Aim Tax Exempt Funds NPORT-P Invesco Environmental Focus Municipal Fund (May 2024 report)

Schedule of Investments  

May 31, 2024

(Unaudited)

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Municipal Obligations–97.98%
Arizona–2.24%
Arizona (State of) Industrial Development Authority (Mater Academy of Nevada Mountain Vista Campus Project); Series 2018 A, RB(a)	5.25%	12/15/2038		$  100	$   100,728
Maricopa (County of), AZ Industrial Development Authority (Benjamin Franklin Charter School); Series 2018, RB(a)	6.00%	07/01/2052		1,000	1,021,281
Maricopa County Pollution Control Corp. (Southern California Edison); Series 2000, Ref. RB	2.40%	06/01/2035		1,000	801,188
					1,923,197
Arkansas–1.78%
Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB(b)	5.45%	09/01/2052		1,500	1,526,036
California–11.50%
California (State of) Community Choice Financing Authority (Green Bonds);
Series 2021 B-1, RB(c)	4.00%	08/01/2031		1,000	992,830
Series 2023, RB(c)	5.00%	08/01/2029		1,500	1,569,636
California (State of) Educational Facilities Authority (University of Redlands); Series 2022 A, RB	5.00%	10/01/2052		1,000	997,540
California (State of) Health Facilities Financing Authority (Commonspirit Health); Series 2020 A, Ref. RB	4.00%	04/01/2049		1,000	933,531
California (State of) Municipal Finance Authority (Sustainability Bonds); Series 2021, RB(a)	4.00%	11/01/2036		1,625	1,514,541
California (State of) Pollution Control Financing Authority (Poseidon Resources L.P.); Series 2023, RB(a)(b)	5.00%	07/01/2038		500	535,766
California (State of) Pollution Control Financing Authority (San Diego County Water Authority); Series 2019, Ref. RB(a)	5.00%	11/21/2045		1,650	1,683,045
California (State of) Public Finance Authority (Enso Village) (Green Bonds); Series 2021, RB(a)	5.00%	11/15/2051		1,250	1,104,092
Southern California Public Power Authority (Clean Energy); Series 2024 A, RB(c)	5.00%	09/01/2030		500	526,772
					9,857,753
Colorado–3.31%
Colorado (State of) Health Facilities Authority (CommonSpirit Health); Series 2022, RB	5.25%	11/01/2052		1,500	1,585,607
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2020 A, Ref. RB	4.00%	07/15/2035		1,250	1,250,978
					2,836,585
District of Columbia–4.52%
District of Columbia (Green Bonds); Series 2022 A, RB(b)	5.50%	08/31/2034		2,500	2,785,867
Washington Metropolitan Area Transit Authority (Green Bonds); Series 2023 A, RB	5.25%	07/15/2053		1,000	1,090,346
					3,876,213
Florida–2.59%
Capital Trust Agency, Inc. (Sustainability Bonds);
Series 2021, RB(a)	4.00%	06/15/2031		700	642,881
Series 2021, RB(a)	4.00%	06/15/2051		2,000	1,480,985
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); Series 2018 A, RB(a)	5.75%	07/15/2053		100	96,438
					2,220,304
Georgia–4.84%
Atlanta (City of), GA (Beltline); Series 2016 A, Ref. RB	5.00%	01/01/2026		1,275	1,275,991
Atlanta (City of), GA (Green Bonds); Series 2023, RB(b)	5.25%	07/01/2043		1,000	1,075,343
Burke (County of), GA Development Authority (Georgia Power Co. Plant Vogtle); Series 1995, RB	2.20%	10/01/2032		1,750	1,404,386
Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens);
Series 2018 A-1, RB	6.38%	12/01/2053		250	228,302
Series 2018 A-2, RB(c)	5.50%	12/01/2028		175	163,239
					4,147,261
Illinois–3.67%
Chicago (City of), IL; Series 2021 A, Ref. GO Bonds	5.00%	01/01/2033		1,000	1,071,875
Chicago (City of), IL (Chicago Works); Series 2023 A, GO Bonds	5.50%	01/01/2039		1,000	1,082,745
Chicago (City of), IL Park District; Series 2020 D, GO Bonds (INS - BAM)(d)	4.00%	01/01/2038		1,000	991,482
					3,146,102

