Aim Tax Exempt Funds NPORT-P Invesco Environmental Focus Municipal Fund (Nov 2022 report)

Schedule of Investments

November 30, 2022

(Unaudited)

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Municipal Obligations–99.12%
Arizona–1.97%
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	$	100,286
Maricopa (County of), AZ Industrial Development Authority (Benjamin Franklin Charter School); Series 2018, RB(a)	6.00%	07/01/2052		1,000		1,023,694
Maricopa County Pollution Control Corp. (Southern California Edison); Series 2000, Ref. RB	2.40%	06/01/2035		1,000		762,042
						1,886,022
Arkansas–1.56%
Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB(a)(b)	5.45%	09/01/2052		1,500		1,491,115
California–12.93%
California (State of); Series 2022, GO Bonds	5.25%	09/01/2047		1,000		1,134,727
California (State of) Community Choice Financing Authority (Green Bonds); Series 2021 B-1, RB(c)	4.00%	08/01/2031		2,750		2,715,090
California (State of) Educational Facilities Authority (University of Redlands); Series 2022 A, RB	5.00%	10/01/2052		1,000		1,011,904
California (State of) Health Facilities Financing Authority (Commonspirit Health); Series 2020 A, Ref. RB	4.00%	04/01/2049		1,000		901,779
California (State of) Municipal Finance Authority (Sustainability Bonds); Series 2021, RB(a)	4.00%	11/01/2036		1,625		1,463,074
California (State of) Pollution Control Financing Authority (San Diego County Water Authority); Series 2019, Ref. RB(a)	5.00%	11/21/2045		1,650		1,520,898
California (State of) Public Finance Authority (Enso Village) (Green Bonds);
Series 2021, RB(a)	2.38%	11/15/2028		510		470,058
Series 2021, RB(a)	5.00%	11/15/2051		1,250		1,040,593
Los Angeles (City of), CA Department of Airports (Green Bonds); Series 2022 G, RB(b)	5.25%	05/15/2047		2,000		2,132,519
						12,390,642
Colorado–2.86%
Colorado (State of) Health Facilities Authority (CommonSpirit Health); Series 2022, RB	5.25%	11/01/2052		1,500		1,544,871
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2020 A, Ref. RB	4.00%	07/15/2035		1,250		1,191,478
						2,736,349
District of Columbia–2.87%
District of Columbia (Green Bonds); Series 2022 A, RB(b)	5.50%	08/31/2034		2,500		2,748,268
Florida–5.59%
Broward (County of), FL; Series 2022 A, RB	4.00%	10/01/2045		1,000		992,609
Capital Trust Agency, Inc. (Sustainability Bonds); Series 2021, RB(a)	4.00%	06/15/2051		2,000		1,460,993
Florida Development Finance Corp. (Green Bonds); Series 2019 B, RB(a)(b)	7.38%	01/01/2049		1,000		891,722
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); Series 2018 A, RB(a)	5.75%	07/15/2053		100		93,079
Miami-Dade (County of), FL; Series 2021, RB	4.00%	10/01/2046		2,000		1,915,479
						5,353,882
Georgia–1.71%
Atlanta (City of), GA (Beltline); Series 2016 A, Ref. RB	5.00%	01/01/2026		1,275		1,276,957
Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens);
Series 2018 A-1, RB	6.38%	12/01/2053		250		202,486
Series 2018 A-2, RB(c)	5.50%	12/01/2028		175		157,403
						1,636,846
Illinois–3.11%
Chicago (City of), IL; Series 2021 A, Ref. GO Bonds	5.00%	01/01/2033		1,000		1,006,281
Chicago (City of), IL Transit Authority; Series 2022 A, Ref. RB	5.00%	12/01/2052		1,000		1,022,873
Chicago Park District; Series 2020 D, GO Bonds (INS - BAM)(d)	4.00%	01/01/2038		1,000		949,033
						2,978,187
Indiana–1.02%
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.); Series 2012 A, RB	4.25%	11/01/2030		1,000		973,701

See accompanying notes which are an integral part of this schedule.

