(b)		4.00%		04/01/2040		2,900		2,707,372
Buffalo & Erie County Industrial Land Development Corp. (Catholic Health System, Inc.); Series 2015, RB		5.00%		07/01/2025		3,170		3,063,487
Buffalo & Erie County Industrial Land Development Corp. (Global Concepts Charter School Program);
Series 2018, Ref. RB		5.00%		10/01/2026		150		152,368
Series 2018, Ref. RB		5.00%		10/01/2027		150		153,611
Series 2018, Ref. RB		5.00%		10/01/2028		165		170,127
Series 2018, Ref. RB		5.00%		10/01/2029		175		180,589
Series 2018, Ref. RB		5.00%		10/01/2030		200		205,793
Series 2018, Ref. RB		5.00%		10/01/2031		200		205,725
Series 2018, Ref. RB		5.00%		10/01/2033		100		102,686
Build NYC Resource Corp. (Academic Leadership Charter School); Series 2021, RB		4.00%		06/15/2036		365		333,436
Build NYC Resource Corp. (Bronx Lighthouse Charter School);
Series 2018, RB		4.00%		06/01/2028		955		932,014
Series 2018, RB		5.00%		06/01/2033		1,190		1,214,414

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

5 Invesco Rochester^® Limited Term New York Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York–(continued)
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB(a)(c)		5.25%		12/31/2033	$	5,000	$	4,569,988
Build NYC Resource Corp. (Children’s Aid Society (The));
Series 2019, RB		4.00%		07/01/2036		125		124,870
Series 2019, RB		4.00%		07/01/2037		150		146,990
Series 2019, RB		4.00%		07/01/2038		150		143,352
Build NYC Resource Corp. (Consortium for Worker Education, Inc.); Series 2020, RB(c)		5.00%		12/01/2039		1,885		1,585,379
Build NYC Resource Corp. (Manhattan College);
Series 2017, Ref. RB		5.00%		08/01/2025		465		473,131
Series 2017, Ref. RB		5.00%		08/01/2028		600		626,832
Series 2017, Ref. RB		5.00%		08/01/2030		1,140		1,189,212
Series 2017, Ref. RB		3.00%		08/01/2031		1,000		929,956
Series 2017, Ref. RB		5.00%		08/01/2032		635		661,687
Build NYC Resource Corp. (New Dawn Charter Schools); Series 2019, RB(c)		5.00%		02/01/2033		1,110		1,064,105
Build NYC Resource Corp. (New York Law School); Series 2016, Ref. RB		5.00%		07/01/2036		1,010		1,016,417
Build NYC Resource Corp. (NY Preparatory Charter School); Series 2021 A, RB(c)		4.00%		06/15/2031		325		302,262
Build NYC Resource Corp. (Richmond Prep Charter School); Series 2021 A, RB(c)		5.00%		06/01/2036		525		518,150
Build NYC Resource Corp. (Royal Charter Properties, Inc. - New York & Presbyterian Hospital Leasehold); Series 2012, RB (INS - AGM)(b)		4.75%		12/15/2026		1,845		1,845,250
Build NYC Resource Corp. (Seton Education Partners-Brilla); Series 2021 A, RB(c)		4.00%		11/01/2031		1,270		1,176,865
Cattaraugus (County of), NY (St. Bonaventure University);
Series 2016 A, Ref. RB		5.00%		05/01/2024		380		382,660
Series 2016 A, Ref. RB		5.00%		05/01/2025		400		406,755
Series 2016 A, Ref. RB		5.00%		05/01/2026		415		426,799
Series 2016 A, Ref. RB		5.00%		05/01/2027		445		459,142
Series 2016 A, Ref. RB		5.00%		05/01/2028		465		481,142
Series 2016 A, Ref. RB		5.00%		05/01/2029		485		501,830
Chautauqua County Capital Resource Corp. (NRG Energy); Series 2020, Ref. RB(d)		4.25%		04/03/2028		6,000		5,913,809
Dobbs Ferry Local Development Corp. (Mercy College);
Series 2014, RB		5.00%		07/01/2039		2,125		2,141,387
Series 2014, RB		5.00%		07/01/2044		2,000		2,011,669
Dutchess County Local Development Corp. (Culinary Institute); Series 2021, Ref. RB		5.00%		07/01/2032		325		343,083
Dutchess County Local Development Corp. (Health Quest Systems, Inc.);
Series 2016 A, Ref. RB		5.00%		07/01/2032		225		229,259
Series 2016 B, RB		5.00%		07/01/2030		8,600		8,762,346
Series 2016 B, RB		5.00%		07/01/2035		1,185		1,201,962
Dutchess County Local Development Corp. (Nuvance Health); Series 2019 B, Ref. RB		5.00%		07/01/2025		1,290		1,305,333
Dutchess County Local Development Corp. (Vassar College); Series 2020, Ref. RB		5.00%		07/01/2045		8,710		9,150,645
Elmira (City of), NY;
Series 2020, GO Bonds		5.00%		07/01/2026		625		638,322
Series 2020, GO Bonds		5.00%		07/01/2035		1,500		1,602,344
Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District);
Series 2013 A, RB		5.00%		05/01/2026		7,365		7,372,523
Series 2013 A, RB		5.00%		05/01/2028		500		500,492
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB		5.00%		06/01/2031		19,640		19,207,423
Essex County Capital Resource Corp. (North Country Community College Association, Inc.);
Series 2017, Ref. RB		5.00%		06/01/2024		80		80,462
Series 2017, Ref. RB		5.00%		06/01/2026		175		175,954
Series 2017, Ref. RB		5.00%		06/01/2027		100		101,144
Series 2017, Ref. RB		5.00%		06/01/2028		100		101,252
Series 2017, Ref. RB		5.00%		06/01/2031		320		322,947
Series 2017, Ref. RB		5.00%		06/01/2035		255		256,098
Essex County Capital Resource Corp. (North Country Community College Foundation, Inc.);
Series 2017, Ref. RB		5.00%		06/01/2024		255		256,474
Series 2017, Ref. RB		5.00%		06/01/2025		270		273,536
Franklin (County of), NY Solid Waste Management Authority;
Series 2012, RB		5.00%		06/01/2027		680		680,745
Series 2015 A, RB(a)		5.00%		06/01/2024		285		287,434
Series 2019, RB(a)		4.00%		06/01/2024		875		876,168

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)
Franklin County Civic Development Corp. (North Country Community College Foundation, Inc.);
Series 2017, Ref. RB		5.00%		06/01/2024	$	195	$	196,127
Series 2017, Ref. RB		5.00%		06/01/2025		205		207,685
Genesee County Funding Corp. (The) (Rochester Regional Health Obligated Group);
Series 2022 A, Ref. RB		5.00%		12/01/2035		600		615,507
Series 2022 A, Ref. RB		5.00%		12/01/2039		2,070		2,060,738
Series 2022 A, Ref. RB		5.00%		12/01/2040		2,170		2,145,725
Glen Cove Local Economic Assistance Corp. (Tiegerman School); Series 2018 A-1, RB (Acquired 06/26/2018; Cost $1,130,000)(c)(e)		4.75%		07/01/2028		1,130		1,073,954
Hempstead Town Local Development Corp. (Adelphi University); Series 2013, RB		5.00%		09/01/2043		5,000		5,000,992
Hempstead Town Local Development Corp. (Evergreen Charter School); Series 2019, Ref. RB(c)		6.15%		12/01/2029		2,325		2,330,983
Hempstead Town Local Development Corp. (Molloy College);
Series 2014, RB		5.00%		07/01/2034		1,800		1,809,157
Series 2017, Ref. RB		5.00%		07/01/2029		200		205,481
Series 2017, Ref. RB		5.00%		07/01/2030		170		174,562
Series 2017, Ref. RB		5.00%		07/01/2031		150		153,895
Series 2017, Ref. RB		5.00%		07/01/2032		275		281,716
Hudson Yards Infrastructure Corp.;
Series 2017 A, Ref. RB		5.00%		02/15/2042		5,960		6,167,338
Series 2017 A, Ref. RB		4.00%		02/15/2044		4,000		3,730,262
Series 2017 A, Ref. RB		5.00%		02/15/2045		8,000		8,248,207
Hudson Yards Infrastructure Corp. (Green Bonds);
Series 2021 A, Ref. RB		4.00%		02/15/2041		10,000		9,539,826
Series 2021 A, Ref. RB		4.00%		02/15/2042		6,500		6,177,686
Jefferson County Civic Facility Development Corp. (Samaritan Medical Center); Series 2017 A, Ref. RB		5.00%		11/01/2025		1,305		1,289,443
Long Island (City of), NY Power Authority;
Series 2014 A, Ref. RB		5.00%		09/01/2034		1,000		1,013,573
Series 2014 A, Ref. RB		5.00%		09/01/2044		17,000		17,163,108
Series 2016 B, Ref. RB		5.00%		09/01/2034		6,635		6,954,991
Series 2018, RB		5.00%		09/01/2035		11,000		11,871,493
Series 2020 A, Ref. RB		4.00%		09/01/2040		215		209,872
Series 2021 B, Ref. RB(d)		1.50%		09/01/2026		1,750		1,614,283
Metropolitan Transportation Authority;
Series 2008 B-1, Ref. RB		5.00%		11/15/2029		1,500		1,503,410
Series 2013 A, RB		5.00%		11/15/2038		13,705		13,705,045
Series 2013 A, RB		5.00%		11/15/2043		1,480		1,473,685
Series 2013 B, RB		5.00%		11/15/2033		5,055		5,056,264
Series 2013 B, RB		5.00%		11/15/2038		5,465		5,465,018
Series 2013 B, RB		5.00%		11/15/2043		4,850		4,829,307
Series 2013 C, RB		5.00%		11/15/2042		210		209,512
Series 2013 E, RB		5.00%		11/15/2038		6,250		6,249,325
Series 2013 E, RB		5.00%		11/15/2043		870		866,759
Subseries 2014 D-1, RB		5.25%		11/15/2044		5,000		5,028,963
Metropolitan Transportation Authority (Green Bonds);
Series 2012 B, RB		4.25%		11/15/2039		340		331,760
Series 2017 B-2, RB		5.00%		11/15/2034		1,875		2,009,551
Monroe County Industrial Development Corp. (Highland Hospital of Rochester); Series 2015, Ref. RB		5.00%		07/01/2026		350		357,184
Monroe County Industrial Development Corp. (Nazareth College of Rochester); Series 2017, Ref. RB		4.00%		10/01/2034		600		584,504

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)
Monroe County Industrial Development Corp. (Rochester General Hospital (The));
Series 2013 A, Ref. RB		5.00%		12/01/2026	$	400	$	400,586
Series 2013 A, Ref. RB		5.00%		12/01/2027		345		345,493
Series 2013 A, Ref. RB		5.00%		12/01/2028		1,315		1,316,825
Series 2013 A, Ref. RB		5.00%		12/01/2037		2,100		2,102,718
Series 2013 A, Ref. RB		5.00%		12/01/2042		4,385		4,363,264
Series 2017, RB		5.00%		12/01/2029		1,000		1,029,444
Series 2017, RB		5.00%		12/01/2034		1,100		1,124,679
Series 2017, RB		5.00%		12/01/2035		1,055		1,072,515
Series 2017, RB		5.00%		12/01/2036		1,125		1,137,197
Monroe County Industrial Development Corp. (Rochester Regional Health);
Series 2020, Ref. RB		5.00%		12/01/2032		535		557,257
Series 2020, Ref. RB		5.00%		12/01/2033		1,815		1,888,629
Series 2020, Ref. RB		5.00%		12/01/2034		1,000		1,036,218
Monroe County Industrial Development Corp. (Rochester Schools Modernization); Series 2013, RB		5.00%		05/01/2028		1,000		1,001,036
Monroe County Industrial Development Corp. (St. Ann’s Community); Series 2019, Ref. RB		4.00%		01/01/2030		4,600		4,196,283
Monroe County Industrial Development Corp. (St. John Fisher College); Series 2014 A, RB		5.50%		06/01/2039		1,500		1,513,499
Nassau (County of), NY;
Series 2016 C, GO Bonds		5.00%		04/01/2029		3,160		3,302,210
Series 2017 B, GO Bonds		5.00%		04/01/2031		365		386,891
Series 2018 B, GO Bonds (INS - AGM)(b)		5.00%		07/01/2036		5,850		6,288,416
Series 2018 B, GO Bonds (INS - AGM)(b)		5.00%		07/01/2038		5,450		5,783,494
Series 2018 B, GO Bonds (INS - AGM)(b)		5.00%		07/01/2039		4,775		5,048,782
Series 2018 B, GO Bonds (INS - AGM)(b)		5.00%		07/01/2045		4,000		4,169,072
Series 2019 B, GO Bonds (INS - AGM)(b)		5.00%		04/01/2039		2,895		3,126,741
Series 2021 A, GO Bonds (INS - AGM)(b)		4.00%		04/01/2040		5,725		5,622,945
Series 2021 A, GO Bonds (INS - AGM)(b)		4.00%		04/01/2041		5,960		5,843,781
Series 2021 A, GO Bonds (INS - AGM)(b)		4.00%		04/01/2042		6,205		6,065,970
Series 2021 A, GO Bonds (INS - AGM)(b)		4.00%		04/01/2043		6,460		6,301,351
Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group);
Series 2014, RB		5.00%		07/01/2030		1,500		1,513,379
Series 2014, RB		5.00%		07/01/2032		660		664,831
Nassau County Local Economic Assistance Corp. (Hispanic Counseling Center, Inc.); Series 2018 A-2, Ref. RB		4.70%		12/01/2028		1,240		1,077,436
Nassau County Tobacco Settlement Corp.; Series 2006 A-2, RB		5.25%		06/01/2026		1,652		1,631,735
New Rochelle (City of), NY (70 Nardozzi/City DPW); Series 2018 A-1, RB(c)		4.20%		08/01/2028		2,285		1,960,671
New Rochelle (City of), NY (Iona College);
Series 2015 A, Ref. RB		5.00%		07/01/2025		325		330,517
Series 2015 A, Ref. RB		5.00%		07/01/2029		1,100		1,123,661
New York & New Jersey (States of) Port Authority;
One Hundred Eighty Four Series 2014, RB		5.00%		09/01/2039		2,500		2,520,846
One Hundred Eighty Sixth Series 2014, Ref. RB(a)		5.00%		10/15/2033		4,345		4,379,269
One Hundred Eighty Third Series 2014, RB		5.00%		12/15/2026		850		859,997
One Hundred Eighty Third Series 2014, RB		4.00%		12/15/2040		10,000		9,940,740
One Hundred Ninety Fifth Series 2015, Ref. RB(a)		5.00%		10/15/2034		2,305		2,341,732
One Hundred Ninety Fifth Series 2016, Ref. RB(a)		5.00%		04/01/2036		10,230		10,435,687
One Ninety Third Series 2015, Ref. RB(a)		5.00%		10/15/2033		5,000		5,084,736
One Seventy Eighth Series 2013, RB(a)		5.00%		12/01/2031		10,000		10,013,178
Series 2012, RB		5.00%		07/15/2030		1,250		1,251,562
Series 2012, RB		4.50%		07/15/2031		220		220,144
Series 2012, RB		4.50%		07/15/2036		1,500		1,500,864
Series 2012, RB		4.00%		07/15/2037		1,000		1,000,054
Series 2012, RB		4.00%		07/15/2038		200		199,880
Series 2013 178, RB(a)		5.00%		12/01/2032		10,000		10,012,699
Series 2013 178, RB(a)		5.00%		12/01/2033		1,000		1,001,222
Series 2013 178, RB(a)		5.00%		12/01/2038		4,890		4,893,280
Series 2013 179, RB		5.00%		12/01/2027		275		276,023
Series 2014 185, RB(a)		5.00%		09/01/2026		12,500		12,598,196

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)
Series 2014 186, Ref. RB(a)		5.00%		10/15/2031	$	4,900	$	4,938,646
Series 2018 207, Ref. RB(a)		5.00%		09/15/2030		3,385		3,548,552
Series 2018 207, Ref. RB(a)		5.00%		09/15/2032		1,555		1,627,188
Series 2019 218, RB(a)		5.00%		11/01/2039		9,000		9,312,456
Two Hundred Second Series 2017, Ref. RB(a)		5.00%		04/15/2037		12,235		12,536,536
Two Hundred Seventeenth Series 2019, RB		4.00%		11/01/2039		3,750		3,730,791
Two Hundred Sixth Series 2017, Ref. RB(a)		5.00%		11/15/2042		10,000		10,180,913
New York (City of), NY;
Series 1990 I, GO Bonds		7.75%		08/15/2027		45		45,937
Series 1996 J, GO Bonds		5.50%		02/15/2026		5		5,008
Series 1996 J, GO Bonds (INS - FGIC)(b)		5.50%		02/15/2026		10		10,016
Series 1997 C, GO Bonds (INS - NATL)(b)		5.50%		11/15/2037		10		10,016
Series 2002 D, GO Bonds		5.50%		06/01/2028		5		5,008
Series 2016 B-1, GO Bonds		5.00%		12/01/2041		7,775		7,997,768
New York (City of), NY Educational Construction Fund;
Series 2021 A, Ref. RB		4.00%		04/01/2040		6,825		6,655,371
Series 2021 A, Ref. RB		4.00%		04/01/2041		7,095		6,862,023
New York (City of), NY Industrial Development Agency (Yankee Stadium);
Series 2006, RB (CPI Rate + 0.86%) (INS - NATL)(b)(f)		4.04%		03/01/2024		195		196,140
Series 2006, RB (CPI Rate + 0.87%) (INS - FGIC)(b)(f)		4.05%		03/01/2025		200		200,768
Series 2006, RB (CPI Rate + 0.88%) (INS - FGIC)(b)(f)		4.06%		03/01/2026		985		994,009
Series 2006, RB (CPI Rate + 0.89%) (INS - FGIC)(b)(f)		4.07%		03/01/2027		1,000		1,017,159
Series 2020, Ref. RB (INS - AGM)(b)		4.00%		03/01/2045		7,930		7,408,982
New York (City of), NY Municipal Water Finance Authority;
Series 2015 FF, Ref. RB		5.00%		06/15/2039		10,950		11,168,628
Series 2018 DD-2, Ref. RB		5.00%		06/15/2040		4,000		4,188,027
Series 2019 CC-1, RB		4.00%		06/15/2040		7,150		7,070,660
Series 2019 DD, RB		5.00%		06/15/2025		225		226,122
Series 2020 AA-2, RB		4.00%		06/15/2043		2,330		2,261,545
Series 2020 EE, Ref. RB		4.00%		06/15/2042		6,585		6,425,440
Subseries 2019 FF-2, Ref. RB		4.00%		06/15/2037		12,245		12,404,595
New York (City of), NY Transitional Finance Authority;
Series 2014 D1, RB		5.00%		02/01/2036		10,000		10,036,231
Series 2014 D1, RB		5.00%		02/01/2038		10,000		10,034,220
Series 2014 D1, RB		5.00%		02/01/2040		18,300		18,359,678
Series 2014, RB		5.00%		02/01/2033		1,000		1,004,912
Series 2015 S, RB		5.00%		07/15/2032		10,000		10,302,502
Series 2015 S, RB		5.00%		07/15/2040		15,815		16,087,100
Series 2015 S-1, RB		5.00%		07/15/2040		7,185		7,272,844
Series 2015, RB		5.00%		02/01/2035		3,500		3,565,940
Series 2016 A-1, RB		5.00%		05/01/2037		3,085		3,179,786
Series 2016 S-1, RB		5.00%		07/15/2034		4,500		4,667,621
Series 2017 A-E-1, RB		5.00%		02/01/2038		7,980		8,258,405
Series 2017 F-1, RB		5.00%		05/01/2042		21,840		22,529,843
Series 2018 C-2, RB		5.00%		05/01/2038		5,000		5,269,933
Series 2018 S-1, RB		5.00%		07/15/2043		8,465		8,814,162
Series 2018 S-3, RB		5.00%		07/15/2037		2,450		2,597,171
Series 2019, RB		4.00%		11/01/2040		11,590		11,450,691
Subseries 2014 B-1, RB		5.00%		11/01/2040		10,000		10,053,215
Subseries 2016 E-1, RB		5.00%		02/01/2037		3,905		4,010,898
Subseries 2018 A-1, RB		5.00%		08/01/2037		1,655		1,755,574
Subseries 2018 A-1, RB		5.00%		08/01/2038		10,000		10,566,481
Subseries 2018 A-1, RB		5.00%		08/01/2040		1,760		1,851,429
Subseries 2018 S-3, Ref. RB		5.00%		07/15/2036		15,000		16,010,491
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		1,006,528
New York (City of), NY Trust for Cultural Resources (Lincoln Center for Performing Arts); Series 2020 A, Ref. RB		4.00%		12/01/2035		300		308,359

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 (State of) Dormitory Authority;
Series 2012 F, RB (INS - AGM)(b)		5.00%		10/01/2025	$	110	$	110,121
Series 2012 F, RB (INS - AGM)(b)		5.00%		10/01/2027		35		35,037
Series 2012 F, RB (INS - AGM)(b)		5.00%		10/01/2028		5		5,005
Series 2012, RB		5.00%		10/01/2026		140		140,149
Series 2012, RB		5.00%		10/01/2026		120		120,104
Series 2012, RB		5.00%		10/01/2027		65		65,056
Series 2012, RB		5.00%		10/01/2028		50		50,043
Series 2013, RB		5.75%		07/01/2043		7,055		7,061,175
Series 2014 C, RB		5.00%		03/15/2041		2,225		2,237,504
Series 2014 E, Ref. RB (INS - AGM)(b)		5.00%		10/01/2034		1,000		1,015,157
Series 2014 E, Ref. RB		5.00%		02/15/2039		9,990		10,120,555
Series 2015 A-1, Ref. RB(c)		4.80%		12/01/2023		230		228,335
Series 2015 B-C, RB		5.00%		03/15/2036		12,045		12,349,701
Series 2015 B-C, RB		5.00%		03/15/2039		5,000		5,106,853	��
Series 2015 B-C, RB		5.00%		03/15/2040		12,640		12,897,755
Series 2015 B-C, RB		5.00%		03/15/2041		10,520		10,724,242
Series 2015, Ref. RB(c)		5.00%		12/01/2029		1,000		996,782
Series 2016, Ref. RB(c)		5.00%		12/01/2026		4,910		4,859,803
Series 2018 A, RB		5.00%		07/01/2040		4,250		4,476,852
Series 2018 A, Ref. RB		5.00%		03/15/2045		4,000		4,183,177
Series 2020 A, Ref. RB		4.00%		03/15/2043		11,750		11,357,052
Series 2020 D, Ref. RB		4.00%		02/15/2038		2,000		2,000,225
Series 2020 D, Ref. RB		4.00%		02/15/2039		4,415		4,379,832
New York (State of) Dormitory Authority (Bidding Group 1); Series 2018 C, Ref. RB		5.00%		03/15/2036		2,000		2,122,602
New York (State of) Dormitory Authority (Bidding Group 2);
Series 2018 E, Ref. RB		5.00%		03/15/2037		8,000		8,490,622
Series 2018 E, Ref. RB		5.00%		03/15/2039		10,000		10,535,052
Series 2018 E, Ref. RB		5.00%		03/15/2040		5,000		5,258,733
New York (State of) Dormitory Authority (Bidding Group 3); Series 2018 A, RB		5.00%		03/15/2038		3,500		3,676,872
New York (State of) Dormitory Authority (Cerebral Palsy Affiliates Program - Jawonio, Inc.); Series 2017 A, RB(c)		4.63%		12/01/2027		935		823,735
New York (State of) Dormitory Authority (Cerebral Palsy Affiliates Program - United Cerebral Palsy Associations of New York State, Inc.);
Series 2017 A-1, RB(c)		4.88%		09/01/2027		2,435		2,256,252
Series 2017 A-2, Ref. RB (Acquired 10/25/2017; Cost $1,275,000)(c)(e)		4.63%		10/01/2027		1,275		1,162,525
New York (State of) Dormitory Authority (Fordham University); Series 2014, RB		5.00%		07/01/2044		1,190		1,196,943
New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai);
Series 2015 A, Ref. RB		5.00%		07/01/2034		8,000		8,123,206
Series 2015 A, Ref. RB		5.00%		07/01/2035		2,395		2,427,825
New York (State of) Dormitory Authority (Maimonides Medical Center);
Series 2020, RB (CEP - Federal Housing Administration)		4.00%		02/01/2038		300		298,570
Series 2020, RB (CEP - Federal Housing Administration)		4.00%		02/01/2039		400		393,815
Series 2020, RB (CEP - Federal Housing Administration)		4.00%		02/01/2040		400		390,454
New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer); Series 2017, Ref. RB		5.00%		07/01/2042		7,030		7,298,860
New York (State of) Dormitory Authority (Montefiore Obligated Group);
Series 2018 A, Ref. RB		5.00%		08/01/2025		1,035		1,032,623
Series 2018 A, Ref. RB		5.00%		08/01/2027		1,000		995,656
Series 2018 A, Ref. RB		5.00%		08/01/2028		1,000		997,924
Series 2018 A, Ref. RB		5.00%		08/01/2029		1,000		998,244
Series 2018 A, Ref. RB		5.00%		08/01/2033		4,275		4,265,511
New York (State of) Dormitory Authority (New School (The));
Series 2016 A, Ref. RB		5.00%		07/01/2029		1,000		1,038,401
Series 2016 A, Ref. RB		5.00%		07/01/2030		1,800		1,869,828
Series 2022 A, Ref. RB		5.00%		07/01/2037		710		756,198
Series 2022 A, Ref. RB		5.00%		07/01/2038		1,150		1,206,464
Series 2022 A, Ref. RB		5.00%		07/01/2039		750		777,510
Series 2022 A, Ref. RB		5.00%		07/01/2040		1,000		1,032,351

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 (State of) Dormitory Authority (New York Orange Regional Medial Center Oblidated Group);
Series 2015, Ref. RB(c)	5.00%		12/01/2025	$	1,000	$	998,406
Series 2015, Ref. RB(c)	5.00%		12/01/2031		2,100		2,094,608
Series 2015, Ref. RB(c)	5.00%		12/01/2032		1,100		1,095,615
New York (State of) Dormitory Authority (New York University); Series 2017 A, Ref. RB	5.00%		07/01/2043		260		270,844
New York (State of) Dormitory Authority (NYU Hospitals Center); Series 2015, Ref. RB	5.00%		07/01/2028		140		141,825
New York (State of) Dormitory Authority (Orange Regional Medical Center);
Series 2017, Ref. RB(c)	5.00%		12/01/2023		2,800		2,798,368
Series 2017, Ref. RB(c)	5.00%		12/01/2025		1,300		1,297,928
Series 2017, Ref. RB(c)	5.00%		12/01/2026		2,800		2,792,740
Series 2017, Ref. RB(c)	5.00%		12/01/2027		1,300		1,297,170
Series 2017, Ref. RB(c)	5.00%		12/01/2036		1,300		1,268,767
New York (State of) Dormitory Authority (Rochester Institute of Technology);
Series 2019 A, RB	4.00%		07/01/2044		4,000		3,748,459
Series 2019 A, RB	5.00%		07/01/2049		5,000		5,185,058
New York (State of) Dormitory Authority (Rockefeller University);
Series 2022 A, Ref. RB	5.00%		07/01/2036		1,250		1,424,284
Series 2022 A, Ref. RB	5.00%		07/01/2037		800		901,761
New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program);
Series 2013 A, RB (INS - AGM)(b)	5.00%		10/01/2026		2,740		2,743,102
Series 2013 A, RB (INS - AGM)(b)	5.00%		10/01/2027		2,485		2,487,813
Series 2013 C, RB	5.00%		10/01/2026		1,665		1,666,872
Series 2013 C, RB	5.00%		10/01/2027		1,885		1,887,120
Series 2013 E, RB (INS - AGM)(b)	5.00%		10/01/2026		3,190		3,193,611
New York (State of) Dormitory Authority (St. John’s University); Series 2015 A, Ref. RB	5.00%		07/01/2037		4,245		4,315,610
New York (State of) Dormitory Authority (St. Joseph’s College);
Series 2021, RB	5.00%		07/01/2024		100		100,580
Series 2021, RB	5.00%		07/01/2025		90		91,101
Series 2021, RB	5.00%		07/01/2026		100		102,298
Series 2021, RB	5.00%		07/01/2027		120		123,942
Series 2021, RB	5.00%		07/01/2028		75		78,178
Series 2021, RB	5.00%		07/01/2029		100		104,960
Series 2021, RB	5.00%		07/01/2030		75		79,158
Series 2021, RB	4.00%		07/01/2035		200		191,745
New York (State of) Dormitory Authority (State University of New York Dormitory Facilities);
Series 2018 A, RB	5.00%		07/01/2036		3,060		3,261,211
Series 2018 A, RB	5.00%		07/01/2038		1,850		1,943,966
New York (State of) Dormitory Authority (Wagner College);
Series 2022, Ref. RB	5.00%		07/01/2034		1,330		1,399,101
Series 2022, Ref. RB	5.00%		07/01/2036		735		758,502
New York (State of) Energy Research & Development Authority (New Yourk State Electric & Gas Corp.); Series 2004 C, Ref. RB	4.00%		04/01/2034		8,000		7,942,142
New York (State of) Housing Finance Agency;
Series 2007, RB(a)	5.05%		08/15/2039		980		980,161
Series 2020 C, RB (CEP - Federal Housing Administration)	4.10%		11/01/2041		8,950		8,351,804
New York (State of) Housing Finance Agency (Division Street); Series 2006 A, RB(a)	5.00%		02/15/2026		125		125,096
New York (State of) Housing Finance Agency (Secured Mortgage Program); Series 2001 A, RB(a)	5.60%		08/15/2033		1,065		1,066,296
New York (State of) Housing Finance Agency (Sustainability Bonds); Series 2021 D-2, RB(d)	0.65%		11/01/2025		4,000		3,683,492
New York (State of) Housing Finance Agency (Tri-Senior Development Housing); Series 2007 A, RB (LOC - Fannie Mae)(a)(g)	5.10%		11/15/2023		145		147,045
New York (State of) Mortgage Agency (Social Bonds); Series 2023 253, RB(a)	4.70%		10/01/2038		1,250		1,220,624
New York (State of) Power Authority (Green Transmission) (Green Bonds); Series 2022, RB (INS - AGM)(b)	4.00%		11/15/2042		5,000		4,833,464
New York (State of) Thruway Authority;
Series 2014 J, RB	5.00%		01/01/2041		5,750		5,766,268
Series 2016 A, RB	5.00%		01/01/2041		5,455		5,575,712
Series 2018 L, Ref. RB	5.00%		01/01/2035		3,995		4,269,474
Series 2019 B, RB (INS - AGM)(b)	4.00%		01/01/2040		12,690		12,441,625
Series 2022, RB(h)(i)	4.00%		03/15/2043		24,500		23,649,105

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) Utility Debt Securitization Authority;
Series 2013 TE, RB	5.00%		12/15/2026	$	2,500	$	2,509,527
Series 2013 TE, RB	5.00%		12/15/2029		1,500		1,505,465
Series 2013 TE, RB	5.00%		12/15/2031		10,000		10,035,317
Series 2015, Ref. RB	5.00%		12/15/2032		15,000		15,578,955
Series 2015, Ref. RB	5.00%		12/15/2036		5,230		5,398,129
Series 2015, Ref. RB	5.00%		12/15/2037		10,000		10,299,344
Series 2017, RB	5.00%		12/15/2040		13,260		14,098,668
New York City Health and Hospitals Corp.;
Series 2021 A, Ref. RB	5.00%		02/15/2038		690		734,808
Series 2021 A, Ref. RB	5.00%		02/15/2040		1,615		1,696,694
New York City Housing Development Corp.;
Series 1999 E, RB	6.25%		05/01/2036		35		35,064
Series 2013 L-2-A, RB	3.60%		11/01/2033		2,445		2,386,657
Series 2014 E, RB	3.40%		11/01/2029		685		673,365
New York City Housing Development Corp. (Ocean Gate Development); Series 2007 B, RB(a)	5.35%		06/01/2025		890		893,611
New York City Housing Development Corp. (Sustainable Development Bonds); Series 2022 F-2A, RB(d)	3.40%		12/22/2026		7,500		7,318,243
New York City Housing Development Corp. (Sustainable Neighborhood Bonds); Series 2017 E, RB	3.05%		11/01/2032		2,000		1,866,961
New York Convention Center Development Corp. (Hotel Unit Fee Secured); Series 2015, Ref. RB	5.00%		11/15/2040		16,005		16,223,633
New York Counties Tobacco Trust I;
Series 2000 A, RB	6.50%		06/01/2035		825		825,399
Series 2000 A, RB	6.63%		06/01/2042		3,290		3,290,955
New York Counties Tobacco Trust II;
Series 2001, RB	5.63%		06/01/2035		10		10,178
Series 2001, RB	5.75%		06/01/2043		130		132,317
New York Counties Tobacco Trust IV;
Series 2005 A, RB	4.75%		06/01/2026		895		885,446
Series 2010 A, RB(c)	6.25%		06/01/2041		8,505		8,505,065
New York Counties Tobacco Trust VI;
Series 2016 A, Ref. RB	5.63%		06/01/2035		305		313,011
Series 2016 A, Ref. RB	6.75%		06/01/2035		6,155		6,209,572
Series 2016 A, Ref. RB	6.45%		06/01/2040		830		843,705
Series 2016 A, Ref. RB	6.00%		06/01/2043		7,335		7,422,721
Series 2016 A-1, Ref. RB	5.75%		06/01/2043		2,095		2,145,067
New York Liberty Development Corp.; Series 2021-1, Ref. RB	4.00%		02/15/2043		5,000		4,789,750
New York Liberty Development Corp. (Green Bonds) (4 World Trade Center); Series 2021 A, Ref. RB	1.90%		11/15/2031		2,500		2,134,015
New York State Environmental Facilities Corp.;
Series 2004, RB	4.50%		06/15/2024		100		100,093
Series 2012 B, RB	5.00%		08/15/2024		1,330		1,331,677
Series 2014, RB	5.00%		11/15/2031		5,000		5,050,092
New York State Environmental Facilities Corp. (Green Bonds); Series 2020, Ref. RB	4.00%		10/15/2045		4,100		3,947,977
New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority Projects - 2nd Resolution Bonds);
Series 2004 C, RB	4.50%		06/15/2030		15		15,016
Series 2017 E, RB	5.00%		06/15/2042		12,375		12,967,844
Series 2018 B, RB	5.00%		06/15/2038		2,755		2,945,855
New York State Urban Development Corp.;
Series 2013 A-1, RB	5.00%		03/15/2028		250		250,389
Series 2013 A-1, RB	5.00%		03/15/2030		250		250,260
Series 2013 C, RB	5.00%		03/15/2032		2,350		2,353,630
Series 2014 A, Ref. RB	5.00%		03/15/2044		1,430		1,438,483
Series 2020 A, RB	4.00%		03/15/2040		1,695		1,675,439
Series 2020 C, Ref. RB	4.00%		03/15/2037		8,500		8,583,586
New York State Urban Development Corp. (Bidding Group 3); Series 2021, Ref. RB	4.00%		03/15/2044		5,000		4,806,198
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB(a)	5.00%		08/01/2026		12,745		12,773,149
Series 2016, Ref. RB(a)	5.00%		08/01/2031		9,500		9,523,664
Series 2021, Ref. RB(a)	2.25%		08/01/2026		2,470		2,358,861

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 Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment);
Series 2016 A, RB(a)		5.00%		07/01/2034	$	4,250	$	4,268,548
Series 2018, RB(a)		5.00%		01/01/2034		3,370		3,465,505
Series 2020, RB(a)		5.00%		10/01/2035		5,000		5,163,043
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);
Series 2016 A, RB(a)		5.00%		07/01/2030		1,000		1,005,773
Series 2016 A, RB(a)		4.00%		07/01/2033		4,000		3,880,287
New York Transportation Development Corp. (Terminal 4 JFK International Airport);
Series 2020 A, Ref. RB(a)		5.00%		12/01/2034		900		950,869
Series 2020 A, Ref. RB(a)		5.00%		12/01/2036		900		934,618
Series 2020 A, Ref. RB(a)		4.00%		12/01/2038		1,000		942,589
Series 2020, Ref. RB		5.00%		12/01/2031		1,100		1,193,130
Series 2020, Ref. RB		5.00%		12/01/2035		1,000		1,068,625
Series 2020, Ref. RB		5.00%		12/01/2037		1,000		1,051,567
Series 2022, RB(a)		5.00%		12/01/2039		10,000		10,320,440
Newburgh (City of), NY Industrial Development Agency (Bourne & Kenney Redevelopment Co. LLC); Series 1999 A, RB(a)		5.75%		02/01/2032		2,025		2,030,959
Niagara Falls (City of), NY;
Series 2016, Ref. GO Bonds (INS - BAM)(b)		5.00%		05/15/2028		750		781,686
Series 2016, Ref. GO Bonds (INS - BAM)(b)		5.00%		05/15/2029		850		884,574
Niagara Frontier Transportation Authority (Buffalo Niagara International Airport);
Series 2014, Ref. RB(a)		5.00%		04/01/2026		1,000		1,002,852
Series 2019, Ref. RB(a)		5.00%		04/01/2024		3,285		3,302,356
Series 2019, Ref. RB(a)		5.00%		04/01/2031		700		734,318
Series 2019, Ref. RB(a)		5.00%		04/01/2033		725		759,920
Series 2019, Ref. RB(a)		5.00%		04/01/2035		1,000		1,041,537
Niagara Tobacco Asset Securitization Corp.; Series 2014, Ref. RB		4.00%		05/15/2029		2,035		1,996,293
Oneida County Local Development Corp. (Mohawk Valley Health System);
Series 2019, Ref. RB (INS - AGM)(b)		4.00%		12/01/2034		1,000		1,002,196
Series 2019, Ref. RB (INS - AGM)(b)		4.00%		12/01/2035		1,000		989,290
Series 2019, Ref. RB (INS - AGM)(b)		4.00%		12/01/2036		1,250		1,218,139
Series 2019, Ref. RB (INS - AGM)(b)		4.00%		12/01/2037		1,000		951,132
Oneida County Local Development Corp. (Utica College);
Series 2019, Ref. RB		5.00%		07/01/2024		170		170,346
Series 2019, Ref. RB		5.00%		07/01/2025		355		356,193
Series 2019, Ref. RB		5.00%		07/01/2026		755		770,133
Onondaga (County of), NY Resource Recovery Agency;
Series 2019, RB (INS - AGM)(a)(b)		5.00%		05/01/2029		780		822,915
Series 2019, RB (INS - AGM)(a)(b)		5.00%		05/01/2030		275		289,867
Series 2019, RB (INS - AGM)(a)(b)		5.00%		05/01/2031		350		368,989
Series 2019, RB (INS - AGM)(a)(b)		5.00%		05/01/2032		455		479,401
Series 2019, RB (INS - AGM)(a)(b)		5.00%		05/01/2033		475		500,456
Series 2019, RB (INS - AGM)(a)(b)		5.00%		05/01/2034		500		527,466
Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.);
Series 2017, Ref. RB		5.00%		05/01/2027		450		464,521
Series 2017, Ref. RB		5.00%		05/01/2028		600		619,362
Series 2017, Ref. RB		5.00%		05/01/2029		450		464,212
Series 2017, Ref. RB		5.00%		05/01/2030		835		859,941
Series 2017, Ref. RB		5.00%		05/01/2032		600		612,406
Onondaga Civic Development Corp. (Le Moyne College);
Series 2021, RB		4.00%		07/01/2038		150		136,846
Series 2021, RB		4.00%		07/01/2041		220		194,039
Onondaga Civic Development Corp. (Onondaga Community College Housing Development Corp.); Series 2015, Ref. RB		5.00%		10/01/2025		115		114,750
Otsego County Capital Resource Corp. (Hartwick College);
Series 2015 A, Ref. RB		5.00%		10/01/2023		700		699,175
Series 2015 A, Ref. RB		5.00%		10/01/2024		660		649,672
Poughkeepsie (City of), NY; Series 2019, Ref. GO Bonds		5.00%		06/01/2031		600		609,056
Ramapo Local Development Corp.; Series 2013, Ref. RB		5.00%		03/15/2028		295		294,942

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)
Rensselaer (County of), NY Industrial Development Agency (Franciscan Heights, L.P.); Series 2004 A, IDR (LOC - JPMorgan Chase Bank N.A.)(a)(g)		5.38%		12/01/2025	$	655	$	655,667
Rockland (County of), NY Solid Waste Management Authority (Green Bonds);
Series 2021 A, RB(a)		5.00%		12/15/2029		675		727,298
Series 2021 A, RB(a)		5.00%		12/15/2030		585		635,301
Series 2021 A, RB(a)		5.00%		12/15/2031		235		257,863
Series 2021 A, RB(a)		5.00%		12/15/2032		750		815,379
Series 2021 A, RB(a)		5.00%		12/15/2033		750		821,642
Rockland Tobacco Asset Securitization Corp.; Series 2001, RB		5.63%		08/15/2035		25		25,368
Saratoga County Capital Resource Corp. (Skidmore College); Series 2014 B, Ref. RB		5.00%		07/01/2024		195		197,267
Schenectady County Capital Resource Corp. (Union College); Series 2017, Ref. RB		5.00%		01/01/2040		1,000		1,034,563
Spring Valley (Village of), NY;
Series 2005, GO Bonds (INS - NATL)(a)(b)		5.00%		05/01/2024		350		350,398
Series 2005, GO Bonds (INS - NATL)(a)(b)		5.00%		05/01/2025		365		365,382
St. Lawrence (County of), NY Industrial Development Agency (Clarkson University);
Series 2017, Ref. RB		5.00%		09/01/2028		500		518,746
Series 2017, Ref. RB		5.00%		09/01/2031		690		715,159
Series 2021, Ref. RB		5.00%		09/01/2029		165		173,413
Series 2021, Ref. RB		5.00%		09/01/2030		175		184,944
Series 2021, Ref. RB		5.00%		09/01/2031		90		95,644
Series 2021, Ref. RB		5.00%		09/01/2031		225		239,109
Series 2021, Ref. RB		5.00%		09/01/2032		190		201,260
Series 2021, Ref. RB		5.00%		09/01/2033		200		211,475
Series 2021, Ref. RB		5.00%		09/01/2034		460		485,286
Series 2021, Ref. RB		5.00%		09/01/2034		200		210,994
Series 2021, Ref. RB		5.00%		09/01/2035		225		234,995
Series 2021, Ref. RB		5.00%		09/01/2036		200		206,937
Series 2021, Ref. RB		5.00%		09/01/2036		225		232,804
Series 2021, Ref. RB		5.00%		09/01/2037		250		256,338
Series 2021, Ref. RB		5.00%		09/01/2038		200		204,023
Series 2021, Ref. RB		5.00%		09/01/2039		275		279,342
Series 2021, Ref. RB		5.00%		09/01/2039		200		203,158
Series 2021, Ref. RB		5.00%		09/01/2040		150		151,796
Series 2021, Ref. RB		5.00%		09/01/2041		50		50,431
St. Lawrence (County of), NY Industrial Development Agency (St. Lawrence University);
Series 2012, RB		5.00%		07/01/2043		8,870		8,878,875
Series 2016 A, Ref. RB		5.00%		07/01/2028		300		312,416
Series 2016 A, Ref. RB		5.00%		07/01/2030		785		816,903
Series 2016 A, Ref. RB		5.00%		07/01/2031		450		467,947
Suffern (Village of), NY; Series 2016, GO Bonds		5.00%		03/15/2026		475		475,615
Suffolk County Economic Development Corp. (Family Residences and Essential Enterprises, Inc.); Series 2012 B-A, RB(c)		6.75%		06/01/2027		250		225,183
Sullivan (County of), NY (Adelaar Infratructure);
Series 2016 A-1, RB(c)		4.85%		11/01/2031		12,075		11,362,463
Series 2016 B-1, RB(c)		4.85%		11/01/2031		1,735		1,632,619
Series 2016 C-1, RB(c)		4.85%		11/01/2031		1,690		1,590,274
Series 2016 D-1, RB(c)		4.85%		11/01/2031		1,110		1,044,500
Triborough Bridge & Tunnel Authority;
Series 2013 B, Ref. RB(d)(j)		5.00%		11/15/2023		670		671,930
Series 2013 B, Ref. RB(d)(j)		5.00%		11/15/2023		3,000		3,008,641
Series 2014 A, RB		5.00%		11/15/2039		20,135		20,280,101
Series 2016 A, Ref. RB		5.00%		11/15/2046		5,000		5,113,995
Series 2017 B, Ref. RB		5.00%		11/15/2036		11,110		11,632,219
Series 2021 C-1A, RB		4.00%		05/15/2042		5,000		4,895,233

