Schedule of Investments

November 30, 2023

(Unaudited)

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Municipal Obligations–111.23%(a)
Alabama–4.13%
Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the Aging); Series 2016, RB		5.75%		06/01/2045	$	8,750	$	7,281,732
Black Belt Energy Gas District (The);
Series 2022 C-1, RB(b)		5.25%		06/01/2029		18,490		19,266,972
Series 2022 F, RB(b)		5.50%		12/01/2028		4,000		4,185,883
Hoover (City of), AL Industrial Development Board (United States Steel Corp.); Series 2019, RB(c)		5.75%		10/01/2049		10,250		10,221,697
Huntsville (City of), AL Special Care Facilities Financing Authority (Redstone Village);
Series 2007, RB (Acquired 03/25/2020; Cost $945,200)(d)(e)		5.50%		01/01/2028		1,390		806,200
Series 2007, RB(d)		5.50%		01/01/2043		21,290		12,348,200
Series 2008 A, RB(d)		6.88%		01/01/2043		4,470		2,592,600
Series 2011 A, RB (Acquired 09/20/2011; Cost $2,561,987)(d)(e)		7.50%		01/01/2047		2,600		1,508,000
Series 2012 A, RB (Acquired 11/07/2012; Cost $6,575,000)(d)(e)		5.63%		01/01/2042		6,575		3,813,500
Jefferson (County of), AL;
Series 2013 C, Revenue Wts. (INS - AGM)(f)		6.50%		10/01/2038		7,000		7,354,941
Series 2013 C, Revenue Wts. (INS - AGM)(f)		6.60%		10/01/2042		11,700		12,292,024
Series 2013 F, Revenue Wts.		7.50%		10/01/2039		27,640		29,066,387
Series 2013 F, Revenue Wts.		7.75%		10/01/2046		95,055		99,965,646
Series 2013 F, Revenue Wts.		7.90%		10/01/2050		64,150		67,465,772
Lower Alabama Gas District (The); Series 2016 A, RB		5.00%		09/01/2046		1,000		1,039,501
Southeast Energy Authority A Cooperative District (No. 3); Series 2022 A-1, RB(b)		5.50%		12/01/2029		3,800		4,026,954
Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. IDR(g)		5.25%		05/01/2044		34,100		31,036,425
								314,272,434
Alaska–0.04%
Northern Tobacco Securitization Corp.; Series 2021 B-2, Ref. RB(h)		0.00%		06/01/2066		29,998		3,330,933
American Samoa–0.20%
American Samoa (Territory of) Economic Development Authority; Series 2015 A, Ref. RB		6.63%		09/01/2035		14,345		14,891,044
Arizona–2.69%
Arizona (State of) Industrial Development Authority (Academies of Math & Science);
Series 2019, RB(g)		5.00%		07/01/2039		1,000		948,096
Series 2022, RB(g)		5.25%		07/01/2052		500		454,709
Arizona (State of) Industrial Development Authority (American Charter Schools Foundation);
Series 2017, Ref. RB(g)		6.00%		07/01/2037		13,265		13,515,651
Series 2017, Ref. RB(g)		6.00%		07/01/2047		15,000		15,085,198
Arizona (State of) Industrial Development Authority (Basis Schools);
Series 2017 A, Ref. RB(g)		5.13%		07/01/2037		1,180		1,160,141
Series 2017 A, Ref. RB(g)		5.38%		07/01/2050		6,000		5,625,437
Series 2017 D, Ref. RB(g)		5.00%		07/01/2051		3,300		2,918,141
Series 2017 G, Ref. RB(g)		5.00%		07/01/2037		1,105		1,073,154
Series 2017 G, Ref. RB(g)		5.00%		07/01/2051		1,000		884,285
Arizona (State of) Industrial Development Authority (Benjamin Franklin Charter School);
Series 2023, RB(g)		5.00%		07/01/2043		1,000		923,566
Series 2023, RB(g)		5.25%		07/01/2053		1,000		909,516
Arizona (State of) Industrial Development Authority (Kaizen Education Foundation);
Series 2016, RB(g)		5.70%		07/01/2047		9,730		9,761,780
