NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments  
November 30, 2024
(Unaudited) 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Municipal Obligations–97.02%
Alabama–2.09%
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the
Aging); Series 2016, RB
 5.25%
06/01/2025
 
$305
$304,276
Black Belt Energy Gas District (The) (Gas); Series 2022 F, RB(a)
 5.50%
12/01/2028
 
2,500
2,660,764
Fairfield (City of), AL; Series 2012, GO Wts.
 6.00%
06/01/2031
 
2,950
2,655,000
Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village);
      
 
 
Series 2007, RB (Acquired 12/29/2015; Cost $90,000)(b)(c)
 5.50%
01/01/2028
 
90
50,400
Series 2014, RB
 3.50%
07/01/2026
 
5,022
2,812,591
Jefferson (County of), AL; Series 2024, Ref. RB
 5.25%
10/01/2045
 
1,500
1,649,892
Mobile (City of), AL Improvement District (McGowin Park);
      
 
 
Series 2016 A, RB
 5.00%
08/01/2025
 
310
309,830
Series 2016 A, RB
 5.25%
08/01/2030
 
200
200,439
Southeast Energy Authority, A Cooperative District (No. 2); Series 2021 B, RB(a)
 4.00%
12/01/2031
 
5,390
5,488,654
Southeast Energy Authority, A Cooperative District (No. 3); Series 2022 A-1, RB(a)
 5.50%
12/01/2029
 
5,000
5,401,939
Talladega (County of), AL; Series 2002 D, Tax Anticipation Wts. (INS - NATL)(d)
 5.25%
01/01/2029
 
25
25,036
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref.
IDR(e)
 5.25%
05/01/2044
 
4,000
4,091,406
 
 
 
 
25,650,227
American Samoa–0.08%
American Samoa (Territory of) Economic Development Authority; Series 2015 A, Ref. RB
 6.25%
09/01/2029
 
1,000
1,016,527
Arizona–3.60%
Arizona (State of) Industrial Development Authority (ACCEL Schools);
      
 
 
Series 2018 A, RB(e)
 4.63%
08/01/2028
 
825
830,201
Series 2018 A, RB(e)
 5.00%
08/01/2033
 
1,955
1,987,561
Arizona (State of) Industrial Development Authority (American Charter Schools Foundation);
Series 2017, Ref. RB(e)
 6.00%
07/01/2047
 
1,385
1,420,433
Arizona (State of) Industrial Development Authority (Basis Schools); Series 2017 A, Ref. RB(e)
 5.00%
07/01/2026
 
210
211,882
Arizona (State of) Industrial Development Authority (Doral Academy of Nevada - Fire Mesa & Red
Rock Campus); Series 2019, RB
 3.55%
07/15/2029
 
485
475,747
Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado);
Series 2019, RB(e)
 5.00%
07/01/2039
 
4,520
4,531,376
Arizona (State of) Industrial Development Authority (Linder Village); Series 2020, RB(e)
 5.00%
06/01/2031
 
2,225
2,268,651
Arizona (State of) Industrial Development Authority (Pinecrest Academy of Nevada-Horizon,
Inspirada and St. Rose Campus Projects); Series 2018 A, RB(e)
 5.00%
07/15/2028
 
615
625,491
Arizona (State of) Industrial Development Authority (Somerset Academy of Las Vegas - Lone
Mountain Campus); Series 2019 A, IDR(e)
 5.00%
12/15/2039
 
400
404,930
Chandler (City of), AZ Industrial Development Authority (Intel Corp.); Series 2022-1, RB(a)(f)
 5.00%
09/01/2027
 
2,000
2,055,149
Greater Arizona Development Authority; Series 2007 A, RB (INS - NATL)(d)
 4.38%
08/01/2032
 
5
5,005
Maricopa (County of), AZ Industrial Development Authority (Benjamin Franklin Charter School);
Series 2018, RB(e)
 4.80%
07/01/2028
 
2,525
2,595,930
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools);
Series 2019, Ref. RB(e)
 5.00%
07/01/2039
 
2,250
2,303,523
Maricopa (County of), AZ Industrial Development Authority (Valley Christian Schools);
      
 
 
Series 2023, RB(e)
 5.25%
07/01/2033
 
725
745,778
Series 2023, RB(e)
 6.00%
07/01/2043
 
1,885
1,944,242
Phoenix (City of), AZ Industrial Development Authority (Basis Schools); Series 2016 A, Ref. RB(e)
 5.00%
07/01/2035
 
2,900
2,913,919
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2015,
Ref. RB(e)
 5.00%
07/01/2035
 
2,820
2,834,412
Pima (County of), AZ Industrial Development Authority (American Leadership Academy);
Series 2015, Ref. RB(e)
 5.38%
06/15/2035
 
3,370
3,391,069
Pima (County of), AZ Industrial Development Authority (Arizona Charter Schools); Series 2013 Q,
Ref. RB
 5.38%
07/01/2031
 
4,000
4,001,254
Pima (County of), AZ Industrial Development Authority (Career Success Schools); Series 2020,
Ref. RB(e)
 4.75%
05/01/2030
 
1,525
1,532,533
Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The));
Series 2016, Ref. RB(e)
 5.00%
09/01/2026
 
120
120,442
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration High Yield Municipal Fund
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Arizona–(continued)
Pima (County of), AZ Industrial Development Authority (Grande Innovations Academy);
Series 2018, RB(e)
 4.13%
07/01/2026
 
$520
$516,572
Pima (County of), AZ Industrial Development Authority (Imagine East Mesa Charter Schools);
      
 
 
Series 2019, RB(e)
 5.00%
07/01/2029
 
300
303,577
Series 2019, RB(e)
 5.00%
07/01/2034
 
400
403,490
Series 2019, RB(e)
 5.00%
07/01/2039
 
500
501,560
Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)); Series 2019, RB
 4.13%
07/01/2029
 
130
126,947
Sierra (City of), AZ Vista Industrial Development Authority;
      
 
 
Series 2024, Ref. RB(e)
 5.25%
06/01/2034
 
1,840
1,883,697
Series 2024, Ref. RB(e)
 5.88%
06/01/2044
 
1,500
1,529,800
Sierra (City of), AZ Vista Industrial Development Authority (American Leadership Academy Project);
Series 2024, RB(e)
 5.00%
06/15/2034
 
1,730
1,806,754
 
 
 
 
44,271,925
Arkansas–1.45%
Arkansas (State of) Development Finance Authority (Big River Steel); Series 2019, RB(e)(f)
 4.50%
09/01/2049
 
2,000
2,003,265
Arkansas (State of) Development Finance Authority (Big River Steel) (Green Bonds); Series 2020,
RB(e)(f)
 4.75%
09/01/2049
 
7,370
7,402,788
Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB(f)
 5.45%
09/01/2052
 
8,000
8,364,046
 
 
 
 
17,770,099
California–6.19%
California (State of); Series 2021, GO Bonds
 3.00%
12/01/2046
 
2,000
1,678,534
California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds);
      
 
 
Series 2022 A-1, RB(a)
 4.00%
08/01/2028
 
16,065
16,316,125
Series 2024, RB(a)
 5.00%
12/01/2032
 
5,000
5,425,224
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset
Securitization Corp.); Series 2002, RB
 6.00%
06/01/2042
 
135
137,909
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding
Corp.); Series 2002 A, RB
 5.88%
06/01/2043
 
910
911,463
California (State of) Housing Finance Agency (Social Certificates); Series 2023-1, RB
 4.38%
09/20/2036
 
2,472
2,582,966
California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail);
Series 2020, RB(a)(e)(f)
 8.00%
08/15/2025
 
4,000
4,121,872
California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018
A, RB(e)
 5.00%
06/01/2038
 
3,345
3,402,891
California (State of) Municipal Finance Authority (Waste Management, Inc.);
      
 
 
Series 2020, RB(a)(f)
 4.80%
06/02/2025
 
1,500
1,501,520
Series 2022 A, RB(a)(f)
 4.13%
10/01/2025
 
4,000
4,008,445
California (State of) Pollution Control Financing Authority (CalPlant I) (Green Bonds);
      
 
 
Series 2017, RB (Acquired 09/15/2017-02/12/2019; Cost $5,125,317)(b)(c)(e)(f)
 7.50%
07/01/2032
 
4,950
66,825
Series 2020, RB (Acquired 10/06/2020; Cost $955,203)(b)(c)(e)(f)
 7.50%
07/01/2032
 
1,000
13,500
California (State of) Pollution Control Financing Authority (Plant Bonds); Series 2012, RB(e)(f)
 5.00%
07/01/2037
 
2,000
2,000,979
California (State of) Public Finance Authority (California University of Science and Medicine);
Series 2019 A, RB(e)
 6.25%
07/01/2054
 
6,100
6,403,179
California (State of) Public Finance Authority (Trinity Classical Academy); Series 2019 B, RB(e)
 5.00%
07/01/2026
 
100
98,490
California (State of) School Finance Authority (Partnership to Uplift Communities) (Social Bonds);
      
 
 
Series 2023, Ref. RB(e)
 5.00%
08/01/2033
 
695
734,938
Series 2023, Ref. RB(e)
 5.25%
08/01/2038
 
500
531,422
California (State of) Statewide Communities Development Authority (Loma Linda University Medical
Center);
      
 
 
Series 2014, RB
 5.50%
12/01/2054
 
8,238
8,238,620
Series 2016 A, RB(e)
 5.25%
12/01/2056
 
3,000
3,031,796
Series 2018 A, RB(e)
 5.50%
12/01/2058
 
3,000
3,112,791
Fresno (City of), CA; Series 2023 A, Ref. RB (INS - BAM)(d)(f)
 5.00%
07/01/2048
 
2,000
2,123,604
Palomar Health; Series 2016, Ref. RB
 4.00%
11/01/2039
 
1,250
1,096,858
Pomona Unified School District; Series 2021 F, GO Bonds (INS - BAM)(d)
 3.00%
08/01/2048
 
1,000
849,155
Sacramento (County of), CA (Juvenile Courthouse); Series 2003, COP (INS - AMBAC)(d)
 5.00%
12/01/2034
 
5,405
5,414,048
West Covina (City of), CA Public Financing Authority (Big League Dreams); Series 2006 A, RB
 5.00%
06/01/2030
 
2,305
2,308,584
 
 
 
 
76,111,738
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration High Yield Municipal Fund
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Colorado–7.11%
3rd and Havana Metropolitan District; Series 2020 A, GO Bonds
 4.50%
12/01/2030
 
$2,240
$2,128,807
Amber Creek Metropolitan District; Series 2017 A, Ref. GO Bonds
 5.00%
12/01/2037
 
678
639,634
Baseline Metropolitan District No. 1; Series 2018 A-2, RB(a)(g)
 5.13%
12/01/2024
 
1,500
1,530,000
Brighton Crossing Metropolitan District No. 6;
      
 
 
Series 2020 A, GO Bonds
 5.00%
12/01/2035
 
525
534,569
Series 2020 A, GO Bonds
 5.00%
12/01/2040
 
515
519,736
Canyon Pines Metropolitan District; Series 2024, GO Bonds(e)
 8.25%
12/01/2053
 
5,000
5,094,051
Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2020 A, Ref. GO Bonds
 4.00%
12/01/2029
 
1,115
1,087,206
Colliers Hill Metropolitan District No. 2; Series 2022 B-2, GO Bonds
 7.63%
12/15/2042
 
2,000
1,924,050
Colorado (State of) Educational & Cultural Facilities Authority (Ascent Classical Academy);
Series 2024, Ref. RB(e)
 5.25%
04/01/2039
 