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

Invesco Environmental Focus Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Indiana–1.16%
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.); Series 2012 A, RB	4.25%	11/01/2030		$1,000	$   992,835
Iowa–0.11%
Clear Lake (City of), IA (Timbercrest Apartments, LLC); Series 2018, RB	6.00%	10/01/2048		100	94,736
Kentucky–1.16%
Henderson (City of), KY (Pratt Paper LLC); Series 2022 B, RB(a)(b)	4.45%	01/01/2042		1,000	992,738
Louisiana–4.38%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Entergy Louisiana LLC); Series 2021 B, Ref. RB	2.50%	04/01/2036		2,000	1,626,138
New Orleans (City of), LA; Series 2020 B, RB	5.00%	06/01/2045		2,075	2,131,079
					3,757,217
Maryland–2.40%
Maryland Economic Development Corp. (Green Bonds); Series 2022, RB(b)	5.25%	06/30/2052		2,000	2,054,746
Massachusetts–1.14%
Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bonds); Series 2015, RB	5.00%	07/01/2044		1,000	976,211
Minnesota–9.54%
Anoka (County of), MN Housing & Redevelopment Authority (Woodland Park Apartments); Series 2011 A, RB	5.00%	04/01/2027		1,000	1,000,788
Chisago (City of), MN (CDL Homes LLC); Series 2013 B, RB	6.00%	08/01/2043		1,000	999,978
Cokato (City of), MN (Cokato Charitable Trust); Series 2006 A, Ref. RB	5.25%	12/01/2026		95	92,326
Dakota (County of), MN Community Development Agency (Sanctuary at West St. Paul); Series 2015, RB	6.00%	08/01/2035		2,300	1,593,082
Hayward (City of), MN (St. John’s Lutheran Home of Albert Lea); Series 2014, Ref. RB(e)	5.38%	10/01/2044		500	305,000
International Falls (City of), MN (Boise Cascade Corp.); Series 1999, Ref. RB(b)	6.85%	12/01/2029		115	115,236
Little Canada (City of), MN (PHS/Mayfield LLC); Series 2010, Ref. RB	6.00%	12/01/2030		250	238,254
Minneapolis & St. Paul (Cities of), MN Housing Finance Board; Series 2007 A-2, RB (CEP - GNMA)(b)	5.52%	03/01/2041		5	4,932
Minnesota (State of) Housing Finance Agency; Series 2013 B-1, RB	5.30%	08/01/2044		1,050	1,050,751
St. Paul (City of), MN Housing & Redevelopment Authority; Series 2004, RB	6.25%	03/01/2029		187	168,867
St. Paul (City of), MN Port Authority; Series 2007-1, RB	5.00%	08/01/2036		1,245	1,245,380
Stillwater (City of), MN (Orleans Homes);
Series 2007, RB(b)	5.38%	02/01/2032		900	882,518
Series 2007, RB(b)	5.50%	02/01/2042		510	482,946
					8,180,058
New Hampshire–0.94%
New Hampshire (State of) Business Finance Authority (Covanta Green Bonds); Series 2020 B, Ref. RB(a)(b)(c)	3.75%	07/02/2040		1,000	809,201
New Jersey–3.60%
New Jersey (State of) Economic Development Authority (Golden Door Charter School); Series 2018 A, RB(a)	6.50%	11/01/2052		100	104,460
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB	5.13%	06/15/2037		75	79,465
New Jersey (State of) Economic Development Authority (Portal North Bridge); Series 2022 A, RB	5.00%	11/01/2052		1,000	1,041,647
New Jersey (State of) Educational Facilities Authority (Green Bonds); Series 2020 A, RB	5.00%	07/01/2037		1,790	1,862,215
					3,087,787
New Mexico–1.84%
Farmington (City of), NM (San Juan and Four Corners); Series 2016 B, Ref. RB	2.15%	04/01/2033		2,000	1,572,960
New York–18.03%
Metropolitan Transportation Authority (Green Bonds);
Series 2020 C-1, RB	5.00%	11/15/2050		1,000	1,030,436
Series 2020 C-1, RB	5.25%	11/15/2055		2,000	2,061,543
New York (City of), NY;
Series 2021 F-1, GO Bonds	4.00%	03/01/2047		1,000	954,559
Subseries 2023 E-1, GO Bonds	5.25%	04/01/2047		1,000	1,090,184

