Aim Tax Exempt Funds NPORT-P Invesco High Yield Municipal Fund (Nov 2022 report)

Schedule of Investments

November 30, 2022

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations–112.06%(a)
Alabama–3.53%
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB		6.00%		06/01/2050		$    8,650		$       7,764,634
Black Belt Energy Gas District (The); Series 2022 F, RB(b)		5.50%		12/01/2028		4,000		4,197,781
Hoover (City of), AL Industrial Development Board (United States Steel Corp.); Series 2019, RB(c)		5.75%		10/01/2049		8,500		8,889,395
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		882,650
Series 2007, RB (Acquired 04/27/2007-03/25/2019; Cost $18,675,698)(d)(e)		5.50%		01/01/2043		21,290		13,519,150
Series 2008 A, RB (Acquired 06/30/2008-11/12/2009; Cost $4,404,879)(d)(e)		6.88%		01/01/2043		4,470		2,838,450
Series 2011 A, RB (Acquired 09/20/2011; Cost $2,561,987)(d)(e)		7.50%		01/01/2047		2,600		1,651,000
Series 2012 A, RB (Acquired 11/07/2012; Cost $6,575,000)(d)(e)		5.63%		01/01/2042		6,575		4,175,125
Jefferson (County of), AL;
Series 2013 C, Revenue Wts. (INS - AGM)(f)(g)		6.50%		10/01/2038		7,000		7,162,812
Series 2013 C, Revenue Wts. (INS - AGM)(f)(g)		6.60%		10/01/2042		11,700		11,950,727
Series 2013 F, Revenue Wts.(f)		7.50%		10/01/2039		27,640		28,180,907
Series 2013 F, Revenue Wts.(f)		7.75%		10/01/2046		95,055		96,918,781
Series 2013 F, Revenue Wts.(f)		7.90%		10/01/2050		64,150		65,377,529
Southeast Energy Authority A Cooperative District (No. 3); Series 2022 A-1, RB(b)		5.50%		12/01/2029		3,800		4,040,789
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(h)		5.25%		05/01/2044		34,100		28,315,300
								285,865,030
Alaska–0.38%
Alaska (State of) Municipal Bond Bank Authority (Master Resolution);
Series 2017 A, RB		5.50%		10/01/2046		505		542,060
Series 2017 A, RB(i)		5.50%		10/01/2046		22,000		23,614,507
Northern Tobacco Securitization Corp.; Series 2021 B-2, Ref. RB(j)		0.00%		06/01/2066		61,303		6,974,489
								31,131,056
American Samoa–0.19%
American Samoa (Territory of) Economic Development Authority; Series 2015 A, Ref. RB		6.63%		09/01/2035		14,345		15,073,235
Arizona–2.58%
Arizona (State of) Industrial Development Authority (Academies of Math & Science);
Series 2019, RB(h)		5.00%		07/01/2039		1,000		976,829
Series 2019, RB(h)		5.00%		07/01/2049		1,000		921,378
Series 2022, RB(h)		5.25%		07/01/2052		500		474,135
Arizona (State of) Industrial Development Authority (American Charter Schools Foundation);
Series 2017, Ref. RB(h)		6.00%		07/01/2037		13,845		14,239,531
Series 2017, Ref. RB(h)		6.00%		07/01/2047		19,660		19,932,816
Arizona (State of) Industrial Development Authority (Basis Schools);
Series 2017 A, Ref. RB(h)		5.13%		07/01/2037		1,180		1,178,147
Series 2017 A, Ref. RB(h)		5.38%		07/01/2050		6,000		5,803,004
Series 2017 D, Ref. RB(h)		5.00%		07/01/2051		3,300		3,006,114
Series 2017 G, Ref. RB(h)		5.00%		07/01/2037		1,105		1,089,215
Series 2017 G, Ref. RB(h)		5.00%		07/01/2051		1,000		910,944
Arizona (State of) Industrial Development Authority (Doral Academy of Nevada - Fire Mesa & Red Rock Campus); Series 2019 A, IDR(h)		5.00%		07/15/2039		2,650		2,500,255
Arizona (State of) Industrial Development Authority (Kaizen Education Foundation);
Series 2016, RB(h)		5.70%		07/01/2047		9,730		9,801,377
Series 2016, RB(h)		5.80%		07/01/2052		4,920		4,962,357
Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado); Series 2019, RB(h)		5.00%		07/01/2054		6,210		5,311,422
Arizona (State of) Industrial Development Authority (Linder Village); Series 2020, RB(h)		5.00%		06/01/2031		6,000		5,952,836

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

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	$	1,017,901
Series 2018 A, RB(h)		5.50%		12/15/2048		2,265		2,240,218
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital); Series 2020 A, RB(i)		4.00%		02/01/2050		15,285		13,602,984
Arizona (State of) Industrial Development Authority (Somerset Academy of Las Vegas - Lone Mountain Campus); Series 2019 A, IDR(h)		5.00%		12/15/2049		500		459,102
Glendale (City of), AZ Industrial Development Authority (Sun Health Services); Series 2019 A, Ref. RB		5.00%		11/15/2054		14,000		14,066,619
Glendale (City of), AZ Industrial Development Authority (Terraces of Phoenix); Series 2018 A, Ref. RB		5.00%		07/01/2048		1,500		1,234,035
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus);
Series 2017, Ref. RB		4.00%		11/15/2027		1,935		1,837,139
Series 2017, Ref. RB		5.00%		11/15/2040		1,485		1,303,802
Series 2017, Ref. RB		5.00%		11/15/2045		9,390		7,908,673
Series 2018, RB		5.00%		11/15/2053		5,970		4,856,490
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools);
Series 2019, Ref. RB(h)		5.00%		07/01/2054		950		847,986
Series 2021, RB(h)		4.00%		07/01/2051		1,740		1,299,448
Maricopa (County of), AZ Industrial Development Authority (Paradise Schools);
Series 2016, Ref. RB(h)		5.00%		07/01/2036		2,475		2,467,653
Series 2016, Ref. RB(h)		5.00%		07/01/2047		1,525		1,418,945
Peoria (City of), AZ Industrial Development Authority (Sierra Winds Life Care Community);
Series 2014, Ref. RB (Acquired 11/06/2014; Cost $ 3,668,300)(e)		5.50%		11/15/2034		3,695		3,011,101
Series 2014, Ref. RB (Acquired 11/06/2014; Cost $ 6,015,000)(e)		5.75%		11/15/2040		6,015		4,726,009
Phoenix (City of), AZ Industrial Development Authority (Basis Schools);
Series 2015, Ref. RB(h)		5.00%		07/01/2045		3,515		3,276,252
Series 2016 A, Ref. RB(h)		5.00%		07/01/2046		2,125		1,969,601
Series 2016 A, Ref. RB(h)		5.00%		07/01/2046		1,650		1,529,337
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2014 A, RB(h)		6.75%		07/01/2044		5,250		5,375,651
Phoenix (City of), AZ Industrial Development Authority (The) (Overland Crossing); Series 2022, RB(h)		9.50%		04/01/2052		7,900		7,064,051
Pima (County of), AZ Industrial Development Authority (Acclaim Charter School);
Series 2006, RB		5.70%		12/01/2026		1,030		999,992
Series 2006, RB		5.80%		12/01/2036		4,385		3,873,826
Pima (County of), AZ Industrial Development Authority (American Leadership Academy);
Series 2015, Ref. RB(h)		5.38%		06/15/2035		2,370		2,358,201
Series 2015, Ref. RB(h)		5.63%		06/15/2045		3,500		3,436,358
Series 2019, Ref. RB(h)		5.00%		06/15/2052		6,050		5,315,546
Series 2022, Ref. RB(h)		4.00%		06/15/2051		7,500		5,414,420
Pima (County of), AZ Industrial Development Authority (Career Success Schools);
Series 2020, Ref. RB(h)		5.50%		05/01/2040		1,125		1,046,304
Series 2020, Ref. RB(h)		5.75%		05/01/2050		5,000		4,624,540
Pima (County of), AZ Industrial Development Authority (Desert Heights Charter School); Series 2014, Ref. RB		7.25%		05/01/2044		3,000		3,069,050
Pima (County of), AZ Industrial Development Authority (Imagine East Mesa Charter Schools); Series 2019, RB(h)		5.00%		07/01/2049		1,500		1,314,446
Pima (County of), AZ Industrial Development Authority (Premier Charter High School);
Series 2016 A, Ref. RB(h)		7.00%		07/01/2045		3,152		3,044,599
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		3,227		3,227,081
Sundance Community Facilities District (Assessment District No. 2); Series 2003, RB(h)		7.13%		07/01/2027		335		329,542	��
Sundance Community Facilities District (Assessment District No. 3); Series 2004, RB		6.50%		07/01/2029		91		88,265
Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU);
Series 2017 A, RB(h)		6.13%		10/01/2047		2,800		2,477,245
Series 2017 A, RB(h)		6.13%		10/01/2052		2,800		2,441,476

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Arizona–(continued)
Town of Florence, Inc. (The) Industrial Development Authority (Legacy Traditional School - Queen Creek and Casa Grande Campuses);
Series 2013, RB(b)(h)(l)		5.75%		07/01/2023	$	3,000	$	3,053,798
Series 2013, RB(b)(h)(l)		6.00%		07/01/2023		3,625		3,694,767
								208,827,007
Arkansas–0.37%
Arkansas (State of) Development Finance Authority (Big River Steel); Series 2019, RB(c)(h)		4.50%		09/01/2049		16,750		14,479,777
Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB(c)(h)		5.45%		09/01/2052		15,500		15,408,187
								29,887,964
California–11.11%
Antelope Valley Community College District; Series 2022, RB (INS - AGM)(g)(h)(i)		3.00%		08/01/2050		5,000		7,712,755
Bay Area Toll Authority (San Francisco Bay Area); Series 2017 F-1, RB(b)(i)(l)(m)		5.00%		04/01/2027		21,000		23,126,374
Brentwood Union School District; Series 2022, GO Bonds		5.25%		08/01/2052		4,250		4,727,779
California (State of);
Series 2020, GO Bonds (INS - BAM)(g)		3.00%		03/01/2046		8,195		6,582,521
Series 2020, GO Bonds (INS - BAM)(g)		3.00%		03/01/2050		4,000		3,093,969
Series 2021, GO Bonds		3.00%		12/01/2046		2,000		1,586,125
California (State of) Educational Facilities Authority (Stanford University);
Series 2013, RB(i)		5.00%		10/01/2032		6,255		7,574,849
Series 2014 U-6, RB(i)		5.00%		05/01/2045		15,000		17,775,569
California (State of) Educational Facilities Authority (University of San Francisco); Series 2018 A, RB		5.25%		10/01/2055		2,500		2,794,107
California (State of) Health Facilities Financing Authority (Kaiser Permanente); Subseries 2017 A-2, RB(i)		5.00%		11/01/2047		10,000		11,382,134
California (State of) Infrastructure & Economic Development Bank (WFCS Portfolio Program); Series 2021 A-1, RB(h)		5.00%		01/01/2056		1,000		785,814
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2016 A, Ref. RB		5.00%		06/01/2046		1,500		1,510,130
California (State of) Municipal Finance Authority (California Baptist University);
Series 2016 A, RB(h)		5.00%		11/01/2036		1,500		1,519,600
Series 2016 A, RB(h)		5.00%		11/01/2046		1,500		1,476,084
California (State of) Municipal Finance Authority (Eisenhower Medical Centers); Series 2017 A, Ref. RB		5.00%		07/01/2047		9,635		9,745,273
California (State of) Municipal Finance Authority (Goodwill Industries of Sacramento & Nevada);
Series 2012, RB(h)		6.63%		01/01/2032		960		954,776
Series 2012, RB(h)		6.88%		01/01/2042		1,465		1,410,381
California (State of) Municipal Finance Authority (Palomar Health); Series 2022 A, Ref. COP (INS - AGM)(g)		5.25%		11/01/2052		3,000		3,169,510
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing); Series 2019, RB (INS - BAM)(g)		5.00%		05/15/2052		1,375		1,423,745
California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, RB(c)		4.00%		07/15/2029		10,960		10,637,746
California (State of) Pollution Control Finance Authority;
Series 2012, RB(c)(h)		5.00%		07/01/2037		13,500		13,239,330
Series 2012, RB(c)(h)		5.00%		11/21/2045		20,710		19,652,775
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) Pollution Control Financing Authority (San Diego County Water Authority); Series 2019, Ref. RB(h)		5.00%		11/21/2045		3,000		2,765,268
California (State of) Public Finance Authority (Enso Village) (Green Bonds);
Series 2021, RB(h)		5.00%		11/15/2036		1,000		910,761
Series 2021, RB(h)		5.00%		11/15/2046		2,000		1,698,104
Series 2021, RB(h)		5.00%		11/15/2051		1,735		1,444,344
Series 2021, RB(h)		5.00%		11/15/2056		915		745,890
California (State of) Public Finance Authority (Excelsior Charter Schools);
Series 2020 A, RB(h)		5.00%		06/15/2050		1,540		1,381,262
Series 2020 A, RB(h)		5.00%		06/15/2055		1,030		910,017
California (State of) Public Finance Authority (Henry Mayo Newhall Hospital); Series 2017, Ref. RB		5.00%		10/15/2037		3,430		3,508,113

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California–(continued)
California (State of) School Finance Authority (Alliance for College-Ready Public Schools); Series 2013 A, RB		6.40%		07/01/2048	$	3,000	$	3,027,591
California (State of) School Finance Authority (Aspire Public School); Series 2016, Ref. RB(h)		5.00%		08/01/2046		2,285		2,285,234
California (State of) School Finance Authority (Aspire Public Schools Obligated Group);
Series 2020 A, RB(h)		5.00%		08/01/2050		1,200		1,189,786
Series 2022, RB(h)		5.00%		08/01/2052		1,000		987,231
California (State of) School Finance Authority (Green Dot Public Schools);
Series 2022, Ref. RB(h)		5.00%		08/01/2032		700		732,185
Series 2022, Ref. RB(h)		5.38%		08/01/2042		1,150		1,212,472
Series 2022, Ref. RB(h)		5.75%		08/01/2052		1,160		1,221,809
California (State of) School Finance Authority (New Designs Charter School);
Series 2012, RB		5.50%		06/01/2042		5,000		5,001,338
Series 2019 A, RB(h)		5.00%		06/01/2040		750		718,769
Series 2019 A, RB(h)		5.00%		06/01/2050		1,060		975,471
California (State of) School Finance Authority (TEACH Public Schools); Series 2019 A, RB(h)		5.00%		06/01/2058		500		447,627
California (State of) Statewide Communities Development Authority (California Baptist University); Series 2014 A, RB(h)		6.13%		11/01/2033		1,560		1,588,407
California (State of) Statewide Communities Development Authority (Creative Child Care & Team Charter); Series 2015, RB(h)		6.75%		06/01/2045		6,635		6,419,293
California (State of) Statewide Communities Development Authority (Enloe Medical Center); Series 2022 A, RB (INS - AGM)(g)		5.25%		08/15/2052		2,000		2,109,420
California (State of) Statewide Communities Development Authority (Eskaton Properties, Inc.); Series 2012, RB		5.25%		11/15/2034		4,350		4,350,094
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center);
Series 2014, RB		5.25%		12/01/2044		3,000		3,021,448
Series 2016 A, RB(h)		5.25%		12/01/2056		6,605		6,578,504
Series 2018 A, RB(h)		5.50%		12/01/2058		49,340		49,745,599
California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC-California College of the Arts); Series 2019, RB(h)		5.25%		07/01/2052		1,450		1,245,113
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program);
Series 2002, RB		6.00%		05/01/2043		15,000		15,261,304
Series 2006 A, RB(j)		0.00%		06/01/2046		181,950		42,848,661
Series 2006 C, RB(h)(j)		0.00%		06/01/2055		50,000		2,690,145
California (State of) Tobacco Securitization Agency (Los Angeles County Securitization Corp.);
Series 2020 A, Ref. RB		4.00%		06/01/2049		1,000		861,988
Series 2020 B-2, Ref. RB(j)		0.00%		06/01/2055		12,780		2,328,622
California (State of) Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2006 A, RB(j)		0.00%		06/01/2046		25,000		6,036,650
California Educational Facilities Authority; Series 2010, RB(i)		5.25%		04/01/2040		8,745		10,758,908
California School Facilities Financing Authority; Series 2010, RB (INS - AGM)(g)(j)		0.00%		08/01/2049		29,405		7,191,972
California Statewide Communities Development Authority; Series 2022, RB (INS - AGM)(g)(i)		5.38%		08/15/2057		10,000		10,563,878
Fairfield (City of), CA Community Facilities District No. 2007-1 (Fairfield Commons);
Series 2008, RB		6.50%		09/01/2023		330		333,157
Series 2008, RB		6.75%		09/01/2028		2,550		2,577,153
Series 2008, RB		6.88%		09/01/2038		4,440		4,488,186
Foothill-Eastern Transportation Corridor Agency;
Series 2014 A, Ref. RB(b)(l)		6.00%		01/15/2024		20,000		20,769,468
Series 2014 A, Ref. RB (INS - AGM)(g)(j)		0.00%		01/15/2036		61,010		35,761,005
Series 2014 A, Ref. RB (INS - AGM)(g)(j)		0.00%		01/15/2037		20,000		11,071,114
Series 2014 A, Ref. RB(f)		6.85%		01/15/2042		5,000		5,353,285
Series 2014 C, Ref. RB(b)(l)		6.50%		01/15/2024		10,750		11,216,445
Golden State Tobacco Securitization Corp.; Series 2021 B-2, Ref. RB(j)		0.00%		06/01/2066		610,053		65,679,831
Inland Empire Tobacco Securitization Corp.;
Series 2007 C-1, RB(j)		0.00%		06/01/2036		173,915		72,164,377
Series 2007 D, RB(j)		0.00%		06/01/2057		46,635		3,085,525
Series 2007 F, RB(h)(j)		0.00%		06/01/2057		99,650		4,580,651
Long Beach (City of), CA; Series 2022 C, RB (INS - AGM)(c)(g)		5.25%		06/01/2047		1,750		1,839,717