Series 2016, RB(g)		5.80%		07/01/2052		4,920		4,940,706
Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado);
Series 2019, RB(g)		5.00%		07/01/2039		2,635		2,477,222
Series 2019, RB(g)		5.00%		07/01/2054		6,210		5,375,505
Arizona (State of) Industrial Development Authority (Linder Village); Series 2020, RB(g)		5.00%		06/01/2031		5,670		5,643,672

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Arizona–(continued)
Arizona (State of) Industrial Development Authority (Mater Academy of Nevada Mountain Vista Campus Project);
Series 2018 A, RB(g)		5.25%	12/15/2038	$	1,015	$	1,015,261
Series 2018 A, RB(g)		5.50%	12/15/2048		3,265		3,221,257
Arizona (State of) Industrial Development Authority (Phoenix Children’s Hospital); Series 2020 A, RB(i)		4.00%	02/01/2050		15,285		13,971,192
Glendale (City of), AZ Industrial Development Authority (Sun Health Services); Series 2019 A, Ref. RB		5.00%	11/15/2048		7,000		6,721,086
Glendale (City of), AZ Industrial Development Authority (Terraces of Phoenix); Series 2018 A, Ref. RB		5.00%	07/01/2048		1,500		1,219,356
Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus);
Series 2017, Ref. RB		4.00%	11/15/2027		1,935		1,812,978
Series 2017, Ref. RB		5.00%	11/15/2036		2,195		1,937,764
Series 2017, Ref. RB		5.00%	11/15/2040		3,985		3,325,936
Series 2017, Ref. RB		5.00%	11/15/2045		4,695		3,702,588
Series 2018, RB		5.00%	11/15/2053		5,970		4,481,346
Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); Series 2019, Ref. RB(g)		5.00%	07/01/2054		950		851,697
Maricopa (County of), AZ Industrial Development Authority (Paradise Schools);
Series 2016, Ref. RB(g)		5.00%	07/01/2036		2,475		2,443,098
Series 2016, Ref. RB(g)		5.00%	07/01/2047		1,525		1,404,108
Maricopa (County of), AZ Industrial Development Authority (Valley Christian Schools);
Series 2023, RB(g)		6.25%	07/01/2053		1,900		1,854,875
Series 2023, RB(g)		6.38%	07/01/2058		1,250		1,223,458
Peoria (City of), AZ Industrial Development Authority (Sierra Winds Life Care Community);
Series 2014, Ref. RB (Acquired 11/06/2014; Cost $3,669,027)(d)(e)		5.50%	11/15/2034		3,695		2,765,261
Series 2014, Ref. RB(d)		5.75%	11/15/2040		6,015		4,233,318
Phoenix (City of), AZ Industrial Development Authority (Basis Schools);
Series 2015, Ref. RB(g)		5.00%	07/01/2045		3,515		3,203,440
Series 2016 A, Ref. RB(g)		5.00%	07/01/2046		2,125		1,922,327
Series 2016 A, Ref. RB(g)		5.00%	07/01/2046		1,600		1,447,399
Phoenix (City of), AZ Industrial Development Authority (Legacy Traditional Schools);
Series 2014 A, RB(g)		6.75%	07/01/2044		5,250		5,291,966
Series 2015, Ref. RB(g)		5.00%	07/01/2045		1,845		1,720,375
Phoenix (City of), AZ Industrial Development Authority (The) (Overland Crossing); Series 2022, RB(g)		9.50%	04/01/2052		7,900		6,863,735
Pima (County of), AZ Industrial Development Authority (Acclaim Charter School);
Series 2006, RB		5.70%	12/01/2026		795		772,093
Series 2006, RB		5.80%	12/01/2036		4,385		3,855,643
Pima (County of), AZ Industrial Development Authority (American Leadership Academy);
Series 2015, Ref. RB(g)		5.38%	06/15/2035		2,370		2,384,281
Series 2015, Ref. RB(g)		5.63%	06/15/2045		3,500		3,471,885