2,500
2,625,211
Colorado (State of) Health Facilities Authority (Aberdeen Ridge);
      
 
 
Series 2021 A, RB
 5.00%
05/15/2035
 
4,035
3,414,298
Series 2021 A, RB
 5.00%
05/15/2044
 
1,170
860,638
Series 2021 B, RB
 2.63%
05/15/2029
 
1,125
1,075,311
Colorado (State of) Health Facilities Authority (Ralston Creek at Arvada); Series 2017 B, RB
 4.00%
11/01/2027
 
4,200
3,935,678
Colorado (State of) Health Facilities Authority (Volunteers of America Care); Series 2007 A, RB
 5.30%
07/01/2037
 
335
283,623
Colorado (State of) International Center Metropolitan District No. 14; Series 2018, GO Bonds
 5.63%
12/01/2032
 
996
1,006,261
Copper Ridge Metropolitan District; Series 2019, RB
 5.00%
12/01/2043
 
2,750
2,645,520
Copperleaf Metropolitan District No. 6; Series 2022 B, GO Bonds
 6.00%
12/15/2041
 
1,225
1,232,392
Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB(f)
 5.00%
10/01/2032
 
1,000
1,000,282
Denver Gateway Center Metropolitan District; Series 2018 A, GO Bonds
 5.50%
12/01/2038
 
1,343
1,349,949
Dominion Water & Sanitation District;
      
 
 
Series 2022, Ref. RB
 5.00%
12/01/2027
 
1,676
1,698,038
Series 2022, Ref. RB
 5.25%
12/01/2032
 
3,415
3,550,890
Elbert & Highway 86 Commercial Metropolitan District; Series 2021 A, Ref. GO Bonds(e)
 5.00%
12/01/2041
 
1,700
1,703,724
Frisco (Town of), CO (Marina Enterprise); Series 2019, RB
 5.00%
12/01/2036
 
600
603,239
Granby Ranch Metropolitan District; Series 2018, Ref. GO Bonds(e)
 4.88%
12/01/2028
 
460
462,891
Hess Ranch Metropolitan District No. 5;
      
 
 
Series 2024 A-1, RB
 6.00%
12/01/2043
 
650
677,809
Series 2024 A-2, RB
 6.50%
12/01/2043
 
400
421,885
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB
 5.75%
12/15/2050
 
5,499
5,580,358
Kinston Metropolitan District No. 5; Series 2020 A, GO Bonds
 4.63%
12/01/2035
 
1,000
999,002
Morgan Hill Metropolitan District No. 3;
      
 
 
Series 2021 A, GO Bonds
 3.00%
12/01/2031
 
980
855,949
Series 2021 A, GO Bonds
 3.50%
12/01/2041
 
2,940
2,402,109
Mulberry Metropolitan District No. 2; Series 2022, RB
 7.00%
12/01/2034
 
6,000
6,242,625
Nine Mile Metropolitan District; Series 2020, RB
 4.63%
12/01/2030
 
1,855
1,885,038
Parker Automotive Metropolitan District; Series 2023 B, Ref. GO Bonds
 8.25%
12/15/2037
 
2,225
2,280,814
Peak Metropolitan District No. 1;
      
 
 
Series 2021 A, GO Bonds(e)
 4.00%
12/01/2035
 
540
485,542
Series 2021 A, GO Bonds(e)
 5.00%
12/01/2041
 
1,670
1,575,899
Plaza Metropolitan District No. 1; Series 2013, Ref. RB(e)
 5.00%
12/01/2040
 
1,465
1,465,130
Prairie Center Metropolitan District No. 7; Series 2021, GO Bonds
 6.38%
06/15/2046
 
1,330
1,288,099
Rampart Range Metropolitan District No. 5; Series 2021, RB
 4.00%
12/01/2036
 
1,250
1,218,147
Riverpark Metropolitan District (County of Arapahoe); Series 2024, GO Bonds
 6.00%
12/01/2042
 
1,900
1,963,024
Riverwalk Metropolitan District No. 2; Series 2022 A, RB
 4.50%
12/01/2032
 
4,000
3,762,243
Rocky Mountain Rail Park Metropolitan District;
      
 
 
Series 2021 A, GO Bonds(e)
 5.00%
12/01/2031
 
3,445
3,353,663
Series 2021 A, GO Bonds(e)
 5.00%
12/01/2041
 
2,000
1,872,635
St. Vrain Lakes Metropolitan District No. 2; Series 2017 A, GO Bonds(a)(g)
 5.00%
12/01/2024
 
1,500
1,515,000
Sterling Ranch Community Authority Board;
      
 
 
Series 2024 A, Ref. RB
 6.13%
12/01/2039
 
550
577,077
Series 2024, RB
 5.63%
12/01/2043
 
871
910,767
Vauxmont Metropolitan District; Series 2019, Ref. GO Bonds (INS - AGM)(d)
 3.25%
12/15/2050
 
689
592,929
Verve Metropolitan District No. 1; Series 2023, GO Bonds
 5.75%
12/01/2033
 
2,895
2,863,205
Villages at Castle Rock Metropolitan District No. 6; Series 2021 B, Ref. GO Bonds(e)
 5.70%
12/01/2051
 
166
163,966
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration High Yield Municipal Fund
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Colorado–(continued)
Westerly Metropolitan District No. 4;
      
 
 
Series 2021 A, GO Bonds
 4.13%
12/01/2031
 
$615
$574,542
Series 2021 A, GO Bonds
 5.00%
12/01/2040
 
1,000
949,837
 
 
 
 
87,383,292
Delaware–0.13%
Millsboro (Town of), DE (Plantation Lakes Special Development District); Series 2018, Ref. RB(e)
 5.00%
07/01/2028
 
1,633
1,652,577
District of Columbia–1.96%
District of Columbia (Ingleside at Rock Creek);
      
 
 
Series 2017 A, RB
 4.13%
07/01/2027
 
725
725,925
Series 2017 A, RB
 5.00%
07/01/2032
 
1,000
1,018,113
District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB
 5.00%
10/01/2035
 
1,285
1,285,089
District of Columbia Tobacco Settlement Financing Corp.; Series 2001, RB
 6.75%
05/15/2040
 
20,465
21,127,513
 
 
 
 
24,156,640
Florida–8.64%
Alachua (County of), FL Health Facilities Authority (East Ridge Retirement Village, Inc.);
      
 
 
Series 2014, RB (Acquired 12/04/2020; Cost $185,120)(b)(c)
 5.63%
11/15/2029
 
185
120,250
Series 2014, RB (Acquired 06/04/2020; Cost $861,250)(b)(c)
 6.00%
11/15/2029
 
1,000
650,000
Series 2014, RB (Acquired 01/17/2020; Cost $1,412,167)(b)(c)
 6.00%
11/15/2034
 
1,500
975,000
Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs); Series 2022 A,
Ref. RB (Acquired 01/25/2022; Cost $965,000)(b)(c)(e)
 5.00%
11/15/2061
 
965
695,281
Babcock Ranch Community Independent Special District; Series 2024, RB(e)
 5.00%
05/01/2044
 
500
505,309
Boggy Creek Improvement District; Series 2023, Ref. RB
 4.50%
05/01/2033
 
1,030
1,052,394
Broward (County of), FL; Series 2015 A, RB(f)
 5.00%
10/01/2045
 
10,000
10,041,262
Broward (County of), FL Housing Finance Authority (Golden Villas); Series 2008 B, RB(a)(f)
 6.75%
04/01/2025
 
35
35,093
Capital Projects Finance Authority (Kissimmee Charter Academy); Series 2024, RB(e)
 6.13%
06/15/2044
 
150
155,473
Capital Projects Finance Authority (Navigator Academy of Leadership Obligated Group);
Series 2024, Ref. RB(e)
 5.00%
06/15/2044
 
1,760
1,767,046
Capital Trust Agency, Inc. (Elim Senior Housing, Inc.); Series 2017, RB(e)
 5.38%
08/01/2032
 
1,000
913,635
Capital Trust Agency, Inc. (H-Bay Ministries, Inc.- Superior Residences);
      
 
 
Series 2018 B, RB (Acquired 06/15/2018; Cost $734,961)(b)(c)
 4.00%
07/01/2028
 
750
11,250
Series 2018 B, RB (Acquired 06/15/2018; Cost $612,816)(b)(c)
 4.25%
07/01/2033
 
625
9,375
Capital Trust Agency, Inc. (Imagine School at North Manatee);
      
 
 
Series 2021 C, RB(e)
 5.00%
06/01/2041
 
465
456,802
Series 2021, RB(e)
 3.25%
06/01/2031
 
230
210,785
Series 2021, RB(e)
 5.00%
06/01/2041
 
1,615
1,586,529
Capital Trust Agency, Inc. (University Bridge LLC Student Housing); Series 2018 A, RB(e)
 4.00%
12/01/2028
 
6,175
6,174,961
Capital Trust Authority (Academir Charter Schools, Inc.); Series 2024, Ref. RB(e)
 5.00%
06/01/2044
 
2,000
1,990,430
Capital Trust Authority (Central Florida Preparatory School Project); Series 2024, RB(e)
 6.25%
06/15/2040
 
3,000
3,160,609
Capital Trust Authority (Classical Academy of Sarasota (The)); Series 2024, RB(e)
 5.00%
07/01/2044
 
1,140
1,143,629
Capital Trust Authority (Imagine School At West Pasco Project); Series 2023, RB(e)
 6.25%
12/15/2043
 
2,135
2,184,371
Capital Trust Authority (KIPP Miami N Campus); Series 2024 A, RB(e)
 5.63%
06/15/2044
 
410
429,850
Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities); Series 2019,
RB(e)(f)
 5.00%
10/01/2029
 
1,330
1,369,142
Creekview Community Development District (Phase 2); Series 2024, RB(e)
 5.38%
05/01/2044
 
2,000
2,017,637
East Nassau Stewardship District (PDP No. 4); Series 2024, RB
 5.25%
05/01/2029
 
1,350
1,354,283
Escambia (County of), FL Health Facilities Authority (Baptist Health Care Corp. Obligated Group);
Series 2020, Ref. RB
 4.00%
08/15/2050
 
2,100
1,925,084
Florida (State of) Municipal Loan Council (Shingle Creek Transit & Utility Community Development
District); Series 2024, RB(f)
 5.15%
05/01/2044
 
405
409,045
Florida Development Finance Corp.;
      
 
 
Series 2022, RB(a)(e)(f)
 8.25%
02/14/2025
 
8,000
8,243,738
Series 2023, RB(a)(e)(f)
 6.13%
07/01/2026
 
2,000
2,052,681
Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion);
      
 
 
Series 2024, Ref. RB(a)(e)(f)
12.00%
07/15/2028
 
2,500
2,668,124
Series 2024, Ref. RB (INS - AGM)(d)(f)
 5.00%
07/01/2044
 
4,000
4,192,291
Series 2024, Ref. RB(f)
 5.25%
07/01/2047
 
4,500
4,643,595
Florida Development Finance Corp. (Brightline Florida Passenger Rail); Series 2024, Ref. RB(f)
 5.00%
07/01/2037
 
4,000
4,089,422
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration High Yield Municipal Fund
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Florida–(continued)
Florida Development Finance Corp. (GFL Solid Waste Southeast LLC); Series 2024, RB(a)(e)(f)
 4.38%
10/01/2031
 
$2,500
$2,529,154
Florida Development Finance Corp. (IPS Florida LLC-Idea); Series 2022, RB(e)
 5.25%
06/15/2029
 