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California–(continued)
Los Angeles (City of), CA Department of Airports;
Series 2018 A, RB(c)(i)(m)		5.25%		05/15/2048	$	26,000	$	26,976,261
Series 2021 A, Ref. RB(c)(i)(m)		5.00%		05/15/2051		5,000		5,152,948
Series 2022 H, RB(c)		5.50%		05/15/2038		7,235		8,067,652
Series 2022 H, RB(c)		5.50%		05/15/2039		7,630		8,470,368
Series 2022 H, RB(c)		5.50%		05/15/2040		8,050		8,893,452
Los Angeles (City of), CA Department of Airports (Green Bonds);
Series 2022 G, RB(c)		4.00%		05/15/2047		3,000		2,779,611
Series 2022 I, RB		4.00%		05/15/2048		2,000		1,988,577
Oakland Unified School District (County of Alameda); Series 2021 A, GO Bonds (INS - BAM)(g)		4.00%		08/01/2046		9,940		9,658,143
Riverside (County of), CA Transportation Commission; Series 2013 A, RB(b)(l)		5.75%		06/01/2023		7,000		7,116,470
Sacramento (County of), CA (Metro Air Park Community); Series 2022, Ref. RB		5.00%		09/01/2042		1,000		1,012,302
San Bernardino City Unified School District;
Series 2011 D, GO Bonds (INS - AGM)(g)(j)		0.00%		08/01/2036		7,650		4,333,841
Series 2011 D, GO Bonds (INS - AGM)(g)(j)		0.00%		08/01/2037		13,130		7,043,378
Series 2011 D, GO Bonds (INS - AGM)(g)(j)		0.00%		08/01/2038		13,515		6,866,192
Series 2011 D, GO Bonds (INS - AGM)(g)(j)		0.00%		08/01/2039		13,895		6,692,403
Series 2011 D, GO Bonds (INS - AGM)(g)(j)		0.00%		08/01/2040		14,280		6,494,970
Series 2011 D, GO Bonds (INS - AGM)(g)(j)		0.00%		08/01/2041		14,080		6,110,854
San Diego (County of), CA Regional Airport Authority;
Series 2021 B, RB(c)		4.00%		07/01/2056		2,660		2,300,586
Series 2021 B, RB(c)(i)		5.00%		07/01/2056		13,970		14,178,305
San Diego Unified School District (Election of 2008); Series 2012 E, GO Bonds(f)		5.25%		07/01/2042		10,000		7,237,704
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		1,468,979
Series 2019 E, RB(c)		5.00%		05/01/2050		13,040		13,286,679
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency Community Facilities District No. 6 (Mission Bay South Public Improvements);
Series 2013 C, RB(j)		0.00%		08/01/2036		5,710		2,634,439
Series 2013 C, RB(j)		0.00%		08/01/2038		2,000		808,781
Series 2013 C, RB(j)		0.00%		08/01/2043		17,000		5,093,788
San Francisco Bay Area Rapid Transit District; Series 2022, GO Bonds (INS - AGM)(g)(h)(i)		3.00%		08/01/2050		8,385		13,151,393
San Francisco Community College District (Election of 2020); Series 2020 A, GO Bonds (INS - BAM)(g)		3.00%		06/15/2045		8,225		6,225,322
San Joaquin Hills Transportation Corridor Agency;
Series 2014 B, Ref. RB		5.25%		01/15/2044		7,000		7,117,389
Series 2014 B, Ref. RB		5.25%		01/15/2049		11,000		11,159,899
San Jose (City of), CA;
Series 2017 A, RB(c)(i)(m)		5.00%		03/01/2041		10,000		10,201,278
Series 2017 A, RB(c)(i)(m)		5.00%		03/01/2047		20,000		20,228,466
San Jose (City of), CA (Helzer Courts Apartments); Series 1999 A, RB(c)		6.40%		12/01/2041		13,093		12,756,543
Santee School District (Election of 2006); Series 2006 D, GO Bonds (INS - AGC)(g)(j)		0.00%		08/01/2038		4,355		2,288,453
Savanna School District (Election of 2008); Series 2012 B, GO Bonds (INS - AGM)(f)(g)		6.75%		02/01/2052		7,500		5,367,366
Silicon Valley Tobacco Securitization Authority (Santa Clara);
Series 2007 A, RB(j)		0.00%		06/01/2036		10,000		4,730,640
Series 2007 A, RB(j)		0.00%		06/01/2047		20,000		4,767,336
Southern California Logistics Airport Authority;
Series 2007, RB		6.15%		12/01/2043		4,400		4,399,714
Series 2008 A, RB		6.00%		12/01/2033		1,475		1,474,865
Series 2008 A, RB(j)		0.00%		12/01/2045		18,085		3,637,796
Series 2008 A, RB(j)		0.00%		12/01/2046		18,085		3,383,031
Series 2008 A, RB(j)		0.00%		12/01/2047		18,085		3,142,806
Series 2008 A, RB(j)		0.00%		12/01/2048		18,085		2,918,458
Series 2008 A, RB(j)		0.00%		12/01/2049		18,085		2,708,921
Series 2008 A, RB(j)		0.00%		12/01/2050		18,085		2,513,547
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.);
Series 2006, RB(j)		0.00%		06/01/2046		31,025		5,557,502
Series 2019, Ref. RB		5.00%		06/01/2048		3,000		3,063,899
Series 2019, Ref. RB(j)		0.00%		06/01/2054		19,300		3,464,196

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California–(continued)
Vallejo (City of), CA Public Financing Authority (Hiddenbrooke Improvement District); Series 2004 A, RB		5.80%		09/01/2031	$	3,165	$	3,180,192
								898,662,733
Colorado–12.50%
3rd and Havana Metropolitan District;
Series 2020 A, GO Bonds		5.25%		12/01/2049		3,200		2,866,225
Series 2020 B, GO Bonds		7.75%		12/15/2049		1,925		1,718,578
64th Ave ARI Authority; Series 2020, RB		6.50%		12/01/2043		14,000		13,100,354
Aberdeen Metropolitan District No. 2; Series 2021, Ref. GO Bonds(f)		5.75%		12/01/2051		6,055		3,679,954
Amber Creek Metropolitan District; Series 2017 B, GO Bonds		7.75%		12/15/2047		463		419,709
Aurora Crossroads Metropolitan District No. 2; Series 2020 B, GO Bonds		7.75%		12/15/2050		3,500		3,154,906
Aurora Highlands Community Authority Board; Series 2021 A, Ref. RB		5.75%		12/01/2051		40,000		35,608,944
Banning Lewis Ranch Metropolitan District No. 4;
Series 2018 A, GO Bonds		5.75%		12/01/2048		4,998		4,938,211
Series 2018 B, GO Bonds		8.00%		12/15/2048		2,063		1,921,206
Series 2018 C, GO Bonds		8.00%		12/15/2051		4,134		3,352,632
Banning Lewis Ranch Metropolitan District No. 5;
Series 2018 A, GO Bonds		5.75%		12/01/2048		2,195		2,168,372
Series 2018 B, GO Bonds		8.00%		12/15/2048		511		475,878
Series 2018 C, GO Bonds		8.00%		12/15/2051		1,942		1,572,931
Banning Lewis Ranch Metropolitan District No. 8; Series 2021, GO Bonds(h)		4.88%		12/01/2051		4,500		3,412,607
Banning Lewis Ranch Regional Metropolitan District No. 1;
Series 2018 A, GO Bonds		5.38%		12/01/2048		2,500		2,367,445
Series 2018 B, GO Bonds		7.75%		12/15/2041		630		592,529
Series 2018 C, GO Bonds		8.00%		12/15/2041		1,801		1,492,822
Banning Lewis Ranch Regional Metropolitan District No. 2; Series 2021, GO Bonds		5.75%		12/01/2051		5,190		4,430,606
Base Village Metropolitan District No. 2; Series 2016 B, Ref. GO Bonds		6.50%		12/15/2048		2,830		1,899,294
Baseline Metropolitan District No. 1;
Series 2021 A, GO Bonds		5.00%		12/01/2051		1,000		844,072
Series 2021 B, GO Bonds		7.50%		12/15/2051		2,195		1,918,861
Belford North Metropolitan District; Series 2020 B, GO Bonds		8.50%		12/15/2050		6,500		5,942,974
Bella Mesa Metropolitan District; Series 2020 A, GO Bonds(f)(h)		6.75%		12/01/2049		3,785		3,094,862
Bennett Ranch Metropolitan District No. 1; Series 2021 B, GO Bonds		7.50%		12/15/2051		1,221		1,073,133
Berthoud-Heritage Metropolitan District No. 1; Series 2019, RB		5.63%		12/01/2048		10,000		9,419,483
Berthoud-Heritage Metropolitan District No. 10; Series 2022 B, GO Bonds		8.00%		12/15/2052		6,840		6,187,894
Brighton Crossing Metropolitan District No. 4; Series 2017 B, GO Bonds		7.00%		12/15/2047		670		604,318
Broadway Station Metropolitan District No. 2; Series 2019 B, GO Bonds(f)		7.50%		12/01/2048		7,075		4,905,298
Broadway Station Metropolitan District No. 3; Series 2019 B, GO Bonds(f)		7.50%		12/01/2049		30,465		18,772,280
Bromley Park Metropolitan District No. 2; Series 2018 C, Ref. GO Bonds		7.85%		12/15/2047		6,297		5,991,080
Buffalo Highlands Metropolitan District;
Series 2018 A, GO Bonds		5.25%		12/01/2038		1,000		957,576
Series 2018 A, GO Bonds		5.38%		12/01/2048		1,750		1,625,403
Series 2018 B, GO Bonds		7.63%		12/15/2046		1,226		1,116,874
Buffalo Ridge Metropolitan District; Series 2018 B, GO Bonds		7.38%		12/15/2047		3,184		2,987,319
Canyon Pines Metropolitan District;
Series 2021 A-1, GO Bonds		5.25%		12/01/2023		5		4,933
Series 2021 A-1, GO Bonds		5.25%		12/01/2051		6,995		5,859,619
Canyons Metropolitan District No. 5;
Series 2016, GO Bonds		7.00%		12/15/2057		10,116		6,778,981
Series 2017 A, Ref. GO Bonds		6.00%		12/01/2037		1,750		1,688,037
Series 2017 A, Ref. GO Bonds		6.13%		12/01/2047		4,735		4,533,903
Series 2017 B, GO Bonds		8.00%		12/15/2047		3,500		3,200,411
Cascade Ridge Metropolitan District; Series 2021, GO Bonds		5.00%		12/01/2051		3,000		2,436,337
Centerra Metropolitan District No. 1 (In the City of Loveland);
Series 2017, RB(h)		5.00%		12/01/2047		500		450,537
Series 2018, RB		5.25%		12/01/2048		5,550		5,149,929
Series 2020 A, Ref. GO Bonds		5.00%		12/01/2051		6,375		5,449,279

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Colorado–(continued)
Chambers Highpoint Metropolitan District No. 2;
Series 2021, GO Bonds		5.00%		12/01/2041	$	520	$	465,024
Series 2021, GO Bonds		5.00%		12/01/2051		835		705,440
Citadel on Colfax Business Improvement District;
Series 2020 A, RB		5.35%		12/01/2050		2,900		2,560,413
Series 2020 B, RB		7.88%		12/15/2050		465		416,734
City Center West Commercial Metropolitan District;
Series 2020 A, Ref. GO Bonds		7.00%		12/01/2049		4,000		3,928,664
Series 2020 B, GO Bonds		9.00%		12/15/2049		581		568,333
City Center West Residential Metropolitan District No. 2; Series 2019 B, GO Bonds		7.75%		12/15/2049		1,425		1,278,697
Clear Creek Station Metropolitan District No. 2; Series 2017 B, GO Bonds		7.38%		12/15/2047		500		459,090
Clear Creek Transit Metropolitan District No. 2; Series 2021 B, GO Bonds		7.90%		12/15/2050		1,160		1,024,394
Colliers Hill Metropolitan District No. 1;
Series 2019 B, Ref. GO Bonds		8.00%		12/15/2048		2,500		2,278,993
Series 2021 C, GO Bonds		7.25%		12/15/2049		2,350		2,035,682
Colliers Hill Metropolitan District No. 2;
Series 2022 B-2, GO Bonds		7.63%		12/15/2042		5,782		5,169,003
Series 2022, Ref. GO Bonds		6.00%		12/15/2047		2,995		2,441,933
Colorado (State of) Educational & Cultural Facilities Authority (Community Leadership Academy);
Series 2008, RB		6.25%		07/01/2028		1,200		1,201,978
Series 2008, RB		6.50%		07/01/2038		1,000		1,001,400
Series 2013, RB		7.45%		08/01/2048		2,245		2,284,089
Colorado (State of) Health Facilities Authority (Aberdeen Ridge); Series 2021 A, RB		5.00%		05/15/2044		3,750		3,115,229
Colorado (State of) Health Facilities Authority (CommonSpirit Health);
Series 2022, RB		5.50%		11/01/2047		7,250		7,753,594
Series 2022, RB		5.25%		11/01/2052		7,500		7,724,358
Colorado (State of) Health Facilities Authority (Frasier Meadows Retirement Community); Series 2017 B, RB(l)		5.00%		05/15/2048		1,500		1,515,509
Colorado (State of) Health Facilities Authority (SCL Health System); Series 2013 A, RB(b)(i)(l)		5.00%		01/01/2024		21,000		21,523,950
Colorado (State of) Health Facilities Authority (Sunny Vista Living Center);
Series 2015 A, Ref. RB(h)		5.75%		12/01/2035		1,650		1,268,146
Series 2015 A, Ref. RB(h)		6.13%		12/01/2045		2,300		1,655,576
Series 2015 A, Ref. RB(h)		6.25%		12/01/2050		4,070		2,899,229
Colorado (State of) Health Facilities Authority (Volunteers of America Care);
Series 2007 A, RB		5.25%		07/01/2027		3,260		3,035,866
Series 2007 A, RB		5.30%		07/01/2037		3,025		2,431,568
Colorado (State of) International Center Metropolitan District No. 14;
Series 2018, GO Bonds		5.88%		12/01/2046		13,500		12,723,326
Series 2022, GO Bonds		7.50%		12/15/2051		15,000		13,430,937
Colorado (State of) International Center Metropolitan District No. 4;
Series 2019 A, Ref. GO Bonds(f)		6.00%		12/01/2047		30,920		25,428,361
Series 2019 A-2, GO Bonds(f)		6.25%		12/01/2048		15,075		13,421,496
Series 2019 B-2, GO Bonds		8.75%		12/15/2048		1,997		1,873,767
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3);
Series 2020 A, Ref. RB		4.00%		07/15/2038		350		323,809
Series 2020 A, Ref. RB		4.00%		07/15/2039		1,325		1,212,694
Colorado Crossing Metropolitan District No. 2;
Series 2020 A-1, Ref. GO Bonds		5.00%		12/01/2047		14,614		12,659,845
Series 2020 A-2, GO Bonds		5.00%		12/01/2050		10,000		8,463,769
Series 2020 B, GO Bonds(h)		7.50%		12/15/2050		3,495		3,059,037
Conestoga Metropolitan District No. 2; Series 2021 A, GO Bonds		5.25%		12/01/2051		1,625		1,397,739
Copperleaf Metropolitan District No. 6; Series 2018 B, GO Bonds(b)(l)		7.50%		12/15/2023		820		881,483
Cottonwood Highlands Metropolitan District No. 1; Series 2019 B, GO Bonds		8.75%		12/15/2049		2,095		1,980,053
Cottonwood Hollow Residential Metropolitan District; Series 2021, GO Bonds		5.00%		12/01/2051		15,824		12,487,919
Creekside Village Metropolitan District; Series 2019, GO Bonds		7.75%		12/15/2049		616		551,604
Crossroads Metropolitan District No. 1; Series 2022, GO Bonds		6.50%		12/01/2051		9,000		8,428,728
Crowfoot Valley Ranch Metropolitan District No. 2;
Series 2018 A, GO Bonds		5.63%		12/01/2038		3,555		3,526,975
Series 2018 A, GO Bonds		5.75%		12/01/2048		10,415		10,049,181
Series 2018 B, GO Bonds		8.00%		12/15/2048		1,630		1,485,904

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Colorado–(continued)
Dacono Urban Renewal Authority; Series 2020, RB		6.25%		12/01/2039	$	1,976	$	1,833,140
Deer Creek Villas Metropolitan District; Series 2022 B, GO Bonds		7.75%		12/15/2055		650		579,030
Denver (City & County of), CO;
Series 2018 A, RB(c)(i)		5.00%		12/01/2036		25,865		26,979,738
Series 2018 A, RB(c)(i)		5.25%		12/01/2043		17,500		18,245,833
Series 2021 A, RB(i)		4.00%		08/01/2051		17,350		16,899,330
Series 2022 A, RB(c)		5.00%		11/15/2047		12,550		12,948,737
Series 2022 A, RB(c)		4.13%		11/15/2053		5,000		4,605,686
Series 2022, RB(c)(i)(m)		5.00%		11/15/2042		4,000		4,175,517
Series 2022, RB(c)(i)(m)		5.75%		11/15/2045		8,000		8,862,950
Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB(c)		5.00%		10/01/2032		36,990		36,724,663
Denver (City & County of), CO Airport System; Series 2022 D, RB(c)(i)(m)		5.00%		11/15/2053		26,000		26,581,586
Denver (City & County of), CO Convention Center Hotel Authority;
Series 2016, Ref. RB		5.00%		12/01/2032		1,000		1,017,195
Series 2016, Ref. RB		5.00%		12/01/2040		250		248,526
Denver Gateway Center Metropolitan District;
Series 2018 A, GO Bonds		5.63%		12/01/2048		2,130		2,041,702
Series 2018 B, GO Bonds		7.88%		12/15/2048		1,855		1,718,549
Denver International Business Center Metropolitan District No. 1; Series 2019 B, GO Bonds		6.00%		12/01/2048		2,300		2,252,877
Elbert & Highway 86 Commercial Metropolitan District; Series 2021 B, GO Bonds(h)		8.00%		12/15/2051		1,905		1,668,755
Elevation Park Metropolitan District; Series 2021, GO Bonds		4.25%		12/01/2051		2,455		1,764,188
Erie Commons Metropolitan District No. 2; Series 2019 B, Ref. GO Bonds		6.95%		12/15/2054		3,100		2,769,325
Erie Highlands Metropolitan District No. 2; Series 2018 C, GO Bonds		6.00%		12/15/2052		3,600		2,914,751
Evan’s Place Metropolitan District;
Series 2020 MDD, GO Bonds		5.00%		12/01/2040		550		508,196
Series 2020 MDD, GO Bonds		5.00%		12/01/2050		1,585		1,353,262
Flying Horse Metropolitan District No. 3; Series 2019, Ref. GO Bonds(h)		6.00%		12/01/2049		2,970		2,752,219
Forest Trace Metropolitan District No. 3; Series 2020 B, GO Bonds		7.88%		12/15/2049		933		898,075
Fourth North Business Improvement District; Series 2022 B, RB		8.13%		12/15/2052		4,525		4,461,236
Gardens at East Iliff Metropolitan District; Series 2019 B, GO Bonds		8.50%		12/15/2049		680		624,223
Gardens on Havana Metropolitan District No. 3 (The);
Series 2017 A, RB		5.13%		12/01/2037		1,070		1,025,539
Series 2017 A, RB		5.25%		12/01/2047		1,015		941,743
Series 2017 B, RB		7.75%		12/15/2047		1,000		927,537
Granby Ranch Metropolitan District; Series 2018, Ref. GO Bonds(h)		5.50%		12/01/2052		5,490		5,032,000
Hance Ranch Metropolitan District;
Series 2020, GO Bonds		5.00%		12/01/2040		565		504,758
Series 2020, GO Bonds		5.13%		12/01/2050		1,810		1,540,652
Haskins Station Metropolitan District; Series 2019 B, GO Bonds		8.75%		12/15/2049		1,328		1,214,218
Hess Ranch Metropolitan District No. 6;
Series 2020 A-2, GO Bonds(f)		5.75%		12/01/2049		9,000		6,170,105
Series 2020 B, GO Bonds		8.00%		12/15/2049		4,683		4,155,699
Series 2022 C, GO Bonds(h)		8.25%		12/15/2052		15,569		13,584,491
Highlands Metropolitan District No. 1; Series 2021, GO Bonds		5.00%		12/01/2051		575		474,131
HM Metropolitan District No. 2; Series 2021, GO Bonds(f)		5.75%		12/01/2051		15,000		7,083,402
Home Place Metropolitan District; Series 2020 B, GO Bonds		8.25%		12/15/2050		834		762,771
Homestead Hills Metropolitan District; Series 2020 B, GO Bonds		8.00%		12/15/2050		722		666,619
Independence Metropolitan District No. 3;
Series 2019 A, GO Bonds		6.25%		12/01/2049		8,095		7,200,841
Series 2019 B, GO Bonds		9.00%		12/15/2049		4,230		3,911,638
Series 2021, GO Bonds		9.00%		12/15/2049		8,405		7,772,415
Independence Water & Sanitation District; Series 2019, RB		7.25%		12/01/2038		4,404		4,430,878
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB		5.75%		12/15/2050		6,909		6,522,570
Johnstown Farms East Metropolitan District; Series 2021, GO Bonds		5.00%		12/01/2051		2,562		2,094,297
Johnstown Plaza Metropolitan District; Series 2022, Ref. GO Bonds		4.25%		12/01/2046		12,200		9,678,398
Johnstown Village Metropolitan District No. 2;
Series 2020 A, GO Bonds		5.00%		12/01/2050		2,000		1,720,712
Series 2020 B, GO Bonds(h)		7.75%		12/15/2050		711		638,742
Jones District Community Authority Board; Series 2020 A, RB(f)		5.75%		12/01/2050		6,815		5,488,313