Series 2019, Ref. RB(g)		5.00%	06/15/2052		6,050		5,355,709
Series 2022, Ref. RB(g)		4.00%	06/15/2051		8,800		6,516,479
Pima (County of), AZ Industrial Development Authority (Career Success Schools);
Series 2020, Ref. RB(g)		5.50%	05/01/2040		1,125		1,066,720
Series 2020, Ref. RB(g)		5.75%	05/01/2050		5,000		4,709,131
Pima (County of), AZ Industrial Development Authority (Desert Heights Charter School); Series 2014, Ref. RB		7.25%	05/01/2044		3,000		3,018,951
Pima (County of), AZ Industrial Development Authority (Imagine East Mesa Charter Schools); Series 2019, RB(g)		5.00%	07/01/2049		1,500		1,328,239
Pima (County of), AZ Industrial Development Authority (Premier Charter High School);
Series 2016 A, Ref. RB(g)		7.00%	07/01/2045		3,077		2,725,787
Series 2016 B, Ref. RB(j)		2.07%	07/01/2045		1,735		433,839
Series 2016 C, Ref. RB(j)		2.07%	07/01/2045		1,036		10,355
Pima (County of), AZ Industrial Development Authority (Riverbend Prep); Series 2010, RB(g)		7.00%	09/01/2037		3,107		3,106,804
Pima (County of), AZ Industrial Development Authority (Tucson Medical Center); Series 2021, Ref. RB		3.00%	04/01/2051		2,000		1,404,520
Salt River Project Agricultural Improvement & Power District; Series 2023 B, RB		5.25%	01/01/2053		12,000		13,319,364
Sundance Community Facilities District (Assessment District No. 3); Series 2004, RB		6.50%	07/01/2029		82		79,916

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Arizona–(continued)
Tempe (City of), AZ Industrial Development Authority (Mirabella at ASU);
Series 2017 A, RB(g)		6.13%		10/01/2047	$	2,800	$	1,600,236
Series 2017 A, RB(g)		6.13%		10/01/2052		2,800		1,548,458
								205,039,010
Arkansas–0.33%
Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB(c)		5.45%		09/01/2052		13,750		13,360,102
Arkansas (State of) Development Finance Authority (U.S. Steel Corp.) (Green Bonds); Series 2023, RB(c)		5.70%		05/01/2053		11,500		11,519,952
								24,880,054
California–10.72%
Antelope Valley Community College District; Series 2022, GO (INS - AGM)(f)(i)(k)		3.00%		08/01/2050		10,000		7,375,350
Bay Area Toll Authority (San Francisco Bay Area);
Series 2019 S-8, Ref. RB		3.00%		04/01/2054		5,000		3,585,947
Series 2023 F-2, RB(i)		4.13%		04/01/2054		10,000		9,976,722
Brentwood Union School District (Election of 2016); Series 2022, GO Bonds		5.25%		08/01/2052		4,250		4,625,265
California (State of);
Series 2020, GO Bonds (INS - BAM)(f)		3.00%		03/01/2046		8,195		6,761,653
Series 2020, GO Bonds (INS - BAM)(f)		3.00%		03/01/2050		4,000		3,207,494
Series 2023, GO Bonds(i)		5.25%		09/01/2053		15,000		16,836,378
California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.); Series 2020 B-2, Ref. RB(h)		0.00%		06/01/2055		12,780		2,104,941
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2006 A, RB(h)		0.00%		06/01/2046		25,000		6,222,187
California (State of) Educational Facilities Authority (Stanford University); Series 2014 U-6, RB(i)		5.00%		05/01/2045		15,000		17,563,377
California (State of) Health Facilities Financing Authority (Kaiser Permanente); Subseries 2017 A-2, RB(i)		5.00%		11/01/2047		10,000		11,342,484
California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail); Series 2020, RB(b)(c)(g)		8.00%		08/15/2024		26,000		26,333,037
