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Schedule of Investments

November 30, 2023

(Unaudited)


	Interest Rate	Maturity Date	Principal Amount (000)		Value

Municipal Obligations–101.06%
Alabama–5.60%
Birmingham (City of) & Jefferson (County of), AL Civic Center Authority; Series 2018 A, RB	5.00%	07/01/2048	$	2,500	$	2,541,857

Birmingham (City of), AL Private Educational Building Authority (Birmingham-Southern College); Series 1996, RB	6.13%	12/01/2025		290		204,631

Birmingham (City of), AL Water Works Board; Series 2016 B, Ref. RB^(a)(b)	5.00%	01/01/2027		16,150		17,199,343

Black Belt Energy Gas District (The); Series 2022 C-1, RB^(b)	5.25%	06/01/2029		10,000		10,420,212

Fort Deposit (Town of), AL Cooperative District; Series 2003, RB	6.00%	02/01/2036		165		159,593

Homewood (City of), AL Educational Building Authority (Samford University); Series 2017 A, Ref. RB	5.00%	12/01/2047		4,500		4,558,530

Jefferson (County of), AL;
Series 2013 C, Revenue Wts. (INS - AGM)^(c)	6.90%	10/01/2050		8,750		9,192,864

Series 2013 D, Revenue Wts.	6.00%	10/01/2042		8,000		8,406,167

Series 2013 D, Revenue Wts.	7.00%	10/01/2051		4,000		4,204,996

Series 2013 D, Revenue Wts.	6.50%	10/01/2053		7,500		7,882,415

Series 2013 F, Revenue Wts.	7.75%	10/01/2046		20,185		21,227,779

Series 2013 F, Revenue Wts.	7.90%	10/01/2050		20,000		21,033,756

Series 2017, Ref. Revenue Wts.	5.00%	09/15/2035		4,500		4,753,449

Lower Alabama Gas District (The); Series 2016 A, RB	5.00%	09/01/2046		5,000		5,197,504

Mobile (City of), AL Improvement District (McGowin Park); Series 2016 A, RB	5.25%	08/01/2030		200		191,377

Southeast Energy Authority A Cooperative District (No. 2); Series 2021 B, RB^(b)	4.00%	12/01/2031		7,895		7,688,603

Southeast Energy Authority A Cooperative District (No. 3); Series 2022 A-1, RB^(b)	5.50%	12/01/2029		4,105		4,350,170

Southeast Energy Authority A Cooperative District (No. 4); Series 2022 B-1, RB^(b)	5.00%	08/01/2028		2,000		2,048,385

						131,261,631


Alaska–0.00%
Alaska (State of) Industrial Development & Export Authority (Boys & Girls Home & Family Services, Inc.); Series 2007 C, RB^(d)	5.88%	12/01/2027		600		660


Arizona–1.71%
Arizona (State of) Industrial Development Authority (Academies of Math & Science);
Series 2017 A, Ref. RB (CEP - Ohio School District)	5.00%	07/01/2042		675		683,299

Series 2017 A, Ref. RB (CEP - Ohio School District)	5.00%	07/01/2047		925		930,905

Series 2017 A, Ref. RB (CEP - Ohio School District)	5.00%	07/01/2051		1,000		1,003,810

Series 2018 A, Ref. RB (CEP - Ohio School District)	5.00%	07/01/2038		500		510,803

Series 2018 A, Ref. RB (CEP - Ohio School District)	5.00%	07/01/2048		1,800		1,811,180

Series 2018 A, Ref. RB (CEP - Ohio School District)	5.00%	07/01/2052		2,125		2,133,014

Arizona (State of) Industrial Development Authority (Provident Group - Eastern Michigan University Parking);
Series 2018, RB^(e)	5.00%	05/01/2048		1,100		605,000

Series 2018, RB^(e)	5.00%	05/01/2051		1,000		550,000

Arizona (State of) Industrial Development Authority (Provident Group-NCCU Properties LLC); Series 2019 A, RB (INS - BAM)^(c)	5.00%	06/01/2058		570		583,777

Arizona (State of) Industrial Development Authority (Social Bonds); Series 2020 A, RB	4.00%	11/01/2050		2,100		1,845,301

Chandler (City of), AZ Industrial Development Authority (Intel Corp.); Series 2005, RB^(b)	3.80%	06/15/2028		5,000		5,062,786

Festival Ranch Community Facilities District (Assessment Districts Nos. 4 & 5); Series 2007, RB	5.75%	07/01/2032		273		261,239

Maricopa (County of), AZ Industrial Development Authority (GreatHearts Arizona);
Series 2017 C, RB (CEP - Ohio School District)	5.00%	07/01/2037		80		82,013

Series 2017 C, RB (CEP - Ohio School District)	5.00%	07/01/2048		145		146,225

Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB^(f)	5.00%	07/01/2049		1,400		1,275,854

Merrill Ranch Community Facilities District No. 1 (Assessment Area One); Series 2006, RB	5.30%	07/01/2030		167		167,002

Phoenix (City of), AZ Industrial Development Authority (Espiritu Community Development Corp. Charter School); Series 2006 A, RB	6.25%	07/01/2036		390		364,235

Phoenix (City of), AZ Industrial Development Authority (Great Hearts Academies); Series 2016 A, Ref. RB	5.00%	07/01/2041		1,200		1,177,804

Phoenix Civic Improvement Corp.; Series 2019, RB	4.00%	07/01/2044		6,855		6,754,719

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)
Pima (County of), AZ Industrial Development Authority (Arizona Charter Schools); Series 2013 Q, Ref. RB	5.38%	07/01/2031	$	1,575	$	1,531,540

Pima (County of), AZ Industrial Development Authority (Christian Care Tuscon, Inc.);
Series 2017 A, Ref. RB^(a)(b)	5.00%	06/15/2025		550		570,692

Series 2017 C, RB^(a)(b)	5.00%	06/15/2025		1,010		1,047,998

Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB^(f)	5.50%	09/01/2046		900		800,595

Pima (County of), AZ Industrial Development Authority (Paideia Academies (The));
Series 2019, RB	5.13%	07/01/2039		195		179,545

Series 2019, RB	5.25%	07/01/2049		240		210,651

Pima (County of), AZ Industrial Development Authority (Tuscon Country Day School); Series 2007, Ref. RB	5.00%	06/01/2037		725		621,265

Salt River Project Agricultural Improvement & Power District; Series 2023 B, RB	5.25%	01/01/2053		5,220		5,793,923

Salt Verde Financial Corp.;
Series 2007, RB	5.50%	12/01/2029		100		107,136

Series 2007, RB	5.00%	12/01/2032		3,000		3,181,509

						39,993,820


Arkansas–0.15%
Arkansas (State of) Development Finance Authority (Baptist Memorial Health); Series 2020, Ref. RB	5.00%	09/01/2044		2,000		2,016,263

Cave Springs Municipal Property Owners’ Improvement District No. 3; Series 2007, GO Bonds^(g)	6.25%	02/01/2038		1,480		1,480,000

						3,496,263


California–10.25%
Bay Area Toll Authority (San Francisco Bay Area); Series 2019 S-8, Ref. RB^(a)(b)	5.00%	10/01/2029		5,000		5,671,817

California (State of);
Series 2016, Ref. GO Bonds	5.00%	09/01/2037		10,085		10,541,832

Series 2018, GO Bonds	5.00%	10/01/2047		13,500		13,852,791

Series 2020, GO Bonds	4.00%	03/01/2050		2,600		2,592,341

Series 2021, Ref. GO Bonds	5.00%	10/01/2041		1,500		1,661,468

Series 2022, GO Bonds	4.00%	04/01/2049		1,325		1,324,195

California (State of) Community Choice Financing Authority (Green Bonds);
Series 2023 C, RB^(b)	5.25%	10/01/2031		3,250		3,351,031

Series 2023, RB^(b)	5.00%	08/01/2029		5,000		5,204,387

California (State of) County Tobacco Securitization Agency; Series 2006 B, RB^(h)	0.00%	06/01/2050		129,820		21,910,747

California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2002, RB	5.88%	06/01/2035		10		10,153

California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.);
Series 2006 A, RB^(h)	0.00%	06/01/2046		7,000		1,661,125

Series 2006 B, RB^(h)	0.00%	06/01/2046		6,000		1,377,718

California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2002 A, RB	5.88%	06/01/2043		2,450		2,450,229

California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System); Series 2021, Ref. RB	5.00%	08/15/2051		10,000		10,754,082

California (State of) Health Facilities Financing Authority (Commonspirit Health); Series 2020 A, Ref. RB	4.00%	04/01/2049		1,500		1,409,421

California (State of) Health Facilities Financing Authority (Sutter Health);
Series 2016 B, Ref. RB^(a)(b)	5.00%	11/15/2026		4,080		4,354,847

Series 2016 B, Ref. RB	5.00%	11/15/2046		5,920		6,031,308

California (State of) Housing Finance Agency;
Series 2019 A, RB	4.25%	01/15/2035		164		161,091

Series 2019 A-2, RB	4.00%	03/20/2033		7,032		6,995,319

California (State of) Housing Finance Agency (Social Certificates); Series 2023-1, RB	4.38%	09/20/2036		3,489		3,375,512

California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); Series 2018, RB (INS - BAM)^(c)	5.00%	05/15/2043		4,250		4,365,000

California (State of) Statewide Communities Development Authority (Community Facilities District No. 2007-01); Series 2015, Ref. RB	5.00%	09/01/2030		830		848,647

Cathedral (City of), CA Redevelopment Agency Successor Agency (Merged Redevelopment);
Series 2014 A, Ref. RB (INS - AGM)^(c)	5.00%	08/01/2032		1,450		1,465,249

Series 2014 A, Ref. RB (INS - AGM)^(c)	5.00%	08/01/2033		885		894,078

Golden State Tobacco Securitization Corp.; Series 2017 A-1, Ref. RB^(a)(b)	5.00%	06/01/2027		170		183,180