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Colorado–(continued)
Kinston Metropolitan District No. 5;
Series 2020 A, GO Bonds		5.13%		12/01/2050	$	850	$	733,516
Series 2020 B, GO Bonds		7.50%		12/15/2052		3,800		3,364,992
Lake Bluff Metropolitan District No. 2; Series 2021, Ref. GO Bonds		5.25%		12/01/2051		12,186		9,937,738
Lakes at Centerra Metropolitan District No. 2;
Series 2018 A, GO Bonds		5.13%		12/01/2037		2,700		2,586,321
Series 2018 A, GO Bonds		5.25%		12/01/2047		4,970		4,551,041
Series 2018 B, GO Bonds		7.63%		12/15/2047		1,795		1,635,697
Lanterns Rock Creek Metropolitan District; Series 2020, GO Bonds		6.25%		08/01/2045		1,495		1,353,566
Mayberry Springs Community Authority; Series 2021 B, RB		8.00%		04/15/2051		3,351		2,959,201
Mayfield Metropolitan District;
Series 2020 A, GO Bonds		5.75%		12/01/2050		1,190		1,142,421
Series 2020 B, GO Bonds		8.25%		12/15/2050		622		581,858
Series 2020 C, GO Bonds		3.00%		12/15/2050		767		257,974
Meadowbrook Crossing Metropolitan District;
Series 2020 A, Ref. GO Bonds		5.25%		12/01/2049		3,355		3,062,288
Series 2020 B, Ref. GO Bonds(h)		7.75%		12/15/2049		494		444,073
Meadowlark Metropolitan District; Series 2020 B, GO Bonds		7.63%		12/15/2050		607		544,345
Mirabelle Metropolitan District No. 2; Series 2020 B, GO Bonds		7.38%		12/15/2049		1,473		1,307,241
Montrose (County of), CO (The Homestead at Montrose, Inc.);
Series 2003 A, RB		7.00%		02/01/2025		800		793,126
Series 2003 A, RB		7.00%		02/01/2038		6,200		5,778,070
Morgan Hill Metropolitan District No. 3; Series 2021 B, GO Bonds		6.38%		12/15/2051		1,460		1,305,967
Murphy Creek Metropolitan District No. 5;
Series 2022 A, GO Bonds		6.00%		12/01/2052		3,000		2,837,017
Series 2022 B, GO Bonds		9.25%		12/15/2052		3,532		3,431,062
Neu Town Metropolitan District; Series 2018 B, Ref. GO Bonds		7.75%		12/15/2046		2,285		2,089,988
Nexus North at DIA Metropolitan District; Series 2021, GO Bonds		5.00%		12/01/2041		520		465,210
North Holly Metropolitan District;
Series 2018 A, GO Bonds		5.50%		12/01/2048		1,260		1,190,997
Series 2018 B, GO Bonds		7.88%		12/15/2048		1,015		938,060
Series 2018 C, GO Bonds		8.00%		12/15/2050		1,614		1,313,666
North Park Metropolitan District No. 1;
Seires 2018 A-2, RB		5.50%		12/01/2034		8,340		8,471,352
Seires 2018 A-2, RB		5.85%		12/01/2048		9,000		9,079,573
Series 2018 A-1, RB		5.38%		12/01/2034		5,650		5,713,673
Series 2018 A-1, RB		5.75%		12/01/2048		3,850		3,870,344
North Range Metropolitan District No. 2;
Series 2017 A, Ref. GO Bonds		5.63%		12/01/2037		3,270		3,279,094
Series 2017 A, Ref. GO Bonds		5.75%		12/01/2047		4,885		4,851,949
Series 2017 B, GO Bonds		7.75%		12/15/2047		2,816		2,657,239
North Range Metropolitan District No. 3; Series 2020 A, GO Bonds		5.25%		12/01/2050		7,320		6,282,816
Painted Prairie Metropolitain District No. 2; Series 2018, GO Bonds		5.25%		12/01/2048		3,000		2,742,378
Palisade Metropolitan District No. 2; Series 2019, GO Bonds		7.25%		12/15/2049		3,712		3,319,711
Palisade Park North Metropolitan District No. 1; Series 2021 B, GO Bonds		5.25%		12/15/2051		2,912		2,364,948
Peak Metropolitan District No. 1;
Series 2021 A, GO Bonds(h)		5.00%		12/01/2051		1,725		1,474,615
Series 2021 B, GO Bonds(h)		7.63%		12/15/2051		1,652		1,456,459
Promontory Metropolitan District No. 3; Series 2020 A, GO Bonds		6.25%		12/01/2050		1,021		911,419
Pronghorn Valley Metropolitan District; Series 2021 B, GO Bonds		7.25%		12/15/2051		500		433,774
Pueblo Urban Renewal Authority (Evraz); Series 2021, RB(h)		4.75%		12/01/2045		3,930		3,178,987
Raindance Metropolitan District No. 2; Series 2019 B, GO Bonds		7.50%		12/15/2049		2,290		2,036,958
Reata Ridge Village Metropolitan District No. 2; Series 2019 B-3, GO Bonds		8.00%		12/15/2049		615		563,568
Remuda Ranch Metropolitan District; Series 2020 B, GO Bonds		7.63%		12/15/2050		574		511,475
Riverdale Peaks II Metropolitan District; Series 2005, GO Bonds(k)		6.50%		12/01/2035		1,000		500,000
Riverwalk Metropolitan District No. 2; Series 2022 B, RB		7.75%		12/15/2052		5,902		5,297,520
RM Mead Metropolitan District;
Series 2020 A, GO Bonds		5.25%		12/01/2050		4,370		3,843,606
Series 2020 B, GO Bonds		8.00%		12/15/2050		610		551,602

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Colorado–(continued)
Rock Canyon Metropolitan District;
Series 2020 A, GO Bonds		5.00%		12/01/2049	$	1,637	$	1,450,033
Series 2020 B, GO Bonds		8.75%		12/15/2049		398		363,900
Rocky Mountain Rail Park Metropolitan District;
Series 2021 A, GO Bonds(h)		5.00%		12/01/2041		5,645		4,866,689
Series 2021 B, GO Bonds(h)		8.25%		12/15/2051		7,200		6,610,562
Rudolph Farms Metropolitan District No. 6; Series 2022 A, GO Bonds		6.50%		06/01/2052		13,000		12,395,289
Settler’s Crossing Metropolitan District No. 1;
Series 2020 B, GO Bonds		7.63%		12/15/2050		598		536,274
Series 2021 C, GO Bonds		7.63%		12/15/2052		4,560		3,985,308
Severance Shores Metropolitan District No. 4; Series 2020 B, GO Bonds		8.25%		12/15/2049		805		734,255
Silver Peaks Metropolitan District No. 3;
Series 2020 A, GO Bonds		5.00%		12/01/2050		565		480,256
Series 2020 B, GO Bonds		7.00%		12/15/2050		500		434,811
South Aurora Regional Improvement Authority; Series 2018, RB		6.25%		12/01/2057		2,815		2,599,611
Spring Valley Metropolitan District No. 3; Series 2020 B, GO Bonds		8.50%		12/15/2049		656		588,762
St. Vrain Lakes Metropolitan District No. 2; Series 2017 B, GO Bonds		7.63%		12/15/2047		1,080		1,050,630
STC Metropolitan District No. 2; Series 2019 B, GO Bonds		8.00%		12/15/2049		3,954		3,608,730
Sterling Ranch Community Authority Board;
Series 2017 B, RB(l)		7.50%		12/15/2022		6,500		6,641,026
Series 2020 B, RB		7.13%		12/15/2050		716		668,378
Tailholt Metropolitan District No. 3;
Series 2018 A, GO Bonds		6.00%		12/01/2048		7,545		7,155,972
Series 2018 B, GO Bonds		8.13%		12/15/2048		1,647		1,532,956
Talon Pointe Metropolitan District;
Series 2019 A, Ref. GO Bonds		5.25%		12/01/2039		3,260		2,832,636
Series 2019 A, Ref. GO Bonds		5.25%		12/01/2051		5,345		4,251,740
Series 2019 B, Ref. GO Bonds		8.00%		12/15/2051		2,595		2,194,762
Three Springs Metropolitan District No. 1; Series 2020 B, Ref. GO Bonds		7.13%		12/15/2050		1,695		1,486,005
Timberleaf Metropolitan District; Series 2020 B, GO Bonds		8.25%		12/15/2050		777		710,639
Trails at Crowfoot Metropolitan District No. 3;
Series 2019 A, GO Bonds		5.00%		12/01/2039		1,000		939,980
Series 2019, GO Bonds		9.00%		12/15/2049		3,140		2,894,138
Transport Metropolitan District No. 3; Series 2021 A-2, GO Bonds(f)		5.50%		12/01/2051		3,000		2,153,648
Tuscan Foothills Village Metropolitan District; Series 2019 A, GO Bonds		6.25%		12/01/2049		1,240		1,156,442
USAFA Visitor’s Center Business Improvement District; Series 2022 C, RB(h)		7.75%		12/15/2052		24,275		21,734,531
Velocity Metropolitan District No. 5;
Series 2020 A-2, GO Bonds(f)		6.00%		12/01/2050		13,100		8,679,186
Series 2022 B, GO Bonds		8.00%		12/15/2039		14,197		12,793,514
Villages at Castle Rock Metropolitan District No. 6; Series 2021 B, Ref. GO Bonds(h)		5.70%		12/01/2051		27,543		24,027,624
Villages at Johnstown Metropolitan District No. 3;
Series 2020 A, GO Bonds		5.00%		12/01/2050		1,020		871,136
Series 2020 B, GO Bonds		7.50%		12/15/2050		843		745,753
Wagons West Metropolitan District; Series 2020 B-3, GO Bonds		8.50%		12/15/2049		553		502,665
Waters’ Edge Metropolitan District No. 2; Series 2021, GO Bonds		5.00%		12/01/2051		4,445		3,599,400
Waterstone Metropolitan District No. 1; Series 2020 A, GO Bonds		6.00%		12/01/2049		15,680		15,508,161
Waterview II Metropolitan District; Series 2022 B, GO Bonds		8.00%		12/15/2051		2,915		2,638,034
Westerly Metropolitan District No. 4;
Series 2021 A-2, GO Bonds(f)		5.20%		12/01/2050		1,000		635,909
Series 2021 B, GO Bonds		8.00%		12/15/2050		4,238		3,672,622
Wild Plum Metropolitan District; Series 2019 B, GO Bonds(b)(h)(l)		7.75%		12/01/2024		505		564,287
Willow Springs Metropolitan District; Series 2019 B, GO Bonds		7.75%		12/15/2049		650		580,299
Windler Public Improvement Authority;
Series 2021 A-1, RB		4.13%		12/01/2051		9,000		5,874,674
Series 2021 A-2, RB(f)		4.63%		12/01/2051		40,060		20,796,428
Winsome Metropolitan District No. 3; Series 2021 A, GO Bonds(h)		5.13%		12/01/2050		2,700		2,173,596
								1,010,987,619

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Connecticut–0.25%
Connecticut (State of) Health & Educational Facilities Authority; Series 2020 G-1, Ref. RB(h)		5.00%		07/01/2039	$	1,100	$	1,047,756
Connecticut (State of) Health & Educational Facilities Authority (Nuvance Health); Series 2019 A, Ref. RB		4.00%		07/01/2041		5,670		5,035,242
Connecticut (State of) Health & Educational Facilities Authority (Stamford Hospital); Series 2022, Ref. RB		4.00%		07/01/2041		1,725		1,561,949
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		9,280		7,536,880
Series 2022 A, RB		7.00%		01/01/2053		4,000		4,069,041
								20,203,068
Delaware–0.17%
Delaware (State of) Economic Development Authority (Aspira of Delaware Charter Operations, Inc.); Series 2016 A, RB		5.00%		06/01/2051		2,200		2,021,906
Millsboro (Town of), DE (Plantation Lakes Special Development District);
Series 2018, Ref. RB(h)		5.13%		07/01/2038		8,000		7,772,315
Series 2018, Ref. RB(h)		5.25%		07/01/2048		4,100		3,874,261
								13,668,482
District of Columbia–0.76%
District of Columbia (Ingleside at Rock Creek);
Series 2017 A, RB		5.00%		07/01/2032		500		474,765
Series 2017 A, RB		5.00%		07/01/2037		2,650		2,430,934
Series 2017 A, RB		5.00%		07/01/2052		9,485		7,916,880
District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB		5.00%		10/01/2045		7,750		7,384,494
District of Columbia Tobacco Settlement Financing Corp.;
Series 2006 A, RB(j)		0.00%		06/15/2046		100,920		22,040,050
Series 2006 C, RB(j)		0.00%		06/15/2055		60,320		5,408,201
Metropolitan Washington Airports Authority;
Series 2021 A, Ref. RB(c)		5.00%		10/01/2046		5,000		5,151,564
Series 2022, Ref. RB (INS - AGM)(g)		4.00%		10/01/2052		5,000		4,542,947
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); Series 2019 B, Ref. RB		4.00%		10/01/2049		7,500		6,537,976
								61,887,811
Florida–6.98%
Alachua (County of), FL Health Facilities Authority (East Ridge Retirement Village, Inc.);
Series 2014, RB (Acquired 09/15/2020; Cost $1,497,583)(e)		5.00%		11/15/2024		2,320		2,176,582
Series 2014, RB (Acquired 09/15/2020; Cost $886,733)(e)		5.63%		11/15/2029		1,000		847,721
Series 2014, RB (Acquired 06/03/2020-06/04/2020; Cost $3,437,500)(e)		6.00%		11/15/2029		4,000		3,412,082
Series 2014, RB (Acquired 03/31/2020-10/04/2021; Cost $2,771,008)(e)		6.00%		11/15/2034		3,305		2,575,217
Series 2014, RB (Acquired 02/26/2014-12/04/2020; Cost $20,052,215)(e)		6.25%		11/15/2044		22,145		16,114,538
Series 2014, RB (Acquired 02/26/2014-09/15/2020; Cost $4,770,501)(e)		6.38%		11/15/2049		5,130		3,676,296
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital and Clinics, Inc. at the University of Florida); Series 2022, RB(i)(m)		4.00%		12/01/2049		11,450		10,148,016
Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs);
Series 2022 A, Ref. RB(h)		5.00%		11/15/2061		40,750		27,862,808
Series 2022 B, RB(h)		6.50%		11/15/2033		3,325		2,890,304
Atlantic Beach (City of), FL (Fleet Landing);
Series 2018 A, RB		5.00%		11/15/2043		1,100		1,088,703
Series 2018 A, RB		5.00%		11/15/2048		5,000		4,858,300
Brevard County Health Facilities Authority; Series 2022, RB(i)(m)		5.00%		04/01/2052		10,000		10,219,698
Broward (County of), FL Airport System; Series 2017, RB(c)(i)(m)		5.00%		10/01/2042		12,045		12,266,882
Buckeye Park Community Development District; Series 2008 A, RB		7.88%		05/01/2038		765		756,651
Cape Coral (City of), FL Health Facilities Authority (Gulf Care, Inc.);
Series 2015, Ref. RB(h)		5.88%		07/01/2040		1,165		1,080,096
Series 2015, Ref. RB(h)		6.00%		07/01/2045		7,500		6,892,847
Series 2015, Ref. RB(h)		6.00%		07/01/2050		3,860		3,499,584
Capital Trust Agency, Inc. (Franklin Academy);
Series 2020, RB(h)		5.00%		12/15/2050		1,955		1,762,012
Series 2020, RB(h)		5.00%		12/15/2055		2,845		2,509,679

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida–(continued)
Capital Trust Agency, Inc. (H-Bay Ministries, Inc.- Superior Residences);
Series 2018 A-1, RB(d)		4.00%		07/01/2038	$	2,750	$	1,072,500
Series 2018 A-1, RB(d)		4.00%		07/01/2043		1,000		390,000
Series 2018 A-1, RB(d)		5.00%		07/01/2048		5,660		2,207,400
Series 2018 A-1, RB(d)		4.13%		07/01/2053		2,000		780,000
Series 2018 B, RB(d)		5.00%		07/01/2043		500		90,000
Series 2018 B, RB(d)		5.00%		07/01/2053		1,100		198,000
Capital Trust Agency, Inc. (Imagine School at North Manatee); Series 2021 C, RB(h)		5.00%		06/01/2056		520		435,546
Capital Trust Agency, Inc. (New Springs, Inc.); Series 2021, RB		4.75%		06/01/2056		2,825		2,046,808
Capital Trust Agency, Inc. (Sarasota-Manatee Jewish Housing Council, Inc.);
Series 2017, Ref. RB(h)		5.00%		07/01/2037		1,000		859,985
Series 2017, Ref. RB(h)		5.00%		07/01/2046		600		473,960
Capital Trust Agency, Inc. (Sustainability Bonds); Series 2021, RB(h)		4.00%		06/15/2051		2,220		1,621,702
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		1,567,450
Series 2015, RB (Acquired 12/02/2015; Cost $1,976,520)(d)(e)(h)		7.00%		12/01/2045		2,000		580,000
Series 2015, RB (Acquired 12/02/2015; Cost $989,541)(d)(e)(h)		7.13%		12/01/2050		1,000		290,000
Capital Trust Agency, Inc. (University Bridge LLC Student Housing);
Series 2018 A, RB(h)		5.25%		12/01/2043		15,850		14,799,418
Series 2018 A, RB(h)		5.25%		12/01/2058		16,600		14,753,630
Capital Trust Agency, Inc. (WFCS Portfolio); Series 2021 A, RB(h)		5.00%		01/01/2056		1,000		774,893
Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities);
Series 2019, RB(c)(h)		5.00%		10/01/2049		2,420		2,251,005
Series 2021, RB(c)(h)		4.00%		10/01/2051		2,000		1,480,805
Collier (County of), FL Industrial Development Authority (The Arlington of Naples);
Series 2014 A, RB (Acquired 12/16/2013-09/18/2020; Cost $6,344,678)(d)(e)(h)		8.13%		05/15/2044		6,670		4,268,800
Series 2014 A, RB (Acquired 12/16/2013-12/19/2013; Cost $43,950,403)(d)(e)(h)		8.25%		05/15/2049		44,570		28,524,800
Series 2015 A, RB (Acquired 06/30/2015; Cost $345,000)(d)(e)(h)		5.50%		05/15/2025		345		220,800
Series 2015 A, RB (Acquired 06/30/2015; Cost $875,000)(d)(e)(h)		6.25%		05/15/2035		875		560,000
Series 2015 A, RB (Acquired 06/30/2015; Cost $3,000,000)(d)(e)(h)		6.50%		05/15/2049		3,000		1,920,000
East Homestead Community Development District; Series 2013, RB		5.63%		11/01/2043		2,000		2,004,036
Escambia (County of), FL Health Facilities Authority; Series 2020, Ref. RB		4.00%		08/15/2045		2,655		2,316,272
Florida (State of), FL Department of Transportation (Turnpike); Series 2022 C, RB(i)		5.00%		07/01/2052		10,000		10,883,341
Florida Development Finance Corp.; Series 2022 A, Ref. RB(b)(c)(h)		7.25%		10/03/2023		27,000		26,832,946
Florida Development Finance Corp. (Central Charter School);
Series 2022, Ref. RB(h)		5.63%		08/15/2042		1,515		1,398,735
Series 2022, Ref. RB(h)		5.88%		08/15/2052		5,000		4,584,460
Series 2022, Ref. RB(h)		6.00%		08/15/2057		5,500		5,044,924
Florida Development Finance Corp. (Global Outreach Charter Academy);
Series 2021 A, Ref. RB(h)		4.00%		06/30/2046		925		671,803
Series 2021 A, Ref. RB(h)		4.00%		06/30/2056		1,390		934,356
Florida Development Finance Corp. (Green Bonds); Series 2019 B, RB(c)(h)		7.38%		01/01/2049		32,000		28,535,110
Florida Development Finance Corp. (Mater Academy); Series 2022 A, RB		5.00%		06/15/2056		3,815		3,720,728
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		2,291,274
Series 2017, Ref. RB(h)(k)		6.38%		05/15/2037		1,265		253,000
Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2015, RB(h)		6.13%		06/15/2046		14,035		14,065,497
Florida Development Finance Corp. (Sculptor Charter School);
Series 2008 A, RB		7.25%		10/01/2038		2,250		2,255,185
Series 2012, RB		7.00%		10/01/2026		50		50,094
Series 2012, RB		7.25%		10/01/2041		595		596,099
Florida Development Finance Corp. (Virgin Trains USA Passenger Rail);
Series 2019 A, Ref. RB(b)(c)(h)		6.25%		01/01/2024		14,410		13,829,931
Series 2019 A, Ref. RB(b)(c)(h)		6.38%		01/01/2026		43,480		39,725,085
Series 2019 A, Ref. RB(b)(c)(h)		6.50%		01/01/2029		6,310		5,680,974

