Schedule of Investments

November 30, 2020

(Unaudited)

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Municipal Obligations–102.00%
Alabama–4.11%
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority; Series 2018 A, RB	5.00%	07/01/2048		$  2,500	$    2,714,450
Birmingham (City of), AL Private Educational Building Authority (Birmingham-Southern College); Series 1996, RB	6.13%	12/01/2025		385	340,140
Birmingham (City of), AL Water Works Board; Series 2016 B, Ref. RB	5.00%	01/01/2043		16,150	19,539,885
Etowah (County of) & Gadsden (City of), AL Health Care Authority (Etowah County Health Department); Series 2007, RB (INS - AGM)(a)	4.38%	01/01/2032		25	25,073
Fort Deposit (Town of), AL Cooperative District; Series 2003, RB	6.00%	02/01/2036		190	190,127
Homewood (City of), AL Educational Building Authority (Samford University); Series 2017 A, Ref. RB	5.00%	12/01/2047		4,500	5,211,090
Jefferson (County of), AL;
Series 2013 C, Wts. (INS - AGM)(a)(b)	6.90%	10/01/2050		8,750	8,664,600
Series 2013 D, Wts.	6.00%	10/01/2042		8,000	9,330,320
Series 2013 D, Wts.	7.00%	10/01/2051		4,000	4,772,440
Series 2013 D, Wts.	6.50%	10/01/2053		7,500	8,845,125
Series 2013 F, Revenue Wts.(b)	7.75%	10/01/2046		20,185	20,348,499
Series 2013 F, Revenue Wts.(b)	7.90%	10/01/2050		20,000	20,129,800
Series 2017, Ref. Wts.	5.00%	09/15/2035		4,500	5,473,395
Mobile (City of), AL Improvement District (McGowin Park); Series 2016 A, RB	5.25%	08/01/2030		200	205,156
					105,790,100
Alaska–0.00%
Alaska (State of) Industrial Development & Export Authority (Boys & Girls Home & Family Services, Inc.); Series 2007 C, RB(c)	5.88%	12/01/2027		600	30,000
Northern Tobacco Securitization Corp.; Series 2006 A, RB	5.00%	06/01/2032		90	90,038
					120,038
Arizona–2.95%
Arizona (State of) Industrial Development Authority; Series 2020 A, RB	4.00%	11/01/2045		2,100	2,434,845
Arizona (State of) Industrial Development Authority (Academies of Math & Science);
Series 2017 A, Ref. RB	5.00%	07/01/2042		675	791,066
Series 2017 A, Ref. RB	5.00%	07/01/2047		925	1,075,747
Series 2017 A, Ref. RB	5.00%	07/01/2051		1,000	1,160,700
Series 2018 A, Ref. RB	5.00%	07/01/2038		500	598,650
Series 2018 A, Ref. RB	5.00%	07/01/2048		1,800	2,114,334
Series 2018 A, Ref. RB	5.00%	07/01/2052		2,125	2,488,842
Arizona (State of) Industrial Development Authority (Provident Group - Eastern Michigan University Parking);
Series 2018, RB	5.00%	05/01/2048		1,100	1,128,094
Series 2018, RB	5.00%	05/01/2051		1,000	1,021,190
Arizona (State of) Industrial Development Authority (Provident Group-NCCU Properties LLC); Series 2019 A, RB (INS - BAM)(a)	5.00%	06/01/2058		570	679,258
City of Phoenix Civic Improvement Corp.; Series 2019, RB	5.00%	07/01/2049		6,845	8,414,901
Festival Ranch Community Facilities District (Assessment Districts Nos. 4 & 5); Series 2007, RB	5.75%	07/01/2032		297	297,042
Maricopa (County of), AZ Industrial Development Authority (GreatHearts Arizona);
Series 2017 C, RB	5.00%	07/01/2037		80	96,250
Series 2017 C, RB	5.00%	07/01/2048		145	171,088
Maricopa (County of), AZ Industrial Development Authority (Immanuel Campus of Care); Series 2006 B, Ref. RB(c)(d)	8.50%	04/20/2041		495	341,550
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools);
Series 2019, Ref. RB(e)	5.00%	07/01/2049		800	890,768
Series 2019, Ref. RB(e)	5.00%	07/01/2054		600	665,724
Maricopa County School District No. 24; Series 2007 B, GO Bonds	5.50%	07/01/2022		90	90,173
Merrill Ranch Community Facilities District No. 1 (Assessment Area One); Series 2006, RB	5.30%	07/01/2030		184	184,236
Phoenix (City of), AZ Industrial Development Authority (Espiritu Community Development Corp. Charter School); Series 2006 A, RB	6.25%	07/01/2036		435	435,339

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

Invesco AMT-Free Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Arizona–(continued)
Phoenix (City of), AZ Industrial Development Authority (Great Hearts Academies); Series 2016 A, RB	5.00%	07/01/2041		$  1,200	$    1,321,392
Phoenix (City of), AZ Industrial Development Authority (Rowan University); Series 2012, RB	5.25%	06/01/2034		8,500	8,951,180
Phoenix Civic Improvement Corp.; Series 2019 A, RB	4.00%	07/01/2045		2,765	2,904,328
Pima (County of), AZ Industrial Development Authority (Arizona Charter Schools Ref.); Series 2013 Q, Ref. RB	5.38%	07/01/2031		2,715	2,799,355
Pima (County of), AZ Industrial Development Authority (Christian Care Tuscon, Inc.);
Series 2017 A, Ref. RB	5.00%	06/15/2037		550	617,683
Series 2017 C, RB	5.00%	12/15/2047		1,010	1,119,545
Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB(e)	5.50%	09/01/2046		900	919,908
Pima (County of), AZ Industrial Development Authority (New Plan Learning, Inc.); Series 2011 A, RB	8.13%	07/01/2041		1,400	1,400,280
Pima (County of), AZ Industrial Development Authority (Paideia Academies (The));
Series 2019, RB	5.13%	07/01/2039		195	199,177
Series 2019, RB	5.25%	07/01/2049		240	243,989
Pima (County of), AZ Industrial Development Authority (Tuscon Country Day School); Series 2007, Ref. RB	5.00%	06/01/2037		760	760,654
Salt River Project Agricultural Improvement & Power District (Arizona Salt River); Series 2019 A, RB	4.00%	01/01/2041		6,595	7,972,761
Salt Verde Financial Corp.;
Series 2007, RB	5.50%	12/01/2029		100	133,132
Series 2007, RB	5.00%	12/01/2032		3,000	4,015,830
Series 2007, RB	5.00%	12/01/2037		11,500	16,273,305
Santa Cruz (County of), AZ Fire District (Rio Rico);
Series 2011 B, GO Bonds(f)(g)	7.00%	07/01/2021		930	966,000
Series 2011 B, GO Bonds	7.00%	07/01/2030		70	72,479
					75,750,795
Arkansas–0.14%
Arkansas (State of) Development Finance Authority (Baptist Memorial Health); Series 2020, Ref. RB	5.00%	09/01/2044		2,000	2,427,600
Cave Springs Municipal Property Owners’ Improvement District No. 3; Series 2007, GO Bonds(c)(d)	6.25%	02/01/2038		1,615	1,178,950
					3,606,550
California–9.42%
Bay Area Toll Authority; Series 2019 S-8, Ref. RB	5.00%	04/01/2056		5,000	6,147,700
California (County of), CA Tobacco Securitization Agency (Gold Country Settlement Funding Corp.); Series 2006, RB(h)	0.00%	06/01/2033		5	2,446
California (State of);
Series 2016, GO Bonds	5.00%	09/01/2045		5,000	6,003,900
Series 2016, Ref. GO Bonds	5.00%	09/01/2037		10,085	12,290,690
Series 2017, GO Bonds	5.00%	08/01/2046		8,500	10,177,560
Series 2020, GO Bonds	3.00%	03/01/2046		2,600	2,796,482
Series 2020, GO Bonds	4.00%	03/01/2046		1,500	1,804,485
Series 2020, GO Bonds	3.00%	03/01/2050		1,500	1,605,015
Series 2020, GO Bonds	4.00%	03/01/2050		1,325	1,588,423
California (State of) County Tobacco Securitization Agency; Series 2006 B, RB(h)	0.00%	06/01/2050		129,820	18,585,031
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2002, RB	5.88%	06/01/2035		50	50,059
California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.);
Series 2006 A, RB(h)	0.00%	06/01/2046		7,000	1,370,950
Series 2006 B, RB(h)	0.00%	06/01/2046		6,000	1,132,080
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2002 A, RB	5.88%	06/01/2043		4,410	4,415,248
California (State of) Enterprise Development Authority (Sunpower Corp. - Headquarters); Series 2010, RB	8.50%	04/01/2031		3,375	3,398,726
California (State of) Health Facilities Financing Authority (Sutter Health);
Series 2016 B, Ref. RB(f)(g)	5.00%	11/15/2026		4,080	5,191,188
Series 2016 B, Ref. RB	5.00%	11/15/2046		5,920	7,034,262

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

Invesco AMT-Free Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
California–(continued)
California (State of) Housing Finance Agency;
Series 2019 2, Class A, Revenue Ctfs.	4.00%	03/20/2033		$  1,972	$    2,200,207
Series 2019 A-1, RB	4.25%	01/15/2035		172	197,148
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); Series 2018, RB (INS - BAM)(a)	5.00%	05/15/2043		4,250	5,090,395
California (State of) Municipal Finance Authority (CHF-Riverside II, LLC - UCR North District Phase I Student Housing); Series 2019, RB (INS - BAM)(a)	5.00%	05/15/2049		3,500	4,223,940
California (State of) School Finance Authority (Coastal Academy); Series 2013 A, RB(e)	5.00%	10/01/2033		1,000	1,047,430
California (State of) Statewide Communities Development Authority (Community Facilities District No. 2007-01); Series 2015, Ref. RB	5.00%	09/01/2030		1,570	1,770,081
Cathedral City (City of), CA Redevelopment Agency Successor Agency;
Series 2014 A, Ref. RB (INS - AGM)(a)	5.00%	08/01/2032		1,450	1,663,643
Series 2014 A, Ref. RB (INS - AGM)(a)	5.00%	08/01/2033		885	1,014,874
Chula Vista (City of), CA (San Diego Gas & Electric Co.); Series 2004 C, IDR	5.88%	02/15/2034		9,985	10,022,144
Golden State Tobacco Securitization Corp.; Series 2017 A-1, Ref. RB	5.00%	06/01/2029		170	210,020
Inland Empire Tobacco Securitization Corp.; Series 2007 F, RB(e)(h)	0.00%	06/01/2057		345,750	14,711,662
Lammersville Joint Unified School District (Lammersville School District Community Facilities District No. 2007-1 - Improvement Area No. 1 - Mountain House - Shea Homes); Series 2013, RB	6.00%	09/01/2043		2,750	3,030,362
Lammersville Unified School District (Lammersville School District Community Facilities District No. 2002 - Mountain House);
Series 2012, Ref. RB	5.00%	09/01/2025		415	441,398
Series 2012, Ref. RB	5.10%	09/01/2026		375	398,614
Series 2012, Ref. RB	5.15%	09/01/2027		885	939,658
Series 2012, Ref. RB	5.20%	09/01/2028		1,000	1,060,690
Series 2012, Ref. RB	5.25%	09/01/2029		500	530,010
Series 2012, Ref. RB	5.30%	09/01/2030		500	530,395
Series 2012, Ref. RB	5.38%	09/01/2032		1,000	1,057,990
Local Public Schools Funding Authority (School Facilities Improvement District No. 2016-1 - Election of 2016); Series 2017 A, GO Bonds (INS - BAM)(a)	4.00%	08/01/2042		3,500	4,023,250
Long Beach (City of), CA Bond Finance Authority; Series 2007 A, RB	5.50%	11/15/2037		2,000	3,000,300
Los Angeles (City of), CA (Community Facilities District No. 8); Series 2010, RB	5.75%	09/01/2040		180	181,687
Los Angeles Unified School District;
Series 2018 XF2575, Revenue Ctfs.(i)	5.25%	07/01/2042		20,000	25,172,200
Series 2020 RYQ, GO Bonds	4.00%	07/01/2044		5,500	6,589,110
Lynwood (City of), CA Redevelopment Agency (Project Area A); Series 2011 A, RB	7.00%	09/01/2031		1,250	1,300,212
M-S-R Energy Authority; Series 2009 B, RB	7.00%	11/01/2034		10,000	15,973,400
Oak Grove School District (Election of 2008); Series 2018 E, Ref. GO Bonds(b)	5.00%	08/01/2042		4,500	2,849,985
Oxnard (City of), CA Financing Authority;
Series 2014, Ref. RB (INS - AGM)(a)	5.00%	06/01/2032		1,250	1,418,750
Series 2014, Ref. RB (INS - AGM)(a)	5.00%	06/01/2033		1,500	1,698,600
Series 2014, Ref. RB (INS - AGM)(a)	5.00%	06/01/2034		850	960,730
Paramount Unified School District (Election of 2016); Series 2017 A, GO Bonds (INS - AGM)(a)	5.25%	08/01/2046		2,575	3,220,012
Poway Unified School District Public Financing Authority;
Series 2015 B, Ref. RB (INS - BAM)(a)	5.00%	09/01/2033		1,740	2,104,617
Series 2015 B, Ref. RB (INS - BAM)(a)	5.00%	09/01/2034		3,095	3,735,448
Sacramento (City of), CA Municipal Utility District; Series 2020 H, RB	4.00%	08/15/2045		6,000	7,250,700
San Diego (County of), CA Regional Airport Authority; Series 2019 A, Ref. RB	5.00%	07/01/2049		5,000	6,222,350
San Francisco (City & County of), CA Redevelopment Financing Authority (Mission Bay North Redevelopment); Series 2011 C, RB(f)(g)	6.75%	02/01/2021		250	252,703
San Francisco (City & County of), CA Redevelopment Financing Authority (Mission Bay South Redevelopment); Series 2011 D, RB(f)(g)	7.00%	02/01/2021		350	353,836
San Francisco (City of), CA Public Utilities Commission; Series 2020 C, RB	4.00%	11/01/2050		5,250	6,356,700
San Jose (City of), CA Financing Authority; Series 2011, RB	5.50%	05/01/2031		350	356,538
Santa Cruz (County of), CA Redevelopment Agency; Series 2015 A, Ref. RB (INS - AGM)(a)	5.00%	09/01/2035		1,880	2,205,654
Transbay Joint Powers Authority (Green Bonds); Series 2020 A, RB	5.00%	10/01/2045		2,000	2,499,020
Twin Rivers Unified School District; Series 2020, GO Bonds (INS - AGM)(a)(h)	0.00%	08/01/2044		8,990	4,353,318
University of California; Series 2018 AZ, Ref. RB	5.00%	05/15/2038		5,000	6,349,350
					242,163,376