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)
Grossmont-Cuyamaca Community College District (Election of 2012); Series 2018 B, GO Bonds	4.00%	08/01/2047	$	3,165	$	3,172,898

Inland Empire Tobacco Securitization Corp.; Series 2007 F, RB^(f)(h)	0.00%	06/01/2057		345,750		19,450,339

Long Beach (City of), CA Bond Finance Authority; Series 2007 A, RB	5.50%	11/15/2037		2,000		2,221,274

Los Angeles (City of), CA Department of Water & Power; Series 2017 A, RB	5.00%	07/01/2042		5,000		5,192,777

Los Angeles Department of Water & Power Water System Revenue; Series 2022, RB⁽ⁱ⁾	5.00%	07/01/2042		25,000		27,799,830

Los Angeles Unified School District (Sustainability Bonds); Series 2022 QRR, GO Bonds	5.25%	07/01/2047		5,000		5,606,301

M-S-R Energy Authority;
Series 2009 B, RB	7.00%	11/01/2034		10,000		12,454,671

Series 2009 B, RB	6.50%	11/01/2039		9,820		12,076,560

Oak Grove School District (Election of 2008); Series 2018 E, Ref. GO Bonds^(j)	5.00%	08/01/2042		4,500		2,538,676

Oxnard (City of), CA Financing Authority;
Series 2014, Ref. RB (INS - AGM)^(c)	5.00%	06/01/2032		1,250		1,259,164

Series 2014, Ref. RB (INS - AGM)^(c)	5.00%	06/01/2033		1,500		1,510,923

Series 2014, Ref. RB (INS - AGM)^(c)	5.00%	06/01/2034		850		856,066

Poway Unified School District Public Financing Authority;
Series 2015 B, Ref. RB (INS - BAM)^(c)	5.00%	09/01/2033		1,725		1,786,420

Series 2015 B, Ref. RB (INS - BAM)^(c)	5.00%	09/01/2034		3,075		3,179,263

San Diego (County of), CA Regional Airport Authority;
Series 2019 A, Ref. RB	5.00%	07/01/2044		5,000		5,315,327

Series 2021 A, RB (INS - AGM)^(c)	5.00%	07/01/2051		15,000		16,030,761

Santa Cruz (County of), CA Redevelopment Successor Agency; Series 2015 A, Ref. RB (INS - AGM)^(c)	5.00%	09/01/2035		1,880		1,937,486

Transbay Joint Powers Authority (Green Bonds);
Series 2020 A, RB	5.00%	10/01/2045		1,000		1,013,808

Series 2020 A, RB	5.00%	10/01/2049		1,000		1,006,744

Twin Rivers Unified School District; Series 2020, GO Bonds (INS - AGM)^(c)(h)	0.00%	08/01/2044		8,990		3,282,381

						240,139,237


Colorado–3.47%
Aurora (City of), CO (Pipeline/Interceptor); Series 2023, RB	4.00%	08/01/2053		13,285		12,442,016

Berthoud-Heritage Metropolitan District No. 1; Series 2019, RB	5.63%	12/01/2048		2,000		1,903,060

BNC Metropolitan District No. 1; Series 2017 A, Ref. GO Bonds (INS - BAM)^(c)	5.00%	12/01/2037		550		580,391

Colorado (State of) Educational & Cultural Facilities Authority (Stargate Charter School); Series 2018 A, Ref. RB	5.00%	12/01/2038		1,000		1,031,418

Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group); Series 2019 A, Ref. RB	4.00%	11/15/2043		2,000		1,906,379

Colorado (State of) Health Facilities Authority (Christian Living Neighborhoods); Series 2016, Ref. RB	5.00%	01/01/2031		1,400		1,377,047

Colorado (State of) Health Facilities Authority (CommonSpirit Health); Series 2022, RB	5.25%	11/01/2052		7,500		7,739,455

Denver (City & County of), CO;
Series 2018 B, Ref. RB	5.00%	12/01/2048		12,500		12,906,729

Series 2022 B, RB	5.25%	11/15/2053		8,000		8,702,902

Series 2022 C, Ref. RB	5.25%	11/15/2053		6,120		6,657,720

E-470 Public Highway Authority; Series 1997 B, RB (INS - NATL)^(c)(h)	0.00%	09/01/2025		125		117,645

Ebert Metropolitan District;
Series 2018 A-1, GO Bonds (INS - BAM)^(c)	5.00%	12/01/2043		7,000		7,347,742

Series 2018 A-2, GO Bonds (INS - BAM)^(c)	5.00%	12/01/2043		1,605		1,684,732

Hunters Overlook Metropolitan District No. 5;
Series 2019 A, GO Bonds	5.00%	12/01/2039		874		829,494

Series 2019 A, GO Bonds	5.00%	12/01/2049		1,360		1,221,930

Hunting Hill Metropolitan District; Series 2018, Ref. GO Bonds	5.63%	12/01/2048		2,071		2,001,532

Powhaton Road Metropolitan District No. 2; Series 2019 A, GO Bonds^(a)(b)	5.63%	12/01/2023		710		731,300

Public Authority for Colorado Energy;
Series 2008, RB	6.25%	11/15/2028		1,495		1,586,941

Series 2008, RB	6.50%	11/15/2038		1,920		2,312,534

Rampart Range Metropolitan District No. 1; Series 2017, Ref. RB (INS - AGM)^(c)	5.00%	12/01/2047		6,165		6,380,126

Tallyn’s Reach Metropolitan District No. 3;
Series 2013, Ref. GO Bonds^(a)(b)(f)	5.00%	12/01/2023		100		100,000

Series 2013, Ref. GO Bonds^(a)(b)(f)	5.13%	12/01/2023		250		250,000

Vauxmont Metropolitan District; Series 2020, Ref. GO Bonds (INS - AGM)^(c)	5.00%	12/01/2050		1,500		1,555,901

						81,366,994

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

Connecticut–0.85%
Connecticut (State of) Health & Educational Facilities Authority; Series 2020 G-1, Ref. RB^(f)	5.00%	07/01/2050	$	1,100	$	977,628

Connecticut (State of) Health & Educational Facilities Authority (Fairfield University); Series 2017 R, Ref. RB	4.00%	07/01/2047		6,125		5,671,428

Connecticut (State of) Health & Educational Facilities Authority (Nuvance Health); Series 2019 A, Ref. RB	4.00%	07/01/2049		12,430		10,160,419

Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds^(d)(g)	5.13%	10/01/2036		500		60,000

Hamden (Town of), CT; Series 2018 A, Ref. GO Bonds (INS - BAM)^(c)	5.00%	08/15/2030		625		669,730

Mashantucket Western Pequot Tribe; Series 2013, RB^(d)	6.05%	07/01/2031		11,260		2,505,364

						20,044,569


District of Columbia–3.13%
District of Columbia;
Series 2006 B-1, RB (INS - NATL)^(c)	5.00%	02/01/2031		15		15,013

Series 2020 A, RB	4.00%	03/01/2045		4,335		4,258,392

Series 2023 A, RB	5.25%	05/01/2048		5,245		5,815,472

District of Columbia Tobacco Settlement Financing Corp.;
Series 2001, RB	6.75%	05/15/2040		4,260		4,376,357

Series 2006 B, RB^(h)	0.00%	06/15/2046		72,125		14,000,191

Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement);
Series 2019 A, Ref. RB	5.00%	10/01/2044		5,000		5,164,142

Series 2019 B, Ref. RB	4.00%	10/01/2049		10,000		8,981,530

Washington (State of) Metropolitan Area Transit Authority; Series 2020 A, RB	4.00%	07/15/2045		25,600		25,164,361

Washington (State of) Metropolitan Area Transit Authority (Sustainability Bonds); Series 2023 A, RB	5.25%	07/15/2053		5,000		5,499,469

						73,274,927


Florida–6.17%
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.); Series 2019, Ref. RB	5.00%	12/01/2037		2,580		2,684,988

Amelia Concourse Community Development District; Series 2007, RB	5.75%	05/01/2038		310		295,680

Arlington Ridge Community Development District; Series 2006 A, RB	5.50%	05/01/2036		125		125,024

Broward (County of), FL; Series 2022 A, RB	4.00%	10/01/2047		5,005		4,992,450

Broward (County of), FL (Convention Center Expansion); Series 2021, RB	4.00%	09/01/2047		17,250		16,427,118

Broward (County of), FL School Board; Series 2022, GO Bonds	5.00%	07/01/2051		10,000		10,760,317

Canaveral Port Authority; Series 2018 B, RB	5.00%	06/01/2048		5,000		5,073,043

Capital Trust Agency, Inc. (Advantage Academy of Hillsborough);
Series 2019 A, RB	5.00%	12/15/2049		455		425,877

Series 2019 A, RB	5.00%	12/15/2054		320		295,490

Capital Trust Agency, Inc. (Florida Charter Educational Foundation, Inc.);
Series 2018 A, RB^(f)	5.38%	06/15/2038		255		243,247

Series 2018 A, RB^(f)	5.38%	06/15/2048		480		430,956

Chapel Creek Community Development District; Series 2006 A, RB^(d)(g)	5.50%	05/01/2038		1,175		787,250

Clearwater Cay Community Development District; Series 2006 A, RB (Acquired 02/16/2010; Cost $539,852)^(d)(g)(k)	5.50%	05/01/2037		826		470,787

Creekside Community Development District; Series 2006, RB^(d)(g)	5.20%	05/01/2038		2,280		1,071,600

Greater Orlando Aviation Authority; Series 2015 XF2019, Revenue Ctfs.⁽ⁱ⁾	5.00%	10/01/2032		9,385		9,390,681

Highland Meadows Community Development District; Series 2006 A, RB	5.50%	05/01/2036		80		80,020

Indigo Community Development District; Series 2005, RB^(g)	5.75%	05/01/2036		218		156,935