Invesco Environmental Focus Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Iowa–0.09%
Clear Lake (City of), IA (Timbercrest Apartments, LLC); Series 2018, RB		6.00%			10/01/2048		$   100	$	90,652
Kentucky–0.95%
Henderson (City of), KY (Pratt Paper LLC); Series 2022 B, RB(a)(b)		4.45%			01/01/2042		1,000		911,018
Louisiana–2.90%
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		1,597,917
New Orleans (City of), LA; Series 2020 B, RB		4.00%			06/01/2050		1,300		1,185,004
									2,782,921
Maryland–3.26%
Maryland Economic Development Corp. (Green Bonds); Series 2022, RB(b)		5.25%			06/30/2052		2,000		2,076,860
Maryland Economic Development Corp. (Purple Line) (Green Bonds); Series 2022 A, RB(b)		5.00%			11/12/2028		1,000		1,048,097
									3,124,957
Massachusetts–4.69%
Massachusetts (Commonwealth of) Development Finance Agency (Green Bonds); Series 2015, RB		5.00%			07/01/2044		1,000		1,005,485
Massachusetts (Commonwealth of) Housing Finance Agency (Sustainability Bonds); Series 2020 D-1, RB		2.65%			12/01/2055		2,000		1,309,676
Massachusetts (Commonwealth of) Transportation Fund (Sustainability Bonds); Series 2022, RB		5.00%			06/01/2050		2,000		2,173,695
									4,488,856
Minnesota–9.23%
Anoka (County of), MN Housing & Redevelopment Authority (Woodland Park Apartments); Series 2011 A, RB		5.00%			04/01/2027		1,000		1,001,354
Chisago (City of), MN (CDL Homes LLC); Series 2013 B, RB		6.00%			08/01/2043		1,000		1,001,641
Cokato (City of), MN (Cokato Charitable Trust); Series 2006 A, Ref. RB		5.25%			12/01/2026		125		120,042
Dakota (County of), MN Community Development Agency (Sanctuary at West St. Paul); Series 2015, RB (Acquired 08/06/2015-01/18/2019; Cost $2,301,385)(e)		6.00%			08/01/2035		2,300		1,774,641
Hayward (City of), MN (St. John’s Lutheran Home of Albert Lea); Series 2014, Ref. RB		5.38%			10/01/2044		500		338,741
International Falls (City of), MN; Series 1999, Ref. RB(b)		6.85%			12/01/2029		115		115,584
Little Canada (City of), MN (PHS/Mayfield LLC); Series 2010, Ref. RB		6.00%			12/01/2030		250		238,409
Maplewood (City of), MN (VOA Care Centers); Series 2005 A, Ref. RB		5.38%			10/01/2024		275		263,794
Minneapolis & St. Paul (Cities of), MN Housing Finance Board; Series 2007 A-2, RB (CEP - GNMA)(b)		5.52%			03/01/2041		5		5,010
Minnesota (State of) Housing Finance Agency; Series 2013 B-1, RB		5.30%			08/01/2044		1,050		1,058,727
St. Louis (City of), MN Park Economic Development Authority (Hoigaard Village); Series 2010, RB		5.00%			02/01/2023		50		49,951
St. Paul (City of), MN Housing & Redevelopment Authority; Series 2004, RB		6.25%			03/01/2029		233		208,274
St. Paul (City of), MN Port Authority; Series 2007 1, RB		5.00%			08/01/2036		1,310		1,310,265
Stillwater (City of), MN (Orleans Homes);
Series 2007, RB(b)		5.38	%		02/01/2032		900		879,269
Series 2007, RB(b)		5.50	%		02/01/2042		510		475,105
									8,840,807
Missouri–1.41%
Boone (County of), MO (Boone Hospital Center); Series 2016, Ref. RB		5.00%			08/01/2031		900		835,999
Missouri (State of) Health & Educational Facilities Authority (Maryville University of St. Louis); Series 2019 A, RB		5.00%			06/15/2045		500		512,822
									1,348,821
New Hampshire–0.85%
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		811,183
New Jersey–4.47%
New Jersey (State of) Economic Development Authority (Golden Door Charter School); Series 2018 A, RB(a)		6.50%			11/01/2052		100		104,472
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB		5.13%			06/15/2037		83		88,840
New Jersey (State of) Economic Development Authority (Portal North Bridge); Series 2022 A, RB		5.00%			11/01/2052		1,000		1,023,875

See accompanying notes which are an integral part of this schedule.