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

Invesco AMT-Free Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Colorado–3.09%
Berthoud-Heritage Metropolitan District No. 1; Series 2019, RB	5.63%	12/01/2048		$  2,000	$    2,119,760
BNC Metropolitan District No. 1; Series 2017 A, Ref. GO Bonds (INS - BAM)(a)	5.00%	12/01/2037		550	670,203
Broomfield Village Metropolitan District No. 2; Series 2003, Ref. GO Bonds(d)(j)	6.25%	12/01/2032		3,330	2,664,000
Colorado (State of) Educational & Cultural Facilities Authority;
Series 2010, Ref. RB	6.45%	11/01/2040		1,150	1,155,163
Series 2018 A, Ref. RB	5.00%	12/01/2038		1,000	1,215,540
Colorado (State of) Health Facilities Authority; Series 2016, Ref. RB	5.00%	01/01/2037		1,400	1,488,494
Colorado (State of) Health Facilities Authority (Adventhealth Obligated); Series 2019, Ref. RB	4.00%	11/15/2043		2,000	2,320,640
Colorado (State of) Health Facilities Authority (Commonspirit Health); Series 2019 A-2, Ref. RB	5.00%	08/01/2044		6,515	7,849,989
Cottonwood Highlands Metropolitan District No. 1; Series 2019 A, GO Bonds	5.00%	12/01/2049		900	931,977
Denver (City & County of), CO; Series 2018 B, Ref. RB	5.00%	12/01/2048		12,500	15,301,375
E-470 Public Highway Authority; Series 1997 B, RB (INS - NATL)(a)(h)	0.00%	09/01/2025		125	120,495
Ebert Metropolitan District;
Series 2018 A-1, GO Bonds (INS - BAM)(a)	5.00%	12/01/2043		7,000	8,789,830
Series 2018 A-2, GO Bonds (INS - BAM)(a)	5.00%	12/01/2043		1,605	2,015,382
Fossil Ridge Metropolitan District No. 1; Series 2010, Ref. GO Bonds(f)(g)	7.25%	12/01/2020		720	720,000
Hunters Overlook Metropolitan District No. 5;
Series 2019 A, GO Bonds	5.00%	12/01/2039		900	951,183
Series 2019 A, GO Bonds	5.00%	12/01/2049		1,360	1,424,083
Hunting Hill Metropolitan District; Series 2018, Ref. GO Bonds	5.63%	12/01/2048		1,575	1,660,223
Potomac Farms Metropolitan District;
Series 2007 A, Ref. GO Bonds	7.25%	12/01/2037		750	689,123
Series 2007 B, Ref. GO Bonds	7.63%	12/01/2023		52	51,300
Powhaton Road Metropolitan District No. 2; Series 2019 A, GO Bonds	5.63%	12/01/2048		710	749,284
Public Authority for Colorado Energy;
Series 2008, RB	6.25%	11/15/2028		1,495	1,908,412
Series 2008, RB	6.50%	11/15/2038		5,000	7,916,200
Rampart Range Metropolitan District No. 1;
Series 2017, Ref. RB (INS - AGM)(a)	5.00%	12/01/2042		4,665	5,657,432
Series 2017, Ref. RB (INS - AGM)(a)	5.00%	12/01/2047		1,500	1,810,725
Tabernash Meadows Water & Sanitation District; Series 2010, Ref. GO Bonds(f)(g)	7.13%	12/01/2020		500	500,000
Tallyn’s Reach Metropolitan District No. 3;
Series 2013, Ref. GO Bonds(f)(g)	5.00%	12/01/2023		110	123,251
Series 2013, Ref. GO Bonds(f)(g)	5.13%	12/01/2023		250	283,313
Vauxmont Metropolitan District; Series 2020, Ref. GO Bonds (INS - AGM)(a)	5.00%	12/01/2050		1,500	1,850,250
Woodmen Heights Metropolitan District No. 1;
Series 2012 A, Ref. GO Bonds	6.00%	12/01/2041		949	997,790
Series 2012 B, Ref. GO Bonds	7.30%	12/15/2041		5,071	5,416,867
					79,352,284
Connecticut–1.02%
Connecticut (State of) Health & Education Facilities Authority (Nuvance Health); Series 2019 A, Ref. RB	4.00%	07/01/2041		8,555	9,401,432
Connecticut (State of) Health & Educational Facilities Authority (Fairfield University); Series 2017 R, Ref. RB	4.00%	07/01/2042		6,125	6,729,721
Connecticut (State of) Health & Educational Facilities Authority (Nuvance Health); Series 2019 A, Ref. RB	4.00%	07/01/2049		1,500	1,623,465
Connecticut (State of) Health & Educational Facilities Authority (The Griffin Hospital); Series 2020, G-1, Ref. RB(e)	5.00%	07/01/2044		1,100	1,195,326
Connecticut (State of) Health & Educational Facilities Authority (Yale University); Series 2001 V-1, VRD RB(k)	0.01%	07/01/2036		4,500	4,500,000
Connecticut (State of) Special Tax Revenue; Series 2020 A, RB	4.00%	05/01/2039		1,000	1,178,040
Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds (Acquired 03/20/2008; Cost $392,836)(c)(d)(l)	5.13%	10/01/2036		500	60,000
Hamden (Town of), CT; Series 2018 A, Ref. GO Bonds (INS - BAM)(a)	5.00%	08/15/2030		625	773,431
Mashantucket Western Pequot Tribe; Series 2013, RB(c)	6.05%	07/01/2031		11,260	731,904
					26,193,319
Delaware–0.10%
Bridgeville (Town of), DE (Heritage Shores Special Development District); Series 2005 A, RB	5.45%	07/01/2035		2,512	2,516,396

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

Invesco AMT-Free Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
District of Columbia–1.25%
District of Columbia;
Series 2006 B-1, RB (INS - NATL)(a)	5.00%	02/01/2031		$     15	$       15,032
Series 2019 A, RB	4.00%	03/01/2044		4,335	5,171,958
District of Columbia (Center for Strategic & International Studies, Inc.); Series 2011, RB(f)(g)	6.38%	03/01/2021		1,705	1,731,223
District of Columbia (Gallaudet University); Series 2011, RB	5.50%	04/01/2034		400	404,300
District of Columbia Tobacco Settlement Financing Corp.;
Series 2001, RB	6.50%	05/15/2033		1,225	1,354,482
Series 2001, RB	6.75%	05/15/2040		4,385	4,519,751
Series 2006 B, RB(h)	0.00%	06/15/2046		72,125	10,051,340
Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); Series 2019 B, Ref. RB	4.00%	10/01/2044		7,815	8,793,829
					32,041,915
Florida–4.71%
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics); Series 2019, RB	4.00%	12/01/2049		2,055	2,299,175
Amelia Concourse Community Development District; Series 2007, RB(c)(d)	5.75%	05/01/2038		1,815	1,651,650
Arlington Ridge Community Development District; Series 2006 A, RB	5.50%	05/01/2036		220	215,545
Canaveral Port Authority; Series 2018 B, RB	5.00%	06/01/2048		5,000	5,779,300
Capital Trust Agency, Inc. (Advantage Academy of Hillsborough);
Series 2019 A, RB	5.00%	12/15/2049		455	495,600
Series 2019 A, RB	5.00%	12/15/2054		320	347,075
Capital Trust Agency, Inc. (Florida Charter Educational Foundation, Inc.);
Series 2018 A, RB(e)	5.38%	06/15/2038		255	276,063
Series 2018 A, RB(e)	5.38%	06/15/2048		480	511,954
Cascades at Groveland Community Development District; Series 2006, RB	5.30%	05/01/2036		815	815,774
Chapel Creek Community Development District; Series 2006 A, RB(c)(d)	5.50%	05/01/2038		1,990	1,791,000
Clearwater Cay Community Development District; Series 2006 A, RB(c)(d)	5.50%	05/01/2037		826	470,787
Creekside Community Development District; Series 2006, RB(c)(d)	5.20%	05/01/2038		2,280	1,026,000
CrossCreek Community Development District; Series 2007 A, RB(c)	5.60%	05/01/2039		5	4,005
East Homestead Community Development District; Series 2013, RB	5.00%	11/01/2033		350	365,551
Greater Lakes/Sawgrass Bay Community Development District; Series 2006 A, RB	5.50%	05/01/2038		780	780,257
Greater Orlando Aviation Authority; Series 2015 XF2019, Revenue Ctfs.(i)	5.00%	10/01/2032		16,000	16,056,000
Heritage Isles Community Development District; Series 1999, RB(c)	7.10%	10/01/2023		195	29,250
Highland Meadows Community Development District; Series 2006 A, RB	5.50%	05/01/2036		95	95,059
Indigo Community Development District; Series 2005, RB(c)(d)	5.75%	05/01/2036		375	262,500
Jacksonville (City of), FL (Brooks Rehabilitation); Series 2020, Ref. RB	5.00%	11/01/2050		5,000	5,943,750
Jacksonville (City of), FL Health Facilities Authority; Series 1997 B, RB(f)	5.25%	08/15/2027		30	32,296
JEA Water & Sewer System Revenue; Series 2008 B-1, VRD RB(k)	0.12%	10/01/2036		4,090	4,090,000
Lake (County of), FL (Imagine South Lake Charter School Program); Series 2019, RB(e)	5.00%	01/15/2054		190	200,748
Lake Ashton II Community Development District; Series 2005 A, RB	5.38%	05/01/2036		653	625,832
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts);
Series 2018 A, RB(e)	5.50%	07/15/2048		565	581,780
Series 2018 A, RB(e)	5.75%	07/15/2053		600	632,070
Lakeland (City of), FL (Florida Southern College);
Series 2012 A, Ref. RB	5.00%	09/01/2029		1,255	1,322,055
Series 2012 A, Ref. RB	5.00%	09/01/2037		1,000	1,043,010
Lakeland (City of), FL (Lakeland Regional Health); Series 2015, RB	5.00%	11/15/2040		3,000	3,411,150
Lee Memorial Health System; Series 2019 A-1, Ref. RB	4.00%	04/01/2037		4,000	4,643,480
Lucaya Community Development District; Series 2005, RB	5.38%	05/01/2035		1,200	1,201,284
Magnolia Creek Community Development District; Series 2007 A, RB(c)	5.90%	05/01/2039		1,775	319,500
Magnolia West Community Development District; Series 2017, RB	5.35%	05/01/2037		85	85,683
Miami-Dade (County of), FL;
Series 2009, RB (INS - BAM)(a)(h)	0.00%	10/01/2042		6,925	3,741,854
Series 2019 B, RB	4.00%	10/01/2049		17,745	20,977,429
Miami-Dade (County of), FL Seaport; Series 2013 A, RB	5.50%	10/01/2042		3,000	3,294,390
Miromar Lakes Community Development District;
Series 2012, Ref. RB	5.38%	05/01/2032		735	755,867
Series 2015, Ref. RB	5.00%	05/01/2035		1,215	1,290,682