1,000
1,013,820
Florida Development Finance Corp. (Parrish Charter Academy, Inc.); Series 2023, RB(a)(e)
 6.25%
06/15/2028
 
3,000
3,022,207
Florida Housing Finance Corp.; Series 2024 3, RB (CEP - GNMA)
 6.25%
01/01/2055
 
1,250
1,382,007
Hobe-St. Lucie Conservancy District; Series 2024, RB
 4.75%
05/01/2031
 
880
907,786
Lake (County of), FL (Lakeside at Waterman Village); Series 2020 A, Ref. RB
 5.50%
08/15/2030
 
3,375
3,518,724
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts);
      
 
 
Series 2018 A, RB(e)
 5.00%
07/15/2028
 
395
400,456
Series 2018 A, RB(e)
 5.38%
07/15/2038
 
1,300
1,307,762
Lakes of Sarasota Community Development District; Series 2024 B, RB
 5.25%
05/01/2034
 
2,320
2,345,100
Lakewood Ranch Stewardship District (Palm Grove); Series 2024, RB
 4.50%
05/01/2031
 
550
553,182
Lee (County of), FL Housing Finance Authority (Aria Landings); Series 2023 B, RB(a)(e)
 5.50%
07/01/2026
 
5,000
4,984,118
Lee (County of), FL Industrial Development Authority (Shell Point Obligated Group); Series 2024
B-3, RB
 4.13%
11/15/2029
 
1,500
1,511,035
Middleton Community Development District A; Series 2024, RB
 4.00%
05/01/2034
 
735
738,571
Orange (County of), FL Health Facilities Authority (Presbyterian Retirement Communities Obligated
Group); Series 2024, Ref. RB
 5.00%
08/01/2047
 
1,900
1,980,732
Parrish Lakes Community Development District; Series 2024, RB
 5.50%
05/01/2044
 
1,000
1,012,319
Pembroke Harbor Community Development District; Series 2008 A, RB
 7.00%
05/01/2038
 
955
957,001
Pinellas (County of), FL Industrial Development Authority (2017 Foundation for Global
Understanding); Series 2019, RB
 5.00%
07/01/2039
 
1,750
1,779,260
Polk (County of), FL Industrial Development Authority (Carpenter’s Home Estates); Series 2019,
Ref. IDR
 5.00%
01/01/2049
 
2,500
2,512,640
Polk (County of), FL Industrial Development Authority (Mineral Development LLC); Series 2020, RB
(Acquired 10/23/2020; Cost $2,855,000)(c)(e)(f)
 5.88%
01/01/2033
 
2,855
2,566,336
Venice (City of), FL (Village on the Isle); Series 2024, RB(e)
 4.25%
01/01/2030
 
900
903,203
West Villages Improvement District (Develepmont Unit No. 10); Series 2024, RB
 5.38%
05/01/2044
 
500
510,155
Wildwood (City of), FL Village Community Development Disctrict No. 15;
      
 
 
Series 2024, RB(e)
 4.20%
05/01/2039
 
1,500
1,508,507
Series 2024, RB(e)
 4.55%
05/01/2044
 
1,000
1,008,535
 
 
 
 
106,186,986
Georgia–1.74%
Albany (City of) & Dougherty (Country of), GA Payroll Development Authority (Procter & Gamble
Paper Products Co. (The)); Series 1998, RB(f)
 5.30%
05/15/2026
 
810
811,228
Atlanta (City of), GA Urban Residential Finance Authority (GE Tower Apartments); Series 2023 B,
RB(a)
 5.75%
06/01/2025
 
5,000
4,998,913
Atlanta Development Authority (The) (Westside Gulch Area); Series 2024 A, RB(e)
 5.00%
04/01/2034
 
1,750
1,792,631
Cobb (County of), GA Development Authority (Northwest Classical Academy); Series 2023, RB(e)
 5.20%
06/15/2033
 
1,000
1,034,671
Conyers (City of), GA (Salem Gate); Series 2024, RB
 5.38%
03/01/2036
 
2,870
2,886,529
DeKalb (County of), IL Development Authority (The Globe Academy, Inc.);
      
 
 
Series 2024 A, RB
 5.00%
06/01/2040
 
400
410,609
Series 2024 A, RB
 5.00%
06/01/2045
 
415
421,832
Floyd (County of), GA Development Authority (The Spires at Berry College); Series 2018 A, RB
 5.50%
12/01/2028
 
1,560
1,560,340
Macon-Bibb (County of), GA Urban Development Authority (Academy for Classical Education, Inc.);
Series 2017 A, RB(e)
 5.00%
06/15/2027
 
245
248,492
Main Street Natural Gas, Inc.;
      
 
 
Series 2022 C, RB(a)(e)
 4.00%
11/01/2027
 
3,200
3,207,084
Series 2023 B, RB(a)
 5.00%
03/01/2030
 
2,000
2,135,257
Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens);
Series 2018 A-1, RB
 5.75%
12/01/2028
 
1,850
1,871,428
 
 
 
 
21,379,014
Guam–0.47%
Guam (Territory of); Series 2015 D, Ref. RB
 5.00%
11/15/2033
 
3,000
3,030,017
Guam (Territory of) Department of Education (John F. Kennedy); Series 2020, Ref. COP
 5.00%
02/01/2040
 
2,750
2,754,233
 
 
 
 
5,784,250
Idaho–0.67%
Avimor Community Infrastructure District No. 1 (Assessment Area Five); Series 2024, RB(e)
 5.88%
09/01/2053
 
1,982
2,080,081
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration High Yield Municipal Fund
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Idaho–(continued)
Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB
 4.00%
11/15/2027
 
$635
$630,714
Idaho (State of) Housing & Finance Association (Compass Public Charter School, Inc.); Series 2018
A, RB(e)
 4.63%
07/01/2029
 
130
130,635
Idaho (State of) Housing & Finance Association (Future Public School); Series 2022 A, RB(e)
 4.00%
05/01/2042
 
2,280
1,999,950
Idaho (State of) Housing & Finance Association (North Star Charter School);
      
 
 
Series 2014 A, Ref. RB
 6.75%
07/01/2028
 
290
298,982
Series 2014 A, Ref. RB
 6.75%
07/01/2036
 
526
542,142
Series 2014 A, Ref. RB
 6.75%
07/01/2048
 
2,384
2,436,987
Power County Industrial Development Corp. (FMC Corp.); Series 1999, RB(f)
 6.45%
08/01/2032
 
130
130,421
 
 
 
 
8,249,912
Illinois–4.77%
Aurora (City of), IL (East River Area TIF No. 6); Series 2018 A, Ref. RB
 5.00%
12/30/2027
 
550
548,205
Berwyn (City of), IL (South Berwyn Corridor); Series 2020, RB(e)
 4.00%
12/01/2028
 
1,015
980,991
Bradley (Village of), IL (Bradley Commons);
      
 
 
Series 2018 A, Ref. RB
 5.00%
01/01/2025
 
485
485,037
Series 2018 A, Ref. RB
 5.00%
01/01/2026
 
505
506,315
Series 2018 A, Ref. RB
 5.00%
01/01/2027
 
530
533,357
Chicago (City of), IL;
      
 
 
Series 2015 A, GO Bonds
 5.50%
01/01/2034
 
1,350
1,350,586
Series 2017 A, Ref. GO Bonds
 5.63%
01/01/2029
 
1,000
1,040,005
Series 2017 A, Ref. GO Bonds
 5.75%
01/01/2034
 
1,500
1,554,388
Chicago (City of), IL (O’Hare International Airport);
      
 
 
Series 2012 B, Ref. RB(a)(f)(g)
 5.00%
12/02/2024
 
5,290
5,290,000
Series 2024 A, RB(f)
 5.25%
01/01/2041
 
2,150
2,369,270
Chicago (City of), IL Board of Education;
      
 
 
Series 2015 C, GO Bonds
 5.25%
12/01/2039
 
850
850,009
Series 2022 B, Ref. GO Bonds
 4.00%
12/01/2041
 
5,000
4,503,968
Evanston (City of), IL (Roycemore School);
      
 
 
Series 2021, RB(e)
 4.00%
04/01/2032
 
245
219,359
Series 2021, RB(e)
 4.38%
04/01/2041
 
930
770,579
Hillside (Village of), IL (Mannheim Redevelopment); Series 2018, Ref. RB
 5.00%
01/01/2030
 
2,195
2,219,089
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(f)
 8.00%
06/01/2032
 
11,805
11,821,048
Illinois (State of) Finance Authority; Series 2023, RB(a)(e)(f)
 7.38%
09/01/2033
 
5,000
5,874,498
Illinois (State of) Finance Authority (Intrinsic Schools - Belmont School); Series 2015, RB(e)
 5.25%
12/01/2025
 
100
100,274
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);
      
 
 
Series 2019 A, Ref. RB (Acquired 11/27/2019; Cost $2,176,031)(c)
 5.00%
11/01/2027
 
2,065
1,427,431
Series 2019 A, Ref. RB (Acquired 09/08/2022; Cost $1,885,670)(c)
 5.00%
11/01/2035
 
2,020
1,396,325
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB
 5.13%
05/15/2060
 
1,081
590,688
Illinois (State of) Finance Authority (Plymouth Place); Series 2015, Ref. RB(g)
 5.00%
05/15/2025
 
55
55,439
Illinois (State of) Finance Authority (Roosevelt University); Series 2007, RB
 5.50%
04/01/2037
 
2,000
1,950,926
Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB
 5.00%
11/15/2038
 
8,700
8,742,707
Illinois (State of) Finance Authority (Three Crowns Park); Series 2017, Ref. RB
 4.00%
02/15/2027
 
1,115
1,115,078
Illinois (State of) Medical District Commission;
      
 
 
Series 2002, COP (INS - NATL)(d)
 5.13%
06/01/2026
 
25
25,023
Series 2002, COP (INS - NATL)(d)
 5.25%
06/01/2032
 
140
140,095
Illinois State University; Series 2024, Ref. COP (INS - AGC)(d)
 5.00%
04/01/2044
 
1,000
1,084,473
Morton Grove (Village of), IL (Sawmill Station Redevelopment); Series 2019, RB
 4.25%
01/01/2029
 
760
747,396
Yorkville (United City of), IL (Raintree Village); Series 2013, Ref. RB
 4.60%
03/01/2025
 
315
314,464
 
 
 
 
58,607,023
Indiana–0.96%
Evansville (City of), IN (Silver Birch of Evansville); Series 2017, RB
 4.80%
01/01/2028
 
200
193,930
Indiana (State of) Finance Authority (Good Samaritan Hospital);
      
 
 
Series 2016 A, RB
 5.00%
04/01/2037
 
200
201,517
Series 2016 A, RB
 5.50%
04/01/2046
 
5,785
5,829,824
Indiana (State of) Finance Authority (Irvington Community School); Series 2018 A, Ref. RB(e)
 5.50%
07/01/2028
 
500
501,418
Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.); Series 2012 A, RB
 4.25%
11/01/2030
 
1,580
1,630,845
Indiana (State of) Finance Authority (University of Evansville); Series 2022 A, Ref. RB
 5.25%
09/01/2037
 
1,865
1,963,557
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration High Yield Municipal Fund
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Indiana–(continued)
Mishawaka (City of), IN (Silver Birch of Mishwaka); Series 2017, RB(e)
 5.10%
01/01/2032
 
$465
$439,071
Whiting (City of), IN (BP Products North America, Inc.); Series 2015, RB(a)(f)
 4.40%
06/10/2031
 
1,000
1,028,541
 
 
 