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)
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);
Series 2014 A, RB		5.00%		11/15/2044	$	10,000	$	10,040,675
Series 2018 C, Ref. RB		5.00%		11/15/2038		5,000		5,300,711
Series 2022 A, Ref. RB		4.00%		05/15/2040		1,500		1,487,659
Series 2022 A, Ref. RB		4.00%		05/15/2041		1,500		1,480,523
Series 2022 A, Ref. RB		4.00%		05/15/2042		1,620		1,586,055
Series 2022 A, Ref. RB		5.00%		05/15/2043		1,500		1,609,680
Series 2022 A, Ref. RB		5.00%		05/15/2044		3,000		3,208,576
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute);
Series 2020, Ref. RB		5.00%		09/01/2025		1,150		1,174,659
Series 2020, Ref. RB		5.00%		09/01/2036		5,000		5,280,768
Series 2020, Ref. RB		5.00%		09/01/2039		7,500		7,791,001
TSASC, Inc.;
Series 2016 B, Ref. RB		5.00%		06/01/2045		3,130		2,917,648
Series 2017 A, Ref. RB		5.00%		06/01/2030		5,000		5,196,856
Series 2017 A, Ref. RB		5.00%		06/01/2031		5,000		5,189,142
Series 2017 A, Ref. RB		5.00%		06/01/2032		5,000		5,182,288
Series 2017 A, Ref. RB		5.00%		06/01/2033		5,000		5,171,320
Westchester County Local Development Corp.; Series 2021, Ref. RB(c)		2.88%		07/01/2026		10,000		9,532,984
Westchester County Local Development Corp. (Kendal on Hudson); Series 2022, Ref. RB		5.00%		01/01/2027		325		330,343
Western Regional Off-Track Betting Corp.; Series 2021, Ref. RB(c)		3.00%		12/01/2026		940		868,990
White Plains Housing Development Corp. (Battle Hill Houses, Section 8 Assisted); Series 1996 A, Ref. RB (CEP - Federal Housing Administration)		6.65%		02/01/2025		15		15,164
Yonkers (City of), NY Industrial Development Agency (Monastery Manor Associates, L.P.); Series 2005, RB(a)		5.00%		04/01/2025		625		625,203
Yonkers Economic Development Corp. (Lamartine/Warburton LLC - Charter School of Educational Excellence); Series 2019 A, RB		4.00%		10/15/2029		200		188,063
								1,447,365,250
Puerto Rico–9.53%
Children’s Trust Fund;
Series 2002, RB		5.50%		05/15/2039		37,530		37,534,383
Series 2002, RB		5.63%		05/15/2043		800		804,017
Corp. Para El Financiamiento Publico de Puerto Rico; Series 2011, RB		0.00%		08/01/2028		105,030		2,757,037
PRCCDA Custodial Trust; Series A(k)		0.00%		03/15/2049		109		48,094
PRHTA Custodial Trust; Series 2022, RB(k)		5.25%		12/06/2049		39		12,742
Puerto Rico (Commonwealth of);
Series 2021 A, GO Bonds(l)		0.00%		07/01/2024		5,104		4,918,415
Series 2021 A, GO Bonds(l)		0.00%		07/01/2033		9,941		6,057,378
Series 2021 A-1, GO Bonds		5.38%		07/01/2025		19,085		19,447,775
Series 2021 A-1, GO Bonds		5.63%		07/01/2027		2,539		2,648,449
Series 2021 A-1, GO Bonds		5.63%		07/01/2029		794		840,372
Series 2021 A-1, GO Bonds		5.75%		07/01/2031		771		834,410
Series 2021 A-1, GO Bonds		4.00%		07/01/2033		1,524		1,426,632
Series 2021 A-1, GO Bonds		4.00%		07/01/2035		658		604,348
Series 2021 A-1, GO Bonds		4.00%		07/01/2037		564		507,764
Series 2021 A-1, GO Bonds		4.00%		07/01/2041		767		663,551
Series 2021 A-1, GO Bonds		4.00%		07/01/2046		0		4
Subseries 2022, RN		0.00%		11/01/2043		4,286		2,212,456
Subseries 2022, RN		0.00%		11/01/2051		546		227,402
Subseries 2022, RN		0.00%		11/01/2051		15,918		8,237,306
Subseries 2022, RN		0.00%		11/01/2051		6,882		1,083,918
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2020 A, Ref. RB(c)		5.00%		07/01/2025		5,000		5,035,123
Series 2021 B, RB(c)		5.00%		07/01/2024		6,250		6,277,745
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2004 PP, Ref. RB (INS - NATL)(b)		5.00%		07/01/2024		500		500,068
Series 2005 RR, RB (INS - NATL)(b)		5.00%		07/01/2024		280		280,042
Series 2008 WW, RB(k)		5.25%		07/01/2025		5,000		1,375,000

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
Puerto Rico–(continued)
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2022 A, RB		5.00%		07/01/2062	$	2,505	$	2,470,470
Series 2022 B, RB(l)		0.00%		07/01/2032		1,628		1,047,931
Series 2022 C, RB(m)		5.00%		07/01/2053		2,785		1,764,735
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2000, RB (Acquired 02/07/2002-06/07/2011; Cost $18,370,000)(a)(e)(k)		6.63%		06/01/2026		18,370		12,859,000
Puerto Rico (Commonwealth of) Municipal Finance Agency;
Series 2002 A, RB (INS - AGM)(b)		5.00%		08/01/2027		340		342,024
Series 2005 A, RB		5.25%		08/01/2024		10,000		10,000,402
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(l)		0.00%		07/01/2024		96		92,902
Series 2018 A-1, RB(l)		0.00%		07/01/2027		5,930		5,075,998
Series 2018 A-1, RB(l)		0.00%		07/01/2031		10,000		7,148,564
Series 2018 A-1, RB(l)		0.00%		07/01/2033		665		430,354
Series 2018 A-1, RB		4.50%		07/01/2034		487		486,972
Series 2018 A-1, RB		4.55%		07/01/2040		246		239,856
Series 2018 A-1, RB(l)		0.00%		07/01/2046		1		279
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		1,695,901
Series 2018 A-1, RB		5.00%		07/01/2058		2,074		2,012,621
Series 2019 A-2, RB		4.33%		07/01/2040		2,504		2,377,812
Series 2019 A-2, RB		4.54%		07/01/2053		75		67,879
Series 2019 A-2, RB		4.78%		07/01/2058		1,004		941,140
Series 2019 A-2B, RB		4.55%		07/01/2040		672		655,217
University of Puerto Rico; Series 2006 Q, RB		5.00%		06/01/2030		300		289,166
								154,333,861
Virgin Islands–0.73%
Virgin Islands (Government of) Public Finance Authority (Federal Highway Grant Anticipation Revenue Loan Note) (Garvee); Series 2015, RB(c)		5.00%		09/01/2033		1,500		1,518,982
Virgin Islands (Government of) Public Finance Authority (Virgin Islands Gross Receipts Taxes Loan Note);
Series 2006, RB (INS - NATL)(b)		5.00%		10/01/2023		3,380		3,413,030
Series 2006, RB (INS - NATL)(b)		5.00%		10/01/2024		850		858,353
Series 2006, RB (INS - NATL)(b)		5.00%		10/01/2025		3,760		3,797,166
Series 2006, RB (INS - NATL)(b)		5.00%		10/01/2026		1,715		1,732,150
Series 2006, RB (INS - NATL)(b)		5.00%		10/01/2027		50		50,504
Series 2006, RB (INS - NATL)(b)		5.00%		10/01/2028		280		282,840
Virgin Islands (Government of) Water & Power Authority (Electric System); Series 2003, RB (INS - AMBAC)(b)		4.50%		07/01/2028		125		125,271
								11,778,296
Northern Mariana Islands–0.22%
Northern Mariana Islands (Commonwealth of); Series 2007 A, Ref. GO Bonds(c)		5.00%		06/01/2030		3,990		3,605,151
Guam–0.16%
Guam (Territory of); Series 2021 F, Ref. RB		4.00%		01/01/2036		2,840		2,667,259
TOTAL INVESTMENTS IN SECURITIES(n) –99.98% (Cost $1,675,823,030)								1,619,749,817
FLOATING RATE NOTE OBLIGATIONS–(1.13)%
Note with an interest and fee rate of 3.96% at 08/31/2023 and a contractual maturity of collateral of 03/15/2043 (See Note 1J)(o)								(18,375,000	)
OTHER ASSETS LESS LIABILITIES–1.15%								18,645,290
NET ASSETS–100.00%							$	1,620,020,107

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

16 Invesco Rochester^® Limited Term New York Municipal Fund

Investment Abbreviations:
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
FGIC	- Financial Guaranty Insurance Company
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)  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, 2023 was $89,752,470, which represented 5.54% of the Fund’s Net Assets.

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

^(e)  Restricted security. The aggregate value of these securities at August 31, 2023 was $15,095,479, which represented less than 1% of the Fund’s Net Assets.

^(f)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2023.

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

^(h)  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 $18,375,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

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

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

^(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, 2023 was $14,294,836, which represented less than 1% of the Fund’s Net Assets.

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

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

⁽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.		5.93	%

^(o)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2023. At August 31, 2023, the Fund’s investments with a value of $23,649,105 are held by TOB Trusts and serve as collateral for the $18,375,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2023

Revenue Bonds	93.15%
General Obligation Bonds	6.62
Pre-Refunded Bonds	0.23

 

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

17 Invesco Rochester^® Limited Term New York Municipal Fund

Statement of Assets and Liabilities

August 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $1,675,823,030)	$	1,619,749,817
Cash		17,081,318
Receivable for:
Investments sold		370,000
Fund shares sold		173,688
Interest		20,291,028
Investments matured, at value (Cost $8,110,025)		2,209,056
Investment for trustee deferred compensation and retirement plans		232,030
Other assets		234,946
Total assets		1,660,341,883
Liabilities:
Floating rate note obligations		18,375,000
Payable for:
Investments purchased		16,365,052
Dividends		1,551,494
Fund shares reacquired		3,007,514
Accrued fees to affiliates		578,740
Accrued interest expense		57,243
Accrued trustees’ and officers’ fees and benefits		1,832
Accrued other operating expenses		30,819
Trustee deferred compensation and retirement plans		354,082
Total liabilities		40,321,776
Net assets applicable to shares outstanding	$	1,620,020,107

Net assets consist of:
Shares of beneficial interest	$	2,248,513,037
Distributable earnings (loss)		(628,492,930	)
	$	1,620,020,107
Net Assets:
Class A	$	1,219,686,939
Class C	$	63,833,147
Class Y	$	335,610,121
Class R6	$	889,900
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		442,051,514
Class C		23,279,221
Class Y		121,643,733
Class R6		322,206
Class A:
Net asset value per share	$	2.76
Maximum offering price per share
(Net asset value of $2.76 ÷ 97.50%)	$	2.83
Class C:
Net asset value and offering price per share	$	2.74
Class Y:
Net asset value and offering price per share	$	2.76
Class R6:
Net asset value and offering price per share	$	2.76

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

18 Invesco Rochester^® Limited Term New York Municipal Fund

Statement of Operations

For the six months ended August 31, 2023

(Unaudited)

Investment income:
Interest	$	31,603,810
Expenses:
Advisory fees		3,330,870
Administrative services fees		118,792
Custodian fees		6,079
Distribution fees:
Class A		1,571,863
Class C		342,146
Interest, facilities and maintenance fees		1,437,655
Transfer agent fees – A, C and Y		508,865
Transfer agent fees – R6		66
Trustees’ and officers’ fees and benefits		16,719
Registration and filing fees		35,251
Reports to shareholders		26,847
Professional services fees		276,752
Other		16,081
Total expenses		7,687,986
Less: Expense offset arrangement(s)		(3,355	)
Net expenses		7,684,631
Net investment income		23,919,179
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities		(7,100,534	)
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(1,051,315	)
Net realized and unrealized gain (loss)		(8,151,849	)
Net increase in net assets resulting from operations	$	15,767,330

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 Changes in Net Assets

For the six months ended August 31, 2023 and the year ended February 28, 2023

(Unaudited)

	August 31,			February 28,
	2023			2023
Operations:
Net investment income	$	23,919,179		$	47,218,432
Net realized gain (loss)		(7,100,534	)		(168,777,443	)
Change in net unrealized appreciation (depreciation)		(1,051,315	)		36,019,745
Net increase (decrease) in net assets resulting from operations		15,767,330			(85,539,266	)
Distributions to shareholders from distributable earnings:
Class A		(19,549,667	)		(36,332,499	)
Class C		(794,663	)		(1,522,492	)
Class Y		(5,697,043	)		(9,787,143	)
Class R6		(15,078	)		(17,354	)
Total distributions from distributable earnings		(26,056,451	)		(47,659,488	)
Share transactions-net:
Class A		(59,744,738	)		(101,237,697	)
Class C		(6,508,900	)		(13,379,069	)
Class Y		4,803,379			17,988,477
Class R6		151,695			413,370
Net increase (decrease) in net assets resulting from share transactions		(61,298,564	)		(96,214,919	)
Net increase (decrease) in net assets		(71,587,685	)		(229,413,673	)
Net assets:
Beginning of period		1,691,607,792			1,921,021,465
End of period	$	1,620,020,107		$	1,691,607,792

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

20 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 08/31/23		$2.78		$0.04		$	(0.02)		$0.02			$	(0.04)		$2.76		0.83	%		$1,219,687		0.94	%(d)		0.94	%(d)		0.77	%(d)		2.82	%(d)		13	%
Year ended 02/28/23		2.98		0.07		(0.19	)		(0.12	)		(0.08	)		2.78		(4.16	)		1,287,117		0.91			0.91			0.75			2.65			60
Year ended 02/28/22		3.04		0.06		(0.04	)		0.02			(0.08	)		2.98		0.74			1,491,165		0.78			0.78			0.74			2.01			12
Year ended 02/28/21		3.12		0.08		(0.07	)		0.01			(0.09	)		3.04		0.29	(e)		1,411,111		0.87	(e)		0.87	(e)		0.76	(e)		2.75	(e)		17
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	(d)		0.90	(d)		0.76	(d)		2.67	(d)		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
Class C
Six months ended 08/31/23		2.76		0.03		(0.02	)		0.01			(0.03	)		2.74		0.44			63,833		1.69	(d)		1.69	(d)		1.52	(d)		2.07	(d)		13
Year ended 02/28/23		2.97		0.05		(0.21	)		(0.16	)		(0.05	)		2.76		(5.26	)		70,720		1.66			1.66			1.50			1.90			60
Year ended 02/28/22		3.02		0.04		(0.03	)		0.01			(0.06	)		2.97		0.31			90,290		1.53			1.53			1.49			1.26			12
Year ended 02/28/21		3.10		0.06		(0.07	)		(0.01	)		(0.07	)		3.02		(0.47	)		91,938		1.63			1.63			1.52			1.99			17
Two months ended 02/29/20		3.04		0.01		0.06			0.07			(0.01	)		3.10		2.34			195,347		1.51	(d)		1.65	(d)		1.51	(d)		1.92	(d)		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
Class Y
Six months ended 08/31/23		2.78		0.04		(0.01	)		0.03			(0.05	)		2.76		0.96			335,610		0.69	(d)		0.69	(d)		0.52	(d)		3.07	(d)		13
Year ended 02/28/23		2.99		0.08		(0.21	)		(0.13	)		(0.08	)		2.78		(4.24	)		333,027		0.66			0.66			0.50			2.90			60
Year ended 02/28/22		3.04		0.07		(0.03	)		0.04			(0.09	)		2.99		1.33			339,209		0.53			0.53			0.49			2.26			12
Year ended 02/28/21		3.12		0.09		(0.07	)		0.02			(0.10	)		3.04		0.53			260,365		0.63			0.63			0.52			2.99			17
Two months ended 02/29/20		3.06		0.01		0.07			0.08			(0.02	)		3.12		2.49			235,989		0.51	(d)		0.65	(d)		0.51	(d)		2.92	(d)		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
Class R6
Six months ended 08/31/23		2.78		0.04		(0.01	)		0.03			(0.05	)		2.76		0.98			890		0.64	(d)		0.64	(d)		0.47	(d)		3.12	(d)		13
Year ended 02/28/23		2.99		0.08		(0.21	)		(0.13	)		(0.08	)		2.78		(4.20	)		744		0.60			0.60			0.44			2.96			60
Year ended 02/28/22		3.04		0.07		(0.03	)		0.04			(0.09	)		2.99		1.36			357		0.50			0.50			0.46			2.29			12
Year ended 02/28/21		3.12		0.09		(0.07	)		0.02			(0.10	)		3.04		0.59			170		0.57			0.57			0.46			3.05			17
Two months ended 02/29/20		3.06		0.02		0.06			0.08			(0.02	)		3.12		2.50			128		0.48	(d)		0.62	(d)		0.48	(d)		2.95	(d)		1
Period ended 12/31/19(f)		3.05		0.06		0.02			0.08			(0.07	)		3.06		2.79			125		0.47	(d)		0.62	(d)		0.47	(d)		3.20	(d)		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)  Annualized.

^(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 0.24% for the year ended February 28, 2021.

^(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 Rochester^® Limited Term New York Municipal Fund

Notes to Financial Statements

August 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco 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 eight 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 eighth anniversary after a purchase of Class C shares.

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 generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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.

22 Invesco Rochester^® Limited Term New York Municipal Fund

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, administrative expenses and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

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. 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.

23 Invesco Rochester^® Limited Term New York Municipal Fund

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 - Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

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. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.

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.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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%
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, 2023, 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). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses 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 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary 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, 2023, 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

24 Invesco Rochester^® Limited Term New York 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, 2023, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $5,457 in front-end sales commissions from the sale of Class A shares and $59,619 and $2,658 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2023. 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		$–	$	1,619,749,817		$–	$	1,619,749,817
Other Investments - Assets
Investments Matured		–		2,209,056		–		2,209,056
Total Investments		$–	$	1,621,958,873		$–	$	1,621,958,873

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,355.

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 revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Invesco Funds, and which will expire on February 22, 2024. The revolving credit and security agreement is secured by the assets of the Fund. 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.

During the six months ended August 31, 2023, the average daily balance of borrowing under the revolving credit and security agreement was $24,401,087 with an average interest rate of 5.20%. 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

25 Invesco Rochester^® Limited Term New York Municipal Fund

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, 2023 were $18,375,000 and 3.72%, 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 carryforward 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 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	50,682,187	$	533,906,397	$	584,588,584

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2023 was $213,292,153 and $313,259,592, 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	$	5,447,617
Aggregate unrealized (depreciation) of investments		(66,734,598	)
Net unrealized appreciation (depreciation) of investments	$	(61,286,981	)

Cost of investments for tax purposes is $1,683,245,854.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended August 31, 2023(a)						Year ended February 28, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		13,983,927		$	39,039,505			56,380,149		$	158,078,706
Class C		1,192,695			3,311,306			6,520,367			18,169,984
Class Y		17,718,858			49,441,274			76,054,917			213,499,943
Class R6		58,695			163,858			145,158			404,394
Issued as reinvestment of dividends:
Class A		4,424,378			12,337,347			8,345,011			23,356,482
Class C		201,866			559,566			382,040			1,062,265
Class Y		1,338,807			3,733,047			2,233,726			6,246,977
Class R6		2,611			7,288			3,212			8,976
Automatic conversion of Class C shares to Class A shares:
Class A		1,294,263			3,618,222			3,621,945			10,121,334
Class C		(1,302,493	)		(3,618,222	)		(3,645,979	)		(10,121,334	)
Reacquired:
Class A		(41,097,576	)		(114,739,812	)		(104,496,403	)		(292,794,219	)
Class C		(2,436,282	)		(6,761,550	)		(8,075,841	)		(22,489,984	)
Class Y		(17,328,485	)		(48,370,942	)		(72,000,035	)		(201,758,443	)
Class R6		(6,873	)		(19,451	)		-			-
Net increase (decrease) in share activity		(21,955,609	)	$	(61,298,564	)		(34,531,733	)	$	(96,214,919	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 64% 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.

26 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, 2023 through August 31, 2023.

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  (03/01/23)	Ending   Account Value   (08/31/23)1	Expenses   Paid During   Period2	Ending   Account Value   (08/31/23)	Expenses   Paid During   Period2	Annualized    Expense Ratio
Class A	$1,000.00	$1,008.30	$4.75	$1,020.41	$4.77	0.94%
Class C	1,000.00	1,004.40	8.51	1,016.64	8.57	1.69
Class Y	1,000.00	1,009.60	3.49	1,021.67	3.51	0.69
Class R6	1,000.00	1,009.80	3.23	1,021.92	3.25	0.64

¹ The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, 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 184/366 to reflect the most recent fiscal half year.

27 Invesco Rochester^® Limited Term New York Municipal Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

At meetings held on June 13, 2023, 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 (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, 2023. 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 has established an Investments Committee, which in turn has established Sub-Committees, that 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 information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees 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 requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by 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. 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 accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to

attract and retain talent. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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 to the Fund 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, 2022 to the performance of funds in the Broadridge performance universe and against the S&P Municipal New York Investment Grade 4-7 Years Bond Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one and three year periods and the first quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the

28 Invesco Rochester^® Limited Term New York Municipal Fund

worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction 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, which did not change its 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 is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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 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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board 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 also

shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 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 most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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 received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination 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. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

29 Invesco Rochester^® Limited Term 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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list 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/ corporate/about-us/esg. 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 number(s): 811-07890 and 033-66242     Invesco Distributors, Inc. O-ROLTNYM-SAR-1          

Semiannual Report to Shareholders August 31, 2023

Invesco Rochester^® Municipal Opportunities Fund

Nasdaq:

A: ORNAX ∎ C: ORNCX ∎ Y: ORNYX ∎ R5: IORHX ∎ R6: IORYX

 

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
43	Financial Statements
47	Financial Highlights
48	Notes to Financial Statements
54	Fund Expenses
55	Approval of Investment Advisory and Sub-Advisory Contracts

For the most current month-end Fund performance and commentary, please visit invesco.com/performance. Unless otherwise noted, all data is 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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/23 to 8/31/23, 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	1.47	%
Class C Shares	1.29
Class Y Shares	1.75
Class R5 Shares	1.74
Class R6 Shares	1.62
S&P Municipal Bond High Yield Index▼	2.70
Custom Invesco Rochester Municipal Opportunities Index∎	2.38
Source(s): ▼RIMES Technologies Corp.; ∎Invesco, RIMES Technologies Corp.
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 Rochester Municipal Opportunities 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 consists of bonds in the S&P Municipal Bond Index that are rated investment-grade by Standard & Poor’s, Moody’s and/or Fitch.  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.

2 Invesco Rochester^® Municipal Opportunities Fund

 

 

 

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (10/1/93)	4.26	%
10 Years	5.30
5 Years	1.49
1 Year	-3.41
Class C Shares
Inception (8/29/95)	4.24	%
10 Years	5.17
5 Years	1.75
1 Year	-0.59
Class Y Shares
Inception (11/29/10)	5.94	%
10 Years	6.00
5 Years	2.66
1 Year	1.30
Class R5 Shares
10 Years	5.91	%
5 Years	2.68
1 Year	1.30
Class R6 Shares
10 Years	5.89	%
5 Years	2.64
1 Year	1.21

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 was subsequently renamed the Invesco Rochester^® Municipal Opportunities Fund (the Fund). Returns shown above, for periods ending on or 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 on and 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 on and 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.

3 Invesco Rochester® Municipal Opportunities Fund

 

 

 

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), 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 17, 2023, 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 January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during 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.

         

4 Invesco Rochester^® Municipal Opportunities Fund

Schedule of Investments

August 31, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Municipal Obligations–112.70%(a)
Alabama–4.93%
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority;
Series 2018 A, RB		4.00%		07/01/2043	$	7,040	$	6,538,524
Series 2018 A, RB		5.00%		07/01/2048		28,620		28,948,045
Series 2018 D, RB		5.00%		05/01/2035		1,365		1,445,067
Series 2018 D, RB		5.00%		05/01/2036		1,170		1,231,318
Series 2018 D, RB		5.00%		05/01/2048		12,870		13,104,454
Birmingham (City of), AL; Series 2018 B, GO Wts.		5.00%		12/01/2036		1,700		1,799,461
Energy Southeast, A Cooperative District; Series 2023 A-1, RB(b)		5.50%		01/01/2031		75,000		79,196,678
Homewood (City of), AL Educational Building Authority (Samford University); Series 2017 A, Ref. RB		5.00%		12/01/2047		4,500		4,560,419
Hoover (City of), AL Industrial Development Board (United States Steel Corp.); Series 2019, RB(c)		5.75%		10/01/2049		16,000		16,154,080
Jefferson (County of), AL;
Series 2013 C, Revenue Wts. (INS - AGM)(d)(e)		6.75%		10/01/2046		20,045		20,969,211
Series 2013 C, Revenue Wts. (INS - AGM)(d)(e)		6.90%		10/01/2050		17,500		18,305,439
Series 2013 D, Revenue Wts.		7.00%		10/01/2051		25,000		26,285,880
Series 2013 D, Revenue Wts.		6.50%		10/01/2053		31,500		33,109,225
Series 2013 F, Revenue Wts.(d)		7.50%		10/01/2039		21,895		22,924,847
Series 2013 F, Revenue Wts.(d)		7.75%		10/01/2046		30,000		31,409,421
Series 2013 F, Revenue Wts.(d)		7.90%		10/01/2050		49,050		51,352,976
Mobile (City of), AL Improvement District (McGowin Park);
Series 2016 A, RB		5.25%		08/01/2030		500		476,454
Series 2016 A, RB		5.50%		08/01/2035		1,300		1,207,546
Mobile (County of), AL (Gomessa); Series 2020, Revenue Wts.(f)		4.00%		11/01/2045		2,570		2,206,351
Muscle Shoals, Sheffield & Tuscumbia Solid Waste Disposal Authority (Cherokee Industrial Landfill);
Series 2020 A, RB(c)(f)		6.00%		05/01/2040		6,000		4,500,000
Series 2020 B, RB(f)		8.00%		05/01/2029		1,567		1,174,829
Southeast Energy Authority A Cooperative District (No. 2); Series 2021 B, RB(b)		4.00%		12/01/2031		4,275		4,076,349
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(f)		5.25%		05/01/2044		45,365		41,213,241
								412,189,815
Alaska–0.00%
Alaska (State of) Industrial Development & Export Authority (Boys & Girls Home & Family Services, Inc.);
Series 2007 C, RB(g)		5.88%		12/01/2027		1,650		4,290
Series 2007 C, RB(g)		6.00%		12/01/2036		500		1,300
University of Alaska; Series 2015 T, RB		5.00%		10/01/2039		200		201,935
								207,525
Arizona–2.42%
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital); Series 2014, Ref. RB		5.00%		12/01/2039		13,550		13,587,359
Arizona (State of) Industrial Development Authority; Series 2019-2A, Revenue Ctfs.		3.63%		05/20/2033		6,985		6,369,734
Arizona (State of) Industrial Development Authority (Academies of Math & Science);
Series 2018 B, RB(f)		5.50%		07/01/2038		1,165		1,174,385
Series 2018 B, RB(f)		5.63%		07/01/2048		2,250		2,233,436
Series 2018 B, RB(f)		5.75%		07/01/2053		3,500		3,494,714
Arizona (State of) Industrial Development Authority (ACCEL Schools);
Series 2018 A, RB(f)		5.13%		08/01/2038		2,515		2,354,139
Series 2018 A, RB(f)		5.25%		08/01/2048		3,945		3,495,156
Arizona (State of) Industrial Development Authority (Franklin Phonetic Charter School);
Series 2017, Ref. RB(f)		5.50%		07/01/2037		580		558,228
Series 2017, Ref. RB(f)		5.75%		07/01/2047		680		636,493
Series 2017, Ref. RB(f)		5.88%		07/01/2052		645		606,263
Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado);
Series 2019, RB(f)		5.00%		07/01/2054		3,000		2,591,830

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

5 Invesco Rochester^® Municipal Opportunities Fund

	Interest Rate		Maturity Date		Principal  Amount (000)			Value
Arizona–(continued)
Arizona (State of) Industrial Development Authority (Mater Academy of Nevada Mountain Vista Campus Project);
Series 2018 A, RB(f)		5.25%		12/15/2038	$	1,415		$	1,401,692
Series 2018 A, RB(f)		5.50%		12/15/2048		2,260			2,187,890
Arizona (State of) Industrial Development Authority (Provident Group-NCCU Properties LLC); Series 2019 A, RB (INS - BAM)(e)		5.00%		06/01/2049		2,250			2,320,816
Cadence Community Facilities District (Assessment District No. 1); Series 2019, RB		4.50%		07/01/2043		445			390,683
East San Luis (City of), AZ Community Facilities District (Assessment Area One); Series 2007, RB(h)		6.38%		01/01/2028		550			507,148
East San Luis (City of), AZ Community Facilities District (Assessment Area Two); Series 2009, Ref. RB(g)(h)		8.50%		01/01/2028		140			1
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); Series 2017, Ref. RB		5.00%		11/15/2045		3,100			2,495,313
La Paz (County of), AZ Industrial Development Authority (Charter School Solutions- Harmony Public Schools);
Series 2018 A, RB		5.00%		02/15/2038		500			491,657
Series 2018 A, RB		5.00%		02/15/2048		1,200			1,112,263
Maricopa (County of), AZ Industrial Development Authority (Christian Care Surprise, Inc.); Series 2016, RB(f)		6.00%		01/01/2048		11,475			8,072,185
Maricopa (County of), AZ Industrial Development Authority (GreatHearts Arizona);
Series 2017 C, RB (CEP - Ohio School District)		5.00%		07/01/2037		220			225,565
Series 2017 C, RB (CEP - Ohio School District)		5.00%		07/01/2048		405			407,914
Maricopa (County of), AZ Industrial Development Authority (Valley Christian Schools);
Series 2023, RB(f)		6.00%		07/01/2043		1,885			1,867,544
Series 2023, RB(f)		6.25%		07/01/2053		1,900			1,879,472
Series 2023, RB(f)		6.38%		07/01/2058		2,000			1,977,694
Merrill Ranch Community Facilities District No. 1 (Assessment Area One); Series 2006, RB		5.25%		07/01/2024		46			46,011
Merrill Ranch Community Facilities District No. 2; Series 2016, GO Bonds		5.25%		07/15/2040		810			832,017
Merrill Ranch Community Facilities District No. 2 (Assessment Area One);
Series 2006, RB		5.25%		07/01/2024		42			42,010
Series 2006, RB		5.30%		07/01/2030		382			381,975
Parkway Community Facilities District No. 1 Prescott Valley;
Series 2006, GO Bonds		5.30%		07/15/2025		180			169,730
Series 2006, GO Bonds		5.35%		07/15/2031		350			278,576
Phoenix (City of), AZ Industrial Development Authority (Espiritu Community Development Corp. Charter School); Series 2006 A, RB		6.25%		07/01/2036		1,485			1,383,248
Phoenix (City of), AZ Industrial Development Authority (Freedom Academy, Inc.); Series 2016, RB(f)		5.50%		07/01/2046		4,135	��		4,155,001
Phoenix (City of), AZ Industrial Development Authority (Gourmet Boutique West LLC); Series 2007 B, IDR (Acquired 03/01/2007-03/20/2019; Cost $2,325,000)(c)(i)		5.88%		11/01/2037		2,485			2,204,189
Phoenix (City of), AZ Industrial Development Authority (The) (Downtown Phoenix Student Housing, LLC- Arizona State University); Series 2018 A, Ref. RB		5.00%		07/01/2042		1,000			1,003,754
Phoenix (City of), AZ Industrial Development Authority (The) (Overland Crossing); Series 2022, RB(f)		9.50%		04/01/2052		7,900			6,977,248
Phoenix (City of), AZ Industrial Development Authority (Vista College Preparatory); Series 2018 A, RB (CEP - Ohio School District)		5.00%		07/01/2048		1,185			1,207,791
Phoenix Civic Improvement Corp.; Series 2018, RB(c)		5.00%		07/01/2048		10,000			10,187,989
Pima (County of), AZ Industrial Development Authority;
Series 2021, RB(f)		5.00%		07/01/2056		2,260			1,889,564
Series 2022, RB(f)		6.88%		11/15/2052		7,500			7,506,545
Series 2022, RB(f)		7.00%		11/15/2057		3,975			3,977,094
Pima (County of), AZ Industrial Development Authority (American Leadership Academy); Series 2015, Ref. RB(f)		5.63%		06/15/2045		2,250			2,212,355
Pima (County of), AZ Industrial Development Authority (Arizona Charter Schools); Series 2013 Q, Ref. RB		5.38%		07/01/2031		2,375			2,301,888
Pima (County of), AZ Industrial Development Authority (Christian Care Tuscon, Inc.);
Series 2017 A, Ref. RB(b)(j)		5.00%		06/15/2025		1,550			1,606,308
Series 2017 C, RB(b)(j)		5.00%		06/15/2025		2,830			2,932,808
Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB(f)		5.50%		09/01/2046		2,400			2,131,254

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)
Pima (County of), AZ Industrial Development Authority (Milestones Charter School Refunding); Series 2017 A, Ref. RB(f)		6.50%		11/01/2047	$	5,530	$	4,888,595
Pima (County of), AZ Industrial Development Authority (P.L.C. Charter Schools);
Series 2016, Ref. RB(f)		6.00%		12/01/2036		3,315		3,331,060
Series 2016, Ref. RB(f)		6.00%		12/01/2046		6,310		6,139,855
Pima (County of), AZ Industrial Development Authority (Paideia Academies (The));
Series 2015, RB(f)		6.00%		07/01/2035		1,025		1,031,208
Series 2015, RB(f)		6.13%		07/01/2045		3,310		3,299,781
Series 2019, RB		5.13%		07/01/2039		650		597,335
Series 2019, RB		5.25%		07/01/2049		810		709,582
Pinal (County of), AZ Industrial Development Authority; Series 2021 C, RB(c)(f)		5.50%		10/01/2033		20,560		19,360,521
Pinal (County of), AZ Industrial Development Authority (Green Bonds); Series 2021 B, RB(c)(d)		5.50%		10/01/2033		5,853		5,511,534
Pinal (County of), AZ Industrial Development Authority (San Manuel Facility); Series 2006, RB(c)		6.25%		06/01/2026		275		273,137
Show Low Bluff Community Facilities District (Assessment Area One); Series 2007, RB(f)		5.60%		07/01/2031		170		153,456
Sierra (City of), AZ Vista Industrial Development Authority (American Leadership Academy Project);
Series 2023, RB(f)		5.50%		06/15/2047		11,245		10,797,632
Series 2023, RB(f)		5.75%		06/15/2053		5,000		4,894,862
Series 2023, RB(f)		5.75%		06/15/2058		15,000		14,453,364
Southside Community Facilities District No. 1; Series 2008, RB(h)		7.25%		07/01/2032		864		677,718
Tempe (City of), AZ Industrial Development Authority; Series 2022 A, RB(f)		6.50%		08/01/2048		3,640		3,692,978
Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU);
Series 2017 A, RB(f)		6.00%		10/01/2037		1,010		709,423
Series 2017 A, RB(f)		6.13%		10/01/2047		2,300		1,425,750
Series 2017 A, RB(f)		6.13%		10/01/2052		2,360		1,418,370
Verrado Community Facilities District No. 1;
Series 2013 A, Ref. GO Bonds(b)(f)(j)		6.00%		10/16/2023		1,800		1,805,197
Series 2013 B, GO Bonds(b)(f)(j)		5.70%		10/16/2023		675		676,738
Series 2013 B, GO Bonds(b)(f)(j)		6.00%		10/16/2023		610		611,761
								202,326,786
Arkansas–0.09%
Cave Springs Municipal Property Owners’ Improvement District No. 3; Series 2007, GO Bonds(h)		6.25%		02/01/2038		4,455		4,455,000
Crystal Valley Metropolitan District No. 2; Series 2022, GO Bonds(f)		7.25%		12/01/2052		3,600		3,399,233
								7,854,233
California–11.50%
Blythe (City of), CA Redevelopment Agency Successor Agency (Project No. 1); Series 2000 A, RB		6.20%		05/01/2031		135		135,215
California (State of);
Series 2019, GO Bonds		5.00%		04/01/2049		3,200		3,388,349
Series 2022, GO Bonds(k)		5.00%		04/01/2047		27,035		29,373,976
Series 2022, GO Bonds		4.00%		04/01/2049		13,000		12,882,837
Series 2022, Ref. GO Bonds		4.00%		09/01/2042		11,080		11,088,329
California (State of) County Tobacco Securitization Agency;
Series 2006 A, RB(l)		0.00%		06/01/2050		520,920		101,807,928
Series 2006 B, RB(l)		0.00%		06/01/2050		107,400		17,874,421
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.);
Series 2002, RB		5.88%		06/01/2035		620		629,130
Series 2002, RB		6.00%		06/01/2042		19,120		19,401,861
Series 2006 C, RB(l)		0.00%		06/01/2055		212,950		19,121,441
California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.);
Series 2002, RB		6.13%		06/01/2038		5,000		5,003,133
Series 2006 A, RB(l)		0.00%		06/01/2046		127,310		29,736,484
Series 2006 B, RB(l)		0.00%		06/01/2046		33,920		7,663,742
Series 2006 C, RB(l)		0.00%		06/01/2055		215,100		21,895,051
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2002 A, RB		5.88%		06/01/2043		3,565		3,565,371
California (State of) Housing Finance Agency; Series 2019 A, RB		4.25%		01/15/2035		570		556,268

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
California–(continued)
California (State of) Infrastructure & Economic Development Bank; Series 2019, RB(k)		5.00%		05/15/2052	$	31,530	$	32,887,360
California (State of) Municipal Finance Authority (Linxs APM);
Series 2018 A, RB(c)		5.00%		12/31/2047		13,845		13,676,616
Series 2018 B, RB(c)		5.00%		06/01/2048		2,575		2,531,790
California (State of) Pollution Control Financing Authority (Aemerge Redpak Services Southern California LLC); Series 2017, RB (Acquired 08/15/2017; Cost $3,000,000)(c)(f)(g)(i)		8.00%		12/01/2027		3,000		180,000
California (State of) Pollution Control Financing Authority (CalPlant I) (Green Bonds);
Series 2017, RB (Acquired 05/25/2017; Cost $5,914,802)(c)(f)(g)(i)		7.50%		07/01/2032		6,075		303,750
Series 2017, RB (Acquired 05/25/2017-07/17/2018; Cost $15,389,964)(c)(f)(g)(i)		8.00%		07/01/2039		14,995		749,750
Series 2020, RB (Acquired 10/06/2020; Cost $2,531,287)(c)(f)(g)(i)		7.50%		07/01/2032		2,650		344,500
California (State of) Public Finance Authority (Kendal at Ventura); Series 2023 A-C, RB(f)		10.00%		05/15/2028		3,000		2,956,481
California (State of) School Finance Authority (Escuela Popular); Series 2017, RB(f)		6.50%		07/01/2050		4,130		4,144,710
California (State of) School Finance Authority (Grimmway Schools Obligated Group); Series 2016 A, RB(f)		5.25%		07/01/2051		5,945		5,742,219
California (State of) School Finance Authority (Kepler Neighborhood School);
Series 2017 A, RB (CEP - Colorado Higher Education Intercept Program)(f)		5.00%		05/01/2027		300		296,046
Series 2017 A, RB (CEP - Colorado Higher Education Intercept Program)(f)		5.75%		05/01/2037		900		897,395
Series 2017 A, RB (CEP - Colorado Higher Education Intercept Program)(f)		5.88%		05/01/2047		1,230		1,188,006
California (State of) School Finance Authority (Rocketship Education);
Series 2017 A, RB(f)		5.13%		06/01/2047		595		552,191
Series 2017 A, RB(f)		5.25%		06/01/2052		665		617,571
California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC-California College of the Arts); Series 2019, RB(f)		5.25%		07/01/2052		1,450		1,350,322
California (State of) Statewide Communities Development Authority (Yucaipa Valley Water Reservoir); Series 2014, RB		6.00%		09/02/2044		7,035		7,065,577
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program);
Series 2002 A, RB		6.00%		05/01/2037		3,615		3,671,135
Series 2002 B, RB		6.00%		05/01/2043		12,035		12,222,277
Series 2002, RB		6.00%		05/01/2043		100		101,556
Del Mar Race Track Authority; Series 2015, Ref. RB		5.00%		10/01/2038		3,285		3,095,566
Fresno Unified School District; Series 2016 B, Ref. GO Bonds(l)		0.00%		08/01/2042		7,780		3,237,796
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure); Series 2023 A, RB (INS - BAM)(e)		4.00%		09/01/2058		5,000		4,686,605
Lathrop (City of), CA (Community Facilities District No. 03-2); Series 2003, RB		7.00%		09/01/2033		910		912,051
Long Beach (City of), CA (Green Bonds); Series 2017 B, RB(c)		5.00%		05/15/2043		4,000		4,125,466
Long Beach Unified School District (Election of 2016); Series 2023 C, GO Bonds		4.00%		08/01/2050		7,500		7,188,817
Los Angeles (City of), CA Department of Airports;
Series 2021 A, Ref. RB(c)		5.00%		05/15/2051		8,150		8,371,726
Series 2021 D, Ref. RB(c)		4.00%		05/15/2051		25,375		22,909,283
Series 2022 A, RB(c)		4.00%		05/15/2049		18,575		16,912,575
Series 2022 H, RB(c)		5.25%		05/15/2047		8,000		8,430,864
Series 2022 H, RB(c)		5.00%		05/15/2052		4,490		4,615,000
Series 2022, RB(c)(k)		5.00%		05/15/2047		25,205		25,570,324
Series 2022, RB(c)(k)		5.00%		05/15/2048		30,000		30,699,066
Los Angeles (City of), CA Department of Airports (Green Bonds); Series 2022 G, RB(c)		5.00%		05/15/2052		4,485		4,609,861
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport);
Series 2018 A, RB(c)		5.00%		05/15/2035		1,000		1,049,594
Series 2018 A, RB(c)		5.00%		05/15/2036		1,385		1,445,057
Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building);
Series 2018 A, RB		5.00%		12/01/2051		18,145		18,942,801
Morongo Band of Mission Indians (The); Series 2018 A, RB(f)		5.00%		10/01/2042		4,500		4,344,784
Placer (County of), CA (Placer Corporate Center Assessment District No. 1); Series 2000, RB		6.50%		09/02/2030		45		45,472
Placer (County of), CA Community Facilities District;
Series 2021, RB		4.00%		09/01/2046		2,450		2,066,164
Series 2021, RB		4.00%		09/01/2051		3,270		2,667,561
Regents of the University of California Medical Center;
Series 2022 P, RB		5.00%		05/15/2047		15,000		16,049,160
Series 2022 P, RB(k)(m)		5.00%		05/15/2047		40,000		42,797,760
Series 2022 P, RB		4.00%		05/15/2053		9,500		9,152,773