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

Invesco AMT-Free Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Florida–(continued)
Monterey/Congress Community Development District; Series 2005 A, RB	5.38%	05/01/2036		$  2,815	$    2,824,543
Naturewalk Community Development District; Series 2007 A, RB(c)(d)	5.50%	05/01/2038		335	120,600
Orlando (City of), FL; Series 2008, RB (INS - AGC)(a)	5.50%	11/01/2038		180	180,495
Orlando (City of), FL Utilities Commission; Series 2018 A, RB	5.00%	10/01/2038		3,000	3,766,320
Osceola (County of), FL; Series 2020 A-1, Ref. RB	5.00%	10/01/2049		2,250	2,660,130
Palace Coral Gables Community Development District;
Series 2011, RB	5.00%	05/01/2032		450	476,447
Series 2011, RB	5.63%	05/01/2042		1,000	1,067,190
Palm River Community Development District; Series 2007 A, RB(c)	5.38%	05/01/2036		510	255,000
Polk (County of), FL Industrial Development Authority (Carpenter’s Home Estates); Series 2019, Ref. IDR	5.00%	01/01/2049		750	794,400
Reunion East Community Development District;
Series 2002 A-2, RB(c)(d)	7.38%	05/01/2033		860	9
Series 2005, RB(c)(d)	5.80%	05/01/2036		810	8
Ridgewood Trails Community Development District; Series 2007 A, RB	5.65%	05/01/2038		15	15,004
River Glen Community Development District; Series 2006 A, RB(c)(d)	5.45%	05/01/2038		568	568,068
Santa Rosa (City of), FL Bay Bridge Authority; Series 1996 C, RB (INS - ACA)(a)	6.25%	07/01/2028		268	268,352
South Bay Community Development District;
Series 2005 A, RB(c)(d)	5.95%	05/01/2036		1,645	16
Series 2005 A-1, Ref. RB	5.95%	05/01/2036		1,900	1,583,289
Series 2005 A-2, Ref. RB(c)(d)	6.60%	05/01/2036		2,530	1,275,297
Series 2005 B-1, Ref. RB(c)	5.13%	05/01/2023		1,505	1,499,534
Series 2005 B-2, Ref. RB(c)(d)	6.60%	05/01/2025		935	470,829
St. Johns (County of), FL Industrial Development Authority (Bayview); Series 2007 A, Ref. RB(c)(d)	5.25%	10/01/2041		400	280,000
Tampa (City of), FL;
Series 2020 A, RB(h)	0.00%	09/01/2033		210	149,440
Series 2020 A, RB(h)	0.00%	09/01/2034		880	602,140
Series 2020 A, RB(h)	0.00%	09/01/2035		750	491,693
Series 2020 A, RB(h)	0.00%	09/01/2036		850	532,635
Series 2020 A, RB(h)	0.00%	09/01/2037		825	494,060
Series 2020 A, RB(h)	0.00%	09/01/2038		1,050	600,285
Series 2020 A, RB(h)	0.00%	09/01/2039		1,000	545,930
Villages of Avignon Community Development District; Series 2007 A, RB(c)(d)	5.40%	05/01/2037		250	17,500
Vista Community Development District; Series 2006 A, RB	5.38%	05/01/2037		3,855	3,857,159
Waterford Estates Community Development District; Series 2006 A, RB(c)(d)	5.50%	05/01/2037		2,031	1,421,523
Water’s Edge Community Development District;
Series 2012 A-1, Ref. RB	5.35%	05/01/2039		15	15,010
Series 2012 A-2, Ref. RB	6.60%	05/01/2039		200	202,508
Waterstone Community Development District;
Series 2007 A, RB(b)(d)	6.88%	05/01/2037		146	99,769
Series 2007 B, RB(d)(h)	0.00%	11/01/2028		993	550,558
West Villages Improvement District;
Series 2005 A-1, RB	5.75%	05/01/2036		3,330	2,722,042
Series 2005 A-2, RB(c)(d)	5.75%	05/01/2036		2,925	1,696,500
Westridge Community Development District; Series 2005, RB(c)	5.80%	05/01/2037		455	455,250
Westside Community Development District; Series 2019 2, RB(c)(d)	5.65%	05/01/2037		555	422,349
Wyld Palms Community Development District; Series 2007 A, RB(c)(d)	5.50%	05/01/2038		1,445	346,800
Zephyr Ridge Community Development District; Series 2006 A, RB(c)(d)	5.63%	05/01/2037		979	430,611
					121,224,698
Georgia–1.26%
Atlanta (City of), GA; Series 2019 A, RB	4.00%	07/01/2049		9,895	11,415,367
Atlanta (City of), GA Urban Residential Finance Authority (Trestletree Village Apartments); Series 2013 A, RB	5.00%	11/01/2048		565	566,492
Floyd (County of), GA Development Authority (The Spires at Berry College);
Series 2018 A, RB	5.75%	12/01/2033		1,055	999,549
Series 2018 A, RB	6.00%	12/01/2038		2,145	2,021,341
Series 2018 A, RB	6.25%	12/01/2048		5,280	4,899,998
Series 2018 A, RB	6.50%	12/01/2053		3,040	2,890,097

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

Invesco AMT-Free Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Georgia–(continued)
Fulton (County of), GA Development Authority; Series 2016 A, Ref. RB	5.00%	07/01/2046		$  3,000	$    3,526,530
Georgia State Environmental Loan Acquisition Corp.; Series 2011, RB(f)(g)	5.13%	03/15/2021		440	446,261
Main Street Natural Gas, Inc.; Series 2019 A, RB	5.00%	05/15/2043		1,040	1,250,298
Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens);
Series 2018 A-1, RB	6.13%	12/01/2038		880	864,486
Series 2018 A-1, RB	6.25%	12/01/2048		1,230	1,195,203
Series 2018 A-1, RB	6.38%	12/01/2053		1,030	996,319
Series 2018 A-2, RB(g)	5.50%	12/01/2028		700	686,714
Randolph (County of), GA; Series 2012 A, GO Bonds(f)(g)	5.00%	04/01/2022		520	552,932
					32,311,587
Guam–0.07%
Guam (Territory of) Waterworks Authority; Series 2020 A, RB	5.00%	01/01/2050		1,500	1,845,345
Idaho–0.77%
American Falls Reservoir District; Series 2000, Ref. VRD RB(k)	0.18%	02/01/2025		19,885	19,885,000
Illinois–5.66%
Chicago (City of) (O’Hare International Airport); Series 2016 B, Ref. RB	5.00%	01/01/2041		3,000	3,464,490
Chicago (City of), IL; Series 2012, RB (INS - BAM)(a)	4.00%	01/01/2042		6,000	6,132,600
Chicago (City of), IL (Chicago O’Hare International Airport); Series 2015 B, Ref. RB	5.00%	01/01/2034		2,500	2,883,450
Chicago (City of), IL Board of Education;
Series 1998 B-1, GO Bonds (INS - NATL)(a)(h)	0.00%	12/01/2024		915	834,068
Series 1999 A, GO Bonds (INS - NATL)(a)(h)	0.00%	12/01/2024		1,405	1,280,728
Series 2016, RB	6.00%	04/01/2046		4,300	5,010,403
Series 2018 A, Ref. GO Bonds (INS - AGM)(a)	5.00%	12/01/2026		775	943,159
Series 2018 A, Ref. GO Bonds (INS - AGM)(a)	5.00%	12/01/2028		2,250	2,840,220
Series 2018 A, Ref. GO Bonds (INS - AGM)(a)	5.00%	12/01/2031		1,000	1,234,490
Series 2018 A, Ref. GO Bonds (INS - AGM)(a)	5.00%	12/01/2034		1,205	1,471,233
Chicago (City of), IL Transit Authority; Series 2020 A, Ref. RB	5.00%	12/01/2045		2,450	2,955,386
Chicago O’Hare International Airport; Series 2020 A, Ref. RB	4.00%	01/01/2037		5,000	5,856,750
Cook County Community School District No. 147; Series 2004 A, Ref. GO Bonds (INS - ACA)(a)	7.13%	06/01/2024		2,400	2,652,744
Du Page (County of), IL Special Service Area No. 31; Series 2006, RB	5.63%	03/01/2036		318	318,382
Gilberts (Village of), IL; Series 2014, Ref. RB (INS - AGM)(a)	5.00%	03/01/2035		2,000	2,238,840
Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Series 2014 A, RB	5.38%	03/01/2034		690	689,001
Harvey (City of), IL;
Series 2007 A, Ref. GO Bonds (Acquired 09/02/2009; Cost $1,773,512)(c)(l)	5.50%	12/01/2027		2,225	1,524,125
Series 2007 A, Ref. GO Bonds (Acquired 09/03/2009; Cost $758,969)(c)(l)	5.63%	12/01/2032		1,000	685,000
Series 2008, RB	6.88%	08/01/2028		3,370	3,317,327
Illinois (State of);
Series 2014, GO Bonds	5.00%	04/01/2025		2,000	2,141,000
Series 2014, GO Bonds	5.00%	02/01/2039		1,525	1,580,388
Series 2016, GO Bonds (INS - BAM)(a)	4.00%	06/01/2041		5,000	5,184,800
Series 2017 C, GO Bonds	5.00%	11/01/2029		3,000	3,264,960
Series 2018 A, GO Bonds	5.00%	05/01/2036		2,610	2,823,394
Series 2018 A, Ref. GO Bonds	5.00%	10/01/2029		6,500	7,228,000
Series 2018 A, Ref. GO Bonds	5.00%	10/01/2032		3,000	3,292,110
Series 2018 A, Ref. GO Bonds	5.00%	10/01/2033		750	819,945
Series 2018 B, Ref. GO Bonds	5.00%	10/01/2029		5,000	5,560,000
Series 2020, GO Bonds	5.50%	05/01/2039		3,750	4,232,625
Illinois (State of) Finance Authority;
Series 2012 A, RB	5.75%	10/01/2032		500	519,870
Series 2012 A, RB	6.00%	10/01/2048		450	465,736
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(k)	0.08%	12/01/2046		3,125	3,125,000
Illinois (State of) Finance Authority (University of Illinois Health Services);
Series 2020, RB	4.00%	10/01/2040		950	1,059,668
Series 2020, RB	4.00%	10/01/2050		3,000	3,277,470
Illinois (State of) Regional Transportation Authority; Series 2018 B, RB	4.00%	06/01/2043		1,365	1,536,007