 
11,788,703
Iowa–1.55%
Ackley (City of), IA (Grand Jivante); Series 2018 A, RB
 4.50%
08/01/2033
 
600
524,666
Clear Lake (City of), IA (Timbercrest Apartments, LLC); Series 2018, RB
 4.30%
10/01/2028
 
660
647,862
Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB(a)(g)
 5.00%
12/01/2032
 
5,410
6,255,016
Iowa (State of) Finance Authority (Union at the Marina); Series 2024 A-1, RB(e)
 6.00%
11/01/2027
 
1,345
1,347,331
PEFA, Inc.; Series 2019, RB(a)
 5.00%
09/01/2026
 
10,000
10,249,030
 
 
 
 
19,023,905
Kansas–0.79%
Pittsburgh (City of), KS (North Broadway - Pittsburgh Town Center); Series 2006, RB
 4.80%
04/01/2027
 
100
88,096
Wichita (City of), KS (Presbyterian Manors, Inc.);
      
 
 
Series 2019, Ref. RB
 5.00%
05/15/2027
 
1,165
1,173,784
Series 2019, Ref. RB
 5.00%
05/15/2029
 
1,280
1,296,261
Series 2019, Ref. RB
 5.00%
05/15/2034
 
2,950
2,985,114
Series 2024 VIII, Ref. RB
 5.25%
05/15/2039
 
2,000
2,052,403
Series 2024 VIII, Ref. RB
 5.75%
05/15/2045
 
2,000
2,061,681
 
 
 
 
9,657,339
Kentucky–0.37%
Christian (County of), KY (Jennie Stuart Medical Center, Inc.);
      
 
 
Series 2016, Ref. RB
 5.00%
02/01/2026
 
320
322,750
Series 2016, Ref. RB
 5.50%
02/01/2044
 
2,170
2,189,020
Kentucky (Commonwealth of) Economic Development Finance Authority (Christian Care
Communities); Series 2021, Ref. RB
 4.25%
07/01/2031
 
925
859,423
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky
Information Highway); Series 2015 A, RB
 5.00%
07/01/2030
 
1,000
1,006,787
Kentucky (Commonwealth of) Economic Development Finance Authority (Rosedale Green);
Series 2015, Ref. RB
 5.00%
11/15/2025
 
135
134,588
 
 
 
 
4,512,568
Louisiana–1.67%
Louisiana (State of) Local Government Environmental Facilities & Community Development
Authority (Livingston (Parish of), LA Gomesha) (Green Bonds); Series 2018, RB(e)
 5.38%
11/01/2038
 
3,165
3,320,138
Louisiana (State of) Local Government Environmental Facilities & Community Development
Authority (Vermilion (Parish of), LA Gomesha) (Green Bonds); Series 2019, RB(e)
 4.63%
11/01/2038
 
1,460
1,498,566
Louisiana (State of) Public Facilities Authority (Encore Academy);
      
 
 
Series 2021, RB (Acquired 11/03/2021; Cost $525,318)(b)(c)(e)
 5.00%
06/01/2031
 
490
293,779
Series 2021, RB (Acquired 11/03/2021; Cost $1,041,955)(b)(c)(e)
 5.00%
06/01/2041
 
985
591,163
New Orleans (City of), LA Aviation Board; Series 2015 B, RB(a)(f)(g)
 5.00%
01/01/2025
 
7,700
7,709,050
Plaquemines Port Harbor & Terminal District; Series 2024 A, RB(e)
 9.00%
12/01/2044
 
5,000
5,135,681
St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2011, RB(a)(e)
 5.85%
06/01/2025
 
2,000
2,019,706
 
 
 
 
20,568,083
Maryland–0.30%
Baltimore (City of), MD (Convention Center Hotel);
      
 
 
Series 2017, Ref. RB
 5.00%
09/01/2026
 
2,160
2,187,997
Series 2017, Ref. RB
 5.00%
09/01/2027
 
1,100
1,123,065
Maryland (State of) Health & Higher Educational Facilities Authority (Green Street Academy);
Series 2017 A, RB(e)
 5.00%
07/01/2027
 
335
339,125
Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Medical
Institutions Parking Facilities); Series 1996, RB (INS - AMBAC)(d)
 5.50%
07/01/2026
 
20
20,152
 
 
 
 
3,670,339
Massachusetts–0.81%
Ashland (Town of), MA; Series 2022, GO Bonds
 4.00%
08/01/2042
 
1,000
1,014,288
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration High Yield Municipal Fund
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Massachusetts–(continued)
Lynn Housing Authority & Neighborhood Development;
      
 
 
Series 2018, Ref. RB
 4.00%
10/01/2026
 
$100
$100,006
Series 2018, Ref. RB
 4.00%
10/01/2027
 
150
150,013
Series 2018, Ref. RB
 4.25%
10/01/2028
 
320
320,052
Series 2018, Ref. RB
 4.38%
10/01/2029
 
385
385,072
Series 2018, Ref. RB
 4.50%
10/01/2030
 
690
690,144
Massachusetts (Commonwealth of) Development Finance Agency (Atrius Health); Series 2015,
Ref. RB
 5.00%
01/01/2041
 
4,280
4,281,658
Massachusetts (Commonwealth of) Development Finance Agency (Linden Ponds, Inc. Facility);
Series 2018, RB(e)
 5.00%
11/15/2033
 
1,500
1,561,985
Massachusetts (Commonwealth of) Development Finance Agency (Newbridge Charles, Inc.);
Series 2017, Ref. RB(e)
 5.00%
10/01/2047
 
1,500
1,506,571
 
 
 
 
10,009,789
Michigan–1.81%
Advanced Technology Academy; Series 2019, Ref. RB
 5.00%
11/01/2034
 
1,200
1,240,566
Detroit (City of), MI; Series 2014 B-1, GO Bonds
 4.00%
04/01/2044
 
2,500
2,028,316
Ecorse (City of), MI; Series 2011, GO Bonds
 5.80%
11/01/2026
 
750
751,057
Ivywood Classical Academy; Series 2023, RB
 5.00%
01/01/2034
 
1,830
1,887,957
Michigan (State of) Finance Authority (Henry Ford Health System); Series 2024, RB
 5.25%
02/29/2040
 
1,000
1,114,600
Michigan (State of) Finance Authority (Huron Academy); Series 2024, Ref. RB
 4.50%
10/01/2034
 
2,345
2,348,862
Michigan (State of) Finance Authority (Madison Academy); Series 2021, Ref. RB
 4.25%
12/01/2039
 
1,450
1,265,164
Michigan (State of) Finance Authority (Thomas M. Colley Law School); Series 2014, Ref. RB(e)
 6.25%
07/01/2029
 
2,000
1,988,388
Michigan (State of) Finance Authority (Trinity Health Credit Group); Series 2019 A, Ref. RB
 4.00%
12/01/2049
 
1,145
1,115,866
Michigan (State of) Strategic Fund (Evangelical Homes); Series 2013, Ref. RB
 5.50%
06/01/2047
 
2,880
2,374,423
Michigan (State of) Strategic Fund (Green Bonds); Series 2021, RB(a)(f)
 4.00%
10/01/2026
 
5,610
5,619,577
Waterford Township Economic Development Corp. (Canterbury Health Care, Inc.); Series 2016 A,
Ref. RB (Acquired 09/30/2016; Cost $992,159)(b)(c)(e)
 5.00%
07/01/2026
 
980
539,000
 
 
 
 
22,273,776
Minnesota–1.47%
Bethel (City of), MN (Ecumen Obligated Group);
      
 
 
Series 2024, Ref. RB
 5.25%
03/01/2034
 
750
776,656
Series 2024, Ref. RB
 6.13%
03/01/2044
 
1,500
1,561,575
Bethel (City of), MN (Spectrum High School); Series 2024, RB
 5.00%
07/01/2059
 
1,500
1,509,246
Brooklyn Park (City of), MN (Athlos Leadership Academy);
      
 
 
Series 2015 A, RB
 4.75%
07/01/2025
 
100
99,231
Series 2015, RB
 5.75%
07/01/2046
 
1,400
1,278,997
Brooklyn Park (City of), MN (Prairie Seeds Academy); Series 2024, Ref. RB
 5.00%
06/15/2044
 
2,835
2,831,422
Dakota (County of), MN Community Development Agency (Sanctuary at West St. Paul);
Series 2015, RB
 5.75%
08/01/2030
 
775
605,383
Duluth (City of), MN Housing & Redevelopment Authority (Duluth Public Schools Academy);
      
 
 
Series 2018 A, Ref. RB
 4.25%
11/01/2028
 
1,375
1,335,848
Series 2018 A, Ref. RB
 5.00%
11/01/2033
 
1,070
1,062,364
Minneapolis (City of), MN (Spero Academy);
      
 
 
Series 2017 A, RB(e)
 5.50%
07/01/2027
 
515
521,073
Series 2017 A, RB(e)
 6.00%
07/01/2032
 
1,080
1,106,054
Ramsey (City of), MN; Series 2022 A, Ref. RB
 5.00%
06/01/2032
 
2,000
2,038,672
Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2013 A, RB
 6.88%
12/01/2048
 
1,000
1,000,806
St. Louis Park (City of), MN (Place Via Sol Project); Series 2018, RB (Acquired 12/26/2018;
Cost $1,927,397)(a)(b)(c)(e)
 6.00%
07/01/2027
 
1,927
192,740
St. Paul (City of), MN Housing & Redevelopment Authority (Great River School); Series 2017 A,
RB(e)
 5.25%
07/01/2033
 
140
143,348
St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy); Series 2023,
Ref. RB
 4.25%
12/01/2032
 
1,085
1,119,465
St. Paul (City of), MN Housing & Redevelopment Authority (Hmong College Prep Academy);
Series 2016, Ref. RB
 5.00%
09/01/2026
 
425
428,319
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration High Yield Municipal Fund
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Minnesota–(continued)
St. Paul (City of), MN Housing & Redevelopment Authority (Rossy & Richard Shaller Family Sholom
East Campus);
      
 
 
Series 2018, Ref. RB
 4.00%
10/01/2031
 
$250
$229,674
Series 2018, Ref. RB
 4.13%
10/01/2033
 
250
226,519
 
 
 
 
18,067,392
Mississippi–0.36%
Mississippi (State of) Development Bank (Jackson County Gomesa); Series 2021, RB(e)
 3.63%
11/01/2036
 
3,040
2,929,921
Tunica (County of), MS; Series 2019, Ref. RB
 6.00%
10/01/2040
 
1,505
1,505,853
 
 
 
 
4,435,774
Missouri–0.77%
Cape Girardeau (County of), MO Industrial Development Authority (Procter & Gamble Paper
Products Co. (The)); Series 1998, RB(f)
 5.30%
05/15/2028
 
30
30,056
I-470 Western Gateway Transportation Development District; Series 2019 A, RB(e)
 4.50%
12/01/2029
 
1,255
1,247,049
Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community
Improvement District);
      
 
 
Series 2016 A, Ref. RB(e)
 4.25%
04/01/2026
 
145
144,174
Series 2016 A, Ref. RB(e)
 5.00%
04/01/2036
 
2,000
1,986,942
Kansas City (City of), MO Land Clearance for Redevelopment Authority (Convention Center Hotel);
Series 2018 B, RB(e)
 4.38%
02/01/2031
 
725
703,274
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights);
      
 
 
Series 2017 A, Ref. RB
 5.25%
05/15/2037
 
1,000
988,282
Series 2017 A, Ref. RB
 5.25%
05/15/2042
 
1,750
1,658,039
Maryland Heights (City of), MO (Westport Plaza Redevelopment);
      