Invesco Environmental Focus Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
New Jersey–(continued)
New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds); Series 2020 A, RB	5.00%	07/01/2045		$3,000	$	3,070,245
						4,287,432
New Mexico–1.69%
Farmington (City of), NM (San Juan and Four Corners); Series 2016 B, Ref. RB	2.15%	04/01/2033		2,000		1,615,287
New York–18.83%
Metropolitan Transportation Authority (Green Bonds);
Series 2020 C-1, RB	5.00%	11/15/2050		1,000		981,216
Series 2020 C-1, RB	5.25%	11/15/2055		2,000		2,020,028
New York (City of), NY;
Series 2018 E-1, GO Bonds	4.00%	03/01/2042		1,000		980,183
Series 2021 F-1, GO Bonds	4.00%	03/01/2047		2,240		2,137,950
Subseries 2022 B-1, GO Bonds	5.25%	10/01/2047		1,000		1,106,870
New York (State of) Dormitory Authority; Series 2020 A, RB	4.00%	07/01/2053		1,000		908,280
New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2020 A, Ref. RB	4.00%	09/01/2045		1,500		1,222,837
New York (State of) Housing Finance Agency (Sustainability Bonds); Series 2019 P, RB	3.05%	11/01/2049		1,000		733,404
New York (State of) Thruway Authority (Bidding Group 1); Series 2022 C, RB	5.00%	03/15/2055		1,000		1,063,965
New York City Housing Development Corp. (Sustainable Development); Series 2020 A-1-C, RB	2.80%	11/01/2045		1,000		706,245
New York Liberty Development Corp. (Green Bonds);
Series 2021 A, Ref. RB (INS - AGM)(d)	2.75%	11/15/2041		1,000		774,542
Series 2021 A, Ref. RB	2.88%	11/15/2046		1,000		705,672
Triborough Bridge & Tunnel Authority;
Series 2021 C-3, RB	4.00%	05/15/2051		1,500		1,421,911
Series 2022 C, RB	5.00%	05/15/2047		1,000		1,078,191
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2022 A, RB	5.25%	05/15/2052		2,000		2,197,443
						18,038,737
Ohio–1.04%
Ohio (State of) Higher Educational Facility Commission (University of Findlay); Series 2019, Ref. RB	5.00%	03/01/2039		1,000		1,001,386
Oregon–1.57%
Multnomah (County of), OR Hospital Facilities Authority (Terwilliger Plaza, Inc.); Series 2021, Ref. RB	4.00%	12/01/2051		2,000		1,504,369
Pennsylvania–3.74%
Chester (County of), PA Industrial Development Authority (Sustainability Bonds); Series 2021, RB	4.00%	12/01/2051		1,500		1,392,824
Geisinger Authority (Geisinger Health System); Series 2020, Ref. RB	4.00%	04/01/2050		2,415		2,194,555
						3,587,379
Tennessee–0.10%
Metropolitan Development and Housing Agency (Fifth + Broadway Development); Series 2018, RB(a)	5.13%	06/01/2036		100		100,977
Texas–1.39%
San Antonio (City of), TX; Series 2020, RB	5.00%	02/01/2049		1,260		1,329,681
Washington–5.50%
King (County of), WA; Series 2019 A, Ref. VRD GO Bonds(f)	1.40%	01/01/2046		495		495,000
Washington (State of) Economic Development Finance Authority (Green Bonds); Series 2020 A, RB(a)(b)	5.63%	12/01/2040		2,000		1,948,154
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center); Series 2017, Ref. RB	5.00%	08/15/2035		2,745		2,827,548
						5,270,702
Wisconsin–3.79%
Somers (Village of), WI; Series 2018 B, Ref. RB	4.85%	06/01/2036		1,235		1,251,695
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		100,744
Wisconsin (State of) Public Finance Authority (Green Bonds); Series 2021, RB(b)	4.00%	09/30/2051		2,540		2,010,742
Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy); Series 2019, RB(a)	5.00%	06/15/2039		100		94,302

See accompanying notes which are an integral part of this schedule.

Invesco Environmental Focus Municipal 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(a)	5.38%	06/01/2044		$   100	$	89,511
Series 2019 A, RB(a)	5.50%	06/01/2054		100		87,628
						3,634,622
TOTAL INVESTMENTS IN SECURITIES(g) –99.12% (Cost $ 98,578,921)						94,964,799
OTHER ASSETS LESS LIABILITIES–0.88%						838,369
NET ASSETS–100.00%					$	95,803,168

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
MTA	– Moving Treasury Average
RB	– Revenue Bonds
Ref.	– Refunding
VRD	– Variable Rate Demand

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 November 30, 2022 was $13,702,757, which represented 14.30% 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)  Restricted security. The value of this security at November 30, 2022 represented 1.85% 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 November 30, 2022.

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

Open Futures Contracts(a)
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value		Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 10 Year Notes		57		March-2023		$(6,469,500)		$(31,172)		$(31,172)

^(a)  Futures contracts collateralized by $133,823 cash held with Goldman Sachs & Co, the futures commission merchant.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

Invesco Environmental Focus Municipal Fund

Notes to Quarterly Schedule of Portfolio Holdings

November 30, 2022

(Unaudited)

NOTE 1–Additional Valuation Information

Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 -	Prices are determined using quoted prices in an active market for identical assets.
Level 2 -	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 -	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Advisers, Inc.’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

    The following is a summary of the tiered valuation input levels, as of November 30, 2022. 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	$	–		$	94,964,799		$–	$	94,964,799
Other Investments - Liabilities*
Futures Contracts		(31,172	)		–		–		(31,172	)
Total Investments	$	(31,172	)	$	94,964,799		$–	$	94,933,627

* Unrealized appreciation (depreciation).

Invesco Environmental Focus Municipal Fund