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

Invesco AMT-Free Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Illinois–(continued)
Illinois (State of) Sports Facilities Authority (The);
Series 2014, Ref. RB (INS - AGM)(a)	5.25%	06/15/2032		$  2,000	$    2,245,760
Series 2019, Ref. RB (INS - BAM)(a)	5.00%	06/15/2028		2,520	3,146,699
Series 2019, Ref. RB (INS - BAM)(a)	5.00%	06/15/2029		455	577,827
Series 2019, Ref. RB (INS - BAM)(a)	5.00%	06/15/2030		245	309,278
Jefferson County Township High School District No. 201;
Series 2012 A, GO Bonds	6.50%	12/30/2027		895	1,185,982
Series 2012 A, GO Bonds	6.50%	12/30/2028		955	1,297,492
Series 2012 A, GO Bonds	6.50%	12/30/2031		1,160	1,681,919
Lakemoor (Village of), IL; Series 2006, Ref. RB (INS - AGC)(a)	5.00%	03/01/2027		3,215	3,222,684
Lincolnshire (Village of), IL; Series 2004, RB	6.25%	03/01/2034		2,207	2,208,148
Markham (City of), IL; Series 2008 B, GO Bonds	5.75%	02/01/2028		480	471,725
Metropolitan Pier & Exposition Authority; Series 1998 A, RB (INS - AGM)(a)	5.50%	12/15/2023		760	806,976
Northern Illinois Municipal Power Agency; Series 2016 A, Ref. RB	4.00%	12/01/2041		1,050	1,155,073
Plano (City of), IL Special Service Area No. 5 (Lakewood Springs Club); Series 2006, RB(c)(d)	6.00%	03/01/2036		554	451,510
Regional Transportation Authority; Series 2018 XF2618, Revenue Ctfs.(i)	4.00%	06/01/2043		18,000	20,255,040
Sales Tax Securitization Corp.; Series 2018 C, Ref. RB (INS - BAM)(a)	5.25%	01/01/2048		5,000	5,974,650
Southwestern Illinois Development Authority;
Series 2006, RB	5.63%	11/01/2026		890	673,454
Series 2008 A, Ref. RB(d)	7.00%	10/01/2022		2,995	1,737,100
Southwestern Illinois Development Authority (Eden Retirement Center, Inc.); Series 2006, RB	5.85%	12/01/2036		500	502,280
Stephenson County School District No. 145;
Series 2018 A, Ref. GO Bonds (INS - AGM)(a)	5.00%	02/01/2032		1,155	1,459,146
Series 2018 A, Ref. GO Bonds (INS - AGM)(a)	5.00%	02/01/2033		850	1,066,410
Series 2018 A, Ref. GO Bonds (INS - AGM)(a)	5.00%	02/01/2034		750	939,285
Yorkville (United City of), IL; Series 2013, Ref. RB	5.00%	03/01/2033		1,848	1,831,183
					145,642,990
Indiana–1.19%
Columbus (City of), IN; Series 2019, RB	5.63%	05/01/2039		3,575	3,281,171
Indiana (State of) Finance Authority;
Series 2011, RB(f)(g)	5.25%	09/15/2021		2,885	2,999,131
Series 2011, RB(f)(g)	6.38%	09/15/2021		4,250	4,455,317
Series 2011, RB(f)(g)	6.50%	09/15/2021		4,750	4,982,607
Indiana (State of) Finance Authority (Good Samaritan Hospital); Series 2016 A, RB	5.50%	04/01/2026		1,620	1,941,716
Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc. Obligated Group); Series 2008 I, Ref. VRD RB (LOC - Barclays Bank PLC)(k)(m)	0.03%	11/01/2037		1,900	1,900,000
Indiana (State of) Municipal Power Agency; Series 2016 A, Ref. RB	5.00%	01/01/2037		7,500	9,023,400
Indianapolis (City of), IN; Series 2009 A, RB	7.00%	02/01/2039		2,025	1,953,639
					30,536,981
Iowa–0.18%
Iowa (State of) Finance Authority;
Series 2007 B, RB	5.38%	06/01/2025		200	188,010
Series 2007, RB(c)	5.90%	12/01/2028		400	20,000
Series 2012, RB	5.00%	08/15/2028		1,685	1,793,598
Series 2018 B, Ref. RB	5.00%	02/15/2048		1,300	1,584,245
Xenia (City of), IA Rural Water District; Series 2016, Ref. RB	5.00%	12/01/2036		1,000	1,168,740
					4,754,593
Kansas–0.04%
Pittsburg (City of), KS; Series 2006, RB	4.90%	04/01/2024		1,075	963,039
Kentucky–2.61%
Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health); Series 2004 C, VRD RB(k)	0.17%	05/01/2034		15,000	15,000,000
Kentucky (Commonwealth of) Municipal Power Agency (Prairie State);
Series 2016 A, Ref. RB (INS - NATL)(a)	5.00%	09/01/2032		5,480	6,482,621
Series 2016 A, Ref. RB (INS - NATL)(a)	5.00%	09/01/2033		11,525	13,590,510
Series 2016 A, Ref. RB (INS - NATL)(a)	5.00%	09/01/2034		5,000	5,887,200

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

Invesco AMT-Free Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Kentucky–(continued)
Kentucky (Commonwealth of) Property & Building Commission (No. 115); Series 2017, RB	5.00%	04/01/2037		$  2,500	$    2,989,400
Kentucky (Commonwealth of) Property & Building Commission (Project No. 115); Series 2017, RB (INS - BAM)(a)	5.00%	04/01/2038		2,500	3,031,775
Kentucky (Commonwealth of) Property & Building Commission (Project No. 119);
Series 2018, RB	5.00%	05/01/2035		1,500	1,850,910
Series 2018, RB	5.00%	05/01/2036		1,170	1,434,865
Series 2018, RB	5.00%	05/01/2037		4,605	5,632,191
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.); Series 2013 A, RB	5.75%	10/01/2042		10,000	11,093,900
Springfield (City of), KY; Series 2004, Ref. RB(c)(d)	5.75%	10/01/2035		15	375
					66,993,747
Louisiana–1.54%
Denham Springs (City of) & Livingston (Parish of), LA Housing & Mortgage Finance Authority; Series 2007, RB (CEP - GNMA)	5.00%	11/01/2040		4	4,117
Louisiana (State of) Public Facilities Authority (19th Judicial District Court Building); Series 2015, Ref. RB (INS - AGM)(a)	5.00%	06/01/2042		2,500	2,881,800
Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans);
Series 2017, Ref. RB	5.00%	07/01/2032		395	312,050
Series 2017, Ref. RB	5.00%	07/01/2033		300	237,000
Series 2017, Ref. RB	5.00%	07/01/2037		345	272,550
Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2017, Ref. RB	5.00%	05/15/2042		7,500	8,937,750
Louisiana (State of) Public Facilities Authority (Provident Group-Flagship Properties LLC- Louisiana State University Nicholson Gateway); Series 2017, RB	5.00%	07/01/2057		1,300	1,474,109
Louisiana (State of) Stadium & Exposition District; Series 2013 A, Ref. RB	5.00%	07/01/2028		50	54,583
Louisiana Housing Corp.;
Series 2009 A, RB	6.88%	09/01/2029		8,280	7,976,703
Series 2009 A, RB	7.25%	09/01/2039		5,000	4,638,450
Louisiana State Citizens Property Insurance Corp.; Series 2012, Ref. RB(f)(g)	5.00%	06/01/2022		1,585	1,697,931
Louisiana State University & Agricultural & Mechanical College Board of Supervisors; Series 2016 A, Ref. RB	5.00%	07/01/2040		4,035	4,685,281
New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System);
Series 2018 A, RB (INS - AGM)(a)	5.00%	10/01/2043		700	843,675
Series 2018 A, RB (INS - AGM)(a)	5.00%	10/01/2048		1,280	1,525,722
St. John the Baptist (Parish of), LA (Marathon Oil Corp.);
Series 2017, Ref. RB(g)	2.13%	07/01/2024		2,000	2,037,080
Series 2017, Ref. RB(g)	2.38%	07/01/2026		2,000	2,061,860
					39,640,661
Maine–0.51%
Maine (State of) Health & Higher Educational Facilities Authority (Eastern Maine Healthcare System); Series 2020 A, RB	4.00%	07/01/2050		5,250	5,990,880
Maine (State of) Health & Higher Educational Facilities Authority (Maine General Medical Center);
Series 2011, RB	7.50%	07/01/2032		5,000	5,133,200
Series 2011, RB	6.75%	07/01/2036		2,000	2,042,540
					13,166,620
Maryland–2.10%
Baltimore (City of), MD (Water); Series 2020 A, RB	4.00%	07/01/2045		2,000	2,410,860
Baltimore (County of), MD (Riderwood Village, Inc.);
Series 2020, Ref. RB	4.00%	01/01/2045		5,250	5,692,680
Series 2020, Ref. RB	4.00%	01/01/2050		6,000	6,453,960
Gaithersburg (City of), MD (Asbury Maryland Obligated Group); Series 2018 A, Ref. RB	5.00%	01/01/2036		1,500	1,632,510
Maryland (State of) Health & Higher Educational Facilities Authority;
Series 2001, RB (INS - AMBAC)(a)	5.00%	07/01/2034		5	5,048
Series 2004, RB (INS - AMBAC)(a)	5.00%	07/01/2034		15	15,144
Series 2007, Ref. RB	4.75%	07/01/2034		10	10,007
Series 2016, Ref. RB	5.00%	06/01/2036		400	450,260
Maryland (State of) Health & Higher Educational Facilities Authority (UPMC);
Series 2020 B, RB	4.00%	04/15/2045		5,250	6,015,397
Series 2020 B, RB	4.00%	04/15/2050		5,000	5,679,850