 
 
Series 2020, RB
 3.63%
11/01/2031
 
255
254,299
Series 2020, RB
 4.13%
11/01/2038
 
2,500
2,457,037
 
 
 
 
9,469,152
Montana–0.20%
Montana Board of Housing (Baxter Apartments Projects); Series 2023, RB(a)
 6.00%
06/01/2025
 
2,500
2,510,779
Nevada–0.16%
Las Vegas (City of), NV Special Improvement District No. 613; Series 2024, RB
 5.00%
12/01/2039
 
400
414,977
Las Vegas (City of), NV Special Improvement District No. 815; Series 2020, RB
 4.75%
12/01/2040
 
330
330,090
Nevada (State of) Department of Business & Industry (Doral Academy of Nevada); Series 2017 A,
RB
 5.00%
07/15/2037
 
500
501,976
North Las Vegas (City of), NV Special Improvement District No. 66 (Villages at Tule Springs Village
1); Series 2022, RB(e)
 5.50%
06/01/2037
 
735
752,367
 
 
 
 
1,999,410
New Hampshire–1.57%
New Hampshire (State of) Business Finance Authority (Covanta); Series 2020 A, Ref. RB(a)(e)
 3.63%
07/02/2040
 
3,455
2,985,516
New Hampshire (State of) Business Finance Authority (Social Bonds);
      
 
 
Series 2022-1A, RB
 4.38%
09/20/2036
 
1,552
1,567,112
Series 2022-2A, RB
 4.00%
10/20/2036
 
3,887
3,814,943
New Hampshire (State of) Business Finance Authority (Social Certificates); Series 2024-1A, RB
 4.25%
07/20/2041
 
2,958
2,940,835
New Hampshire (State of) Business Finance Authority (The Attwater); Series 2024, RB(e)(h)
 0.00%
04/01/2032
 
3,000
1,925,330
New Hampshire (State of) Business Finance Authority (Thomas Ranch); Series 2024, RB(e)(h)
 0.00%
12/01/2034
 
7,500
4,005,890
New Hampshire (State of) Housing Finance Authority (University Hospitals Home Care Services,
Inc.);
      
 
 
Series 2024, RB(e)
 5.63%
12/15/2033
 
1,000
1,025,863
Series 2024, RB(e)
 6.25%
12/15/2038
 
1,000
1,055,007
 
 
 
 
19,320,496
New Jersey–0.50%
New Jersey (State of) Economic Development Authority (Golden Door Charter School);
Series 2018 A, RB(e)
 5.13%
11/01/2029
 
190
192,569
New Jersey (State of) Economic Development Authority (Hatikvah International Academy Charter
School); Series 2017 A, RB(e)
 5.00%
07/01/2027
 
255
257,199
New Jersey (State of) Economic Development Authority (Marion P. Thomas Charter School);
Series 2018 A, RB(e)
 4.75%
10/01/2028
 
885
888,923
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration High Yield Municipal Fund
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New Jersey–(continued)
New Jersey (State of) Economic Development Authority (North Star Academy Charter School of
Newark, Inc.); Series 2017, RB
 5.00%
07/15/2047
 
$1,075
$1,091,186
New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and
Technology, Inc.); Series 2012 C, RB
 5.00%
07/01/2032
 
1,160
1,160,796
New Jersey (State of) Economic Development Authority (Teaneck Community Charter School);
Series 2017 A, Ref. RB(e)
 4.25%
09/01/2027
 
140
141,260
New Jersey (State of) Transportation Trust Fund Authority;
      
 
 
Series 2008 A, RB(h)
 0.00%
12/15/2028
 
715
625,914
Series 2008 A, RB(h)
 0.00%
12/15/2035
 
1,000
673,160
Series 2009 A, RB(h)
 0.00%
12/15/2032
 
1,465
1,111,388
 
 
 
 
6,142,395
New Mexico–0.10%
Winrock Town Center Tax Increment Development District No. 1; Series 2022, Ref. RB(e)
 4.00%
05/01/2033
 
1,250
1,216,495
New York–8.69%
Buffalo & Erie County Industrial Land Development Corp. (Medaille College);
      
 
 
Series 2018, Ref. RB (Acquired 08/16/2018; Cost $220,094)(b)(c)(e)
 5.00%
10/01/2028
 
213
6,389
Series 2018, Ref. RB (Acquired 08/16/2018; Cost $1,403,843)(b)(c)(e)
 5.00%
10/01/2038
 
1,389
41,658
Build NYC Resource Corp. (Brooklyn Navy Yard);
      
 
 
Series 2019, Ref. RB (LOC - Santander Bank N.A.)(e)(f)(i)
 5.25%
12/31/2033
 
3,000
3,027,251
Series 2019, Ref. RB (LOC - Santander Bank N.A.)(e)(f)(i)
 5.50%
12/31/2040
 
5,000
5,010,597
Build NYC Resource Corp. (Shefa School); Series 2021 A, RB(e)
 2.50%
06/15/2031
 
375
340,093
Build NYC Resource Corp. (Unity Preparatory Charter School of Brooklyn); Series 2023, RB(e)
 5.25%
06/15/2043
 
525
545,850
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB
 5.00%
06/01/2045
 
3,210
2,962,852
Metropolitan Transportation Authority; Subseries 2015 C-1, Ref. RB
 5.25%
11/15/2031
 
2,000
2,036,649
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside);
      
 
 
Series 2021, RB (Acquired 01/19/2016-02/28/2018; Cost $1,089,980)(b)(c)
 5.00%
01/01/2058
 
967
146,193
Series 2021, Ref. RB (Acquired 09/07/2021; Cost $445,000)(b)(c)(e)
 9.00%
01/01/2041
 
445
445,000
New York & New Jersey (States of) Port Authority; One Hundred Eighty Third Series 2014, RB
 4.00%
12/15/2038
 
2,000
2,000,020
New York (City of), NY Municipal Water Finance Authority; Series 2023 D, Ref. RB
 4.13%
06/15/2047
 
3,000
3,040,889
New York (City of), NY Transitional Finance Authority;
      
 
 
Series 2024 F-1, RB
 5.00%
02/01/2045
 
5,000
5,537,653
Series 2024, RB
 5.00%
05/01/2041
 
3,000
3,403,298
New York (State of) Dormitory Authority; Series 2024 A, Ref. RB
 5.50%
07/01/2054
 
7,000
8,032,819
New York (State of) Dormitory Authority (Montefiore Obligated Group);
      
 
 
Series 2018 A, Ref. RB
 5.00%
08/01/2035
 
1,250
1,297,813
Series 2024, RB
 5.25%
11/01/2043
 
1,500
1,638,038
New York (State of) Dormitory Authority (White Plains Hospital Obligated Group);
      
 
 
Series 2024, RB (INS - AGC)(d)
 5.25%
10/01/2043
 
1,600
1,791,540
Series 2024, RB (INS - AGC)(d)
 5.25%
10/01/2044
 
1,225
1,367,278
New York Counties Tobacco Trust IV; Series 2010 A, RB(e)
 6.25%
06/01/2041
 
2,900
2,900,298
New York Counties Tobacco Trust VI;
      
 
 
Series 2016 A, Ref. RB
 5.63%
06/01/2035
 
855
874,324
Series 2016 A, Ref. RB
 6.00%
06/01/2043
 
2,825
2,890,380
New York Liberty Development Corp. (3 World Trade Center); Series 2014, Class 3, Ref. RB(e)
 7.25%
11/15/2044
 
5,400
5,405,955
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy
International Airport);
      
 
 
Series 2016, Ref. RB(f)
 5.00%
08/01/2026
 
2,880
2,884,825
Series 2016, Ref. RB(f)
 5.00%
08/01/2031
 
8,680
8,690,919
Series 2020, Ref. RB(f)
 5.25%
08/01/2031
 
2,470
2,590,589
Series 2021, Ref. RB(f)
 3.00%
08/01/2031
 
545
516,720
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D
Redevelopment);
      
 
 
Series 2018, RB(f)
 5.00%
01/01/2032
 
4,315
4,458,508
Series 2018, RB(f)
 5.00%
01/01/2034
 
6,500
6,698,669
Series 2020, RB(f)
 5.00%
10/01/2035
 
5,000
5,251,468
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration High Yield Municipal Fund
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
New York–(continued)
New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal
One) (Green Bonds);
      
 
 
Series 2023, RB(f)
 5.50%
06/30/2038
 
$2,000
$2,206,211
Series 2023, RB(f)
 5.50%
06/30/2039
 
1,000
1,098,716
Series 2023, RB(f)
 5.50%
06/30/2040
 
875
957,933
Series 2024, RB(f)
 5.25%
06/30/2043
 
4,000
4,308,720
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);
Series 2023, RB(f)
 5.63%
04/01/2040
 
2,500
2,706,575
Oneida Indian Nation; Series 2024 B, RB(e)
 6.00%
09/01/2043
 
2,150
2,378,940
Suffolk Regional Off-Track Betting Corp.;
      
 
 
Series 2024, RB
 5.00%
12/01/2034
 
1,600
1,667,754
Series 2024, RB
 5.75%
12/01/2044
 
1,500
1,567,443
Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.);
      
 
 
Series 2013 A, RB(b)
 5.00%
07/01/2027
 
1,000
250,000
Series 2013 A, RB(b)
 5.00%
07/01/2032
 
1,000
250,000
Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation
Facilities); Series 2017 A, RB(e)(f)
 7.00%
06/01/2046
 
3,500
3,677,893
 
 
 
 
106,904,720
North Dakota–0.48%
Burleigh (County of), ND (University of Mary); Series 2016, RB
 4.38%
04/15/2026
 
420
418,409
Grand Forks (City of), ND (Altru Health System); Series 2021, Ref. RB
 4.00%
12/01/2040
 
3,375
3,182,414
Horace (City of), ND; Series 2024 C, Ref. GO Bonds
 4.75%
05/01/2044
 
1,100
1,125,937
North Dakota (State of) Housing Finance Agency (Social Bonds); Series 2024 C, RB
 6.25%
01/01/2055
 
1,000
1,126,398
 
 
 
 
5,853,158
Ohio–2.85%
Buckeye Tobacco Settlement Financing Authority;
      
 
 
Series 2020 A-2, Ref. RB
 3.00%
06/01/2048
 
2,755
2,083,280
Series 2020 A-2, Ref. RB
 4.00%
06/01/2048
 
1,990
1,811,588
Series 2020 B-2, Ref. RB
 5.00%
06/01/2055
 
2,470
2,265,127
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools);
Series 2024, Ref. RB(e)
 5.25%
01/01/2034
 
1,000
1,003,044
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Flats East Bank); Series 2010, RB
 6.00%
11/15/2035
 
1,000
1,001,931
Cleveland (City of), OH (Continental Airlines, Inc.); Series 1998, RB(f)
 5.38%
09/15/2027
 
485
485,279
Cuyahoga (County of), OH (MetroHealth System); Series 2017, Ref. RB
 5.00%
02/15/2037
 
5,470
5,596,051
Franklin (County of), OH (Wesley Communities); Series 2020, Ref. RB
 5.25%
11/15/2040
 
1,500
1,531,440
Greater Cincinnati (Port of), OH Development Authority; Series 2004, RB
 6.40%
02/15/2034
 
1,950
1,949,921
Greater Cincinnati (Port of), OH Development Authority (IPS Cincinnati LLC); Series 2021, RB(a)
 4.38%
06/15/2026
 