Jacksonville (City of), FL Health Facilities Authority; Series 1997 B, RB^(a)	5.25%	08/15/2027		15		15,208

Lake (County of), FL (Imagine South Lake Charter School Program); Series 2019, RB^(f)	5.00%	01/15/2054		190		164,604

Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts);
Series 2018 A, RB^(f)	5.50%	07/15/2048		565		495,099

Series 2018 A, RB^(f)	5.75%	07/15/2053		600		551,417

Lakeland (City of), FL (Lakeland Regional Health); Series 2015, RB	5.00%	11/15/2040		5,000		5,009,375

Lucaya Community Development District; Series 2005, RB	5.38%	05/01/2035		1,030		1,030,289

Magnolia Creek Community Development District; Series 2007 A, RB^(d)(g)	5.90%	05/01/2039		195		99,600

Magnolia West Community Development District; Series 2017, RB	5.35%	05/01/2037		70		70,415

Manatee (County of), FL; Series 2023, Ref. RB	4.00%	10/01/2048		5,000		4,850,403

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)
Miami-Dade (County of), FL;
Series 2009, RB (INS - BAM)^(c)(h)	0.00%	10/01/2042	$	6,925	$	2,951,587

Series 2019 B, RB	4.00%	10/01/2049		17,745		16,946,580

Series 2021, RB	4.00%	10/01/2051		5,000		4,742,791

Miami-Dade (County of), FL Transit System;
Series 2020 A, RB	4.00%	07/01/2048		12,185		11,835,024

Series 2020 A, RB	4.00%	07/01/2050		5,000		4,815,836

Miromar Lakes Community Development District; Series 2015, Ref. RB	5.00%	05/01/2035		1,195		1,195,157

Naturewalk Community Development District; Series 2007 A, RB^(d)(g)	5.50%	05/01/2038		335		107,200

Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group); Series 2022, RB	4.00%	10/01/2052		10,000		9,298,151

Orlando (City of), FL Utilities Commission; Series 2018 A, RB	5.00%	10/01/2038		3,000		3,176,100

Osceola (County of), FL; Series 2020 A-1, Ref. RB	5.00%	10/01/2049		2,055		2,025,505

Palace Coral Gables Community Development District;
Series 2011, RB	5.00%	05/01/2032		385		385,266

Series 2011, RB	5.63%	05/01/2042		1,000		1,000,706

Polk (County of), FL Industrial Development Authority (Carpenter’s Home Estates); Series 2019, Ref. IDR	5.00%	01/01/2049		750		634,523

Reunion East Community Development District;
Series 2002 A-2, RB^(d)(g)	7.38%	05/01/2033		860		9

Series 2005, RB^(d)(g)	5.80%	05/01/2036		810		8

Ridgewood Trails Community Development District; Series 2007 A, RB	5.65%	05/01/2038		15		15,004

South Bay Community Development District;
Series 2005 A, RB^(d)(g)	5.95%	05/01/2036		1,645		16

Series 2005 A-1, Ref. RB	5.95%	05/01/2036		1,620		1,607,925

Series 2005 A-2, Ref. RB^(d)(g)	6.60%	05/01/2036		1,095		547,500

Series 2005 B-2, Ref. RB^(d)(g)	6.60%	05/01/2025		935		467,501

Tampa (City of), FL;
Series 2020 A, RB^(h)	0.00%	09/01/2033		210		135,365

Series 2020 A, RB^(h)	0.00%	09/01/2034		880		538,925

Series 2020 A, RB^(h)	0.00%	09/01/2035		750		434,008

Series 2020 A, RB^(h)	0.00%	09/01/2036		850		459,879

Series 2020 A, RB^(h)	0.00%	09/01/2037		825		415,313

Series 2020 A, RB^(h)	0.00%	09/01/2038		1,050		492,361

Series 2020 A, RB^(h)	0.00%	09/01/2039		1,000		438,499

Villages of Avignon Community Development District (The); Series 2007 A, RB^(d)(g)	5.40%	05/01/2037		250		12,500

Vista Community Development District; Series 2006 A, RB	5.38%	05/01/2037		3,400		3,400,299

Waterford Estates Community Development District; Series 2006 A, RB	5.50%	05/01/2037		1,595		1,596,593

Waterstone Community Development District;
Series 2007 A, RB^(g)(j)	6.88%	05/01/2037		146		95,271

Series 2007 B, RB^(g)(h)	0.00%	11/01/2028		793		501,582

West Villages Improvement District;
Series 2005 A-1, RB	5.75%	05/01/2036		2,770		2,771,407

Series 2005 A-2, RB^(d)(g)	5.75%	05/01/2036		2,925		1,696,500

Westridge Community Development District; Series 2005, RB	5.80%	05/01/2037		390		390,075

Westside Community Development District; Series 2019-2, RB	5.65%	05/01/2037		525		345,369

Wildwood (City of), FL Village Community Development Disctrict No. 15;
Series 2023, RB^(f)	5.00%	05/01/2043		1,500		1,492,001

Series 2023, RB^(f)	5.25%	05/01/2054		1,000		996,934

Zephyr Ridge Community Development District; Series 2006 A, RB^(d)(g)	5.63%	05/01/2037		979		489,330

						144,452,473


Georgia–2.48%
Atlanta (City of), GA Department of Aviation (Green Bonds); Series 2023 B-1, RB	5.00%	07/01/2053		6,750		7,244,440

Atlanta (City of), GA Urban Residential Finance Authority (Trestletree Village Apartments); Series 2013 A, RB	5.00%	11/01/2048		490		357,494

Brookhaven (City of), GA Urban Redevelopment Agency; Series 2023 A, RB	4.00%	07/01/2053		5,000		4,899,290

Columbia (City of), GA (Wellstar Health System, Inc.); Series 2023, RAC	5.13%	04/01/2048		5,500		5,848,972

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)
Floyd (County of), GA Development Authority (The Spires at Berry College);
Series 2018 A, RB	5.75%	12/01/2033	$	1,155	$	1,119,210

Series 2018 A, RB	6.00%	12/01/2038		2,260		2,169,464

Series 2018 A, RB	6.25%	12/01/2048		5,565		5,224,817

Series 2018 A, RB	6.50%	12/01/2053		3,205		3,066,853

Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.);
Series 2016 A, Ref. RB	5.00%	07/01/2046		3,000		3,036,464

Series 2019, RB	4.00%	07/01/2049		11,150		10,222,876

Main Street Natural Gas, Inc.;
Series 2019 A, RB	5.00%	05/15/2043		1,040		1,054,561

Series 2023 B, RB^(b)	5.00%	03/01/2030		5,000		5,212,214

Series 2023 C, RB^(b)	5.00%	09/01/2030		5,000		5,225,803

Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens);
Series 2018 A-1, RB	6.13%	12/01/2038		880		785,226

Series 2018 A-1, RB	6.25%	12/01/2048		1,230		1,038,174

Series 2018 A-1, RB	6.38%	12/01/2053		1,030		866,968

Series 2018 A-2, RB^(b)	5.50%	12/01/2028		690		625,666

						57,998,492


Guam–0.17%
Guam (Territory of); Series 2015 D, Ref. RB	5.00%	11/15/2039		2,500		2,500,101

Guam (Territory of) Waterworks Authority; Series 2020 A, RB	5.00%	01/01/2050		1,500		1,509,296

						4,009,397


Illinois–6.72%
Chicago (City of), IL; Series 2012, RB (INS - BAM)^(c)	4.00%	01/01/2042		1,200		1,187,504

Chicago (City of), IL (O’Hare International Airport);
Series 2015 B, Ref. RB	5.00%	01/01/2034		2,500		2,530,781

Series 2017 D, RB	5.00%	01/01/2052		3,000		3,037,735

Series 2018 B, RB	5.00%	01/01/2053		10,000		10,188,708

Series 2020 A, Ref. RB	4.00%	01/01/2036		5,000		5,119,723

Chicago (City of), IL Board of Education;
Series 1998 B-1, GO Bonds (INS - NATL)^(c)(h)	0.00%	12/01/2024		915		878,367

Series 1999 A, GO Bonds (INS - NATL)^(c)(h)	0.00%	12/01/2024		1,405		1,348,750

Series 2016, RB	6.00%	04/01/2046		4,300		4,437,028

Series 2018 A, Ref. GO Bonds (INS - AGM)^(c)	5.00%	12/01/2026		775		802,261

Series 2018 A, Ref. GO Bonds (INS - AGM)^(c)	5.00%	12/01/2028		2,250		2,368,447

Series 2018 A, Ref. GO Bonds (INS - AGM)^(c)	5.00%	12/01/2031		1,000		1,040,170

Series 2018 A, Ref. GO Bonds (INS - AGM)^(c)	5.00%	12/01/2034		1,205		1,247,517

Series 2022 A, GO Bonds	5.00%	12/01/2047		3,200		3,059,596

Chicago (City of), IL Transit Authority;
Series 2020 A, Ref. RB	5.00%	12/01/2045		20		20,601

Series 2020 A, Ref. RB	5.00%	12/01/2055		2,140		2,178,963

Cook (County of), IL; Series 2021 A, Ref. RB	4.00%	11/15/2041		3,500		3,408,683

Cook County Community School District No. 147; Series 2004 A, Ref. GO Bonds (INS - BAM)^(c)	7.13%	06/01/2024		385		386,210

Du Page (County of), IL Special Service Area No. 31 (Monarch Landing, Inc.); Series 2006, RB	5.63%	03/01/2036		287		282,228

Gilberts (Village of), IL; Series 2014, Ref. RB (INS - AGM)^(c)	5.00%	03/01/2035		2,000		2,004,517

Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Subseries 2014 A, RB	5.38%	03/01/2034		656		615,286

Harvey (City of), IL;
Series 2008, RB	6.88%	08/01/2028		2,310		2,125,686

Series 2023 A, GO Bonds	4.50%	01/01/2054		3,585		2,785,378

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);
Series 2014, GO Bonds	5.00%	04/01/2025		$ 2,000	$	2,002,153