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)
Regional Airports Improvement Corp. (Los Angeles International Airport - Continental Airlines, Inc. Cargo Facilities); Series 1994, RB(c)		9.25	%		08/01/2024	$	1,615	$	1,622,647
Sacramento (City of), CA (Convention Center Complex); Series 2018 A, RB		5.00%			06/01/2048		10,000		10,351,099
San Diego (County of), CA Regional Airport Authority;
Series 2021 B, RB(c)		4.00%			07/01/2040		8,750		8,229,713
Series 2021 B, RB (INS - AGM)(c)(e)		4.00%			07/01/2051		16,750		14,998,034
Series 2021 B, RB(c)		5.00%			07/01/2051		30,915		31,503,019
Series 2021 B, RB(c)		4.00%			07/01/2056		14,145		12,220,199
Series 2021 B, RB(c)		5.00%			07/01/2056		10,000		10,141,256
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);
Second Series 2022 A, Ref. RB(c)		4.00%			05/01/2052		5,750		5,072,095
Series 2014 A, RB(c)		5.00%			05/01/2044		14,100		14,102,415
Series 2016, RB(c)		5.00%			05/01/2046		20,630		20,754,442
Series 2019 A, RB(c)		5.00%			05/01/2049		4,700		4,800,195
Series 2019 E, RB(c)		4.00%			05/01/2050		15,155		13,633,161
Series 2019 E, RB(c)		5.00%			05/01/2050		58,000		59,193,617
Silicon Valley Tobacco Securitization Authority (Santa Clara);
Series 2007 A, RB(l)		0.00%			06/01/2036		60,785		29,450,545
Series 2007 A, RB(l)		0.00%			06/01/2047		58,990		14,298,509
Series 2007 B, RB(l)		0.00%			06/01/2047		13,505		3,235,968
Series 2007 C, RB(l)		0.00%			06/01/2056		61,600		5,617,932
Stockton Unified School District (Election of 2008);
Series 2011 D, GO Bonds (INS - AGM)(e)(l)		0.00%			08/01/2037		6,245		3,511,131
Series 2011 D, GO Bonds (INS - AGM)(e)(l)		0.00%			08/01/2038		12,115		6,450,684
Series 2011 D, GO Bonds (INS - AGM)(e)(l)		0.00%			08/01/2041		14,735		6,563,635
Series 2011 D, GO Bonds (INS - AGM)(e)(l)		0.00%			08/01/2043		17,145		6,715,995
Sweetwater Union High School District; Series 2022, GO Bonds(k)		5.00%			08/01/2052		47,500		50,309,521
University of California; Series 2021 BH, Ref. RB		4.00%			05/15/2051		3,000		2,930,309
West County Facilities Financing Authority (Green Bonds); Series 2021, RB		4.00%			06/01/2051		7,000		6,648,174
									961,883,209
Colorado–9.63%
3rd and Havana Metropolitan District;
Series 2020 A, GO Bonds		4.50%			12/01/2030		2,485		2,280,841
Series 2020 A, GO Bonds		5.25%			12/01/2049		5,200		4,335,006
Series 2020 B, GO Bonds		7.75%			12/15/2049		1,925		1,723,381
Amber Creek Metropolitan District;
Series 2017 A, Ref. GO Bonds		5.13%			12/01/2047		1,029		914,646
Series 2017 B, GO Bonds		7.75%			12/15/2047		464		426,176
Arista Metropolitan District;
Series 2018 A, Ref. GO Bonds		5.00%			12/01/2038		1,240		1,186,392
Series 2018 A, Ref. GO Bonds		5.13%			12/01/2048		3,500		3,188,761
Aspen Street Metropolitan District; Series 2021 A, GO Bonds		5.13%			12/01/2050		1,075		847,507
Aurora Crossroads Metropolitan District No. 2;
Series 2020 A, GO Bonds		5.00%			12/01/2050		2,625		2,284,159
Series 2020 B, GO Bonds		7.75%			12/15/2050		4,500		4,108,704
Aurora Highlands Community Authority Board; Series 2021 A, Ref. RB		5.75%			12/01/2051		25,000		22,272,587
Banning Lewis Ranch Metropolitan District No. 4; Series 2018 A, GO Bonds		5.75%			12/01/2048		3,259		3,232,940
Banning Lewis Ranch Metropolitan District No. 5;
Series 2018 A, GO Bonds		5.75%			12/01/2048		2,195		2,177,080
Series 2018 B, GO Bonds		8.00%			12/15/2048		500		471,444
Base Village Metropolitan District No. 2;
Series 2016 A, Ref. GO Bonds		5.75%			12/01/2046		3,100		3,101,771
Series 2016 B, Ref. GO Bonds		6.50%			12/15/2048		3,500		2,295,248
Baseline Metropolitan District No. 1; Series 2021 B, GO Bonds		7.50%			12/15/2051		2,190		1,969,416
Bella Mesa Metropolitan District; Series 2020 A, GO Bonds(d)(f)		6.75%			12/01/2049		3,785		3,254,284
Belleview Village Metropolitan District; Series 2020, GO Bonds		4.95%			12/01/2050		870		723,793
Berthoud-Heritage Metropolitan District No. 1; Series 2019, RB		5.63%			12/01/2048		3,000		2,842,500
Blue Lake Metropolitan District No. 3; Series 2018 A, GO Bonds(b)(j)		5.25%			12/01/2023		1,722		1,780,366

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
Colorado–(continued)
BNC Metropolitan District No. 1; Series 2017 B, GO Bonds		7.38%		12/15/2047	$	461	$	430,280
Board of Governors of Colorado State University System; Series 2015 A, RB		4.13%		03/01/2055		6,300		5,893,820
Brighton Crossing Metropolitan District No. 4; Series 2017 B, GO Bonds		7.00%		12/15/2047		670		612,023
Brighton Crossing Metropolitan District No. 6; Series 2020 A, GO Bonds		5.00%		12/01/2050		2,000		1,695,330
Bristol Metropolitan District; Series 2022 B, GO Bonds		7.50%		12/15/2050		766		745,767
Broadway Station Metropolitan District No. 3; Series 2019, GO Bonds		5.00%		12/01/2049		1,750		1,335,432
Bromley Park Metropolitan District No. 2; Series 2018 B, Ref. GO Bonds		6.38%		12/15/2047		1,000		964,866
Buffalo Ridge Metropolitan District; Series 2018 B, GO Bonds		7.38%		12/15/2047		1,362		1,293,380
Canyons Metropolitan District No. 3; Series 2021, GO Bonds		5.50%		12/01/2051		15,270		12,834,262
Canyons Metropolitan District No. 5; Series 2017 A, Ref. GO Bonds		6.13%		12/01/2047		4,500		4,342,732
Canyons Metropolitan District No. 6; Series 2017 A, Ref. GO Bonds		6.13%		12/01/2047		2,000		1,930,103
Castleview Metropolitan District No. 1; Series 2021 A, GO Bonds		5.00%		12/01/2050		4,720		3,730,592
Centerra Metropolitan District No. 1 (In the City of Loveland);
Series 2020 A, Ref. GO Bonds		5.00%		12/01/2051		4,000		3,468,264
Series 2022, RB		6.50%		12/01/2053		6,850		6,860,846
Cherrylane Metropolitan District;
Series 2018 A, GO Bonds(b)(j)		5.25%		12/01/2023		1,308		1,352,496
Series 2018 B, GO Bonds(b)(j)		7.38%		12/15/2023		574		596,870
Cielo Metropolitan District; Series 2021, GO Bonds		5.25%		12/01/2050		2,500		2,005,996
City Center West Commercial Metropolitan District;
Series 2020 A, Ref. GO Bonds		7.00%		12/01/2049		3,995		3,928,486
Series 2020 B, GO Bonds		9.00%		12/15/2049		581		571,968
Clear Creek Station Metropolitan District No. 2; Series 2017 B, GO Bonds		7.38%		12/15/2047		500		465,680
Clear Creek Transit Metropolitan District No. 2;
Series 2021 A, GO Bonds		5.00%		12/01/2041		575		519,291
Series 2021 A, GO Bonds		5.00%		12/01/2050		1,000		852,234
Series 2021 B, GO Bonds		7.90%		12/15/2050		1,165		1,041,790
Colliers Hill Metropolitan District No. 1; Series 2019 B, Ref. GO Bonds		8.00%		12/15/2048		1,500		1,384,425
Colliers Hill Metropolitan District No. 2; Series 2022, Ref. GO Bonds		5.75%		12/15/2047		2,250		2,089,497
Colorado (State of) Health Facilities Authority (Aberdeen Ridge);
Series 2021 A, RB		5.00%		05/15/2049		1,500		1,103,496
Series 2021 A, RB		5.00%		05/15/2058		5,250		3,659,388
Colorado (State of) Health Facilities Authority (CommonSpirit Health); Series 2019 A-2, Ref. RB		5.00%		08/01/2044		5,190		5,301,295
Colorado (State of) Health Facilities Authority (Intermountain Healthcare); Series 2022 A, Ref. RB		4.00%		05/15/2052		22,500		20,580,606
Colorado (State of) Health Facilities Authority (SCL Health System); Series 2019 B, Ref. RB		4.00%		01/01/2040		3,000		2,892,998
Colorado (State of) Health Facilities Authority (Volunteers of America Care); Series 2007 A, RB		5.30%		07/01/2037		510		399,250
Colorado (State of) International Center Metropolitan District No. 3; Series 2018 B, GO Bonds		7.50%		12/15/2038		943		897,760
Colorado (State of) International Center Metropolitan District No. 8; Series 2020, GO Bonds		6.50%		12/01/2050		15,000		13,555,270
Colorado Crossing Metropolitan District No. 2;
Series 2020 A-2, GO Bonds		5.00%		12/01/2050		7,705		5,692,472
Series 2020 B, GO Bonds(f)		7.50%		12/15/2050		3,490		3,035,145
Copper Ridge Metropolitan District;
Series 2019, RB		5.00%		12/01/2039		4,250		3,903,447
Series 2019, RB		5.00%		12/01/2043		2,750		2,435,833
Country Club Highlands Metropolitan District; Series 2007, GO Bonds(h)		7.25%		12/01/2037		1,025		943,000
Creekside Village Metropolitan District;
Series 2019 A, GO Bonds		5.00%		12/01/2039		1,260		1,191,514
Series 2019 A, GO Bonds		5.00%		12/01/2049		2,118		1,893,949
Series 2019, GO Bonds		7.75%		12/15/2049		568		515,155
Dacono Urban Renewal Authority; Series 2020, RB		6.25%		12/01/2039		2,632		2,466,959

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)
Denver (City & County of), CO;
Series 2018 A, Ref. RB(c)		5.00%		12/01/2035	$	1,010	$ 1,055,225
Series 2018 A, Ref. RB(c)		5.25%		12/01/2048		18,445	18,841,331
Series 2021 A, RB		4.00%		08/01/2051		10,000	9,162,582
Series 2022 A, RB(c)		5.50%		11/15/2038		1,795	1,982,152
Series 2022 A, RB(c)		4.13%		11/15/2053		7,000	6,406,126
Series 2022 A, RB(c)		5.50%		11/15/2053		7,250	7,722,801
Series 2022 D, Ref. RB(c)		5.75%		11/15/2045		10,000	10,951,270
Series 2022, RB(k)		4.00%		08/01/2051		18,990	17,399,743
Series 2022, RB(c)(k)		5.00%		11/15/2053		41,500	42,447,902
Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB(c)		5.00%		10/01/2032		56,185	55,859,312
Denver Gateway Center Metropolitan District;
Series 2018 A, GO Bonds		5.50%		12/01/2038		1,355	1,285,222
Series 2018 A, GO Bonds		5.63%		12/01/2048		2,130	1,944,246
Denver International Business Center Metropolitan District No. 1; Series 2019 B, GO Bonds		6.00%		12/01/2048		2,290	2,270,155
Deutsche Bank Spears/Lifers Trust; Series 2013, RB(b)(j)(k)		5.00%		01/01/2044		14,350	14,421,604
Dinosaur Ridge Metropolitan District; Series 2019 A, Ref. RB		5.00%		06/01/2049		1,205	1,078,316
Dominion Water & Sanitation District; Series 2022, Ref. RB		5.88%		12/01/2052		20,000	19,300,332
Dublin North Metropolitan District No. 2; Series 2018 A, GO Bonds(b)(j)		5.13%		12/01/2023		1,637	1,692,005
E-86 Metropolitan District; Series 2021 A, GO Bonds		5.13%		12/01/2051		1,015	822,329
Eagle County School District No. Re50J; Series 2021, COP (INS - AGM)(e)		4.00%		12/01/2051		7,105	6,386,823
Elbert & Highway 86 Commercial Metropolitan District;
Series 2021 A, Ref. GO Bonds(f)		5.00%		12/01/2041		1,700	1,515,744
Series 2021 A, Ref. GO Bonds(f)		5.00%		12/01/2051		2,000	1,647,488
Series 2021 B, GO Bonds(f)		8.00%		12/15/2051		1,910	1,693,972
Elbert (County of), CO Highway 86 Metropolitan District; Series 2016, Ref. GO Bonds(f)		5.75%		12/01/2046		2,600	2,528,984
Erie Commons Metropolitan District No. 2; Series 2019 B, Ref. GO Bonds		6.95%		12/15/2054		3,100	2,815,877
Evan’s Place Metropolitan District; Series 2020 A, GO Bonds		5.00%		12/01/2050		1,575	1,381,973
First Creek Village Metropolitan District; Series 2019 B, GO Bonds		6.75%		08/01/2049		515	502,680
Fitzsimons Village Metropolitan District No. 1; Series 2020, Ref. GO Bonds		5.00%		12/01/2049		1,036	894,844
Fitzsimons Village Metropolitan District No. 3; Series 2021 A-2, GO Bonds		7.00%		12/01/2041		7,875	6,193,083
Flying Horse Metropolitan District No. 3; Series 2019, Ref. GO Bonds(f)		6.00%		12/01/2049		2,965	2,780,264
Forest Trace Metropolitan District No. 3; Series 2020 B, GO Bonds		7.88%		12/15/2049		933	905,638
Geos Neighborhood Metropolitan District; Series 2021, GO Bonds(d)		6.13%		12/01/2050		3,075	2,557,118
Grand Junction (City of), CO Dos Rios General Improvement District; Series 2021, RB(f)		4.75%		12/01/2051		3,000	2,272,414
Green Valley Ranch East Metropolitan District No. 6; Series 2020 A, GO Bonds		5.88%		12/01/2050		3,325	3,204,932
Haskins Station Metropolitan District; Series 2019 A, GO Bonds		5.00%		12/01/2049		925	787,878
Highlands-Mead Metropolitan District;
Series 2020 B, GO Bonds(f)		7.75%		12/15/2050		515	468,138
Series 2020, GO Bonds		5.13%		12/01/2050		1,395	1,218,031
HM Metropolitan District No. 2; Series 2021, GO Bonds(d)		5.75%		12/01/2051		24,038	12,790,528
Home Place Metropolitan District; Series 2020 A, GO Bonds		5.75%		12/01/2050		2,340	2,232,229
Hunters Overlook Metropolitan District No. 5; Series 2019 B, GO Bonds		8.50%		12/15/2049		1,825	1,688,444
Hunting Hill Metropolitan District; Series 2018, Ref. GO Bonds		5.63%		12/01/2048		5,015	4,826,454
Interpark Metropolitan District; Series 2018, GO Bonds(f)		5.50%		12/01/2048		1,614	1,622,019
Interquest South Business Improvement District; Series 2017, GO Bonds		5.00%		12/01/2047		1,365	1,231,306
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB		5.75%		12/15/2050		9,909	9,432,549
Johnstown North Metropolitan District No. 2;
Series 2022 A, GO Bonds		7.00%		08/15/2052		3,015	3,042,596
Series 2022 B, GO Bonds		9.13%		09/01/2052		2,000	2,029,715
Jones District Community Authority Board; Series 2020 A, RB(d)		5.75%		12/01/2050		6,800	5,737,754
Karl’s Farm Metropolitan District No. 2; Series 2020 A, GO Bonds(f)		5.63%		12/01/2050		1,695	1,546,558
Karl’s Farm Metropolitan District No. 3; Series 2021, GO Bonds		5.75%		12/01/2051		6,295	5,355,212
Kinston Metropolitan District No. 5;
Series 2020 A, GO Bonds		5.13%		12/01/2050		3,900	3,078,279
Series 2020 B, GO Bonds		7.50%		12/15/2052		3,850	3,410,081

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)
Ledge Rock Center Commercial Metropolitan District;
Series 2022 A, GO Bonds(f)		7.00%		11/01/2052	$	7,000	$ 6,879,573
Series 2022 A, GO Bonds(f)		7.38%		11/01/2052		10,830	10,650,142
Series 2022 B, GO Bonds(f)		9.25%		12/01/2052		9,189	9,126,941
Leyden Ranch Metropolitan District;
Series 2017 B, GO Bonds		7.00%		12/15/2047		500	461,281
Series 2017 C, GO Bonds		11.00%		12/15/2050		600	561,433
Liberty Draw Metropolitan District No. 6; Series 2023, GO Bonds		7.25%		12/01/2053		2,800	2,779,185
Littleton Village Metropolitan District No. 2; Series 2018, Ref. GO Bonds		7.63%		12/15/2028		1,140	1,121,113
Lochbuie Station Residential Metropolitan District;
Series 2020 A, GO Bonds		5.75%		12/01/2050		1,185	1,132,280
Series 2020 B, GO Bonds		8.00%		12/15/2050		521	478,871
Meadowlark Metropolitan District;
Series 2020 A, GO Bonds		5.13%		12/01/2050		750	655,172
Series 2020 B, GO Bonds		7.63%		12/15/2050		607	551,474
Millers Landing Business Improvement District;
Series 2018 A, RB(f)		6.00%		12/01/2048		7,960	7,366,755
Series 2018 B, RB(f)		8.00%		12/01/2048		2,185	1,975,743
Mirabelle Metropolitan District No. 2; Series 2020 B, GO Bonds		7.38%		12/15/2049		1,473	1,326,733
Morgan Hill Metropolitan District No. 3; Series 2021 B, GO Bonds		6.38%		12/15/2051		1,460	1,321,121
Mountain Shadows Metropolitan District; Series 2016, Ref. GO Bonds		5.00%		12/01/2046		1,000	909,175
Mountain Sky Metropolitan District; Series 2020 A, GO Bonds		5.00%		12/01/2049		980	869,121
Mulberry Metropolitan District No. 2;
Series 2022 B, GO Bonds		9.00%		12/15/2052		2,500	2,529,468
Series 2022, RB		7.00%		12/01/2034		5,000	5,062,048
Murata Farms Residential Metropolitan District; Series 2022, GO Bonds		6.13%		12/01/2051		4,205	3,734,576
North Holly Metropolitan District; Series 2018 A, GO Bonds		5.50%		12/01/2048		1,760	1,671,292
North Range Metropolitan District No. 3; Series 2020 A, GO Bonds		5.25%		12/01/2050		7,320	6,560,048
Painted Prairie Public Improvement Authority; Series 2019, RB		5.00%		12/01/2049		17,000	15,031,014
Penrith Park Metropolitan District;
Series 2019 A, GO Bonds		5.00%		12/01/2049		1,705	1,524,638
Series 2019 B, GO Bonds		8.75%		12/15/2049		900	832,906
Pinon Pines Metropolitan District No. 2; Series 2020, GO Bonds		5.00%		12/01/2050		1,195	1,040,200
Powhaton Road Metropolitan District No. 2; Series 2019 A, GO Bonds(b)(j)		5.63%		12/01/2023		2,290	2,368,496
Prairie Farm Metropolitan District;
Series 2018 A, GO Bonds		5.25%		12/01/2048		2,290	2,296,274
Series 2018 B, GO Bonds		7.38%		12/15/2048		1,270	1,236,231
Pronghorn Valley Metropolitan District; Series 2021 A, GO Bonds		4.00%		12/01/2051		650	477,606
Pueblo Urban Renewal Authority (Evraz); Series 2021, RB(f)		4.75%		12/01/2045		5,375	3,655,000
PV-ERU Holding Trust; Series 2019, RB(h)(l)		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	2,059,375
Remuda Ranch Metropolitan District;
Series 2020 A, GO Bonds		5.00%		12/01/2050		2,300	2,009,712
Series 2020 B, GO Bonds		7.63%		12/15/2050		573	517,260
Rendezvous Metropolitan District No. 4; Series 2018 A, GO Bonds		5.63%		12/01/2048		4,340	4,176,832
Ridgeline Vista Metropolitan District; Series 2021 A, GO Bonds		5.25%		12/01/2060		1,000	839,864
Ritoro Metropolitan District; Series 2019 A, GO Bonds		5.00%		12/01/2049		2,000	1,817,993
Riverwalk Metropolitan District No. 2;
Series 2022 A, RB		5.00%		12/01/2052		4,000	3,394,366
Series 2022 B, RB		7.75%		12/15/2052		5,000	4,546,242
Rudolph Farms Metropolitan District No. 6; Series 2022 A, GO Bonds		6.50%		06/01/2052		23,575	22,655,257
Sabell Metropolitan District;
Series 2020 A, GO Bonds(f)		5.00%		12/01/2050		1,060	919,760
Series 2020 B-3, GO Bonds(f)		8.25%		12/15/2050		605	556,116
Second Creek Farm Metropolitan District No. 3;
Series 2019 A, GO Bonds		5.00%		12/01/2049		6,195	5,539,667
Series 2019 B, GO Bonds		7.63%		12/15/2049		1,696	1,537,556
Series 2021 C, GO Bonds(f)		7.63%		12/15/2052		8,288	7,315,394
Settler’s Crossing Metropolitan District No. 1; Series 2020 B, GO Bonds		7.63%		12/15/2050		598	543,297

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)
Settler’s Crossing Metropolitan District No. 1 (Senior Bonds); Series 2020 A, GO Bonds(f)		5.13%		12/01/2050	$	1,630	$ 1,418,015
Sheridan Station West Metropolitan District; Series 2022 B3, GO Bonds		7.00%		12/15/2051		1,614	1,546,678
Sky Ranch Community Authority Board;
Series 2019 B, RB		7.63%		12/15/2049		806	835,269
Series 2019, RB		5.00%		12/01/2049		2,835	2,699,547
Series 2022 A, RB		5.75%		12/01/2052		5,000	4,621,609
Series 2022 B, RB		8.75%		12/15/2052		6,367	6,092,795
South Aurora Regional Improvement Authority; Series 2018, RB		6.25%		12/01/2057		2,815	2,631,234
South Timnath Metropolitan District No. 1;
Series 2019 A, GO Bonds		5.50%		12/01/2048		1,000	874,429
Series 2019 B, GO Bonds		8.00%		12/15/2048		2,208	1,973,014
Southglenn Metropolitan District; Series 2016, Ref. GO Bonds		5.00%		12/01/2036		810	779,567
Spring Hill Metropolitan District No. 3; Series 2022 B, GO Bonds(f)		9.50%		12/15/2045		3,464	3,491,336
Spring Valley Metropolitan District No. 3;
Series 2020 A, GO Bonds		5.00%		12/01/2049		1,360	1,217,501
Series 2020 B, GO Bonds		8.50%		12/15/2049		656	605,119
Spring Valley Metropolitan District No. 4;
Series 2020 A, GO Bonds		5.13%		12/01/2050		1,775	1,506,916
Series 2020 B, GO Bonds		7.63%		12/15/2050		2,810	2,506,798
STC Metropolitan District No. 2; Series 2019 B, GO Bonds		8.00%		12/15/2049		3,954	3,631,038
Sterling Ranch Community Authority Board;
Series 2020 B, RB		7.13%		12/15/2050		741	700,577
Series 2022 A, Ref. RB		6.75%		12/01/2053		27,225	27,798,190
Series 2023, RB		8.38%		12/15/2054		7,500	7,397,158
Stone Creek Metropolitan District;
Series 2018 A, GO Bonds		5.63%		12/01/2047		1,995	1,924,612
Series 2018, GO Bonds		7.88%		12/15/2047		600	560,427
Sweetgrass Metropolitan District No. 2; Series 2022 B, Ref. GO Bonds		7.50%		12/15/2049		1,175	1,136,684
Tailholt Metropolitan District No. 3; Series 2018 A, GO Bonds		6.00%		12/01/2048		7,550	7,246,340
Tallyn’s Reach Metropolitan District No. 3; Series 2013, Ref. GO Bonds(b)(f)(j)		5.00%		12/01/2023		274	274,974
Talon Pointe Metropolitan District; Series 2019 A, Ref. GO Bonds		5.25%		12/01/2051		2,150	1,591,710
Tender Option Bond Trust Receipts/Certificates; Series 2023, RB(c)(k)		5.00%		11/15/2047		15,000	15,447,906
Three Springs Metropolitan District No. 1; Series 2020 B, Ref. GO Bonds		7.13%		12/15/2050		1,685	1,497,701
Timnath Ranch Metropolitan District No. 4;
Series 2018 A, GO Bonds		5.25%		12/01/2037		1,500	1,467,222
Series 2018 A, GO Bonds		5.38%		12/01/2047		1,900	1,778,398
Series 2018 B, GO Bonds		7.75%		12/15/2047		953	889,061
Trails at Crowfoot Metropolitan District No. 3; Series 2019 A, GO Bonds		5.00%		12/01/2049		2,000	1,785,500
Trails Metropolitan District; Series 2021, GO Bonds		5.00%		12/01/2051		6,999	5,708,321
Transport Metropolitan District No. 3;
Series 2021 A-1, GO Bonds		5.00%		12/01/2051		4,000	3,172,074
Series 2021 A-2, GO Bonds(d)		5.50%		12/01/2051		3,000	2,238,291
Two Bridges Metropolitan District;
Series 2018 A, GO Bonds		5.63%		08/01/2048		1,605	1,550,778
Series 2018 B, GO Bonds		7.88%		08/01/2048		508	470,038
Village at Dry Creek Metropolitan District No. 2 (The); Series 2019, GO Bonds		4.38%		12/01/2044		1,295	1,071,198
Village at Southgate Metropolitan District; Series 2018 A, GO Bonds(f)		5.63%		12/01/2048		1,375	1,317,719
Waterfall Metropolitan District No. 1; Series 2022 B, Ref. GO Bonds		8.25%		12/01/2052		985	948,903
Westcreek Metropolitan District No. 2; Series 2019 A, GO Bonds		5.38%		12/01/2048		1,300	1,213,327
White Buffalo Metropolitan District No. 3;
Series 2020, GO Bonds		5.50%		12/01/2050		2,785	2,543,168
Series 2023, GO Bonds		8.00%		12/15/2035		3,380	3,237,192
Wild Plum Metropolitan District;
Series 2019 A, GO Bonds(b)(j)		5.00%		12/01/2024		600	626,284
Series 2019 B, GO Bonds(b)(f)(j)		7.75%		12/01/2024		504	542,461
Willow Bend Metropolitan District; Series 2019 B, GO Bonds		7.63%		12/15/2049		755	682,067
Willow Springs Metropolitan District; Series 2019 B, GO Bonds		7.75%		12/15/2049		650	587,749
Windler Public Improvement Authority; Series 2021 A-1, RB		4.13%		12/01/2051		5,000	3,007,151

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
Colorado–(continued)
Woodmen Heights Metropolitan District No. 2; Series 2020 B-1, Ref. GO Bonds		6.25%		12/15/2040	$	1,793	$ 1,646,748
							805,001,472
Connecticut–0.11%
Connecticut (State of) Health & Educational Facilities Authority (Nuvance Health);
Series 2019 A, Ref. RB		4.00%		07/01/2041		3,870	3,375,996
Series 2019 A, Ref. RB		4.00%		07/01/2049		3,000	2,485,182
Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds(g)(h)		5.13%		10/01/2036		470	56,400
Mashantucket Western Pequot Tribe; Series 2013, RB(g)		6.05%		07/01/2031		13,420	2,985,951
							8,903,529
District of Columbia–2.98%
District of Columbia (Green Bonds); Series 2022 A, RB(c)		5.50%		02/28/2037		1,850	2,067,696
District of Columbia Tobacco Settlement Financing Corp.;
Series 2001, RB		6.75%		05/15/2040		32,000	32,841,619
Series 2006 C, RB(l)		0.00%		06/15/2055		850,680	81,865,530
Series 2006 D, RB(l)		0.00%		06/15/2055		555,000	47,970,926
Metropolitan Washington Airports Authority;
Series 2018 A, Ref. RB(c)		5.00%		10/01/2048		1,810	1,837,467
Series 2019 A, RB(c)(k)		4.00%		10/01/2035		11,530	11,510,087
Series 2019 A, Ref. RB(c)		5.00%		10/01/2044		3,500	3,595,182
Series 2019 A, Ref. RB(c)		5.00%		10/01/2049		16,585	16,900,045
Series 2021 A, Ref. RB(c)		4.00%		10/01/2051		15,800	14,254,795
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); Series 2019 B, Ref. RB		4.00%		10/01/2053		10,000	8,878,145
Tender Option Bond Trust Receipts/Certificates; Series 2023, RB(k)		5.25%		07/15/2053		25,000	27,120,533
							248,842,025
Florida–8.86%
Amelia Concourse Community Development District;
Series 2007, RB		5.75%		05/01/2038		795	767,474
Series 2016, RB		6.00%		05/01/2047		1,795	1,814,975
Series 2019 B-2, RB		7.25%		05/01/2029		30	28,659
Amelia Concourse Community Development District (Capital Improvement); Series 2019 A, RB		5.65%		05/01/2049		2,405	2,411,171
Arlington Ridge Community Development District; Series 2006 A, RB		5.50%		05/01/2036		1,600	1,600,352
Avenir Community Development District (Assessment Area No. 3 - Master Infrastructure);
Series 2023, RB		5.38%		05/01/2043		3,235	3,144,905
Series 2023, RB		5.63%		05/01/2054		4,000	3,873,180
Babcock Ranch Community Independent Special District; Series 2022, RB		5.00%		05/01/2053		1,500	1,374,459
Black Creek Community Development District (Expansion Area); Series 2022, RB		5.63%		06/15/2052		1,500	1,493,496
Bradbury Community Development District;
Series 2023, RB		5.25%		05/01/2043		1,500	1,460,443
Series 2023, RB		5.50%		05/01/2053		2,505	2,432,103
Broward (County of), FL;
Series 2019 A, RB		5.00%		09/01/2049		8,605	8,793,815
Series 2019 A, RB(c)		4.00%		10/01/2049		12,505	11,133,432
Series 2019 A, RB(c)		5.00%		10/01/2049		8,400	8,559,565
Series 2019 B, RB(c)		4.00%		09/01/2049		15,500	13,952,939
Broward (County of), FL (Convention Center Expansion); Series 2021, RB		4.00%		09/01/2051		15,000	13,666,368
Buckeye Park Community Development District; Series 2008 A, RB		7.88%		05/01/2038		880	879,889
Capital Trust Agency, Inc. (Advantage Academy of Hillsborough);
Series 2019 A, RB		5.00%		12/15/2049		1,545	1,428,732
Series 2019 A, RB		5.00%		12/15/2054		1,085	989,262
Capital Trust Agency, Inc. (Atlantic Housing Foundation Property); Series 2017 B, RB		6.00%		07/01/2042		2,820	2,182,914
Capital Trust Agency, Inc. (Elim Senior Housing, Inc.);
Series 2017, RB(f)		5.63%		08/01/2037		1,025	813,366
Series 2017, RB(f)		5.88%		08/01/2052		3,925	2,809,004
Capital Trust Agency, Inc. (Florida Charter Educational Foundation, Inc.);
Series 2018 A, RB(f)		5.38%		06/15/2038		850	808,725
Series 2018 A, RB(f)		5.38%		06/15/2048		1,590	1,424,870

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. (Franklin Academy); Series 2020, RB(f)		5.00%		12/15/2055	$	6,800	$	5,519,367
Capital Trust Agency, Inc. (Paragon Academy of Technology and Sunshine Elementary Charter School);
Series 2019 A, RB(f)		5.75%		06/01/2054		3,735		3,214,654
Series 2019 B, RB(f)		6.00%		06/01/2028		330		310,788
Capital Trust Agency, Inc. (Viera Charter Schools, Inc.);
Series 2017 A, RB(f)		5.00%		10/15/2047		1,100		983,813
Series 2017 A, RB(f)		5.00%		10/15/2052		755		660,976
Carlton Lakes Community Development District;
Series 2015, RB		5.63%		11/01/2036		760		772,546
Series 2015, RB		5.75%		11/01/2047		1,855		1,866,974
Chapel Creek Community Development District; Series 2006 A, RB(g)(h)		5.50%		05/01/2038		4,185		2,803,950
Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities);
Series 2021, RB(c)(f)		4.00%		10/01/2041		1,500		1,262,866
Series 2021, RB(c)(f)		4.00%		10/01/2051		5,000		3,918,292
City of South Miami Health Facilities Authority, Inc.; Series 2018, RB(k)		4.00%		08/15/2036		14,000		13,788,649
Clearwater Cay Community Development District; Series 2006 A, RB (Acquired 02/16/2010; Cost $8,262,441)(g)(h)(i)		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(f)		5.00%		12/01/2037		1,150		1,061,551
Series 2017 A, RB(f)		5.00%		12/01/2047		1,875		1,615,510
Creekside Community Development District; Series 2006, RB(g)(h)		5.20%		05/01/2038		1,690		794,300
CrossCreek Community Development District;
Series 2007 A, RB		5.60%		05/01/2039		5		4,984
Series 2016 A, RB		5.60%		05/01/2037		75		73,934
Escambia (County of), FL Health Facilities Authority; Series 2020, Ref. RB		4.00%		08/15/2050		7,000		5,823,572
Florida (State of);
Series 2018, GO Bonds		4.00%		07/01/2037		3,725		3,808,387
Series 2018, GO Bonds		4.00%		07/01/2038		4,030		4,080,907
Series 2018, GO Bonds		4.00%		07/01/2039		4,195		4,211,685
Series 2018, GO Bonds		4.00%		07/01/2040		4,360		4,351,052
Florida Development Finance Corp. (Central Charter School); Series 2022, Ref. RB(f)		6.00%		08/15/2057		3,250		3,036,739
Florida Development Finance Corp. (Florida Charter Foundation, Inc.); Series 2016 A, RB(f)		5.00%		07/15/2046		6,045		5,387,333
Florida Development Finance Corp. (Learning Gate Community School);
Series 2018 A, Ref. RB		5.00%		02/15/2038		300		295,895
Series 2018 A, Ref. RB		5.00%		02/15/2048		985		953,938
Florida Development Finance Corp. (Virgin Trains USA Passenger Rail);
Series 2019 A, Ref. RB(b)(c)(f)		6.38%		01/01/2026		13,000		12,582,541
Series 2019 A, Ref. RB(b)(c)(f)		6.50%		01/01/2029		14,305		13,768,099
Glades Correctional Development Corp.;
Series 2017 A, RB (Acquired 03/07/2006-12/12/2011; Cost $4,209,209)(i)		7.00%		03/01/2030		4,209		2,735,986
Series 2017 B, RB (Acquired 03/07/2006-12/12/2011; Cost $59,638)(i)		0.00%		03/01/2030		2,393		358,940
Greater Orlando Aviation Authority;
Series 2017 A, RB(c)		4.00%		10/01/2052		25,100		22,049,454
Series 2019 A, RB(c)		4.00%		10/01/2044		13,180		12,334,955
Series 2019 A, RB(c)		5.00%		10/01/2044		3,370		3,461,647
Series 2019 A, RB(c)		4.00%		10/01/2049		16,490		15,003,270
Series 2019 A, RB(c)		5.00%		10/01/2049		9,980		10,169,578
Series 2019 A, RB(c)		5.00%		10/01/2054		8,000		8,129,287
Series 2022 A, RB(c)		5.00%		10/01/2046		18,985		19,526,448
Highland Meadows Community Development District; Series 2006 A, RB		5.50%		05/01/2036		270		270,074
Hillsborough (County of), FL Aviation Authority; Series 2022, RB(c)(k)		5.00%		10/01/2047		10,000		10,268,738
Hillsborough (County of), FL Aviation Authority (Tampa International Airport);
Series 2018 E, RB(c)		5.00%		10/01/2043		3,120		3,190,593
Series 2022 A, RB(c)		4.00%		10/01/2052		9,510		8,547,091
Indigo Community Development District; Series 2005, RB(h)		5.75%		05/01/2036		2,775		1,998,302
Lake (County of), FL (Imagine South Lake Charter School Program);
Series 2019, RB(f)		5.00%		01/15/2049		820		723,482
Series 2019, RB(f)		5.00%		01/15/2054		635		549,074
Lake (County of), FL (Lakeside at Waterman Village); Series 2020 A, Ref. RB		5.75%		08/15/2055		2,000		1,709,268

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 (Village Veranda at Lady Lake); Series 2017 A-1, RB (Acquired 10/27/2017-01/11/2022; Cost $19,462,050)(f)(i)		7.13%		01/01/2052	$	21,000	$	16,380,000
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts);
Series 2018 A, RB(f)		5.50%		07/15/2048		1,685		1,473,797
Series 2018 A, RB(f)		5.75%		07/15/2053		1,830		1,679,102
Lakeland (City of), FL (Lakeland Regional Health);
Series 2015, RB		5.00%		11/15/2040		7,845		7,851,781
Series 2015, RB		5.00%		11/15/2045		9,000		9,000,232
Lee (County of), FL; Series 2021 B, RB(c)		5.00%		10/01/2046		10,000		10,230,965
Lee (County of), FL Industrial Development Authority (Preserve (The)); Series 2017 A, RB(f)		5.75%		12/01/2052		10,785		7,907,043
Legends Bay Community Development District; Series 2007 A, RB		5.88%		05/01/2038		2,310		2,311,146
Magnolia Creek Community Development District; Series 2007 A, RB(g)		5.90%		05/01/2039		590		301,354
Magnolia West Community Development District; Series 2017, RB		5.35%		05/01/2037		165		165,951
Miami (City of) & Dade (County of), FL School Board; Series 2015 A, Ref. COP		5.00%		05/01/2032		10		10,203
Miami-Dade (County of), FL;
Series 2014 A, Ref. RB(c)		5.00%		10/01/2036		9,265		9,286,661
Series 2017 B, Ref. RB(c)		5.00%		10/01/2040		5,020		5,114,594
Series 2019 A, RB(c)		5.00%		10/01/2044		6,170		6,291,782
Series 2022 A, Ref. RB(c)		5.25%		10/01/2052		30,840		31,692,994
Series 2023, RB(k)		5.00%		07/01/2052		25,475		26,817,899
Subseries 2021 B-1, Ref. RB(c)		4.00%		10/01/2046		16,935		15,465,218
Subseries 2021 B-1, Ref. RB(c)		4.00%		10/01/2050		35,880		32,447,913
Miami-Dade (County of), FL Expressway Authority;
Series 2010 A, RB		5.00%		07/01/2040		8,420		8,421,847
Series 2014 A, RB		5.00%		07/01/2044		11,410		11,173,852
Miami-Dade (County of), FL Transit System;
Series 2018, RB		4.00%		07/01/2045		11,000		10,385,992
Series 2022, RB		5.00%		07/01/2048		8,835		9,346,997
Series 2022, RB(k)		5.00%		07/01/2050		14,210		14,998,041
Series 2022, RB(k)		5.00%		07/01/2051		40,980		43,178,364
Nassau (County of), FL (Nassau Care Centers, Inc.); Series 2008, RB (Acquired 12/27/2007; Cost $8,450,000)(i)		6.90%		01/01/2038		8,450		6,987,564
Naturewalk Community Development District; Series 2007 A, RB(g)(h)		5.50%		05/01/2038		4,345		1,390,400
North AR-1 Pasco Community Development District (Assessment Area Three);
Series 2023, RB		5.75%		05/01/2043		1,000		993,074
Series 2023, RB		6.00%		05/01/2054		1,500		1,487,659
Palm Beach (County of), FL Health Facilities Authority (Baptist Health South Florida); Series 2019, RB		4.00%		08/15/2049		5,000		4,467,207
Palm Beach (County of), FL Health Facilities Authority (Toby & Leon Cooperman Sinai Residences of Boca Raton Expanison); Series 2020, RB		5.00%		06/01/2055		2,000		1,678,094
Palm Coast Park Community Development District; Series 2006, RB		5.70%		05/01/2037		8,875		8,878,696
Pinellas (County of), FL Industrial Development Authority (2017 Foundation for Global Understanding); Series 2019, RB		5.00%		07/01/2039		1,750		1,738,536
Polk (County of), FL Industrial Development Authority (Carpenter’s Home Estates); Series 2019, Ref. IDR		5.00%		01/01/2055		800		663,207
Polk (County of), FL Industrial Development Authority (Mineral Development LLC); Series 2020, RB(c)(f)		5.88%		01/01/2033		23,500		23,489,371
Portofino Isles Community Development District (Portofino Court); Series 2005, RB(g)(h)		5.60%		05/01/2036		5,905		3,661,100
Reunion East Community Development District;
Series 2002 A-2, RB(g)(h)		7.38%		05/01/2033		1,425		14
Series 2005, RB(g)(h)		5.80%		05/01/2036		3,420		34
Ridgewood Trails Community Development District; Series 2007 A, RB		5.65%		05/01/2038		115		115,037
Sawgrass Village Community Development District (Series 2023);
Series 2023, RB		5.50%		05/01/2043		1,500		1,464,668
Series 2023, RB		5.75%		05/01/2053		2,320		2,258,651
Seminole (County of), FL; Series 2022, Ref. RB		5.00%		10/01/2052		13,850		14,626,193
Seminole (County of), FL Industrial Development Authority (Progressive Healthcare
Providers/Fern Park, LLC Facility); Series 2005 A, RB		7.50%		03/01/2035		3,265		2,927,274

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)
Six Mile Creek Community Development District (2023 Project Area);
Series 2023, Ref. RB		5.50%		05/01/2043	$	1,200	$	1,191,361
Series 2023, Ref. RB		5.70%		05/01/2054		1,255		1,238,774
South Bay Community Development District;
Series 2005 A, RB(g)(h)		5.95%		05/01/2036		5,110		51
Series 2005 A-1, Ref. RB		5.95%		05/01/2036		5,580		5,552,322
Series 2005 A-2, Ref. RB(g)(h)		6.60%		05/01/2036		3,800		1,900,000
Series 2005 B-2, Ref. RB(g)(h)		6.60%		05/01/2025		3,240		1,620,005
Tern Bay Community Development District; Series 2005 A, RB		5.38%		05/01/2037		515		515,120
Town Center at Palm Coast Community Development District; Series 2005, RB		6.00%		05/01/2036		9,575		9,577,474
Treeline Preserve Community Development District; Series 2007 A, RB(g)(h)		6.80%		05/01/2039		4,950		767,250
V-Dana Community Development District (Assessment Area Two - 2023 Project Area);
Series 2023, RB		5.25%		05/01/2043		2,230		2,213,633
Series 2023, RB		5.50%		05/01/2054		2,500		2,477,841
Villages of Avignon Community Development District (The); Series 2007 A, RB(g)(h)		5.40%		05/01/2037		755		37,750
Villages of Glen Creek Community Development District;
Series 2016 A-1, RB		4.75%		05/01/2026		225		224,782
Series 2016 A-1, RB		5.25%		05/01/2036		1,080		1,081,245
Series 2016 A-1, RB		5.38%		05/01/2046		1,815		1,767,117
Series 2016 A-2, RB		5.38%		05/01/2046		1,635		1,591,866
Waterford Estates Community Development District; Series 2006 A, RB		5.50%		05/01/2037		2,155		2,155,929
Waterstone Community Development District;
Series 2007 A, RB(d)(h)		6.88%		05/01/2037		1,214		786,233
Series 2007 B, RB(h)(l)		0.00%		11/01/2028		6,907		4,297,407
West Villages Improvement District;
Series 2005 A-1, RB		5.75%		05/01/2036		7,245		7,248,831
Series 2005 A-2, RB(g)(h)		5.75%		05/01/2036		7,610		4,413,800
West Villages Improvement District (Develepmont Unit No. 7); Series 2021, RB		4.00%		05/01/2051		555		431,384
West Villages Improvement District (Development Unit No. 8);
Series 2022, RB		5.38%		05/01/2042		1,500		1,497,592
Series 2022, RB		5.50%		05/01/2053		2,500		2,461,119
West Villages Improvement District (Development Unit No. 9);
Series 2023, RB		5.38%		05/01/2043		1,500		1,491,783
Series 2023, RB		5.63%		05/01/2053		1,500		1,503,197
Westridge Community Development District; Series 2005, RB		5.80%		05/01/2037		1,390		1,390,307
Westside Community Development District;
Series 2019-2, RB(g)		5.65%		05/01/2037		1,010		668,539
Series 2019-2, RB		7.20%		05/01/2038		520		344,720
Westview South Community Development District (Assessment Area One - 2023 Project Area);
Series 2023, RB		5.38%		05/01/2043		2,000		1,949,022
Series 2023, RB		5.60%		05/01/2053		3,000		2,913,364
Wildwood (City of), FL Utility Dependent District (South Sumter Utility); Series 2021, RB (INS - BAM)(e)		5.00%		10/01/2052		2,250		2,337,923
Zephyr Ridge Community Development District; Series 2006 A, RB(g)(h)		5.63%		05/01/2037		2,635		1,317,238
								741,001,286
Georgia–2.46%
Atlanta (City of), GA; Series 2019, RB(c)		4.00%		07/01/2039		7,490		7,242,018
Atlanta (City of), GA (Green Bonds);
Series 2023, RB(c)		5.00%		07/01/2040		3,000		3,159,836
Series 2023, RB(c)		5.25%		07/01/2041		5,820		6,245,180
Series 2023, RB(c)		5.25%		07/01/2042		6,575		7,021,868
Series 2023, RB(c)		5.25%		07/01/2043		6,825		7,263,359
Series 2023, RB(c)		5.25%		07/01/2044		3,500		3,714,086
Atlanta (City of), GA Department of Aviation;
Series 2022 A, RB		4.00%		07/01/2052		10,000		9,261,065
Series 2022, RB(c)(k)		5.00%		07/01/2044		23,280		23,889,552
Conyers (City of), GA (Salem Gate); Series 2021, RB		5.00%		03/01/2045		5,485		4,261,667
Development Authority of Lagrange (College); Series 2021, Ref. RB		5.00%		10/15/2052		21,350		18,374,666