3,500
3,462,887
Muskingum (County of), OH (Genesis Healthcare System);
      
 
 
Series 2013, RB
 5.00%
02/15/2033
 
1,000
1,003,831
Series 2013, RB
 5.00%
02/15/2044
 
4,880
4,880,099
Series 2013, RB
 5.00%
02/15/2048
 
5,300
5,299,916
Ohio (State of) (Portsmouth Bypass); Series 2015, RB(f)
 5.00%
12/31/2039
 
2,290
2,298,705
RiverSouth Authority; Series 2007 A, RB
 5.75%
12/01/2027
 
405
405,162
Youngstown (City of), OH Metropolitan Housing Authority; Series 2014, RB
 4.00%
12/15/2024
 
30
30,004
 
 
 
 
35,108,265
Oklahoma–0.90%
Oklahoma (County of), OK Finance Authority (Astec);
      
 
 
Series 2024, RB(e)
 5.25%
06/15/2034
 
700
725,805
Series 2024, RB(e)
 6.00%
06/15/2044
 
1,000
1,041,272
Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB (INS -
AGM)(d)
 4.00%
08/15/2048
 
2,430
2,300,475
Tulsa (City of), OK Airports Improvement Trust; Series 2001 C, Ref. RB(f)
 5.50%
12/01/2035
 
2,000
2,003,570
Tulsa (City of), OK Airports Improvement Trust (American Airlines Group, Inc.); Series 2015, Ref.
RB(a)(f)
 5.00%
06/01/2025
 
5,000
5,027,795
 
 
 
 
11,098,917
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration High Yield Municipal Fund
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Oregon–0.12%
Local Oregon Capital Assets Program; Series 2011 C, COP
 4.60%
06/01/2031
 
$35
$35,014
Morrow (Port of), OR (Bonneville Cooperation Project No. 4); Series 2024 A, GO Bonds(e)
 5.15%
10/01/2026
 
1,500
1,487,998
Oregon (State of) (Elderly & Disabled Housing); Series 1993 C, GO Bonds(f)
 5.65%
08/01/2026
 
5
5,010
 
 
 
 
1,528,022
Pennsylvania–0.73%
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (615
Waterfront); Series 2021, RB(e)
 6.00%
05/01/2042
 
645
685,186
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center);
      
 
 
Series 2018, RB(e)
 5.00%
05/01/2028
 
810
834,282
Series 2018, RB(e)
 5.00%
05/01/2033
 
500
511,400
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.);
      
 
 
Series 2018, Ref. RB
 5.00%
12/01/2028
 
630
647,668
Series 2018, Ref. RB
 5.00%
12/01/2030
 
910
932,158
Northampton (County of), PA Industrial Development Authority;
      
 
 
Series 2013 A, RB (Acquired 04/03/2013; Cost $308,057)(c)(j)(k)
 5.00%
06/30/2027
 
350
154,062
Series 2013, RB(j)(k)
 5.00%
06/30/2027
 
193
34,713
Pennsylvania (Commonwealth of) Housing Finance Agency (Social Bonds); Series 2024-145A, RB
 6.00%
10/01/2054
 
1,630
1,786,443
Philadelphia (City of), PA Authority for Industrial Development (Alliance for Progress Charter
School, Inc.); Series 2019 A, RB
 5.00%
06/15/2039
 
1,840
1,842,654
Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated
Group);
      
 
 
Series 2017, Ref. RB
 5.00%
07/01/2031
 
500
507,713
Series 2017, Ref. RB
 5.00%
07/01/2032
 
1,000
1,014,206
 
 
 
 
8,950,485
Puerto Rico–7.81%
Children’s Trust Fund;
      
 
 
Series 2002, RB
 5.50%
05/15/2039
 
10,045
10,098,368
Series 2002, RB
 5.63%
05/15/2043
 
7,645
7,736,705
Corp. Para El Financiamiento Publico de Puerto Rico;
      
 
 
Series 2011, RB(h)(j)
 0.00%
12/31/2024
 
10,675
0
Series 2011, RB(h)(j)
 0.00%
08/01/2025
 
17,475
0
Series 2011, RB(h)(j)
 0.00%
08/01/2026
 
6,495
0
Series 2011, RB(h)(j)
 0.00%
08/01/2028
 
37,400
0
Series 2011, RB(h)(j)
 0.00%
08/01/2031
 
54,770
1
PRHTA Custodial Trust; Series 2023, RB(b)
 5.75%
12/06/2049
 
216
77,524
PRPBA Custodial Trust; Series 2022, RB(h)
 0.00%
03/15/2049
 
278
4,041
Puerto Rico (Commonwealth of);
      
 
 
Series 2021 A, GO Bonds(h)
 0.00%
07/01/2033
 
2,034
1,409,858
Series 2021 A-1, GO Bonds
 5.63%
07/01/2027
 
10,510
11,000,041
Series 2021 A-1, GO Bonds
 4.00%
07/01/2033
 
3,300
3,290,158
Series 2021 A-1, GO Bonds
 4.00%
07/01/2041
 
4,000
3,854,088
Subseries 2022, RN(h)
 0.00%
11/01/2043
 
7,014
4,340,059
Subseries 2022, RN(h)
 0.00%
11/01/2051
 
1,909
1,219,308
Puerto Rico (Commonwealth of) Electric Power Authority;
      
 
 
Series 2005 RR, RB (INS - SGI)(d)
 5.00%
07/01/2025
 
100
99,877
Series 2005 RR, RB (INS - AGC)(d)
 5.00%
07/01/2026
 
155
154,997
Series 2007 TT, RB (INS - NATL)(d)
 5.00%
07/01/2026
 
165
165,108
Series 2007 TT, RB(b)
 5.00%
07/01/2037
 
65
34,125
Series 2007 UU, Ref. RB (INS - AGC)(d)
 5.00%
07/01/2026
 
1,435
1,435,031
Series 2007 VV, Ref. RB (INS - NATL)(d)
 5.25%
07/01/2025
 
1,705
1,702,029
Series 2007 VV, Ref. RB (INS - NATL)(d)
 5.25%
07/01/2030
 
1,000
991,881
Series 2010 CCC, RB(b)
 5.25%
07/01/2026
 
3,520
1,848,000
Series 2010 XX, RB(b)
 5.25%
07/01/2027
 
250
131,250
Series 2010 ZZ, Ref. RB(b)
 5.25%
07/01/2025
 
1,180
619,500
Puerto Rico (Commonwealth of) GDB Debt Recovery Authority; Series 2023, RB
 7.50%
08/20/2040
 
4,073
3,889,869
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration High Yield Municipal Fund
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Puerto Rico–(continued)
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control
Facilities Financing Authority (AES Puerto Rico);
      
 
 
Series 2023 A, RB
 6.63%
01/01/2027
 
$596
$591,328
Series 2023 A, RB
 6.63%
01/01/2028
 
4,548
4,506,930
Puerto Rico (Commonwealth of) Municipal Finance Agency;
      
 
 
Series 2002 A, RB (INS - AGM)(d)
 5.00%
08/01/2027
 
745
749,884
Series 2005 A, RB (INS - AGM)(d)
 5.00%
08/01/2030
 
305
307,014
Puerto Rico Sales Tax Financing Corp.;
      
 
 
Series 2018 A-1, RB(h)
 0.00%
07/01/2027
 
1,027
933,296
Series 2018 A-1, RB(h)
 0.00%
07/01/2029
 
1,003
844,132
Series 2018 A-1, RB(h)
 0.00%
07/01/2033
 
11,167
7,975,708
Series 2018 A-1, RB
 4.50%
07/01/2034
 
2,662
2,670,693
Series 2018 A-1, RB
 4.55%
07/01/2040
 
538
539,960
Series 2018 A-1, RB(h)
 0.00%
07/01/2046
 
13,831
4,685,735
Series 2018 A-1, RB(h)
 0.00%
07/01/2051
 
11,268
2,798,743
Series 2019 A-2, RB
 4.33%
07/01/2040
 
7,975
7,975,069
Series 2019 A-2, RB
 4.54%
07/01/2053
 
163
160,839
Series 2019 A-2, RB
 4.78%
07/01/2058
 
2,196
2,200,507
University of Puerto Rico; Series 2006 Q, RB
 5.00%
06/01/2025
 
5,000
4,988,935
 
 
 
 
96,030,591
Rhode Island–0.90%
Pawtucket (City of), RI Housing Authority; Series 2010, RB
 5.50%
09/01/2028
 
195
195,368
Rhode Island Health & Educational Building Corp. (Lifespan Obligated Group); Series 2024, RB
 5.25%
05/15/2049
 
3,650
3,950,902
Rhode Island Housing & Mortgage Finance Corp.; Series 1992 10-A, RB
 6.50%
04/01/2027
 
80
80,176
Tobacco Settlement Financing Corp.;
      
 
 
Series 2015 B, Ref. RB
 4.50%
06/01/2045
 
1,680
1,683,598
Series 2015 B, Ref. RB
 5.00%
06/01/2050
 
5,175
5,185,550
 
 
 
 
11,095,594
South Carolina–1.24%
Patriots Energy Group Financing Agency; Series 2023 A-1, RB(a)
 5.25%
08/01/2031
 
2,500
2,732,653
South Carolina (State of) Jobs-Economic Development Authority (Beaufort Memorial Hospital &
South of Broad Healthcare); Series 2024, RB
 5.50%
11/15/2044
 
900
969,973
South Carolina (State of) Jobs-Economic Development Authority (Oceanside Collegiate Academy);
Series 2024, Ref. RB(e)
 5.00%
06/15/2044
 
2,790
2,870,764
South Carolina (State of) Jobs-Economic Development Authority (South Carolina SAVES Green
Community Program - AAC East LLC) (Green Bonds); Series 2019, RB(e)
 7.00%
05/01/2026
 
825
808,534
South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group);
Series 2024 A, RB
 5.25%
11/01/2044
 
4,750
5,326,221
South Carolina (State of) Public Service Authority (Santee Cooper); Series 2024 B, Ref. RB (INS -
AGM)(d)
 5.00%
12/01/2040
 
2,250
2,521,676
 
 
 
 
15,229,821
Tennessee–1.90%
Bristol (City of), TN Industrial Development Board (Pinnacle); Series 2016, RB
 5.00%
06/01/2027
 
3,620
3,565,502
Knox (County of), TN Health, Educational & Housing Facility Board (University Health);
Series 2017, Ref. RB
 5.00%
04/01/2036
 
2,605
2,641,858
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
 
350
266,850
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational
Facilities Board (The) (Trousdale Foundation Properties); Series 2018 A, RB(b)(e)
 5.25%
04/01/2028
 
1,607
112,468
Nashville (City of), TN Metropolitan Development and Housing Agency (Fifth + Broadway
Development);
      
 
 
Series 2018, RB(e)
 4.50%
06/01/2028
 
865
875,256
Series 2018, RB(e)
 5.13%
06/01/2036
 
1,000
1,021,470
Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor);
      
 
 
Series 2013 A, Ref. RB
 5.38%
09/01/2041
 
705
605,966
Series 2013 A, Ref. RB
 5.50%
09/01/2047
 
200
165,967
Series 2016 A, Ref. RB(e)
 5.00%
09/01/2031
 
3,000
2,751,340
Series 2016 A, Ref. RB(e)
 5.00%
09/01/2037
 
1,475
1,256,208
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration High Yield Municipal Fund
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Tennessee–(continued)
Tennergy Corp.;
      
 
 
Series 2021 A, RB(a)
 4.00%
09/01/2028
 
$3,610
$3,666,286
Series 2022 A, RB(a)
 5.50%
12/01/2030
 
5,950
6,442,919
 
 
 