Series 2014, GO Bonds	5.00%	02/01/2039		1,525		1,524,979

Series 2017 C, GO Bonds	5.00%	11/01/2029		3,000		3,153,344

Series 2018 A, GO Bonds	5.00%	05/01/2036		2,610		2,721,403

Series 2018 A, Ref. GO Bonds	5.00%	10/01/2029		6,500		6,919,017

Series 2018 A, Ref. GO Bonds	5.00%	10/01/2032		3,000		3,170,986

Series 2018 A, Ref. GO Bonds	5.00%	10/01/2033		750		790,881

Series 2018 B, Ref. GO Bonds	5.00%	10/01/2029		5,000		5,322,321

Series 2020, GO Bonds	5.50%	05/01/2039		3,750		4,099,541

Illinois (State of) Finance Authority (University of Illinois Health Services); Series 2020, RB	4.00%	10/01/2040		3,950		3,573,053

Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); Series 1998 A, RB (INS - AGM)^(c)	5.50%	12/15/2023		200		200,123

Illinois (State of) Regional Transportation Authority;
Series 2018 B, RB	4.00%	06/01/2043		1,365		1,358,854

Series 2018 XF2618, Revenue Ctfs.⁽ⁱ⁾	4.00%	06/01/2043		18,000		17,918,960

Illinois (State of) Sports Facilities Authority;
Series 2014, Ref. RB (INS - AGM)^(c)	5.25%	06/15/2032		2,000		2,007,335

Series 2019, Ref. RB (INS - BAM)^(c)	5.00%	06/15/2028		2,520		2,642,907

Series 2019, Ref. RB (INS - BAM)^(c)	5.00%	06/15/2029		1,455		1,538,830

Series 2019, Ref. RB (INS - BAM)^(c)	5.00%	06/15/2030		245		258,588

Illinois (State of) Toll Highway Authority;
Series 2020 A, RB	5.00%	01/01/2045		21,090		22,431,349

Series 2021 A, RB	4.00%	01/01/2046		7,785		7,447,363

Jefferson County Township High School District No. 201;
Series 2012 A, GO Bonds	6.50%	12/30/2027		895		1,007,873

Series 2012 A, GO Bonds	6.50%	12/30/2028		955		1,100,743

Series 2012 A, GO Bonds	6.50%	12/30/2031		1,160		1,408,950

Lincolnshire (Village of), IL (Sedgewick); Series 2004, RB	6.25%	03/01/2034		1,859		1,860,224

Northern Illinois Municipal Power Agency; Series 2016 A, Ref. RB	4.00%	12/01/2041		1,050		1,011,934

Plano (City of), IL Special Service Area No. 5 (Lakewood Springs Club); Series 2006, RB	6.00%	03/01/2036		365		342,236

Sales Tax Securitization Corp.; Series 2018 C, Ref. RB (INS - BAM)^(c)	5.25%	01/01/2048		5,000		5,193,730

Southwestern Illinois Development Authority; Series 2006, RB^(d)	5.63%	11/01/2026		890		667,500

Stephenson County School District No. 145 Freeport;
Series 2018 A, GO Bonds^(a)(b)	5.00%	02/01/2028		210		226,619

Series 2018 A, GO Bonds^(a)(b)	5.00%	02/01/2028		135		145,684

Series 2018 A, GO Bonds^(a)(b)	5.00%	02/01/2028		160		172,662

Series 2018 A, GO Bonds (INS - AGM)^(c)	5.00%	02/01/2032		945		1,018,048

Series 2018 A, GO Bonds (INS - AGM)^(c)	5.00%	02/01/2033		690		740,745

Series 2018 A, GO Bonds (INS - AGM)^(c)	5.00%	02/01/2034		615		658,928

Yorkville (United City of), IL (United City Special Services Area); Series 2013, Ref. RB	5.00%	03/01/2033		1,848		1,757,945

						157,449,947


Indiana–0.52%
Columbus (City of), IN (Vivera Senior Living); Series 2019, RB	5.63%	05/01/2039		3,555		2,876,525

Indiana (State of) Finance Authority (Good Samaritan Hospital); Series 2016 A, RB	5.50%	04/01/2026		1,620		1,658,906

Indiana (State of) Municipal Power Agency; Series 2016 A, Ref. RB	5.00%	01/01/2037		7,500		7,730,512

						12,265,943


Iowa–0.94%
Iowa (State of) Finance Authority; Series 2007, RB^(d)	5.90%	12/01/2028		400		440

Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB	4.75%	08/01/2042		5,000		4,779,029

Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB^(b)	5.00%	12/01/2042		7,785		7,790,546

Iowa (State of) Finance Authority (Mercy Medical Center); Series 2012, RB	5.00%	08/15/2028		1,685		1,686,056

Iowa (State of) Finance Authority (Unitypoint Health); Series 2018 B, Ref. RB	5.00%	02/15/2048		1,300		1,322,622

Iowa (State of) Finance Authority (Wedum Walnut Ridge LLC); Series 2007 B, RB	5.38%	06/01/2025		75		74,018

PEFA, Inc.; Series 2019, RB^(b)	5.00%	09/01/2026		5,190		5,266,098

Xenia (City of), IA Rural Water District; Series 2016, Ref. RB^(a)(b)	5.00%	12/01/2026		1,000		1,061,649

						21,980,458

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–2.15%
Kentucky (Commonwealth of) Municipal Power Agency (Prairie State);
Series 2016 A, Ref. RB (INS - NATL)^(c)	5.00%	09/01/2032	$	5,480	$	5,664,759

Series 2016 A, Ref. RB (INS - NATL)^(c)	5.00%	09/01/2033		11,525		11,871,074

Series 2016 A, Ref. RB (INS - NATL)^(c)	5.00%	09/01/2034		5,000		5,125,249

Kentucky (Commonwealth of) Property & Building Commission (No. 115);
Series 2017, RB	5.00%	04/01/2037		2,500		2,612,366

Series 2017, RB (INS - BAM)^(c)	5.00%	04/01/2038		2,500		2,600,619

Kentucky (Commonwealth of) Property & Building Commission (No. 119);
Series 2018, RB	5.00%	05/01/2035		1,500		1,599,511

Series 2018, RB	5.00%	05/01/2036		1,170		1,244,461

Series 2018, RB	5.00%	05/01/2037		4,605		4,869,893

Kentucky (Commonwealth of) Public Energy Authority; Series 2022 A-1, RB^(b)	4.00%	08/01/2030		15,000		14,693,749

						50,281,681


Louisiana–1.59%
Denham Springs (City of) & Livingston (Parish of), LA Housing & Mortgage Finance Authority; Series 2007, RB (CEP - GNMA)	5.00%	11/01/2040		3		3,235

Louisiana (State of) Public Facilities Authority (19th Judicial District Court Building); Series 2015, Ref. RB^(a)(b)	5.00%	06/01/2025		2,500		2,569,477

Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans);
Series 2017, Ref. RB	5.00%	07/01/2032		395		335,750

Series 2017, Ref. RB	5.00%	07/01/2033		300		255,000

Series 2017, Ref. RB	5.00%	07/01/2037		345		293,250

Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2017, Ref. RB	5.00%	05/15/2046		7,500		7,591,488

Louisiana Stadium & Exposition District; Series 2023 A, Ref. RB	5.25%	07/01/2053		15,000		16,092,375

Louisiana State University & Agricultural & Mechanical College Board of Supervisors; Series 2016 A, Ref. RB^(a)(b)	5.00%	07/01/2026		4,035		4,248,167

New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System);
Series 2018 A, RB (INS - AGM)^(c)	5.00%	10/01/2043		700		723,942

Series 2018 A, RB (INS - AGM)^(c)	5.00%	10/01/2048		1,280		1,315,605

St. John the Baptist (Parish of), LA (Marathon Oil Corp.);
Series 2017, Ref. RB^(b)	2.13%	07/01/2024		2,000		1,965,565

Subseries 2017 A-3, Ref. RB^(b)	2.20%	07/01/2026		2,000		1,900,491

						37,294,345


Maryland–0.55%
Anne Arundel (County of), MD; Series 2023, GO Bonds	4.00%	10/01/2052		5,000		4,869,648

Gaithersburg (City of), MD (Asbury Maryland Obligated Group); Series 2018 A, Ref. RB	5.00%	01/01/2036		1,500		1,471,968

Maryland (State of) Health & Higher Educational Facilities Authority;
Series 2001, RB (INS - AMBAC)^(c)	5.00%	07/01/2034		5		5,034

Series 2016, Ref. RB	5.00%	06/01/2036		400		406,818

Maryland Economic Development Corp. (University of Maryland College Park); Series 2016, Ref. RB (INS - AGM)^(c)	5.00%	06/01/2035		4,530		4,685,100

Prince George’s (County of), MD (Victoria Falls); Series 2005, RB	5.25%	07/01/2035		1,490		1,490,887

						12,929,455


Massachusetts–1.51%
Massachusetts (Commonwealth of); Series 2016-XF0530, Ctfs. Of Obligation⁽ⁱ⁾	5.00%	12/01/2035		20,000		20,975,464

Massachusetts (Commonwealth of) Development Finance Agency;
Series 2016 I, Ref. RB	5.00%	07/01/2036		2,000		2,048,212

Series 2019 A, Ref. RB	4.00%	07/01/2044		3,000		2,587,312

Massachusetts (Commonwealth of) Transportation Fund (Rail Enhancement Program); Series 2021 A, RB⁽ⁱ⁾	4.00%	06/01/2050		10,000		9,732,095

						35,343,083


Michigan–3.05%
Detroit (City of), MI; Series 2003 B-R, RB (INS - AGM)^(c)	7.50%	07/01/2033		60		60,181