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)
Floyd (County of), GA Development Authority (The Spires at Berry College);
Series 2018 A, RB		5.75%		12/01/2033	$	3,100	$	3,031,760
Series 2018 A, RB		6.00%		12/01/2038		6,850		6,656,292
Series 2018 A, RB		6.25%		12/01/2048		19,530		18,623,943
Series 2018 A, RB		6.50%		12/01/2053		13,210		12,850,994
Gainesville (City of) & Hall (County of), GA Development Authority (Riverside Military Academy);
Series 2017, Ref. RB		5.00%		03/01/2027		1,860		1,743,300
Series 2017, Ref. RB		5.00%		03/01/2037		6,885		5,530,221
Series 2017, Ref. RB		5.00%		03/01/2047		8,860		6,392,300
Series 2017, Ref. RB		5.13%		03/01/2052		3,475		2,463,103
George L Smith II Congress Center Authority (Convention Center Hotel);
Series 2021, RB		4.00%		01/01/2054		6,800		5,614,775
Series 2021, RB(f)		5.00%		01/01/2054		4,750		3,880,363
Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4); Series 2019, RB (INS - BAM)(e)		4.00%		01/01/2049		4,000		3,662,938
Georgia (State of) Road & Tollway Authority;
Series 2014 A, RB(f)(j)(l)		0.00%		06/01/2024		805		784,803
Series 2014 A, RB(b)(f)(j)(l)		0.00%		06/01/2024		3,750		1,976,688
Series 2014 B, RB(b)(d)(f)(j)		7.00%		06/01/2024		13,600		13,924,311
Main Street Natural Gas, Inc.;
Series 2019 A, RB		5.00%		05/15/2043		3,400		3,418,923
Series 2023 A, RB(b)		5.00%		06/01/2030		11,000		11,283,511
Marietta (City of), GA Developing Authority (Life University, Inc.);
Series 2017 A, Ref. RB(f)		5.00%		11/01/2037		1,750		1,638,411
Series 2017 A, Ref. RB(f)		5.00%		11/01/2047		2,000		1,760,297
Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens);
Series 2018 A-1, RB		6.13%		12/01/2038		2,635		2,377,359
Series 2018 A-1, RB		6.25%		12/01/2048		3,675		3,146,477
Series 2018 A-1, RB		6.38%		12/01/2053		3,090		2,640,483
Series 2018 A-2, RB(b)		5.50%		12/01/2028		2,090		1,897,889
								205,732,438
Hawaii–0.55%
Hawaii (State of);
Series 2020 A, Ref. RB(c)		4.00%		07/01/2033		2,250		2,260,234
Series 2020 A, Ref. RB(c)		4.00%		07/01/2036		600		580,370
Series 2020 C, Ref. RB		4.00%		07/01/2037		600		599,826
Series 2020 C, Ref. RB		4.00%		07/01/2038		750		741,652
Series 2020 C, Ref. RB		4.00%		07/01/2040		425		412,556
Series 2022-XX1217, RB (INS - BAM)(c)(e)(k)		5.00%		07/01/2051		32,450		33,225,545
Hawaii (State of) Department of Budget & Finance; Series 2017, Ref. RB(c)		4.00%		03/01/2037		2,000		1,360,118
Hawaii (State of) Department of Budget & Finance (Hawaiian Electric Co., Inc.);
Series 2015, Ref. RB(c)		3.25%		01/01/2025		5,000		3,775,077
Series 2017, Ref. RB(c)		3.10%		05/01/2026		3,980		2,990,830
								45,946,208
Idaho–0.17%
Boise City (City of), ID (Public Parking Facilities); Series 2021 A, Ref. RB		5.00%		09/01/2046		4,000		4,197,819
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB		5.25%		11/15/2047		960		706,019
Idaho (State of) Housing & Finance Association; Series 2023 A, RB		4.00%		08/15/2048		8,000		7,542,560
Idaho (State of) Housing & Finance Association (Compass Public Charter School, Inc.);
Series 2018 A, RB(f)		6.00%		07/01/2039		370		385,329
Series 2018 A, RB(f)		6.00%		07/01/2054		1,135		1,167,348
Nampa Local Improvement District No. 148; Series 2010, RB		6.63%		09/01/2030		67		67,872
								14,066,947
Illinois–2.72%
Chicago (City of), IL (Cottage View Terrace Apartments); Series 2000 A, RB (CEP - GNMA)(c)		6.13%		02/20/2042		30		30,011

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)
Chicago (City of), IL (O’Hare International Airport);
Series 2013, RB(b)(j)		5.50%		09/28/2023	$	1,680	$	1,681,934
Series 2017 D, RB(c)		5.00%		01/01/2042		14,115		14,273,238
Series 2018 A, Ref. RB(c)		5.00%		01/01/2048		13,340		13,538,299
Series 2018 A, Ref. RB(c)		5.00%		01/01/2053		4,745		4,799,809
Series 2018, RB(c)		5.00%		07/01/2048		3,750		3,605,493
Series 2022 A, RB(c)		5.50%		01/01/2055		20,000		21,019,266
Chicago (City of), IL Board of Education;
Series 2016 A, Ref. GO Bonds		7.00%		12/01/2044		7,000		7,301,133
Series 2016 B, GO Bonds		6.50%		12/01/2046		1,500		1,560,263
Series 2016, RB		6.00%		04/01/2046		5,700		5,972,829
Series 2018, RB		5.00%		04/01/2046		7,555		7,601,615
Chicago (City of), IL Midway International Airport; Series 2014 A, Ref. RB(c)		5.00%		01/01/2033		3,000		3,004,152
Du Page (County of), IL Special Service Area No. 31 (Monarch Landing, Inc.); Series 2006, RB		5.63%		03/01/2036		814		796,121
Eastern Illinois Economic Development Authority (Remington Road & I-57 Business District); Series 2023, RB		6.00%		05/01/2046		5,000		4,808,163
Evanston (City of), IL (Roycemore School); Series 2021, RB(f)		4.63%		04/01/2051		1,250		865,910
Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Subseries 2014 A, RB		5.38%		03/01/2034		2,046		1,831,183
Harvey (City of), IL;
Series 2023 A, GO Bonds		4.50%		09/15/2023		348		348,444
Series 2023 A, GO Bonds		4.50%		01/01/2054		10,840		8,576,113
Illinois (State of);
Series 2006, GO Bonds		5.50%		01/01/2029		5,000		5,460,326
Series 2014, GO Bonds		5.00%		02/01/2039		2,865		2,865,475
Series 2017 C, GO Bonds		5.00%		11/01/2029		625		656,881
Series 2018 A, Ref. GO Bonds		5.00%		10/01/2029		6,500		6,919,843
Series 2018 A, Ref. GO Bonds		5.00%		10/01/2033		3,360		3,544,516
Series 2018 B, Ref. GO Bonds		5.00%		10/01/2030		3,000		3,191,794
Illinois (State of) (Rebuild Illinois Program); Series 2019 B, GO Bonds		4.00%		11/01/2035		1,930		1,912,801
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(c)		8.00%		06/01/2032		2,940		2,942,044
Illinois (State of) Finance Authority;
Series 2017, Ref. RB (Acquired 06/05/2018; Cost $2,017,851)(i)		5.00%		02/15/2027		2,000		800,000
Series 2017, Ref. RB (Acquired 04/03/2019; Cost $6,022,965)(i)		5.00%		02/15/2037		7,000		2,800,000
Series 2017, Ref. RB		5.13%		05/15/2038		1,000		845,781
Series 2017, Ref. RB		5.25%		05/15/2042		3,220		2,602,613
Series 2017, Ref. RB		5.00%		08/01/2042		575		568,055
Series 2017, Ref. RB (Acquired 05/07/2019; Cost $2,764,639)(i)		5.13%		02/15/2045		3,120		1,248,000
Series 2017, Ref. RB		5.25%		05/15/2054		6,825		5,003,083
Illinois (State of) Finance Authority (DePaul College Prep Foundation); Series 2023, Ref. RB(f)		5.63%		08/01/2053		3,500		3,503,701
Illinois (State of) Finance Authority (Dominican University);
Series 2022, Ref. RB		5.00%		03/01/2047		1,100		1,009,343
Series 2022, Ref. RB		5.00%		03/01/2052		1,080		968,864
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); Series 2019 A, Ref. RB		5.00%		11/01/2049		2,450		1,964,524
Illinois (State of) Finance Authority (Northshore University Health); Series 2020, Ref. RB		4.00%		08/15/2041		1,750		1,664,516
Illinois (State of) Finance Authority (Rogers Park Montessori School);
Series 2014, Ref. RB		6.00%		02/01/2034		575		576,184
Series 2014, Ref. RB		6.13%		02/01/2045		1,310		1,311,617
Illinois (State of) Finance Authority (Rosalind Franklin University); Series 2017, Ref. RB		5.00%		08/01/2047		700		676,548
Illinois (State of) Finance Authority (Villa St. Benedict);
Series 2015, Ref. RB		6.13%		11/15/2035		3,330		3,349,615
Series 2015, Ref. RB		6.38%		11/15/2043		4,400		4,419,531
Illinois (State of) Housing Development Authority (Stonebridge of Gurnee);
Series 2016 A, RB(f)		5.45%		01/01/2046		1,640		1,168,329
Series 2016 A, RB(f)		5.60%		01/01/2056		1,775		1,215,921

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)
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2002 A, RB (INS - AGM)(e)(l)		0.00%		12/15/2040	$	15,000	$	6,885,617
Series 2010 B, Ref. RB (INS - AGM)(e)(l)		0.00%		06/15/2046		15,000		5,099,759
Series 2010 B-1, Ref. RB (INS - AGM)(e)(l)		0.00%		06/15/2044		17,055		6,452,884
Series 2010 B-1, Ref. RB (INS - AGM)(e)(l)		0.00%		06/15/2047		31,755		10,238,990
Series 2012 B, RB (INS - AGM)(e)(l)		0.00%		12/15/2041		5,000		2,174,307
Series 2017, Ref. RB (INS - AGM)(e)(l)		0.00%		12/15/2056		22,000		4,336,077
Illinois (State of) Toll Highway Authority; Series 2013 A, RB		5.00%		01/01/2038		9,765		9,770,388
Matteson (Village of), IL; Series 2015, RB		6.50%		12/01/2035		1,200		1,243,661
Morton Grove (Village of), IL (Sawmill Station Redevelopment); Series 2019, RB		5.00%		01/01/2039		2,000		1,812,414
Plano (City of), IL Special Service Area No. 5 (Lakewood Springs Club); Series 2006, RB		6.00%		03/01/2036		1,172		1,110,371
Quad Cities Regional Economic Development Authority (Pheasant Ridge Apartments); Series 2005, RB(c)		6.38%		08/01/2040		4,725		2,946,590
Sales Tax Securitization Corp.; Series 2018 A, Ref. RB		5.00%		01/01/2048		4,000		4,072,824
Southwestern Illinois Development Authority; Series 2006, RB(g)		5.63%		11/01/2026		2,795		2,096,250
Villa Park (Village of), IL (Garden Station Redevelopment); Series 2021, RB		0.00%		12/31/2038		1,915		1,450,632
Volo (Village of), IL Special Service Area No. 17; Series 2017, Ref. RB		5.50%		03/01/2047		1,188		1,160,444
Will (County of), IL; Series 2019, GO Bonds		4.00%		11/15/2047		2,000		1,906,744
								227,561,833
Indiana–1.67%
Allen (County of), IN (Evergreen Village Fort Wayne); Series 2019, RB		6.38%		02/01/2039		10,000		9,308,918
Anderson (City of), IN (Sweet Galilee at the Wigwam); Series 2020, RB(f)		5.38%		01/01/2040		2,745		2,165,918
Columbus (City of), IN (Vivera Senior Living); Series 2019, RB		5.63%		05/01/2039		11,860		9,679,113
Evansville (City of), IN (Silver Birch of Evansville); Series 2017, RB		5.45%		01/01/2038		3,430		2,734,042
Fort Wayne (City of), IN (Silver Birch at Cook Road); Series 2018, RB(f)		5.63%		01/01/2038		7,000		5,789,106
Fort Wayne (City of), IN (Silver Birch of Fort Wayne);
Series 2017, RB		5.13%		01/01/2032		510		439,084
Series 2017, RB		5.35%		01/01/2038		3,850		3,092,749
Goshen (City of), IN (Green Oaks of Goshen); Series 2021 A, RB(f)		5.00%		08/01/2041		4,065		3,221,067
Indiana (State of) Finance Authority; Series 2017, Ref. RB		5.38%		07/01/2047		2,050		1,908,502
Indiana (State of) Finance Authority (Irvington Community School);
Series 2018 A, Ref. RB(f)		5.90%		07/01/2038		770		749,916
Series 2018 A, Ref. RB(f)		6.00%		07/01/2048		1,185		1,127,726
Indiana (State of) Housing & Community Development Authority;
Series 2016 A, RB		5.75%		01/01/2036		6,725		6,344,627
Series 2016, RB		5.50%		01/01/2037		3,740		3,146,837
Indiana (State of) Housing & Community Development Authority (Glasswater Creek of Whitestown); Series 2020, RB(f)		5.38%		10/01/2040		12,000		9,785,514
Indiana (State of) Housing & Community Development Authority (Lake Meadows Assisted Living); Series 2019 A, RB(f)		5.00%		01/01/2039		3,365		2,552,967
Indiana (State of) Housing & Community Development Authority (Vita of Greenfield); Series 2023 A, RB		6.88%		01/01/2043		21,575		21,378,860
Indiana (State of) Housing & Community Development Authority (Vita of Marion);
Series 2021 A, RB(f)		5.00%		04/01/2031		660		572,844
Series 2021 A, RB(f)		5.25%		04/01/2041		4,000		3,128,765
Jeffersonville (City of), IN (Vivera Senior Living); Series 2020 A, RB(f)		5.25%		11/01/2040		4,500		3,516,734
Kokomo (City of), IN (Silver Birch at KOKOMO);
Series 2017, RB		5.75%		01/01/2034		1,065		938,169
Series 2017, RB		5.88%		01/01/2037		4,570		3,950,559
Lafayette (City of), IN (Glasswater Creek of Lafayette);
Series 2017, RB		5.60%		01/01/2033		925		814,748
Series 2017, RB		5.80%		01/01/2037		5,160		4,428,344
Merrillville (Town of), IN (Belvedere Housing); Series 2016, RB		5.75%		04/01/2036		4,965		4,312,660
Mishawaka (City of), IN; Series 2018, RB		5.75%		10/01/2038		17,290		14,165,524
Mishawaka (City of), IN (Silver Birch of Mishwaka);
Series 2017, RB(f)		5.10%		01/01/2032		455		398,501
Series 2017, RB(f)		5.38%		01/01/2038		5,475		4,496,938
Plainfield (Town of), IN (Glasswater Creek of Plainfield); Series 2018, RB		5.38%		09/01/2038		7,900		7,498,548
Terre Haute (City of), IN (Silver Birch of Terre Haute); Series 2017, RB		5.35%		01/01/2038		3,880		3,116,849

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
Indiana–(continued)
Valparaiso (City of), IN (Green Oaks of Valparaiso); Series 2021, RB(f)		5.38%		12/01/2041	$	3,600	$	2,748,905
Vincennes (City of), IN; Series 2016, Ref. RB(f)		6.25%		01/01/2029		2,530		2,024,791
								139,537,825
Iowa–0.24%
Clear Lake (City of), IA (Timbercrest Apartments, LLC);
Series 2018, RB		6.00%		10/01/2043		1,405		1,332,794
Series 2018, RB		6.00%		10/01/2048		2,780		2,557,637
Iowa (State of) Finance Authority; Series 2007, RB(g)		5.90%		12/01/2028		1,160		3,016
Iowa (State of) Finance Authority (PHS Council Bluffs, Inc.);
Series 2018, RB		5.00%		08/01/2038		750		602,981
Series 2018, RB		5.13%		08/01/2048		1,750		1,275,008
Series 2018, RB		5.25%		08/01/2055		4,000		2,855,572
Iowa (State of) Finance Authority (Riserville Holdings); Series 2021, RB(c)(f)		5.00%		12/01/2051		5,960		4,471,263
Iowa (State of) Finance Authority (Wedum Walnut Ridge LLC); Series 2007 B, RB		5.38%		06/01/2025		230		226,383
Iowa (State of) Tobacco Settlement Authority;
Series 2021 A-2, Ref. RB		4.00%		06/01/2049		250		225,046
Series 2021 B-1, Ref. RB		4.00%		06/01/2049		730		711,615
Series 2021 B-2, Ref. RB(l)		0.00%		06/01/2065		54,300		5,921,578
								20,182,893
Kansas–0.14%
Ellis County Unified School District No. 489 Hays;
Series 2022 B, Ref. GO Bonds (INS - AGM)(e)		5.00%		09/01/2042		2,250		2,385,183
Series 2022 B, Ref. GO Bonds (INS - AGM)(e)		5.00%		09/01/2047		2,750		2,877,604
Series 2022 B, Ref. GO Bonds (INS - AGM)(e)		4.00%		09/01/2052		4,000		3,716,038
Goddard (City of), KS (Olympic Park Star Bond); Series 2021, RB		3.50%		06/01/2034		1,420		1,243,503
Olathe (City of), KS; Series 2006, RB(h)(n)		5.00%		03/01/2026		2,500		1,100,148
								11,322,476
Kentucky–0.09%
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); Series 2017 A, Ref. RB		5.00%		06/01/2045		1,000		936,644
Kentucky (Commonwealth of) Property & Building Commission (No. 119);
Series 2018, RB (INS - BAM)(e)		5.00%		05/01/2033		900		967,511
Series 2018, RB (INS - BAM)(e)		5.00%		05/01/2034		800		858,867
Kentucky (Commonwealth of) Public Energy Authority; Series 2022 A-1, RB(b)		4.00%		08/01/2030		4,220		4,147,986
Kuttawa (City of), KY; Series 1999, RB		6.75%		03/01/2029		1,120		1,037,718
								7,948,726
Louisiana–0.54%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority;
Series 2018 A, RB(c)(f)		5.25%		05/01/2043		1,220		1,094,950
Series 2019, RB(f)		4.40%		11/01/2044		3,190		2,985,193
Louisiana (State of) Local Government Environmental Facilities & Community Development
Authority (Glen Retirement System);
Series 2019 A, RB		5.00%		01/01/2049		16,535		11,316,672
Series 2019 A, RB		5.00%		01/01/2055		12,000		7,874,558
Louisiana (State of) Local Government Environmental Facilities & Community Development
Authority (Green Bonds); Series 2018, RB(f)		5.38%		11/01/2038		2,280		2,357,974
Louisiana (State of) Local Government Environmental Facilities & Community Development
Authority (St. Tammany Parish Gomesa); Series 2020, RB(f)		3.88%		11/01/2045		4,250		3,578,417
St John the Baptist Parish School District No. 1; Series 2023, GO Bonds		5.25%		03/01/2043		10,000		10,162,269
St. James (Parish of), LA (Nustar Logistics, L.P.);
Series 2010, RB(f)		6.35%		07/01/2040		5,115		5,560,287
Series 2010, RB(f)		6.35%		10/01/2040		440		478,304
								45,408,624
Maine–0.15%
Rumford (Town of), ME (Boise Cascade Corp.); Series 2001, Ref. RB(c)		6.88%		10/01/2026		12,265		12,287,350

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–0.96%
Baltimore (City of), MD (Centerwest Development);
Series 2017 A, RB		5.38%		06/01/2036	$	1,100	$	1,106,991
Series 2017 A, RB		5.50%		06/01/2043		1,360		1,367,155
Baltimore (City of), MD (Convention Center Hotel);
Series 2017, Ref. RB		5.00%		09/01/2027		2,780		2,750,953
Series 2017, Ref. RB		5.00%		09/01/2028		4,350		4,325,106
Series 2017, Ref. RB		5.00%		09/01/2029		3,630		3,620,120
Series 2017, Ref. RB		5.00%		09/01/2031		1,210		1,207,433
Series 2017, Ref. RB		5.00%		09/01/2033		1,000		997,754
Series 2017, Ref. RB		5.00%		09/01/2034		1,105		1,100,988
Series 2017, Ref. RB		5.00%		09/01/2035		2,250		2,212,957
Series 2017, Ref. RB		5.00%		09/01/2036		3,525		3,420,576
Baltimore (County of), MD; Series 2018, GO Bonds(k)		4.00%		03/01/2040		9,525		9,493,495
Maryland (State of) Stadium Authority; Series 2018-XF2763, Revenue Ctfs.(j)(k)		5.00%		05/01/2047		20,000		20,620,310
Maryland (State of) Stadium Authority (Baltimore City Public Schools); Series 2018 A, RB (CEP - Colorado Higher Education Intercept Program)		5.00%		05/01/2047		17,155		17,687,071
Maryland Economic Development Corp. (Purple Line) (Green Bonds); Series 2022 B, RB(c)		5.25%		06/30/2055		10,000		10,026,951
								79,937,860
Massachusetts–0.94%
Massachusetts (Commonwealth of); Series 2023 A, GO Bonds		5.00%		05/01/2053		31,500		33,635,448
Massachusetts (Commonwealth of) (Rail Enhancement Program); Series 2022 B, RB		5.00%		06/01/2052		4,705		5,010,398
Massachusetts (Commonwealth of) Development Finance Agency (Linden Ponds, Inc. Facility); Series 2018, RB(f)		5.13%		11/15/2046		4,565		4,583,648
Massachusetts (Commonwealth of) Development Finance Agency (Merrimack College); Series 2014, RB		5.13%		07/01/2044		4,000		4,002,324
Massachusetts (Commonwealth of) Port Authority;
Series 2019 A, Ref. RB(c)		5.00%		07/01/2038		5,000		5,226,738
Series 2019 A, Ref. RB(c)		5.00%		07/01/2039		6,000		6,251,597
Series 2022, RB(c)(k)		5.00%		07/01/2046		15,000		15,506,013
Saugus (Town of), MA;
Series 2018, GO Bonds		4.00%		03/01/2039		2,240		2,229,756
Series 2018, GO Bonds		4.00%		03/01/2040		2,500		2,494,718
								78,940,640
Michigan–1.89%
Academy of Warren; Series 2020 A, RB(f)		5.50%		05/01/2050		1,000		870,621
Advanced Technology Academy;
Series 2019, Ref. RB		5.00%		11/01/2034		400		394,929
Series 2019, Ref. RB		5.00%		11/01/2044		1,175		1,055,909
American Montessori Academy; Series 2017, RB		7.00%		12/01/2046		1,515		1,467,554
Charyl Stockwell Academy;
Series 2015, Ref. RB (Acquired 04/23/2015; Cost $2,658,156)(i)		5.50%		10/01/2035		2,740		2,462,196
Series 2015, Ref. RB (Acquired 04/23/2015; Cost $3,995,804)(i)		5.75%		10/01/2045		4,140		3,402,279
Detroit City School District; Series 2013, GO Bonds (INS - AGM)(e)(k)		6.00%		05/01/2029		10,100		11,099,605
Grand Rapids Economic Development Corp. (Clark Retirement Community, Inc.);
Series 2019 A, Ref. RB		5.50%		04/01/2039		4,365		3,354,506
Series 2019 A, Ref. RB		5.75%		04/01/2049		19,320		13,888,939
Series 2019 A, Ref. RB		5.75%		04/01/2054		13,990		9,795,429
Series 2019 B, RB		6.00%		04/01/2027		3,365		3,179,371
Haslett Public Schools; Series 2018, GO Bonds		5.00%		05/01/2048		3,150		3,284,836
Michigan (State of) Building Authority (Facilities Program); Series 2022 I, RB		4.00%		10/15/2052		4,250		3,953,048
Michigan (State of) Finance Authority;
Series 2005 A, RB		6.00%		12/01/2035		1,400		1,304,477
Series 2007, RB		6.50%		12/01/2037		535		534,978
Series 2008 C, RB(l)		0.00%		06/01/2058		804,975		32,451,038
Series 2014, Ref. RB (Acquired 10/29/2018-09/28/2021; Cost $16,481,298)(f)(i)		6.75%		07/01/2044		16,465		15,204,054
Michigan (State of) Finance Authority (Henry Ford Health System); Series 2016, Ref. RB		5.00%		11/15/2041		200		202,640
Michigan (State of) Finance Authority (Old Redforf Academy); Series 2010 A, RB		5.90%		12/01/2030		1,180		1,143,453
Michigan (State of) Finance Authority (Universal Learning Academy); Series 2018, Ref. RB		5.75%		11/01/2040		2,000		1,915,748

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)
Pontiac (City of), MI Arts & Technology Academy; Series 2016, Ref. RB			6.00%		11/01/2046	$	3,465	$	3,002,850
Tender Option Bond Trust Receipts/Certificates; Series 2023, RB(k)			5.15%		10/01/2058		20,000		20,361,354
Troy School District; Series 2023, GO Bonds			5.00%		05/01/2052		10,000		10,631,084
Wayne (County of), MI; Series 1999, RB(c)			6.00%		12/01/2029		13,160		13,169,803
									158,130,701
Minnesota–0.85%
Bethel (City of), MN (Benedictine Health System - St. Peter Communities); Series 2018 A, Ref. RB			5.50%		12/01/2048		3,330		2,678,508
Bethel (City of), MN (Birchwood Landing At The Lakes At Stillwater Project); Series 2019, RB			5.00%		05/01/2054		2,610		2,063,484
Bethel (City of), MN (The Lodge At The Lakes At Stillwater);
Series 2018, RB			5.00%		06/01/2053		600		437,259
Series 2018, RB			5.25%		06/01/2058		1,625		1,209,478
Brooklyn Center (City of), MN (Sanctuary at at Brooklyn Center);
Series 2016 A, RB			5.50%		11/01/2035		8,895		5,337,000
Series 2016 B, RB			6.50%		11/01/2035		3,060		1,836,000
Cottonwood (City of), MN (Extreme Holdings LLC);
Series 2021 A, RB(c)(f)			5.00%		12/01/2050		6,630		4,861,227
Series 2021 B, RB(f)			6.50%		12/01/2026		510		483,142
Dakota (County of), MN Community Development Agency (Sanctuary at West St. Paul); Series 2015, RB			6.00%		08/01/2035		5,735		3,972,447
Duluth (City of), MN Economic Development Authority (Cambia Hills of Wast Bethel);
Series 2018, RB(g)			5.45%		12/01/2046		380		201,400
Series 2018, RB(g)			5.63%		12/01/2055		1,000		530,000
Independence (City of), MN (Spero Academy);
Series 2021 A, RB			5.00%		07/01/2056		13,325		10,050,415
Series 2021 B, RB			6.00%		07/01/2028		625		580,234
International Falls (City of), MN (Boise Cascade Corp.); Series 1999, Ref. RB(c)			6.85%		12/01/2029		6,570		6,582,344
Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission;
Series 2022 B, Ref. RB(c)			5.00%		01/01/2047		4,000		4,093,446
Series 2022 B, Ref. RB(c)			5.25%		01/01/2047		3,775		3,927,675
Minneapolis (City of), MN (Kipp North Star); Series 2020 A, RB			5.75%		07/01/2055		3,000		2,893,758
Minneapolis (City of), MN (Riverton Community Housing); Series 2018, RB(f)			5.00%		08/01/2053		500		467,656
Minneapolis (City of), MN (Spero Academy);
Series 2017 A, RB(f)			6.25%		07/01/2037		1,075		1,086,135
Series 2017 A, RB(f)			6.50%		07/01/2048		4,740		4,771,215
Red Wing (City of), MN; Series 2018 A, RB			5.00%		08/01/2053		515		394,437
Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2013 A, RB			6.88%		12/01/2048		9,200		9,020,620
St. Paul (City of), MN Housing & Redevelopment Authority; Series 2004, RB			6.25%		03/01/2029		1,291		1,153,213
St. Paul (City of), MN Housing & Redevelopment Authority (Great River School); Series 2017 A, RB(f)			5.50%		07/01/2052		1,075		1,025,666
St. Paul (City of), MN Housing & Redevelopment Authority (Twin Cities German Immersion School);
Series 2019, RB			5.00%		07/01/2049		1,000		867,112
Series 2019, RB			5.00%		07/01/2055		1,000		847,461
	��								71,371,332
Mississippi–0.32%
Mississippi (State of) Development Bank (Jackson Convention Center); Series 2013 A, Ref. RB (INS - BAM)(e)			5.00%		03/01/2036		10,000		11,141,564
Mississippi State University Educational Building Corp.; Series 2018, RB(k)			4.00%		08/01/2043		13,015		11,918,547
Stonebridge Public Improvement District; Series 2007, RB(g)			7.50%		10/01/2042		16,410		2,576,370
Tunica (County of), MS; Series 2019, Ref. RB			6.00%		10/01/2040		1,350		1,190,480
									26,826,961
Missouri–1.55%
Branson (City of), MO Commerce Park Community Improvement District; Series 2007 A, RB(g)			5.75%		06/01/2026		4,900		980,000
Branson (City of), MO Industrial Development Authority (Branson Hills Redevelopment);
Series 2005 A, RB(h)			7.05%		05/01/2027		9,215		7,911,101
Series 2007 A, RB(h)			5.75%		05/01/2026		1,750		1,530,589
Branson (City of), MO Industrial Development Authority (Branson Landing Retail); Series 2005, RB			5.50%		06/01/2029		2,265		2,121,155

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
Missouri–(continued)
Broadway-Fairview Transportation Development District; Series 2006 A, RB(h)		6.13%		12/01/2036	$	570	$	176,700
Callaway (County of), MO Industrial Development Authority (Westminster College); Series 2021 C, RB		5.25%		10/01/2051		3,590		2,915,774
Chesterfield Valley Transportation Development District; Series 2018, RB(d)		5.50%		05/15/2046		5,000		2,978,085
Chillicothe (City of), MO (South U.S. 65); Series 2006, RB		5.63%		04/01/2027		3,100		3,036,718
Dardenne Town Square Transportation Development District;
Series 2006 A, RB(h)(n)		5.00%		05/01/2026		3,020		1,449,600
Series 2006 A, RB(h)(n)		5.00%		05/01/2036		3,825		1,836,000
Grindstone Plaza Transportation Development District;
Series 2006 A, RB		5.40%		10/01/2026		290		289,978
Series 2006 A, RB		5.55%		10/01/2036		115		112,179
I-470 Western Gateway Transportation Development District; Series 2019 A, RB(f)		5.25%		12/01/2048		4,900		4,845,530
Kansas City (City of), MO Industrial Development Authority; Series 2019, RB(f)		5.00%		07/01/2040		5,390		4,614,162
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport);
Series 2019 B, RB (INS - AGM)(c)(e)		5.00%		03/01/2049		5,000		5,072,575
Series 2019 B, RB(c)		5.00%		03/01/2054		41,155		41,626,188
Series 2019 B, RB (INS - AGM)(c)(e)		5.00%		03/01/2055		16,490		16,686,736
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		1,890		1,628,587
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights);
Series 2017 A, Ref. RB		5.25%		05/15/2028		1,135		1,068,216
Series 2017 A, Ref. RB		5.25%		05/15/2037		1,955		1,653,464
Series 2017 A, Ref. RB		5.25%		05/15/2042		1,750		1,397,590
Lee’s Summit (City of), MO Industrial Development Authority; Series 2007, RB(g)(h)		5.75%		03/01/2029		750		435,000
Lee’s Summit (City of), MO Industrial Development Authority (Summit Fair Community Improvement District); Series 2012, RB		6.00%		05/01/2042		2,800		2,518,565
Move Rolla Transportation Development District; Series 2017, RB		4.63%		06/01/2042		2,095		1,900,373
Northwoods Transportation Development District; Series 2006 A, RB		5.85%		02/01/2031		529		458,004
Rock Hill (City of), MO Industrial Development Authority (Market at McKnight Redevelopment); Series 2015 A, RB		4.50%		11/01/2028		595		555,378
St. Charles (County of), MO Industrial Development Authority (Suemandy/Mid-Rivers Community Improvement District); Series 2016, RB(f)		5.00%		10/01/2046		2,750		2,240,594
St. Louis (City of), MO; Series 2007, RB(h)(n)		6.30%		04/01/2027		3,043		365,160
St. Louis (City of), MO (Abbey Condominiums); Series 2007, RB(h)		5.50%		05/29/2028		2,031		609,295
St. Louis (City of), MO Industrial Development Authority; Series 2010 A, RB(g)(h)		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		4,072,770
Series 2018 B, RB		6.38%		04/01/2043		2,000		1,615,523
St. Louis (City of), MO Land Clearance for Redevelopment Authority (Scottrade Center); Series 2018 A, RB		5.00%		04/01/2048		1,955		1,975,262
St. Louis (County of), MO; Series 2007 A, RB(h)		5.50%		09/02/2028		1,108		321,320
St. Louis (County of), MO (Printers Lofts Tax Increment Financing); Series 2006, RB(h)(n)		6.00%		08/21/2026		1,660		199,200
St. Louis (County of), MO (Washington Park Redevelopment);
Series 2006, RB(h)(n)		6.00%		08/21/2026		2,442		415,140
Series 2007 A, RB(h)		5.50%		01/20/2028		2,159		820,420
Series 2007 B, RB(h)(n)		5.50%		01/20/2028		1,510		75,500
St. Louis (County of), MO Industrial Development Authority; Series 2019 A, Ref. RB(f)		5.88%		03/01/2033		3,100		2,817,237
Stone Canyon Community Improvement District (Infrastructure Improvement); Series 2007, RB (Acquired 09/23/2011; Cost $876,272)(g)(h)(i)		5.75%		04/01/2027		975		87,750
Taney (County of), MO Industrial Development Authority (Big Cedar Infrastructure); Series 2023, RB(f)		6.00%		10/01/2049		4,575		4,439,956
								129,990,774
Montana–0.02%
Hardin (City of), MT; Series 2006, RB(h)(n)		6.25%		09/01/2031		5,935		1,424,400
Nevada–0.41%
Clark (County of), NV; Series 2018 A, GO Bonds(k)		5.00%		05/01/2048		27,500		28,575,657

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
Nevada–(continued)
Clark (County of), NV (Special Improvement District No. 128);
Series 2007 A, RB		5.00%		02/01/2026	$	595	$	596,713
Series 2007 A, RB		5.05%		02/01/2031		730		731,260
Henderson (City of), NV Local Improvement District No. T-22 (Rainbow Canyon Phase II); Series 2023, RB		5.25%		03/01/2053		1,200		1,148,034
Las Vegas (City of), NV Special Improvement District No. 815; Series 2020, RB		5.00%		12/01/2049		995		927,551
Mesquite (City of), NV; Series 2005, RB		5.50%		08/01/2025		40		40,170
Reno (City of), NV (ReTRAC - Reno Transportation Rail Access Corridor); Series 2018 C, Ref. RB(f)(l)		0.00%		07/01/2058		21,000		2,587,288
								34,606,673
New Hampshire–0.41%
New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB		4.00%		10/20/2036		25,710		24,113,791
New Hampshire (State of) Business Finance Authority (Vista (The));
Series 2019 A, RB(f)		5.25%		07/01/2039		1,400		1,255,277
Series 2019 A, RB(f)		5.63%		07/01/2046		770		687,828
Series 2019 A, RB(f)		5.75%		07/01/2054		5,430		4,811,674
New Hampshire (State of) Health and Education Facilities Authority (Hillside Village);
Series 2017 A, RB (Acquired 02/13/2020; Cost $983,197)(f)(g)(i)		5.25%		07/01/2027		918		202,018
Series 2017 A, RB (Acquired 06/12/2017; Cost $1,440,007)(f)(g)(i)		6.13%		07/01/2037		1,440		316,802
Series 2017 A, RB (Acquired 06/12/2017; Cost $722,090)(f)(g)(i)		6.25%		07/01/2042		722		158,860
Series 2017 A, RB (Acquired 06/12/2017-04/28/2020; Cost $10,400,706)(f)(g)(i)		6.13%		07/01/2052		12,000		2,640,013
								34,186,263
New Jersey–1.64%
New Jersey (State of) Economic Development Authority; Series 2019 B, RB(f)		5.75%		10/01/2026		765		728,618
New Jersey (State of) Economic Development Authority (Black Horse EHT Urban Renewal LLC); Series 2019 A, RB(f)		5.00%		10/01/2039		6,000		4,238,848
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, RB(c)		5.13%		09/15/2023		5,415		5,415,166
Series 1999, RB(c)		5.25%		09/15/2029		4,605		4,618,091
Series 2000 B, RB(c)		5.63%		11/15/2030		8,550		8,661,015
Series 2003, RB(c)		5.50%		06/01/2033		8,000		8,085,453
Series 2012, RB(c)		5.75%		09/15/2027		14,365		14,378,115
New Jersey (State of) Economic Development Authority (Golden Door Charter School); Series 2018 A, RB(f)		6.50%		11/01/2052		690		713,983
New Jersey (State of) Economic Development Authority (Katikvah International Academy Charter School); Series 2017 A, RB(f)		5.38%		07/01/2047		1,865		1,626,576
New Jersey (State of) Economic Development Authority (Leap Academy University Charter School, Inc.);
Series 2014 A, RB(f)		6.00%		10/01/2034		565		567,000
Series 2014 A, RB(f)		6.20%		10/01/2044		750		751,801
Series 2014 A, RB(f)		6.30%		10/01/2049		500		501,455
New Jersey (State of) Economic Development Authority (Marion P. Thomas Charter School); Series 2018 A, RB(f)		5.38%		10/01/2050		5,000		4,479,835
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB		5.13%		06/15/2037		2,820		2,972,031
New Jersey (State of) Economic Development Authority (North Star Academy Charter School of Newark, Inc.); Series 2017, RB		5.00%		07/15/2047		1,875		1,824,649
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		1,000,417
New Jersey (State of) Economic Development Authority (State House); Series 2017 B, RB		5.00%		06/15/2035		2,050		2,173,381
New Jersey (State of) Economic Development Authority (Teaneck Community Charter School); Series 2017 A, Ref. RB(f)		5.13%		09/01/2052		2,055		1,827,283
New Jersey (State of) Educational Facilities Authority (College of St. Elizabeth (The)); Series 2016 D, Ref. RB		5.00%		07/01/2046		5,000		4,382,452
New Jersey (State of) Health Care Facilities Financing Authority; Series 2018, RB (Acquired 09/14/2018; Cost $4,935,000)(f)(i)		5.75%		10/01/2038		4,935		3,752,044
New Jersey (State of) Transportation Trust Fund Authority; Series 2008 A, RB (INS - BAM)(e)(l)		0.00%		12/15/2037		10,000		5,319,879
Newark (City of), NJ; Series 2015 A, GO Bonds		5.00%		07/15/2029		3,583		3,673,633

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

25 Invesco Rochester^® Municipal Opportunities Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New Jersey–(continued)
Tobacco Settlement Financing Corp.;
Series 2018 A, Ref. RB		5.00	%		06/01/2046	$	18,650	$	18,986,938
Series 2018 B, Ref. RB		5.00	%		06/01/2046		36,675		36,084,826
									136,763,489
New Mexico–0.11%
Boulders Public Improvement District; Series 2015, RB		5.75	%		10/01/2044		615		557,864
Farmington (City of), NM (San Juan and Four Corners); Series 2016 A, Ref. RB		2.15	%		04/01/2033		7,355		5,682,057
Mariposa East Public Improvement District;
Series 2015 A, RB		5.90	%		09/01/2032		45		42,079
Series 2015 B, RB		5.90	%		09/01/2032		295		279,633
Series 2015 C, RB		5.90	%		09/01/2032		390		358,558
Series 2015 D, RB(l)		0.00	%		03/01/2032		330		156,970
Trails Public Improvement District; Series 2008, RB		7.75	%		10/01/2038		1,770		1,759,210
									8,836,371
New York–18.32%
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB(c)(f)		5.50	%		12/31/2040		9,655		8,299,909
Erie Tobacco Asset Securitization Corp.; Series 2005 D, RB(l)		0.00	%		06/01/2055		17,700		1,215,298
Essex (County of), NY Industrial Development Agency; Series 2017, RB (Acquired 05/11/2017; Cost $4,025,000)(c)(i)		6.25	%		06/01/2047		4,025		3,015,082
Guilderland (Town of), NY Industrial Development Agency; Series 2017 A, RB(f)(g)		5.88	%		01/01/2052		5,400		3,510,000
Long Island (City of), NY Power Authority; Series 2017, RB		5.00	%		09/01/2047		5,000		5,157,114
Metropolitan Transportation Authority;
Series 2016 C-1, RB		5.25	%		11/15/2056		5,005		5,046,866
Series 2017 D, Ref. RB		4.00	%		11/15/2042		4,680		4,349,843
Metropolitan Transportation Authority (Green Bonds);
Series 2017 B-1, RB		5.00	%		11/15/2042		3,000		3,131,263
Series 2017 B-1, RB		5.25	%		11/15/2057		10,000		10,454,627
Series 2020 A-1, RB		4.00	%		11/15/2045		13,000		11,904,824
Series 2020 A-1, RB		5.00	%		11/15/2049		22,270		22,544,803
Series 2020 A-1, RB		4.00	%		11/15/2052		12,000		10,622,872
Series 2020 C-1, RB		4.75	%		11/15/2045		27,000		26,999,743
Series 2020 C-1, RB		5.00	%		11/15/2050		30,115		30,471,450
Subseries 2016 B-1, RB		5.00	%		11/15/2051		10,470		10,733,443
Monroe County Industrial Development Corp. (St. Ann’s Community); Series 2019, Ref. RB		5.00	%		01/01/2050		1,715		1,381,584
Monroe County Industrial Development Corp. (St. John Fisher College); Series 2011, RB		6.00	%		06/01/2030		1,000		1,001,794
Monroe County Industrial Development Corp. (University of Rochester); Series 2020 A, RB		4.00	%		07/01/2050		17,975		16,637,275
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside);
Series 2021, RB (Acquired 11/18/2014-01/24/2018; Cost $7,972,880)(i)		5.00	%		01/01/2058		8,272		2,474,773
Series 2021, Ref. RB (Acquired 09/07/2021; Cost $3,970,000)(f)(g)(i)		9.00	%		01/01/2041		3,970		3,771,500
New York & New Jersey (States of) Port Authority;
Series 2017, Ref. RB		5.00	%		04/15/2057		10		10,235
Series 2018 206, RB(c)(k)		5.00	%		11/15/2042		2,000		2,036,183
Series 2018-XF0683, Revenue Ctfs.(c)(k)		5.00	%		11/15/2047		9,725		9,842,645
Series 2019 220, RB(c)		4.00	%		11/01/2059		25,765		22,679,440
Series 2019, RB(c)		5.00	%		11/01/2049		33,555		34,055,500
Series 2020 221, RB(c)		4.00	%		07/15/2055		17,230		15,354,359
Series 2020 221, RB(c)		4.00	%		07/15/2060		62,090		54,511,133
Series 2021, Ref. RB(c)		4.00	%		07/15/2046		1,850		1,699,772
Series 2021, Ref. RB(c)		4.00	%		07/15/2051		10,450		9,457,201
Series 2022, Ref. RB(c)		5.25	%		08/01/2047		7,000		7,440,985
Series 2022, Ref. RB(c)		5.50	%		08/01/2052		9,215		9,963,568
Two Hundred Fifth Series 2017, Ref. RB		5.00	%		11/15/2047		14,610		15,107,028
Two Hundred Sixth Series 2017, Ref. RB(c)		5.00	%		11/15/2047		10,000		10,120,972
Two Hundredth Series 2017, Ref. RB		5.00	%		10/15/2047		10,000		10,296,372