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

Invesco AMT-Free Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Maryland–(continued)
Maryland (State of) Transportation Authority (Transportation Facilities); Series 2020, RB	4.00%	07/01/2050		$ 15,000	$   17,766,600
Maryland Economic Development Corp.;
Series 2012, Ref. RB	5.00%	07/01/2034		1,000	1,033,750
Series 2016, Ref. RB (INS - AGM)(a)	5.00%	06/01/2035		4,530	5,254,574
Prince George’s (County of), MD; Series 2005, RB	5.25%	07/01/2035		1,613	1,615,903
					54,036,543
Massachusetts–1.53%
Commonwealth of Massachusetts; Series 2016 XF0530, Revenue Ctfs.(i)	5.00%	12/01/2035		20,000	24,785,800
Massachusetts (Commonwealth of); Series 2020 E, GO Bonds	5.00%	11/01/2050		6,000	7,880,460
Massachusetts (Commonwealth of) Development Finance Agency;
Series 2011 B, RB(h)	0.00%	11/15/2056		363	57,708
Series 2011, RB	5.50%	07/01/2026		750	750,855
Series 2011, RB	6.00%	07/01/2031		25	25,022
Series 2016 I, Ref. RB	5.00%	07/01/2036		2,000	2,340,560
Massachusetts (Commonwealth of) Development Finance Agency (Wellforce, Inc.); Series 2020 C, Ref. RB (INS - AGM)(a)	4.00%	10/01/2045		3,000	3,489,870
					39,330,275
Michigan–3.87%
Detroit (City of), MI;
Series 2003 B, RB (INS - AGM)(a)	7.50%	07/01/2033		60	60,328
Series 2011 A, RB(f)(g)	5.00%	07/01/2021		1,000	1,028,190
Detroit (City of), MI Downtown Development Authority (Catalyst Development); Series 2018 A, Ref. RB (INS - AGM)(a)	5.00%	07/01/2048		1,350	1,499,229
Detroit (City of), MI Water and Sewerage Department; Series 2012 A, Ref. RB(f)(g)	5.00%	07/01/2022		2,155	2,318,866
Detroit City School District;
Series 2012 A, Ref. GO Bonds	5.00%	05/01/2028		1,100	1,169,740
Series 2012 A, Ref. GO Bonds	5.00%	05/01/2031		680	722,813
Detroit Downtown Development Authority; Series 2018 A, Ref. RB (INS - AGM)(a)	5.00%	07/01/2043		150	167,079
Grand Traverse Academy; Series 2007, Ref. RB	5.00%	11/01/2022		215	215,157
Michigan (State of) Finance Authority;
Series 2005 A, RB	6.00%	12/01/2035		1,155	1,155,612
Series 2008 C, RB(h)	0.00%	06/01/2058		621,750	28,177,710
Series 2010 A, RB	5.90%	12/01/2030		600	600,480
Series 2014 D-6, Ref. RB (INS - NATL)(a)	5.00%	07/01/2025		1,000	1,160,340
Series 2014 D-6, Ref. RB (INS - NATL)(a)	5.00%	07/01/2026		895	1,037,815
Series 2014 D-6, Ref. RB (INS - NATL)(a)	5.00%	07/01/2027		930	1,075,526
Series 2014, Ref. RB(e)	6.75%	07/01/2044		6,000	6,175,680
Series 2015 C, RB	5.00%	07/01/2034		2,200	2,574,550
Series 2018, Ref. RB	5.75%	11/01/2040		635	699,846
Michigan (State of) Finance Authority (CHE Trinity Health Credit Group); Series 2013 MI-4, Ref. RB	5.00%	12/01/2039		5,000	6,391,300
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);
Series 2014 C-6, Ref. RB	5.00%	07/01/2033		1,000	1,140,790
Series 2014 D-4, Ref. RB	5.00%	07/01/2032		2,450	2,801,453
Series 2014 D-4, Ref. RB	5.00%	07/01/2034		1,000	1,139,280
Michigan (State of) Finance Authority (Henry Ford Health System); Series 2016, Ref. RB	5.00%	11/15/2041		6,300	7,442,001
Michigan (State of) Strategic Fund; Series 2007, RB	5.85%	08/31/2027		6,454	5,987,402
Michigan State University Board of Trustees;
Series 2019 B, RB	5.00%	02/15/2044		1,180	1,465,536
Series 2019 B, RB	5.00%	02/15/2048		6,650	8,199,916
Plymouth Educational Center Charter School;
Series 2005, Ref. RB	5.38%	11/01/2030		400	275,496
Series 2005, Ref. RB	5.63%	11/01/2035		1,325	819,049
Renaissance Public School Academy; Series 2012 A, RB	6.00%	05/01/2037		500	509,040

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

Invesco AMT-Free Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Michigan–(continued)
Walled Lake Consolidated School District;
Series 2019, GO Bonds	4.00%	05/01/2039		$    600	$      711,210
Series 2019, GO Bonds	4.00%	05/01/2040		1,220	1,438,807
Series 2019, GO Bonds	4.00%	05/01/2041		2,485	2,922,236
Series 2019, GO Bonds	5.00%	05/01/2044		3,270	4,177,490
Series 2019, GO Bonds	5.00%	05/01/2049		3,270	4,146,066
					99,406,033
Minnesota–0.24%
Bethel (City of), MN (Benedictine Health System - St. Peter Communities); Series 2018 A, Ref. RB	5.50%	12/01/2048		1,050	1,030,879
Duluth (City of), MN Economic Development Authority; Series 2018 A, Ref. RB	5.00%	02/15/2043		2,300	2,723,108
Minnesota (State of) Higher Education Facilities Authority; Series 2017, Ref. RB	5.00%	10/01/2047		900	963,279
Mound (City of), MN Housing & Redevelopment Authority; Series 2006, Ref. RB	5.00%	02/15/2027		721	721,786
St. Paul (City of), MN (Presbyterian Homes Bloomington); Series 2017, Ref. RB	5.00%	09/01/2042		680	711,450
					6,150,502
Mississippi–0.55%
Mississippi (State of) Development Bank; Series 2016, RB	5.00%	12/01/2046		10,000	12,124,700
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); Series 2010 K, VRD RB(k)	0.06%	11/01/2035		2,100	2,100,000
					14,224,700
Missouri–0.99%
370/Missouri Bottom Road/Taussig Road Transportation Development District (Hazelwood); Series 2002, RB (Acquired 10/24/2002; Cost $14,360,000)(c)(d)(l)	7.20%	05/01/2049		14,360	4,882,400
Branson (City of), MO Industrial Development Authority;
Series 2005 A, RB(d)	7.05%	05/01/2027		70	48,742
Series 2007 A, RB(d)	5.75%	05/01/2026		785	558,190
Broadway-Fairview Transportation Development District; Series 2006 A, RB(d)(j)	5.88%	12/01/2031		675	438,750
Chillicothe (City of), MO (South U.S. 65);
Series 2006, RB(d)	5.50%	04/01/2021		90	87,615
Series 2006, RB(d)	5.63%	04/01/2027		400	343,996
Columbia (City of), MO Housing Authority;
Series 2015, RB	5.00%	12/15/2040		580	594,767
Series 2015, RB	5.13%	12/15/2050		1,330	1,359,845
Grindstone Plaza Transportation Development District; Series 2006 A, RB	5.50%	10/01/2031		355	305,570
Hollister (City of), MO; Series 2019, RB(e)	5.63%	10/01/2039		5,335	5,434,871
Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2016 A, Ref. RB(e)	5.00%	04/01/2046		295	293,301
Lee’s Summit (City of), MO Industrial Development Authority;
Series 2007, RB(c)(d)	5.50%	03/01/2021		140	86,800
Series 2007, RB(c)(d)	5.75%	03/01/2029		250	155,000
Maplewood (City of), MO (Maplewood South Redevelopment Area); Series 2005, Ref. RB	5.75%	11/01/2026		2,055	2,053,870
Northwoods Transportation Development District; Series 2006 A, RB	5.85%	02/01/2031		54	47,142
St Louis (County of), MO; Series 2007 A, RB(d)	5.50%	09/02/2028		373	167,850
St. Charles (County of), MO Industrial Development Authority (Suemandy/Mid-Rivers Community Improvement District); Series 2016, RB(e)	5.00%	10/01/2046		1,025	998,811
St. Louis (City of), MO;
Series 2006 A, RB(d)(j)	6.00%	08/04/2025		481	96,200
Series 2007, RB(d)	5.50%	05/29/2028		661	269,656
St. Louis (City of), MO Land Clearance for Redevelopment Authority; Series 2018 A, RB	5.00%	04/01/2048		3,250	3,585,107
St. Louis (County of), MO;
Series 2006, RB(d)(j)	6.00%	08/21/2026		1,391	415,430
Series 2006, RB(d)	5.50%	03/09/2027		1,879	770,390
Series 2007 A, RB(d)	5.50%	01/20/2028		758	379,000
Series 2007 B, RB(d)(j)	5.50%	01/20/2028		466	111,840
Series 2008 A, RB(d)	6.60%	01/21/2028		3,255	1,464,750
Series 2008, RB(d)(j)	6.69%	04/21/2029		1,080	183,600

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

Invesco AMT-Free Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Missouri–(continued)
Stone Canyon Community Improvement District;
Series 2007, RB(c)(d)	5.70%	04/01/2022		$    620	$      161,200
Series 2007, RB(c)(d)	5.75%	04/01/2027		320	83,200
					25,377,893
Montana–0.03%
Hardin (City of), MT; Series 2006, RB(d)(j)	6.25%	09/01/2031		11,710	819,700
Nebraska–0.62%
Central Plains Energy Project (No. 3);
Series 2012, RB(n)	5.25%	09/01/2037		9,510	10,256,535
Series 2017 A, Ref. RB	5.00%	09/01/2037		4,000	5,667,040
					15,923,575
Nevada–0.86%
Clark (County of), NV;
Series 2007 A, RB	5.00%	02/01/2026		320	321,088
Series 2007 A, RB	5.05%	02/01/2031		255	255,719
Clark (County of), NV (Stadium Improvement Bonds); Series 2018 A, GO Bonds	5.00%	05/01/2048		2,500	3,035,275
Clark County School District; Series 2018 B, GO Bonds (INS - BAM)(a)	5.00%	06/15/2036		5,280	6,623,338
Las Vegas (City of), NV Convention & Visitors Authority; Series 2018 B, RB	5.00%	07/01/2043		10,000	11,851,500
					22,086,920
New Hampshire–0.49%
Manchester Housing & Redevelopment Authority, Inc.; Series 2000 B, RB (INS - ACA)(a)(h)	0.00%	01/01/2029		305	200,965
New Hampshire (State of) Business Finance Authority;
Series 2019 A, RB(e)	5.25%	07/01/2039		410	420,545
Series 2019 A, RB(e)	5.63%	07/01/2046		230	238,379
Series 2019 A, RB(e)	5.75%	07/01/2054		570	592,298
New Hampshire (State of) Health & Education Facilities Authority (Southern New Hampshire University); Series 2012, RB	5.00%	01/01/2027		1,500	1,565,730
New Hampshire (State of) Health and Education Facilities Authority; Series 2020 A, RB	5.00%	08/01/2059		3,410	5,149,032
New Hampshire Business Finance Authority; Series 2020-1, Class A	4.13%	01/20/2034		3,956	4,381,163
					12,548,112
New Jersey–7.98%
Atlantic City (City of), NJ;
Series 2017 A, Ref. GO Bonds (INS - BAM)(a)	5.00%	03/01/2032		250	303,885
Series 2017 A, Ref. GO Bonds (INS - BAM)(a)	5.00%	03/01/2037		500	599,050
Series 2017 B, GO Bonds (INS - AGM)(a)	4.00%	03/01/2042		3,510	3,914,071
Casino Reinvestment Development Authority;
Series 2014, Ref. RB (INS - AGM)(a)	5.00%	11/01/2030		2,000	2,231,880
Series 2014, Ref. RB (INS - AGM)(a)	5.00%	11/01/2032		2,000	2,211,700
Hudson (County of), NJ Improvement Authority (Hudson County Courhouse); Series 2020, RB	4.00%	10/01/2051		10,000	11,823,400
New Jersey (State of);
Series 2020 A, GO Bonds	4.00%	06/01/2030		2,880	3,482,755
Series 2020 A, GO Bonds	4.00%	06/01/2031		3,500	4,270,840
New Jersey (State of) Economic Development Authority;
Series 2016 AAA, RB	5.00%	06/15/2041		3,000	3,392,010
Series 2017 A, RB	5.00%	07/01/2032		500	496,080
Series 2017 A, RB	5.00%	07/01/2047		200	186,372
Series 2017 DDD, RB	5.00%	06/15/2028		1,930	2,295,252
Series 2017 DDD, RB	5.00%	06/15/2029		3,500	4,137,035
Series 2017, Ref. RB (INS - AGM)(a)	5.00%	06/01/2037		1,000	1,190,760
Series 2018 A, RB	5.00%	06/15/2042		3,500	4,012,575
Series 2018 A, RB	5.00%	06/15/2047		735	835,857
Series 2018 A, RB(e)	6.50%	11/01/2052		220	254,241
Series 2018 C, RB	5.00%	06/15/2031		4,855	5,750,796
Series 2019, RB	4.00%	06/15/2044		3,000	3,233,460