Detroit (City of), MI Downtown Development Authority (Catalyst Development);
Series 2018 A, Ref. RB (INS - AGM)^(c)	5.00%	07/01/2043		150		150,351

Series 2018 A, Ref. RB (INS - AGM)^(c)	5.00%	07/01/2048		1,350		1,351,943

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)
Michigan (State of);
Series 2020 B, RB	4.00%	11/15/2045	$	10,000	$	9,996,842

Series 2021, RB	4.00%	11/15/2046		6,000		5,943,562

Michigan (State of) Finance Authority;
Series 2005 A, RB	6.00%	12/01/2035		1,155		1,080,050

Series 2008 C, RB^(h)	0.00%	06/01/2058		289,275		14,557,215

Series 2014, Ref. RB^(a)(b)(f)	6.75%	07/01/2024		1,945		1,983,666

Series 2014, Ref. RB^(f)	6.75%	07/01/2044		4,055		3,738,319

Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);
Series 2014 C-6, Ref. RB	5.00%	07/01/2033		1,000		1,004,485

Series 2014 D-4, Ref. RB	5.00%	07/01/2032		2,450		2,462,512

Series 2014 D-4, Ref. RB	5.00%	07/01/2034		1,000		1,003,919

Series 2014 D-6, Ref. RB (INS - NATL)^(c)	5.00%	07/01/2025		1,000		1,008,341

Series 2014 D-6, Ref. RB (INS - NATL)^(c)	5.00%	07/01/2026		895		902,467

Series 2014 D-6, Ref. RB (INS - NATL)^(c)	5.00%	07/01/2027		930		937,177

Series 2015 C, RB	5.00%	07/01/2034		2,200		2,229,760

Michigan (State of) Finance Authority (Old Redforf Academy); Series 2010 A, RB	5.90%	12/01/2030		455		442,333

Michigan (State of) Finance Authority (Universal Learning Academy); Series 2018, Ref. RB	5.75%	11/01/2040		635		609,132

Michigan (State of) Strategic Fund (Wolverine Human Services); Series 2007, RB^(d)	5.85%	08/31/2027		6,074		5,467,503

Plymouth Educational Center Charter School;
Series 2005, Ref. RB^(g)	5.38%	11/01/2030		400		244,000

Series 2005, Ref. RB^(g)	5.63%	11/01/2035		1,325		808,250

Renaissance Public School Academy; Series 2012 A, RB	6.00%	05/01/2037		500		499,993

Walled Lake Consolidated School District;
Series 2019, GO Bonds	4.00%	05/01/2039		600		605,846

Series 2019, GO Bonds	4.00%	05/01/2040		1,220		1,230,212

Series 2019, GO Bonds	4.00%	05/01/2041		2,485		2,506,288

Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport); Series 2021 A, RB	5.00%	12/01/2046		10,000		10,653,962

						71,478,309


Minnesota–0.19%
Bethel (City of), MN (Benedictine Health System - St. Peter Communities); Series 2018 A, Ref. RB	5.50%	12/01/2048		1,050		832,222

Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group); Series 2018 A, Ref. RB	5.00%	02/15/2043		2,300		2,334,504

Minnesota (State of) Higher Education Facilities Authority (Trustees of the Hamline University of Minnesota); Series 2017, Ref. RB	5.00%	10/01/2047		900		893,450

Mound (City of), MN Housing & Redevelopment Authority; Series 2006, Ref. RB	5.00%	02/15/2027		335		327,824

						4,388,000


Mississippi–0.48%
Mississippi (State of) Development Bank; Series 2016, RB (CEP - Colorado Higher Education Intercept Program)	5.00%	12/01/2046		10,000		10,254,887

Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2021, RB	2.38%	06/01/2044		1,795		1,056,496

						11,311,383


Missouri–0.98%
Branson (City of), MO Industrial Development Authority (Branson Hills Redevelopment);
Series 2005 A, RB^(g)	7.05%	05/01/2027		60		51,786

Series 2007 A, RB^(g)	5.75%	05/01/2026		630		555,895

Broadway-Fairview Transportation Development District; Series 2006 A, RB^(g)	5.88%	12/01/2031		675		209,250

Chillicothe (City of), MO (South U.S. 65); Series 2006, RB	5.63%	04/01/2027		400		390,806

Columbia (City of), MO Housing Authority (Stuart Park/Paquin Tower Apartments);
Series 2015, RB	5.00%	12/15/2040		580		522,074

Series 2015, RB	5.13%	12/15/2050		1,330		1,139,001

Grindstone Plaza Transportation Development District; Series 2006 A, RB	5.50%	10/01/2031		355		351,639

Hollister (City of), MO; Series 2019, RB^(f)	5.63%	10/01/2039		4,305		3,896,001

Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2016 A, Ref. RB^(f)	5.00%	04/01/2046		295		255,361

Lee’s Summit (City of), MO Industrial Development Authority; Series 2007, RB^(d)(g)	5.75%	03/01/2029		250		145,000

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

Missouri–(continued)
Maplewood (City of), MO (Maplewood South Redevelopment Area); Series 2005, Ref. RB	5.75%	11/01/2026	$	855	$	833,356

Missouri (State of) Health & Educational Facilities Authority (SSM Health); Series 2018 A, RB	5.00%	06/01/2048		7,500		7,643,047

Northwoods Transportation Development District; Series 2006 A, RB	5.85%	02/01/2031		50		43,800

St. Charles (County of), MO Industrial Development Authority (Suemandy/Mid-Rivers Community Improvement District); Series 2016, RB^(f)	5.00%	10/01/2046		1,025		839,103

St. Louis (City of), MO (Abbey Condominiums);
Series 2006 A, RB^(e)(g)	6.00%	08/04/2025		481		28,860

Series 2007, RB^(g)	5.50%	05/29/2028		661		198,305

St. Louis (City of), MO Land Clearance for Redevelopment Authority (Scottrade Center); Series 2018 A, RB	5.00%	04/01/2048		3,250		3,282,327

St. Louis (County of), MO; Series 2007 A, RB^(g)	5.50%	09/02/2028		373		108,170

St. Louis (County of), MO (Ludwig Lofts); Series 2008, RB^(e)(g)	6.69%	04/21/2029		1,080		183,600

St. Louis (County of), MO (Printers Lofts Tax Increment Financing); Series 2006, RB^(e)(g)	6.00%	08/21/2026		545		54,500

St. Louis (County of), MO (Washington Park Redevelopment);
Series 2006, RB^(e)(g)	6.00%	08/21/2026		846		101,520

Series 2006, RB^(g)	5.50%	03/09/2027		1,879		507,330

Series 2007 A, RB^(g)	5.50%	01/20/2028		712		270,560

Series 2007 B, RB^(e)(g)	5.50%	01/20/2028		466		23,300

Series 2008 A, RB^(g)	6.60%	01/21/2028		3,254		1,301,600

Stone Canyon Community Improvement District (Infrastructure Improvement); Series 2007, RB^(d)(g)	5.75%	04/01/2027		320		28,800

						22,964,991


Montana–0.12%
Hardin (City of), MT; Series 2006, RB^(e)(g)	6.25%	09/01/2031		11,710		2,810,400


Nebraska–0.75%
Central Plains Energy Project (No. 3); Series 2017 A, Ref. RB	5.00%	09/01/2035		6,150		6,570,534

Central Plains Energy Project (No. 5); Series 2022-1, RB^(b)	5.00%	10/01/2029		5,000		5,147,646

Omaha (City of), NE Public Power District; Series 2021 A, RB (INS - AGM)^(c)	4.00%	02/01/2051		6,000		5,844,173

						17,562,353


Nevada–0.57%
Clark (County of), NV (Special Improvement District No. 128);
Series 2007 A, RB	5.00%	02/01/2026		190		190,209

Series 2007 A, RB	5.05%	02/01/2031		245		245,157

Clark (County of), NV (Stadium Improvement Bonds); Series 2018 A, GO Bonds	5.00%	05/01/2048		2,500		2,582,345

Clark County School District; Series 2018 B, GO Bonds (INS - BAM)^(c)	5.00%	06/15/2036		5,280		5,675,292

Las Vegas Valley Water District; Series 2022 A, GO Bonds	4.00%	06/01/2051		5,000		4,786,920

						13,479,923


New Hampshire–0.56%
Manchester Housing & Redevelopment Authority, Inc.; Series 2000 B, RB (INS - BAM)^(c)(h)	0.00%	01/01/2029		305		231,713

New Hampshire (State of) Business Finance Authority; Series 2020-1A, RB	4.13%	01/20/2034		7,259		6,991,155

New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB	4.00%	10/20/2036		5,012		4,755,316

New Hampshire (State of) Business Finance Authority (Vista (The));
Series 2019 A, RB^(f)	5.25%	07/01/2039		410		363,184

Series 2019 A, RB^(f)	5.63%	07/01/2046		230		202,388

Series 2019 A, RB^(f)	5.75%	07/01/2054		570		496,614

						13,040,370


New Jersey–7.41%
Atlantic City (City of), NJ;
Series 2017 A, Ref. GO Bonds (INS - BAM)^(c)	5.00%	03/01/2032		250		262,871

Series 2017 A, Ref. GO Bonds (INS - BAM)^(c)	5.00%	03/01/2037		500		517,271

Casino Reinvestment Development Authority, Inc.;
Series 2014, Ref. RB (INS - AGM)^(c)	5.00%	11/01/2030		2,000		2,030,057

Series 2014, Ref. RB (INS - AGM)^(c)	5.00%	11/01/2032		2,000		2,026,478

Hudson County Improvement Authority (Hudson County Courthouse); Series 2020, RB	4.00%	10/01/2046		10,000		9,780,479

New Jersey (State of); Series 2020 A, GO Bonds	4.00%	06/01/2032		6,380		6,821,207

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;
Series 2016 AAA, RB^(a)(b)	5.00%	12/15/2026	$	3,000	$	3,196,221