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

26 Invesco Rochester^® Municipal Opportunities Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New York–(continued)
New York (City of), NY;
Series 2020 D-1, GO Bonds		4.00	%		03/01/2050	$	5,000	$	4,717,653
Series 2021 CC-1, RB(k)		4.00	%		06/15/2051		15,000		14,151,395
Series 2022-XF1336, RB(k)		5.00	%		06/15/2051		25,000		26,270,590
New York (City of), NY Municipal Water Finance Authority;
Series 2020 DD-1, RB		4.00	%		06/15/2050		7,685		7,274,926
Series 2021 AA-1, RB		4.00	%		06/15/2051		10,460		9,868,239
Series 2022 CC-1, RB		4.00	%		06/15/2052		13,375		12,578,469
Series 2022-XF1336, RB(k)		5.00	%		06/15/2052		10,000		10,527,010
New York (City of), NY Transitional Finance Authority;
Series 2018 A-3, RB(k)		5.00	%		08/01/2041		53,425		55,379,623
Series 2018 B-1, RB(k)		5.00	%		08/01/2045		20,140		20,775,844
Series 2018 C-3, RB(k)		5.00	%		05/01/2041		16,810		17,605,305
Series 2021 E-1, RB		4.00	%		02/01/2049		16,865		15,944,997
Series 2022 C-1, RB		4.00	%		02/01/2051		10,000		9,400,632
Series 2022 F-1, RB		4.00	%		02/01/2051		2,500		2,350,158
Series 2022, RB(k)		5.00	%		08/01/2045		16,000		16,957,192
Series 2022, RB(k)		5.00	%		02/01/2047		15,500		16,373,107
Series 2022, RB(k)		5.00	%		02/01/2051		12,000		12,633,984
Series 2023 A-1, RB		5.00	%		05/01/2053		4,755		5,026,901
Series 2023 F-1, RB		4.00	%		02/01/2051		22,500		21,151,422
New York (State of) Dormitory Authority;
Series 2021 E, Ref. RB		4.00	%		03/15/2047		10,075		9,535,833
Series 2021 E, Ref. RB		4.00	%		03/15/2049		25,000		23,515,273
Series 2022, RB(k)		4.00	%		03/15/2048		54,290		51,210,715
Series 2022-XF2996, RB(k)		5.00	%		03/15/2042		38,270		40,050,343
New York (State of) Dormitory Authority (Bidding Group 4); Series 2021 E, Ref. RB		4.00	%		03/15/2045		10,645		10,184,110
New York (State of) Power Authority (Green Bonds);
Series 2020 A, Ref. RB		4.00	%		11/15/2050		25,500		24,340,008
Series 2020 A, Ref. RB		4.00	%		11/15/2060		18,550		17,227,567
New York (State of) Thruway Authority;
Series 2019 B, RB		4.00	%		01/01/2050		19,250		17,629,190
Series 2020 N, RB		4.00	%		01/01/2046		3,360		3,189,189
Series 2022, RB(k)		4.00	%		03/15/2051		36,050		33,711,361
Series 2022-XX1212, RB(k)		4.00	%		03/15/2057		59,635		54,302,951
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds); Series 2022 C, RB		5.00	%		03/15/2055		5,000		5,255,552
New York (State of) Thruway Authority (Bidding Group 4);
Series 2021 A-1, Ref. RB		4.00	%		03/15/2052		10,500		9,705,367
Series 2021 A-1, Ref. RB		4.00	%		03/15/2053		18,165		16,731,940
Series 2021 A-1, Ref. RB		4.00	%		03/15/2054		37,075		34,069,411
New York (State of) Thruway Authority (Bidding Group 5); Series 2021 A-1, Ref. RB		4.00	%		03/15/2045		12,080		11,427,109
New York (State of) Thruway Authority (Group 5); Series 2021 A-1, Ref. RB		4.00	%		03/15/2057		17,075		15,548,300
New York Counties Tobacco Trust V; Series 2005 S4B, RB(f)(l)		0.00	%		06/01/2060		234,000		9,614,358
New York State Urban Development Corp.;
Series 2022-XF1334, RB(k)		5.00	%		03/15/2041		14,060		14,869,382
Series 2023, RB(k)		5.00	%		03/15/2050		15,000		15,788,216
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport);
Series 2020, Ref. RB(c)		5.25	%		08/01/2031		12,680		13,111,772
Series 2020, Ref. RB(c)		5.38	%		08/01/2036		9,800		9,988,859
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB(c)		5.00	%		08/01/2026		38,250		38,334,479
Series 2016, Ref. RB(c)		5.00	%		08/01/2031		43,220		43,327,657
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment);
Series 2016 A, RB(c)		4.00	%		07/01/2031		2,525		2,465,994
Series 2020, RB(c)		5.00	%		10/01/2040		20,000		20,215,386
Series 2020, RB(c)		4.38	%		10/01/2045		6,500		6,130,027
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016 A, RB(c)		5.00	%		07/01/2046		2,500		2,492,073

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

27 Invesco Rochester^® Municipal Opportunities Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New York–(continued)
Tender Option Bond Trust Receipts/Certificates; Series 2023, RB(k)		4.25	%		05/15/2058	$	56,000	$	53,831,618
Triborough Bridge & Tunnel Authority;
Series 2021 C-3, RB		4.00	%		05/15/2051		8,900		8,412,610
Series 2022, RB(k)		4.00	%		05/15/2046		17,800		17,067,468
Series 2022, RB(k)		5.00	%		11/15/2054		25,750		26,869,229
Series 2022-XF1332, RB(k)		5.25	%		05/15/2052		94,835		102,251,761
Triborough Bridge & Tunnel Authority (Green Bonds); Series 2022 D-2, RB		5.25	%		05/15/2047		16,700		18,174,879
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);
Series 2021 A, RB		4.00	%		11/15/2056		5,000		4,602,992
Series 2022, RB(k)		5.25	%		05/15/2052		25,000		26,948,730
Series 2022, RB(k)		5.25	%		05/15/2057		20,000		21,475,682
Series 2022, RB(k)		5.25	%		05/15/2062		31,400		33,593,544
Yonkers Economic Development Corp. (Charter School Education Excellence); Series 2019 A, RB		5.00	%		10/15/2054		465		402,120
									1,531,889,958
North Carolina–0.38%
Greater Asheville Regional Airport Authority;
Series 2023, RB (INS - AGM)(c)(e)		5.25	%		07/01/2048		2,500		2,621,089
Series 2023, RB (INS - AGM)(c)(e)		5.25	%		07/01/2053		8,035		8,378,686
North Carolina (State of) Housing Finance Agency (Social Bonds); Series 2022, RB (CEP - GNMA)		5.00	%		07/01/2047		4,990		5,053,594
North Carolina (State of) Medical Care Commission (Forest at Duke (The)); Series 2021, RB		4.00	%		09/01/2051		1,025		790,970
North Carolina (State of) Medical Care Commission (Novant Health Obligated Group); Series 2019, RB		4.00	%		11/01/2052		16,500		15,323,517
									32,167,856
North Dakota–0.16%
Grand Forks (County of), ND (Green Bonds);
Series 2021, RB (Acquired 05/21/2021; Cost $3,000,000)(c)(f)(g)(i)		6.63	%		12/15/2031		3,000		1,500,000
Series 2021, RB (Acquired 05/21/2021-09/08/2021; Cost $23,643,484)(c)(f)(g)(i)		7.00%			12/15/2043		23,500		11,750,000
									13,250,000
Northern Mariana Islands–0.24%
Northern Mariana Islands (Commonwealth of); Series 2007 B, Ref. GO Bonds(f)		5.00	%		10/01/2033		22,710		19,702,671
Ohio–3.00%
Buckeye Tobacco Settlement Financing Authority;
Series 2020 A-2, Ref. RB		4.00	%		06/01/2048		8,735		7,740,515
Series 2020 B-2, Ref. RB		5.00	%		06/01/2055		133,630		122,335,059
Series 2020 B-3, Ref. RB(l)		0.00	%		06/01/2057		104,895		12,119,096
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Flats East Bank); Series 2021, Ref. RB(f)		4.50	%		12/01/2055		725		624,812
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Playhouse Square Foundation);
Series 2018, Ref. RB		5.25	%		12/01/2038		815		815,300
Series 2018, Ref. RB		5.50	%		12/01/2043		735		735,262
Series 2018, Ref. RB		5.50	%		12/01/2053		2,900		2,808,448
Cuyahoga (County of), OH (MetroHealth System);
Series 2017, Ref. RB		5.50	%		02/15/2052		2,975		2,997,349
Series 2017, Ref. RB		5.00	%		02/15/2057		7,025		6,685,321
Series 2017, Ref. RB		5.50	%		02/15/2057		4,900		4,901,281
Darke (County of), OH (Wayne Healthcare);
Series 2019 A, RB		4.00	%		09/01/2040		1,000		834,046
Series 2019 A, RB		4.00	%		09/01/2045		1,750		1,365,824
Dayton-Montgomery County Port Authority (The Hunters Path); Series 2023, RB(f)		7.50	%		12/01/2055		4,575		4,481,751
FirstEnergy Solutions Corp.;
Class A3(h)		0.00	%		12/01/2023		7,750		28,967
Class B5(h)		0.00	%		05/15/2025		2,000		7,475
Class C4(h)		3.00	%		05/15/2025		1,500		5,607
Greater Cincinnati (Port of), OH Development Authority;
Series 2004, RB		6.30	%		02/15/2024		280		279,678
Series 2004, RB		6.40	%		02/15/2034		2,500		2,422,330
Hardin (County of), OH (Ohio Northern University); Series 2020, Ref. RB		5.50	%		05/01/2050		3,000		2,565,017

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

28 Invesco Rochester^® Municipal Opportunities Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Ohio–(continued)
Hickory Chase Community Authority (Senior Bonds); Series 2019, Ref. RB(f)		5.00	%		12/01/2040	$	1,805	$	1,601,192
Lorain (County of), OH Port Authority; Series 2005 A, RB(c)		6.00	%		11/15/2025		100		99,949
Marion (County of), OH (United Church Homes, Inc.);
Series 2019, Ref. RB		5.00	%		12/01/2039		2,300		1,888,616
Series 2019, Ref. RB		5.13	%		12/01/2049		7,760		5,954,093
Norwood (City of), OH (Central Park); Series 2017, RB		6.00	%		12/01/2046		1,045		924,665
Ohio (State of) (Portsmouth Bypass); Series 2015, RB(c)		5.00	%		06/30/2053		4,530		4,394,276
Ohio (State of) Air Quality Development Authority (AMG Vanadium Project); Series 2019, RB(c)(f)		5.00	%		07/01/2049		10,000		9,021,415
Ohio (State of) Higher Educational Facility Commission (Denison University); Series 2019, RB		5.00	%		11/01/2044		10,960		11,386,455
Ohio (State of) Higher Educational Facility Commission (Hiram College); Series 2015, Ref. RB		6.00	%		10/01/2041		23,000		23,114,071
Ohio (State of) Higher Educational Facility Commission (Menorah Park Obligated Group); Series 2018, Ref. RB		5.25	%		01/01/2048		6,750		4,070,883
Ohio (State of) Housing Finance Agency (Sanctuary at Springboro); Series 2017, RB(f)		5.45	%		01/01/2038		5,400		4,112,436
Warren (County of), OH Port Authority;
Series 2019 D, RB(f)		4.00	%		12/01/2039		2,305		1,974,492
Series 2019 D, RB(f)		5.00	%		12/01/2052		3,670		3,425,727
Series 2019, RB(f)		5.25	%		12/01/2052		6,105		5,181,023
									250,902,431
Oklahoma–0.58%
Atoka (County of), OK Health Care Authority (Atoka Memorial Hospital); Series 2007, RB (Acquired 08/30/2007-03/01/2016; Cost $4,050,000)(i)		6.63	%		10/01/2037		4,330		3,820,953
Oklahoma (State of) Ordnance Works Authority (Ralston Purina Co.); Series 1996, PCR(c)		6.50	%		09/01/2026		100		100,210
Oklahoma (State of) Water Resources Board (2019 Master Trust); Series 2023, RB		4.00	%		04/01/2048		8,500		8,214,884
Tulsa (City of), OK Airports Improvement Trust (American Airlines Group, Inc.); Series 2015, Ref. RB(b)(c)		5.00	%		06/01/2025		33,955		34,103,852
Tulsa (City of), OK Authority for Economic Opportunity (Vast Bank); Series 2021, RB(f)		4.00	%		12/01/2043		2,550		2,181,017
									48,420,916
Ontario–0.22%
Affordable Housing Tax-Exempt Bond Pass-Thru Trust; Series 2023-1, RB(f)		6.00	%		10/05/2040		19,233		18,386,672
Oregon–0.84%
Clackamas (County of), OR Hospital Facility Authority (Rose Villa);
Series 2020 A, Ref. RB		5.25	%		11/15/2050		1,000		908,641
Series 2020 A, Ref. RB		5.38	%		11/15/2055		1,000		911,268
Oregon (State of) Facilities Authority;
Series 2015 A, RB(f)		5.75	%		06/15/2046		1,740		1,696,715
Series 2016 A, RB		5.25	%		06/15/2051		2,625		2,293,167
Portland (Port of), OR;
Series 2020 A, RB(c)		4.00	%		07/01/2050		1,680		1,510,758
Series 2022, RB(c)(k)		5.00	%		07/01/2052		30,000		30,647,154
Series 2023-XF1493, RB(c)(k)		4.00	%		07/01/2042		12,385		11,529,329
Portland (Port of), OR (Portland International Airport); Series 28, RB(c)(k)		4.00	%		07/01/2047		22,220		20,400,429
									69,897,461
Pennsylvania–1.28%
Allegheny (County of), PA Airport Authority;
Series 2021 A, RB(c)		5.00	%		01/01/2051		1,885		1,910,764
Series 2021 A, RB(c)		5.00	%		01/01/2056		1,320		1,334,393
Allegheny (County of), PA Sanitary Authority; Series 2022, RB		5.00	%		06/01/2053		7,125		7,480,848
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (615
Waterfront); Series 2021, RB(f)		6.00	%		05/01/2042		3,900		3,988,401
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center);
Series 2018, RB(f)		5.38	%		05/01/2042		8,000		8,030,143
Series 2022, RB(f)		5.25	%		05/01/2042		3,710		3,683,575
Chester (County of), PA Industrial Development Authority (Hickman (The));
Series 2016, RB		5.25	%		01/01/2037		1,710		1,354,883
Series 2016, RB		5.50	%		01/01/2052		11,080		7,972,587

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

29 Invesco Rochester^® Municipal Opportunities Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Pennsylvania–(continued)
Chester (County of), PA Industrial Development Authority (Woodlands at Greystone);
Series 2018, RB(f)		5.00	%		03/01/2038	$	441	$	425,544
Series 2018, RB(f)		5.13	%		03/01/2048		873		802,207
Crawford (County of), PA Hospital Authority;
Series 2016 A, Ref. RB		6.00	%		06/01/2046		2,750		2,775,697
Series 2016 A, Ref. RB		6.00	%		06/01/2051		4,310		4,327,244
Dauphin (County of), PA Industrial Development Authority (Dauphin Construction Water Supply); Series 1992 A, RB(c)		6.90	%		06/01/2024		3,400		3,476,347
Lancaster (City of), PA; Series 2018, GO Bonds (INS - BAM)(e)		4.00	%		11/01/2040		5		4,905
Montgomery (County of), PA Higher Education & Health Authority (Pennsylvania LTC, Inc.);
Series 2017, Ref. RB (Acquired 10/25/2017-02/13/2019; Cost $1,250,272)(i)		5.00	%		12/01/2032		1,260		997,279
Series 2017, Ref. RB (Acquired 10/25/2017; Cost $1,705,000)(i)		5.25	%		12/01/2037		1,705		1,255,521
Series 2017, Ref. RB (Acquired 10/25/2017; Cost $487,605)(i)		5.30	%		12/01/2038		500		363,615
Series 2017, Ref. RB (Acquired 10/25/2017-10/26/2017; Cost $3,128,288)(i)		5.38	%		12/01/2047		3,140		2,098,726
Northampton (County of), PA Industrial Development Authority;
Series 2013 A, RB (Acquired 04/03/2013; Cost $7,245,256)(h)(i)(n)		5.00	%		12/31/2023		8,239		1,482,958
Series 2013, RB(h)(n)		5.00	%		12/31/2023		4,226		760,778
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges);
Series 2022, RB(c)		5.75	%		06/30/2048		12,140		13,168,681
Series 2022, RB(c)		5.25	%		06/30/2053		10,000		10,165,920
Series 2022, RB (INS - AGM)(c)(e)		5.00	%		12/31/2057		3,750		3,796,463
Series 2022, RB(c)		6.00	%		06/30/2061		9,750		10,589,744
Pennsylvania (Commonwealth of) Housing Finance Agency; Series 2018, RB (CEP - FNMA)		3.60	%		08/01/2035		13		12,098
Philadelphia (City of), PA; Series 2021, Ref. RB(c)		5.00	%		07/01/2051		5,485		5,564,223
Philadelphia (City of), PA Authority for Industrial Development;
Series 2017, Ref. RB(b)(f)(j)		5.00	%		03/15/2028		480		517,037
Series 2017, Ref. RB(f)		5.00	%		03/15/2045		7,950		6,642,574
Philadelphia (City of), PA Authority for Industrial Development (Green Woods Charter school);
Series 2022 A, Ref. RB		5.25	%		06/15/2052		1,000		905,296
Series 2022 A, Ref. RB		5.38	%		06/15/2057		1,000		904,554
									106,793,005
Puerto Rico–7.66%
Children’s Trust Fund;
Series 2002, RB		5.50	%		05/15/2039		35,940		35,944,198
Series 2002, RB		5.63	%		05/15/2043		108,400		108,945,117
Series 2005 A, RB(l)		0.00	%		05/15/2050		28,000		5,076,652
Series 2005 B, RB(l)		0.00	%		05/15/2055		127,450		13,337,757
Corp. Para El Financiamiento Publico de Puerto Rico; Series 2011, RB		5.50	%		08/01/2031		49,020		1,286,775
HTA Trust; Series 2022 L, RB		5.25	%		07/01/2038		17		17,059
PRHTA Custodial Trust; Series 2022, RB(g)		5.75	%		12/06/2049		160		57,054
Puerto Rico (Commonwealth of);
Series 2021 A, GO Bonds(l)		0.00	%		07/01/2024		2,370		2,284,339
Series 2021 A, GO Bonds(l)		0.00	%		07/01/2033		18,710		11,399,985
Series 2021 A-1, GO Bonds		5.63	%		07/01/2027		16,045		16,734,528
Series 2021 A-1, GO Bonds		5.63	%		07/01/2029		15,785		16,701,173
Series 2021 A-1, GO Bonds		5.75	%		07/01/2031		35,332		38,214,402
Series 2021 A-1, GO Bonds		4.00	%		07/01/2037		16,216		14,589,639
Series 2021 A-1, GO Bonds		4.00	%		07/01/2041		59,950		51,841,742
Series 2021 A-1, GO Bonds		4.00	%		07/01/2046		15,859		13,202,465
Subseries 2022, RN		0.00	%		11/01/2043		76,212		39,344,359
Subseries 2022, RN		0.00	%		11/01/2051		5,603		2,332,332
Subseries 2022, RN		0.00	%		11/01/2051		362		187,208
Subseries 2022, RN		0.00	%		11/01/2051		1,351		1,301,908
Subseries 2022, RN		0.00	%		11/01/2051		1,639		258,192

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

30 Invesco Rochester^® Municipal Opportunities Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Puerto Rico–(continued)
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2021 A, RB(f)		5.00	%		07/01/2025	$	315	$	317,213
Series 2021 A, RB(f)		5.00	%		07/01/2033		900		910,393
Series 2021 A, RB(f)		5.00	%		07/01/2037		450		450,123
Series 2021 A, RB(f)		4.00	%		07/01/2042		1,250		1,072,575
Series 2021 B, RB(f)		5.00	%		07/01/2033		5,000		5,057,736
Series 2022 A, Ref. RB(f)		5.00	%		07/01/2033		4,000		4,049,404
Series 2022 A, Ref. RB(f)		5.00	%		07/01/2037		6,000		5,987,716
Series 2022 A, Ref. RB(f)		4.00	%		07/01/2047		3,230		2,669,218
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2007 TT, RB(g)		5.00	%		07/01/2024		15		4,125
Series 2007 TT, RB(g)		5.00	%		07/01/2026		895		246,125
Series 2007 TT, RB(g)		5.00	%		07/01/2027		1,990		547,250
Series 2007 TT, RB(g)		5.00	%		07/01/2032		3,680		1,012,000
Series 2007 UU, Ref. RB (INS - AGC)(e)		5.00	%		07/01/2026		7,905		7,952,069
Series 2007 VV, Ref. RB (INS - NATL)(e)		5.25	%		07/01/2026		175		172,495
Series 2007 VV, Ref. RB (INS - NATL)(e)		5.25	%		07/01/2033		22,000		21,645,595
Series 2007 VV, Ref. RB (INS - NATL)(e)		5.25	%		07/01/2035		465		452,593
Series 2008 WW, RB(g)		5.38	%		07/01/2024		390		107,250
Series 2008 WW, RB(g)		5.25	%		07/01/2033		415		114,125
Series 2008 WW, RB(g)		5.50	%		07/01/2038		605		166,375
Series 2010 AAA, RB(g)		5.25	%		07/01/2026		4,570		1,256,750
Series 2010 AAA, RB(g)		5.25	%		07/01/2028		2,600		715,000
Series 2010 AAA, RB(g)		5.25	%		07/01/2029		445		122,375
Series 2010 AAA, RB(g)		5.25	%		07/01/2030		95		26,125
Series 2010 CCC, RB(g)		5.00	%		07/01/2024		35		9,625
Series 2010 CCC, RB(g)		5.00	%		07/01/2027		285		78,375
Series 2010 CCC, RB(g)		5.00	%		07/01/2028		540		148,500
Series 2010 XX, RB(g)		5.25	%		07/01/2026		10		2,750
Series 2010 XX, RB(g)		5.25	%		07/01/2027		845		232,375
Series 2010 XX, RB(g)		5.25	%		07/01/2035		2,660		731,500
Series 2010 XX, RB(g)		5.75	%		07/01/2036		18,575		5,108,125
Series 2010 XX, RB(g)		5.25	%		07/01/2040		28,430		7,818,250
Series 2010 ZZ, Ref. RB(g)		5.00	%		07/01/2024		215		59,125
Series 2010 ZZ, Ref. RB(g)		4.63	%		07/01/2025		190		52,250
Series 2010 ZZ, Ref. RB(g)		5.25	%		07/01/2025		275		75,625
Series 2010 ZZ, Ref. RB(g)		5.00	%		07/01/2026		10		2,750
Series 2010 ZZ, Ref. RB(g)		5.25	%		07/01/2026		1,135		312,125
Series 2012 A, RB(g)		5.00	%		07/02/2029		3,100		852,500
Series 2012 A, RB(g)		5.05	%		07/01/2042		11,925		3,279,375
Series 2013 A, RB(g)		7.25	%		07/01/2030		160		44,000
Series 2013 A, RB(g)		7.00	%		07/01/2040		480		132,000
Series 2013 A, RB(g)		7.00	%		07/01/2043		9,080		2,497,000
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2022 A, RB		5.00	%		07/01/2062		7,140		7,041,782
Series 2022 B, RB(l)		0.00	%		07/01/2032		4,640		2,987,005
Series 2022 C, RB(d)		5.00	%		07/01/2053		7,937		5,030,167
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2000, RB (Acquired 07/06/2016-03/28/2019; Cost $4,914,690)(c)(g)(i)		6.63	%		06/01/2026		5,040		3,528,000

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

31 Invesco Rochester^® Municipal Opportunities Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Puerto Rico–(continued)
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(l)		0.00	%		07/01/2029	$	11	$	8,606
Series 2018 A-1, RB		4.50	%		07/01/2034		11		10,999
Series 2018 A-1, RB		4.55	%		07/01/2040		3,337		3,253,659
Series 2018 A-1, RB(l)		0.00	%		07/01/2046		157,376		43,833,654
Series 2018 A-1, RB(l)		0.00	%		07/01/2051		103,344		21,359,913
Series 2018 A-1, RB		4.75	%		07/01/2053		36,976		34,664,246
Series 2018 A-1, RB		5.00	%		07/01/2058		40,948		39,736,164
Series 2019 A-2, RB		4.54	%		07/01/2053		4,576		4,141,502
Series 2019 A-2, RB		4.78	%		07/01/2058		14,781		13,855,563
Series 2019 A-2B, RB		4.55	%		07/01/2040		5,542		5,403,590
University of Puerto Rico;
Series 2006 P, Ref. RB		5.00	%		06/01/2030		5,260		5,070,040
Series 2006 Q, RB		5.00	%		06/01/2036		1,025		973,018
									640,445,672
Rhode Island–0.09%
Central Falls Detention Facility Corp.; Series 2005, Ref. RB (Acquired 06/23/2005; Cost $43,767,323)(g)(i)		7.25	%		07/15/2035		44,240		7,963,200
South Carolina–0.77%
Lancaster (County of), SC School District; Series 2018 XF252, GO Bonds(k)		4.00	%		03/01/2036		12,555		12,600,670
South Carolina (State of) Jobs-Economic Development Authority (Green Bonds);
Series 2019 A, RB(c)(f)		7.00	%		05/01/2039		5,000		3,940,043
Series 2021, RB(c)(f)		6.00	%		06/01/2031		1,000		870,420
Series 2021, RB(c)(f)		6.25	%		06/01/2040		1,000		777,883
Series 2021, RB(c)(f)		6.50	%		06/01/2051		2,750		2,032,504
South Carolina (State of) Jobs-Economic Development Authority (Seafields at Kiawah Island);
Series 2023, RB		5.75	%		11/15/2029		10,000		9,480,009
Series 2023, RB		7.50	%		11/15/2053		10,000		9,950,975
Series 2023, RB		7.75	%		11/15/2058		10,000		9,950,377
South Carolina (State of) Ports Authority; Series 2018, RB(c)		5.00	%		07/01/2055		3,750		3,768,810
South Carolina (State of) Public Service Authority;
Series 2014 A, RB		5.00	%		12/01/2049		5,000		5,000,808
Series 2016 B, Ref. RB		5.00	%		12/01/2046		6,250		6,271,197
									64,643,696
South Dakota–0.06%
South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group); Series 2014 B, RB		5.00	%		11/01/2044		5,000		5,000,315
Tennessee–1.02%
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health);
Series 2019 A-1, Ref. RB		4.00	%		08/01/2038		775		730,910
Series 2019 A-1, Ref. RB		4.00	%		08/01/2044		1,545		1,375,508
Series 2019 A-2, Ref. RB		5.00	%		08/01/2044		1,160		1,184,875
Series 2019 A-2, Ref. RB		5.00	%		08/01/2049		1,545		1,561,019
Knox County Industrial Development Board (Green Bonds) (Tompaul Knoxville, LLC Recycling); Series 2022, RB(c)(f)		9.50	%		11/01/2052		10,000		9,940,924
Memphis (City of) & Shelby (County of), TN Airport Authority; Series 2021 A, RB(c)		5.00	%		07/01/2049		17,545		17,865,731
Memphis (City of), TN; Series 2018, GO Bonds		4.00	%		06/01/2047		10,765		10,368,907
Metropolitan Development and Housing Agency (Fifth + Broadway Development); Series 2018, RB(f)		5.13	%		06/01/2036		600		604,340
Metropolitan Nashville Airport Authority (The); Series 2019 B, RB(c)		5.00	%		07/01/2049		10,000		10,162,907
Nashville (City of) & Davidson (County of), TN Metropolitan Government; Series 2022 A, GO Bonds		4.00	%		01/01/2042		2,475		2,459,016
Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor);
Series 2013 A, Ref. RB		5.50	%		09/01/2047		9,000		7,356,344
Series 2013 B, Ref. RB(g)		8.00	%		09/01/2044		6,350		317,500
Tennessee Energy Acquisition Corp.; Series 2021 A, RB(b)		5.00	%		11/01/2031		20,865		21,587,269
									85,515,250

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

32 Invesco Rochester^® Municipal Opportunities Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–13.67%
Argyle (Town of), TX (The Highlands of Argyle Public Improvement District No. 1);
Series 2017, RB		5.00	%		09/01/2037	$	890	$	877,387
Series 2017, RB		5.25	%		09/01/2047		1,475		1,449,321
Arlington Higher Education Finance Corp. (UME Preparatory Academy); Series 2017 A, RB		5.00	%		08/15/2053		785		676,418
Arlington Higher Education Finance Corp. (Winfree Academy Charter School); Series 2019, Ref. RB		5.75	%		08/15/2043		4,345		4,204,754
Aubrey (City of), TX (Aubrey Public Improvement District No. 1);
Series 2023, RB(f)		5.88	%		09/01/2043		1,030		1,033,845
Series 2023, RB(f)		6.00	%		09/01/2053		1,600		1,600,930
Aubrey (City of), TX (Jackson Ridge Public Improvement District Phase No. 1); Series 2015, RB		7.25	%		09/01/2045		630		646,305
Aubrey Independent School District;
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)(k)		4.00	%		02/15/2047		20,500		19,371,996
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00	%		02/15/2052		23,000		21,292,560
Austin (City of), TX; Series 2022, RB(c)		5.00	%		11/15/2043		3,450		3,582,340
Birdville Independent School District;
Series 2023 A, GO Bonds (CEP - Texas Permanent School Fund)		5.00	%		02/15/2048		7,000		7,472,214
Series 2023, GO Bonds		4.00	%		02/15/2048		15,000		14,068,875
Brazoria County Industrial Development Corp. (Aleon Renewable); Series 2022, RB(b)(c)(f)		10.00	%		06/01/2024		6,000		5,792,304
Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC); Series 2019, RB(c)		7.00	%		03/01/2039		20,600		18,925,307
Cambridge Student Housing Financing Co. L.P.;
Series 2004 C, Revenue Ctfs.(g)		9.70%			11/01/2039		4,502		1,351
Series 2004 D, Revenue Ctfs.(g)		0.00	%		11/01/2039		3,659		732
Celina (City of), TX;
Series 2015, RB		6.25	%		09/01/2045		1,685		1,698,865
Series 2015, RB		7.25	%		09/01/2045		920		942,519
Series 2015, RB		7.50	%		09/01/2045		3,695		3,734,256
Celina (City of), TX (Cross Creek Meadows Public Improvement District Improvement Area #1);
Series 2023, RB(f)		5.38	%		09/01/2043		1,615		1,601,490
Series 2023, RB(f)		5.50	%		09/01/2053		2,305		2,248,781
Celina (City of), TX (Mosaic Public Improvement District Phase #1);
Series 2023, RB(f)		5.13	%		09/01/2043		1,200		1,155,686
Series 2023, RB(f)		5.50	%		09/01/2053		1,825		1,765,190
Celina (City of), TX (Ten Mile Creek Public Improvement District Improvement Area #1);
Series 2023, RB(f)		4.75	%		09/01/2030		325		324,424
Series 2023, RB(f)		5.50	%		09/01/2042		875		871,931
Series 2023, RB(f)		5.75	%		09/01/2052		1,500		1,493,694
Celina (City of), TX (Ten Mile Creek Public Improvement District Major Improvement Area);
Series 2023, RB(f)		5.50	%		09/01/2030		250		249,568
Series 2023, RB(f)		6.25	%		09/01/2042		800		797,351
Series 2023, RB(f)		6.50	%		09/01/2052		1,300		1,294,940
Centerville Independent School District;
Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.25	%		08/15/2048		800		786,812
Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.25	%		08/15/2053		1,000		970,310
Central Texas Regional Mobility Authority; Series 2020 E, RB		4.00	%		01/01/2050		10,000		9,016,252
Chapel Hill Independent School District;
Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		5.00	%		02/15/2048		2,000		2,140,713
Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00	%		02/15/2053		3,000		2,824,868
Cleveland Independent School District; Series 2020 A, GO Bonds (CEP - Texas Permanent School Fund)		4.00	%		02/15/2052		5,855		5,423,057
Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB		6.00	%		08/15/2038		5,000		5,035,704
Corpus Christi Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00	%		08/15/2052		8,000		7,404,211
Crandall (City of), TX;
Series 2021, RB(f)		4.75	%		09/15/2031		100		91,255
Series 2021, RB(f)		4.25	%		09/15/2041		250		210,124
Series 2021, RB(f)		5.00	%		09/15/2041		500		451,434
Series 2021, RB(f)		4.50	%		09/15/2051		1,500		1,179,220
Series 2021, RB(f)		5.25	%		09/15/2051		500		445,698

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

33 Invesco Rochester^® Municipal Opportunities Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Crandall Independent School District;
Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		5.00	%		08/15/2048	$	1,315	$	1,403,709
Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		5.00	%		08/15/2053		1,600		1,692,462
Crowley Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		5.25	%		02/01/2053		7,500		8,136,512
Cypress-Fairbanks Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00	%		02/15/2048		10,000		9,581,356
Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport); Series 2022 B, Ref. RB		4.00	%		11/01/2045		15,000		14,205,286
Dallas (City of), TX Area Rapid Transit; Series 2021 B, Ref. RB		4.00	%		12/01/2051		31,180		28,381,729
Denton Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		5.00	%		08/15/2053		8,000		8,549,002
DeSoto (City of), TX (Danieldale Homestead); Series 2023, RB(f)		5.50	%		09/15/2050		1,500		1,427,162
Edinburg Economic Development Corp.; Series 2019, RB(f)		5.00	%		08/15/2044		1,645		1,523,424
El Paso (City of), TX; Series 2021 B, GO Bonds		4.00	%		08/15/2047		6,000		5,506,462
Fort Worth Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00	%		02/15/2048		7,000		6,706,949
Galveston (City of), TX;
Series 2014, RB		5.63	%		09/01/2028		865		720,140
Series 2014, RB		6.00	%		09/01/2038		2,855		1,965,241
Series 2014, RB		6.13	%		09/01/2044		2,800		1,856,822
Godley Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		5.00	%		02/15/2054		7,375		7,774,341
Grand Parkway Transportation Corp.; Series 2015 XF2034, Revenue Ctfs.(b)(j)(k)		5.00	%		10/01/2023		10,000		10,009,846
Grand Parkway Transportation Corp. (TELA Supported); Series 2018 A, RB		5.00	%		10/01/2048		32,525		33,621,805
Gulf Coast Industrial Development Authority; Series 1998, RB(c)		8.00	%		04/01/2028		20		20,014
Harris (County of), TX Toll Road Authority (The); Series 2021, Ref. RB		4.00	%		08/15/2045		18,050		16,733,747
Hays (County of), TX (La Cima Public Improvement District);
Series 2022, RB(f)		5.50	%		09/15/2042		2,000		1,992,953
Series 2022, RB(f)		5.75	%		09/15/2052		3,550		3,520,215
Hays Consolidated Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		5.00	%		02/15/2048		11,000		11,710,334
Highway 380 Municipal Management District No. 1; Series 2022, GO Bonds (INS - BAM)(e)		4.00	%		05/01/2044		2,355		2,124,610
Hitchcock Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00	%		02/15/2048		7,250		6,817,522
Houston (City of), TX;
Series 2020 C, Ref. RB		4.00	%		11/15/2049		3,500		3,299,024
Series 2021 A, RB(c)		4.00	%		07/01/2046		6,400		5,774,157
Series 2021 A, RB(c)		4.00	%		07/01/2048		5		4,457
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E);
Series 2014, Ref. RB(c)		5.00	%		07/01/2029		1,000		999,585
Series 2020 A, Ref. RB(c)		5.00	%		07/01/2027		1,250		1,260,489
Houston (City of), TX Airport System (United Airlines, Inc.);
Series 2018, RB(c)		5.00	%		07/15/2028		8,250		8,357,239
Series 2020 B-2, Ref. RB(c)		5.00	%		07/15/2027		1,750		1,764,990
Series 2021 B-1, RB(c)		4.00	%		07/15/2041		15,000		13,272,205
Humble Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)(k)		4.00	%		02/15/2052		20,500		18,980,253
Hutto Independent School District;
Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		5.00	%		08/01/2048		3,000		3,210,358
Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		5.00	%		08/01/2053		3,000		3,180,154
Krum Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00	%		08/15/2052		2,500		2,314,511
Lamar Consolidated Independent School District;
Series 2023 A, GO Bonds (CEP - Texas Permanent School Fund)		4.00	%		02/15/2048		20,000		19,162,712
Series 2023 A, GO Bonds (CEP - Texas Permanent School Fund)		5.00	%		02/15/2053		10,000		10,601,850
Series 2023 A, GO Bonds (CEP - Texas Permanent School Fund)		5.00	%		02/15/2058		28,550		30,131,636
Series 2023, GO Bonds(k)		4.00	%		02/15/2048		37,500		35,065,680
Series 2023, GO Bonds(k)		4.00	%		02/15/2053		35,000		32,140,479
Laredo (City of), TX; Series 2020 A, RB		4.00	%		03/01/2050		5,975		5,455,805
Little Elm (Town of), TX; Series 2022, RB(f)		6.88	%		09/01/2052		2,700		2,800,607
Mclendon-Chisholm (City of), TX (Sonoma Public Improvement); Series 2022, RB(f)		5.75	%		09/15/2052		2,500		2,417,835

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

34 Invesco Rochester^® Municipal Opportunities Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Medina Valley Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00	%		02/15/2053	$	31,250	$	29,425,709
Midlothian (City of), TX (Westside Preserve Public Improvement District);
Series 2022, RB(f)		5.25	%		09/15/2042		1,500		1,422,193
Series 2022, RB(f)		5.38	%		09/15/2052		2,500		2,349,938
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(c)(f)		4.63	%		10/01/2031		25,000		24,431,317
New Caney Independent School District; Series 2023, Ref. GO Bonds (CEP - Texas Permanent School Fund)		5.00	%		02/15/2053		17,950		19,136,604
New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community);
Series 2021 A-1, RB		7.50	%		11/15/2037		150		114,341
Series 2021 A-2, RB		7.50	%		11/15/2036		2,100		1,710,448
Series 2021, RB		2.00	%		11/15/2061		3,922		1,551,302
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn); Series 2016 A-1, RB (Acquired 05/05/2016; Cost $365,079)(i)		5.00	%		07/01/2031		350		239,750
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.);
Series 2016, RB (Acquired 05/05/2016; Cost $1,799,657)(i)		5.00	%		07/02/2046		1,750		1,198,750
Series 2016, RB (Acquired 05/05/2016; Cost $1,792,586)(i)		5.00	%		07/03/2051		1,750		1,198,750
New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing Denton, LLC - Texas Woman’s University);
Series 2018 A-1, RB (INS - AGM)(e)		5.00	%		07/01/2038		500		505,121
Series 2018 A-1, RB (INS - AGM)(e)		5.00	%		07/01/2048		1,750		1,733,635
Series 2018 A-1, RB (INS - AGM)(e)		5.00	%		07/01/2058		2,400		2,353,103
New Hope Cultural Education Facilities Finance Corp. (Cumberland Academy);
Series 2020 A, RB(f)		5.00	%		08/15/2040		2,390		2,156,706
Series 2020 A, RB(f)		5.00	%		08/15/2050		2,220		1,878,262
New Hope Cultural Education Facilities Finance Corp. (Legacy Midtown Park); Series 2018 A, RB		5.50	%		07/01/2054		8,250		6,268,572
New Hope Cultural Education Facilities Finance Corp. (Legacy Preparatory Charter Academy);
Series 2018 A, RB(f)		6.00	%		08/15/2037		1,000		1,011,983
Series 2018 A, RB(f)		6.00	%		08/15/2047		13,435		13,383,686
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford);
Series 2016 A, RB		5.38	%		11/15/2036		400		348,613
Series 2016 A, RB		5.50	%		11/15/2046		650		528,077
Series 2016 A, RB		5.50	%		11/15/2052		3,425		2,704,680
New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven (The));
Series 2022 A, RB		6.63	%		10/01/2043		18,335		16,682,499
Series 2022 A, RB		6.75	%		10/01/2052		9,910		8,801,719
Series 2022 A, RB		6.88	%		10/01/2057		15,910		14,212,573
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North);
Series 2018, Ref. RB		5.25	%		10/01/2049		3,700		2,936,038
Series 2020, RB		5.25	%		10/01/2055		12,390		9,556,014
New Hope Cultural Education Facilities Finance Corp. (Wesleyan Homes, Inc.); Series 2014, RB		5.50	%		01/01/2049		1,300		1,004,505
North Central Texas Housing Finance Corp. (Village of Kaufman Apartments); Series 2012, RB(b)		6.15	%		01/01/2029		1,445		1,445,653
North Parkway Municipal Management District No. 1;
Series 2021, RB(f)		4.00	%		09/15/2041		500		427,195
Series 2021, RB(f)		4.25	%		09/15/2051		1,000		830,705
North Parkway Municipal Management District No. 1 (Major Improvements);
Series 2021, RB(f)		4.75	%		09/15/2041		2,000		1,849,089
Series 2021, RB(f)		5.00	%		09/15/2051		3,500		3,152,126
Pflugerville (City of), TX; Series 2023, Ctfs. of Obligation		5.00	%		08/01/2053		7,285		7,703,269
Pilot Point (City of), TX (Creekview Public Improvement District Zone A);
Series 2022, RB(f)		5.75	%		09/15/2032		340		338,340
Series 2022, RB(f)		5.50	%		09/15/2042		800		782,456
Series 2022, RB(f)		5.63	%		09/15/2052		1,450		1,413,548
Series 2022, RB(f)		6.13	%		09/15/2052		2,070		2,086,101
Pilot Point (City of), TX (Creekview Public Improvement District Zone B);
Series 2022, RB(f)		5.50	%		09/15/2042		750		733,552
Series 2022, RB(f)		5.63	%		09/15/2052		1,300		1,267,319

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)
Pilot Point (City of), TX (Mobberly Public Area No. 2);
Series 2022, RB(f)		5.38%		09/15/2027	$	350	$	350,316
Series 2022, RB(f)		5.63%		09/15/2032		400		403,007
Series 2022, RB(f)		6.00%		09/15/2052		4,000		4,024,331
Pilot Point (City of), TX (Mobberly Public Improvement District);
Series 2022, RB(f)		5.50%		09/15/2048		2,000		1,960,029
Series 2022, RB(f)		6.50%		09/15/2052		1,484		1,505,001
Pottsboro Higher Education Finance Corp. (Imagine International Academy of North Texas LLC);
Series 2016 A, RB		5.00%		08/15/2036		655		631,984
Series 2016 A, RB		5.00%		08/15/2046		1,000		899,182
Princeton (City of), TX (Eastridge Public Improvement District);
Series 2022, RB(f)		5.13%		09/01/2042		845		819,558
Series 2022, RB(f)		5.25%		09/01/2052		1,375		1,308,703
Red River Education Finance Corp. (Houston Baptist University); Series 2017, Ref. RB		5.50%		10/01/2046		9,620		9,721,487
Red River Health Facilities Development Corp. (MRC Crossing); Series 2014 A, RB(b)(j)		8.00%		11/15/2024		3,000		3,157,121
Rockwall Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2053		10,000		9,432,071
Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area); Series 2016, RB		6.00%		09/15/2046		450		447,452
Sabine Neches Housing Finance Corp. (Fox Run Apartments); Series 2012, RB(b)		6.15%		01/01/2029		1,725		1,724,990
San Antonio (City of), TX;
Series 2021 A, RB(k)		5.00%		02/01/2046		10,000		10,506,171
Series 2021 A, RB(k)		5.00%		02/01/2049		3,605		3,771,151
Series 2023, RB(k)		4.00%		05/15/2051		20,000		17,983,240
San Antonio Municipal Facilities Corp. (City Tower Renovation); Series 2021, RB		4.00%		08/01/2048		13,000		12,277,710
Sanger Industrial Development Corp. (Texas Pellets); Series 2012 C, RB (Acquired 08/31/2012; Cost $26,820,000)(c)(g)(h)(i)		7.50%		07/01/2038		26,820		6,705,000
sherman (City of), TX; Series 2023, Ctfs. of Obligation		5.00%		08/15/2048		10,000		10,542,787
Sherman Independent School District; Series 2023 B, GO Bonds (CEP - Texas Permanent School Fund)		5.00%		02/15/2053		10,000		10,585,867
Spring Branch Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/01/2048		8,000		7,643,070
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Senior Living - Ventana);
Series 2017, RB		6.75%		11/15/2047		3,500		3,532,445
Series 2017, RB		6.75%		11/15/2052		2,100		2,114,680
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2017 A, RB (Acquired 06/12/2020; Cost $4,646,513)(g)(i)		6.38%		02/15/2048		5,710		3,140,500
Series 2017 A, RB (Acquired 06/12/2020; Cost $2,441,250)(g)(i)		6.38%		02/15/2052		3,000		1,650,000
Series 2017, RB (Acquired 06/12/2020; Cost $1,688,531)(g)(i)		6.38%		02/15/2041		2,075		1,141,250
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
Series 2020, Ref. RB		6.25%		11/15/2031		500		479,550
Series 2020, Ref. RB		6.63%		11/15/2041		2,000		1,857,379
Series 2020, Ref. RB		6.75%		11/15/2051		3,000		2,689,113
Series 2020, Ref. RB		6.88%		11/15/2055		3,555		3,210,877
Tender Option Bond Trust Receipts/Certificates;
Series 2023, GO Bonds (CEP - Texas Permanent School Fund)(k)		5.00%		02/01/2048		14,000		14,997,426
Series 2023, GO Bonds (CEP - Texas Permanent School Fund)(k)		4.25%		02/01/2053		10,000		9,748,786
Series 2023, RB(k)		4.25%		02/15/2053		29,650		28,290,384
Texas (State of);
Series 2023 A, GO Bonds(c)		4.13%		08/01/2044		6,205		5,783,774
Series 2023 A, GO Bonds(c)		4.13%		08/01/2046		19,530		18,164,056
Texas (State of) Transportation Commission (Central Texas Turnpike System); Series 2015 C, Ref. RB		5.00%		08/15/2042		18,825		18,825,000
Texas (State of) Water Development Board;
Series 2018, RB(k)		5.00%		10/15/2053		13,515		14,000,564
Series 2019 A, RB		4.00%		10/15/2044		5,000		4,781,722
Series 2019 A, RB		4.00%		10/15/2049		10,000		9,412,032
Series 2021, RB		4.00%		10/15/2056		15,000		13,883,760
Texas City Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		08/15/2053		8,500		8,004,633