 
23,372,090
Texas–8.59%
Argyle (Town of), TX (The Highlands of Argyle Public Improvement District No. 1); Series 2017, RB
 4.25%
09/01/2027
 
195
196,068
Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.);
      
 
 
Series 2023, RB(a)(e)
 4.88%
06/15/2026
 
1,000
1,009,879
Series 2024, RB(e)
 4.50%
06/15/2044
 
830
813,075
Series 2024, RB(e)
 4.75%
06/15/2049
 
915
914,983
Arlington Higher Education Finance Corp. (Cypress Christian School); Series 2024, RB(e)
 5.00%
06/01/2033
 
3,790
3,941,176
Arlington Higher Education Finance Corp. (Great Hearts America - Texas); Series 2024, RB
 4.50%
08/15/2039
 
1,500
1,503,705
Arlington Higher Education Finance Corp. (Legacy Traditional Schools);
      
 
 
Series 2021, Ref. RB
 4.00%
02/15/2031
 
2,510
2,359,505
Series 2021, Ref. RB
 4.13%
02/15/2041
 
3,325
2,794,315
Arlington Higher Education Finance Corp. (Newman International Academy);
      
 
 
Series 2016, RB
 5.38%
08/15/2036
 
3,835
3,853,542
Series 2021, RB
 5.00%
08/15/2041
 
900
856,833
Arlington Higher Education Finance Corp. (Odyssey Academy, Inc.); Series 2023 A, RB(e)
 5.25%
02/15/2033
 
1,950
2,025,049
Arlington Higher Education Finance Corp. (UME Preparatory Academy); Series 2017 A, RB
 4.55%
08/15/2028
 
410
411,108
Arlington Higher Education Finance Corp. (Winfree Academy Charter School); Series 2019, Ref. RB
 5.15%
08/15/2029
 
1,055
1,069,455
Austin (City of), TX; Series 2014, RB(f)
 5.00%
11/15/2044
 
4,000
4,005,024
Austin (City of), TX (Travis, Williamson and Hays Counties); Series 2017 B, RB(f)
 5.00%
11/15/2046
 
4,500
4,555,304
Bexar County Health Facilities Development Corp. (Army Retirement Residence Foundation);
      
 
 
Series 2016, Ref. RB
 5.00%
07/15/2026
 
250
252,697
Series 2018, Ref. RB
 5.00%
07/15/2026
 
1,000
1,010,790
Series 2018, Ref. RB
 5.00%
07/15/2033
 
1,630
1,655,773
Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC);
      
 
 
Series 2019, RB(f)
 7.00%
03/01/2039
 
385
327,250
Series 2019, RB(e)(f)
 9.00%
03/01/2039
 
2,035
1,729,750
Calhoun (County of), TX Navigation Industrial Development Authority (Max Midstream Texas LLC);
Series 2021, RN(e)(f)
 3.63%
07/01/2026
 
3,800
3,523,782
Celina (City of), TX (Mosaic Public Improvement District Improvement Area No. 2); Series 2024,
RB(e)
 5.13%
09/01/2044
 
1,250
1,262,929
Clifton Higher Education Finance Corp. (International Leadership of Texas); Series 2018 D, RB
 5.75%
08/15/2033
 
2,000
2,030,442
Crandall (City of), TX;
      
 
 
Series 2021, RB(e)
 4.13%
09/15/2026
 
100
99,525
Series 2021, RB(e)
 4.75%
09/15/2031
 
100
100,789
Series 2021, RB(e)
 5.25%
09/15/2051
 
500
502,024
Gulf Coast Industrial Development Authority; Series 1998, RB(f)
 8.00%
04/01/2028
 
340
340,462
Houston (City of), TX;
      
 
 
Series 2011, Ref. RB(f)
 6.50%
07/15/2030
 
1,450
1,463,684
Series 2014 D, Ref. RB
 5.00%
11/15/2044
 
2,000
2,001,740
Series 2015 B-1, RB(f)
 5.00%
07/15/2030
 
5,000
5,027,209
Series 2015 B-1, RB(f)
 5.00%
07/15/2035
 
7,700
7,726,613
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2014, Ref. RB(f)
 5.00%
07/01/2029
 
1,500
1,500,637
Houston Higher Education Finance Corp. (Houston Baptist University); Series 2021, RB
 3.38%
10/01/2037
 
700
620,689
Mesquite Health Facilities Development Corp. (Christian Care Centers, Inc.); Series 2016, Ref.
RB(b)
 5.00%
02/15/2035
 
220
2,200
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(e)(f)
 4.63%
10/01/2031
 
7,500
7,523,712
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community);
      
 
 
Series 2016, Ref. RB
 4.00%
07/01/2028
 
2,375
2,318,430
Series 2016, Ref. RB
 5.00%
07/01/2036
 
3,950
3,912,204
New Hope Cultural Education Facilities Finance Corp. (Cumberland Academy); Series 2020 A, RB(e)
 4.00%
08/15/2030
 
4,805
4,706,364
New Hope Cultural Education Facilities Finance Corp. (Forefront Living San Antonio - Bella Vida at
LA Cantera)); Series 2023, RN(e)
12.00%
12/01/2028
 
4,000
4,833,506
New Hope Cultural Education Facilities Finance Corp. (Legacy Preparatory Charter Academy);
Series 2018 A, RB(e)
 6.00%
08/15/2037
 
1,000
1,025,009
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration High Yield Municipal Fund
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Texas–(continued)
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries); Series 2022, Ref.
RB
 4.00%
01/01/2032
 
$1,500
$1,379,390
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford);
Series 2016 A, RB
 5.38%
11/15/2036
 
1,165
1,079,093
New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven (The));
      
 
 
Series 2022 B3, RB
 4.25%
10/01/2026
 
415
415,038
Series 2022, RB
 5.50%
10/01/2027
 
2,500
2,499,832
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); Series 2018,
Ref. RB
 5.00%
10/01/2039
 
1,000
974,389
Port Beaumont Navigation District (Jefferson Gulf Coast Energy);
      
 
 
Series 2021, RB(e)(f)
 2.50%
01/01/2030
 
2,150
1,979,650
Series 2021, RB(e)(f)
 2.63%
01/01/2031
 
800
728,952
Series 2024, RB(e)(f)
 5.00%
01/01/2039
 
1,000
1,040,681
Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area); Series 2016,
RB
 5.38%
09/15/2030
 
665
667,227
San Antonio (City of), TX; Series 2024 A, RB
 5.00%
02/01/2041
 
2,215
2,482,484
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
      
 
 
Series 2017 A, RB (Acquired 12/15/2016; Cost $1,011,589)(b)(c)
 6.00%
02/15/2031
 
1,000
550,000
Series 2017, RB (Acquired 11/05/2019; Cost $3,271,528)(b)(c)
 6.38%
02/15/2041
 
3,000
1,650,000
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
      
 
 
Series 2020, Ref. RB
 4.00%
11/15/2027
 
385
377,258
Series 2020, Ref. RB
 6.25%
11/15/2031
 
1,000
995,515
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way); Series 2020
A, RB (Acquired 09/14/2021; Cost $2,474,779)(b)(c)
 5.75%
12/01/2054
 
2,355
1,483,547
Tarrant County Cultural Education Facilities Finance Corp. (Trinity Terrace Project); Series 2024,
Ref. RB
 5.00%
10/01/2044
 
1,375
1,481,145
 
 
 
 
105,591,432
Utah–2.67%
Black Desert Public Infrastructure District;
      
 
 
Series 2021 A, GO Bonds(e)
 3.25%
03/01/2031
 
1,050
997,333
Series 2021 A, GO Bonds(e)
 3.50%
03/01/2036
 
1,750
1,601,004
Firefly Public Infrastructure District No. 1 (Firefly Assessment Area No.1); Series 2024, RB(e)
 5.63%
12/01/2043
 
2,000
2,084,942
Mida Golf and Equestrian Center Public Infrastructure District;
      
 
 
Series 2021, GO Bonds(e)
 4.25%
06/01/2041
 
2,205
1,867,086
Series 2021, GO Bonds(e)
 4.50%
06/01/2051
 
2,500
2,047,739
Mida Mountain Village Public Infrastructure District;
      
 
 
Series 2020 A, RB(e)
 4.25%
08/01/2035
 
1,645
1,621,916
Series 2020 A, RB(e)
 4.50%
08/01/2040
 
1,205
1,175,420
Military Installation Development Authority; Series 2021 A-2, RB
 4.00%
06/01/2041
 
1,250
1,148,330
Olympia Public Infrastructure District No. 1; Series 2024 A-2, RB(e)
 5.13%
12/01/2029
 
4,000
4,087,709
Sienna Hills Public Infrastructure District No. 1; Series 2023 A, GO Bonds(e)
 6.75%
07/01/2035
 
2,500
2,557,855
UIPA Crossroads Public Infrastructure District; Series 2021, RB(e)
 4.13%
06/01/2041
 
3,000
2,950,649
Utah (State of) Charter School Finance Authority (Ascent Academies of Utah);
      
 
 
Series 2022, RB(e)
 4.25%
06/15/2027
 
1,395
1,372,293
Series 2022, RB(e)
 4.50%
06/15/2032
 
2,000
1,930,505
Series 2022, RB(e)
 5.00%
06/15/2037
 
2,515
2,478,137
Utah (State of) Charter School Finance Authority (Freedom Academy Foundation (The));
Series 2017, Ref. RB(e)
 4.50%
06/15/2027
 
110
109,400
Utah (State of) Charter School Finance Authority (Merit Preparatory Academy);
      
 
 
Series 2019 A, RB(e)
 4.50%
06/15/2029
 
500
491,346
Series 2019 A, RB(e)
 5.00%
06/15/2034
 
1,270
1,260,476
Wohali Public Infrastructure District No. 1 (Wohali Assessment Area #1); Series 2023, RB(e)
 7.00%
12/01/2042
 
3,000
3,060,095
 
 
 
 
32,842,235
Virginia–0.65%
Peninsula Town Center Community Development Authority; Series 2018, Ref. RB(e)
 4.50%
09/01/2028
 
1,195
1,212,666
Roanoke (County of), VA Economic Development Authority; Series 2024, Ref. RB(a)
 5.50%
09/01/2035
 
355
353,692
Virginia (Commonwealth of) Small Business Financing Authority (Covanta); Series 2018, RB(a)(e)(f)
 5.00%
07/01/2038
 
2,310
2,310,140
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration High Yield Municipal Fund
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Virginia–(continued)
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay); Series 2023
B-3, RB
 5.38%
09/01/2029
 
$4,000
$4,134,068
 
 
 
 
8,010,566
Washington–1.34%
Kalispel Tribe of Indians; Series 2018 B, RB(e)
 5.00%
01/01/2032
 
100
103,165
Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB
 5.60%
03/01/2028
 
85
85,022
King (County of), WA Housing Authority (Rural Preservation); Series 1997, RB(f)
 5.75%
01/01/2028
 
5
5,003
King (County of), WA Public Hospital District No. 4; Series 2015 A, RB
 6.25%
12/01/2045
 
1,700
1,706,317
Port of Seattle Industrial Development Corp. (Delta Airlines); Series 2012, Ref. RB(f)
 5.00%
04/01/2030
 
6,475
6,477,345
Seattle (Port of), WA; Series 2024 B, Ref. RB(f)
 5.25%
07/01/2041
 