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida–(continued)
Gramercy Farms Community Development District;
Series 2007 A-1, RB(d)		5.25%		05/01/2039	$	1,335	$	3,351
Series 2007 A-2, RB(d)		5.25%		05/01/2039		1,700		4,267
Series 2011, Ref. RB(k)		0.00%		05/01/2039		14,435		7,506,200
Highlands (County of), FL Health Facilities Authority (Trousdale Foundation Properties); Series 2018 A, RB (Acquired 08/29/2018-12/30/2020; Cost $12,281,931)(e)		6.25%		04/01/2049		13,980		5,256,480
Kendall Breeze West Community Development District; Series 2004, RB		5.88%		05/01/2034		905		905,449
Lake (County of), FL (Lakeside at Waterman Village);
Series 2020 A, Ref. RB		5.75%		08/15/2050		9,000		7,867,471
Series 2020 A, Ref. RB		5.75%		08/15/2055		6,000		5,135,404
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts);
Series 2018 A, RB(h)		5.50%		07/15/2048		2,250		1,992,553
Series 2018 A, RB(h)		5.75%		07/15/2053		2,030		1,889,503
Lee (County of), FL Industrial Development Authority (Lee County Community Charter Schools, LLC);
Series 2012, IDR(h)		5.50%		06/15/2032		1,880		1,880,395
Series 2012, IDR(h)		5.75%		06/15/2042		3,210		3,210,012
Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center); Series 2021, RB		4.00%		11/15/2051		3,750		3,143,692
Miami-Dade (County of), FL;
Series 2009, RB(j)		0.00%		10/01/2035		12,000		6,818,274
Series 2009, RB(j)		0.00%		10/01/2042		42,215		16,166,483
Series 2021, RB (INS - AGM)(g)		3.00%		10/01/2043		5,065		3,993,572
Series 2022 A(i)		5.00%		04/01/2052		15,720		16,926,318
Series 2022, RB(i)		5.00%		07/01/2052		10,000		10,645,231
Subseries 2021 A-1, Ref. RB (INS - AGM)(c)(g)		4.00%		10/01/2045		9,000		8,233,507
Orange (County of), FL Housing Finance Authority (Alhambra Trace Apartments); Series 1998 C, RB		7.00%		04/01/2028		885		885,287
Orange (County of), FL Housing Finance Authority (Governors Manor Apartments); Series 2001 F-4, RB		7.25%		10/01/2031		2,360		2,362,106
Orange (County of), FL Housing Finance Authority (Lake Davis Apartments); Series 2001 F-1, RB		7.25%		10/01/2031		490		490,437
Orange (County of), FL Housing Finance Authority (Lake Jennie Phase I); Series 2001 F-2, RB		7.25%		10/01/2031		115		115,103
Orange (County of), FL Housing Finance Authority (Lake Jennie Phase II); Series 2001 F-3, RB		7.25%		10/01/2031		490		490,437
Orange (County of), FL Housing Finance Authority (Mellonville Trace Apartments); Series 2001 F-5, RB		7.25%		10/01/2031		200		200,178
Orange County Health Facilities Authority (Orlando Health Obligated Group); Series 2022, RB(i)		4.00%		10/01/2052		17,245		15,037,418
Palm Beach (County of), FL Health Facilities Authority (Toby & Leon Cooperman); Series 2022, Ref. RB		4.00%		06/01/2041		2,100		1,654,409
Polk (County of), FL Industrial Development Authority (Mineral Development LLC); Series 2020, RB(c)(h)		5.88%		01/01/2033		7,000		7,012,785
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(i)		4.00%		07/01/2048		36,680		33,328,897
Series 2022, RB		4.00%		07/01/2052		2,000		1,805,373
Seminole (County of), FL; Series 2022, RB(i)		5.00%		10/01/2052		10,000		10,551,299
Sterling Hill Community Development District; Series 2003 A, RB(k)(n)		6.20%		05/01/2035		1,375		742,325
Tampa Bay (City of), FL Water; Series 2001 A, RB (INS - NATL)(g)(i)		6.00%		10/01/2029		13,440		16,131,411
Tender Option Bond Trust Receipts/Certificates; Series 2022-XX1271 (INS - AGM)(g)(h)(i)		3.00%		10/01/2051		6,000		8,750,891
Treeline Preserve Community Development District; Series 2007 A, RB(d)(k)		6.80%		05/01/2039		4,895		685,300
								564,301,214
Georgia–0.73%
Atlanta (City of), GA Department of Aviation; Series 2022 B, RB(c)		5.00%		07/01/2052		2,100		2,152,061
Brookhaven Development Authority (Children’s Healthcare of Atlanta, Inc.); Series 2019 A, RB(i)(m)		4.00%		07/01/2049		10,150		9,747,291
Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.); Series 2019, RB(i)		4.00%		07/01/2049		15,000		13,776,327

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Georgia–(continued)
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	$	5,529,440
Series 2021, RB		4.00%		02/15/2046		6,200		5,713,865
George L Smith II Congress Center Authority (Convention Center Hotel);
Series 2021, RB(h)		5.00%		01/01/2036		2,000		1,871,827
Series 2021, RB(h)		5.00%		01/01/2054		6,000		4,994,285
Main Street Natural Gas, Inc.; Series 2019 A, RB		5.00%		05/15/2049		5,000		5,006,464
Marietta (City of), GA Developing Authority (Life University, Inc.);
Series 2017 A, Ref. RB(h)		5.00%		11/01/2037		6,000		5,821,777
Series 2017 A, Ref. RB(h)		5.00%		11/01/2047		4,480		4,137,970
								58,751,307
Hawaii–0.13%
Hawaii (State of) Airport System; Series 2022 A(c)(i)		5.00%		07/01/2047		10,000		10,276,865
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		468,669
Series 2014, RB		4.00%		10/01/2033		1,000		829,735
Series 2014, RB		4.50%		10/01/2050		17,030		12,365,851
Series 2014, RB		4.55%		10/01/2056		13,000		9,238,059
Series 2021, Ref. RB		8.00%		10/01/2028		3,450		3,192,075
Idaho (State of) Housing & Finance Association (North Star Charter School); Series 2014 B, Ref. RB(h)(j)		0.00%		07/01/2049		9,112		1,486,165
								27,580,554
Illinois–9.83%
Bartlett (Village of), IL (Quarry Redevelopment); Series 2007, Ref. RB		5.60%		01/01/2023		980		980,510
Bolingbrook (Village of), IL;
Series 2005, RB		6.25%		01/01/2024		2,047		1,982,723
Series 2005, RB		6.00%		01/01/2026		4,500		4,156,947
Bolingbrook (Village of), IL Special Service Area No. 2005-1; Series 2019, Ref. RB		5.25%		03/01/2041		4,000		3,625,437
Burbank (City of), IL (Intercultural Montessori Language School); Series 2015, RB(h)		6.25%		09/01/2045		4,000		3,989,891
Chicago (City of), IL;
Series 2002 B, GO Bonds		5.50%		01/01/2034		3,145		3,172,989
Series 2003 B, Ref. GO Bonds		5.50%		01/01/2032		2,150		2,172,314
Series 2003 B, Ref. GO Bonds		5.50%		01/01/2033		3,000		3,029,473
Series 2003 B, Ref. GO Bonds		5.50%		01/01/2034		2,160		2,179,223
Series 2005 D, Ref. GO Bonds		5.50%		01/01/2037		6,075		6,123,649
Series 2007 E, Ref. GO Bonds		5.50%		01/01/2035		2,500		2,521,282
Series 2007 F, Ref. GO Bonds(i)(m)		5.50%		01/01/2035		10,640		10,730,656
Series 2007 G, Ref. GO Bonds		5.50%		01/01/2035		375		378,192
Series 2007 G, Ref. GO Bonds		5.50%		01/01/2042		400		402,869
Series 2014 A, Ref. GO Bonds		5.25%		01/01/2033		3,250		3,262,116
Series 2014, RB(i)		5.00%		01/01/2044		16,755		16,768,265
Series 2015 A, GO Bonds		5.50%		01/01/2034		4,440		4,479,514
Series 2015 A, GO Bonds		5.50%		01/01/2035		2,000		2,017,026
Series 2017 A, Ref. GO Bonds(i)(m)		6.00%		01/01/2038		64,150		66,703,722
Chicago (City of), IL (Diversey/Narragansett); Series 2006, COP(k)		7.46%		02/15/2026		1,857		1,715,341
Chicago (City of), IL (O’Hare International Airport);
Series 2022 A(c)(i)(m)		5.00%		01/01/2048		14,000		14,290,391
Series 2022 A(c)(i)		4.63%		01/01/2053		15,000		14,687,955
Series 2022 A (INS - AGM)(c)(g)(i)		5.50%		01/01/2053		15,000		15,772,203

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois–(continued)
Chicago (City of), IL (O’Hare International Airport);
Series 2017 D, RB(c)(i)		5.00%		01/01/2047	$	27,500	$	27,752,978
Series 2017 D, RB(c)(i)		5.00%		01/01/2052		9,960		10,026,947
Series 2018 A, Ref. RB(c)		5.00%		01/01/2053		5,000		5,053,181
Series 2022 A, RB(c)		5.50%		01/01/2055		3,495		3,679,658
Chicago (City of), IL Board of Education;
Series 2012 A, GO Bonds		5.00%		12/01/2042		12,280		11,736,520
Series 2015 C, GO Bonds		5.25%		12/01/2039		23,310		23,371,179
Series 2017 H, GO Bonds		5.00%		12/01/2046		5,000		4,719,905
Series 2018 D, GO Bonds		5.00%		12/01/2046		4,000		3,764,122
Series 2018 D, GO Bonds		5.00%		12/01/2046		19,170		18,244,256
Chicago (City of), IL Metropolitan Water Reclamation District; Series 2016 C, GO Bonds(i)(m)		5.00%		12/01/2045		19,750		20,558,814
Chicago (City of), IL Transit Authority; Series 2014, RB(i)		5.25%		12/01/2049		27,000		27,320,760
East Dundee (Village of), IL (Route 25 South Redevelopment); Series 2012, RB		5.63%		12/01/2031		1,530		1,431,568
Evanston (City of), IL (Roycemore School); Series 2021, RB(h)		4.63%		04/01/2051		1,250		890,304
Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Subseries 2014 A, RB		5.38%		03/01/2034		1,379		1,221,615
Gilberts (Village of), IL Special Service Area No. 25 (The Conservancy); Series 2018 A, RB(f)		6.00%		03/01/2048		13,052		11,910,255
Illinois (State of);
Series 2013, GO Bonds		5.25%		07/01/2030		4,965		4,998,570
Series 2013, GO Bonds		5.50%		07/01/2038		9,000		9,048,426
Series 2016, GO Bonds		4.00%		06/01/2033		3,150		3,030,170
Series 2016, Ref. GO Bonds		5.00%		02/01/2026		4,775		4,936,140
Series 2017 A, GO Bonds		5.00%		12/01/2034		5,125		5,265,947
Series 2017 C, GO Bonds		5.00%		11/01/2029		10,350		10,790,512
Series 2017 D, GO Bonds(i)(m)		5.00%		11/01/2023		33,000		33,474,160
Series 2017 D, GO Bonds		5.00%		11/01/2025		21,000		21,675,207
Series 2017 D, GO Bonds		5.00%		11/01/2026		7,500		7,801,652
Series 2017 D, GO Bonds		5.00%		11/01/2027		13,000		13,579,502
Series 2020, GO Bonds		5.75%		05/01/2045		8,750		9,226,135
Illinois (State of) Finance Authority; Series 2018 B, Ref. RB(h)		6.00%		04/01/2038		2,100		2,070,851
Illinois (State of) Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(c)		8.00%		06/01/2032		4,020		4,023,430
Illinois (State of) Finance Authority (Intrinsic Schools - Belmont School); Series 2015, RB(h)		6.00%		12/01/2045		3,715		3,820,338
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);
Series 2019 A, Ref. RB		5.00%		11/01/2035		3,000		2,710,337
Series 2019 A, Ref. RB		5.00%		11/01/2040		20,210		17,450,325
Series 2019 A, Ref. RB		5.00%		11/01/2049		24,835		20,020,268
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		5,801,623
Series 2017, Ref. RB (Acquired 04/12/2017-09/08/2020; Cost $12,533,368)(e)		5.25%		05/15/2048		12,770		9,931,413
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group); Series 2022, RB(i)(m)		5.00%		08/15/2051		25,000		26,294,728
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB		5.13%		05/15/2060		65,871		47,587,159
Illinois (State of) Finance Authority (Peace Village); Series 2013, RB(b)(l)		7.00%		08/15/2023		12,210		12,539,055
Illinois (State of) Finance Authority (Plymouth Place);
Series 2015, Ref. RB(b)(l)		5.25%		05/15/2025		4,810		5,093,402
Series 2015, Ref. RB(b)(l)		5.25%		05/15/2025		1,850		1,959,001
Illinois (State of) Finance Authority (Rogers Park Montessori School);
Series 2014, Ref. RB		6.00%		02/01/2034		750		757,303
Series 2014, Ref. RB		6.13%		02/01/2045		1,500		1,509,622
Illinois (State of) Finance Authority (Roosevelt University);
Series 2007, RB		5.50%		04/01/2037		9,170		8,557,155
Series 2018 B, Ref. RB(h)		6.13%		04/01/2058		6,000		5,769,170
Series 2019 A, RB(h)		6.13%		04/01/2049		1,000		977,441
Series 2019 A, RB(h)		6.13%		04/01/2058		23,840		22,923,030
Illinois (State of) Finance Authority (Social Bonds);
Series 2021, Ref. RB		4.00%		11/01/2041		725		648,201
Series 2021, Ref. RB		4.00%		11/01/2051		1,100		925,400
Series 2021, Ref. RB		4.00%		11/01/2056		350		285,981

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois–(continued)
Illinois (State of) Finance Authority (Three Crowns Park);
Series 2017, Ref. RB		5.00%		02/15/2032	$	985	$	965,725
Series 2017, Ref. RB		5.25%		02/15/2037		2,365		2,320,739
Series 2017, Ref. RB		5.25%		02/15/2047		7,500		7,031,133
Illinois (State of) Finance Authority (Villa St. Benedict);
Series 2015, Ref. RB		6.13%		11/15/2035		8,405		8,555,243
Series 2015, Ref. RB		6.38%		11/15/2043		10,700		10,884,647
Illinois (State of) Housing Development Authority (Stonebridge of Gurnee); Series 2016 A, RB(h)		5.45%		01/01/2046		5,000		3,670,732
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2002 A, RB (INS - NATL)(g)(j)		0.00%		12/15/2038		29,950		13,909,520
Series 2012 B, RB(j)		0.00%		12/15/2051		13,165		2,802,597
Series 2012, RB(j)		0.00%		12/15/2050		35,755		8,082,675
Series 2015 A, RB		5.00%		06/15/2053		4,000		4,000,906
Series 2015, RB(j)		0.00%		12/15/2052		46,000		9,268,250
Series 2017 B, Ref. RB(f)		4.95%		12/15/2047		3,000		1,629,132
Series 2017 B, Ref. RB(j)		0.00%		12/15/2054		5,000		899,855
Series 2017, RB		5.00%		06/15/2057		11,000		10,963,636
Series 2020, Ref. RB		5.00%		06/15/2050		15,700		15,731,180
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		1,220,491
Morton Grove (Village of), IL (Sawmill Station Redevelopment); Series 2019, RB		5.00%		01/01/2039		2,000		1,795,397
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		1,945,167
St. Charles (City of), IL Special Service Area No. 21; Series 1998, RB		6.63%		03/01/2028		545		537,011
Villa Park (Village of), IL (Garden Station Redevelopment); Series 2021, RB		4.50%		12/31/2038		1,915		1,353,428
Volo (Village of), IL Special Service Area No. 17; Series 2017, Ref. RB		5.50%		03/01/2047		1,189		1,129,633
Yorkville (United City of), IL Special Service Area No. 2006-113 (Cannonball/Beecher Road); Series 2007, RB		5.75%		03/01/2028		2,710		2,701,845
								794,772,996
Indiana–0.63%
Indiana (State of) Finance Authority (Good Samaritan Hospital); Series 2016 A, RB		5.50%		04/01/2046		5,785		5,888,636
Indiana (State of) Finance Authority (Indiana University Health); Series 2019 A, RB(i)(m)		4.00%		12/01/2049		13,000		12,399,830
Indiana (State of) Finance Authority (Irvington Community School);
Series 2018 A, Ref. RB(h)		5.90%		07/01/2038		1,000		985,933
Series 2018 A, Ref. RB(h)		6.00%		07/01/2048		2,750		2,652,426
Indiana (State of) Finance Authority (University of Evansville); Series 2022 A, Ref. RB		5.25%		09/01/2044		6,465		6,317,030
Valparaiso (City of), IN (Pratt Paper, LLC);
Series 2013, RB(c)		6.75%		01/01/2034		10,785		11,069,774
Series 2013, RB(c)		7.00%		01/01/2044		11,000		11,303,910
								50,617,539
Iowa–0.69%
Iowa (State of) Finance Authority (Iowa Fertilizer Co.);
Series 2022, Ref. RB(b)		5.00%		12/01/2042		7,000		6,768,088
Series 2022, Ref. RB		5.00%		12/01/2050		8,450		8,011,525
Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2016, RB		5.00%		05/15/2047		4,500		3,880,189
Iowa (State of) Tobacco Settlement Authority; Series 2021 B-2, Ref. RB(j)		0.00%		06/01/2065		335,375		36,768,603
								55,428,405
Kansas–0.43%
Olathe (City of), KS (West Village Center); Series 2007, RB		5.50%		09/01/2026		2,835		2,603,929
Roeland Park (City of), KS (TDD No. 1);
Series 2005, RB(k)(n)		5.75%		12/01/2025		343		236,576
Series 2006 A, RB(k)(n)		5.88%		12/01/2025		643		444,023
Roeland Park (City of), KS (TDD No. 2); Series 2006 B, RB(k)(n)		5.88%		12/01/2025		757		522,346
Wichita (City of), KS (Larksfield Place);
Series 2013 III, Ref. RB(b)(l)		7.13%		12/15/2023		1,000		1,043,984
Series 2013 III, Ref. RB(b)(l)		7.38%		12/15/2023		5,000		5,232,596

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

Invesco High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Kansas–(continued)
Wichita (City of), KS (Presbyterian Manors, Inc.); Series 2013 IV-A, RB	6.38%	05/15/2043	$	5,000	$	5,018,072
Series 2013 IV-A, RB	6.50%	05/15/2048		11,000		11,042,393
Series 2014 IV-A, RB	5.63%	05/15/2044		1,850		1,795,040
Series 2014 IV-A, RB	5.63%	05/15/2049		2,750		2,642,150
Series 2019, Ref. RB	5.00%	05/15/2034		1,000		927,374
Series 2019, Ref. RB	5.00%	05/15/2050		2,115		1,774,860
Wyandotte (County of), KS Unified Government (Legends Apartments Garage & West Lawn); Series 2018, RB	4.50%	06/01/2040		1,765		1,582,013
						34,865,356
Kentucky–0.72%
Christian (County of), KY (Jennie Stuart Medical Center, Inc.);
Series 2016, Ref. RB	5.38%	02/01/2036		11,895		12,224,224
Series 2016, Ref. RB	5.50%	02/01/2044		8,500		8,657,172
Kentucky (Commonwealth of) Economic Development Finance Authority (Christian Care Communities); Series 2021, Ref. RB	5.13%	07/01/2055		2,000		1,589,048
Kentucky (Commonwealth of) Economic Development Finance Authority (Masonic Homes of Kentucky, Inc.); Series 2012, Ref. RB	5.38%	11/15/2032		1,600		1,477,253
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); Series 2017 A, Ref. RB	5.00%	06/01/2041		4,000		4,044,484
Kentucky (Commonwealth of) Economic Development Finance Authority (Rosedale Green);
Series 2015, Ref. RB	5.50%	11/15/2035		1,200		1,090,179
Series 2015, Ref. RB	5.75%	11/15/2045		2,350		2,052,953
Series 2015, Ref. RB	5.75%	11/15/2050		4,650		3,975,945
Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing);
Series 2013 C, RB(f)	6.60%	07/01/2039		9,000		9,949,518
Series 2013 C, RB(f)	6.75%	07/01/2043		5,000		5,517,683
Series 2013 C, RB(f)	6.88%	07/01/2046		7,000		7,735,725
						58,314,184
Louisiana–0.71%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority;
Series 2015 A, Ref. RB	6.00%	11/15/2030		2,250		2,260,761
Series 2015 A, Ref. RB	6.00%	11/15/2035		4,135		4,072,766
Series 2015 A, Ref. RB	6.25%	11/15/2045		8,985		8,625,710
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		4,232,466
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Cameron (Parish of) LA, Louisiana Gomesa) (Green Bonds); Series 2018, RB(h)	5.65%	11/01/2037		3,850		3,882,474
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		3,308,405
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		563,831
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		3,049,294
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Terrebonne (Parish of), LA Gomesa Project); Series 2018 A, RB(h)	5.50%	11/01/2039		2,235		2,213,058
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		1,646,241
Louisiana (State of) Public Facilities Authority (Encore Academy); Series 2021, RB(h)	5.00%	06/01/2051		3,055		2,404,789
New Orleans (City of), LA Aviation Board (North Terminal); Series 2017 B, RB(c)(i)(m)	5.00%	01/01/2048		17,750		17,842,870
St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2010, RB(h)	6.35%	07/01/2040		3,000		3,211,945
						57,314,610