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
Texas–(continued)
Texas State Student Housing Corp.; Series 2001, RB(g)		6.85%		07/01/2031	$	215	$210,700
Texas State Technical College;
Series 2022, RB (INS - AGM)(e)(k)		5.50%		08/01/2042		12,500	13,759,911
Series 2022, RB (INS - AGM)(e)(k)		6.00%		08/01/2054		6,000	6,709,947
Vintage Township Public Facilities Corp.; Series 2008 A, RB		7.38%		10/01/2038		1,896	1,897,973
Waller Consolidated Independent School District;
Series 2023 A, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2048		22,800	21,845,492
Series 2023 A, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2053		39,435	37,132,891
Waxahachie (City of), TX; Series 2015, RB		6.00%		08/15/2045		6,000	5,941,997
Waxahachie Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.25%		02/15/2053		9,000	8,729,679
Williamson (County of), TX Municipal Utility District No. 28;
Series 2022, GO Bonds (INS - AGM)(e)		4.25%		10/01/2044		1,360	1,334,762
Series 2022, GO Bonds (INS - AGM)(e)		4.25%		10/01/2047		1,540	1,486,092
Series 2022, GO Bonds (INS - AGM)(e)		4.38%		10/01/2048		1,805	1,768,236
Series 2022, GO Bonds (INS - AGM)(e)		4.50%		10/01/2050		1,510	1,495,302
Ysleta Independent School District;
Series 2020, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		08/15/2050		8,700	8,106,131
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)(k)		5.00%		08/15/2056		17,340	18,253,754
							1,142,985,928
Utah–1.27%
Auto Mall & Retail Public Infrastructure District; Series 2023 A, GO Bonds(d)(f)		8.25%		03/01/2053		18,700	14,136,231
Black Desert Public Infrastructure District; Series 2021 B, GO Bonds(f)		7.38%		09/15/2051		5,500	4,476,607
Downtown East Streetcar Sewer Public Infrastructure District;
Series 2022 A, GO Bonds(f)		6.00%		03/01/2053		6,500	6,229,917
Series 2022 B, GO Bonds(f)		9.00%		03/15/2053		1,239	1,200,644
Gateway at Sand Hollow Public Infrastructure District No. 1; Series 2021 A, GO Bonds(f)		5.50%		03/01/2051		11,500	8,709,179
Hideout (Town of), UT Local District No. 1;
Series 2014, RB		7.75%		08/01/2024		40	40,092
Series 2014, RB		8.25%		08/01/2034		610	600,064
Pine View Public Infrastructure District No. 1; Series 2021 A, GO Bonds(f)		6.00%		03/01/2051		13,815	10,809,956
Red Bridge Public Infrastructure District No. 1;
Series 2021 A, GO Bonds(f)		4.38%		02/01/2051		1,000	740,862
Series 2021 B, GO Bonds(f)		7.38%		08/15/2051		600	481,628
Salt Lake City (City of), UT;
Series 2017 A, RB(c)		5.00%		07/01/2047		5,000	5,041,637
Series 2021 A, RB (INS - AGM)(c)(e)		4.00%		07/01/2051		20,420	18,138,710
Utah (State of) Charter School Finance Authority (Endeavour Hall);
Series 2012, RB		6.00%		07/15/2032		1,615	1,609,379
Series 2012, RB		6.25%		07/15/2042		3,870	3,798,259
Utah (State of) Charter School Finance Authority (Esperanza Elementary School);
Series 2018 A, RB(f)		5.00%		10/15/2038		2,330	2,158,114
Series 2018 A, RB(f)		5.25%		10/15/2048		2,205	1,982,504
Utah (State of) Charter School Finance Authority (Leadership Learning Academy); Series 2019 A, RB(f)		5.00%		06/15/2050		2,000	1,727,799
Utah (State of) Charter School Finance Authority (Merit Preparatory Academy); Series 2019 A, RB(f)		5.38%		06/15/2049		3,645	3,213,406
Utah (State of) Charter School Finance Authority (Reagan Academy); Series 2016 A, Ref. RB(f)		5.00%		02/15/2046		855	782,744
Utah (State of) Charter School Finance Authority (The Freedom Academy Foundation);
Series 2017, Ref. RB(f)		5.25%		06/15/2037		4,810	4,587,230
Series 2017, Ref. RB(f)		5.38%		06/15/2048		8,415	7,629,735
Wohali Public Infrastructure District No. 1 (Wohali Assessment Area #1); Series 2023, RB(f)		7.00%		12/01/2042		8,630	8,521,090
							106,615,787

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
Vermont–0.07%
East Central Vermont Telecommunications District;
Series 2018 A, RB(f)		5.75%		12/01/2036	$	1,450	$ 1,451,168
Series 2018 A, RB(f)		5.60%		12/01/2043		960	922,260
Series 2019 A, RB(f)		5.00%		12/01/2048		4,330	3,675,961
							6,049,389
Virgin Islands–0.14%
Tobacco Settlement Financing Corp.; Series 2006 A, RB(l)		0.00%		05/15/2035		23,395	11,393,416
Virginia–0.76%
Atlantic Park Community Development Authority; Series 2023, RB(f)		6.25%		08/01/2045		16,865	15,851,297
Celebrate North Community Development Authority (Celebrate VA North); Series 2003 B, RB(g)(h)		6.75%		03/01/2034		1,291	839,150
Lewistown (City of), VA Commerce Center Community Development Authority;
Series 2014 A, RB		6.05%		03/01/2044		919	695,118
Series 2014 B, RB		6.05%		03/01/2044		2,607	2,132,588
Series 2014 C, RB(g)		6.05%		03/01/2054		2,183	1,091,507
Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge);
Series 2019 A, RB		5.25%		01/01/2054		20,650	16,538,445
Series 2019, RB		4.00%		01/01/2029		1,100	999,074
Peninsula Town Center Community Development Authority; Series 2018, Ref. RB(f)		5.00%		09/01/2045		1,000	919,918
Richmond (City of), VA Redevelopment & Housing Authority; Series 2017, RB(f)		5.55%		01/01/2037		2,100	1,851,991
Roanoke (City of), VA Economic Development Authority (Richfield Living);
Series 2020, RB (Acquired 01/23/2020-09/15/2020; Cost $3,715,000)(g)(i)		5.00%		09/01/2050		3,910	2,346,001
Series 2020, RB (Acquired 01/23/2020-09/15/2020; Cost $2,749,000)(g)(i)		5.13%		09/01/2055		2,920	1,752,001
Roanoke (County of), VA Economic Development Authority;
Series 2019 A, Ref. RB (Acquired 04/11/2019; Cost $14,405,820)(g)(i)		5.25%		09/01/2049		14,735	8,841,009
Series 2019 A, Ref. RB (Acquired 04/11/2019; Cost $7,074,524)(g)(i)		5.38%		09/01/2054		7,215	4,329,005
Tobacco Settlement Financing Corp.; Series 2007 B-1, RB		5.00%		06/01/2047		1,515	1,392,573
Virginia (Commonwealth of) Small Business Financing Authority (Covanta); Series 2018, RB(b)(c)(f)		5.00%		07/01/2038		4,690	4,328,696
							63,908,373
Washington–1.38%
Kalispel Tribe of Indians;
Series 2018 A, RB(f)		5.00%		01/01/2032		2,185	2,229,332
Series 2018 A, RB(f)		5.25%		01/01/2038		3,000	3,061,024
Series 2018 B, RB(f)		5.00%		01/01/2032		500	510,145
Series 2018 B, RB(f)		5.25%		01/01/2038		1,000	1,020,341
Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB		5.60%		03/01/2028		110	109,140
Kitsap (County of), WA Consolidated Housing Authority; Series 2001 A, RB(c)		6.10%		10/01/2031		40	38,377
Port of Seattle Industrial Development Corp. (Delta Airlines); Series 2012, Ref. RB(c)		5.00%		04/01/2030		2,125	2,125,610
Seattle (Port of), WA;
Series 2021 C, Ref. RB(c)		5.00%		08/01/2046		12,000	12,290,020
Series 2022 B, Ref. RB(c)		4.00%		08/01/2047		3,000	2,689,374
Series 2022 B, Ref. RB(c)		5.00%		08/01/2047		8,195	8,429,284
Series 2022 B, Ref. RB(c)		5.50%		08/01/2047		2,500	2,671,360
Series 2022, RB(c)(k)		5.00%		04/01/2044		25,295	25,877,187
Tacoma (City of), WA Consolidated Local Improvement Districts; Series 2013, RB		5.75%		04/01/2043		1,939	1,847,426
Washington (State of) Economic Development Finance Authority (Columbia Pulp I, LLC);
Series 2017 A, RB (Acquired 07/25/2017-06/21/2019; Cost $26,279,409)(c)(f)(g)(i)		7.50%		01/01/2032		26,355	2,635
Washington (State of) Economic Development Finance Authority (Green Bonds); Series 2020 A, RB(c)(f)		5.63%		12/01/2040		8,000	7,696,234
Washington (State of) Economic Development Finance Authority (North Pacific Paper);
Series 2020 B, Ref. RB(f)		9.00%		12/01/2036		16,050	16,319,558
Washington (State of) Housing Finance Commission (Heron’s Key Senior Living);
Series 2015 A, RB(b)(f)(j)		7.00%		07/01/2025		1,000	1,053,742
Series 2015 A, RB(b)(f)(j)		7.00%		07/01/2025		1,700	1,791,361
Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.); Series 2016 A, Ref. RB(f)		5.00%		01/01/2046		6,000	4,699,294

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
Washington–(continued)
Washington (State of) Housing Finance Commission (Social Certificates); Series 2021-1A, Revenue Ctfs.		3.50%		12/20/2035	$	20,889	$	18,927,087
Washington (State of) Housing Finance Commission (Transforming Age); Series 2019 A, RB(f)		5.00%		01/01/2055		3,265		2,417,197
								115,805,728
West Virginia–0.88%
Harrison (County of), WV Commission (Charles Pointe No. 2); Series 2013, Ref. RB(f)(g)		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(f)(g)		5.75%		06/01/2042		18,975		13,587,259
Series 2019 B, Ref. RB(f)(g)		7.50%		06/01/2042		5,285		4,052,711
Monogalia (County of), WV (Development Disctict No. 4 - University Town Centre);
Series 2023, Ref. RB(f)		5.75%		06/01/2043		800		835,705
Series 2023, Ref. RB(f)		6.00%		06/01/2053		1,000		1,058,865
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District);
Series 2017 A, Ref. RB(f)		5.75%		06/01/2043		3,435		3,519,192
Series 2020, Ref. RB(f)		7.50%		06/01/2043		9,060		9,831,964
Ohio (County of), WV Development Authority (Sports Complex); Series 2018, RB		5.00%		09/01/2048		10,465		7,430,906
West Virginia (State of) Economic Development Authority (Empire Green Gerenation LLC); Series 2023, RB(c)(f)		9.50%		05/01/2043		20,000		19,802,460
								73,691,562
Wisconsin–1.56%
Gillett (City of), WI; Series 2021 A, RB(c)(f)		5.50%		12/01/2032		4,600		3,813,449
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System);
Series 2019, Ref. RB		5.00%		11/01/2039		1,950		1,646,117
Series 2019, Ref. RB		5.00%		11/01/2046		5,200		4,075,307
Series 2019, Ref. RB		5.00%		11/01/2054		7,000		5,233,820
Wisconsin (State of) Health & Educational Facilities Authority (Clement Manor, Inc.); Series 2019, Ref. RB		5.00%		08/01/2049		2,750		1,871,467
Wisconsin (State of) Public Finance Authority;
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $ 18,137)(f)(i)(l)		0.00%		01/01/2047		156		3,411
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $ 15,483)(f)(i)(l)		0.00%		01/01/2048		136		2,827
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $ 14,873)(f)(i)(l)		0.00%		01/01/2049		134		2,625
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $ 14,046)(f)(i)(l)		0.00%		01/01/2050		129		2,360
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $ 13,478)(f)(i)(l)		0.00%		01/01/2051		127		2,199
Series 2005 A-1, RB(f)(l)		0.00%		01/01/2052		165		2,658
Series 2005 A-1, RB(f)(l)		0.00%		01/01/2053		163		2,488
Series 2005 A-1, RB(f)(l)		0.00%		01/01/2054		158		2,263
Series 2005 A-1, RB(f)(l)		0.00%		01/01/2055		154		2,097
Series 2005 A-1, RB(f)(l)		0.00%		01/01/2056		151		1,953
Series 2005 A-1, RB(f)(g)		5.50%		07/01/2056		8,230		4,506,473
Series 2005 A-1, RB(f)(l)		0.00%		01/01/2057		168		2,039
Series 2005 A-1, RB(f)(l)		0.00%		01/01/2058		163		1,879
Series 2005 A-1, RB(f)(l)		0.00%		01/01/2059		159		1,739
Series 2005 A-1, RB(f)(l)		0.00%		01/01/2060		156		1,599
Series 2005 A-1, RB(f)(l)		0.00%		01/01/2061		153		1,486
Series 2005 A-1, RB(f)(l)		0.00%		01/01/2062		149		1,365
Series 2005 A-1, RB(f)(l)		0.00%		01/01/2063		146		1,268
Series 2005 A-1, RB(f)(l)		0.00%		01/01/2064		143		1,180
Series 2005 A-1, RB(f)(l)		0.00%		01/01/2065		140		1,091
Series 2005 A-1, RB(f)(l)		0.00%		01/01/2066		151		1,088
Series 2005 A-1, RB (Acquired 09/08/2005-10/06/2005; Cost $ 132,925)(f)(i)(l)		0.00%		01/01/2067		1,821		11,854
Series 2012 C, Ref. RB(c)		5.25%		07/01/2028		1,190		1,190,553
Series 2012, RB		6.00%		09/01/2045		5,750		5,308,826
Series 2015 A, RB		6.00%		02/01/2045		1,910		1,834,361
Series 2016 A, RB(f)		5.25%		05/01/2046		2,500		2,207,243
Series 2016 A, RB		5.25%		01/01/2052		10,960		7,979,629
Series 2018, RB (INS - AGM)(e)		5.00%		07/01/2058		7,900		8,014,164

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

39 Invesco Rochester^® Municipal Opportunities Fund

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
Wisconsin–(continued)
Series 2019, RB(f)		5.00%		06/15/2054	$	455	$	388,602
Wisconsin (State of) Public Finance Authority (21st Century Public Academy);
Series 2020 A, RB(f)		5.00%		06/01/2040		760		661,470
Series 2020 A, RB(f)		5.00%		06/01/2049		1,340		1,083,127
Wisconsin (State of) Public Finance Authority (Adelaide Pointe); Series 2023, RB(f)		6.25%		06/01/2052		13,685		13,222,485
Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); Series 2017, RB(f)(g)		6.75%		08/01/2031		22,000		15,400,000
Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth); Series 2016 A, RB(f)		5.13%		06/01/2048		2,075		1,806,246
Wisconsin (State of) Public Finance Authority (Capitol Encore Academy (The));
Series 2019 A, RB(f)		4.75%		06/01/2029		250		237,553
Series 2019 A, RB(f)		5.25%		06/01/2039		750		675,477
Series 2019 A, RB(f)		5.50%		06/01/2049		1,940		1,703,224
Wisconsin (State of) Public Finance Authority (Dreamhouse);
Series 2022 A, RB(f)		5.75%		06/01/2025		16,975		16,986,636
Series 2022 B, RB(f)		7.50%		06/01/2025		1,970		1,911,709
Wisconsin (State of) Public Finance Authority (Explore Knowledge Foundation);
Series 2012 A, RB		5.75%		07/15/2032		860		860,356
Series 2012 A, RB		6.00%		07/15/2042		1,345		1,345,462
Wisconsin (State of) Public Finance Authority (Founders Academy of Las Vegas);
Series 2023, RB(f)		6.63%		07/01/2053		600		601,555
Series 2023, RB(f)		6.75%		07/01/2058		550		551,581
Wisconsin (State of) Public Finance Authority (Lariat); Series 2023, RB(f)(l)		0.00%		09/01/2029		7,000		4,455,485
Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy); Series 2019, RB(f)		5.00%		06/15/2049		520		452,780
Wisconsin (State of) Public Finance Authority (Rider University);
Series 2021 A, Ref. RB(f)		4.50%		07/01/2048		5,000		3,750,708
Series 2021 B, RB(f)		6.00%		07/01/2031		7,040		6,094,613
Wisconsin (State of) Public Finance Authority (Traders Point Christian Schools);
Series 2019 A, RB(f)		5.38%		06/01/2044		3,495		2,911,339
Series 2019 A, RB(f)		5.50%		06/01/2054		4,320		3,505,456
Series 2019, RB(f)		5.62%		06/01/2029		730		675,395
Wisconsin (State of) Public Finance Authority (WhiteStone); Series 2020 A, RB(f)		5.25%		03/01/2045		4,325		3,780,428
								130,794,565
Total Municipal Obligations (Cost $10,115,464,027)								9,425,444,515
					Shares
Common Stocks & Other Equity Interests–0.35%
Delta Air Lines, Inc.						7,679		329,275
General Motors Co.						2,919		97,816
Energy Harbor Corp.(o)						363,120		28,686,480
Total Common Stocks & Other Equity Interests (Cost $11,063,438)								29,113,571

	Interest Rate		Maturity Date		Principal  Amount  (000)
U.S. Dollar Denominated Bonds & Notes–0.29%
California–0.18%
CalPlant I LLC;
Series 21A(f)(g)(h)		9.50%		03/31/2024	$	1,005	1,005,000
Series 21B(f)(g)(h)		9.50%		03/31/2024		3,820	3,820,000
Series 22A(f)(g)(h)		9.50%		03/31/2024		2,105	2,105,000
Series 22B(f)(g)(h)		9.50%		03/31/2024		180	180,000
Series 22C(f)(g)(h)		9.50%		03/31/2024		1,380	1,380,000
Series 22X(f)(g)(h)		9.50%		03/31/2024		2,075	2,075,000
Series 23A(f)(g)(h)		9.50%		03/31/2024		730	730,000
Series 23B(f)(g)(h)		9.50%		03/31/2024		650	650,000
Series 23C(f)(g)(h)		9.50%		03/31/2024		1,035	1,035,000
Series 23D (Acquired 05/04/2023; Cost $900,000)(f)(g)(h)(i)		9.50%		03/31/2024		900	900,000
Series 23E(f)(g)(h)		9.50%		03/31/2024		1,020	1,020,000
							14,900,000

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

40 Invesco Rochester^® Municipal Opportunities Fund

	Interest Rate		Maturity Date		Principal  Amount (000)		Value
North Dakota-0.03%
Red River Biorefinery LLC; Class 23ASeries 23A(f)(h)		15.00%		12/31/2023	$	2,000	$	2,000,000
West Virginia-0.08%
Empire South Terminal of West Virginia LLC(f)		14.00%		11/01/2023		6,850		6,916,856
Total U.S. Dollar Denominated Bonds & Notes (Cost $23,750,000)								23,816,856
TOTAL INVESTMENTS IN SECURITIES(p)–113.34% (Cost $10,150,277,465)								9,478,374,942
FLOATING RATE NOTE OBLIGATIONS–(14.40)%
Notes with interest and fee rates ranging from 4.58% to 4.83% at 08/31/2023 and contractual maturities of collateral ranging from 05/01/2029 to 05/15/2062 (See Note 1J)(q)								(1,204,215,000	)
BORROWINGS-(0.23)%								(19,200,000	)
OTHER ASSETS LESS LIABILITIES-1.29%								108,010,710
NET ASSETS–100.00%							$	8,362,970,652

Investment Abbreviations:

AGC	- Assured Guaranty Corp.
AGM	- Assured Guaranty Municipal Corp.
BAM	- Build America Mutual Assurance Co.
CEP	- Credit Enhancement Provider
CHF	- Swiss Franc
COP	- Certificates of Participation
Ctfs.	- Certificates
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 has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

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

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

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

^(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, 2023 was $1,196,814,538, which represented 14.31% 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, 2023 was $198,339,607, which represented 2.37% of the Fund’s Net Assets.

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

⁽ⁱ⁾  Restricted security. The aggregate value of these securities at August 31, 2023 was $148,262,442, which represented 1.77% of the Fund’s Net Assets.

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

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

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

^(m)  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 $99,060,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

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

^(o)  Non-income producing security.

^(p)  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 obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

^(q)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2023. At August 31, 2023, the Fund’s investments with a value of $1,672,895,786 are held by TOB Trusts and serve as collateral for the $1,204,215,000 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.

41 Invesco Rochester^® Municipal Opportunities Fund

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2023

Revenue Bonds	83.01	%
General Obligation Bonds	16.08
Pre-Refunded Bonds	0.91

 

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

42 Invesco Rochester^® Municipal Opportunities Fund

Statement of Assets and Liabilities

August 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $10,150,277,465)	$	9,478,374,942
Receivable for:
Investments sold		30,914,909
Fund shares sold		13,774,535
Interest		141,672,562
Investments matured, at value (Cost $58,694,574)		14,776,720
Investment for trustee deferred compensation and retirement plans		301,813
Other assets		1,784,900
Total assets		9,681,600,381
Liabilities:
Floating rate note obligations		1,204,215,000
Payable for:
Borrowings		19,200,000
Investments purchased		25,686,999
Dividends		18,323,442
Fund shares reacquired		7,935,516
Amount due custodian		26,079,026
Accrued fees to affiliates		2,660,877
Accrued interest expense		175,378
Accrued trustees’ and officers’ fees and benefits		152,459
Accrued other operating expenses		13,899,219
Trustee deferred compensation and retirement plans		301,813
Total liabilities		1,318,629,729
Net assets applicable to shares outstanding	$	8,362,970,652

Net assets consist of:
Shares of beneficial interest	$	11,173,223,755
Distributable earnings (loss)		(2,810,253,103	)
	$	8,362,970,652
Net Assets:
Class A	$	3,926,754,889
Class C	$	541,004,842
Class Y	$	3,811,032,445
Class R5	$	18,527
Class R6	$	84,159,949
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		588,341,217
Class C		81,406,436
Class Y		571,706,150
Class R5		2,776
Class R6		12,613,455
Class A:
Net asset value per share	$	6.67
Maximum offering price per share (Net asset value of $6.67 ÷ 95.75%)	$	6.97
Class C:
Net asset value and offering price per share	$	6.65
Class Y:
Net asset value and offering price per share	$	6.67
Class R5:
Net asset value and offering price per share	$	6.67
Class R6:
Net asset value and offering price per share	$	6.67

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

43 Invesco Rochester^® Municipal Opportunities Fund

Statement of Operations

For the six months ended August 31, 2023

(Unaudited)

Investment income:
Interest	$	237,496,989
Expenses:
Advisory fees		14,539,664
Administrative services fees		583,239
Custodian fees		25,978
Distribution fees:
Class A		4,924,151
Class C		2,508,768
Interest, facilities and maintenance fees		28,601,124
Transfer agent fees - A, C and Y		2,536,375
Transfer agent fees - R5		2
Transfer agent fees - R6		7,406
Trustees’ and officers’ fees and benefits		47,179
Registration and filing fees		269,742
Reports to shareholders		93,399
Professional services fees		831,539
Other		60,570
Total expenses		55,029,136
Less: Expense offset arrangement(s)		(6,523	)
Net expenses		55,022,613
Net investment income		182,474,376
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities		(59,403,118	)
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities		(3,802,670	)
Net realized and unrealized gain (loss)		(63,205,788	)
Net increase in net assets resulting from operations	$	119,268,588

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

44 Invesco Rochester^® Municipal Opportunities Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2023 and the year ended February 28, 2023

(Unaudited)

	August 31, 2023			February 28, 2023
Operations:
Net investment income	$	182,474,376		$	348,559,212
Net realized gain (loss)		(59,403,118	)		(480,004,669	)
Change in net unrealized appreciation (depreciation)		(3,802,670	)		(738,146,217	)
Net increase (decrease) in net assets resulting from operations		119,268,588			(869,591,674	)
Distributions to shareholders from distributable earnings:
Class A		(98,592,233	)		(183,944,640	)
Class C		(12,110,793	)		(24,427,594	)
Class Y		(95,416,594	)		(158,331,163	)
Class R5		(492	)		(61,264	)
Class R6		(2,536,902	)		(3,596,973	)
Total distributions from distributable earnings		(208,657,014	)		(370,361,634	)
Share transactions–net:
Class A		143,928,353			(155,678,826	)
Class C		(7,355,904	)		(101,725,735	)
Class Y		459,980,912			234,126,867
Class R5		260			(5,216,319	)
Class R6		1,325,193			41,544,059
Net increase in net assets resulting from share transactions		597,878,814			13,050,046
Net increase (decrease) in net assets		508,490,388			(1,226,903,262	)
Net assets:
Beginning of period		7,854,480,264			9,081,383,526
End of period	$	8,362,970,652		$	7,854,480,264

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

45 Invesco Rochester^® Municipal Opportunities Fund

Statement of Cash Flows

For the six months ended August 31, 2023

(Unaudited)

Cash provided by operating activities:
Net increase in net assets resulting from operations	$	119,268,588
Adjustments to reconcile the change in net assets from operations to net cash provided by (used in) operating activities:
Purchases of investments		(1,497,463,397	)
Proceeds from sales of investments		1,028,044,076
Proceeds from sales of short-term investments, net		(100,203,215	)
Amortization of premium on investment securities		12,275,537
Accretion of discount on investment securities		(28,561,506	)
Net realized loss from investment securities		59,403,118
Net change in unrealized depreciation on investment securities		3,802,670
Change in operating assets and liabilities:
Increase in receivables and other assets		(9,808,792	)
Increase in accrued expenses and other payables		13,586,548
Net cash provided by (used in) operating activities		(399,656,373	)
Cash provided by (used in) financing activities:
Dividends paid to shareholders from distributable earnings		(104,128,991	)
Increase in payable for amount due custodian		26,079,026
Proceeds from shares of beneficial interest sold		1,546,804,216
Proceeds of TOB Trusts		142,535,000
Repayments of TOB Trusts		(162,415,000	)
Proceeds from borrowings		9,800,000
Disbursements from shares of beneficial interest reacquired		(1,059,524,168	)
Net cash provided by (used in) financing activities		399,150,083
Net decrease in cash and cash equivalents		(506,290	)
Cash and cash equivalents at beginning of period		506,290
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	$	103,086,753
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, facilities and maintenance fees	$	28,631,705

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

46 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 08/31/23		$6.74		$0.15		$(0.05	)		$0.10			$(0.17	)		$6.67		1.47	%		$3,926,755		1.40	%(d)		1.40	%(d)		0.70	%(d)		4.36	%(d)		11	%
Year ended 02/28/23		7.80		0.31		(1.04	)		(0.73	)		(0.33	)		6.74		(9.41	)		3,822,402		1.30			1.30			0.72			4.41			47
Year ended 02/28/22		7.98		0.26		(0.10	)		0.16			(0.34	)		7.80		1.95			4,596,751		0.85			0.85			0.69			3.24			22
Year ended 02/28/21		8.30		0.30		(0.23	)		0.07			(0.39	)		7.98		1.13			4,323,667		0.95			0.95			0.77			3.87			28
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	(d)		0.95	(d)		0.69	(d)		4.26	(d)		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
Class C
Six months ended 08/31/23		6.71		0.13		(0.04	)		0.09			(0.15	)		6.65		1.29	(e)		541,005		2.05	(d)(e)		2.05	(d)(e)		1.35	(d)(e)		3.71	(d)(e)		11
Year ended 02/28/23		7.76		0.26		(1.03	)		(0.77	)		(0.28	)		6.71		(9.94	)(e)		553,465		1.95	(e)		1.95	(e)		1.37	(e)		3.76	(e)		47
Year ended 02/28/22		7.95		0.21		(0.11	)		0.10			(0.29	)		7.76		1.15	(e)		754,439		1.50	(e)		1.50	(e)		1.34	(e)		2.59	(e)		22
Year ended 02/28/21		8.26		0.25		(0.23	)		0.02			(0.33	)		7.95		0.54			717,496		1.60			1.60			1.42			3.22			28
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	(d)		1.61	(d)		1.35	(d)		3.61	(d)		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
Class Y
Six months ended 08/31/23		6.73		0.16		(0.04	)		0.12			(0.18	)		6.67		1.75			3,811,032		1.15	(d)		1.15	(d)		0.45	(d)		4.61	(d)		11
Year ended 02/28/23		7.79		0.32		(1.04	)		(0.72	)		(0.34	)		6.73		(9.19	)		3,394,429		1.05			1.05			0.47			4.66			47
Year ended 02/28/22		7.97		0.28		(0.10	)		0.18			(0.36	)		7.79		2.20			3,674,521		0.60			0.60			0.44			3.49			22
Year ended 02/28/21		8.29		0.32		(0.23	)		0.09			(0.41	)		7.97		1.40			3,018,845		0.70			0.70			0.52			4.12			28
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	(d)		0.71	(d)		0.45	(d)		4.51	(d)		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
Class R5
Six months ended 08/31/23		6.73		0.17		(0.05	)		0.12			(0.18	)		6.67		1.74			19		0.94	(d)		0.94	(d)		0.24	(d)		4.82	(d)		11
Year ended 02/28/23		7.79		0.34		(1.06	)		(0.72	)		(0.34	)		6.73		(9.19	)		18		1.05			1.05			0.47			4.66			47
Year ended 02/28/22		7.98		0.28		(0.11	)		0.17			(0.36	)		7.79		2.06			5,625		0.65			0.65			0.49			3.44			22
Year ended 02/28/21		8.29		0.32		(0.22	)		0.10			(0.41	)		7.98		1.58			7,290		0.67			0.67			0.49			4.15			28
Seven months ended 02/29/20		7.80		0.22		0.51			0.73			(0.24	)		8.29		9.49			4,697		0.64	(d)		0.64	(d)		0.38	(d)		4.57	(d)		9
Period ended 07/31/19(f)		7.71		0.07		0.08			0.15			(0.06	)		7.80		2.03			10		0.91	(d)		0.91	(d)		0.47	(d)		4.93	(d)		34
Class R6
Six months ended 08/31/23		6.74		0.16		(0.05	)		0.11			(0.18	)		6.67		1.62			84,160		1.11	(d)		1.11	(d)		0.41	(d)		4.65	(d)		11
Year ended 02/28/23		7.79		0.33		(1.03	)		(0.70	)		(0.35	)		6.74		(9.00	)		84,167		0.98			0.98			0.40			4.73			47
Year ended 02/28/22		7.99		0.29		(0.12	)		0.17			(0.37	)		7.79		2.02			50,048		0.57			0.57			0.41			3.52			22
Year ended 02/28/21		8.29		0.33		(0.21	)		0.12			(0.42	)		7.99		1.76			9,977		0.58			0.58			0.40			4.24			28
Seven months ended 02/29/20		7.80		0.21		0.49			0.70			(0.21	)		8.29		9.05			13,146		0.67	(d)		0.67	(d)		0.41	(d)		4.54	(d)		9
Period ended 07/31/19(f)		7.71		0.07		0.08			0.15			(0.06	)		7.80		2.04			10		0.91	(d)		0.91	(d)		0.47	(d)		4.93	(d)		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) Annualized.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.90% for the six months ended August 31, 2023 and for the years ended February 28, 2023 and February 28, 2022.

^(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.

47 Invesco Rochester^® Municipal Opportunities Fund

Notes to Financial Statements

August 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Rochester^® Municipal Opportunities 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 eight 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 eighth anniversary after a purchase of Class C shares.

 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 generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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.

48 Invesco Rochester® Municipal Opportunities Fund

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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 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 based on relative net assets of Class R5 and Class R6. 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. Interest, Facilities and Maintenance Fees – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

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. 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

49 Invesco Rochester® Municipal Opportunities Fund

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.

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’ claims. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.

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 the Adviser. 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 $ 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 billion	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, 2023, the effective advisory fee rate incurred by the Fund was 0.35%.

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). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, 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%, 2.15%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary 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, 2023, 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, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

50 Invesco Rochester® Municipal Opportunities 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, 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 Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $131,512 in front-end sales commissions from the sale of Class A shares and $35,730 and $20,737 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

 The following is a summary of the tiered valuation input levels, as of August 31, 2023. 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	$	–	$	9,354,197,693	$	71,246,822	$9,425,444,515
Common Stocks & Other Equity Interests		29,113,571		–		–	29,113,571
U.S. Dollar Denominated Bonds & Notes		–		6,916,856		16,900,000	23,816,856
Total Investments in Securities		29,113,571		9,361,114,549		88,146,822	9,478,374,942
Other Investments - Assets
Investments Matured		–		3,083,244		11,693,476	14,776,720
Total Investments	$	29,113,571	$	9,364,197,793	$	99,840,298	$9,493,151,662

 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, 2023:

	Value 02/28/23		Purchases at Cost		Proceeds from Sales			Accrued Discounts/ Premiums		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Transfers into Level 3		Transfers out of Level 3			Value 08/31/23
Municipal Obligations	$	80,462,271	$	289,004	$	(6,931,040	)	$	78,681	$	(3,451,827	)	$	4,894,418		$	2,642,850	$	(6,737,535	)	$71,246,822
U.S. Dollar Denominated Bonds & Notes		9,220,000		4,955,000		–			–		–			(11,226	)		2,736,226		–		16,900,000
Investments Matured		19,937,028		–		(12,798,271	)		–		–			4,554,719			–		–		11,693,476
Total	$	109,619,299	$	5,244,004	$	(19,729,311	)	$	78,681	$	(3,451,827	)	$	9,437,911		$	5,379,076	$	(6,737,535	)	$99,840,298

 Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing evaluated prices from a third-party vendor pricing service. A significant change in third-party pricing information could result in a 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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $6,523.

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

51 Invesco Rochester® Municipal Opportunities Fund

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 revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Invesco Funds, and which will expire on February 22, 2024. The revolving credit and security agreement is secured by the assets of the Fund. 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.

 During the six months ended August 31, 2023, the average daily balance of borrowing under the revolving credit and security agreement was $47,871,196 with an average interest rate of 5.17%. 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, 2023 were $1,215,554,286 and 4.01%, 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 carryforward 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 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$369,756,281	$1,721,558,866	$2,091,315,147

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2023 was $1,408,329,239 and $949,564,957, 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	$	152,448,726
Aggregate unrealized (depreciation) of investments		(938,919,882	)
Net unrealized appreciation (depreciation) of investments	$	(786,471,156	)

 Cost of investments for tax purposes is $10,279,622,818.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended				Year ended
	August 31, 2023(a)				February 28, 2023
	Shares		Amount		Shares		Amount
Sold:
Class A		56,648,135	$	386,696,534		146,689,767	$1,017,506,298
Class C		8,531,512		57,975,796		17,343,945	119,979,909
Class Y		149,735,851		1,020,629,621		412,578,057	2,855,699,579
Class R6		12,444,769		85,495,254		29,368,434	202,587,945
Issued as reinvestment of dividends:
Class A		6,559,966		44,689,795		12,032,176	82,948,684
Class C		1,061,471		7,201,213		2,053,630	14,113,566
Class Y		7,378,107		50,204,073		11,745,225	80,892,681
Class R5		38		260		5,940	41,746
Class R6		145,554		991,412		172,729	1,187,571

52 Invesco Rochester® Municipal Opportunities Fund

				Summary of Share Activity
	Six months ended						Year ended
	August 31, 2023(a)						February 28, 2023
	Shares			Amount			Shares			Amount
Automatic conversion of Class C shares to Class A shares:
Class A		3,802,598		$	25,956,784			7,116,547		$	49,511,990
Class C		(3,818,839	)		(25,956,784	)		(7,147,445	)		(49,511,990	)
Reacquired:
Class A		(45,987,199	)		(313,414,760	)		(187,995,073	)		(1,305,645,798	)
Class C		(6,863,488	)		(46,576,129	)		(26,924,140	)		(186,307,220	)
Class Y		(89,835,001	)		(610,852,782	)		(391,679,127	)		(2,702,465,393	)
Class R5		-			-			(725,242	)		(5,258,065	)
Class R6		(12,469,269	)		(85,161,473	)		(23,470,538	)		(162,231,457	)
Net increase in share activity		87,334,205		$	597,878,814			1,164,885		$	13,050,046

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 65% 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.

53 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, 2023 through August 31, 2023.

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  (03/01/23)	Ending  Account Value  (08/31/23)1	Expenses   Paid During   Period2,3	Ending  Account Value  (08/31/23)	Expenses   Paid During   Period2,4	Annualized   Expense Ratio2
Class A	$1,000.00	$1,014.70	$7.09	$1,018.10	$7.10	1.40%
Class C	1,000.00	1,012.90	10.37	1,014.83	10.38	2.05
Class Y	1,000.00	1,017.50	5.83	1,019.36	5.84	1.15
Class R5	1,000.00	1,017.40	4.77	1,020.41	4.77	0.94
Class R6	1,000.00	1,016.20	5.63	1,019.56	5.63	1.11

¹  The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, 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 184/366 to reflect the most recent fiscal half year. The annualized expense ratio for Class R5 shares has been restated due to an increase in the sub-transfer agency fee rate. Had this increase occurred at the beginning of the most recent fiscal half year, the annualized expense ratio for Class R5 shares would have been 1.16%.

³  The actual expenses paid, restated as if the change discussed above had been in effect throughout the entire most recent fiscal half year, are $5.89 for Class R5 shares.

⁴  The hypothetical expenses paid, restated as if the change discussed above had been in effect throughout the entire most recent fiscal half year, are $5.89 for Class R5 shares.

54 Invesco Rochester® Municipal Opportunities Fund

Approval of Investment Advisory and Sub-Advisory Contracts

 

At meetings held on June 13, 2023, 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 (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, 2023. 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 has established an Investments Committee, which in turn has established Sub-Committees, that 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 information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees 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 requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by 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. 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 accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board received a

description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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 to the Fund 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, 2022 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond High Yield Index (Index). The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one year period and the first quintile for the 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

55 Invesco Rochester^® Municipal Opportunities Fund

below the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction 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, which did not change its 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 is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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 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 its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates 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. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

 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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board 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 also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 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 most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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 received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the

performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination 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. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 The Board also received information about commissions that an affiliated broker may receive for

56 Invesco Rochester^® Municipal Opportunities Fund

executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

57 Invesco Rochester^® Municipal Opportunities 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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list 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/corporate/about-us/esg. 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 number(s): 811-07890 and 033-66242     Invesco Distributors, Inc. O-ROHYM-SAR-1         

Semiannual Report to Shareholders	August 31, 2023
Invesco Rochester® New York Municipals Fund
Nasdaq:
A: RMUNX ∎ C: RMUCX ∎ Y: RMUYX ∎ R6: IORUX

   

2	Fund Performance
4	Liquidity Risk Management Program
5	Schedule of Investments
22	Financial Statements
25	Financial Highlights
26	Notes to Financial Statements
32	Fund Expenses
33	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is 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

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 2/28/23 to 8/31/23, 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	2.17	%
Class C Shares	1.79
Class Y Shares	2.29
Class R6 Shares	2.31
S&P Municipal Bond New York 5+ Year Investment Grade Index▼	1.40
U.S. Consumer Price Index∎	2.06
Source(s):▼RIMES Technologies Corp.; ∎ Bloomberg LP
The S&P Municipal Bond New York 5+ Year Investment Grade Index seeks to measure the performance of investment-grade, New York-issued US municipals with maturities equal to or greater than five years.  The U.S. Consumer Price Index is a measure of change in consumer prices as determined by the US 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.

2 Invesco Rochester^® New York Municipals Fund

Average Annual Total Returns
As of 8/31/23, including maximum applicable sales charges
Class A Shares
Inception (5/15/86)	5.66%
10 Years	4.28
5 Years	1.27
1 Year	-2.06
Class C Shares
Inception (3/17/97)	4.47%
10 Years	4.07
5 Years	1.41
1 Year	0.57
Class Y Shares
Inception (4/28/00)	5.00%
10 Years	4.95
5 Years	2.40
1 Year	2.56
Class R6 Shares
10 Years	4.87%
5 Years	2.42
1 Year	2.61

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 was subsequently renamed the Invesco Rochester^® New York Municipals Fund (the Fund). Returns shown above, for periods ending on or 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 on and 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.

3 Invesco Rochester^® New York Municipals Fund

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), 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 17, 2023, 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 January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the Russia-Ukraine War, and resulting sanctions, inflation concerns and the overall market. The Report noted that there were no material changes to the Program during 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.