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

Invesco AMT-Free Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
New Jersey–(continued)
New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB	5.13%	06/15/2037		$    980	$    1,215,582
New Jersey (State of) Health Care Facilities Financing Authority; Series 2015 A, RB (INS - AGM)(a)	5.00%	07/01/2029		2,100	2,431,884
New Jersey (State of) Transportation Trust Fund Authority;
Series 2004 A, RB (INS - NATL)(a)	5.75%	06/15/2024		11,570	13,352,127
Series 2005 B, RB (INS - NATL)(a)	5.50%	12/15/2021		5,975	6,269,269
Series 2008 A, RB(h)	0.00%	12/15/2038		5,680	3,236,123
Series 2009 D, RB	5.00%	06/15/2032		5,015	5,588,365
Series 2011 A, RB(f)(g)	6.00%	06/15/2021		4,555	4,697,253
Series 2016, RN	5.00%	06/15/2030		6,000	6,943,320
Series 2018 A, Ref. RN	5.00%	06/15/2029		6,660	7,738,654
Series 2018 A, Ref. RN	5.00%	06/15/2030		945	1,093,573
Series 2018 A, Ref. RN	5.00%	06/15/2031		880	1,015,054
New Jersey (State of) Turnpike Authority;
Series 2015 E, RB	5.00%	01/01/2034		7,000	8,076,670
Series 2019 A, RB	4.00%	01/01/2048		10,000	11,330,900
Series 2019 A, RB	5.00%	01/01/2048		3,000	3,697,710
Tobacco Settlement Financing Corp.;
Series 2018 A, Ref. RB	5.00%	06/01/2028		3,500	4,556,195
Series 2018 A, Ref. RB	5.00%	06/01/2029		4,500	5,809,455
Series 2018 A, Ref. RB	5.00%	06/01/2030		5,000	6,410,350
Series 2018 A, Ref. RB	5.00%	06/01/2031		7,100	9,048,169
Series 2018 A, Ref. RB	5.00%	06/01/2034		13,000	16,298,750
Series 2018 A, Ref. RB	5.00%	06/01/2035		4,000	5,000,480
Series 2018 A, Ref. RB	5.00%	06/01/2037		3,000	3,725,340
Series 2018 A, Ref. RB	5.00%	06/01/2046		6,000	7,132,500
Series 2018 B, Ref. RB	5.00%	06/01/2046		13,700	15,785,551
					205,075,293
New Mexico–0.08%
Boulders Public Improvement District; Series 2015, RB	5.75%	10/01/2044		230	234,931
Trails Public Improvement District; Series 2008, RB	7.75%	10/01/2038		1,775	1,749,458
					1,984,389
New York–13.51%
Hudson Yards Infrastructure Corp.;
Series 2017 XF0549, Revenue Ctfs.(i)	5.00%	02/15/2037		8,500	10,195,410
Series 2017 XF0549, Revenue Ctfs.(i)	5.00%	02/15/2039		7,500	8,952,000
Metropolitan Transportation Authority;
Series 2015 C-1, Ref. RB	5.00%	11/15/2035		10,500	11,459,700
Series 2016 C-1, RB	5.25%	11/15/2056		5,000	5,574,450
Metropolitan Transportation Authority (Green Bonds);
Series 2016 A1, RB	5.25%	11/15/2056		14,375	15,899,181
Subseries 2017 A-1, RB	5.25%	11/15/2057		3,500	3,930,465
MTA Hudson Rail Yards Trust Obligations; Series 2016 A, RB	5.00%	11/15/2056		13,150	14,278,139
New York & New Jersey (States of) Port Authority;
Series 2016 198, Ref. RB	5.25%	11/15/2056		10,000	11,883,000
Series 2018, Ref. RB	5.00%	09/01/2048		5,000	6,121,850
New York (City of), NY;
Series 2015 F, VRD GO Bonds(k)	0.01%	06/01/2044		11,635	11,635,000
Series 2018 DD1, RB	5.00%	06/15/2048		10,000	12,328,000
Series 2018 E-1, GO Bonds	5.00%	03/01/2040		10,065	12,322,881
New York (City of), NY Municipal Water Finance Authority; Series 2015 GG, Ref. RB	5.00%	06/15/2039		10,000	11,749,700
New York (City of), NY Transitional Finance Authority;
Series 2018 S-3, RB	5.00%	07/15/2043		14,000	17,251,220
Series 2019 A-3, RB	4.00%	05/01/2042		5,000	5,819,400
Series 2019 B-1, RB	4.00%	11/01/2045		4,000	4,649,840
Series 2020, RB	4.00%	05/01/2047		5,000	5,888,900
New York (City of), NY Water & Sewer System (2nd Generation Resolution); Series 2008 BB-2, VRD RB(k)	0.03%	06/15/2039		10,000	10,000,000

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

Invesco AMT-Free Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
New York–(continued)
New York (County of), NY Tobacco Trust VI; Subseries 2016 A-1, Ref. RB	5.75%	06/01/2043		$    285	$      346,534
New York (State of) Dormitory Authority;
Series 2015 B, RB	5.00%	03/15/2033		10,000	11,830,900
Series 2015 B, Ref. RB	5.00%	07/01/2028		2,650	3,102,435
Series 2016 A, RB	5.00%	03/15/2035		5,000	6,077,300
Series 2020 D, Ref. RB	4.00%	02/15/2047		7,000	8,146,040
New York (State of) Dormitory Authority (Columbia University); Series 2018 A, RB	5.00%	10/01/2048		14,000	23,112,320
New York (State of) Housing Finance Agency (Clinton Park Housing); Series 2010 A, VRD RB(k)	0.10%	11/01/2044		4,000	4,000,000
New York (State of) Thruway Authority;
Series 2019 B, RB	4.00%	01/01/2050		5,920	6,715,766
Series 2019 B, RB	4.00%	01/01/2053		5,880	6,651,280
New York City Transitional Finance Authority; Series 2020 C-1, RB	4.00%	05/01/2045		5,000	5,902,400
New York Counties Tobacco Trust II; Series 2001, RB	5.75%	06/01/2043		65	65,089
New York Liberty Development Corp. (Goldman Sachs Headquarters); Series 2005, Ref. RB	5.25%	10/01/2035		6,075	8,776,917
New York Power Authority;
Series 2002 A, RB	4.00%	11/15/2045		7,000	8,325,030
Series 2002 A, RB	4.00%	11/15/2050		10,000	11,815,600
New York State Thruway Authority; Series 2020 N, RB	4.00%	01/01/2045		5,000	5,779,300
New York State Urban Development Corp.;
Series 2020 A, RB	5.00%	03/15/2041		1,800	2,337,768
Series 2020 A, RB	5.00%	03/15/2042		515	666,539
Series 2020 A, RB	4.00%	03/15/2045		4,235	4,991,964
Series 2020 A, RB	4.00%	03/15/2049		9,450	11,072,754
Series 2020 C, Ref. RB	5.00%	03/15/2047		7,000	8,957,550
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);
Series 2020 A, RB	5.00%	11/15/2049		3,000	3,863,190
Subseries 2005 B-2, Ref. VRD RB (LOC - Citibank N.A.)(k)(m)	0.03%	01/01/2032		16,155	16,155,000
TSASC, Inc.;
Series 2016 B, Ref. RB	5.00%	06/01/2045		5,450	5,741,575
Series 2017 A, Ref. RB	5.00%	06/01/2036		2,455	2,914,895
					347,287,282
North Carolina–1.16%
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health);
Series 2018 G, VRD RB(k)	0.01%	01/15/2048		5,000	5,000,000
Series 2018 H, VRD RB(k)	0.01%	01/15/2048		4,840	4,840,000
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems);
Series 2007 B, Ref. VRD RB(k)	0.01%	01/15/2038		2,000	2,000,000
Series 2007 C, Ref. VRD RB(k)	0.01%	01/15/2037		11,615	11,615,000
North Carolina (State of) Turnpike Authority; Series 2018, Ref. RB (INS - AGM)(a)	5.00%	01/01/2038		5,000	6,245,150
					29,700,150
Ohio–2.75%
Buckeye Tobacco Settlement Financing Authority;
Series 2020 B-2, Ref. RB	5.00%	06/01/2055		28,330	31,860,485
Series 2020 B-3, Ref. RB(h)	0.00%	06/01/2057		49,575	7,387,666
Cleveland (City of) & Cuyahoga (County of), OH Port Authority; Series 2010, RB	6.00%	11/15/2035		3,445	3,460,640
Cuyahoga (County of), OH (Metrohealth System);
Series 2017, Ref. RB	5.50%	02/15/2052		2,475	2,918,396
Series 2017, Ref. RB	5.50%	02/15/2057		1,050	1,234,275
Greater Cincinnati (Port of), OH Development Authority;
Series 2004, RB	6.30%	02/15/2024		1,015	979,597
Series 2004, RB	6.40%	02/15/2034		5,860	5,142,150
Greene (County of), OH;
Series 2002 A, RB (INS - ACA)(a)	5.50%	09/01/2027		1,000	1,000,860
Series 2002 A, RB (INS - ACA)(a)	5.63%	09/01/2032		255	255,168
Jeffrey Place New Community Authority; Series 2007 A, RB	5.00%	12/01/2022		195	195,211
Ohio (State of);
Series 2017 A, GO Bonds	5.00%	03/15/2036		5,000	5,703,100
Series 2020 A, Ref. RB	5.00%	01/15/2050		3,905	4,797,292

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

Invesco AMT-Free Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Ohio–(continued)
Ohio (State of) Higher Educational Facility Commission; Series 2018, Ref. RB	5.25%	01/01/2038		$  1,350	$    1,308,501
Portage (County of), OH Port Authority; Series 2012, RB	5.00%	12/01/2037		4,065	4,127,398
Toledo (City of) & Lucas (County of), OH Port Authority; Series 2007 A, RB	5.40%	11/01/2036		309	265,913
					70,636,652
Oklahoma–0.14%
Carter (County of), OK Public Facilities Authority; Series 2018, RB	5.00%	09/01/2032		3,070	3,659,901
Pennsylvania–6.39%
Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University); Series 2008 A, Ref. VRD RB(k)	0.02%	12/01/2037		175	175,000
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018 A, Ref. RB	5.00%	04/01/2036		2,825	3,428,250
Bethlehem Area School District; Series 2015 A, GO Bonds (INS - BAM)(a)	5.00%	08/01/2033		5,000	5,968,750
Butler (County of), PA General Authority (Hampton Township School District); Series 2007, VRD RB (INS - AGM)(a)(k)	0.13%	09/01/2027		1,000	1,000,000
Commonwealth Financing Authority;
Series 2018, RB	5.00%	06/01/2030		1,250	1,593,275
Series 2018, RB	5.00%	06/01/2032		3,000	3,786,120
Series 2018, RB	5.00%	06/01/2033		2,000	2,511,000
Series 2018, RB	5.00%	06/01/2034		1,760	2,202,904
Delaware (County of), PA Authority (Neumann University);
Series 2016, Ref. RB	5.00%	10/01/2031		1,425	1,529,652
Series 2016, Ref. RB	5.00%	10/01/2035		2,305	2,447,841
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC - PNC Bank N.A.)(k)(m)	0.10%	06/01/2037		1,000	1,000,000
Geisinger Authority (Geisinger Health System); Series 2020, Ref. RB	5.00%	04/01/2050		5,000	6,274,700
Lancaster (City of), PA Industrial Development Authority (Willow Valley Retirement); Series 2009 B, VRD RB (LOC - PNC Bank N.A.)(k)(m)	0.10%	12/01/2039		5,000	5,000,000
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC - PNC Bank N.A.)(k)(m)	0.10%	10/15/2025		1,710	1,710,000
Pennsylvania (Commonwealth of);
Series 2013 1, GO Bonds	4.00%	04/01/2032		5,000	5,369,450
Series 2018 1, GO Bonds	5.00%	03/01/2032		10,000	12,744,500
Series 2018 1, GO Bonds	4.00%	03/01/2035		12,500	14,742,875
Series 2018 1, GO Bonds (INS - BAM)(a)	4.00%	03/01/2036		4,175	4,985,618
Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District);
Series 2012, RB(f)(g)	5.00%	04/01/2022		5,605	5,959,965
Series 2016 A, Ref. RB (INS - AGM)(a)	5.00%	06/01/2032		5,000	6,049,550
Series 2016 A, Ref. RB (INS - AGM)(a)	5.00%	06/01/2033		5,000	6,023,950
Pennsylvania (Commonwealth of) Turnpike Commission;
Series 2009 E, RB	6.38%	12/01/2038		1,500	1,973,220
Series 2014 A-3, RB(h)	0.00%	12/01/2041		3,450	1,940,556
Series 2016, Ref. RB	5.00%	06/01/2030		5,000	5,933,800
Series 2017 3, Ref. RB	5.00%	12/01/2040		5,125	6,171,217
Series 2017 B-1, RB	5.00%	06/01/2042		7,750	9,192,430
Series 2018 A-2, RB	5.00%	12/01/2048		7,000	8,586,200
Series 2019 A, RB (INS - AGM)(a)	4.00%	12/01/2049		8,500	9,828,295
Philadelphia (City of), PA;
Series 2017 15, Ref. RB	5.00%	08/01/2036		1,000	1,217,280
Series 2019 B, RB	5.00%	11/01/2049		7,155	9,022,956
Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (Temple University Health System); Series 2012 A, RB	5.63%	07/01/2042		3,500	3,708,180
Philadelphia (City of), PA Industrial Development Authority (Architecture & Design Charter High School); Series 2013, RB(f)(g)	6.13%	03/15/2023		685	774,995
Philadelphia School District; Series 2016 F, Ref. GO Bonds	5.00%	09/01/2032		1,000	1,203,850
Pottsville (City of), PA Hospital Authority (Lehigh Valley); Series 2016 B, Ref. RB	5.00%	07/01/2041		4,000	4,746,680
Reading School District;
Series 2017, Ref. GO Bonds (INS - AGM)(a)	5.00%	03/01/2035		280	340,491
Series 2017, Ref. GO Bonds (INS - AGM)(a)	5.00%	03/01/2036		255	308,114