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

Invesco High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Maine–0.13%
Maine (State of) Health & Higher Educational Facilities Authority (Eastern Maine Healthcare System);
Series 2016 A, RB	5.00%	07/01/2041	$	6,800	$	6,830,092
Series 2016 A, RB	5.00%	07/01/2046		3,705		3,708,699
						10,538,791
Maryland–0.29%
Anne Arundel (County of), MD (The Villages at Two Rivers); Series 2014, RB	5.25%	07/01/2044		2,145		2,147,916
Baltimore (City of), MD (Convention Center Hotel); Series 2017, Ref. RB	5.00%	09/01/2032		3,135		3,088,438
Baltimore (City of), MD (Harbor Point); Series 2022, RB	5.00%	06/01/2051		1,000		942,289
Howard (County of), MD (Annapolis Junction Town Center);
Series 2014, RB	5.80%	02/15/2034		720		702,008
Series 2014, RB	6.10%	02/15/2044		1,420		1,370,777
Howard (County of), MD (Vantage House Facility); Series 2016, Ref. RB	5.00%	04/01/2046		2,710		2,255,278
Maryland (State of) Health & Higher Educational Facilities Authority (Frederick Health System); Series 2020, Ref. RB	4.00%	07/01/2045		1,000		908,439
Maryland Economic Development Corp. (Port Covington); Series 2020, RB	4.00%	09/01/2050		4,000		3,170,064
Prince George’s (County of), MD (Westphalia Town Center);
Series 2018, RB(h)	5.13%	07/01/2039		1,300		1,266,656
Series 2018, RB(h)	5.25%	07/01/2048		2,100		2,029,107
Rockville (City of), MD (Ingleside at King Farm);
Series 2017 A-1, Ref. RB	5.00%	11/01/2037		1,250		1,155,719
Series 2017 B, RB	5.00%	11/01/2042		4,600		4,103,658
Series 2017 B, RB	5.00%	11/01/2047		500		432,853
						23,573,202
Massachusetts–0.99%
Collegiate Charter School of Lowell;
Series 2019, RB	5.00%	06/15/2049		1,750		1,633,189
Series 2019, RB	5.00%	06/15/2054		1,620		1,481,261
Massachusetts (Commonwealth of); Series 2004 A, Ref. GO Bonds (INS - AMBAC)(g)(i)	5.50%	08/01/2030		32,040		38,094,621
Massachusetts (Commonwealth of) Development Finance Agency (Massachusetts Institute of Technology); Series 2002 K, RB(i)	5.50%	07/01/2032		5,015		6,203,534
Massachusetts (Commonwealth of) Transportation Fund;
Series 2022 A, RB(i)	5.00%	06/01/2050		15,000		16,302,714
Series 2022 B, RB(i)	5.00%	06/01/2052		15,000		16,366,937
						80,082,256
Michigan–0.92%
Advanced Technology Academy; Series 2019, Ref. RB	5.00%	11/01/2044		900		806,146
Charyl Stockwell Academy;
Series 2015, Ref. RB	5.50%	10/01/2035		2,740		2,526,125
Series 2015, Ref. RB	5.75%	10/01/2045		3,500		3,121,063
Grand Blanc Academy; Series 2000, COP	7.75%	02/01/2030		1,465		1,322,649
Kalamazoo Economic Development Corp. (Friendship Village of Kalamazoo);
Series 2021, Ref. RB(h)	5.00%	08/15/2041		1,235		1,063,572
Series 2021, Ref. RB(h)	5.00%	08/15/2051		1,510		1,230,322
Michigan (State of) Finance Authority;
Series 2020 B-2, Ref. RB(j)	0.00%	06/01/2065		101,350		8,598,980
Series 2021, Ref. RB	3.00%	09/01/2050		785		520,659
Series 2021, Ref. RB	4.00%	09/01/2050		1,550		1,356,558
Michigan (State of) Finance Authority (Madison Academy); Series 2021, Ref. RB	5.00%	12/01/2046		1,295		1,035,299
Michigan (State of) Finance Authority (McLaren Health Care); Series 2019 A, RB(i)	4.00%	02/15/2050		14,975		13,731,642
Michigan (State of) Strategic Fund (Canterbury Health Care, Inc.);
Series 2016, RB(h)	5.00%	07/01/2036		1,970		1,419,329
Series 2016, RB(h)	5.00%	07/01/2046		2,000		1,238,612
Series 2016, RB(h)	5.00%	07/01/2051		3,080		1,835,905
Michigan (State of) Strategic Fund (Evangelical Homes); Series 2013, Ref. RB	5.50%	06/01/2047		6,350		5,683,785

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

Invesco High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Michigan–(continued)
Michigan State Housing Development Authority;
Series 2022, RB(i)(m)	5.10%	12/01/2037	$	10,000	$	10,528,628
Series 2022, RB(i)(m)	5.20%	12/01/2040		4,425		4,675,497
Saline Economic Development Corp. (Evangelical Homes of Michigan); Series 2013, Ref. RB	5.50%	06/01/2047		6,735		6,066,887
Waterford Township Economic Development Corp. (Canterbury Health Care, Inc.);
Series 2016 A, Ref. RB(h)	5.00%	07/01/2036		4,550		3,278,146
Series 2016 A, Ref. RB(h)	5.00%	07/01/2046		4,895		3,031,502
Series 2016 A, Ref. RB(h)	5.00%	07/01/2051		2,795		1,666,024
						74,737,330
Minnesota–1.29%
Anoka (City of), MN (The Homestead at Anoka, Inc.); Series 2017, Ref. RB	5.50%	11/01/2046		3,700		3,396,262
Bethel (City of), MN (Spectrum High School); Series 2017 A, Ref. RB	4.00%	07/01/2037		375		311,446
Brooklyn Park (City of), MN (Athlos Leadership Academy);
Series 2015, RB	5.50%	07/01/2035		1,490		1,371,608
Series 2015, RB	5.50%	07/01/2040		2,250		1,969,177
Series 2015, RB	5.75%	07/01/2046		2,800		2,421,585
Carlton (City of), MN (Inter-Faith Care Center); Series 2006, Ref. RB	5.70%	04/01/2036		2,000		1,400,000
Dakota (County of), MN Community Development Agency (Quill); Series 2021, RB(h)	3.55%	04/01/2039		5,000		3,589,287
Deephaven (City of), MN (Seven Hills Preparatory Academy); Series 2017, RB	5.00%	10/01/2049		1,200		1,005,932
Minneapolis (City of), MN (Riverton Community Housing);
Series 2014, Ref. RB	5.50%	08/01/2049		6,500		6,511,734
Series 2018, RB(h)	4.75%	08/01/2043		600		547,229
Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2013 A, RB	6.88%	12/01/2048		6,000		6,063,350
Sartell (City of), MN (Country Manor Campus LLC); Series 2013, RB	5.38%	09/01/2043		5,000		4,603,632
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		24,075,000
St. Paul (City of), MN Housing & Redevelopment Authority (Emerald Gardens); Series 2010, Ref. RB	6.50%	03/01/2029		745		745,152
St. Paul (City of), MN Housing & Redevelopment Authority (High School for Recording Arts);
Series 2015, RB	6.00%	10/01/2035		2,695		2,610,487
Series 2015, RB	6.25%	10/01/2045		4,275		4,070,308
St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy Project);
Series 2018, RB	5.00%	12/01/2043		4,170		3,771,485
Series 2018, RB	5.13%	12/01/2049		7,560		6,736,304
St. Paul (City of), MN Housing & Redevelopment Authority (Hmong College Prep Academy);
Series 2016, Ref. RB	5.75%	09/01/2046		1,000		1,000,301
Series 2016, Ref. RB	6.00%	09/01/2051		3,550		3,573,227
St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy); Series 2020, RB	5.00%	12/01/2055		4,000		3,262,367
St. Paul (City of), MN Housing & Redevelopment Authority (Marian Center); Series 2007 A, Ref. RB	5.38%	05/01/2043		5,000		4,243,837
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		960,651
Series 2018, Ref. RB	5.00%	10/01/2043		1,000		840,051
Series 2018, Ref. RB	4.65%	10/01/2048		1,500		1,156,297
St. Paul Park (City of), MN (Presbyterian Homes Bloomington); Series 2017, Ref. RB	5.00%	09/01/2042		500		487,105
Vadnais Heights (City of), MN (Agriculture & Food Sciences Academy);
Series 2018 A, Ref. RB	5.50%	12/01/2038		3,255		3,057,265
Series 2018 A, Ref. RB	5.88%	12/01/2048		4,500		4,235,085
Series 2018 A, Ref. RB	6.50%	12/01/2053		4,315		4,338,329
Series 2018 B, Ref. RB	6.75%	12/01/2025		330		319,403
West St. Paul (City of), MN (Walker Westwood Ridge Campus);
Series 2017, Ref. RB	5.00%	11/01/2037		400		367,950
Series 2017, Ref. RB	5.00%	11/01/2049		1,275		1,087,663
Series 2017, Ref. RB	4.75%	11/01/2052		375		301,397
						104,430,906

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

Invesco High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Mississippi–0.09%
Mississippi (State of) Development Bank (Hancock County Gomesa) (Green Bonds); Series 2019, RB(h)	4.55%	11/01/2039	$	2,100	$	1,862,973
Mississippi (State of) Development Bank (Jackson Co. Gomesa); Series 2021, RB(h)	3.63%	11/01/2036		1,000		790,129
Tunica (County of), MS; Series 2019, Ref. RB	6.00%	10/01/2040		4,870		4,277,076
						6,930,178
Missouri–1.87%
Branson Hills Infrastructure Facilities Community Improvement District; Series 2007 A, RB(k)	5.50%	04/01/2027		6,055		1,453,200
Dardenne Town Square Transportation Development District; Series 2006 A, RB(k)(n)	5.00%	05/01/2036		5,190		2,387,400
Grandview (City of), MO Industrial Development Authority (Grandview Crossing); Series 2006, RB(k)(n)	5.75%	12/01/2028		1,250		375,000
I-470 Western Gateway Transportation Development District;
Series 2019 A, RB(h)	5.25%	12/01/2048		6,415		6,334,342
Series 2019 B, RB(h)	7.75%	12/15/2048		3,853		3,633,158
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport);
Series 2019 B, RB(c)(i)	5.00%	03/01/2054		20,000		20,088,456
Series 2020 A, RB (INS - AGM)(c)(g)(i)	5.00%	03/01/2057		40,000		40,395,296
Series 2020, RB(c)	4.00%	03/01/2045		6,040		5,460,397
Series 2020, RB (INS - AGM)(c)(g)	4.00%	03/01/2057		750		645,598
Kansas City (City of), MO Industrial Development Authority (Northwoods Apartments); Series 2004 A, RB(c)	6.45%	05/01/2040		1,751		1,732,840
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		1,785,745
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights);
Series 2017 A, Ref. RB	5.25%	05/15/2050		11,250		9,286,464
Series 2017, Ref. RB	5.25%	05/15/2037		3,285		2,955,005
Series 2017, Ref. RB	5.25%	05/15/2042		1,000		866,042
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		2,794,354
Series 2018, Ref. RB	5.00%	08/15/2032		1,020		971,643
Liberty (City of), MO (Liberty Commons); Series 2015 A, RB(h)	6.00%	06/01/2046		6,170		5,561,650
Maplewood (City of), MO (Maplewood South Redevelopment Area); Series 2005, Ref. RB	5.75%	11/01/2026		865		831,609
Missouri (State of) Development Finance Board (St. Louis Zoo); Series 2022, RB(i)	5.13%	05/01/2052		10,005		10,374,789
Missouri (State of) Health & Educational Facilities Authority (Truman Medical Center, Inc.); Series 2017 B, RB(h)	4.25%	12/01/2042		5,460		5,156,703
St. Louis (City of), MO Industrial Development Authority (Ballpark Village Development); Series 2017 A, Ref. RB	4.75%	11/15/2047		1,500		1,118,166
St. Louis (City of), MO Industrial Development Authority (Grand Center Redevelopment); Series 2011, RB	6.38%	12/01/2025		950		950,049
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County);
Series 2018 A, RB	5.00%	09/01/2038		5,500		5,017,395
Series 2018 A, RB	5.13%	09/01/2048		12,345		10,676,078
Series 2018 A, RB	5.13%	09/01/2049		6,475		5,578,486
Series 2018 A, RB	5.25%	09/01/2053		5,900		5,112,041
						151,541,906
Montana–0.03%
Kalispell (City of), MT (Immanuel Lutheran Corp.);
Series 2017, Ref. RB	5.25%	05/15/2037		1,000		899,545
Series 2017, Ref. RB	5.25%	05/15/2052		2,320		1,845,225
						2,744,770
Nevada–0.18%
Clark (County of), NV (Homestead Boulder City); Series 1997, RB	6.50%	12/01/2027		1,050		1,026,884
Las Vegas (City of), NV; Series 2016, RB(h)	4.38%	06/15/2035		4,000		3,563,618
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		894,174
Nevada (State of) Department of Business & Industry (Somerset Academy);
Series 2018 A, RB(h)	5.00%	12/15/2038		1,000		977,084
Series 2018 A, RB(h)	5.00%	12/15/2048		3,000		2,762,508

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

Invesco High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Nevada–(continued)
Reno (City of), NV (ReTRAC - Reno Transportation Rail Access Corridor);
Series 2018 C, Ref. RB(h)(j)	0.00%	07/01/2058	$	32,000	$	3,782,832
Series 2018 D, Ref. RB(h)(j)	0.00%	07/01/2058		13,000		1,256,087
						14,263,187
New Hampshire–0.26%
New Hampshire (State of) Business Finance Authority; Series 2022-2A, RB	4.00%	10/20/2036		14,970		13,804,936
New Hampshire (State of) Business Finance Authority (Covanta); Series 2018 C, Ref. RB(c)(h)	4.88%	11/01/2042		7,500		6,894,116
						20,699,052
New Jersey–3.53%
Camden (County of), NJ Improvement Authority (KIPP Cooper Norcross Academy);
Series 2022, RB	6.00%	06/15/2047		1,425		1,505,941
Series 2022, RB	6.00%	06/15/2062		4,300		4,467,581
New Jersey (State of) Economic Development Authority (Beloved Community Charter School, Inc.);
Series 2019 A, RB(h)	5.00%	06/15/2049		1,110		1,012,806
Series 2019 A, RB(h)	5.00%	06/15/2054		725		652,050
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, RB(c)	5.25%	09/15/2029		47,065		47,221,830
Series 2000 A, RB(c)	5.63%	11/15/2030		20,000		20,126,364
Series 2012, RB(c)	5.75%	09/15/2027		34,325		34,333,307
New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology, Inc.);
Series 2012 A, RB	6.00%	07/01/2032		1,800		1,801,544
Series 2012 A, RB	6.10%	07/01/2044		4,025		4,027,211
Series 2012 C, RB	5.00%	07/01/2032		1,370		1,358,637
Series 2012 C, RB	5.30%	07/01/2044		4,500		4,342,824
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement);
Series 2013, RB(c)	5.38%	01/01/2043		22,110		22,150,267
Series 2013, RB(c)	5.63%	01/01/2052		22,695		22,776,580
New Jersey (State of) Transportation Trust Fund Authority;
Series 2009 A, RB(j)	0.00%	12/15/2038		63,105		28,538,037
Series 2010 A, RB(j)	0.00%	12/15/2030		8,620		6,146,469
Series 2010 A, RB(j)	0.00%	12/15/2031		7,540		5,111,994
Series 2010 A, RB(j)	0.00%	12/15/2036		45,555		23,212,209
Series 2010 A, RB(j)	0.00%	12/15/2037		10,000		4,806,179
Series 2013 AA, RB	5.00%	06/15/2044		3,645		3,652,949
Series 2018 A, Ref. RB	5.00%	12/15/2035		4,390		4,625,951
Series 2018 A, Ref. RB	5.00%	12/15/2036		1,200		1,257,751
Series 2019 BB, RB	5.00%	06/15/2044		2,500		2,554,794
Series 2019, RB	5.25%	06/15/2043		10,000		10,390,865
Series 2019, Ref. RB	5.00%	12/15/2039		6,300		6,548,732
Series 2020 AA, RB	5.00%	06/15/2035		1,000		1,071,423
Series 2022, RB	5.00%	06/15/2048		20,750		21,249,347
Tobacco Settlement Financing Corp.; Series 2018 A, Ref. RB	5.25%	06/01/2046		250		251,897
						285,195,539
New Mexico–0.18%
New Mexico (State of) Hospital Equipment Loan Council (La Vida Expansion);
Series 2019 A, RB	5.00%	07/01/2039		1,225		1,069,391
Series 2019 A, RB	5.00%	07/01/2049		10,525		8,550,515
Winrock Town Center Tax Increment Development District No. 1; Series 2020, RB(h)	8.00%	05/01/2040		5,510		4,868,917
						14,488,823
New York–12.41%
Amherst (Town of), NY Industrial Development Agency (Shaary Zedek); Series 2006 A, Ref. RB	7.00%	06/15/2036		1,660		1,660,507
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, RB(j)	0.00%	07/15/2034		14,345		7,499,788
Series 2009, RB(j)	0.00%	07/15/2044		23,805		6,534,630

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

Invesco High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
New York–(continued)
Broome County Local Development Corp. (Good Shepherd Village at Endwell); Series 2021, Ref. RB	4.00%	01/01/2047	$	1,160	$	861,301
Buffalo & Erie County Industrial Land Development Corp. (Tapestry Charter School);
Series 2017 A, RB	5.00%	08/01/2037		1,325		1,276,884
Series 2017 A, RB	5.00%	08/01/2047		3,790		3,459,328
Series 2017 A, RB	5.00%	08/01/2052		790		710,198
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB(c)(h)	5.50%	12/31/2040		13,140		11,638,819
Build NYC Resource Corp. (NY Preparatory Charter School);
Series 2021 A, RB	4.00%	06/15/2041		785		642,060
Series 2021 A, RB	4.00%	06/15/2056		450		324,675
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB	5.00%	06/01/2045		10,000		9,532,359
Hudson Yards Infrastructure Corp.; Series 2017 A, RB(i)	5.00%	02/15/2039		21,060		22,130,143
Metropolitan Transportation Authority;
Series 2019 C, RB (INS - AGM)(g)(i)(m)	4.00%	11/15/2043		16,025		14,924,475
Series 2020 D-1, RB	5.00%	11/15/2045		10,000		9,833,312
Series 2022, RB (INS - AGM)(g)(i)(m)	4.00%	11/15/2046		22,245		20,321,789
Subseries 2020 A-1, RB (INS - AGM)(g)(i)(m)	4.00%	11/15/2049		14,615		13,175,250
Subseries 2020 A-1, RB(i)(m)	4.00%	11/15/2053		27,500		22,472,827
Metropolitan Transportation Authority (Green Bonds);
Series 2020 C-1, RB	4.75%	11/15/2045		10,000		9,748,473
Series 2020 C-1, RB	5.00%	11/15/2050		14,000		13,737,028
Series 2020 C-1, RB	5.25%	11/15/2055		500		505,007
Series 2020 E, Ref. RB	5.00%	11/15/2030		4,000		4,188,234
Monroe County Industrial Development Corp. (St. Ann’s Community);
Series 2019, Ref. RB	5.00%	01/01/2040		7,500		6,349,240
Series 2019, Ref. RB	5.00%	01/01/2050		5,750		4,559,596
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside);
Series 2021, RB (Acquired 12/13/2007-02/28/2018; Cost $32,479,135)(e)	5.00%	01/01/2058		30,886		15,217,415
Series 2021, Ref. RB (Acquired 09/07/2021; Cost $14,980,000)(e)(h)	9.00%	01/01/2041		14,980		12,496,601
Nassau County Tobacco Settlement Corp.;
Series 2006 A-3, RB	5.00%	06/01/2035		10,290		9,578,347
Series 2006 A-3, RB	5.13%	06/01/2046		64,730		59,830,625
Series 2006 B, RB(j)	0.00%	06/01/2046		105,990		27,657,221
New York & New Jersey (States of) Port Authority; Series 2020 221, RB(c)	4.00%	07/15/2055		500		438,200
New York (City of), NY;
Subseries 2022 D-1, GO Bonds	5.50%	05/01/2044		3,000		3,372,575
Subseries 2022 D-1, GO Bonds	5.50%	05/01/2046		3,500		3,906,037
Subseries 2023 B-1(i)	5.25%	10/01/2047		10,000		11,068,703
New York (City of), NY Municipal Water Finance Authority;
Series 2014 BB, RB	5.00%	06/15/2046		50		50,417
Subseries 2022 CC-1, RB(i)	5.00%	06/15/2052		21,210		22,729,230
Subseries 2023 AA-3, RB(i)	5.00%	06/15/2047		10,000		10,838,507
New York (City of), NY Transitional Finance Authority;
Series 2021 B-1, RB (INS - BAM)(g)	3.00%	08/01/2041		5,000		4,193,210
Series 2022 C-1, RB	4.00%	02/01/2051		3,270		3,065,099
Series 2022, RB(i)	5.25%	11/01/2048		12,500		13,761,558
Subseries 2019 S1B, RB	3.00%	07/15/2049		5,000		3,869,802
Subseries 2022 C-1, RB(i)	4.00%	02/01/2047		11,000		10,461,638
New York (State of) Dormitory Authority;
Series 2014 C, RB(i)	5.00%	03/15/2041		26,940		27,473,442
Series 2015 C, RB(b)(l)	5.00%	09/15/2025		40		42,499
Series 2018 E, RB(i)	5.00%	03/15/2045		35,050		37,065,743
Series 2020 D, Ref. RB	4.00%	02/15/2047		2,000		1,904,904
Series 2022 A, RB (INS - AGM)(g)(i)	4.25%	05/01/2052		15,000		14,592,891
New York (State of) Thruway Authority;
Series 2019 B, RB(i)	4.00%	01/01/2053		15,000		13,668,732
Series 2021 A-1(i)	4.00%	03/15/2054		10,000		9,171,541
Series 2021 A-1(i)	4.00%	03/15/2059		30,000		27,350,616
New York (State of) Thruway Authority (Green Bonds); Series 2022 C, RB	4.13%	03/15/2057		15,000		14,032,167