4 Invesco Rochester^® New York Municipals Fund

Schedule of Investments

August 31, 2023

(Unaudited)

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Municipal Obligations–108.20%
New York–99.23%
Albany (County of), NY Airport Authority;
Series 2018 A, RB	5.00%	12/15/2043	$	1,750	$	1,804,229
Series 2018 A, RB	5.00%	12/15/2048		2,585		2,644,968
Series 2018 B, RB(a)	5.00%	12/15/2033		335		353,523
Series 2018 B, RB(a)	5.00%	12/15/2034		250		262,931
Albany (County of), NY Industrial Development Agency (Sage Colleges); Series 1999 A, RB	5.30%	04/01/2029		1,340		1,187,216
Albany (County of), NY Parking Authority; Series 2018 A, Ref. RB (INS - AGM)(b)	5.00%	07/15/2025		315		322,637
Albany Capital Resource Corp. (Brighter Choice Elementary); Series 2021, Ref. RB	4.00%	04/01/2037		2,070		1,749,202
Albany Capital Resource Corp. (College of Siant Rose (The));
Series 2021, Ref. RB	4.00%	07/01/2029		1,195		1,015,111
Series 2021, Ref. RB	4.00%	07/01/2030		1,245		1,031,898
Series 2021, Ref. RB	4.00%	07/01/2031		1,295		1,047,618
Series 2021, Ref. RB	4.00%	07/01/2041		1,000		622,774
Series 2021, Ref. RB	4.00%	07/01/2051		17,805		9,780,473
Albany Capital Resource Corp. (Empire Commons Student Housing, Inc.);
Series 2016 A, Ref. RB	5.00%	05/01/2027		300		308,921
Series 2016 A, Ref. RB	5.00%	05/01/2028		400		412,507
Series 2016 A, Ref. RB	5.00%	05/01/2029		550		566,916
Series 2016 A, Ref. RB	5.00%	05/01/2030		350		360,675
Series 2016 A, Ref. RB	5.00%	05/01/2031		350		360,497
Series 2016 A, Ref. RB	5.00%	05/01/2032		200		205,692
Allegany County Capital Resource Corp. (Houghton College);
Series 2022 A, Ref. RB	5.00%	12/01/2042		1,600		1,549,927
Series 2022 A, Ref. RB	5.00%	12/01/2052		6,185		5,739,326
Amherst Development Corp. (Daemen College);
Series 2018, Ref. RB	4.00%	10/01/2037		2,575		2,282,620
Series 2018, Ref. RB	5.00%	10/01/2043		4,060		3,922,417
Series 2018, Ref. RB	5.00%	10/01/2048		3,235		3,049,847
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		1,038,518
Battery Park (City of), NY Authority (Sustainability Bonds); Series 2023 A, RB	5.00%	11/01/2053		10,000		10,680,600
Brookhaven Local Development Corp. (Jefferson’s Ferry);
Series 2016, Ref. RB	5.25%	11/01/2036		1,725		1,740,331
Series 2020 B, RB	4.00%	11/01/2045		1,500		1,242,320
Series 2020 B, RB	4.00%	11/01/2055		6,400		4,919,649
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, RB(c)	0.00%	07/15/2034		3,685		2,239,096
Series 2016 A, Ref. RB	5.00%	07/15/2042		27,330		27,032,300
Broome County Local Development Corp. (Good Shepherd Village at Endwell);
Series 2021, Ref. RB	4.00%	07/01/2036		1,000		853,305
Series 2021, Ref. RB	4.00%	07/01/2041		1,550		1,219,131
Series 2021, Ref. RB	4.00%	01/01/2047		1,500		1,093,408
Broome County Local Development Corp. (United Health Services Hospital); Series 2020, Ref. RB (INS - AGM)(b)	4.00%	04/01/2050		3,500		3,123,033
Buffalo & Erie County Industrial Land Development Corp. (Catholic Health System, Inc.); Series 2015, RB	5.25%	07/01/2035		1,500		1,292,186
Buffalo & Erie County Industrial Land Development Corp. (Charter School for Applied Technology);
Series 2017 A, Ref. RB	4.50%	06/01/2027		1,225		1,221,970
Series 2017 A, Ref. RB	5.00%	06/01/2035		840		851,351
Buffalo & Erie County Industrial Land Development Corp. (Global Concepts Charter School Program);
Series 2018, Ref. RB	5.00%	10/01/2032		140		143,762
Series 2018, Ref. RB	5.00%	10/01/2033		150		154,030
Series 2018, Ref. RB	5.00%	10/01/2037		500		503,466
Buffalo & Erie County Industrial Land Development Corp. (Orchard Park); Series 2015, Ref. RB	5.00%	11/15/2037		1,035		1,034,924

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

5 Invesco Rochester^® New York Municipals Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
New York–(continued)
Buffalo & Erie County Industrial Land Development Corp. (Tapestry Charter School); Series 2017 A,RB	5.00%	08/01/2037	$	825	$	786,769
Buffalo (City of), NY Municipal Water Finance Authority;
Series 2015 A, Ref. RB	5.00%	07/01/2029		300		308,605
Series 2015 A, Ref. RB	5.00%	07/01/2030		150		154,249
Series 2015 A, Ref. RB	5.00%	07/01/2031		210		215,874
Series 2015 A, Ref. RB	5.00%	07/01/2032		245		251,765
Build NYC Resource Corp. (Albert Einstein School of Medicine, Inc.); Series 2015, RB(d)	5.50%	09/01/2045		3,130		3,057,416
Build NYC Resource Corp. (Bronx Lighthouse Charter School);
Series 2018, RB	5.00%	06/01/2038		1,525		1,525,653
Series 2018, RB	5.00%	06/01/2048		2,415		2,318,854
Build NYC Resource Corp. (Chapin School); Series 2017, Ref. RB	5.00%	11/01/2047		8,000		8,725,265
Build NYC Resource Corp. (Children’s Aid Society (The));
Series 2019, RB	4.00%	07/01/2044		555		507,952
Series 2019, RB	4.00%	07/01/2049		1,300		1,163,731
Build NYC Resource Corp. (Classical Charter Schools); Series 2023, RB	4.75%	06/15/2058		1,450		1,323,734
Build NYC Resource Corp. (East Harlem Scholars Academy Charter School) (Social Bonds);
Series 2022, RB(d)	5.75%	06/01/2052		1,250		1,260,282
Series 2022, RB(d)	5.75%	06/01/2062		3,250		3,258,661
Build NYC Resource Corp. (Grand Concourse Academy Charter School);
Series 2022 A, RB	5.00%	07/01/2052		550		525,128
Series 2022 A, RB	5.00%	07/01/2056		450		421,751
Build NYC Resource Corp. (KIPP NYC Public School) (Social Bonds);
Series 2023, RB	5.25%	07/01/2057		3,750		3,762,743
Series 2023, RB	5.25%	07/01/2062		6,500		6,499,082
Build NYC Resource Corp. (Manhattan College);
Series 2017, Ref. RB	5.00%	08/01/2032		880		916,984
Series 2017, Ref. RB	5.00%	08/01/2036		1,500		1,541,838
Series 2017, Ref. RB	5.00%	08/01/2047		4,430		4,456,751
Build NYC Resource Corp. (Methodist Hospital);
Series 2014, Ref. RB(e)(f)	5.00%	07/01/2024		500		506,219
Series 2014, Ref. RB(e)(f)	5.00%	07/01/2024		1,100		1,113,682
Build NYC Resource Corp. (Metropolitan Lighthouse Charter School); Series 2017 A, RB(d)	5.00%	06/01/2047		1,250		1,124,818
Build NYC Resource Corp. (New Dawn Charter Schools);
Series 2019, RB(d)	5.63%	02/01/2039		1,100		1,054,569
Series 2019, RB(d)	5.75%	02/01/2049		1,330		1,214,338
Build NYC Resource Corp. (NY Preparatory Charter School);
Series 2021 A, RB(d)	4.00%	06/15/2041		610		487,993
Series 2021 A, RB(d)	4.00%	06/15/2051		735		529,587
Series 2021 A, RB(d)	4.00%	06/15/2056		530		371,250
Build NYC Resource Corp. (Pratt Paper, Inc.);
Series 2014, Ref. RB(a)(d)	4.50%	01/01/2025		485		486,684
Series 2014, Ref. RB(a)(d)	5.00%	01/01/2035		4,350		4,396,284
Build NYC Resource Corp. (Richmond Prep Charter School);
Series 2021 A, RB(d)	5.00%	06/01/2051		1,500		1,341,012
Series 2021 A, RB(d)	5.00%	06/01/2056		1,250		1,099,046
Build NYC Resource Corp. (Seton Education Partners-Brilla);
Series 2021 A, RB(d)	4.00%	11/01/2041		1,775		1,420,824
Series 2021 A, RB(d)	4.00%	11/01/2051		1,000		729,699
Build NYC Resource Corp. (The Children’s Aid Society); Series 2015, RB	5.00%	07/01/2045		1,160		1,119,554
Build NYC Resource Corp. (Unity Preparatory Charter School of Brooklyn);
Series 2023, RB(d)	5.50%	06/15/2053		2,125		2,055,361
Series 2023, RB(d)	5.50%	06/15/2063		1,375		1,304,950
Build NYC Resource Corp. (Whin Music Community Charter School);
Series 2022, RB(d)	6.50%	07/01/2052		9,820		9,490,647
Series 2022, RB(d)	6.50%	07/01/2057		10,430		9,911,076
Build NYC Resource Corp. (Young Adult Institute, Inc.);
Series 2020 A, Ref. RB	5.00%	07/01/2030		1,065		1,027,923
Series 2020 A, Ref. RB	5.00%	07/01/2045		4,145		3,274,716

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)
Cattaraugus (County of), NY (St. Bonaventure University);
Series 2014, RB	5.00%	05/01/2034	$	200	$	201,843
Series 2014, RB	5.00%	05/01/2039		250		251,234
Series 2016 A, Ref. RB	5.00%	05/01/2030		510		526,689
Series 2016 A, Ref. RB	5.00%	05/01/2031		540		557,056
Chautauqua (City & County of), NY Utility District; Series 2006, GO Bonds	5.00%	06/01/2025		105		105,115
Chemung (County of), NY Industrial Development Agency (Hathorn Redevelopment Co.); Series 2001 A, IDR(a)	5.00%	07/01/2033		1,515		1,517,029
Dutchess (County of), NY Water & Wastewater Authority; Series 1998 1, RB(c)	0.00%	06/01/2027		1,000		878,628
Dutchess County Local Development Corp. (Bard College);
Series 2020 A, Ref. RB	5.00%	07/01/2040		1,000		1,016,104
Series 2020 A, Ref. RB	5.00%	07/01/2045		4,550		4,569,239
Series 2020 A, Ref. RB	5.00%	07/01/2051		4,500		4,502,153
Dutchess County Local Development Corp. (Culinary Institute);
Series 2021, Ref. RB	5.00%	07/01/2034		1,135		1,194,499
Series 2021, Ref. RB	4.00%	07/01/2036		1,040		972,819
Series 2021, Ref. RB	4.00%	07/01/2038		1,170		1,051,314
Dutchess County Local Development Corp. (Health Quest Systems, Inc.);
Series 2014 A, RB(e)(f)	5.00%	07/01/2024		1,195		1,211,323
Series 2016 A, Ref. RB	5.00%	07/01/2030		1,255		1,278,691
Series 2016 B, RB	4.00%	07/01/2034		6,410		6,060,727
Series 2016 B, RB	5.00%	07/01/2046		14,275		13,797,009
Series 2019 B, Ref. RB	4.00%	07/01/2044		2,430		2,105,505
Dutchess County Local Development Corp. (Marist College);
Series 2015 A, RB	5.00%	07/01/2036		2,335		2,386,653
Series 2022, RB	4.00%	07/01/2049		9,370		8,365,488
Dutchess County Local Development Corp. (Nuvance Health); Series 2019 B, Ref. RB	4.00%	07/01/2049		3,570		2,979,552
Dutchess County Local Development Corp. (Vassar College);
Series 2017, Ref. RB	5.00%	07/01/2034		840		888,296
Series 2017, Ref. RB	5.00%	07/01/2036		840		879,973
Series 2017, Ref. RB	5.00%	07/01/2037		1,205		1,256,193
Series 2017, Ref. RB	5.00%	07/01/2042		2,535		2,611,968
East Rochester Housing Authority (Jefferson Park Association L.P.); Series 1999, RB(a)	6.75%	03/01/2030		1,040		922,634
Elmira (City of), NY Housing Authority (Eastgate Apartments L.P.); Series 2007, RB(a)	6.25%	06/01/2044		2,115		1,936,044
Erie Tobacco Asset Securitization Corp.;
Series 2005 A, RB	5.00%	06/01/2038		5,000		4,754,182
Series 2005 A, RB	5.00%	06/01/2045		1,275		1,180,911
Series 2005 D, RB(c)	0.00%	06/01/2055		194,300		13,340,813
Series 2006 A, RB(c)(d)	0.00%	06/01/2060		200,000		11,527,460
Franklin (County of), NY Solid Waste Management Authority;
Series 2015 A, RB(a)	5.00%	06/01/2025		300		304,332
Series 2019, RB(a)	4.00%	06/01/2025		910		907,218
Series 2019, RB(a)	4.00%	06/01/2026		950		949,245
Series 2019, RB(a)	4.00%	06/01/2027		985		985,261
Genesee County Funding Corp. (The) (Rochester Regional Health Obligated Group); Series 2022 A,Ref. RB	5.25%	12/01/2052		20,375		20,704,991
Glen Cove Local Economic Assistance Corp. (Tiegerman School); Series 2018 A-2, RB (Acquired 06/26/2018; Cost $5,495,000)(d)(g)	5.50%	07/01/2044		5,495		4,790,884
Hempstead Town Local Development Corp. (Adelphi University); Series 2019, Ref. RB	4.00%	02/01/2039		1,800		1,644,791
Hempstead Town Local Development Corp. (Evergreen Charter School); Series 2019, Ref. RB(d)	6.80%	12/01/2044		9,530		9,575,657

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)
Hempstead Town Local Development Corp. (Molloy College);
Series 2014, RB	5.00%	07/01/2029	$	1,700	$	1,713,322
Series 2014, RB	5.00%	07/01/2034		1,500		1,507,631
Series 2014, RB	5.00%	07/01/2039		1,250		1,250,211
Series 2014, RB	5.00%	07/01/2044		1,000		985,576
Series 2017, Ref. RB	5.00%	07/01/2029		475		488,017
Series 2017, Ref. RB	5.00%	07/01/2030		425		436,406
Series 2017, Ref. RB	5.00%	07/01/2031		390		400,127
Series 2017, Ref. RB	5.00%	07/01/2032		700		717,095
Series 2017, Ref. RB	5.00%	07/01/2035		730		742,070
Series 2017, Ref. RB	5.00%	07/01/2036		570		576,579
Series 2017, Ref. RB	5.00%	07/01/2038		650		652,083
Hudson Yards Infrastructure Corp.;
Series 2017 A, Ref. RB	5.00%	02/15/2042		62,200		64,363,832
Series 2017 A, Ref. RB	4.00%	02/15/2044		26,535		24,745,626
Series 2017 A, Ref. RB	5.00%	02/15/2045		50,630		52,200,841
Series 2017 A, Ref. RB (INS - AGM)(b)	4.00%	02/15/2047		13,445		12,477,933
Hudson Yards Infrastructure Corp. (Green Bonds); Series 2021 A, Ref. RB	4.00%	02/15/2037		3,420		3,432,811
Huntington Local Development Corp. (Fountaingate Garden); Series 2021 A, RB	5.25%	07/01/2056		1,000		774,988
Jefferson Civic Facility Development Corp. (Samaritan Medical Center);
Series 2017 A, Ref. RB	5.00%	11/01/2037		4,000		3,683,888
Series 2017 A, Ref. RB	4.00%	11/01/2047		555		371,343
Livingston (County of), NY Industrial Development Agency (Nicholas H. Noyes Memorial Hospital); Series 2005, RB	6.00%	07/01/2030		900		901,243
Lockport (City of), NY;
Series 2014, GO Bonds	5.00%	10/15/2023		505		505,426
Series 2014, GO Bonds	5.00%	10/15/2024		530		534,868
Long Island (City of), NY Power Authority;
Series 2014 A, Ref. RB	5.00%	09/01/2039		12,315		12,458,212
Series 2014 A, Ref. RB	5.00%	09/01/2044		14,530		14,669,410
Series 2016 B, Ref. RB	5.00%	09/01/2036		4,405		4,586,842
Series 2016 B, Ref. RB	5.00%	09/01/2041		12,335		12,731,015
Series 2017, RB	5.00%	09/01/2029		750		802,698
Series 2017, RB	5.00%	09/01/2037		3,405		3,575,886
Series 2017, RB (INS - BAM)(b)	5.00%	09/01/2042		14,000		14,595,326
Series 2017, RB	5.00%	09/01/2047		12,925		13,331,138
Series 2017, RB (INS - BAM)(b)	5.00%	09/01/2047		25,000		25,822,700
Series 2018, RB	5.00%	09/01/2036		2,000		2,142,977
Series 2018, RB	5.00%	09/01/2037		7,000		7,438,315
Series 2018, RB	5.00%	09/01/2038		5,000		5,283,114
Series 2018, RB	5.00%	09/01/2039		4,000		4,208,834
Series 2020 A, Ref. RB	4.00%	09/01/2039		5,250		5,164,582
Series 2021 A, Ref. RB	3.00%	09/01/2040		2,000		1,613,403
Long Island (City of), NY Power Authority (Green Bonds);
Series 2023 E, RB	5.00%	09/01/2048		7,000		7,482,560
Series 2023 E, RB	5.00%	09/01/2053		13,250		14,095,924
Metropolitan Transportation Authority;
Series 2012 A-1, RB	5.00%	11/15/2040		225		224,989
Series 2013 A, RB	5.00%	11/15/2043		840		836,416
Series 2013 B, RB	5.00%	11/15/2043		570		567,568
Series 2013 C, RB	5.00%	11/15/2038		4,000		4,000,013
Series 2014 A-1, RB	5.00%	11/15/2044		385		382,972
Series 2014 B, RB	5.25%	11/15/2039		5,135		5,156,984
Series 2015 A-2, RB(f)	5.00%	05/15/2030		18,000		19,120,540
Series 2015 B, RB	5.25%	11/15/2055		9,000		9,032,965
Series 2016 C-1, RB	5.00%	11/15/2056		16,170		16,075,287
Series 2016 C-1, RB	5.25%	11/15/2056		20,830		21,004,241
Series 2017 D, Ref. RB	5.00%	11/15/2033		2,295		2,417,758
Series 2017 D, Ref. RB	5.00%	11/15/2035		5,695		5,943,717

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)
Subseries 2015 C-1, Ref. RB	5.25%	11/15/2030	$	6,540	$	6,716,598
Metropolitan Transportation Authority (Bidding Group 2);
Series 2022 A, RB	4.00%	11/15/2050		23,835		22,499,079
Series 2022 A, RB	4.00%	11/15/2051		7,365		6,929,293
Metropolitan Transportation Authority (Green Bonds);
Series 2016 A-1, RB	5.25%	11/15/2056		23,860		24,030,714
Series 2017 B-1, RB	5.25%	11/15/2057		15,505		16,209,899
Series 2017 C-1, Ref. RB (INS - BAM)(b)	5.00%	11/15/2031		18,000		19,233,828
Series 2017 C-1, Ref. RB (INS - BAM)(b)	5.00%	11/15/2034		24,700		26,222,189
Series 2017 C-2, Ref. RB(c)	0.00%	11/15/2040		3,750		1,591,407
Series 2019 B, RB (INS - BAM)(b)	5.00%	11/15/2052		7,900		8,110,097
Series 2019 C, RB (INS - AGM)(b)	4.00%	11/15/2045		560		531,060
Series 2020 C-1, RB	5.25%	11/15/2055		15,000		15,433,111
Subseries 2016 B-1, RB	5.00%	11/15/2056		10,345		10,596,828
Monroe County Industrial Development Corp. (Highland Hospital of Rochester); Series 2015, Ref. RB	5.00%	07/01/2034		375		382,759
Monroe County Industrial Development Corp. (Monroe Community College); Series 2014, Ref. RB (INS - AGM)(b)	5.00%	01/15/2038		890		894,924
Monroe County Industrial Development Corp. (Rochester General Hospital (The));
Series 2013 A, Ref. RB	5.00%	12/01/2037		50		50,065
Series 2013 A, Ref. RB	5.00%	12/01/2042		2,010		2,000,036
Monroe County Industrial Development Corp. (Rochester Regional Health); Series 2020, Ref. RB	4.00%	12/01/2046		5,700		4,747,499
Monroe County Industrial Development Corp. (Rochester Schools Modernization);
Series 2005 A, RB(a)	6.50%	12/01/2042		2,060		1,656,177
Series 2015, RB	5.00%	05/01/2030		1,000		1,024,640
Series 2015, RB	5.00%	05/01/2031		1,500		1,536,474
Monroe County Industrial Development Corp. (Social Bonds);
Series 2022, RB(d)	5.88%	07/01/2052		1,000		949,439
Series 2022, RB(d)	6.00%	07/01/2057		1,000		948,774
Monroe County Industrial Development Corp. (St. Ann’s Community);
Series 2019, Ref. RB	5.00%	01/01/2040		6,325		5,522,710
Series 2019, Ref. RB	5.00%	01/01/2050		2,000		1,611,177
Monroe County Industrial Development Corp. (St. John Fisher College);
Series 2011, RB	5.63%	06/01/2026		535		535,664
Series 2011, RB	6.00%	06/01/2034		1,495		1,497,616
Series 2014 A, RB	5.00%	06/01/2029		500		504,721
Series 2014 A, RB	5.50%	06/01/2034		960		972,829
Series 2014 A, RB	5.00%	06/01/2044		1,515		1,522,062
Monroe County Industrial Development Corp. (University of Rochester);
Series 2015 A, Ref. RB	5.00%	07/01/2028		180		185,378
Series 2015 A, Ref. RB	5.00%	07/01/2032		1,500		1,537,853
Series 2015 A, Ref. RB	5.00%	07/01/2033		1,785		1,828,140
Series 2020 A, RB	4.00%	07/01/2050		28,550		26,425,269
Monroe Tobacco Asset Securitization Corp.; Series 2006 A, RB(c)(d)	0.00%	06/01/2061		400,000		18,251,960
MTA Hudson Rail Yards Trust Obligations;
Series 2016 A, RB	5.00%	11/15/2051		21,780		21,815,737
Series 2016 A, RB	5.00%	11/15/2056		78,745		78,754,103
Nassau (County of), NY;
Series 2018 A, GO Bonds (INS - AGM)(b)	5.00%	04/01/2040		3,335		3,506,055
Series 2018 B, GO Bonds (INS - AGM)(b)	5.00%	07/01/2049		22,435		23,302,312
Series 2019 A, GO Bonds (INS - AGM)(b)	5.00%	04/01/2043		8,510		9,007,128
Series 2019 A, GO Bonds (INS - AGM)(b)	5.00%	04/01/2049		11,600		12,169,927
Series 2019 B, GO Bonds (INS - AGM)(b)	5.00%	04/01/2049		5,000		5,278,389
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside);
Series 2021, RB (Acquired 12/14/2007-02/28/2018; Cost $627,327)(g)	5.00%	01/01/2058		546		163,359
Series 2021, Ref. RB (Acquired 09/07/2021; Cost $270,000)(d)(g)(h)	9.00%	01/01/2041		270		256,500
Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group); Series 2014, RB	5.00%	07/01/2033		300		302,126
Nassau County Local Economic Assistance Corp. (Hispanic Counseling Center, Inc.); Series 2018 A-2, Ref. RB	5.20%	12/01/2037		1,585		1,183,297

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)
Nassau County Tobacco Settlement Corp.;
Series 2006 A-2, RB	5.25%	06/01/2026	$	826	$	815,867
Series 2006 A-3, RB	5.00%	06/01/2035		750		690,350
Series 2006 A-3, RB	5.13%	06/01/2046		615		559,267
Series 2006 C, RB(c)	0.00%	06/01/2046		105,975		19,606,032
Series 2006 D, RB(c)	0.00%	06/01/2060		623,215		34,112,234
Series 2006 E, RB(c)	0.00%	06/01/2060		40,000		2,008,924
New Rochelle (City of), NY (70 Nardozzi/City DPW); Series 2018 A-2, RB	5.13%	08/01/2050		17,100		11,464,476
New Rochelle (City of), NY (Iona College); Series 2015 A, Ref. RB	5.00%	07/01/2040		1,250		1,257,530
New York & New Jersey (States of) Port Authority;One Hundred Ninty Eighth Series 2016, Ref. RB	5.25%	11/15/2056		6,825		7,016,215
Series 2012, RB	4.00%	01/15/2042		720		705,289
Series 2016 197, Ref. RB(a)	5.00%	11/15/2035		7,000		7,169,622
Series 2018 211, Ref. RB	4.00%	09/01/2038		1,700		1,698,998
Series 2019 220, RB(a)	4.00%	11/01/2059		20,660		18,185,804
Series 2019, RB	4.00%	11/01/2041		600		592,443
Series 2019, RB(a)	4.00%	11/01/2047		25,350		23,419,486
Series 2020 221, RB(a)	4.00%	07/15/2045		5,000		4,666,431
Series 2021, Ref. RB(a)	4.00%	07/15/2051		8,395		7,597,436
Series 2021, Ref. RB(a)	5.00%	07/15/2056		2,000		2,061,427
Two Hundred Eleventh Series 2018, Ref. RB	5.00%	09/01/2048		12,475		12,937,086
Two Hundred Forteenth Series 2019, RB(a)	4.00%	09/01/2043		7,990		7,511,651
Two Hundred Thirty First Series 2022, Ref. RB(a)	5.00%	08/01/2037		22,990		24,866,573
Two Hundred Twenty First Series 2020, RB(a)	4.00%	07/15/2040		2,180		2,092,425
Two Hundredth Series 2017, Ref. RB	5.00%	10/15/2047		3,000		3,088,912
Two Hundredth Series 2017, Ref. RB	5.25%	10/15/2057		3,120		3,224,299
New York (City of) NY Transitional Finance Authority; Subseries 2020 C-1, RB(i)	4.00%	05/01/2046		23,000		22,004,378
New York (City of), NY;
Series 1990 I, GO Bonds	7.75%	08/15/2028		5		5,104
Series 1997 C, GO Bonds (INS - NATL)(b)	5.50%	11/15/2037		10		10,016
Series 2002 D, GO Bonds	5.25%	06/01/2027		230		230,340
Series 2002 D, GO Bonds	5.38%	06/01/2032		380		380,534
Series 2003 F, GO Bonds	5.32%	01/15/2028		5		5,007
Series 2018 E-1, GO Bonds	5.00%	03/01/2044		25,000		25,962,877
Series 2019 B-1, GO Bonds	5.00%	10/01/2042		595		622,861
Series 2020 D-1, GO Bonds	4.00%	03/01/2042		3,650		3,533,983
Series 2020 D-1, GO Bonds	4.00%	03/01/2050		21,000		19,814,140
Series 2021 F-1, GO Bonds	3.00%	03/01/2041		5,000		4,062,022
Series 2022, GO Bonds(i)(j)	4.00%	03/01/2047		18,000		17,136,770
Series 2022, GO Bonds (INS - BAM)(b)(i)(j)	4.00%	03/01/2050		28,830		27,375,800
Series 2022, GO Bonds(i)(j)	4.00%	08/01/2050		10,000		9,430,312
Series 2024 A, GO Bonds	5.00%	08/01/2051		14,350		15,193,731
Series 2024 A, GO Bonds	4.13%	08/01/2053		6,500		6,151,957
Subseries 2018 F-1, GO Bonds	5.00%	04/01/2045		10,000		10,381,784
Subseries 2019 A-1, GO Bonds	4.00%	08/01/2040		2,000		1,957,175
Subseries 2019 A-1, GO Bonds	5.00%	08/01/2045		880		914,789
Subseries 2021 F-1, GO Bonds(i)	5.00%	03/01/2050		10,000		10,475,681
Subseries 2022 B-1, GO Bonds	5.25%	10/01/2047		11,000		11,926,398
Subseries 2022 D-1, GO Bonds	5.25%	05/01/2040		2,500		2,757,835
Subseries 2022 D-1, GO Bonds	5.25%	05/01/2041		3,900		4,283,949
Subseries 2022 D-1, GO Bonds	5.25%	05/01/2043		4,705		5,136,712
Subseries 2022 D-1, GO Bonds	5.50%	05/01/2044		2,250		2,499,474
Subseries 2022 D-1, GO Bonds	5.50%	05/01/2045		2,960		3,278,421
Subseries 2022 D-1, GO Bonds	5.50%	05/01/2046		5,250		5,799,650
New York (City of), NY Industrial Development Agency (1996 Comprehensive Care Management Corp.);
Series 1998 C, RB	6.38%	11/01/2028		695		606,271
Series 1998, RB	6.38%	11/01/2028		1,735		1,511,692

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)
New York (City of), NY Industrial Development Agency (Comprehensive Care Management);
Series 2005 C-2, RB	6.00%	05/01/2026	$	525	$	481,820
Series 2005 E-2, RB	6.13%	11/01/2035		2,455		1,806,444
New York (City of), NY Industrial Development Agency (Cool Wind Ventilation Corp.); Series 2007 A-2, IDR(a)	6.08%	11/01/2027		3,245		3,078,191
New York (City of), NY Industrial Development Agency (MediSys Health Network, Inc.); Series 1999,RB	6.25%	03/15/2024		3,580		3,509,915
New York (City of), NY Industrial Development Agency (The Child School); Series 2003, RB	7.55%	06/01/2033		6,345		6,370,790
New York (City of), NY Municipal Water Finance Authority;
Subseries 2023 AA-1, RB	5.25%	06/15/2052		14,980		16,192,170
Series 2017 CC-1, RB	5.00%	06/15/2048		1,000		1,028,326
Series 2017 EE, Ref. RB	5.00%	06/15/2037		515		539,518
Series 2018 DD-1, RB	5.00%	06/15/2048		20,000		20,674,814
Series 2019 CC-1, RB	4.00%	06/15/2040		2,305		2,279,423
Series 2019 DD-1, RB	5.25%	06/15/2049		5,000		5,283,129
Series 2020 BB-1, RB	4.00%	06/15/2050		9,750		9,229,737
Series 2020 DD-1, RB	4.00%	06/15/2050		10,000		9,466,397
Series 2020, Ref. RB	5.00%	06/15/2050		8,500		8,910,354
Series 2021 AA-1, RB	4.00%	06/15/2051		10,000		9,434,263
Series 2021 CC-1, RB	4.00%	06/15/2051		12,500		11,792,829
Series 2022 EE, Ref. RB	4.00%	06/15/2045		25,000		23,983,250
Series 2023 D, Ref. RB	4.13%	06/15/2046		10,000		9,779,126
Series 2023 D, Ref. RB	4.13%	06/15/2047		9,780		9,537,251
Subseries 2023 AA-1, RB(i)	5.25%	06/15/2052		15,000		16,213,788
New York (City of), NY Transitional Finance Authority;
Series 2016 S-1, RB	5.00%	07/15/2029		650		675,562
Series 2018 S-1, RB	5.00%	07/15/2043		7,000		7,288,734
Series 2018 S-1, RB	5.00%	07/15/2045		27,000		28,028,986
Series 2018 S-3, RB	5.00%	07/15/2043		885		921,108
Series 2018 S-3, RB	5.25%	07/15/2045		11,475		12,078,794
Series 2019 A-3, RB	4.00%	05/01/2043		11,000		10,697,089
Series 2019 B-1, RB	4.00%	11/01/2042		7,325		7,148,058
Series 2019 B-1, RB	4.00%	11/01/2045		8,795		8,444,119
Series 2019 B-1, RB	4.00%	11/01/2047		5,875		5,585,194
Series 2020 C-1, RB	4.00%	05/01/2040		1,415		1,398,781
Series 2020, RB	4.00%	05/01/2045		2,000		1,922,802
Series 2021 B-1, RB	4.00%	08/01/2048		3,925		3,718,345
Series 2021 E-1, RB	4.00%	02/01/2046		12,855		12,301,212
Series 2022 F-1, RB	5.00%	02/01/2044		2,500		2,669,005
Series 2022 F-1, RB	5.00%	02/01/2047		24,500		25,880,073
Series 2022, RB	5.00%	02/01/2047		9,955		10,515,760
Series 2023 A-1, RB	5.00%	05/01/2053		30,000		31,715,463
Series 2023 F-1, RB	4.00%	02/01/2051		10,215		9,602,746
Series 2023, RB	5.00%	05/01/2048		10,000		10,646,974
Subseries 2014 B-1, RB	5.00%	11/01/2040		9,000		9,047,893
Subseries 2022 F-1, RB(i)	5.00%	02/01/2047		24,575		25,959,297
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		1,006,528
New York (City of), NY Trust for Cultural Resources (Carnegie Hall); Series 2019, Ref. RB	5.00%	12/01/2034		300		330,681
New York (City of), NY Trust for Cultural Resources (Juilliard School (The)); Series 2018 A, Ref. RB	4.00%	01/01/2039		6,370		6,170,611
New York (State of) Bridge Authority;
Series 2021 A, RB	4.00%	01/01/2038		200		197,705
Series 2021 A, RB	4.00%	01/01/2039		275		268,914
Series 2021 A, RB	4.00%	01/01/2040		350		338,448
Series 2021 A, RB	4.00%	01/01/2041		220		211,605

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)
New York (State of) Dormitory Authority;
Series 2009 C, RB (INS - AGC)(b)	5.00%	10/01/2024	$	115	$	115,166
Series 2015 A-1, Ref. RB(d)	4.80%	12/01/2023		410		407,031
Series 2015 B, RB(e)(f)	5.00%	02/15/2025		5		5,120
Series 2016 A, Ref. RB	5.00%	10/01/2033		600		625,748
Series 2016 A, Ref. RB	5.00%	07/01/2036		275		283,887
Series 2018 A, RB	5.00%	07/01/2048		5,890		6,143,092
Series 2019 A, RB	4.00%	07/01/2045		15,280		14,634,079
Series 2019 D, RB(i)	4.00%	02/15/2049		20,000		18,818,062
Series 2020 A, RB(i)	4.00%	03/15/2046		30,485		29,002,350
Series 2020 D, Ref. RB	4.00%	02/15/2047		5,000		4,734,267
Series 2021 A, Ref. RB	4.00%	03/15/2043		5,000		4,839,239
Series 2021 A, Ref. RB	4.00%	03/15/2047		26,305		24,897,280
Series 2021 E, Ref. RB	4.00%	03/15/2047		11,000		10,411,332
Series 2022 A, RB (INS - BAM)(b)	4.25%	10/01/2051		5,500		5,217,580
Series 2022, RB(i)(j)	4.00%	03/15/2049		46,305		43,554,988
Series 2022, RB(i)	4.00%	07/01/2049		22,500		21,138,039
Series 2023 A-1, Ref. RB	5.00%	03/15/2053		10,925		11,578,579
New York (State of) Dormitory Authority (Alliance Long Island AGYS, Inc.);
Series 2015 A-2, Ref. RB(d)	5.35%	12/01/2035		10,325		7,878,570
Series 2015 B-1, Ref. RB(d)	6.18%	12/01/2031		3,855		3,380,147
New York (State of) Dormitory Authority (Barnard College);
Series 2020 A, Ref. RB	4.00%	07/01/2038		680		642,046
Series 2020 A, Ref. RB	4.00%	07/01/2040		675		623,008
Series 2020 A, Ref. RB	4.00%	07/01/2045		1,275		1,145,403
Series 2020 A, Ref. RB	4.00%	07/01/2049		1,350		1,183,978
New York (State of) Dormitory Authority (Bidding Group 3);
Series 2017 B, Ref. RB(e)(f)	5.00%	08/15/2027		10		10,741
Series 2017 B, Ref. RB	5.00%	02/15/2041		6,015		6,268,398
New York (State of) Dormitory Authority (Bidding Group 4);
Series 2018 A, RB	5.00%	03/15/2044		12,830		13,344,102
Series 2018 C, Ref. RB	4.00%	03/15/2044		11,385		10,928,676
New York (State of) Dormitory Authority (Bidding Group 5); Series 2020 A, Ref. RB	4.00%	03/15/2047		9,000		8,518,362
New York (State of) Dormitory Authority (Catholic Health System Obligated Group);
Series 2012 A, RB	5.00%	07/01/2032		750		653,320
Series 2012 B, RB	5.00%	07/01/2032		240		209,062
Series 2019 A, Ref. RB	4.00%	07/01/2045		750		523,964
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		19,179
New York (State of) Dormitory Authority (City of New York);
Series 2005 A, RB (INS - AMBAC)(b)	5.50%	05/15/2027		710		766,040
Series 2005 A, RB (INS - AMBAC)(b)	5.50%	05/15/2030		750		854,994
Series 2005 A, RB (INS - AMBAC)(b)	5.50%	05/15/2031		555		641,550
New York (State of) Dormitory Authority (Columbia University); Series 2015, RB	5.00%	10/01/2045		115		128,938
New York (State of) Dormitory Authority (Cornell University); Series 2020 A, Ref. RB	4.00%	07/01/2050		10,000		9,434,742
New York (State of) Dormitory Authority (Educational Housing Services – CUNY Student Housing); Series 2005, RB (INS - AMBAC)(b)	5.25%	07/01/2030		25		25,836
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		958,790
New York (State of) Dormitory Authority (Fordham University);
Series 2014, RB	5.00%	07/01/2030		200		202,449
Series 2016 A, Ref. RB	5.00%	07/01/2041		1,200		1,225,230
Series 2017, Ref. RB	5.00%	07/01/2030		650		683,959
Series 2020, RB	4.00%	07/01/2046		1,555		1,441,357
Series 2020, RB	4.00%	07/01/2050		41,360		37,647,634
Series 2021 A, Ref. RB	3.00%	07/01/2038		9,455		7,618,477
New York (State of) Dormitory Authority (General Purpose); Series 2018 A, Ref. RB	5.25%	03/15/2038		1,500		1,614,668

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 (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai);
Series 2015 A, Ref. RB	5.00%	07/01/2034	$	150	$	152,310
Series 2015 A, Ref. RB	5.00%	07/01/2040		2,800		2,818,705
Series 2015, Ref. RB	5.00%	07/01/2045		1,165		1,170,147
New York (State of) Dormitory Authority (Iona College);
Series 2021 A, RB	5.00%	07/01/2046		500		501,796
Series 2021 A, RB	5.00%	07/01/2051		1,250		1,245,162
New York (State of) Dormitory Authority (Montefiore Obligated Group);
Series 2018 A, Ref. RB	5.00%	08/01/2035		6,695		6,615,404
Series 2018 A, Ref. RB	4.00%	08/01/2036		5,570		5,066,160
Series 2018 A, Ref. RB	4.00%	08/01/2037		2,050		1,845,195
Series 2020 A, Ref. RB	4.00%	09/01/2045		8,205		6,918,573
Series 2020 A, Ref. RB	4.00%	09/01/2050		51,475		42,043,061
New York (State of) Dormitory Authority (Municipal Health Facilities Improvement Program); Series 2006 A, RB (INS - NATL)(b)	4.50%	05/15/2036		30		30,014
New York (State of) Dormitory Authority (New School (The));
Series 2015 A, Ref. RB(e)(f)	5.00%	07/01/2025		145		149,315
Series 2015 A, Ref. RB	5.00%	07/01/2040		1,955		1,973,847
Series 2016 A, Ref. RB	5.00%	07/01/2030		1,545		1,604,935
Series 2016 A, Ref. RB	5.00%	07/01/2035		3,490		3,605,164
Series 2016 A, Ref. RB	5.00%	07/01/2036		2,490		2,561,140
Series 2016 A, Ref. RB	5.00%	07/01/2037		6,535		6,692,983
Series 2016 A, Ref. RB	5.00%	07/01/2041		2,905		2,949,929
Series 2016 A, Ref. RB	4.00%	07/01/2043		5,050		4,529,814
Series 2016 A, Ref. RB	5.00%	07/01/2046		6,330		6,393,475
Series 2022 A, Ref. RB	4.00%	07/01/2052		9,050		7,766,872
New York (State of) Dormitory Authority (New York University);
Series 2001-1, RB (INS - BHAC)(b)	5.50%	07/01/2031		1,070		1,196,514
Series 2019 A, RB	5.00%	07/01/2049		8,600		9,030,060
Series 2021 A, Ref. RB	3.00%	07/01/2041		7,785		6,223,324
Series 2021 A, Ref. RB	4.00%	07/01/2046		6,000		5,740,914
New York (State of) Dormitory Authority (Northwell Health Obligated Group); Series 2015 A, Ref. RB	5.00%	05/01/2033		1,515		1,545,626
New York (State of) Dormitory Authority (NYU Hospitals Center); Series 2014, Ref. RB	5.00%	07/01/2036		2,475		2,500,393
New York (State of) Dormitory Authority (Orange Regional Medical Center);
Series 2015, Ref. RB(d)	5.00%	12/01/2045		425		389,951
Series 2017, Ref. RB(d)	5.00%	12/01/2029		3,200		3,189,703
Series 2017, Ref. RB(d)	5.00%	12/01/2030		1,900		1,893,690
Series 2017, Ref. RB(d)	5.00%	12/01/2032		1,200		1,195,216
Series 2017, Ref. RB(d)	5.00%	12/01/2033		1,700		1,690,471
Series 2017, Ref. RB(d)	5.00%	12/01/2035		1,300		1,272,920
Series 2017, Ref. RB(d)	5.00%	12/01/2036		2,100		2,049,547
Series 2017, Ref. RB(d)	5.00%	12/01/2037		800		768,697
New York (State of) Dormitory Authority (Pace University); Series 2013 A, RB	5.00%	05/01/2029		980		980,533
New York (State of) Dormitory Authority (Pratt Institute);
Series 2016, Ref. RB	5.00%	07/01/2039		500		507,461
Series 2016, Ref. RB	5.00%	07/01/2046		500		504,171
New York (State of) Dormitory Authority (Rockefeller University);
Series 2019 C, Ref. RB	4.00%	07/01/2049		3,500		3,288,139
Series 2020 A, Ref. RB	5.00%	07/01/2053		3,500		3,706,893
Series 2022 A, Ref. RB	4.00%	07/01/2042		3,305		3,186,141
New York (State of) Dormitory Authority (St. John’s University); Series 2015 A, Ref. RB	5.00%	07/01/2034		400		408,630
New York (State of) Dormitory Authority (St. Joseph’s College);
Series 2021, RB	4.00%	07/01/2040		225		201,784
Series 2021, RB	5.00%	07/01/2051		750		734,984
New York (State of) Dormitory Authority (Sustainability Bonds); Series 2023, RB	5.00%	07/01/2053		4,000		4,235,085
New York (State of) Dormitory Authority (United Cerebral Palsy Association);
Series 2017 A, RB(d)	5.50%	12/01/2047		16,140		10,916,434
Series 2017 A-2, RB(d)	5.38%	09/01/2050		25,010		18,266,909
Series 2017 A-2, Ref. RB (Acquired 10/25/2017; Cost $7,540,000)(d)(g)	5.38%	10/01/2042		7,540		5,605,931

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 (Wagner College);
Series 2022, Ref. RB	5.00%	07/01/2047	$	2,000	$	1,951,657
Series 2022, Ref. RB	5.00%	07/01/2057		12,000		11,416,870
New York (State of) Dormitory Authority (Yeshiva University); Series 2022 A, Ref. RB	5.00%	07/15/2050		4,000		3,878,125
New York (State of) Housing Finance Agency;
Series 2014 C, RB	4.00%	11/01/2046		7,340		6,540,241
Series 2014 G, RB (CEP - GNMA)	4.00%	05/01/2047		3,080		2,750,816
Series 2015 C, RB	4.15%	05/01/2048		2,295		2,086,057
Series 2020 C, RB (CEP - Federal Housing Administration)	4.20%	11/01/2054		25,590		22,118,837
New York (State of) Housing Finance Agency (Horizons at Wawayanda); Series 2007 A, RB (CEP - FHLMC)(a)	5.15%	11/01/2040		105		105,060
New York (State of) Housing Finance Agency (Sustainability Bonds);
Series 2023 A-1, RB	5.00%	05/01/2063		3,000		2,974,011
Series 2023 B-1, RB	4.90%	11/01/2053		3,750		3,697,200
Series 2023 B-1, RB	4.95%	11/01/2058		4,000		3,999,486
New York (State of) Housing Finance Agency (Tiffany Gardens); Series 2005 A, RB(a)	5.13%	08/15/2037		310		310,760
New York (State of) Mortgage Agency (Social Bonds);
Series 2023 252, RB	4.45%	10/01/2043		1,025		1,010,428
Series 2023 252, RB	4.55%	10/01/2048		1,725		1,679,313
Series 2023 252, RB	4.65%	10/01/2053		1,625		1,561,276
New York (State of) Power Authority (Green Bonds);
Series 2020 A, RB(i)(j)	4.00%	11/15/2060		39,155		36,363,632
Series 2020 A, Ref. RB	4.00%	11/15/2050		13,145		12,547,035
Series 2020 A, Ref. RB	4.00%	11/15/2055		12,475		11,741,572
New York (State of) Power Authority (Green Transmission) (Green Bonds); Series 2022, RB (INS - AGM)(b)	4.00%	11/15/2061		10,000		9,124,651
New York (State of) Thruway Authority;
Series 2022 C, RB(i)	5.00%	03/15/2054		38,340		40,328,864
Series 2014 J, RB	5.00%	01/01/2034		1,620		1,626,880
Series 2016 A, RB	5.00%	01/01/2051		27,580		27,988,369
Series 2019 B, RB	4.00%	01/01/2045		21,185		19,758,459
Series 2019 B, RB	4.00%	01/01/2050		13,815		12,651,806
Series 2019 B, RB (INS - AGM)(b)	4.00%	01/01/2050		45,000		42,599,110
Series 2020 N, RB	5.00%	01/01/2040		11,555		12,282,048
Series 2020 N, RB	4.00%	01/01/2044		11,465		10,974,530
New York (State of) Thruway Authority (Bidding Group 1); Series 2022 A, Ref. RB	4.00%	03/15/2049		4,200		3,950,566
New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds); Series 2022 C, RB	5.00%	03/15/2055		8,750		9,197,215
New York (State of) Thruway Authority (Bidding Group 2) (Green Bonds); Series 2022 C, RB	4.13%	03/15/2056		3,665		3,443,037
New York (State of) Thruway Authority (Bidding Group 4);
Series 2021 A-1, Ref. RB	4.00%	03/15/2052		8,500		7,856,726
Series 2021 A-1, Ref. RB	4.00%	03/15/2053		15,000		13,816,630
New York (State of) Thruway Authority (Bidding Group 5); Series 2021 A-1, Ref. RB	4.00%	03/15/2059		19,000		17,197,263
New York (State of) Thruway Authority (Group 1);
Series 2021 O, Ref. RB	4.00%	01/01/2043		15,000		14,434,717
Series 2021 O, Ref. RB	4.00%	01/01/2047		10,155		9,592,611
Series 2021 O, Ref. RB	4.00%	01/01/2049		7,210		6,776,608
New York (State of) Thruway Authority (Group 2); Series 2020 N, RB	4.00%	01/01/2045		5,000		4,762,304
New York (State of) Utility Debt Securitization Authority (Green Bonds);
Series 2022, Ref. RB	5.00%	12/15/2049		7,000		7,573,352
Series 2022, Ref. RB	5.00%	09/15/2052		5,000		5,397,117
New York City Health and Hospitals Corp.; Series 2021 A, Ref. RB	4.00%	02/15/2048		1,000		902,940
New York City Housing Development Corp.; Series 2014 C-1-A, RB	4.30%	11/01/2047		5,030		4,715,320
New York City Housing Development Corp. (Sustainable Development Bonds); Series 2023, RB	4.80%	02/01/2053		22,140		22,221,515
New York Convention Center Development Corp. (Hotel Unit Fee Secured);
Series 2015, Ref. RB	5.00%	11/15/2040		8,435		8,550,225
Series 2015, Ref. RB	5.00%	11/15/2045		8,190		8,262,951
Series 2016 A, RB	5.00%	11/15/2041		4,220		4,317,373
Series 2016 B, RB(c)	0.00%	11/15/2044		3,270		1,058,607