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

Invesco AMT-Free Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Pennsylvania–(continued)
Scranton School District;
Series 2017 E, Ref. GO Bonds (INS - BAM)(a)	5.00%	12/01/2029		$  1,000	$    1,252,630
Series 2017 E, Ref. GO Bonds (INS - BAM)(a)	5.00%	12/01/2030		1,305	1,621,397
Series 2017 E, Ref. GO Bonds (INS - BAM)(a)	5.00%	12/01/2032		890	1,098,750
Series 2017 E, Ref. GO Bonds (INS - BAM)(a)	5.00%	12/01/2033		710	875,267
					164,299,708
Puerto Rico–6.77%
Puerto Rico (Commonwealth of);
Series 2001 A, Ref. GO Bonds (INS - NATL)(a)	5.50%	07/01/2021		500	505,365
Series 2003 C-7, Ref. GO Bonds (INS - NATL)(a)	6.00%	07/01/2027		1,365	1,403,930
Series 2004 A, GO Bonds (INS - AGC)(a)	5.00%	07/01/2034		5	5,111
Series 2006 A, GO Bonds(c)	5.25%	07/01/2030		4,020	2,939,625
Series 2008 A, GO Bonds(c)	5.00%	07/01/2023		2,610	1,885,725
Series 2008 A, GO Bonds(c)	5.13%	07/01/2028		3,000	2,145,000
Series 2009 B, Ref. GO Bonds(c)	6.50%	07/01/2037		5,000	3,712,500
Series 2009 B, Ref. GO Bonds(c)	6.00%	07/01/2039		6,200	4,572,500
Series 2009 C, Ref. GO Bonds(c)	6.00%	07/01/2039		2,000	1,442,500
Series 2011 A, GO Bonds(c)	5.75%	07/01/2041		3,335	2,317,825
Series 2011 A, Ref. GO Bonds(c)	6.00%	07/01/2040		3,000	2,100,000
Series 2011 C, Ref. GO Bonds(c)	5.75%	07/01/2036		9,000	5,816,250
Series 2011 E, Ref. GO Bonds(c)	6.00%	07/01/2029		4,895	3,518,281
Series 2011 E, Ref. GO Bonds(c)	5.38%	07/01/2030		1,250	868,750
Series 2011 E, Ref. GO Bonds(c)	5.63%	07/01/2033		4,000	2,770,000
Series 2012 A, Ref. GO Bonds(c)	5.25%	07/01/2023		3,000	2,040,000
Series 2012 A, Ref. GO Bonds(c)	5.50%	07/01/2026		6,645	4,518,600
Series 2012 A, Ref. GO Bonds(c)	5.75%	07/01/2028		5,000	3,406,250
Series 2012 A, Ref. GO Bonds(c)	5.50%	07/01/2039		8,225	5,593,000
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2012 A, RB	5.25%	07/01/2029		1,885	1,967,469
Series 2012 A, RB	5.75%	07/01/2037		5,400	5,670,000
Series 2012 A, RB	5.25%	07/01/2042		5,880	6,115,200
Series 2012 A, RB	6.00%	07/01/2047		10,090	10,619,725
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2005 RR, RB (INS - NATL)(a)	5.00%	07/01/2023		30	30,389
Series 2005 RR, RB (INS - NATL)(a)	5.00%	07/01/2024		260	263,375
Series 2005 SS, Ref. RB (INS - NATL)(a)	5.00%	07/01/2025		4,000	4,051,920
Series 2007 VV, Ref. RB (INS - NATL)(a)	5.25%	07/01/2025		1,690	1,760,321
Series 2008 WW-RSA-1, RB(c)	5.38%	07/01/2023		2,750	2,072,812
Series 2008 WW-RSA-1, RB(c)	5.25%	07/01/2025		1,985	1,493,712
Series 2010 AAA-RSA-1, RB(c)	5.25%	07/01/2028		2,830	2,129,575
Series 2010 CCC-RSA-1, RB(c)	5.00%	07/01/2022		1,850	1,387,500
Series 2010 CCC-RSA-1, RB(c)	5.00%	07/01/2028		2,500	1,875,000
Series 2010 XX, RB(c)	5.25%	07/02/2040		1,670	1,256,675
Series 2010 ZZ-RSA-1, Ref. RB(c)	5.25%	07/01/2022		410	308,525
Series 2010 ZZ-RSA-1, Ref. RB(c)	5.25%	07/01/2025		405	304,762
Series 2016 E-1, RB(c)	10.00%	01/01/2021		500	393,750
Series 2016 E-2, RB(c)	10.00%	07/01/2021		500	393,750
Puerto Rico (Commonwealth of) Government Employees Retirement System; Series 2008 A, RB(c)	6.45%	07/01/2055		10,000	1,325,000
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2003 A-A, RB (INS - AGC)(a)	5.00%	07/01/2035		10	10,222
Series 2003 G, RB (INS - NATL)(a)	5.00%	07/01/2033		20	20,260
Series 2004 I, RB (INS - FGIC)(a)(j)	5.00%	07/01/2022		40	32,450
Series 2007 M, RB(c)	5.00%	07/01/2046		3,500	1,478,750
Puerto Rico (Commonwealth of) Industrial Tourist, Educational, Medical & Environmental Control Facilities Financing Authority;
Series 1995 A, RB	5.63%	07/01/2022		1,040	1,040,000
Series 2002 A, Ref. RB (INS - ACA)(a)	5.00%	08/01/2032		1,230	1,232,854
Series 2012, Ref. RB	5.00%	10/01/2022		190	189,821

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

Invesco AMT-Free Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Puerto Rico–(continued)
Puerto Rico (Commonwealth of) Infrastructure Financing Authority;
Series 2005 A, RB (INS - FGIC)(a)(j)	5.50%	07/01/2024		$    850	$      689,562
Series 2005 A, RB (INS - FGIC)(a)(j)	5.50%	07/01/2028		750	608,437
Series 2005 A, RB (INS - FGIC)(a)(c)(h)	0.00%	07/01/2030		8,000	3,463,600
Series 2005 A, RB (INS - FGIC)(a)(c)(h)	0.00%	07/01/2031		8,695	3,531,909
Series 2005 B, RB(c)	5.00%	07/01/2041		65	8,275
Puerto Rico (Commonwealth of) Public Buildings Authority (Government Facilities);
Series 2002 D, RB(c)	5.38%	07/01/2033		4,940	4,044,625
Series 2007 M-2, Ref. RB (INS - AMBAC)(a)	10.00%	07/01/2035		1,910	2,026,453
Series 2007 M-3, Ref. RB (INS - NATL)(a)	6.00%	07/01/2028		10,000	10,285,200
Series 2007 N, RB(c)	5.00%	07/01/2032		3,300	2,673,000
Series 2009 P, Ref. RB(c)	6.25%	07/01/2026		8,575	7,106,531
Series 2012 U, Ref. RB(c)	5.25%	07/01/2042		240	177,300
Puerto Rico Public Finance Corp.; Series 2011 B, RB(c)	5.50%	08/01/2031		5,615	67,942
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(h)	0.00%	07/01/2046		34,472	10,347,116
Series 2018 A-1, RB(h)	0.00%	07/01/2051		28,082	6,092,952
Series 2018 A-1, RB	4.75%	07/01/2053		9,853	10,704,595
Series 2018 A-1, RB	5.00%	07/01/2058		4,400	4,853,068
Series 2019 A-2, RB	4.54%	07/01/2053		387	414,976
Series 2019 A-2, RB	4.78%	07/01/2058		5,172	5,630,446
University of Puerto Rico;
Series 2006 P, Ref. RB	5.00%	06/01/2026		1,305	1,272,375
Series 2006 P, Ref. RB	5.00%	06/01/2030		900	873,000
Series 2006 Q, RB	5.00%	06/01/2036		150	145,500
					174,001,891
Rhode Island–0.23%
Central Falls Detention Facility Corp.; Series 2005, Ref. RB (Acquired 06/23/2005; Cost $4,862,486)(c)(l)	7.25%	07/15/2035		4,915	884,700
Rhode Island Housing & Mortgage Finance Corp.; Series 1992 10-A, RB	6.50%	04/01/2027		20	20,082
Tobacco Settlement Financing Corp.; Series 2015 A, Ref. RB	5.00%	06/01/2040		4,695	5,134,828
					6,039,610
South Carolina–0.23%
Richland (County of), SC; Series 2004, RB(d)	6.20%	11/01/2036		4,175	3,201,515
South Carolina (State of) Public Service Authority; Series 2020 A, Ref. RB	5.00%	12/01/2043		2,200	2,808,300
					6,009,815
South Dakota–0.06%
Educational Enhancement Funding Corp.; Series 2013 B, RB	5.00%	06/01/2027		1,500	1,649,850
Tennessee–1.63%
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health);
Series 2019 A-1, Ref. RB	4.00%	08/01/2038		225	257,344
Series 2019 A-1, Ref. RB	4.00%	08/01/2044		455	507,498
Series 2019 A-2, Ref. RB	5.00%	08/01/2044		340	409,669
Series 2019 A-2, Ref. RB	5.00%	08/01/2049		455	543,484
Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group);
Series 2018 A, Ref. RB	5.00%	07/01/2035		2,000	2,431,980
Series 2018 A, Ref. RB	5.00%	07/01/2036		3,000	3,636,990
Series 2018 A, Ref. RB	5.00%	07/01/2037		3,000	3,627,390
Memphis (City of), TN; Series 2020 A, RB	4.00%	12/01/2050		5,000	5,985,200
Metropolitan Development and Housing Agency (Fifth + Broadway Development); Series 2018, RB(e)	5.13%	06/01/2036		200	213,138
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board; Series 2012, RB	5.00%	11/01/2027		500	515,025
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center); Series 2016 A, RB	5.00%	07/01/2046		7,000	8,127,350