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

Invesco High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
New York–(continued)
New York Convention Center Development Corp. (Hotel Unit Fee Secured); Series 2016, RB(j)	0.00%	11/15/2049	$	13,390	$	3,391,538
New York Counties Tobacco Trust IV; Series 2005 F, RB(j)	0.00%	06/01/2060		50,000		2,491,840
New York Counties Tobacco Trust V;
Series 2005 S-1, RB(j)	0.00%	06/01/2038		65,990		25,662,653
Series 2005 S-2, RB(j)	0.00%	06/01/2050		45,500		5,979,173
Series 2005 S-3, RB(j)	0.00%	06/01/2055		268,000		19,011,866
New York Liberty Development Corp. (3 World Trade Center);
Series 2014, Class 2, Ref. RB(h)	5.38%	11/15/2040		2,500		2,502,444
Series 2014, Class 3, Ref. RB(h)	7.25%	11/15/2044		49,000		49,518,817
New York State Urban Development Corp.;
Series 2020 E, Ref. RB	3.00%	03/15/2050		2,000		1,523,442
Series 2022, RB (INS - AGM)(c)(g)	4.00%	12/01/2042		5,000		4,623,295
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport);
Series 2020, Ref. RB(c)	5.25%	08/01/2031		8,320		8,519,014
Series 2020, Ref. RB(c)	5.38%	08/01/2036		11,505		11,651,821
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB(c)	5.00%	08/01/2026		3,725		3,725,252
Series 2016, Ref. RB(c)	5.00%	08/01/2031		3,775		3,775,042
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment);
Series 2018, RB(c)	5.00%	01/01/2028		10,000		10,195,900
Series 2018, RB(c)	5.00%	01/01/2034		4,905		4,949,381
Series 2020, RB(c)	4.00%	10/01/2030		2,500		2,435,857
Series 2020, RB(c)	5.00%	10/01/2040		24,450		24,448,311
Series 2020, RB(c)	4.38%	10/01/2045		63,005		57,595,882
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);
Series 2016 A, RB(c)	5.00%	07/01/2046		32,375		32,161,076
Series 2016 A, RB(c)	5.25%	01/01/2050		10,995		11,030,050
Niagara Area Development Corp. (Covanta); Series 2018 A, Ref. RB(c)(h)	4.75%	11/01/2042		2,390		2,161,194
Rockland Tobacco Asset Securitization Corp.; Series 2005 C, RB(h)(j)	0.00%	08/15/2060		368,350		21,923,050
Tender Option Bond Trust Receipts/Certificates;
Series 2022-XX1269(h)(i)	3.00%	09/01/2050		7,390		10,815,607
Series 2022-XX1270 (INS - AGM)(g)(h)(i)	3.00%	11/15/2047		6,335		9,799,971
Series 2022-XX1273 (INS - AGM)(g)(h)(i)	3.00%	11/15/2051		5,000		7,369,773
Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.);
Series 2013 A, RB(d)	5.00%	07/01/2027		1,985		982,575
Series 2013 A, RB(d)	5.00%	07/01/2038		5,700		2,821,500
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);
Series 2012 1-A, RB(i)	4.00%	11/15/2056		10,000		9,125,026
Series 2022 A(i)	5.00%	05/15/2057		11,490		12,241,921
TSASC, Inc.;
Series 2016 B, Ref. RB	5.00%	06/01/2045		8,325		7,842,640
Series 2016 B, Ref. RB	5.00%	06/01/2048		26,205		24,318,460
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		58,890		51,587,192
Westchester County Healthcare Corp.; Series 2014 A, RB	5.00%	11/01/2044		4,131		4,147,960
Westchester Tobacco Asset Securitization Corp.; Series 2016 C, Ref. RB	5.13%	06/01/2051		9,405		9,519,731
						1,003,772,897
North Carolina–0.22%
North Carolina (State of) Department of Transportation (I-77 HOT Lanes); Series 2015, RB(c)	5.00%	06/30/2054		1,000		1,001,503
North Carolina (State of) Medical Care Commission (Aldersgate); Series 2013, Ref. RB(b)(l)	6.25%	07/01/2023		3,750		3,827,535
North Carolina (State of) Medical Care Commission (Salemtowne Project);
Series 2018 A, RB	5.00%	10/01/2038		1,185		1,112,090
Series 2018 A, RB	5.00%	10/01/2048		13,080		11,591,147
						17,532,275

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

Invesco High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
North Dakota–0.03%
Burleigh (County of), ND (University of Mary);
Series 2016, RB	5.10%	04/15/2036	$	1,500	$	1,453,279
Series 2016, RB	5.20%	04/15/2046		1,125		1,028,399
						2,481,678
Ohio–4.87%
Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); Series 2016, Ref. RB	5.25%	11/15/2041		3,800		3,863,185
Buckeye Tobacco Settlement Financing Authority;
Series 2020 B-2, Ref. RB	5.00%	06/01/2055		86,395		79,278,402
Series 2020 B-3, Ref. RB(j)	0.00%	06/01/2057		276,880		32,474,092
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); Series 2014 A, Ref. RB(h)	6.75%	01/01/2044		13,900		14,006,580
Cleveland (City of), OH (Continental Airlines, Inc.); Series 1998, RB(c)	5.38%	09/15/2027		4,190		4,191,103
Columbus (City of) & Franklin (County of), OH Finance Authority (Easton); Series 2020, RB(h)	5.00%	06/01/2028		3,435		3,419,427
Cuyahoga (County of), OH (MetroHealth System);
Series 2017, RB(i)(m)	5.25%	02/15/2047		26,990		27,171,445
Series 2017, RB(i)(m)	5.50%	02/15/2052		19,495		19,788,357
Series 2017, RB(i)(m)	5.50%	02/15/2057		30,650		31,076,519
Series 2017, Ref. RB	5.00%	02/15/2057		10,000		9,657,059
Darke (County of), OH (Wayne Healthcare); Series 2019 A, RB	5.00%	09/01/2049		2,000		1,806,207
Franklin (County of), OH (Wesley Communities);
Series 2020, Ref. RB	5.25%	11/15/2040		1,000		931,728
Series 2020, Ref. RB	5.25%	11/15/2055		6,300		5,527,056
Franklin (County of), OH Convention Facilities Authority (Greater Columbus Convention Center);
Series 2019, RB	5.00%	12/01/2039		715		723,732
Series 2019, RB	5.00%	12/01/2051		2,500		2,422,087
Hamilton (County of), OH (Life Enriching Communities); Series 2012, RB	5.00%	01/01/2032		2,250		2,214,465
Hamilton (County of), OH (UC Health); Series 2020, RB(i)(m)	4.00%	09/15/2050		15,000		13,058,679
Hickory Chase Community Authority; Series 2019, Ref. RB(h)	5.00%	12/01/2040		1,355		1,213,132
Marion (County of), OH (United Church Homes, Inc.);
Series 2019, Ref. RB	5.00%	12/01/2039		1,150		1,054,891
Series 2019, Ref. RB	5.13%	12/01/2049		3,545		3,120,037
Montgomery (County of), OH (Premier Health Partners Obligated Group);
Series 2019 A, RB	4.00%	11/15/2045		2,420		2,106,806
Series 2019 A, RB(i)	4.00%	11/15/2045		11,825		10,294,623
Montgomery (County of), OH (Trousdale Foundation Properties);
Series 2018 A, RB (Acquired 08/29/2018-09/14/2020; Cost $5,915,997)(e)(h)	6.00%	04/01/2038		7,270		2,733,520
Series 2018 A, RB (Acquired 04/01/2020-09/14/2020; Cost $1,179,464)(e)(h)	6.25%	04/01/2049		2,115		795,240
Montgomery (County of), OH Hospital Facilities (Premier Health Partners Obligated Group); Series 2019 A, Ref. RB	4.00%	11/15/2042		4,955		4,420,731
Muskingum (County of), OH (Genesis Healthcare System);
Series 2013, RB	5.00%	02/15/2044		23,810		22,556,963
Series 2013, RB	5.00%	02/15/2048		16,370		15,142,111
Ohio (State of) Air Quality Development Authority; Series 2019, RB(c)(h)	5.00%	07/01/2049		22,500		20,818,960
Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, RB(c)(h)	4.50%	01/15/2048		500		442,253
Ohio State University (The) (Green Bonds); Series 2021 A, RB (INS - AGM)(i)	4.00%	12/01/2048		20,000		19,321,658
Southeastern Ohio (State of) Port Authority (Memorial Health Systems);
Series 2015, Ref. RB	5.00%	12/01/2035		1,750		1,690,481
Series 2015, Ref. RB	5.00%	12/01/2043		6,695		6,215,958
Southern Ohio Port Authority (Purecycle);
Series 2020 A, RB(c)(h)	6.25%	12/01/2025		6,000		5,754,091
Series 2020 A, RB(c)(h)	7.00%	12/01/2042		23,000		19,173,409
Tuscarawas (County of), OH Economic Development and Finance Alliance (Ashland University); Series 2015, Ref. RB	6.00%	03/01/2045		5,000		5,002,560
						393,467,547
Oklahoma–1.79%
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		2,760,075

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

Invesco High Yield Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Oklahoma–(continued)
Comanche (County of), OK Hospital Authority; Series 2015, Ref. RB	5.00%	07/01/2027	$	1,800	$	1,809,464
Oklahoma (State of) Development Finance Authority (OU Medicine);
Series 2018 B, RB(i)(m)	5.50%	08/15/2052		15,210		13,956,444
Series 2018 B, RB	5.50%	08/15/2057		10,180		9,240,424
Series 2018 B, RB(i)	5.50%	08/15/2057		23,320		21,167,650
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		1,172,409
Payne (County of), OK Economic Development Authority (Epworth Living at the Ranch);
Series 2016 A, RB(d)	6.88%	11/01/2046		2,469		6,172
Series 2016 A, RB(d)	6.63%	11/30/2049		1,164		2,911
Series 2016 A, RB(d)	7.00%	11/01/2051		2,429		6,072
Series 2016 B-1, RB(d)	5.25%	11/30/2049		1,664		4,159
Tulsa (City of), OK Authority for Economic Opportunity (Santa Fe Square); Series 2021, RB(h)	4.38%	12/01/2041		3,955		3,209,068
Tulsa (City of), OK Municipal Airport Trust;
Series 2000 A, Ref. RB(c)	5.50%	06/01/2035		18,625		18,663,772
Series 2001 B, Ref. RB(c)	5.50%	12/01/2035		15,000		15,031,225
Series 2001 C, Ref. RB(c)	5.50%	12/01/2035		51,025		51,131,219
Tulsa (City of), OK Municipal Airport Trust (American Airlines Group, Inc.); Series 2015, Ref. RB(b)(c)	5.00%	06/01/2025		6,500		6,562,197
						144,755,951
Oregon–0.28%
Clackamas (County of), OR Hospital Facility Authority (Willamette View);
Series 2017 A, Ref. RB	5.00%	11/15/2032		500		498,436
Series 2017 A, Ref. RB	5.00%	11/15/2037		500		487,652
Series 2017 A, Ref. RB	5.00%	11/15/2052		2,750		2,526,528
Oregon (State of) Facilities Authority (Legacy Health); Series 2016 A, RB(i)	4.00%	06/01/2046		16,025		14,812,395
Yamhill (County of), OR Hospital Authority (Friendsview Retirement Community); Series 2016 A, Ref. RB	5.00%	11/15/2046		1,835		1,540,004
Yamhill (County of), OR Hospital Authority (Friendsview);
Series 2021 A, Ref. RB	5.00%	11/15/2046		2,500		2,045,040
Series 2021 A, Ref. RB	5.00%	11/15/2051		500		398,886
						22,308,941
Pennsylvania–1.27%
Allegheny (County of), PA Airport Authority; Series 2021 A, RB(c)	5.00%	01/01/2051		10,000		10,192,980
Allegheny (County of), PA Sanitary Authority; Series 2022, RB	5.00%	06/01/2053		3,000		3,187,458
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (615 Waterfront); Series 2021, RB(h)	6.00%	05/01/2042		5,075		5,074,946
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center); Series 2022, RB(h)	5.25%	05/01/2042		3,750		3,483,767
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.);
Series 2018, Ref. RB	5.00%	12/01/2038		1,750		1,517,986
Series 2018, Ref. RB	5.00%	12/01/2043		2,500		2,101,342
Series 2018, Ref. RB	5.00%	12/01/2048		2,500		2,056,717
Series 2019, RB	5.00%	12/01/2054		2,000		1,591,352
Lehigh (County of), PA General Purpose Authority (Kidspeace Obligation Group);
Series 2014 A, RB	7.50%	02/01/2044		4,960		4,637,771
Series 2014 B, RB(f)	7.50%	02/01/2044		1,379		715,199
Series 2014 C, RB(d)	0.00%	02/01/2044		4,122		20,843
Montgomery (County of), PA Higher Education & Health Authority (Philadelphia Presbytery Homes, Inc.); Series 2017, Ref. RB	4.00%	12/01/2048		3,000		2,350,216
Pennsylvania (Commonwealth of); First Series 2014, GO Bonds(i)	5.00%	06/15/2034		15,450		15,886,962
Pennsylvania (Commonwealth of) Economic Development Financing Authority (National Gypson Co.); Series 2014, Ref. RB(c)	5.50%	11/01/2044		4,000		3,974,608
Pennsylvania (Commonwealth of) Turnpike Commission; Series 2013 B-2, RB(f)	6.00%	12/01/2037		7,000		6,065,083

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Pennsylvania–(continued)
Philadelphia (City of), PA Authority for Industrial Development (Alliance for Progress Charter School, Inc.); Series 2019 A, RB		5.00%		06/15/2049	$	1,390	$	1,275,433
Philadelphia (City of), PA Authority for Industrial Development (First Philadelphia Preparatory Charter School); Series 2014 A, RB		7.25%		06/15/2043		5,500		5,727,748
Philadelphia (City of), PA Authority for Industrial Development (MaST I Charter School);
Series 2016 A, Ref. RB		5.25%		08/01/2046		2,560		2,599,146
Series 2016 A, Ref. RB		5.38%		08/01/2051		3,950		4,017,312
Philadelphia (City of), PA Authority for Industrial Development (MaST II Charter School); Series 2016 B, RB		5.63%		08/01/2036		30		30,279
Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University); Series 2022, RB		5.50%		11/01/2060		18,625		19,351,779
Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group);
Series 2017, Ref. RB		5.00%		07/01/2037		4,575		4,082,272
Series 2017, Ref. RB		5.00%		07/01/2049		2,930		2,420,184
								102,361,383
Puerto Rico–9.66%
Children’s Trust Fund;
Series 2002, RB		5.38%		05/15/2033		395		395,125
Series 2002, RB		5.50%		05/15/2039		27,590		27,521,108
Series 2002, RB		5.63%		05/15/2043		5,415		5,416,457
Series 2005 A, RB(j)		0.00%		05/15/2050		473,480		82,055,504
Series 2008 B, RB(j)		0.00%		05/15/2057		784,260		40,823,321
Puerto Rico (Commonwealth of);
Series 2021 A, GO Bonds(j)		0.00%		07/01/2024		2,469		2,268,870
Series 2021 A, GO Bonds(j)		0.00%		07/01/2033		9,503		5,216,274
Series 2021 A-1, GO Bonds		4.00%		07/01/2033		10,000		8,713,400
Series 2021 A-1, GO Bonds		4.00%		07/01/2041		23,758		19,094,941
Series 2022, RB		0.00%		11/01/2051		62,766		28,087,904
Subseries 2022, RN		0.00%		11/01/2043		38,871		17,734,854
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2008 A, RB		6.13%		07/01/2024		7,162		7,306,364
Series 2020 A, Ref. RB(h)		5.00%		07/01/2035		8,000		7,940,699
Series 2020 A, Ref. RB(h)		5.00%		07/01/2047		4,060		3,898,124
Series 2021 B, RB(h)		5.00%		07/01/2037		5,456		5,375,863
Series 2021 B, RB(h)		4.00%		07/01/2042		40,000		33,909,776
Series 2022 A, Ref. RB(h)		5.00%		07/01/2037		10,000		9,853,122
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2003 NN, RB (Acquired 05/31/2019; Cost $32,250)(d)(e)		5.50%		12/01/2049		50		37,063
Series 2004 PP, Ref. RB (Acquired 01/23/2018; Cost $740,912) (INS - NATL)(e)(g)		5.00%		07/01/2023		755		759,047
Series 2007 TT, RB (Acquired 08/09/2018-07/23/2020; Cost $341,781)(d)(e)		5.00%		07/01/2023		515		381,100
Series 2007 TT, RB (Acquired 08/09/2018-09/12/2018; Cost $4,328,288)(d)(e)		5.00%		07/01/2026		6,685		4,946,900
Series 2007 TT, RB (Acquired 09/12/2018; Cost $1,521,625)(d)(e)		5.00%		07/01/2027		2,350		1,739,000
Series 2007 TT, RB (Acquired 08/09/2018-12/10/2020; Cost $10,499,375)(d)(e)		5.00%		07/01/2032		16,805		12,435,700
Series 2007 TT, RB (Acquired 08/09/2018; Cost $51,600)(d)(e)(o)		5.00%		12/01/2049		80		58,800
Series 2007 TT, RB (Acquired 01/19/2022; Cost $1,538,187)(d)(e)		5.00%		12/01/2049		1,510		1,109,850
Series 2007 VV, Ref. RB (Acquired 01/24/2018; Cost $4,508,426) (INS - NATL)(e)(g)		5.25%		07/01/2024		4,560		4,577,840
Series 2007 VV, Ref. RB (Acquired 07/19/2018-07/23/2018; Cost $9,684,694) (INS - NATL)(e)(g)		5.25%		07/01/2030		9,275		9,307,885
Series 2007 VV, Ref. RB (Acquired 10/12/2017; Cost $21,542,896) (INS - AGM)(e)(g)		5.25%		07/01/2031		20,000		20,040,158
Series 2007 VV, Ref. RB (Acquired 07/19/2018-08/20/2018; Cost $6,619,274) (INS - NATL)(e)(g)		5.25%		07/01/2032		6,275		6,268,633
Series 2008 WW, RB(d)		5.00%		07/01/2028		13,620		10,078,800
Series 2008 WW, RB (Acquired 02/21/2020; Cost $1,757,250)(d)(e)		5.25%		07/01/2033		2,200		1,633,500
Series 2008 WW, RB (Acquired 08/09/2018-01/27/2022; Cost $16,239,731)(d)(e)		5.50%		07/01/2038		19,685		14,689,931
Series 2010 AAA, RB (Acquired 08/09/2018; Cost $894,375)(d)(e)		5.25%		07/01/2031		1,350		1,002,375
Series 2010 AAA, RB(d)		5.25%		12/01/2049		2,355		1,736,812
Series 2010 CCC, RB (Acquired 08/09/2018; Cost $209,625)(d)(e)		5.00%		07/01/2025		325		240,500
Series 2010 CCC, RB (Acquired 01/16/2019; Cost $8,709,138)(d)(e)		5.25%		07/01/2026		14,455		10,732,837