Series 2017 DDD, RB	5.00%	06/15/2028		1,930		2,050,476

Series 2017 DDD, RB	5.00%	06/15/2029		3,500		3,716,957

Series 2018 A, RB	5.00%	06/15/2042		3,500		3,633,289

Series 2018 A, RB	5.00%	06/15/2047		735		753,516

Series 2018 C, RB	5.00%	06/15/2031		4,855		5,184,833

New Jersey (State of) Economic Development Authority (Golden Door Charter School); Series 2018 A, RB^(f)	6.50%	11/01/2052		220		227,429

New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); Series 2019, Ref. RB	5.13%	06/15/2037		863		925,005

New Jersey (State of) Health Care Facilities Financing Authority; Series 2015 A, RB (INS - AGM)^(c)	5.00%	07/01/2029		2,100		2,145,140

New Jersey (State of) Transportation Trust Fund Authority;
Series 2004 A, RB (INS - NATL)^(c)	5.75%	06/15/2024		11,570		11,710,917

Series 2008 A, RB^(h)	0.00%	12/15/2038		5,680		2,955,510

Series 2009 D, RB	5.00%	06/15/2032		5,015		5,060,277

Series 2016 A-1, RN	5.00%	06/15/2030		6,000		6,252,295

Series 2018 A, Ref. RN	5.00%	06/15/2029		6,660		6,943,940

Series 2018 A, Ref. RN	5.00%	06/15/2030		945		984,736

Series 2018 A, Ref. RN	5.00%	06/15/2031		880		916,240

Series 2019 BB, RB	4.00%	06/15/2050		7,125		6,618,062

Series 2020 AA, RB	4.00%	06/15/2050		10,200		9,474,278

Series 2022 BB, RB	4.00%	06/15/2046		1,585		1,490,511

New Jersey (State of) Turnpike Authority;
Series 2015 E, RB	5.00%	01/01/2034		7,000		7,109,786

Series 2021 A, RB	4.00%	01/01/2042		2,000		2,004,080

Series 2021 A, RB	4.00%	01/01/2051		10,000		9,711,007

Tobacco Settlement Financing Corp.;
Series 2018 A, Ref. RB	5.00%	06/01/2029		3,500		3,682,256

Series 2018 A, Ref. RB	5.00%	06/01/2030		12,030		12,625,606

Series 2018 A, Ref. RB	5.00%	06/01/2031		4,500		4,721,489

Series 2018 A, Ref. RB	5.00%	06/01/2032		12,980		13,616,032

Series 2018 A, Ref. RB	5.00%	06/01/2033		5,005		5,246,635

Series 2018 A, Ref. RB	5.00%	06/01/2037		3,000		3,098,513

Series 2018 A, Ref. RB	5.25%	06/01/2046		6,000		6,120,041

Series 2018 B, Ref. RB	5.00%	06/01/2046		10,000		10,027,848

						173,641,288


New Mexico–0.08%
Boulders Public Improvement District; Series 2015, RB	5.75%	10/01/2044		230		209,467

Trails Public Improvement District; Series 2008, RB	7.75%	10/01/2038		1,775		1,744,326

						1,953,793


New York–9.29%
Hudson Yards Infrastructure Corp.;
Series 2017 XF0549, Revenue Ctfs.⁽ⁱ⁾	5.00%	02/15/2037		8,500		8,840,626

Series 2017 XF0549, Revenue Ctfs.⁽ⁱ⁾	5.00%	02/15/2039		7,500		7,778,164

Metropolitan Transportation Authority (Green Bonds);
Series 2016 A-1, RB	5.25%	11/15/2056		14,375		14,507,625

Series 2017 A-1, RB	5.25%	11/15/2057		3,500		3,555,552

Series 2019 A, RB	5.00%	11/15/2045		10,065		10,291,170

New York & New Jersey (States of) Port Authority; One Hundred Ninety Fourth Series 2015, Ref. RB	5.25%	10/15/2055		10,000		10,156,591

New York (City of), NY; Series 2022 A, GO Bonds	5.25%	09/01/2043		10,000		11,128,304

New York (City of), NY Municipal Water Finance Authority; Series 2018 EE, Ref. RB	5.00%	06/15/2040		10,160		10,738,016

New York (City of), NY Transitional Finance Authority;
Series 2019 A-3, RB	4.00%	05/01/2041		10,000		9,989,275

Series 2022 C-1, RB	4.00%	02/01/2051		4,000		3,864,505

Series 2022, RB	4.00%	02/01/2043		5,000		4,942,084

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 (State of) Dormitory Authority;
Series 2015 B, RB	5.00%	03/15/2033	$	10,000	$	10,276,418

Series 2015 B, Ref. RB^(a)(b)	5.00%	07/01/2025		2,650		2,732,243

Series 2018 A, Ref. RB	5.00%	03/15/2034		5,020		5,241,324

Series 2020 D, Ref. RB	4.00%	02/15/2047		14,300		13,893,289

New York (State of) Power Authority (Green Bonds);
Series 2020 A, Ref. RB	4.00%	11/15/2045		7,000		6,927,145

Series 2020 A, Ref. RB	4.00%	11/15/2055		5,000		4,817,867

New York (State of) Thruway Authority;
Series 2019 B, RB	4.00%	01/01/2050		5,000		4,607,694

Series 2019 B, RB	4.00%	01/01/2053		5,000		4,556,457

New York (State of) Thruway Authority (Green Bonds) (Bidding Group 1); Series 2022 C, RB	5.00%	03/15/2053		7,000		7,482,432

New York (State of) Thruway Authority (Group 2); Series 2021 O, Ref. RB	4.00%	01/01/2046		5,000		4,887,749

New York City Housing Development Corp. (Sustainable Development Bonds); Series 2023, RB	4.80%	02/01/2053		12,000		12,263,231

New York Counties Tobacco Trust II; Series 2001, RB	5.75%	06/01/2043		65		66,203

New York Counties Tobacco Trust VI; Series 2016 A-1, Ref. RB	5.75%	06/01/2043		285		291,106

New York State Urban Development Corp.;
Series 2020 A, RB	4.00%	03/15/2045		14,130		13,857,396

Series 2020 A, RB	4.00%	03/15/2049		10,000		9,740,994

New York Transportation Development Corp. (Terminal 4 JFK International Airport);
Series 2020 C, Ref. RB	5.00%	12/01/2036		2,205		2,331,753

Series 2020, Ref. RB	5.00%	12/01/2035		2,305		2,459,561

Triborough Bridge & Tunnel Authority; Series 2022 A, Ref. RB	5.00%	05/15/2057		2,500		2,646,722

Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2022 A, RB	5.25%	05/15/2057		5,000		5,419,801

TSASC, Inc.;
Series 2016 B, Ref. RB	5.00%	06/01/2045		5,450		4,838,681

Series 2017 A, Ref. RB	5.00%	06/01/2036		2,455		2,507,823

						217,637,801


North Carolina–1.07%
Charlotte (City of), NC (Charlotte Douglas International Airport);
Series 2022 A, RB	4.00%	07/01/2052		10,000		9,659,478

Series 2022, RB	4.00%	07/01/2047		8,370		8,166,910

North Carolina (State of) Turnpike Authority; Series 2018, Ref. RB	5.00%	01/01/2040		7,000		7,216,285

						25,042,673


Ohio–2.34%
Buckeye Tobacco Settlement Financing Authority;
Series 2020 B-2, Ref. RB	5.00%	06/01/2055		27,350		24,164,868

Series 2020 B-3, Ref. RB^(h)	0.00%	06/01/2057		49,575		5,095,175

Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Flats East Bank); Series 2010, RB	6.00%	11/15/2035		3,445		3,451,357

Cuyahoga (County of), OH (MetroHealth System);
Series 2017, Ref. RB	5.50%	02/15/2052		2,475		2,504,702

Series 2017, Ref. RB	5.50%	02/15/2057		1,050		1,060,673

Greater Cincinnati (Port of), OH Development Authority;
Series 2004, RB	6.30%	02/15/2024		280		279,816

Series 2004, RB	6.40%	02/15/2034		5,860		5,693,034

Greene (County of), OH (Marauder Development LLC at Central State University); Series 2002 A, RB (INS - BAM)^(c)	5.50%	09/01/2027		640		640,085

Montgomery (County of), OH (Dayton Children’s Hospital); Series 2021, Ref. RB	4.00%	08/01/2046		5,000		4,644,032

Ohio (State of); Series 2017 A, GO Bonds	5.00%	09/01/2036		5,000		5,013,846

Ohio (State of) Higher Educational Facility Commission; Series 2018, Ref. RB	5.25%	01/01/2038		1,350		1,305,618

Ohio (State of) Higher Educational Facility Commission (University of Findlay); Series 2019, Ref. RB	5.00%	03/01/2039		1,000		956,101

						54,809,307


Oklahoma–0.14%
Carter (County of), OK Public Facilities Authority; Series 2018, RB	5.00%	09/01/2032		3,070		3,228,347

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

Oregon–0.09%
Yamhill (County of), OR Hospital Authority (Friendsview);
Series 2021 A, Ref. RB	5.00%	11/15/2046	$	1,540	$	1,186,338

Series 2021 A, Ref. RB	5.00%	11/15/2051		1,100		824,091

						2,010,429


Pennsylvania–6.61%
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		2,957,041

Bethlehem Area School District; Series 2015 A, GO Bonds (INS - BAM)^(c)	5.00%	08/01/2033		5,000		5,115,412

Chester (County of), PA Industrial Development Authority (Longwood Gardens) (Sustainability Bonds);
Series 2019, RB	5.00%	12/01/2044		1,840		1,963,926

Series 2019, RB	4.00%	12/01/2049		1,350		1,294,412

Commonwealth Financing Authority;
Series 2018, RB	5.00%	06/01/2030		1,250		1,334,275