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

Invesco Environmental Focus Municipal Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
New York–(continued)
New York (State of) Dormitory Authority; Series 2020 A, RB	4.00%	07/01/2053		$1,000	$   946,411
New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2020 A, Ref. RB	4.00%	09/01/2045		1,500	1,317,358
New York (State of) Housing Finance Agency (Sustainability Bonds); Series 2021 D-1, RB	2.65%	11/01/2051		2,965	1,880,149
New York Liberty Development Corp. (Green Bonds);
Series 2021 A, Ref. RB (INS - AGM)(d)	2.75%	11/15/2041		1,000	756,800
Series 2021 A, Ref. RB	2.88%	11/15/2046		1,000	707,693
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport); Series 2023, RB(b)	6.00%	06/30/2054		3,000	3,290,785
Triborough Bridge & Tunnel Authority; Series 2021 C-3, RB	4.00%	05/15/2051		1,500	1,415,530
					15,451,448
Oregon–2.93%
Multnomah (County of), OR Hospital Facilities Authority (Terwilliger Plaza, Inc.); Series 2021, Ref. RB	4.00%	12/01/2051		2,000	1,441,336
Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB(b)	5.50%	07/01/2053		1,000	1,071,188
					2,512,524
Pennsylvania–3.68%
Chester (County of), PA Industrial Development Authority (Sustainability Bonds); Series 2021, RB	4.00%	12/01/2051		1,000	921,288
Geisinger Authority (Geisinger Health System); Series 2020, Ref. RB	4.00%	04/01/2050		2,415	2,235,889
					3,157,177
Tennessee–0.12%
Metropolitan Development and Housing Agency (Fifth + Broadway Development); Series 2018, RB(a)	5.13%	06/01/2036		100	100,524
Texas–1.54%
San Antonio (City of), TX; Series 2020, RB	5.00%	02/01/2049		1,260	1,316,924
Washington–6.75%
Washington (State of) Economic Development Finance Authority (Green Bonds); Series 2020 A, RB(a)(b)	5.63%	12/01/2040		2,000	1,984,089
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance); Series 2020, Ref. RB	5.00%	09/01/2055		1,000	1,021,940
Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center); Series 2017, Ref. RB	5.00%	08/15/2035		2,745	2,778,859
					5,784,888
Wisconsin–4.21%
Somers (Village of), WI; Series 2018 B, Ref. RB	4.85%	06/01/2036		1,235	1,240,723
Wisconsin (State of) Public Finance Authority (Beyond Boone, LLC - Appalachian State University); Series 2019 A, RB (INS - AGM)(d)	5.00%	07/01/2058		100	100,579
Wisconsin (State of) Public Finance Authority (Green Bonds); Series 2021, RB(b)	4.00%	09/30/2051		2,540	2,088,910
Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy); Series 2019, RB(a)	5.00%	06/15/2039		100	97,726
Wisconsin (State of) Public Finance Authority (Traders Point Christian Schools); Series 2019 A, RB(a)	5.50%	06/01/2054		100	84,009
					3,611,947
TOTAL INVESTMENTS IN SECURITIES(f)–97.98% (Cost $84,624,860)					83,987,372
OTHER ASSETS LESS LIABILITIES–2.02%					1,733,262
NET ASSETS–100.00%					$85,720,634

Investment Abbreviations:

AGM	– Assured Guaranty Municipal Corp.
BAM	– Build America Mutual Assurance Co.
CEP	– Credit Enhancement Provider
GNMA	– Government National Mortgage Association
GO	– General Obligation
INS	– Insurer
RB	– Revenue Bonds
Ref.	– Refunding

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

Invesco Environmental Focus Municipal Fund

Notes to Schedule of Investments:

(a)	Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at May 31, 2024 was $12,352,504, which represented 14.41% of the Fund’s Net Assets.
(b)	Security subject to the alternative minimum tax.
(c)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(d)	Principal and/or interest payments are secured by the bond insurance company listed.
(e)	The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.
(f)	Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

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

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

Invesco Environmental Focus Municipal Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2024

(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.

As of May 31, 2024, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Invesco Environmental Focus Municipal Fund