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Puerto Rico–(continued)
Series 2010 CCC, RB (Acquired 12/10/2020; Cost $746,400)(d)(e)		5.00%		07/01/2028	$	960	$	710,400
Series 2010 CCC, RB (Acquired 01/16/2019; Cost $4,579,000)(d)(e)		5.25%		07/01/2028		7,600		5,643,000
Series 2010 DDD, Ref. RB (Acquired 01/16/2019; Cost $692,875)(d)(e)		5.00%		07/03/2023		1,150		851,000
Series 2010 EEE, RB (Acquired 12/10/2020; Cost $695,863)(d)(e)		6.05%		07/01/2032		895		666,775
Series 2010 XX, RB (Acquired 01/31/2019-07/23/2020; Cost $4,255,250)(d)(e)		5.25%		07/01/2035		6,799		5,048,257
Series 2010 XX, RB (Acquired 02/20/2020-01/19/2022; Cost $11,307,850)(d)(e)		5.25%		07/01/2040		13,940		10,350,450
Series 2010 YY, RB (Acquired 12/10/2020; Cost $933,000)(d)(e)		6.13%		07/01/2040		1,200		894,000
Series 2010 ZZ, Ref. RB (Acquired 08/09/2018; Cost $41,925)(d)(e)		5.25%		07/01/2024		65		48,263
Series 2010 ZZ, Ref. RB (Acquired 08/09/2018-12/16/2020; Cost $591,500)(d)(e)		5.25%		07/01/2026		875		649,687
Series 2010 ZZ, Ref. RB (Acquired 02/21/2020; Cost $7,862,500)(d)(e)		5.00%		12/01/2049		10,000		7,350,000
Series 2012 A, RB (Acquired 04/12/2017-07/23/2020; Cost $1,595,020)(d)(e)		4.80%		07/01/2029		2,260		1,663,925
Series 2012 A, RB (Acquired 06/20/2018-01/31/2019; Cost $2,171,863)(d)(e)		5.00%		07/02/2029		3,535		2,615,900
Series 2012 A, RB (Acquired 04/12/2017-12/10/2020; Cost $18,269,412)(d)(e)		5.00%		07/01/2042		25,280		18,707,200
Series 2012 A, RB (Acquired 06/15/2018; Cost $1,362,050)(d)(e)		5.05%		07/01/2042		3,095		2,282,562
Series 2013 A, RB (Acquired 05/31/2019; Cost $4,301,506)(d)(e)		7.00%		07/01/2033		6,030		4,582,800
Series 2013 A, RB (Acquired 05/31/2019; Cost $10,323,550)(d)(e)		6.75%		07/01/2036		15,090		11,430,675
Series 2013 A, RB (Acquired 05/31/2019-08/12/2019; Cost $2,168,200)(d)(e)		7.00%		07/01/2040		2,675		2,033,000
Series 2013 A, RB (Acquired 04/13/2017-12/11/2020; Cost $14,299,039)(d)(e)		7.00%		07/01/2043		20,415		15,464,362
Series 2013 E-1, RB (Acquired 05/06/2019-08/12/2019; Cost $6,559,711)(d)(e)		10.00%		12/01/2049		7,483		5,836,460
Series 2016 A-4, RB (Acquired 05/31/2019-08/12/2019; Cost $3,840,254)(d)(e)		0.00%		12/01/2049		4,512		3,519,501
Series 2016 B-4, RB (Acquired 05/06/2019-02/11/2021; Cost $6,735,255)(d)(e)		10.00%		12/01/2049		7,512		5,859,502
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 1998 A, Ref. RB(d)		4.75%		07/01/2038		2,231		451,778
Series 2003 G, RB(d)		5.00%		07/01/2033		9,340		1,891,350
Series 2003 G, RB(d)		5.00%		07/01/2042		7,500		1,518,750
Series 2003 H, Ref. RB(d)		5.00%		07/01/2028		180		36,450
Series 2003 H, Ref. RB(d)		5.00%		07/01/2035		175		35,438
Series 2003 H, Ref. RB(d)		5.45%		07/01/2035		4,480		907,200
Series 2004 J, RB(d)		4.80%		07/01/2024		220		44,550
Series 2005 K, RB(d)		5.00%		07/01/2023		12,275		2,485,687
Series 2005 K, RB(d)		5.00%		07/01/2026		155		31,388
Series 2005 K, RB(d)		5.00%		07/01/2027		3,585		725,962
Series 2007 M, RB(d)		5.00%		07/01/2024		2,565		519,413
Series 2007 M, RB(d)		5.00%		07/01/2027		520		105,300
Series 2007 M, RB(d)		5.00%		07/01/2032		4,850		982,125
Series 2007 M, RB(d)		5.00%		07/01/2037		530		107,325
Series 2007 M, RB(d)		5.00%		07/01/2046		3,565		721,912
Series 2007 N, Ref. RB(d)		5.50%		07/01/2023		3,580		724,950
Series 2007 N, Ref. RB(d)		5.50%		07/01/2025		3,130		633,825
Series 2007 N, Ref. RB(d)		5.50%		07/01/2026		3,195		646,988
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2000, RB(c)		6.63%		06/01/2026		19,130		19,816,645
Puerto Rico (Commonwelath of) Electric Power Authority;
Series 2007 UU, Ref. RB (Acquired 02/12/2021; Cost $3,527,500) (3 mo. USD LIBOR + 0.68%)(d)(e)(o)		2.21%		07/01/2025		4,250		3,060,000
Series 2007 UU, Ref. RB (Acquired 02/12/2021; Cost $1,701,500) (3 mo. USD LIBOR + 0.70%)(d)(e)(o)		2.23%		07/01/2031		2,050		1,476,000
Series 2007 UU, Ref. RB (Acquired 12/11/2020-02/12/2021; Cost $5,023,125)(d)(e)		1.00%		12/01/2049		6,350		4,572,000
Series 2008 WW, RB (Acquired 12/10/2020-12/11/2020; Cost $646,688)(d)(e)		5.38%		07/01/2023		825		613,594
Series 2010 AAA, RB (Acquired 02/20/2020; Cost $666,750)(d)(e)		5.25%		07/01/2025		840		623,700
Series 2010 XX, RB (Acquired 12/11/2020; Cost $492,900)(d)(e)		4.63%		07/01/2025		620		456,475
Series 2010 XX, RB (Acquired 12/10/2020; Cost $308,000)(d)(e)		5.25%		07/01/2026		385		285,863
Series 2010 ZZ, Ref. RB (Acquired 12/10/2020; Cost $375,250)(d)(e)		4.50%		07/01/2023		475		349,719
Series 2010 ZZ, Ref. RB (Acquired 12/10/2020; Cost $270,300)(d)(e)		5.00%		07/01/2024		340		251,600
Series 2010 ZZ, Ref. RB (Acquired 12/11/2020; Cost $508,800)(d)(e)		4.63%		07/01/2025		640		471,200
Series 2010 ZZ, Ref. RB (Acquired 12/11/2020; Cost $349,088)(d)(e)		5.00%		07/01/2026		435		321,900
Series 2010 ZZ, Ref. RB (Acquired 12/11/2020; Cost $248,775)(d)(e)		5.00%		07/01/2028		310		229,400
Series 2010 ZZ, Ref. RB (Acquired 12/11/2020; Cost $1,967,625)(d)(e)		4.10%		12/01/2049		2,475		1,791,281

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Puerto Rico–(continued)
Series 2010 ZZ, Ref. RB (Acquired 12/11/2020; Cost $438,625)(d)(e)		5.00%		12/01/2049	$	550	$	404,250
Series 2013 A, RB (Acquired 08/12/2019; Cost $1,725,150)(d)(e)		7.25%		07/01/2030		2,120		1,616,500
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(j)		0.00%		07/01/2029		1,927		1,401,904
Series 2018 A-1, RB(j)		0.00%		07/01/2031		2,484		1,613,232
Series 2018 A-1, RB(j)		0.00%		07/01/2033		10,296		5,946,800
Series 2018 A-1, RB		4.50%		07/01/2034		6,168		5,822,852
Series 2018 A-1, RB		4.55%		07/01/2040		4,089		3,808,210
Series 2018 A-1, RB(j)		0.00%		07/01/2046		25,889		6,524,595
Series 2018 A-1, RB(j)		0.00%		07/01/2051		203,767		38,341,247
Series 2018 A-1, RB		4.75%		07/01/2053		31,979		29,219,263
Series 2018 A-1, RB		5.00%		07/01/2058		51,864		49,209,167
Series 2019 A-2, RB		4.33%		07/01/2040		59,409		53,819,831
Series 2019 A-2, RB		4.54%		07/01/2053		314		273,959
Series 2019 A-2, RB		4.78%		07/01/2058		25,223		23,056,528
								781,544,262
Rhode Island–0.00%
Tobacco Settlement Financing Corp.; Series 2015 B, Ref. RB		5.00%		06/01/2050		30		30,050
South Carolina–0.12%
South Carolina (State of) Jobs-Economic Development Authority (High Point Academy Project); Series 2018 A, RB(h)		5.75%		06/15/2049		2,000		2,012,801
South Carolina (State of) Jobs-Economic Development Authority (Kiawah Life Plan Village, Inc.); Series 2021, RB(h)		8.75%		07/01/2025		3,000		3,096,853
South Carolina (State of) Jobs-Economic Development Authority (Lutheran Homes);
Series 2013, RB		5.00%		05/01/2043		1,000		840,647
Series 2013, RB		5.13%		05/01/2048		2,000		1,653,621
Series 2017, Ref. RB		5.00%		05/01/2042		250		211,887
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		907,540
South Carolina (State of) Jobs-Economic Development Authority (Virtus Academy); Series 2021 A, RB(h)		5.00%		06/15/2051		1,330		1,090,212
								9,813,561
Tennessee–1.16%
Bristol (City of), TN Industrial Development Board (Pinnacle); Series 2016, RB		5.63%		06/01/2035		13,000		11,747,221
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		182,618
Series 2017 A, Ref. RB		5.63%		01/01/2046		750		472,281
Metropolitan Nashville Airport Authority (The); Series 2022 B, RB(c)		5.50%		07/01/2052		1,000		1,066,954
Nashville (City of) & Davidson (County of), TN Health and Educational Facilities Board of Metropolitan Government (Trousdale Foundation Properties);
Series 2018 A, RB (Acquired 08/29/2018; Cost $14,582,956)(e)(h)		6.00%		04/01/2038		14,875		5,593,000
Series 2018 A, RB (Acquired 08/29/2018-09/14/2020; Cost $12,784,753)(e)(h)		6.25%		04/01/2049		19,400		7,294,400
New Memphis Arena Public Building Authority (City of Memphis);
Series 2021, RB(j)		0.00%		04/01/2036		1,300		713,214
Series 2021, RB(j)		0.00%		04/01/2037		1,475		765,170
Series 2021, RB(j)		0.00%		04/01/2039		1,250		584,205
Series 2021, RB(j)		0.00%		04/01/2040		1,375		608,441
Series 2021, RB(j)		0.00%		04/01/2042		1,300		522,707
Series 2021, RB(j)		0.00%		04/01/2043		1,350		514,373
Series 2021, RB(j)		0.00%		04/01/2044		1,000		360,564
Shelby (County of), TN Health, Educational & Housing Facilities Board (Kirby Pines); Series 1997 A, RB		6.38%		11/15/2025		1,105		1,091,997
Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor);
Series 2013 A, Ref. RB		5.50%		09/01/2047		16,300		13,318,391
Series 2016 A, Ref. RB(h)		5.00%		09/01/2031		750		667,818
Series 2016 A, Ref. RB(h)		5.00%		09/01/2037		1,145		949,001

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

Invesco High Yield Municipal Fund

	Interest Rate			Maturity Date		Principal Amount (000)		Value
Tennessee–(continued)
Tennessee State School Bond Authority; Series 2022, RB (CEP - Colorado Higher Education Intercept Program)(i)		5.00%			11/01/2047	$	42,835	$	47,426,377
									93,878,732
Texas–8.96%
Arlington Higher Education Finance Corp. (Legacy Traditional Schools);
Series 2021, Ref. RB		4.38%			02/15/2051		7,500		5,458,717
Series 2021, Ref. RB		4.50%			02/15/2056		3,000		2,155,714
Series 2022, RB(h)		6.38%			02/15/2052		4,000		3,934,464
Series 2022, RB(h)		6.50%			02/15/2057		6,000		5,910,185
Arlington Higher Education Finance Corp. (Newman International Academy); Series 2021, RB		5.00%			08/15/2051		2,500		2,153,385
Arlington Higher Education Finance Corp. (Universal Academy); Series 2014 A, RB		7.13%			03/01/2044		2,000		2,038,670
Aubrey Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%			02/15/2047		10,000		9,845,235
Bexar (County of), TX; Series 2021, Ctfs. of Obligation (INS - BAM)(g)		3.00%			06/15/2047		5,000		4,007,360
Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC);
Series 2019 A, RB(c)(h)		9.00%			03/01/2039		1,960		2,071,203
Series 2019, RB(c)		7.00%			03/01/2039		10,700		9,908,090
Series 2019, RB(c)(h)		9.00%			03/01/2039		3,360		3,550,634
Bridge City Independent School District;
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)(i)		4.13	%		02/15/2043		3,440		3,479,284
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)(i)		4.13	%		02/15/2045		7,320		7,374,136
Calhoun (County of), TX Navigation Industrial Development Authority; Series 2021, RN(c)(h)		3.63%			07/01/2026		7,000		6,295,563
City of El Paso TX Water & Sewer Revenue; Series 2022, RB(h)(i)		4.00%			03/01/2048		2,490		9,677,841
Clifton Higher Education Finance Corp. (International Leadership of Texas);
Series 2015, RB		5.75%			08/15/2038		1,000		1,012,107
Series 2015, RB		5.75%			08/15/2045		8,000		8,054,829
Series 2018 D, RB		5.75%			08/15/2033		6,190		6,302,358
Series 2018 D, RB		6.00%			08/15/2038		14,250		14,547,090
Series 2018 D, RB		6.13%			08/15/2048		29,450		29,962,624
Community Independent School District;
Series 2022 B, GO Bonds (CEP - Texas Permanent School Fund)		4.00%			02/15/2046		4,600		4,604,682
Series 2022 B, GO Bonds (CEP - Texas Permanent School Fund)		4.00%			02/15/2050		2,000		1,986,056
Corpus Christi Independent School District;
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%			08/15/2040		1,120		1,124,364
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%			08/15/2041		1,165		1,167,577
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%			08/15/2042		700		699,449
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%			08/15/2047		6,400		6,251,075
Cypress-Fairbanks Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)(i)		4.50%			02/15/2047		15,550		15,868,487
Deer Park Independent School District;
Series 2018, GO Bonds (CEP - Texas Permanent School Fund)		5.00%			10/01/2040		2,515		2,824,110
Series 2018, GO Bonds (CEP - Texas Permanent School Fund)		4.25%			10/01/2041		1,415		1,467,638
Series 2018, GO Bonds (CEP - Texas Permanent School Fund)		4.25%			10/01/2042		1,795		1,863,771
Del Valle Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%			06/15/2047		10,000		9,987,712
Eagle Mountain & Saginaw Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%			08/15/2047		10,000		9,855,134
El Paso (City of), TX; Series 2021 B, GO Bonds		4.00%			08/15/2047		1,250		1,201,789
Forney Independent School District;
Series 2022 B, GO Bonds (CEP - Texas Permanent School Fund)		4.00%			08/15/2052		10,000		9,712,505
Series 2022 B, GO Bonds (CEP - Texas Permanent School Fund)(i)		4.00%			08/15/2047		16,625		16,440,925
Galveston Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%			02/01/2047		3,500		3,461,066
Godley Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%			02/15/2052		5,585		5,405,457
Goose Creek Consolidated Independent School District;
Series 2019 B, GO Bonds (CEP - Texas Permanent School Fund)		5.00%			10/01/2041		1,450		1,634,338
Series 2019 B, GO Bonds (CEP - Texas Permanent School Fund)(i)		4.50%			10/01/2049		10,000		10,361,133

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas–(continued)
Grand Parkway Transportation Corp.;
Series 2013 B, RB(f)		5.85%		10/01/2048	$	17,000	$	17,986,836
Series 2013 B, RB(b)(i)(l)		5.25%		10/01/2051		24,405		24,948,128
Grand Prairie Housing Finance Corp.;
Series 2003, RB (Acquired 06/28/2010; Cost $6,030,000)(e)		7.75%		01/01/2034		6,030		5,150,564
Series 2003, RB(d)(k)		7.75%		01/01/2034		3,595		287,600
Guadalupe (County of) & Seguin (City of), TX Hospital Board of Managers;
Series 2015, Ref. RB		5.00%		12/01/2040		5,350		5,274,937
Series 2015, Ref. RB		5.00%		12/01/2045		9,230		8,972,409
Harris (County of), TX; Series 2021, Ref. RB		4.00%		10/01/2036		10		10,457
Houston (City of), TX Airport System (Continental Airlines, Inc.); Series 2011 A, Ref. RB(c)		6.63%		07/15/2038		16,000		16,004,923
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2014, Ref. RB(c)		5.00%		07/01/2029		32,705		32,772,526
Houston (City of), TX Airport System (United Airlines, Inc.);
Series 2020 C, Ref. RB(c)		5.00%		07/15/2027		1,325		1,344,561
Series 2021 B-1, RB(c)		4.00%		07/15/2041		5,000		4,202,141
Houston Higher Education Finance Corp. (Houston Baptist University); Series 2021, RB		4.00%		10/01/2051		1,350		1,102,450
Ingram Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		08/15/2047		3,500		3,418,557
Katy Independent School District; Series 2021, GO Bonds (INS - BAM)(g)		3.00%		02/15/2046		5,000		3,995,496
La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015, RB(b)(h)(l)		5.60%		08/15/2024		4,420		4,626,846
Lamar Consolidated Independent School District; Series 2021, GO Bonds (INS - BAM)(g)		3.00%		02/15/2051		5,000		3,834,609
Liberty Hill Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		3.00%		02/01/2051		5,000		3,778,176
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(c)(h)		4.63%		10/01/2031		21,150		20,499,925
New Hope Cultural Education Facilities Finance Corp. (4-K Housing, Inc.-Stoney Brook); Series 2017 C, RB		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		232,918
Series 2021 A-2, RB		7.50%		11/15/2036		2,390		2,049,489
Series 2021, RB		2.00%		11/15/2061		7,389		3,414,884
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); Series 2016, Ref. RB		5.00%		07/01/2046		18,395		13,650,361
New Hope Cultural Education Facilities Finance Corp. (Legacy Midtown Park); Series 2018 A, RB		5.50%		07/01/2054		8,750		6,904,753
New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); Series 2017, Ref. RB		5.00%		01/01/2047		6,790		6,187,795
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries);
Series 2013, RB(l)		6.50%		01/01/2023		4,325		4,337,768
Series 2013, RB(l)		6.50%		01/01/2023		5,675		5,691,753
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford);
Series 2016 A, RB		5.38%		11/15/2036		1,365		1,222,013
Series 2016 A, RB		5.50%		11/15/2046		4,475		3,777,829
Series 2016 A, RB		5.50%		11/15/2052		850		700,110
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North);
Series 2018, Ref. RB		5.00%		10/01/2039		1,000		853,252
Series 2018, Ref. RB		5.25%		10/01/2049		9,940		8,272,762
Newark High Education Finance Corp. (A+ Charter Schools, Inc.);
Series 2015 A, RB(h)		5.50%		08/15/2035		845		871,739
Series 2015 A, RB(h)		5.75%		08/15/2045		2,015		2,071,580
Newark High Education Finance Corp. (Hughen Center, Inc.);
Series 2022 A, RB (CEP - Texas Permanent School Fund)		5.00%		08/15/2042		600		629,632
Series 2022 A, RB (CEP - Texas Permanent School Fund)		5.00%		08/15/2047		1,000		1,036,642
Series 2022 A, RB (CEP - Texas Permanent School Fund)		5.00%		08/15/2052		500		514,078
North Texas Tollway Authority; Series 2011 B, RB(b)(j)(l)		0.00%		09/01/2031		15,500		7,641,376
Port Beaumont Navigation District (Jefferson Gulf Coast Energy);
Series 2020, Ref. RB(c)(h)		4.00%		01/01/2050		6,125		4,514,517
Series 2021, RB(c)(h)		2.75%		01/01/2036		1,750		1,262,706
Red River Health Facilities Development Corp. (MRC Crossing);
Series 2014 A, RB(b)(l)		7.50%		11/15/2024		2,350		2,557,250
Series 2014 A, RB(b)(l)		7.75%		11/15/2024		5,100		5,573,831
Series 2014 A, RB(b)(l)		8.00%		11/15/2024		6,000		6,579,737
San Antonio (City of), TX River Authority; Series 2021, RB (INS - BAM)(g)		3.00%		01/01/2046		3,725		2,846,600