Series 2018, RB	5.00%	06/01/2032		3,000		3,198,548

Series 2018, RB	5.00%	06/01/2033		2,000		2,131,009

Series 2018, RB	5.00%	06/01/2034		1,760		1,872,905

Delaware (County of), PA Authority (Neumann University);
Series 2016, Ref. RB	5.00%	10/01/2031		1,425		1,436,780

Series 2016, Ref. RB	5.00%	10/01/2035		2,305		2,321,194

Geisinger Authority (Geisinger Health System); Series 2017 A-1, Ref. RB	5.00%	02/15/2045		6,335		6,384,037

Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University); Series 2019, Ref. RB	4.00%	09/01/2049		5,250		4,655,804

Pennsylvania (Commonwealth of);
First Series 2013-1, GO Bonds	4.00%	04/01/2032		5,000		5,002,042

First Series 2018-1, GO Bonds	5.00%	03/01/2032		10,000		10,865,233

First Series 2018-1, GO Bonds	4.00%	03/01/2035		12,500		12,741,175

First Series 2018-1, GO Bonds (INS - BAM)^(c)	4.00%	03/01/2036		4,175		4,244,365

Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District);
Series 2016 A, Ref. RB (INS - AGM)^(c)	5.00%	06/01/2032		5,000		5,221,953

Series 2016 A, Ref. RB (INS - AGM)^(c)	5.00%	06/01/2033		5,000		5,221,953

Pennsylvania (Commonwealth of) Turnpike Commission;
First series 2023, Ref. RB	5.00%	12/01/2043		1,000		1,060,871

Series 2009 E, RB	6.38%	12/01/2038		1,500		1,647,984

Series 2014 A-3, RB^(h)	0.00%	12/01/2041		3,450		1,492,743

Series 2016, Ref. RB	5.00%	06/01/2030		5,000		5,145,981

Series 2017 B-1, RB	5.00%	06/01/2042		5,125		5,223,235

Series 2019 A, RB	5.00%	12/01/2044		7,750		8,110,532

Series 2020 B, RB	5.00%	12/01/2045		5,000		5,291,799

Series 2021 A, RB	4.00%	12/01/2050		2,000		1,877,948

Series 2021 B, RB	4.00%	12/01/2051		8,500		8,032,413

Series 2021 B, Ref. RB	5.00%	12/01/2051		7,000		7,397,554

Philadelphia (City of), PA;
Series 2017 15, Ref. RB	5.00%	08/01/2036		1,000		1,039,989

Series 2017 A, RB	5.00%	10/01/2047		10,000		10,252,333

Series 2021 C, RB	5.00%	10/01/2046		5,000		5,299,115

Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University); Series 2022, RB	5.25%	11/01/2052		5,000		5,192,688

Philadelphia School District (The); Series 2016 F, Ref. GO Bonds	5.00%	09/01/2032		1,000		1,035,238

Pottsville (City of), PA Hospital Authority (Lehigh Valley); Series 2016 B, Ref. RB	5.00%	07/01/2041		4,000		4,053,518

Reading School District;
Series 2017, Ref. GO Bonds (INS - AGM)^(c)	5.00%	03/01/2035		280		293,141

Series 2017, Ref. GO Bonds (INS - AGM)^(c)	5.00%	03/01/2036		255		265,137

Scranton School District;
Series 2017 E, Ref. GO Bonds (INS - BAM)^(c)	5.00%	12/01/2029		1,000		1,062,985

Series 2017 E, Ref. GO Bonds (INS - BAM)^(c)	5.00%	12/01/2030		1,305		1,384,969

Series 2017 E, Ref. GO Bonds (INS - BAM)^(c)	5.00%	12/01/2032		890		948,015

Series 2017 E, Ref. GO Bonds (INS - BAM)^(c)	5.00%	12/01/2033		710		754,972

						154,825,224

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–4.24%
Corp. Para El Financiamiento Publico de Puerto Rico; Series 2011, RB	5.50%	08/01/2031		$ 5,615	$	147,394

PRHTA Custodial Trust; Series 2022 I, RB^(d)	5.00%	12/06/2049		13		3,494

PRIFA Custodial Trust;
Series 2005 A, RB	0.00%	03/15/2049		731		422,442

Series 2005 A, RB	0.00%	03/15/2049		645		372,951

Series 2022, RB	0.00%	03/15/2049		6,997		2,765,576

Series 2022, RB	0.00%	03/15/2049		6,362		2,693,223

Puerto Rico (Commonwealth of);
Series 2021 A, GO Bonds^(h)	0.00%	07/01/2024		595		580,986

Series 2021 A, GO Bonds^(h)	0.00%	07/01/2033		4,698		2,866,013

Series 2021 A-1, GO Bonds	5.38%	07/01/2025		4,066		4,137,681

Series 2021 A-1, GO Bonds	5.63%	07/01/2027		4,029		4,210,725

Series 2021 A-1, GO Bonds	5.63%	07/01/2029		3,963		4,195,130

Series 2021 A-1, GO Bonds	5.75%	07/01/2031		3,850		4,147,955

Series 2021 A-1, GO Bonds	4.00%	07/01/2033		3,651		3,415,051

Series 2021 A-1, GO Bonds	4.00%	07/01/2035		3,281		3,009,116

Series 2021 A-1, GO Bonds	4.00%	07/01/2037		2,816		2,523,067

Series 2021 A-1, GO Bonds	4.00%	07/01/2046		7,929		6,608,635

Subseries 2022, RN	0.00%	11/01/2043		17,140		8,934,056

Subseries 2022, RN	0.00%	11/01/2051		44		17,591

Subseries 2022, RN	0.00%	11/01/2051		2,021		1,060,804

Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2005 RR, RB (INS - NATL)^(c)	5.00%	07/01/2024		260		260,043

Series 2005 SS, Ref. RB (INS - NATL)^(c)	5.00%	07/01/2025		4,000		4,001,332

Series 2007 VV, Ref. RB (INS - NATL)^(c)	5.25%	07/01/2025		1,690		1,676,513

Series 2008 WW, RB^(d)	5.25%	07/01/2025		1,985		501,213

Series 2010 AAA, RB^(d)	5.25%	07/01/2028		2,830		714,575

Series 2010 CCC, RB^(d)	5.00%	07/01/2028		2,500		631,250

Series 2010 XX, RB^(d)	5.25%	07/01/2040		1,670		421,675

Series 2010 ZZ, Ref. RB^(d)	5.25%	07/01/2025		405		102,263

Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2022 A, RB	5.00%	07/01/2062		329		325,563

Series 2022 B, RB^(h)	0.00%	07/01/2032		214		138,628

Series 2022 C, RB^(j)	5.00%	07/01/2053		366		236,704

Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB^(h)	0.00%	07/01/2046		34,472		10,172,442

Series 2018 A-1, RB^(h)	0.00%	07/01/2051		31,582		6,870,986

Series 2018 A-1, RB	4.75%	07/01/2053		9,853		9,324,608

Series 2018 A-1, RB	5.00%	07/01/2058		4,400		4,277,151

Series 2019 A-2, RB	4.54%	07/01/2053		387		353,674

Series 2019 A-2, RB	4.78%	07/01/2058		5,172		4,872,359

University of Puerto Rico;
Series 2006 P, Ref. RB	5.00%	06/01/2026		1,305		1,282,586

Series 2006 P, Ref. RB	5.00%	06/01/2030		900		867,139

Series 2006 Q, RB	5.00%	06/01/2036		150		142,119

						99,284,713


Rhode Island–0.29%
Central Falls Detention Facility Corp.; Series 2005, Ref. RB (Acquired 06/23/2005; Cost $4,862,486)^(d)(k)	7.25%	07/15/2035		4,915		1,966,000

Rhode Island Housing and Mortgage Finance Corp.; Series 1992 10-A, RB	6.50%	04/01/2027		20		20,041

Tobacco Settlement Financing Corp.; Series 2015 A, Ref. RB	5.00%	06/01/2040		4,695		4,712,243

						6,698,284


South Carolina–0.20%
University of South Carolina (Campus Village); Series 2021 A, RB	4.00%	05/01/2051		5,000		4,749,202

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–1.11%
Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health);
Series 2019 A-1, Ref. RB	4.00%	08/01/2038	$	225	$	218,961

Series 2019 A-1, Ref. RB	4.00%	08/01/2044		455		412,475

Series 2019 A-2, Ref. RB	5.00%	08/01/2044		340		347,157

Series 2019 A-2, Ref. RB	5.00%	08/01/2049		455		458,861

Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group);
Series 2018 A, Ref. RB	5.00%	07/01/2035		2,000		2,092,450

Series 2018 A, Ref. RB	5.00%	07/01/2036		3,000		3,120,166

Series 2018 A, Ref. RB	5.00%	07/01/2037		3,000		3,099,504

Metropolitan Development and Housing Agency (Fifth + Broadway Development); Series 2018, RB^(f)	5.13%	06/01/2036		200		201,313

Metropolitan Nashville Airport Authority (The); Series 2019 A, RB	5.00%	07/01/2049		5,000		5,174,250

Tennessee Energy Acquisition Corp.;
Series 2006 C, RB	5.00%	02/01/2027		5,665		5,716,634

Series 2021 A, RB^(b)	5.00%	11/01/2031		5,000		5,193,023

						26,034,794


Texas–10.73%
Alamo Community College District; Series 2007, GO Bonds (INS - NATL)^(c)	4.50%	08/15/2033		5		5,002

Arlington Higher Education Finance Corp. (UME Preparatory Academy); Series 2017 A, RB	5.00%	08/15/2038		885		828,005

Arlington Higher Education Finance Corp. (Winfree Academy Charter School); Series 2019, Ref. RB	5.75%	08/15/2043		1,400		1,356,588

Birdville Independent School District; Series 2023, GO Bonds	4.00%	02/15/2048		5,000		4,712,244

Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport);
Series 2021 B, Ref. RB	4.00%	11/01/2045		10,000		9,599,325