California (State of) Municipal Finance Authority (Eisenhower Medical Centers); Series 2017 A, Ref. RB		5.00%		07/01/2047		9,635		9,649,495
California (State of) Municipal Finance Authority (Goodwill Industries of Sacramento & Nevada);
Series 2012, RB(g)		6.63%		01/01/2032		865		839,759
Series 2012, RB(g)		6.88%		01/01/2042		1,465		1,369,904
California (State of) Municipal Finance Authority (Palomar Health); Series 2022 A, Ref. COP (INS - AGM)(f)		5.25%		11/01/2052		3,000		3,286,666
California (State of) Pollution Control Financing Authority;
Series 2012, RB(c)(g)		5.00%		07/01/2037		13,500		13,502,740
Series 2012, RB(c)(g)		5.00%		11/21/2045		18,260		18,139,285
California (State of) Pollution Control Financing Authority (Aemerge Redpak Services Southern California LLC); Series 2016, RB (Acquired 01/22/2016-09/26/2017; Cost $9,847,500)(c)(d)(e)(g)		7.00%		12/01/2027		9,925		992,500
California (State of) Public Finance Authority (Enso Village) (Green Bonds);
Series 2021, RB(g)		5.00%		11/15/2046		2,000		1,756,959
Series 2021, RB(g)		5.00%		11/15/2051		1,735		1,492,829
Series 2021, RB(g)		5.00%		11/15/2056		1,160		976,802
California (State of) Public Finance Authority (Excelsior Charter Schools);
Series 2020 A, RB(g)		5.00%		06/15/2050		1,540		1,370,351
Series 2020 A, RB(g)		5.00%		06/15/2055		1,030		901,952
California (State of) School Finance Authority (Alliance for College-Ready Public Schools); Series 2013 A, RB		6.40%		07/01/2048		3,000		3,002,322
California (State of) School Finance Authority (Aspire Public Schools Obligated Group);
Series 2020 A, RB(g)		5.00%		08/01/2050		1,200		1,196,770
Series 2022, RB(g)		5.00%		08/01/2052		1,000		992,403
California (State of) School Finance Authority (Green Dot Public Schools);
Series 2022, Ref. RB(g)		5.00%		08/01/2032		700		729,762
Series 2022, Ref. RB(g)		5.38%		08/01/2042		1,150		1,191,251
Series 2022, Ref. RB(g)		5.75%		08/01/2052		1,160		1,217,441
California (State of) School Finance Authority (New Designs Charter School); Series 2012 A, RB		5.50%		06/01/2042		5,000		4,999,634
California (State of) School Finance Authority (TEACH Public Schools); Series 2019 A, RB(g)		5.00%		06/01/2058		500		439,289

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
California–(continued)
California (State of) Statewide Communities Development Authority; Series 2022, RB (INS - AGM)(f)(i)		5.38%		08/15/2057	$	10,000	$	10,872,150
California (State of) Statewide Communities Development Authority (California Baptist University); Series 2014 A, RB(g)		6.13%		11/01/2033		1,560		1,561,974
California (State of) Statewide Communities Development Authority (Creative Child Care & Team Charter); Series 2015, RB(g)		6.75%		06/01/2045		6,505		6,228,292
California (State of) Statewide Communities Development Authority (Emanate Health); Series 2020 A, RB		3.00%		04/01/2050		5,000		3,669,708
California (State of) Statewide Communities Development Authority (Enloe Medical Center); Series 2022 A, RB (INS - AGM)(f)		5.25%		08/15/2052		2,000		2,159,764
California (State of) Statewide Communities Development Authority (Eskaton Properties, Inc.); Series 2012, RB		5.25%		11/15/2034		4,150		4,149,916