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

Invesco AMT-Free Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Tennessee–(continued)
Tennessee (State of) Metropolitan Nashville Airport Authority;
Series 2019 A, RB	4.00%	07/01/2049		$  2,500	$    2,820,225
Series 2019 A, RB	5.00%	07/01/2049		4,750	5,852,190
Tennessee Energy Acquisition Corp.; Series 2006 C, RB	5.00%	02/01/2027		5,665	6,885,977
					41,813,460
Texas–5.37%
Alamo Community College District; Series 2007, GO Bonds (INS - NATL)(a)	4.50%	08/15/2033		5	5,015
Arlington Higher Education Finance Corp. (UME Preparatory Academy); Series 2017 A, RB	5.00%	08/15/2038		885	940,808
Arlington Higher Education Finance Corp. (Winfree Academy Charter School); Series 2019, Ref. RB	5.75%	08/15/2043		1,300	1,447,537
Cleveland Independent School District; Series 2020 A, GO Bonds (CEP - Texas Permanent School Fund)	4.00%	02/15/2052		6,500	7,752,615
Dallas (City of), TX (Civic Center Convention Complex); Series 2009, Ref. RB (INS - AGC)(a)	5.25%	08/15/2034		125	125,471
Dallas (County of), TX Flood Control District No. 1; Series 2015, Ref. GO Bonds(e)	5.00%	04/01/2032		1,100	1,150,556
Goose Creek Consolidated Independent School District; Series 2020, GO Bonds (CEP - Texas Permanent School Fund)	4.00%	02/15/2050		8,615	10,402,354
Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB(k)	0.01%	11/01/2041		22,800	22,800,000
Houston (City of), TX;
Series 2019 A, Ref. GO Bonds	4.00%	03/01/2049		3,870	4,480,222
Series 2020 C, Ref. RB	4.00%	11/15/2043		1,570	1,924,741
Series 2020 C, Ref. RB	4.00%	11/15/2049		10,000	12,082,200
Houston Higher Education Finance Corp. (Cosmos Foundation, Inc.); Series 2011, RB(f)(g)	6.50%	05/15/2021		300	308,498
Houston Independent School District; Series 2017, Ref. GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2042		10,000	12,347,600
Lancaster Independent School District; Series 2015 A, GO Bonds (CEP - Texas Permanent School Fund)	4.00%	02/15/2045		40	40,062
Montgomery (County of), TX Toll Road Authority;
Series 2018, RB	5.00%	09/15/2043		2,000	2,204,420
Series 2018, RB	5.00%	09/15/2048		2,500	2,741,675
New Hope Cultural Education Facilities Finance Corp.;
Series 2013 A, RB(f)(g)	5.88%	04/01/2023		555	617,709
Series 2013 A, RB(f)(g)	6.00%	04/01/2023		780	869,606
Series 2016 A, RB	5.00%	04/01/2036		1,355	1,357,101
Series 2016 A-1, RB	5.00%	07/01/2031		140	142,310
Series 2018 A-1, RB (INS - AGM)(a)	5.00%	07/01/2048		250	284,258
Series 2018 A-1, RB (INS - AGM)(a)	5.00%	07/01/2058		850	961,444
Series 2019, RB(e)	5.00%	08/15/2039		425	444,380
Series 2019, RB(e)	5.00%	08/15/2049		150	155,621
New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.);
Series 2016, RB	5.00%	07/01/2046		700	688,065
Series 2016, RB	5.00%	07/01/2051		600	575,496
North Texas Tollway Authority; Series 2017 B, Ref. RB (INS - BAM)(a)	5.00%	01/01/2043		10,000	11,893,400
Northwest Independent School District; Series 2015, GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2045		10,000	11,613,200
San Antonio (City of), TX Water System; Series 2020 A, Ref. RB	5.00%	05/15/2050		6,350	8,208,518
Texas (State of) Water Development Board; Series 2020, RB	4.00%	04/15/2051		10,000	12,134,500
Texas Dormitory Finance Authority, Inc.;
Series 2001 A, RB (INS - ACA)(a)	5.75%	09/01/2027		110	109,929
Series 2001 A, RB (INS - ACA)(a)	6.00%	09/01/2033		485	481,906
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes); Series 2019 A, Ref. RB	4.00%	12/31/2039		5,000	5,701,250
Texas State Public Finance Authority Charter School Finance Corp. (New Frontiers Charter School); Series 2010 A, RB	5.80%	08/15/2040		1,085	1,086,931
					138,079,398
Utah–0.34%
Murray (City of), UT (IHC Health Services, Inc.); Series 2003 D, VRD RB(k)	0.01%	05/15/2036		6,700	6,700,000

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

Invesco AMT-Free Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Utah–(continued)
Utah (State of) Charter School Finance Authority;
Series 2018, RB	5.00%	10/15/2038		$    720	$      860,112
Series 2019 A, RB(e)	5.38%	06/15/2049		1,110	1,132,677
					8,692,789
Vermont–0.03%
Burlington (City of), VT; Series 2012 A, GO Bonds(f)(g)	5.00%	11/01/2022		795	867,854
Virgin Islands–0.11%
Virgin Islands (Government of) Public Finance Authority;
Series 2012 A, RB (INS - AGM)(a)	5.00%	10/01/2032		1,080	1,156,172
Series 2012 A, Ref. RB (INS - AGM)(a)	5.00%	10/01/2032		1,480	1,584,385
					2,740,557
Virginia–0.55%
Celebrate North Community Development Authority; Series 2003 B, RB(c)	6.75%	03/01/2034		333	199,800
Chesapeake Bay Bridge & Tunnel District; Series 2016, RB (INS - AGM)(a)	5.00%	07/01/2041		8,950	10,601,275
Virginia (Commonwealth of) College Building Authority;
Series 2006, RB	5.00%	06/01/2026		950	950,162
Series 2006, RB	5.00%	06/01/2029		990	989,951
Series 2006, RB	5.00%	06/01/2036		585	578,781
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay); Series 2018, Ref. RB	5.00%	09/01/2036		715	806,670
					14,126,639
Washington–1.12%
Cowlitz County School District No. 458; Series 2019, GO Bonds (CEP - Oregon School Bond Guaranty)	4.00%	12/01/2038		1,680	2,007,617
Kelso (City of), WA Housing Authority; Series 1998, RB	5.60%	03/01/2028		60	60,065
King (County of), WA; Series 2020 A, Ref. RB	4.00%	01/01/2052		16,000	19,017,920
Tacoma (City of), WA Consolidated Local Improvement Districts; Series 2013, RB	5.75%	04/01/2043		1,461	1,462,307
Washington (State of); Series 2021 A, Ref. GO Bonds	5.00%	06/01/2039		2,750	3,626,425
Washington (State of) Health Care Facilities Authority; Series 2017, Ref. RB	5.00%	08/15/2031		2,250	2,563,155
					28,737,489
West Virginia–0.14%
Brooke (County of), WV;
Series 2011 A, RB	6.50%	10/01/2031		1,960	1,874,760
Series 2011 A, RB	6.75%	10/01/2037		1,885	1,806,301
					3,681,061
Wisconsin–1.51%
Wisconsin (State of) Center District;
Series 2020 D, RB (INS - AGM)(a)(h)	0.00%	12/15/2050		15,850	5,411,824
Series 2020 D, RB (INS - AGM)(a)(h)	0.00%	12/15/2055		8,130	2,233,067
Wisconsin (State of) Public Finance Authority;
Series 2012 A-1, RB	7.00%	10/01/2042		465	462,368
Series 2012 B-1, RB(h)	0.00%	10/01/2042		100	40,138
Series 2012 C-1, RB(h)	0.00%	10/01/2042		200	4,120
Series 2019 A, RB (INS - AGM)(a)	5.00%	07/01/2036		900	1,079,172
Series 2019 A, RB(e)	5.38%	06/01/2044		435	423,960
Series 2019 A, RB(e)	5.50%	06/01/2054		540	522,369
Series 2019 A, RB (INS - AGM)(a)	5.00%	07/01/2054		1,275	1,485,260
Series 2019 A, RB (INS - AGM)(a)	5.00%	07/01/2058		1,400	1,629,390
Wisconsin (State of) Public Finance Authority (Explore Knowledge Foundation);
Series 2012 A, RB	5.75%	07/15/2032		395	415,595
Series 2012 A, RB	6.00%	07/15/2042		350	366,769
Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy); Series 2019, RB(e)	5.00%	06/15/2039		310	327,143
Wisconsin Center District; Series 2013 A, Ref. RB	5.00%	12/15/2029		1,475	1,567,276

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

Invesco AMT-Free Municipal Income Fund

	Interest Rate	Maturity Date	Principal Amount (000)		Value
Wisconsin–(continued)
Wisconsin Health & Educational Facilities Authority; Series 2018 XF2541, Revenue Ctfs.(i)	4.00%	11/15/2034		$ 20,000	$   22,826,600
					38,795,051
TOTAL INVESTMENTS IN SECURITIES(o)–102.00% (Cost $2,526,913,861)						2,622,283,126
FLOATING RATE NOTE OBLIGATIONS–(2.50)%
Notes with interest and fee rates ranging from 0.66% to 0.75% at 11/30/2020 and contractual maturities of collateral ranging from 10/01/2032 to 06/01/2043(p)					(64,300,000)
OTHER ASSETS LESS LIABILITIES–0.50%						12,962,243
NET ASSETS –100.00%						$2,570,945,369

Investment Abbreviations:

ACA	– ACA Financial Guaranty Corp.
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
Ctfs.	– Certificates
FGIC	– Financial Guaranty Insurance Company
GNMA	– Government National Mortgage Association
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
LOC	– Letter of Credit
NATL	– National Public Finance Guarantee Corp.
RB	– Revenue Bonds
Ref.	– Refunding
RN	– Revenue Notes
VRD	– Variable Rate Demand
Wts.	– Warrants

Notes to Schedule of Investments:

(a)	Principal and/or interest payments are secured by the bond insurance company listed.
(b)	Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.
(c)	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, 2020 was $111,430,899, which represented 4.33% of the Fund’s Net Assets.
(d)	Security valued using significant unobservable inputs (Level 3). See Note 1.
(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, 2020 was $40,411,403, which represented 1.57% of the Fund’s Net Assets.
(f)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(g)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(h)	Zero coupon bond issued at a discount.
(i)	Underlying security related to TOB Trusts entered into by the Fund.
(j)	The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.
(k)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on November 30, 2020.
(l)	Restricted security. The aggregate value of these securities at period end was $8,036,225, which represented less than 1% of the Fund’s Net Assets.
(m)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(n)	Security subject to crossover refunding.
(o)	This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entity	Percent
Assured Guaranty Municipal Corp.	5.10%

^(p) Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at November 30, 2020. At November 30, 2020, the Fund’s investments with a value of $128,243,050 are held by TOB Trusts and serve as collateral for the $64,300,000 in the floating rate note obligations outstanding at that date.

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 AMT-Free Municipal Income Fund

Notes to Quarterly Schedule of Portfolio Holdings

November 30, 2020

(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 or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own 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, 2020. 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.

During the nine months ended November 30, 2020, there were transfers from Level 3 to Level 2 of $1,230,246, due to availability of market data for these securities and from Level 2 to Level 3 of $2,227,700, due to lack of availability of market data for these securities.

	Level 1	Level 2	Level 3	Total
Investments in Securities
Municipal Obligations	$—	$2,587,646,943	$34,636,183	$2,622,283,126
Other Investments - Assets
Investments Matured	—	5,366,981	2,262,692	7,629,673
Total Investments	$—	$2,593,013,924	$36,898,875	$2,629,912,799

A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) during the nine months ended November 30, 2020:

	Value 02/29/20	Purchases at Cost	Proceeds from Sales	Accrued Discounts/ Premiums	Realized Gain	Change in Unrealized Appeciation (Depreciation)	Transfers into Level 3	Transfers out of Level 3	Value 11/30/2020
Municipal Obligations	$37,662,997	$252,325	$(3,848,249)	$145,937	$(1,894,073)	$1,319,792	$2,227,700	$(1,230,246)	$34,636,183
Investments Matured	2,551,166	29,575	—	—	—	(318,049)	—	—	2,262,692
Total	$40,214,163	$281,900	$(3,848,249)	$145,937	$(1,894,073)	$1,001,743	$2,227,700	$(1,230,246)	$36,898,875

Securities determined to be Level 3 at the end of the reporting period were valued primarily by utilizing quotes from a third-party vendor pricing service. A significant change in third-party pricing information could result in a significantly lower or higher value in Level 3 investments.

NOTE 2—Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective, as stated in the most recent shareholder report. Because of the uncertainties on valuation, the global economy and business operations, values reflected in the Schedule of Investments may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

Invesco AMT-Free Municipal Income Fund