Series 2022 B, Ref. RB	4.00%	11/01/2045		10,000		9,599,325

Dallas (County of), TX Flood Control District No. 1; Series 2015, Ref. GO Bonds^(f)	5.00%	04/01/2032		1,100		1,100,042

El Paso (City of), TX; Series 2022 A, RB	4.00%	03/01/2048		11,500		11,051,572

Forney Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	4.00%	08/15/2053		5,000		4,721,770

Grand Parkway Transportation Corp.; Series 2020, Ref. RB	4.00%	10/01/2045		15,000		14,705,079

Greater Texoma Utility Authority (City of Sherman); Series 2023 A, RB (INS - BAM)^(c)	5.25%	10/01/2048		10,750		11,571,944

Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB^(l)	2.10%	11/01/2041		20,000		20,000,000

Harris (County of), TX Flood Control District (Sustainability Bonds); Series 2023 A, GO Bonds	4.00%	09/15/2048		5,000		4,784,441

Harris (County of), TX Port Authority of Houston; Series 2021, RB	4.00%	10/01/2046		5,365		5,147,711

Harris County Industrial Development Corp. (Energy Transfer L.P.); Series 2023, Ref. RB^(b)	4.05%	06/01/2033		6,500		6,475,668

Houston (City of), TX; Series 2020 C, Ref. RB	4.00%	11/15/2043		10,000		9,886,808

Humble Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)	4.00%	02/15/2052		10,750		10,285,714

Jarrell Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	4.25%	02/15/2053		9,460		9,486,535

Lamar Consolidated Independent School District;
Series 2018, GO Bonds (CEP - Texas Permanent School Fund)	5.00%	02/15/2043		10,700		11,047,774

Series 2023, GO Bonds	4.00%	02/15/2053		7,500		6,987,634

Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2022, Ref. RB	6.00%	05/15/2052		3,235		3,644,012

Medina Valley Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	4.00%	02/15/2053		7,000		6,755,743

New Hope Cultural Education Facilities Finance Corp. (Beta Academy);
Series 2019, RB^(f)	5.00%	08/15/2039		425		402,387

Series 2019, RB^(f)	5.00%	08/15/2049		150		133,145

New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc. - Village on the Park/Carriage Inn); Series 2016 A-1, RB (Acquired 05/05/2016; Cost $145,528)^(k)	5.00%	07/01/2031		140		95,900

New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.);
Series 2016, RB (Acquired 05/05/2016; Cost $718,216)^(k)	5.00%	07/02/2046		700		479,500

Series 2016, RB (Acquired 05/05/2016; Cost $613,393)^(k)	5.00%	07/03/2051		600		411,000

New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing Corpus Christi II, LLC - Texas A&M University-Corpus Christi); Series 2016 A, RB^(a)(b)	5.00%	04/01/2026		355		370,418

New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing Denton, LLC - Texas Woman’s University);
Series 2018 A-1, RB (INS - AGM)^(c)	5.00%	07/01/2048		250		251,338

Series 2018 A-1, RB (INS - AGM)^(c)	5.00%	07/01/2058		850		852,219

New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing San Antonio I, LLC - Texas A&M University); Series 2016 A, RB^(a)(b)	5.00%	04/01/2026		1,000		1,042,286

North Texas Tollway Authority; Series 2017 B, Ref. RB (INS - BAM)^(c)	5.00%	01/01/2043		10,000		10,293,478

Northwest Independent School District; Series 2015, GO Bonds^(a)(b)	5.00%	02/15/2025		10,000		10,223,721

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

Texas–(continued)
Rockwall Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	4.00%	02/15/2053	$	5,000	$	4,793,062

San Antonio (City of), TX; Series 2023 A, Ref. RB	5.25%	02/01/2046		5,000		5,519,787

Southwest Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)	4.00%	02/01/2053		5,000		4,753,539

Spring Independent School District; Series 2023, GO Bonds	4.00%	08/15/2052		7,500		6,942,415

Texas (State of) Water Development Board (Master Trust);
Series 2021, RB	4.00%	10/15/2051		10,000		9,625,684

Series 2022, RB	5.00%	10/15/2047		16,350		17,751,362

Texas Municipal Gas Acquisition & Supply Corp. III;
Series 2021, Ref. RB	5.00%	12/15/2031		2,500		2,581,330

Series 2021, Ref. RB	5.00%	12/15/2032		5,000		5,170,152

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes); Series 2019 A, Ref. RB	4.00%	12/31/2038		6,135		5,883,540

						251,329,199


Utah–0.07%
Utah (State of) Charter School Finance Authority; Series 2018, RB	5.00%	10/15/2038		720		735,315

Utah (State of) Charter School Finance Authority (Merit Preparatory Academy); Series 2019 A, RB^(f)	5.38%	06/15/2049		1,110		980,445

						1,715,760


Virgin Islands–0.06%
Virgin Islands (Government of) Public Finance Authority (Virgin Islands Gross Receipts Taxes Loan Note); Series 2012 A, Ref. RB (INS - AGM)^(c)	5.00%	10/01/2032		1,400		1,400,762


Virginia–0.31%
Celebrate North Community Development Authority (Celebrate VA North); Series 2003 B, RB^(d)^(g)	6.75%	03/01/2034		302		196,300

Chesapeake Bay Bridge & Tunnel District; Series 2016, RB	5.00%	07/01/2046		6,320		6,344,803

Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay); Series 2018, Ref. RB	5.00%	09/01/2036		715		676,232

						7,217,335


Washington–0.75%
Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB	5.60%	03/01/2028		45		44,695

Seattle (City of), WA; Series 2023 A, Ref. RB	5.00%	03/01/2048		5,000		5,394,184

Tacoma (City of), WA Consolidated Local Improvement Districts; Series 2013, RB	5.75%	04/01/2043		1,366		1,305,808

Washington (State of) Health Care Facilities Authority (Multicare Health System); Series 2015 A, RB	5.00%	08/15/2045		8,500		8,509,973

Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center); Series 2017, Ref. RB	5.00%	08/15/2034		2,250		2,313,592

						17,568,252


Wisconsin–1.61%
Wisconsin (State of) Center District; Series 2020 D, RB (INS - AGM)^(c)(h)	0.00%	12/15/2055		23,575		5,130,314

Wisconsin (State of) Health & Educational Facilities Authority; Series 2018 XF2541, Revenue Ctfs.⁽ⁱ⁾	4.00%	11/15/2034		20,000		20,168,236

Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health); Series 2022 A, Ref. RB	4.00%	04/01/2042		7,160		6,826,704

Wisconsin (State of) Public Finance Authority (Beyond Boone, LLC - Appalachian State University);
Series 2019 A, RB (INS - AGM)^(c)	5.00%	07/01/2036		900		949,418

Series 2019 A, RB (INS - AGM)^(c)	5.00%	07/01/2054		1,275		1,291,149

Series 2019 A, RB (INS - AGM)^(c)	5.00%	07/01/2058		1,400		1,417,732

Wisconsin (State of) Public Finance Authority (Explore Knowledge Foundation);
Series 2012 A, RB	5.75%	07/15/2032		320		320,147

Series 2012 A, RB	6.00%	07/15/2042		350		350,130

Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy); Series 2019, RB^(f)	5.00%	06/15/2039		310		287,225

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 (State of) Public Finance Authority (Traders Point Christian Schools);
Series 2019 A, RB^(f)	5.38%	06/01/2044	$	535	$	445,180

Series 2019 A, RB^(f)	5.50%	06/01/2054		540		437,336

						37,623,571

TOTAL INVESTMENTS IN SECURITIES^(m)–101.06% (Cost $2,411,006,162)						2,367,389,838

FLOATING RATE NOTE OBLIGATIONS–(2.94)%
Notes with interest and fee rates ranging from 3.82% to 3.90% at 11/30/2023 and contractual maturities of collateral ranging from 10/01/2032 to 06/01/2050⁽ⁿ⁾						(68,795,000	)

OTHER ASSETS LESS LIABILITIES–1.88%						43,942,946

NET ASSETS–100.00%					$	2,342,537,784

Investment Abbreviations:


AGM		– Assured Guaranty Municipal Corp.
AMBAC		– American Municipal Bond Assurance Corp.
BAM		– Build America Mutual Assurance Co.
CEP		– Credit Enhancement Provider
CHF		– Swiss Franc
Ctfs.		– Certificates
GNMA		– Government National Mortgage Association
GO		– General Obligation
IDR		– Industrial Development Revenue Bonds
INS		– Insurer
NATL		– National Public Finance Guarantee Corp.
RAC		– Revenue Anticipation Certificates
RB		– Revenue Bonds
Ref.		– Refunding
RN		– Revenue Notes
VRD		– Variable Rate Demand
Wts.		– Warrants

Notes to Schedule of Investments:

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

^(b)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(c)	Principal and/or interest payments are secured by the bond insurance company listed.

^(d)	Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at November 30, 2023 was $19,161,838, which represented less than 1% of the Fund’s Net Assets.

^(e)	The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

^(f)

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, 2023 was $43,217,812, which represented 1.84% of the Fund’s Net Assets.

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

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

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

^(j)	Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

^(k)	Restricted security. The aggregate value of these securities at November 30, 2023 was $3,423,187, which represented less than 1% of the Fund’s Net Assets.

^(l)	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, 2023.

^(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.

⁽ⁿ⁾

Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at November 30, 2023. At November 30, 2023, the Fund’s investments with a value of $122,604,056 are held by TOB Trusts and serve as collateral for the $68,795,000 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, 2023

(Unaudited)

NOTE 1–Additional Valuation Information

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


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

The following is a summary of the tiered valuation input levels, as of November 30, 2023. 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		$–		$2,351,518,823		$15,871,015		$2,367,389,838


Other Investments - Assets

Investments Matured		–		2,228,550		2,489,229		4,717,779

Total Investments		$–		$2,353,747,373		$18,360,244		$2,372,107,617

Invesco AMT-Free Municipal Income Fund