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center);
Series 2016 A, RB(g)		5.00%		12/01/2046		6,630		6,510,446
Series 2016 A, RB(g)		5.25%		12/01/2056		25,000		24,275,307
Series 2018 A, RB(g)		5.50%		12/01/2058		24,340		24,572,549
Series 2018, RB(g)		5.25%		12/01/2043		500		506,273
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program);
Series 2002, RB		6.00%		05/01/2043		15,000		15,242,188
Series 2006 A, RB(h)		0.00%		06/01/2046		181,950		44,599,166
Series 2006 C, RB(g)(h)		0.00%		06/01/2055		211,450		12,788,137
California School Facilities Financing Authority; Series 2010, RB (INS - AGM)(f)(h)		0.00%		08/01/2049		29,405		8,015,474
Fairfield (City of), CA Community Facilities District No. 2007-1 (Fairfield Commons);
Series 2008, RB		6.75%		09/01/2028		2,550		2,571,653
Series 2008, RB		6.88%		09/01/2038		4,440		4,478,366
Foothill-Eastern Transportation Corridor Agency;
Series 2014 A, Ref. RB (INS - AGM)(f)(h)		0.00%		01/15/2036		45,000		28,325,610
Series 2014 A, Ref. RB(l)		6.85%		01/15/2042		5,000		5,934,408
Golden State Tobacco Securitization Corp.; Series 2021 B-2, Ref. RB(h)		0.00%		06/01/2066		478,053		49,884,878
Inland Empire Tobacco Securitization Corp.;
Series 2007 C-1, RB(h)		0.00%		06/01/2036		173,915		77,049,893
Series 2007 D, RB(h)		0.00%		06/01/2057		46,635		3,503,888
Series 2007 F, RB(g)(h)		0.00%		06/01/2057		99,650		5,605,861
Irvine Facilities Financing Authority (Irvine Great Park Infrastructure); Series 2023 A, RB (INS - BAM)(f)		4.00%		09/01/2058		3,500		3,442,781
Long Beach (City of), CA; Series 2022 C, RB (INS - AGM)(c)(f)		5.25%		06/01/2047		1,750		1,844,005
Long Beach Community College District (Election of 2008); Series 2012 B, GO Bonds(l)		4.75%		08/01/2049		12,000		8,018,192
Los Angeles (City of), CA Department of Airports; Series 2021 A, Ref. RB(c)(i)(k)		5.00%		05/15/2051		5,000		5,162,538
Los Angeles (City of), CA Department of Airports (Green Bonds); Series 2022 G, RB(c)		4.00%		05/15/2047		3,000		2,824,518
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport) (Green Bonds);
Series 2023, Ref. RB(c)		4.13%		05/15/2043		500		490,797
Series 2023, Ref. RB(c)		5.25%		05/15/2048		7,315		7,803,314
Sacramento (County of), CA (Metro Air Park Community); Series 2022, Ref. RB		5.00%		09/01/2042		1,000		999,704
San Bernardino City Unified School District;
Series 2011 D, GO Bonds (INS - AGM)(f)(h)		0.00%		08/01/2036		7,650		4,751,715
Series 2011 D, GO Bonds (INS - AGM)(f)(h)		0.00%		08/01/2037		13,130		7,691,068
Series 2011 D, GO Bonds (INS - AGM)(f)(h)		0.00%		08/01/2038		13,515		7,435,530
Series 2011 D, GO Bonds (INS - AGM)(f)(h)		0.00%		08/01/2039		13,895		7,221,973
Series 2011 D, GO Bonds (INS - AGM)(f)(h)		0.00%		08/01/2040		14,280		7,020,901
Series 2011 D, GO Bonds (INS - AGM)(f)(h)		0.00%		08/01/2041		14,080		6,565,874
San Diego (County of), CA Regional Airport Authority;
Series 2021 B, RB(c)		4.00%		07/01/2056		2,660		2,371,985
Series 2021 B, RB(c)(i)		5.00%		07/01/2056		13,970		14,271,283
Series 2023 B, RB(c)		5.00%		07/01/2053		36,405		37,668,818
San Diego Unified School District (Election of 2008); Series 2012 E, GO Bonds(l)		5.25%		07/01/2042		10,000		7,429,756