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 Counties Tobacco Trust I;
Series 2000 A, RB	6.50%	06/01/2035	$	1,180	$	1,180,571
Series 2000 A, RB	6.63%	06/01/2042		19,215		19,220,576
New York Counties Tobacco Trust II;
Series 2001, RB	5.63%	06/01/2035		335		340,956
Series 2001, RB	5.75%	06/01/2043		8,715		8,870,345
New York Counties Tobacco Trust IV;
Series 2005 D, RB(c)	0.00%	06/01/2050		66,335		13,688,758
Series 2005 E, RB(c)	0.00%	06/01/2055		165,210		12,619,302
Series 2010 A, RB(d)	6.25%	06/01/2041		23,900		23,900,182
New York Counties Tobacco Trust V;
Series 2005 S-1, RB(c)	0.00%	06/01/2038		3,430		1,387,027
Series 2005 S-2, RB(c)	0.00%	06/01/2050		6,770		933,616
Series 2005 S-3, RB(c)	0.00%	06/01/2055		219,195		16,389,495
Series 2005 S4B, RB(c)(d)	0.00%	06/01/2060		715,900		29,414,183
New York Counties Tobacco Trust VI;
Series 2016 A, Ref. RB	6.45%	06/01/2040		3,005		3,054,617
Series 2016 A, Ref. RB	6.00%	06/01/2043		2,290		2,317,387
Series 2016 A-1, Ref. RB	5.75%	06/01/2043		4,000		4,095,594
Series 2016 A-2, Ref. RB	5.00%	06/01/2051		13,875		12,690,984
Series 2016 A-2B, Ref. RB	5.00%	06/01/2045		3,750		3,522,401
Series 2016 B, Ref. RB	5.00%	06/01/2036		1,000		1,019,837
Series 2016 B, Ref. RB	5.00%	06/01/2041		870		876,572
New York Liberty Development Corp. (3 World Trade Center);
Series 2014, Class 1, Ref. RB(d)	5.00%	11/15/2044		1,505		1,440,419
Series 2014, Class 3, Ref. RB(d)	7.25%	11/15/2044		415		418,748
New York Liberty Development Corp. (7 World Trade Center);
Series 2022, Ref. RB	3.00%	09/15/2043		10,000		7,913,214
Series 2022, Ref. RB	3.25%	09/15/2052		7,500		5,485,687
New York Liberty Development Corp. (Goldman Sachs Headquarters);
Series 2005, Ref. RB	5.25%	10/01/2035		76,200		85,418,885
Series 2007, RB	5.50%	10/01/2037		11,445		12,814,633
New York Liberty Development Corp. (Green Bonds);
Series 2021 A, Ref. RB	2.75%	11/15/2041		13,660		10,481,628
Series 2021 A, Ref. RB	2.88%	11/15/2046		21,990		15,999,376
Series 2021 A, Ref. RB	3.00%	11/15/2051		15,000		10,648,252
New York State Dormitory Authority; Series 2023, RB(i)	4.00%	02/15/2047		13,575		12,853,535
New York State Environmental Facilities Corp.; Series 2017, RB	5.00%	06/15/2047		24,900		25,854,514
New York State Environmental Facilities Corp. (2010 Master Financing Program) (Green Bonds);
Series 2022 B, RB(i)	5.00%	09/15/2047		20,000		21,366,456
Series 2022 B, RB(i)	5.25%	09/15/2052		18,000		19,537,852
New York State Environmental Facilities Corp. (Casella Waste Systems, Inc.); Series 2020, RB(a)(d)(f)	5.13%	09/03/2030		2,700		2,702,617
New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority);
Series 2016 A, Ref. RB	5.00%	06/15/2032		1,000		1,048,168
Series 2022, Ref. RB	4.00%	06/15/2047		3,890		3,727,035
New York State Environmental Facilities Corp. (Pooled Financing Program); Series 2005 B, RB(e)	5.50%	04/15/2035		615		735,629
New York State Urban Development Corp.;
Series 2020 A, RB	4.00%	03/15/2045		6,825		6,548,016
Series 2020 A, RB	4.00%	03/15/2049		36,685		34,613,959
Series 2020 C, Ref. RB	4.00%	03/15/2045		16,000		15,350,661
Series 2020, Ref. RB	3.00%	03/15/2040		5,000		4,139,903
Series 2022 A, Ref. RB	5.00%	03/15/2046		11,435		12,104,882
Series 2022 A, Ref. RB	5.00%	03/15/2047		8,565		9,050,785
New York State Urban Development Corp. (Bidding Group 2); Series 2021 A, Ref. RB	3.00%	03/15/2041		16,515		13,585,829
New York State Urban Development Corp. (Bidding Group 3);
Series 2019 A, Ref. RB	4.00%	03/15/2045		8,625		8,274,966
Series 2021, Ref. RB	4.00%	03/15/2046		28,000		26,793,584
Series 2021, Ref. RB	4.00%	03/15/2047		10,000		9,535,633

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 Urban Development Corp. (Bidding Group 4);
Series 2020 E, Ref. RB	4.00%	03/15/2042	$	7,965	$	7,759,484
Series 2020 E-2, Ref. RB	3.00%	03/15/2040		11,245		9,304,224
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB(a)	5.00%	08/01/2026		4,200		4,209,276
Series 2016, Ref. RB(a)	5.00%	08/01/2031		26,165		26,230,174
Series 2021, Ref. RB(a)	2.25%	08/01/2026		3,395		3,242,240
Series 2021, Ref. RB(a)	3.00%	08/01/2031		3,200		2,838,486
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment);
Series 2018, RB(a)	5.00%	01/01/2036		7,610		7,759,532
Series 2020, RB(a)	5.00%	10/01/2040		10,000		10,107,693
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);
Series 2016 A, RB (INS - AGM)(a)(b)	4.00%	07/01/2035		6,255		6,114,955
Series 2016 A, RB (INS - AGM)(a)(b)	4.00%	07/01/2036		8,845		8,547,054
Series 2016 A, RB (INS - AGM)(a)(b)	4.00%	07/01/2037		11,875		11,322,438
Series 2016 A, RB(a)	5.00%	07/01/2041		8,250		8,251,506
Series 2016 A, RB(a)	5.00%	07/01/2046		16,000		15,949,267
Series 2016 A, RB(a)	5.25%	01/01/2050		37,970		37,969,590
Series 2016 A, RB (INS - AGM)(a)(b)	4.00%	01/01/2051		8,900		7,803,018
Series 2016, RB (INS - AGM)(a)(b)	5.00%	07/01/2046		4,990		4,993,510
New York Transportation Development Corp. (New York State Thruway); Series 2021, RB(a)	4.00%	10/31/2034		600		579,139
New York Transportation Development Corp. (Terminal 4 JFK International Airport);
Series 2020 A, Ref. RB(a)	5.00%	12/01/2031		1,000		1,066,313
Series 2020 A, Ref. RB(a)	4.00%	12/01/2041		1,380		1,267,518
Series 2020 C, Ref. RB	5.00%	12/01/2033		1,600		1,732,016
Series 2020 C, Ref. RB	5.00%	12/01/2036		1,610		1,705,736
Series 2020, Ref. RB	5.00%	12/01/2032		1,505		1,630,808
Series 2020, Ref. RB	5.00%	12/01/2035		2,000		2,137,249
Series 2020, Ref. RB	5.00%	12/01/2038		3,000		3,143,509
Series 2022, RB(a)	5.00%	12/01/2039		3,000		3,096,132
Series 2022, RB(a)	5.00%	12/01/2041		19,000		19,524,765
Series 2022, RB(a)	5.00%	12/01/2042		5,000		5,114,811
Niagara Area Development Corp. (Catholic Health System, Inc.); Series 2022, RB	5.00%	07/01/2052		6,350		4,716,477
Niagara Area Development Corp. (Covanta); Series 2018 A, Ref. RB(a)(d)	4.75%	11/01/2042		790		690,619
Niagara Frontier Transportation Authority (Buffalo Niagara International Airport);
Series 2014 A, Ref. RB(a)	5.00%	04/01/2029		725		727,870
Series 2019, Ref. RB(a)	5.00%	04/01/2035		780		812,398
Series 2019, Ref. RB(a)	5.00%	04/01/2037		750		772,396
Series 2019, Ref. RB(a)	5.00%	04/01/2039		720		734,346
Niagara Tobacco Asset Securitization Corp.;
Series 2014, Ref. RB	5.25%	05/15/2034		6,645		6,653,176
Series 2014, Ref. RB	5.25%	05/15/2040		275		275,071
Oneida County Local Development Corp. (Mohawk Valley Health System);
Series 2019, Ref. RB (INS - AGM)(b)	4.00%	12/01/2038		860		806,530
Series 2019, Ref. RB (INS - AGM)(b)	4.00%	12/01/2049		4,920		4,208,210
Series 2021 A, RB (INS - AGM)(b)	4.00%	12/01/2046		1,355		1,179,840
Series 2021 A, RB (INS - AGM)(b)	4.00%	12/01/2051		11,710		9,923,018
Oneida County Local Development Corp. (Utica College);
Series 2019, Ref. RB	5.00%	07/01/2026		100		102,004
Series 2019, Ref. RB	5.00%	07/01/2028		1,050		1,089,361
Series 2019, Ref. RB	5.00%	07/01/2030		1,160		1,210,439
Series 2019, Ref. RB	5.00%	07/01/2031		1,215		1,266,905
Series 2019, Ref. RB	5.00%	07/01/2032		775		806,337
Series 2019, Ref. RB	5.00%	07/01/2033		1,340		1,391,449
Series 2019, Ref. RB	5.00%	07/01/2034		1,410		1,459,123
Series 2019, Ref. RB	4.00%	07/01/2039		760		678,308
Series 2019, Ref. RB	5.00%	07/01/2049		8,270		7,982,510

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)
Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.);
Series 2017, Ref. RB	5.00%	05/01/2033	$	1,300	$	1,323,363
Series 2017, Ref. RB	5.00%	05/01/2034		840		853,113
Series 2017, Ref. RB	5.00%	05/01/2037		1,150		1,164,089
Series 2017, Ref. RB	5.00%	05/01/2040		650		655,354
Onondaga (County of), NY Trust for Cultural Resources (Syracuse University);
Series 2019, Ref. RB	4.00%	12/01/2041		1,055		1,038,313
Series 2019, Ref. RB	5.00%	12/01/2045		18,650		19,793,868
Series 2019, Ref. RB	4.00%	12/01/2049		14,240		13,251,862
Onondaga Civic Development Corp. (Le Moyne College);
Series 2021, RB	5.00%	07/01/2046		450		446,761
Series 2021, RB	5.00%	07/01/2051		600		586,250
Orange (County of), NY Industrial Development Agency (Cornwall Hospital (The)); Series 2001 B, RB (INS - AGC)(b)	5.38%	12/01/2026		1,025		1,026,138
Orange (County of), NY Industrial Development Agency (St. Luke’s Hospital of Newburgh, New York); Series 2001 A, RB (INS - AGC)(b)	5.38%	12/01/2026		2,880		2,883,666
Orange County Funding Corp.; Series 2013, RB	6.50%	01/01/2046		3,955		3,116,577
Orange County Funding Corp. (Mount St. Mary College);
Series 2012 A, RB	5.00%	07/01/2037		1,320		1,280,944
Series 2012 A, RB	5.00%	07/01/2042		1,435		1,329,224
Otsego County Capital Resource Corp. (Hartwick College);
Series 2015 A, Ref. RB	5.00%	10/01/2030		3,205		2,940,816
Series 2015 A, Ref. RB	5.00%	10/01/2035		2,000		1,715,515
Series 2015 A, Ref. RB	5.00%	10/01/2045		8,065		6,220,158
Oyster Bay (Town of), NY;
Series 2018 B, GO Bonds (INS - AGM)(b)	3.25%	02/01/2031		10,805		10,834,408
Series 2018 B, GO Bonds (INS - AGM)(b)	3.25%	02/01/2032		5,000		4,937,718
Series 2018 B, GO Bonds (INS - AGM)(b)	4.00%	02/01/2033		9,585		9,715,849
Port Authority of New York & New Jersey; Series 2023, RB(a)(i)	4.00%	07/15/2060		33,975		29,827,923
Poughkeepsie (City of), NY Industrial Development Agency (Eastman & Bixby Redevelopment Co.LLC); Series 2000 A, RB(a)	6.00%	08/01/2032		2,240		2,244,751
Ramapo Local Development Corp.; Series 2013, Ref. RB	5.00%	03/15/2033		2,525		2,523,918
Rensselaer (County of), NY Industrial Development Agency (Franciscan Heights, L.P.); Series 2004 A, IDR (LOC - JPMorgan Chase Bank N.A.)(a)(k)	5.38%	12/01/2036		2,500		2,503,724
Riverhead (City of), NY Industrial Development Agency; Series 2013, RB	7.00%	08/01/2048		1,300		1,302,136
Rockland (County of), NY Solid Waste Management Authority (Green Bonds); Series 2021 A, RB(a)	4.00%	12/15/2051		5,025		4,500,364
Rockland Tobacco Asset Securitization Corp.;
Series 2001, RB	5.75%	08/15/2043		720		730,619
Series 2005 A, RB(c)(d)	0.00%	08/15/2045		3,800		1,066,401
Series 2005 C, RB(c)(d)	0.00%	08/15/2060		25,000		1,575,075
Saratoga County Capital Resource Corp. (Skidmore College);
Series 2018, RB	5.00%	07/01/2048		3,515		3,638,549
Series 2020 A, RB	4.00%	07/01/2050		1,985		1,816,419
Schenectady County Capital Resource Corp. (Union College);
Series 2017, Ref. RB	5.00%	01/01/2047		10,720		11,002,423
Series 2022, Ref. RB	5.25%	07/01/2052		1,000		1,074,729
St. Lawrence (County of), NY Industrial Development Agency (Clarkson University);
Series 2021 A, Ref. RB	5.00%	09/01/2035		150		156,663
Series 2021 A, Ref. RB	5.00%	09/01/2037		150		153,803
Series 2021 A, Ref. RB	5.00%	09/01/2038		150		153,017
Series 2021 A, Ref. RB	5.00%	09/01/2040		150		151,796
Series 2021, Ref. RB	5.00%	09/01/2035		270		281,994
Series 2021, Ref. RB	5.00%	09/01/2036		105		108,642
Series 2021, Ref. RB	5.00%	09/01/2036		300		310,405
Series 2021, Ref. RB	5.00%	09/01/2037		300		307,605
Series 2021, Ref. RB	5.00%	09/01/2038		225		229,526
Series 2021, Ref. RB	5.00%	09/01/2039		670		680,580
Series 2021, Ref. RB	5.00%	09/01/2039		235		238,711
Series 2021, Ref. RB	5.00%	09/01/2040		250		252,993
Series 2021, Ref. RB	5.00%	09/01/2041		330		332,847

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)
Series 2021, Ref. RB	5.00%	09/01/2041	$	300	$	302,588
St. Lawrence (County of), NY Industrial Development Agency (St. Lawrence University);
Series 2016 A, Ref. RB	5.00%	07/01/2036		540		557,450
Series 2022, Ref. RB	5.25%	07/01/2041		440		474,697
Series 2022, Ref. RB	5.25%	07/01/2042		425		458,247
Series 2022, Ref. RB	5.25%	07/01/2047		1,820		1,942,515
Series 2022, Ref. RB	5.25%	07/01/2052		2,500		2,647,150
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-D2, RB	6.00%	10/01/2031		200		185,166
Suffolk County Economic Development Corp.; Series 2010 A, RB	7.38%	12/01/2040		3,910		3,388,571
Suffolk County Economic Development Corp. (Catholic Health Services); Series 2014 C, RB	5.00%	07/01/2032		415		418,037
Suffolk County Economic Development Corp. (Family Residences and Essential Enterprises, Inc.); Series 2012 B-A, RB(d)	6.75%	06/01/2027		290		261,212
Suffolk Tobacco Asset Securitization Corp.; Series 2021, Ref. RB	4.00%	06/01/2050		1,875		1,797,538
Sullivan (County of), NY (Adelaar Infratructure);
Series 2016 A-2, RB(d)	5.35%	11/01/2049		40,865		36,407,932
Series 2016 B-2, RB(d)	5.35%	11/01/2049		5,830		5,194,133
Series 2016 C-2, RB(d)	5.35%	11/01/2049		5,760		5,131,768
Series 2016 D-2, RB(d)	5.35%	11/01/2049		3,780		3,367,723
Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.); Series 2013 A, RB(h)	5.00%	07/01/2032		3,125		1,093,750
Triborough Bridge & Tunnel Authority;
Series 2016 A, Ref. RB	5.00%	11/15/2046		20,500		20,967,377
Series 2017 A, RB	5.00%	11/15/2038		1,515		1,577,295
Series 2017 A, RB	5.00%	11/15/2047		17,095		17,547,335
Series 2018 A, RB	5.00%	11/15/2045		10,000		10,408,120
Series 2021 A-1, Ref. RB	5.00%	05/15/2051		47,685		50,150,582
Subseries 2021 B-1, Ref. RB	4.00%	05/15/2056		30,800		28,671,267
Triborough Bridge & Tunnel Authority (MTA Brdiges & Tunnels) (Green Bonds); Subseries 2022 D-2,RB	5.50%	05/15/2052		5,350		5,906,705
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);
Series 2018 A, RB	4.00%	11/15/2048		13,655		12,880,423
Series 2019 A, RB	5.00%	11/15/2049		17,800		18,434,323
Series 2019 C, RB	4.00%	11/15/2041		1,500		1,469,273
Series 2019 C, RB(i)	4.00%	11/15/2043		21,500		20,765,846
Series 2020 A, RB	5.00%	11/15/2054		4,850		5,060,806
Series 2021 A, RB	5.00%	11/15/2051		27,570		28,903,139
Series 2021 A, RB	5.00%	11/15/2056		16,570		17,310,535
Series 2022, RB(i)	5.25%	05/15/2057		20,000		21,475,682
Series 2022, RB(i)	5.25%	05/15/2062		30,000		32,095,743
Series 2023 A, RB	4.25%	05/15/2058		20,000		19,225,578
Triborough Bridge & Tunnel Authority Sales Tax Revenue;
Series 2023, RB(i)	4.25%	05/15/2058		10,000		9,612,789
Series 2023, RB(i)	4.50%	05/15/2063		40,000		39,339,968
TSASC, Inc.;
Series 2016 B, Ref. RB	5.00%	06/01/2045		10,930		10,188,463
Series 2016 B, Ref. RB	5.00%	06/01/2048		14,195		13,042,816
Series 2017 A, Ref. RB	5.00%	06/01/2036		1,345		1,376,155
Series 2017 A, Ref. RB	5.00%	06/01/2041		16,855		17,065,662
Westchester (County of), NY Industrial Development Agency (Clearview School (The)); Series 2005 B, RB	7.25%	01/01/2035		690		546,790
Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB(a)(d)	7.00%	06/01/2046		470		403,097
Westchester County Healthcare Corp.; Series 2014 A, RB	5.00%	11/01/2044		4,063		3,782,712
Westchester County Local Development Corp. (Betheal Methodist);
Series 2020 A, Ref. RB	5.00%	07/01/2040		2,235		1,831,375
Series 2020 A, Ref. RB	5.13%	07/01/2055		7,690		5,821,005
Series 2020 B, Ref. RB	5.88%	07/01/2030		4,720		4,204,847

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)
Westchester County Local Development Corp. (Kendal on Hudson);
Series 2022, Ref. RB	5.00%	01/01/2032	$	500	$	505,771
Series 2022, Ref. RB	5.00%	01/01/2037		525		521,434
Series 2022, Ref. RB	5.00%	01/01/2041		520		504,715
Series 2022, Ref. RB	4.25%	01/01/2045		1,670		1,400,457
Series 2022, Ref. RB	5.00%	01/01/2051		2,500		2,324,144
Westchester County Local Development Corp. (Purchase Senior Learning Community Inc.); Series 2021, Ref. RB(d)	4.50%	07/01/2056		8,200		5,718,572
Westchester County Local Development Corp. (Sarah Lawrence College);
Series 2016 A, Ref. RB	4.00%	06/01/2030		2,165		2,131,995
Series 2016 A, Ref. RB	4.00%	06/01/2031		2,190		2,153,208
Westchester County Local Development Corp. (Wartburg Senior Housing); Series 2015 A, Ref. RB(d)	5.00%	06/01/2030		1,500		1,367,161
Westchester County Local Development Corp. (Westchester Medical Center Obligated Group); Series 2016, Ref. RB	5.00%	11/01/2046		30,515		28,366,372
Westchester County Local Development Corp.(Purchase Senior Learning Community Inc); Series 2021, Ref. RB(d)	5.00%	07/01/2056		5,000		3,865,919
Westchester Tobacco Asset Securitization Corp.;
Series 2016 C, Ref. RB	5.00%	06/01/2045		14,450		14,450,646
Series 2016 C, Ref. RB	5.13%	06/01/2051		1,295		1,305,625
Western Nassau County Water Authority (Green Bonds); Series 2021 A, RB	3.00%	04/01/2039		1,000		813,131
Western Regional Off-Track Betting Corp.; Series 2021, Ref. RB(d)	4.13%	12/01/2041		6,390		4,748,399
Yonkers (City of), NY;
Series 2022 F, GO Bonds (INS - BAM)(b)	5.00%	11/15/2040		1,680		1,823,221
Series 2022 F, GO Bonds (INS - BAM)(b)	5.00%	11/15/2042		1,105		1,183,109
Yonkers Economic Development Corp. (Charter School Education Excellence);
Series 2019 A, RB	5.00%	10/15/2039		420		391,768
Series 2019 A, RB	5.00%	10/15/2049		640		563,722
Series 2019 A, RB	5.00%	10/15/2054		465		402,120
						4,410,823,236
Puerto Rico–8.56%
Children’s Trust Fund;
Series 2002, RB	5.63%	05/15/2043		2,125		2,135,669
Series 2008 A, RB(c)	0.00%	05/15/2057		633,850		44,084,014
Series 2008 B, RB(c)	0.00%	05/15/2057		574,600		31,612,653
Corp. Para El Financiamiento Publico de Puerto Rico; Series 2011, RB	5.50%	08/01/2031		11,810		310,013
PRHTA Custodial Trust; Series 2022 L, RB	5.25%	12/06/2049		714		555,181
Puerto Rico (Commonwealth of);
Series 2021 A, GO Bonds(c)	0.00%	07/01/2024		434		418,059
Series 2021 A, GO Bonds(c)	0.00%	07/01/2033		3,424		2,086,319
Series 2021 A-1, GO Bonds	5.38%	07/01/2025		2,963		3,019,674
Series 2021 A-1, GO Bonds	5.63%	07/01/2027		2,936		3,062,598
Series 2021 A-1, GO Bonds	5.63%	07/01/2029		2,889		3,056,494
Series 2021 A-1, GO Bonds	5.75%	07/01/2031		2,806		3,034,813
Series 2021 A-1, GO Bonds	4.00%	07/01/2033		5,543		5,190,103
Series 2021 A-1, GO Bonds	4.00%	07/01/2035		2,391		2,198,052
Series 2021 A-1, GO Bonds	4.00%	07/01/2037		2,053		1,846,781
Series 2021 A-1, GO Bonds	4.00%	07/01/2041		2,791		2,413,391
Subseries 2022, RN(c)	0.00%	11/01/2043		14,117		7,287,982
Subseries 2022, RN(c)	0.00%	11/01/2051		62,448		25,993,840
Subseries 2022, RN(c)	0.00%	11/01/2051		26,532		13,730,590
Subseries 2022, RN(c)	0.00%	11/01/2051		361		347,629
Subseries 2022, RN(c)	0.00%	11/01/2051		7,378		1,162,028
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2008 A, RB	6.13%	07/01/2024		4,361		4,419,498
Series 2022 A, Ref. RB(d)	5.00%	07/01/2033		1,000		1,012,351
Series 2022 A, Ref. RB(d)	5.00%	07/01/2037		2,500		2,494,882
Puerto Rico (Commonwealth of) Electric Power Authority; Series 2005 RR, RB (INS - NATL)(b)	5.00%	07/01/2024		510		510,077

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
Puerto Rico–(continued)
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2022 A, RB	5.00%	07/01/2062	$	6,067	$	5,983,268
Series 2022 B, RB(c)	0.00%	07/01/2032		3,942		2,538,000
Series 2022 C, RB(l)	5.00%	07/01/2053		6,744		4,274,037
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2000, RB (Acquired 05/26/2000; Cost $698,491)(a)(g)(h)	6.63%	06/01/2026		700		490,000
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (University of the Sacred Heart Project);
Series 2012, Ref. RB	5.00%	10/01/2031		650		650,728
Series 2012, Ref. RB	5.00%	10/01/2042		200		200,390
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		4,785		4,681,548
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB	4.55%	07/01/2040		4,327		4,218,934
Series 2018 A-1, RB(c)	0.00%	07/01/2046		28,000		7,798,790
Series 2018 A-1, RB(c)	0.00%	07/01/2051		50,840		10,507,992
Series 2018 A-1, RB	4.75%	07/01/2053		13,361		12,525,665
Series 2018 A-1, RB	5.00%	07/01/2058		37,456		36,347,508
Series 2019 A-2, RB	4.33%	07/01/2040		16,000		15,193,690
Series 2019 A-2, RB	4.54%	07/01/2053		976		883,327
Series 2019 A-2, RB	4.78%	07/01/2058		13,060		12,242,315
Series 2019 A-2B, RB	4.55%	07/01/2040		1,276		1,244,132
University of Puerto Rico;
Series 2006 P, Ref. RB	5.00%	06/01/2030		7,280		7,017,089
Series 2006 Q, RB	5.00%	06/01/2026		4,555		4,472,598
Series 2006 Q, RB	5.00%	06/01/2030		24,375		23,494,719
Series 2006 Q, RB	5.00%	06/01/2036		67,190		63,782,540
						380,529,961
Northern Mariana Islands–0.16%
Northern Mariana Islands (Commonwealth of); Series 2007 A, Ref. GO Bonds(d)	5.00%	06/01/2030		4,375		3,953,016
Northern Mariana Islands (Commonwealth of) Ports Authority; Series 1998 A, RB(a)	6.25%	03/15/2028		3,415		3,272,806
						7,225,822
Guam–0.13%
Guam (Territory of);
Series 2015 D, Ref. RB	5.00%	11/15/2039		750		733,660
Series 2021 F, Ref. RB	4.00%	01/01/2042		2,880		2,480,841
Guam (Territory of) Waterworks Authority;
Series 2013, RB (INS - NATL)(b)	5.25%	07/01/2025		1,735		1,736,678
Series 2014 A, Ref. RB	5.00%	07/01/2029		325		326,866
Guam Housing Corp.; Series 1998 A, RB (CEP - FHLMC)(a)	5.75%	09/01/2031		285		285,036
						5,563,081
Virgin Islands–0.12%
Virgin Islands (Government of) Port Authority; Series 2014 A, Ref. RB(a)	5.00%	09/01/2029		665		631,564
Virgin Islands (Government of) Public Finance Authority (Federal Highway Grant Anticipation Revenue Loan Note) (Garvee); Series 2015, RB(d)	5.00%	09/01/2033		1,500		1,518,982
Virgin Islands (Government of) Public Finance Authority (Garvee); Series 2015, RB(d)	5.00%	09/01/2030		770		777,710
Virgin Islands (Government of) Public Finance Authority (Virgin Islands Gross Receipts Taxes Loan Note); Series 2012 A, Ref. RB (INS - AGM)(b)	5.00%	10/01/2032		2,405		2,405,960
						5,334,216
TOTAL INVESTMENTS IN SECURITIES(m)-108.20% (Cost $5,087,735,453)						4,809,476,316
FLOATING RATE NOTE OBLIGATIONS–(8.23)%
Notes with interest and fee rates ranging from 4.58% to 4.65% at 08/31/2023 and contractual maturities of collateral ranging from 11/15/2043 to 05/15/2063 (See Note 1J)(n)						(365,665,000	)
BORROWINGS-(1.39)%						(61,600,000	)
OTHER ASSETS LESS LIABILITIES-1.42%						62,718,722
NET ASSETS-100.00%					$	4,444,930,038

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

20 Invesco Rochester^® New York Municipals 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
FHLMC	- Federal Home Loan Mortgage Corp.
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)  Security subject to the alternative minimum tax.

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

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

^(d)  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, 2023 was $287,231,489, which represented 6.46% of the Fund’s Net Assets.

^(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)  Restricted security. The aggregate value of these securities at August 31, 2023 was $11,306,674, which represented less than 1% of the Fund’s Net Assets.

^(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, 2023 was $1,840,250, 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)  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 $72,145,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

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

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

^(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 obligations 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, 2023. At August 31, 2023, the Fund’s investments with a value of $524,677,755 are held by TOB Trusts and serve as collateral for the $365,665,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on total investments

As of August 31, 2023

Revenue Bonds	93.64%
General Obligation Bonds	6.28
Pre-Refunded Bonds	0.08

 

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

21 Invesco Rochester^® New York Municipals Fund

Statement of Assets and Liabilities

August 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $5,087,735,453)	$	4,809,476,316
Receivable for:
Investments sold		52,347,240
Fund shares sold		1,108,640
Interest		52,869,601
Investments matured, at value (Cost $3,545,000)		998,712
Investment for trustee deferred compensation and retirement plans		508,792
Other assets		962,652
Total assets		4,918,271,953
Liabilities:
Floating rate note obligations		365,665,000
Payable for:
Borrowings		61,600,000
Investments purchased		32,321,102
Dividends		6,473,021
Fund shares reacquired		2,942,966
Amount due custodian		1,490,349
Accrued fees to affiliates		1,643,656
Accrued interest expense		312,532
Accrued trustees’ and officers’ fees and benefits		2,995
Accrued other operating expenses		55,098
Trustee deferred compensation and retirement plans		835,196
Total liabilities		473,341,915
Net assets applicable to shares outstanding	$	4,444,930,038

Net assets consist of:
Shares of beneficial interest	$	5,847,622,385
Distributable earnings (loss)		(1,402,692,347	)
	$	4,444,930,038
Net Assets:
Class A	$	3,510,730,614
Class C	$	193,351,311
Class Y	$	738,378,124
Class R6	$	2,469,989
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		237,583,901
Class C		13,121,590
Class Y		49,951,570
Class R6		167,047
Class A:
Net asset value per share	$	14.78
Maximum offering price per share (Net asset value of $14.78 ÷ 95.75%)	$	15.44
Class C:
Net asset value and offering price per share	$	14.74
Class Y:
Net asset value and offering price per share	$	14.78
Class R6:
Net asset value and offering price per share	$	14.79

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

22 Invesco Rochester^® New York Municipals Fund

Statement of Operations

For the six months ended August 31, 2023

(Unaudited)

Investment income:
Interest	$	109,451,376
Expenses:
Advisory fees		10,119,641
Administrative services fees		322,507
Custodian fees		12,895
Distribution fees:
Class A		4,424,136
Class C		1,016,499
Interest, facilities and maintenance fees		9,699,623
Transfer agent fees – A, C and Y		1,311,110
Transfer agent fees – R6		154
Trustees’ and officers’ fees and benefits		30,552
Registration and filing fees		47,371
Reports to shareholders		54,195
Professional services fees		132,874
Other		34,569
Total expenses		27,206,126
Net investment income		82,245,250
Realized and unrealized gain (loss) from:
Net realized gain (loss) from unaffiliated investment securities		(50,665,749	)
Change in net unrealized appreciation of unaffiliated investment securities		65,586,346
Net realized and unrealized gain		14,920,597
Net increase in net assets resulting from operations	$	97,165,847

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

23 Invesco Rochester^® New York Municipals Fund

Statement of Changes in Net Assets

For the six months ended August 31, 2023 and the year ended February 28, 2023

(Unaudited)

	August 31, 2023			February 28, 2023
Operations:
Net investment income	$	82,245,250		$	161,577,399
Net realized gain (loss)		(50,665,749	)		(367,128,343	)
Change in net unrealized appreciation (depreciation)		65,586,346			(334,761,886	)
Net increase (decrease) in net assets resulting from operations		97,165,847			(540,312,830	)
Distributions to shareholders from distributable earnings:
Class A		(70,030,160	)		(134,497,768	)
Class C		(3,180,840	)		(6,588,627	)
Class Y		(15,016,523	)		(26,860,800	)
Class R6		(44,786	)		(54,558	)
Total distributions from distributable earnings		(88,272,309	)		(168,001,753	)
Share transactions–net:
Class A		(75,610,755	)		(294,864,626	)
Class C		(16,292,726	)		(54,481,172	)
Class Y		37,111,345			2,287,710
Class R6		1,470,998			(700,812	)
Net increase (decrease) in net assets resulting from share transactions		(53,321,138	)		(347,758,900	)
Net increase (decrease) in net assets		(44,427,600	)		(1,056,073,483	)
Net assets:
Beginning of period		4,489,357,638			5,545,431,121
End of period	$	4,444,930,038		$	4,489,357,638

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

24 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 08/31/23		$14.75		$0.27		$0.05			$0.32			$(0.29	)		$14.78		2.17	%(d)		$3,510,731		1.20	%(d)(e)		1.20	%(d)(e)		0.77	%(d)(e)		3.60	%(d)(e)		12	%
Year ended 02/28/23		16.94		0.52		(2.17	)		(1.65	)		(0.54	)		14.75		(9.76	)(d)		3,578,634		1.14	(d)		1.14	(d)		0.78	(d)		3.41	(d)		50
Year ended 02/28/22		17.07		0.43		0.00			0.43			(0.56	)		16.94		2.45	(d)		4,442,658		0.85	(d)		0.85	(d)		0.78	(d)		2.43	(d)		17
Year ended 02/28/21		17.55		0.51		(0.42	)		0.09			(0.57	)		17.07		0.65	(d)		4,495,785		0.92	(d)		0.92	(d)		0.80	(d)		3.04	(d)		24
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	(e)		0.92	(e)		0.79	(e)		2.92	(e)		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
Class C
Six months ended 08/31/23		14.71		0.21		0.05			0.26			(0.23	)		14.74		1.79			193,351		1.96	(e)		1.96	(e)		1.53	(e)		2.84	(e)		12
Year ended 02/28/23		16.89		0.40		(2.16	)		(1.76	)		(0.42	)		14.71		(10.40	)(f)		209,043		1.89	(f)		1.89	(f)		1.53	(f)		2.66	(f)		50
Year ended 02/28/22		17.03		0.29		0.00			0.29			(0.43	)		16.89		1.63			301,046		1.61			1.61			1.54			1.67			17
Year ended 02/28/21		17.50		0.39		(0.41	)		(0.02	)		(0.45	)		17.03		(0.01	)(f)		336,381		1.63	(f)		1.63	(f)		1.51	(f)		2.33	(f)		24
Two months ended 02/29/20		16.73		0.06		0.79			0.85			(0.08	)		17.50		5.07			489,818		1.54	(e)		1.67	(e)		1.54	(e)		2.16	(e)		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
Class Y
Six months ended 08/31/23		14.75		0.29		0.05			0.34			(0.31	)		14.78		2.29			738,378		0.96	(e)		0.96	(e)		0.53	(e)		3.84	(e)		12
Year ended 02/28/23		16.95		0.55		(2.18	)		(1.63	)		(0.57	)		14.75		(9.59	)		700,660		0.90			0.90			0.54			3.65			50
Year ended 02/28/22		17.08		0.47		0.00			0.47			(0.60	)		16.95		2.70			799,750		0.61			0.61			0.54			2.67			17
Year ended 02/28/21		17.55		0.55		(0.41	)		0.14			(0.61	)		17.08		0.99			687,608		0.68			0.68			0.56			3.28			24
Two months ended 02/29/20		16.78		0.09		0.79			0.88			(0.11	)		17.55		5.23			658,644		0.54	(e)		0.67	(e)		0.54	(e)		3.16	(e)		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
Class R6
Six months ended 08/31/23		14.76		0.29		0.05			0.34			(0.31	)		14.79		2.31			2,470		0.91	(e)		0.91	(e)		0.48	(e)		3.89	(e)		12
Year ended 02/28/23		16.96		0.56		(2.18	)		(1.62	)		(0.58	)		14.76		(9.53	)		1,020		0.85			0.85			0.48			3.70			50
Year ended 02/28/22		17.08		0.48		0.01			0.49			(0.61	)		16.96		2.82			1,978		0.56			0.56			0.49			2.72			17
Year ended 02/28/21		17.55		0.56		(0.41	)		0.15			(0.62	)		17.08		1.00			1,923		0.59			0.59			0.47			3.37			24
Two months ended 02/29/20		16.78		0.09		0.79			0.88			(0.11	)		17.55		5.23			5,181		0.51	(e)		0.64	(e)		0.51	(e)		3.20	(e)		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	(e)		0.80	(e)		0.54	(e)		4.07	(e)		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 year ended February 28, 2021, 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, 2023 and the years ended February 28, 2023, 2022 and 2021, respectively.

^(e)  Annualized.

^(f)  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 0.99% and 0.95% for the years ended February 28, 2023 and 2021, respectively.

^(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.

25 Invesco Rochester^® New York Municipals Fund

Notes to Financial Statements

August 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco 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 eight 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 eighth anniversary after a purchase of Class C shares.

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 generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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 are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is not representative of market value in the Adviser’s judgment (“unreliable”), the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, 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.

26 Invesco Rochester^® New York Municipals Fund

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, administrative expenses and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

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. 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.

27 Invesco Rochester^® New York Municipals Fund

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. 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.

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 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. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.

Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. 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 redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.

Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.

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 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. Junk bonds are less liquid than investment grade debt securities and their prices tend to be more volatile.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. 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.

For the six months ended August 31, 2023, the effective advisory fee rate incurred by the Fund was 0.44%.

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). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses 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 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

28 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, 2023, 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, 2023, 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. 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. The fees are accrued daily and paid monthly. Of the Plans 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $47,749 in front-end sales commissions from the sale of Class A shares and $3,115 and $2,213 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. 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 Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of August 31, 2023. 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	$–	$	4,809,476,316		$–	$	4,809,476,316
Other Investments - Assets
Investments Matured	–		998,712		–		998,712
Total Investments	$–	$	4,810,475,028		$–	$	4,810,475,028

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 revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $2.5 billion, collectively by certain Invesco Funds, and which will expire on February 22, 2024. The revolving credit and security agreement is secured by the assets of the Fund. 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.

During the six months ended August 31, 2023, the average daily balance of borrowing under the revolving credit and security agreement was $24,298,370 with an average interest rate of 5.23%. 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.

29 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, 2023 were $363,302,143 and 4.04%, respectively.

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 carryforward 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 28, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$275,273,588	$841,165,129	$	1,116,438,717

* 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. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended August 31, 2023 was $579,546,288 and $613,616,125, 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	$	43,432,048
Aggregate unrealized (depreciation) of investments		(317,098,465	)
Net unrealized appreciation (depreciation) of investments	$	(273,666,417	)

Cost of investments for tax purposes is $5,084,141,445.

NOTE 8–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2023(a)						February 28, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		6,060,926		$	90,997,156			18,417,782		$	276,297,492
Class C		741,232			11,123,011			2,176,459			32,560,812
Class Y		7,055,891			106,087,327			21,516,978			318,894,385
Class R6		112,435			1,685,015			2,434			36,001
Issued as reinvestment of dividends:
Class A		2,590,133			38,923,526			4,926,829			73,798,609
Class C		135,029			2,023,364			281,263			4,204,002
Class Y		558,879			8,398,496			992,821			14,871,383
Class R6		1,366			20,515			1,364			20,472
Automatic conversion of Class C shares to Class A shares:
Class A		904,168			13,562,666			1,970,397			29,766,370
Class C		(906,660	)		(13,562,666	)		(1,975,537	)		(29,766,370	)

30 Invesco Rochester^® New York Municipals Fund

	Summary of Share Activity
	Six months ended						Year ended
	August 31, 2023(a)						February 28, 2023
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(14,618,282	)	$	(219,094,103	)		(44,914,827	)	$	(674,727,097	)
Class C		(1,061,280	)		(15,876,435	)		(4,087,873	)		(61,479,616	)
Class Y		(5,155,230	)		(77,374,478	)		(22,211,321	)		(331,478,058	)
Class R6		(15,887	)		(234,532	)		(51,303	)		(757,285	)
Net increase (decrease) in share activity		(3,597,280	)	$	(53,321,138	)		(22,954,534	)	$	(347,758,900	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 60% 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.

31 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, 2023 through August 31, 2023.

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
	(03/01/23)	(08/31/23)1	Period2	(08/31/23)	Period2	Ratio
Class A	$1,000.00	$1,021.70	$6.10	$1,019.10	$6.09	1.20%
Class C	1,000.00	1,017.90	9.94	1,015.28	9.93	1.96
Class Y	1,000.00	1,022.90	4.88	1,020.31	4.88	0.96
Class R6	1,000.00	1,023.10	4.63	1,020.56	4.62	0.91

¹ The actual ending account value is based on the actual total return of the Fund for the period March 1, 2023 through August 31, 2023, 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 184/366 to reflect the most recent fiscal half year.

32 Invesco Rochester^® New York Municipals Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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 (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, 2023. 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 has established an Investments Committee, which in turn has established Sub-Committees, that 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 information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory and sub-advisory contracts. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees 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 requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by 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. 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 accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

 The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, 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. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to

attract and retain talent. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. 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 to the Fund 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 and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. 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 to the Fund 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, 2022 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond New York 5+ Year Investment Grade Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one year period and the first quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the

33 Invesco Rochester^® New York Municipals Fund

worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board considered that certain sector allocations and overweight exposures to unrated and longer duration bonds negatively impacted Fund performance. 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, which did not change its 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. 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 is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating 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 contractual management fees were in the fifth quintile of its expense group and discussed with management reasons for such relative contractual management fees. As previously noted, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management, including with respect to the Fund’s contractual management fee schedule relative to peers. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer, and subsequently with representatives of management.

 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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the difficulty in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board 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 also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment 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 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 most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits realized as to that Fund. 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 noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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 received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its determination 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. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods 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 advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues

34 Invesco Rochester^® New York Municipals Fund

generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

 The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

35 Invesco Rochester^® New York Municipals 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 portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list 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/corporate/about-us/esg. 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 number(s): 811-07890 and 033-66242     Invesco Distributors, Inc.     O-ROM-SAR-1

(b) Not applicable.

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 INVESTMENT 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 17, 2023, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and 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 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of October 17, 2023, the Registrant’s disclosure controls and procedures were reasonably designed 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/ Glenn Brightman
	Glenn Brightman
	Principal Executive Officer
Date:	November 3, 2023

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/ Glenn Brightman
	Glenn Brightman
	Principal Executive Officer
Date:	November 3, 2023

By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer
Date:	November 3, 2023