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Texas–(continued)
Sanger Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		08/15/2047	$	7,380	$	7,309,644
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
Spring Branch Independent School District; Series 2022, RB (CEP - Texas Permanent School Fund)(i)		4.50%		02/01/2047		10,000		10,389,100
Tarrant County Cultural Education Facilities Finance Corp; Series 2022, RB(i)		5.00%		11/15/2051		15,000		15,830,783
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); Series 2016, Ref. RB		5.00%		05/15/2045		5,800		4,974,743
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Senior Living - Ventana);
Series 2017, RB		6.00%		11/15/2027		3,250		3,276,644
Series 2017, RB		6.75%		11/15/2047		13,125		13,239,451
Series 2017, RB		6.75%		11/15/2052		965		971,568
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		659,750
Series 2007, RB (Acquired 07/18/2007; Cost $1,600,000)(d)(e)		5.75%		02/15/2029		1,600		1,040,000
Series 2009 A, RB (Acquired 12/10/2009-10/01/2020; Cost $12,866,093)(d)(e)		8.00%		02/15/2038		13,350		8,677,500
Series 2017 A, RB (Acquired 12/15/2016-09/17/2020; Cost $26,170,658)(d)(e)		6.38%		02/15/2048		26,895		17,481,750
Series 2017 A, RB (Acquired 12/15/2016-04/28/2020; Cost $24,814,254)(d)(e)		6.38%		02/15/2052		25,055		16,285,750
Series 2017, RB (Acquired 11/05/2019; Cost $9,547,686)(d)(e)		6.38%		02/15/2041		8,755		5,690,750
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health); Series 2022 A, RB		4.00%		07/01/2053		4,345		3,922,150
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
Series 2020, Ref. RB		6.63%		11/15/2041		1,000		960,922
Series 2020, Ref. RB		6.75%		11/15/2051		4,000		3,731,697
Series 2020, Ref. RB		6.88%		11/15/2055		4,000		3,765,244
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way); Series 2020, RB		5.75%		12/01/2054		18,637		13,135,373
Texas (State of) Transportation Commission;
Series 2019, RB(j)		0.00%		08/01/2051		6,000		1,181,722
Series 2019, RB(j)		0.00%		08/01/2052		6,000		1,111,463
Series 2019, RB(j)		0.00%		08/01/2053		1,000		175,008
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		4,096,683
Series 2013, RB(c)		6.75%		06/30/2043		17,450		17,820,448
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		12,054,583
Texas Water Development Board;
Series 2022, RB(i)		4.80%		10/15/2052		33,000		34,353,189
Series 2022, RB(i)		5.00%		10/15/2057		3,500		3,844,184
Thrall Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%		02/15/2052		10,000		9,740,612
Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, RB		5.25%		08/15/2042		55		55,043
Waco Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		3.00%		08/15/2052		5,000		3,872,176
								724,752,203
Utah–1.03%
Black Desert Public Infrastructure District;
Series 2021 A, GO Bonds(h)		4.00%		03/01/2051		8,525		6,443,800
Series 2021 B, GO Bonds(h)		7.38%		09/15/2051		5,500		4,488,191
Downtown East Streetcar Sewer Public Infrastructure District; Series 2022 B, GO Bonds(h)		9.00%		03/15/2053		1,239		1,233,496
Jepson Canyon Public Infrastructure District No. 1;
Series 2022 A, GO Bonds(h)		5.13%		03/01/2051		3,280		2,509,855
Series 2022 B, GO Bonds(h)		8.00%		03/15/2051		579		476,970
Mida Mountain Village Public Infrastructure District;
Series 2020 A, RB(h)		4.50%		08/01/2040		1,205		1,094,781
Series 2020 A, RB(h)		5.00%		08/01/2050		6,500		5,856,880

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Utah–(continued)
Red Bridge Public Infrastructure District No. 1;
Series 2021 A, GO Bonds(h)		3.63%		02/01/2035	$	600	$	481,500
Series 2021 A, GO Bonds(h)		4.13%		02/01/2041		500		394,293
Series 2021 A, GO Bonds(h)		4.38%		02/01/2051		1,100		832,944
Series 2021 B, GO Bonds(h)		7.38%		08/15/2051		600		483,583
Salt Lake (City of), UT (Salt Lake City International Airport); Series 2021 A, RB(c)(i)(m)		5.00%		07/01/2051		11,675		11,813,017
Salt Lake City (City of), UT;
Series 2018 A, RB(c)(i)		5.00%		07/01/2043		14,750		15,049,384
Series 2018 A, RB(c)(i)		5.00%		07/01/2048		11,250		11,377,221
Utah (State of) Charter School Finance Authority (Ascent Academies of Utah); Series 2022, RB(h)		5.00%		06/15/2052		9,640		7,837,335
Utah (State of) Charter School Finance Authority (Beehive Science & Technology);
Series 2021, RB(h)		4.00%		10/15/2051		6,940		4,935,564
Series 2021, RB(h)		4.00%		10/15/2056		4,665		3,194,203
Utah (State of) Charter School Finance Authority (Leadership Learning Academy); Series 2019 A, RB(h)		5.00%		06/15/2050		2,000		1,751,487
Utah (State of) Charter School Finance Authority (Navigator Pointe Academy); Series 2010 A, RB		5.38%		07/15/2030		925		926,085
Utah (State of) Charter School Finance Authority (Renaissance Academy); Series 2020, Ref. RB(h)		5.00%		06/15/2055		2,080		1,876,864
								83,057,453
Virginia–0.81%
Ballston Quarter Community Development Authority;
Series 2016 A, RB		5.38%		03/01/2036		1,635		1,188,088
Series 2016 A, RB		5.50%		03/01/2046		10,000		6,508,285
Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community, Inc. - Harbor’s Edge); Series 2019 A, RB		5.00%		01/01/2049		7,265		6,578,462
Roanoke (City of), VA Economic Development Authority (Richfield Living);
Series 2020, RB (Acquired 01/23/2020; Cost $ 1,669,348)(e)		5.00%		09/01/2040		1,645		1,172,096
Series 2020, RB (Acquired 01/23/2020; Cost $ 1,210,000)(e)		5.13%		09/01/2055		1,210		791,727
Tobacco Settlement Financing Corp.;
Series 2007 B-1, RB		5.00%		06/01/2047		21,035		19,628,896
Series 2007 B-2, RB		5.20%		06/01/2046		3,000		2,916,764
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC); Series 2022, Ref. RB(c)		4.00%		01/01/2040		500		447,236
Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3);
Series 2017, RB(c)		5.00%		12/31/2049		22,215		22,242,802
Series 2017, RB(c)		5.00%		12/31/2052		2,150		2,146,587
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay); Series 2018, Ref. RB		5.00%		09/01/2040		1,750		1,647,717
								65,268,660
Washington–1.20%
King (County of), WA Public Hospital District No. 4;
Series 2015 A, RB		5.75%		12/01/2030		3,000		3,064,300
Series 2015 A, RB		6.00%		12/01/2035		2,685		2,747,129
Series 2015 A, RB		6.25%		12/01/2045		6,465		6,627,821
Port of Seattle Industrial Development Corp. (Delta Airlines); Series 2012, Ref. RB(c)		5.00%		04/01/2030		19,500		19,503,069
Washington (State of) Convention Center Public Facilities District; Series 2018, RB(i)(m)		5.00%		07/01/2058		29,500		28,895,757
Washington (State of) Economic Development Finance Authority (Green Bonds); Series 2020 A, RB(c)(h)		5.63%		12/01/2040		9,000		8,766,694
Washington (State of) Housing Finance Commission (Bayview Manor Homes);
Series 2016 A, Ref. RB(h)		5.00%		07/01/2036		1,460		1,304,366
Series 2016 A, Ref. RB(h)		5.00%		07/01/2046		1,700		1,378,652
Series 2016 A, Ref. RB(h)		5.00%		07/01/2051		9,650		7,614,005
Washington (State of) Housing Finance Commission (Heron’s Key Senior Living);
Series 2015 A, RB(h)(l)		7.00%		07/01/2025		2,150		2,347,225
Series 2015 A, RB(h)(l)		7.00%		07/01/2025		1,500		1,637,599
Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.);
Series 2016 A, Ref. RB(h)		5.00%		01/01/2031		1,500		1,395,882
Series 2016 A, Ref. RB(h)		5.00%		01/01/2046		8,700		7,123,687
Washington (State of) Housing Finance Commission (Spokane International Academy); Series 2021 A, RB(h)		5.00%		07/01/2050		2,000		1,814,651

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Washington–(continued)
Washington (State of) Housing Finance Commission (Transforming Age); Series 2019 A, RB(h)		5.00%		01/01/2055	$	4,000	$	3,116,001
								97,336,838
West Virginia–0.74%
Harrison (County of), WV Commission (Charles Pointe No. 2);
Series 2008 A, Ref. RB		7.00%		06/01/2035		3,340		2,728,402
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(h)		5.75%		06/01/2042		15,000		10,972,633
Series 2019 B, Ref. RB(h)		7.50%		06/01/2042		6,140		4,805,018
Kanawha (County of), WV (The West Virginia State University Foundation); Series 2013, RB(b)(h)(l)		6.75%		07/01/2023		5,650		5,781,322
Monongalia (County of), WV Commission Excise Tax District;
Series 2021 A, Ref. RB(h)		4.13%		06/01/2043		3,000		2,627,291
Series 2021 B, RB(h)		4.88%		06/01/2043		1,750		1,523,271
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		6,068,550
Series 2020, Ref. RB(h)		7.50%		06/01/2043		13,205		13,702,831
West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC);
Series 2016, RB(c)(h)		7.25%		02/01/2036		10,965		7,675,500
Series 2018, RB(c)(h)		8.75%		02/01/2036		4,500		3,600,000
								59,984,818
Wisconsin–4.72%
Public Finance Authority (KU Campus Development Corp. -Central District Development); Series 2016, RB(i)(m)		5.00%		03/01/2041		24,000		25,086,389
Wisconsin (State of) Center District; Series 2020 D, RB (INS - AGM)(g)(j)		0.00%		12/15/2060		120,000		18,507,276
Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the Midwest Obligated Group);
Series 2017, Ref. RB		5.00%		08/01/2027		2,000		1,894,611
Series 2017, Ref. RB		5.00%		08/01/2037		5,820		4,948,159
Series 2017, Ref. RB		5.00%		08/01/2039		2,355		1,962,735
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System);
Series 2019, Ref. RB		5.00%		11/01/2039		2,950		2,633,303
Series 2019, Ref. RB		5.00%		11/01/2046		10,050		8,522,693
Wisconsin (State of) Health & Educational Facilities Authority (Mile Bluff Medical Center, Inc.); Series 2014, RB		5.75%		05/01/2039		4,260		4,027,418
Wisconsin (State of) Public Finance Authority; Series 2020 A, RB(h)		5.25%		03/01/2045		5,000		4,519,568
Wisconsin (State of) Public Finance Authority (Alabama Proton Therapy Center);
Series 2017 A, RB(h)		6.25%		10/01/2031		3,475		3,005,617
Series 2017 A, RB(h)		6.85%		10/01/2047		25,735		20,182,599
Series 2017 A, RB(h)		7.00%		10/01/2047		1,250		983,721
Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands);
Series 2017, RB(d)(h)		6.25%		08/01/2027		1,550		1,271,870
Series 2017, RB(d)(h)		6.75%		08/01/2031		15,590		9,343,449
Series 2017, RB(h)		6.50%		12/01/2037		25,000		20,955,865
Series 2017, RB(h)		6.75%		12/01/2042		12,270		10,253,607
Series 2017, RB(h)		7.00%		12/01/2050		8,900		7,425,910
Wisconsin (State of) Public Finance Authority (Ascend Leadership Academy); Series 2021 A, RB(h)		5.00%		06/15/2051		2,000		1,569,870
Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth); Series 2016 A, RB(h)		5.13%		06/01/2048		10,500		9,588,417
Wisconsin (State of) Public Finance Authority (Coral Academy of Science Reno); Series 2019, Ref. RB(h)		5.00%		06/01/2050		1,250		1,056,092
Wisconsin (State of) Public Finance Authority (Cross Creek Public Improvement District); Series 2019, RB(h)		5.75%		10/01/2053		4,880		4,879,555
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		3,600,000

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Wisconsin–(continued)
Wisconsin (State of) Public Finance Authority (Explore Academy);
Series 2018 A, RB(h)		6.13%		02/01/2048	$	5,535	$	4,832,895
Series 2020 A, RB(h)		6.13%		02/01/2050		3,305		2,874,604
Series 2022 A, RB(h)		6.13%		02/01/2050		3,580		3,113,792
Wisconsin (State of) Public Finance Authority (Goodwill Industries of Southern Nevada, Inc.);
Series 2019 A, RB		5.50%		12/01/2038		4,117		3,708,267
Series 2019 A, RB		5.75%		12/01/2048		6,863		5,945,752
Wisconsin (State of) Public Finance Authority (Grand Hyatt San Antonio);
Series 2022 B, RB(h)		5.63%		02/01/2046		3,500		3,267,013
Series 2022 B, RB(h)		6.00%		02/01/2062		6,500		6,149,272
Wisconsin (State of) Public Finance Authority (Kipp Charlotte, Inc.); Series 2020 A, RB(h)		5.00%		10/15/2055		350		315,681
Wisconsin (State of) Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB(h)		5.25%		06/15/2049		5,775		5,384,250
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%		05/15/2037		1,000		926,336
Series 2017 A, Ref. RB(h)		5.25%		05/15/2047		2,240		1,948,507
Series 2017 A, Ref. RB(h)		5.25%		05/15/2052		3,300		2,818,913
Wisconsin (State of) Public Finance Authority (Million Air Two LLC General Aviation Facilities);
Series 2017 A, RB(c)		7.25%		06/01/2035		10,940		10,249,562
Series 2017, Ref. RB(c)(h)		7.13%		06/01/2041		15,375		13,691,757
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		4,165		3,498,599
Series 2021 A, Ref. RB		5.00%		07/01/2041		7,415		6,113,516
Wisconsin (State of) Public Finance Authority (Penick Village Obligated Group); Series 2019, Ref. RB(h)		5.00%		09/01/2049		1,450		1,143,567
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.);
Series 2018 A, RB		5.20%		12/01/2037		17,025		17,635,697
Series 2018 A, RB		5.35%		12/01/2045		24,750		25,260,751
Wisconsin (State of) Public Finance Authority (Proton International);
Series 2021 A, RB(h)		6.50%		01/01/2041		10,000		8,067,745
Series 2021 A, RB(h)		6.85%		01/01/2051		11,110		8,480,912
Wisconsin (State of) Public Finance Authority (Rose Villa); Series 2014 A, RB(b)(h)(l)		6.00%		11/15/2024		2,500		2,648,260
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); Series 2015, Ref. RB		5.88%		04/01/2045		6,400		6,419,386
Wisconsin (State of) Public Finance Authority (Searstone CCRC); Series 2021 A, Ref. RB(h)		4.00%		06/01/2036		1,000		805,544
Wisconsin (State of) Public Finance Authority (Southminster);
Series 2018, RB(h)		5.00%		10/01/2043		500		433,992
Series 2018, RB(h)		5.00%		10/01/2053		9,600		7,910,864
Wisconsin (State of) Public Finance Authority (Uwharrie Charter Academy); Series 2022 A, RB(h)		5.00%		06/15/2052		1,000		866,086
Wisconsin (State of) Public Finance Authority (Wakemed Hospital); Series 2019 A, Ref. RB		4.00%		10/01/2049		1,250		1,102,371
Wisconsin (State of) Public Finance Authority (WFCS Portfolio); Series 2021 A-1, RB(h)		5.00%		01/01/2056		1,150		891,127
Wisconsin (State of) Public Finance Authority (WhiteStone); Series 2017, Ref. RB(h)		5.00%		03/01/2052		2,300		1,953,813
Wisconsin (State of) Public Finance Authority (Wittenberg University);
Series 2016, RB(h)		5.00%		12/01/2031		7,330		7,113,046
Series 2016, RB(h)		5.25%		12/01/2039		10,685		9,967,666
								381,695,651
Total Municipal Obligations (Cost $9,574,943,888)								9,061,685,875
U.S. Dollar Denominated Bonds & Notes–0.50%
Florida–0.15%
Empire Green Generation LLC(h)		12.00%		01/01/2023		12,500		12,515,625
Louisiana–0.19%
Nola Oil Terminal LLC		12.00%		01/15/2023		15,000		14,994,375

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Pennsylvania–0.08%
Talen Energy Supply LLC(d)		6.50%		06/01/2025	$	12,500	$	6,312,500
West Virginia–0.08%
Empire South Terminal of West Virginia LLC(h)		14.00%		11/01/2023		6,850		6,850,000
Total U.S. Dollar Denominated Bonds & Notes (Cost $45,364,027)								40,672,500
TOTAL INVESTMENTS IN SECURITIES(p)–112.56% (Cost $9,620,307,915)								9,102,358,375
FLOATING RATE NOTE OBLIGATIONS–(16.07)%
Notes with interest and fee rates ranging from 2.44% to 2.72% at 11/30/2022 and contractual maturities of collateral ranging from 11/01/2023 to 03/15/2059(q)								(1,299,805,000	)
BORROWINGS–(1.07)%								(86,600,000	)
OTHER ASSETS LESS LIABILITIES–4.58%								370,726,410
NET ASSETS–100.00%							$	8,086,679,785

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
GO	–  General Obligation
IDR	–  Industrial Development Revenue Bonds
INS	–  Insurer
LIBOR	–  London Interbank Offered Rate
MTA	–  Moving Treasury Average
NATL	–  National Public Finance Guarantee Corp.
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 November 30, 2022 was $396,509,096, which represented 4.90% of the Fund’s Net Assets.

^(e)  Restricted security. The aggregate value of these securities at November 30, 2022 was $495,993,745, which represented 6.13% 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 November 30, 2022 was $1,755,316,440, which represented 21.71% of the Fund’s Net Assets.

⁽ⁱ⁾  Underlying security related to TOB Trusts entered into by the Fund.

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

^(k)  Security valued using significant unobservable inputs (Level 3). See Note 1.

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

^(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 $480,565,000. 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) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2022.

^(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 November 30, 2022. At November 30, 2022, the Fund’s investments with a value of $1,838,655,241 are held by TOB Trusts and serve as collateral for the $1,299,805,000 in the floating rate note obligations outstanding at that date.

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

Invesco High Yield Municipal Fund

	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	6,271	March-2023		$(711,758,500)		$(3,429,453)		$(3,429,453	)

^(a)  Futures contracts collateralized by $14,275,942 cash held with Goldman Sachs & Co. LLC, 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 High Yield 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	$	–		$	9,032,835,992	$	28,849,883	$	9,061,685,875
U.S. Dollar Denominated Bonds & Notes		–			40,672,500		–		40,672,500
Total Investments in Securities		–			9,073,508,492		28,849,883		9,102,358,375
Other Investments - Assets*
Investments Matured		–			55,076,142		1,266,408		56,342,550
Other Investments - Liabilities*
Futures Contracts		(3,429,453	)		–		–		(3,429,453	)
Total Investments	$	(3,429,453	)	$	9,128,584,634	$	30,116,291	$	9,155,271,472

* Futures contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.

Invesco High Yield Municipal Fund