3,500
3,870,256
Washington (State of) Housing Finance Commission (Bayview Manor Homes); Series 2016 A, Ref.
RB(e)
 4.00%
07/01/2026
 
240
236,888
Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.); Series 2016,
Ref. RB(e)
 5.00%
01/01/2036
 
1,755
1,761,457
Washington (State of) Housing Finance Commission (Spokane International Academy);
Series 2021 A, RB(e)
 4.00%
07/01/2040
 
1,640
1,515,844
Washington (State of) Housing Finance Commission (The Hearthstone); Series 2018 A, Ref. RB(e)
 4.50%
07/01/2028
 
760
725,365
 
 
 
 
16,486,662
West Virginia–0.47%
Harrison (County of), WV County Commission (Charles Pointe Economic Opportunity Development
District); Series 2019 A, RB(b)(e)(j)
 5.75%
06/01/2042
 
1,000
726,665
Monogalia (County of), WV (Development Disctict No. 4 - University Town Centre); Series 2023,
Ref. RB(e)
 5.75%
06/01/2043
 
875
948,068
Monongalia (County of), WV Building Commission (Monongalia Health System Obligated Group);
      
 
 
Series 2015, Ref. RB
 5.00%
07/01/2026
 
1,000
1,004,966
Series 2015, Ref. RB
 4.00%
07/01/2035
 
190
170,696
Monongalia (County of), WV Commission Special District (University Town Centre Economic
Opportunity Development District); Series 2017 A, Ref. RB(e)
 4.50%
06/01/2027
 
1,925
1,938,818
West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC);
      
 
 
Series 2016, RB(b)(e)(f)
 6.75%
02/01/2026
 
1,000
700,000
Series 2018, RB(b)(e)(f)
 8.75%
02/01/2036
 
320
256,000
 
 
 
 
5,745,213
Wisconsin–5.39%
Lomira (Village of), WI Community Development Authority;
      
 
 
Series 2018 B, Ref. RB
 3.65%
10/01/2028
 
705
696,377
Series 2018 B, Ref. RB
 3.75%
10/01/2029
 
175
169,902
Wisconsin (State of) Health & Educational Facilities Authority (Benevolent Corp. Cedar Community);
      
 
 
Series 2017, Ref. RB
 5.00%
06/01/2028
 
1,205
1,224,685
Series 2017, Ref. RB
 5.00%
06/01/2037
 
2,770
2,774,393
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System);
Series 2019, Ref. RB
 5.00%
11/01/2046
 
1,650
1,567,755
Wisconsin (State of) Health & Educational Facilities Authority (Dickson Hollow Phase II);
Series 2024, RB
 6.00%
10/01/2044
 
300
316,374
Wisconsin (State of) Public Finance Authority;
      
 
 
Series 2022 B, RB(e)
 7.00%
02/01/2028
 
700
700,490
Series 2022, RB(e)
 5.38%
06/01/2037
 
670
689,398
Series 2023 A, Ref. RB(e)
 5.75%
10/01/2043
 
1,775
1,860,505
Series 2024, RB(e)
 5.50%
12/15/2028
 
3,393
3,404,776
Series 2024, RB(e)
12.00%
05/16/2029
 
1,315
1,349,966
Wisconsin (State of) Public Finance Authority (Alabama Proton Therapy Center); Series 2017 A, RB
(Acquired 12/01/2017; Cost $2,000,000)(b)(c)(e)
 6.25%
10/01/2031
 
2,000
200,000
Wisconsin (State of) Public Finance Authority (Alamance Community School); Series 2021 A, RB(e)
 5.00%
06/15/2041
 
510
483,589
Wisconsin (State of) Public Finance Authority (Alpha Ranch); Series 2024, RB(e)(h)
 0.00%
12/15/2038
 
5,000
2,176,265
Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands);
      
 
 
Series 2017, RB(e)
 6.25%
08/01/2027
 
500
483,750
Series 2017, RB(e)
 6.75%
08/01/2031
 
500
448,750
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration High Yield Municipal Fund
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Wisconsin–(continued)
Wisconsin (State of) Public Finance Authority (Ascend Leadership Academy);
      
 
 
Series 2021 A, RB(e)
 4.25%
06/15/2031
 
$550
$511,810
Series 2021 A, RB(e)
 5.00%
06/15/2041
 
615
558,246
Wisconsin (State of) Public Finance Authority (Cincinnati Classical Academy);
      
 
 
Series 2024, RB(e)
 5.38%
06/15/2039
 
250
253,221
Series 2024, RB(e)
 5.70%
06/15/2044
 
400
406,745
Wisconsin (State of) Public Finance Authority (Community School of Davidson); Series 2018, RB
 5.00%
10/01/2033
 
360
368,983
Wisconsin (State of) Public Finance Authority (Explore Academy);
      
 
 
Series 2020 A, RB(e)
 6.13%
02/01/2039
 
4,310
4,275,370
Series 2020, RB(e)
 7.00%
02/01/2025
 
90
90,022
Series 2022 A, RB(e)
 6.13%
02/01/2039
 
4,175
4,141,455
Wisconsin (State of) Public Finance Authority (Indigo); Series 2023, RB(e)(h)
 0.00%
12/01/2028
 
6,000
4,387,456
Wisconsin (State of) Public Finance Authority (Lariat); Series 2023, RB(e)(h)
 0.00%
09/01/2029
 
3,000
2,151,433
Wisconsin (State of) Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB(e)
 4.38%
06/15/2029
 
1,280
1,272,443
Wisconsin (State of) Public Finance Authority (Mater Academy of Nevada - East Las Vegas Campus);
      
 
 
Series 2024, RB(e)
 5.00%
12/15/2034
 
825
865,936
Series 2024, RB(e)
 5.00%
12/15/2039
 
700
724,417
Wisconsin (State of) Public Finance Authority (Miami Worldcenter); Series 2024 A, RB(e)
 5.00%
06/01/2041
 
2,300
2,380,014
Wisconsin (State of) Public Finance Authority (Million Air Two LLC General Aviation Facilities);
      
 
 
Series 2017 A, RB(f)
 7.25%
06/01/2035
 
3,800
3,993,369
Series 2017, Ref. RB(e)(f)
 7.13%
06/01/2041
 
150
157,643
Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy);
      
 
 
Series 2019, RB(e)
 5.00%
06/15/2039
 
440
441,473
Series 2019, RB(e)
 5.00%
06/15/2049
 
540
538,392
Wisconsin (State of) Public Finance Authority (Proton International);
      
 
 
Series 2021 A, RB(e)
 5.50%
01/01/2031
 
5,375
4,797,476
Series 2021 A, RB(e)
 6.50%
01/01/2041
 
3,110
2,512,084
Wisconsin (State of) Public Finance Authority (Quality Education Academy); Series 2023, RB(e)
 6.00%
07/15/2043
 
690
745,316
Wisconsin (State of) Public Finance Authority (Rans-Bridgewater); Series 2024, RB(e)
 5.63%
12/15/2030
 
5,000
5,013,171
Wisconsin (State of) Public Finance Authority (Rans-Elevon); Series 2024, RB(e)
 5.00%
07/15/2030
 
3,000
3,012,664
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences);
Series 2022, RB(e)(g)
 4.00%
04/01/2032
 
10
10,412
Wisconsin (State of) Public Finance Authority (Signorelli); Series 2024, RB(e)
 5.38%
12/15/2032
 
2,000
2,003,249
Wisconsin (State of) Public Finance Authority (Town of Scarborough - The Downs); Series 2024, RB
 5.00%
08/01/2039
 
1,600
1,619,521
Wisconsin (State of) Public Finance Authority (Uwharrie Charter Academy); Series 2022 A, RB(e)
 4.50%
06/15/2032
 
500
514,480
 
 
 
 
66,293,776
Total Municipal Obligations (Cost $1,203,174,878)
1,193,028,152
U.S. Dollar Denominated Bonds & Notes–0.15%
California–0.07%
CalPlant I LLC; Exit Facility(e)
15.00%
07/01/2025
 
770
785,685
Puerto Rico–0.08%
AES Puerto Rico, Inc.(j)
12.50%
03/04/2026
 
1,057
1,024,840
Total U.S. Dollar Denominated Bonds & Notes (Cost $1,806,893)
1,810,525
 
 
 
Shares
 
Exchange-Traded Funds–0.07%
Invesco Municipal Strategic Income ETF
(Cost $872,610)(l)
      
 
 
17,000
875,840
 
Common Stocks & Other Equity Interests–0.00%
Resolute Forest Products, Inc.
(Cost $9,595)
      
 
 
6,757
9,595
 
Preferred Stocks–0.00%
AES Puerto Rico, Inc., Pfd.
(Cost $0)(j)
      
 
 
100,023
0
TOTAL INVESTMENTS IN SECURITIES(m)–97.24% (Cost $1,205,863,976)
1,195,724,112
OTHER ASSETS LESS LIABILITIES–2.76%
33,978,344
NET ASSETS–100.00%
$1,229,702,456
See accompanying notes which are an integral part of this schedule.
Invesco Short Duration High Yield Municipal Fund
Investment Abbreviations: 
AGC
– Assured Guaranty Corp.
AGM
– Assured Guaranty Municipal Corp.
AMBAC
– American Municipal Bond Assurance Corp.
BAM
– Build America Mutual Assurance Co.
CEP
– Credit Enhancement Provider
COP
– Certificates of Participation
ETF
– Exchange-Traded Fund
GNMA
– Government National Mortgage Association
GO
– General Obligation
IDR
– Industrial Development Revenue Bonds
INS
– Insurer
LOC
– Letter of Credit
NATL
– National Public Finance Guarantee Corp.
Pfd.
– Preferred
RB
– Revenue Bonds
Ref.
– Refunding
RN
– Revenue Notes
SGI
– Syncora Guarantee, Inc.
Wts.
– Warrants
Notes to Schedule of Investments: 
(a)
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(b)
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,
2024 was $13,739,082, which represented 1.12% of the Fund’s Net Assets.
(c)
Restricted security. The aggregate value of these securities at November 30, 2024 was $14,275,504, which represented 1.16% of the Fund’s Net Assets.
(d)
Principal and/or interest payments are secured by the bond insurance company listed.
(e)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
November 30, 2024 was $390,994,414, which represented 31.80% of the Fund’s Net Assets.
(f)
Security subject to the alternative minimum tax.
(g)
Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(h)
Zero coupon bond issued at a discount.
(i)
Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(j)
Security valued using significant unobservable inputs (Level 3). See Note 1.
(k)
The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.
(l)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the three months ended November 30, 2024.
 
 
Value
August 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
November 30, 2024
Dividend Income
Invesco Municipal Strategic Income ETF
$873,372
$-
$-
$2,468
$-
$875,840
$8,749
 
(m)
Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s
obligations but may be called upon to satisfy the 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 Short Duration High Yield Municipal Fund
Notes to Quarterly Schedule of Portfolio Holdings
November 30, 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. When significant events cause market movements to occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
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, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
Municipal Obligations
$—
$1,192,112,711
$915,441
$1,193,028,152
U.S. Dollar Denominated Bonds & Notes
—
785,685
1,024,840
1,810,525
Exchange-Traded Funds
875,840
—
—
875,840
Common Stocks & Other Equity Interests
—
9,595
—
9,595
Preferred Stocks
—
—
0
0
Total Investments in Securities
875,840
1,192,907,991
1,940,281
1,195,724,112
Other Investments - Assets
Investments Matured
—
7,582,317
1,867,500
9,449,817
Total Investments
$875,840
$1,200,490,308
$3,807,781
$1,205,173,929
Invesco Short Duration High Yield Municipal Fund