San Diego Unified School District (Election of 2018); Series 2023, GO Bonds		4.00%		07/01/2053		12,500		12,280,119
San Francisco (City & County of), CA Airport Commission; Second Series 2023 C, Ref. RB(c)		5.75%		05/01/2048		10,000		11,120,685

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
California–(continued)
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);
Second Series 2022 A, Ref. RB(c)		5.00%	05/01/2052	$	1,435	$	1,481,086
Series 2019 E, RB(c)		5.00%	05/01/2050		13,040		13,269,233
San Francisco (City & County of), CA Community Facilities District No. 2014-1 (Transbay Transit Center); Series 2022 A, RB		5.00%	09/01/2052		1,025		1,058,957
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency Community Facilities District No. 6 (Mission Bay South Public Improvements);
Series 2013 C, RB(b)(h)(m)		0.00%	02/28/2024		5,710		2,798,983
Series 2013 C, RB(b)(h)(m)		0.00%	02/28/2024		2,000		860,529
Series 2013 C, RB(b)(h)(m)		0.00%	02/28/2024		17,000		5,423,073
San Francisco (City of), CA Bay Area Rapid Transit District; Series 2022, GO Bonds (INS - AGM)(f)(i)(k)		3.00%	08/01/2050		16,770		12,552,962
San Jose (City of), CA (Helzer Courts Apartments); Series 1999 A, RB(c)		6.40%	12/01/2041		12,758		12,181,913
San Luis Coastal Unified School District (Election of 2022); Series 2023 A, GO Bonds		4.00%	08/01/2049		10,000		10,017,365
Santa Rosa Elementary School District (Election of 2022); Series 2023 A, GO Bonds		4.00%	08/01/2053		2,700		2,656,468
Santa Rosa High School District (Election of 2022);
Series 2023 A, GO Bonds		4.00%	08/01/2046		3,500		3,487,310
Series 2023 A, GO Bonds		4.00%	08/01/2049		4,000		3,970,930
Savanna School District (Election of 2008); Series 2012 B, GO Bonds (INS - AGM)(f)(l)		6.75%	02/01/2052		7,500		5,815,025
Silicon Valley Tobacco Securitization Authority (Santa Clara);
Series 2007 A, RB(h)		0.00%	06/01/2036		10,000		4,907,689
Series 2007 A, RB(h)		0.00%	06/01/2047		20,000		4,908,648
Southern California Logistics Airport Authority;
Series 2007, RB		6.15%	12/01/2043		4,400		4,421,966
Series 2008 A, RB		6.00%	12/01/2033		1,475		1,482,364
Series 2008 A, RB(h)		0.00%	12/01/2045		18,085		3,584,539
Series 2008 A, RB(h)		0.00%	12/01/2046		18,085		3,321,081
Series 2008 A, RB(h)		0.00%	12/01/2047		18,085		3,073,862
Series 2008 A, RB(h)		0.00%	12/01/2048		18,085		2,843,911
Series 2008 A, RB(h)		0.00%	12/01/2049		18,085		2,630,008
Series 2008 A, RB(h)		0.00%	12/01/2050		18,085		2,431,344
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.);
Series 2006, RB(h)		0.00%	06/01/2046		31,025		6,065,586
Series 2019, Ref. RB(h)		0.00%	06/01/2054		19,300		3,608,602
Vallejo (City of), CA Public Financing Authority (Hiddenbrooke Improvement District); Series 2004 A, RB		5.80%	09/01/2031		3,015		3,030,074
Ventura Unified School District (Election of 2022); Series 2022 A, GO Bonds(i)		4.00%	08/01/2052		10,000		9,980,960
Washington Township Health Care District (Election of 2020); Series 2023 B, GO Bonds		5.50%	08/01/2053		1,500		1,674,361
							816,443,235
Colorado–11.66%
3rd and Havana Metropolitan District;
Series 2020 A, GO Bonds		5.25%	12/01/2049		3,200		2,639,748
Series 2020 B, GO Bonds		7.75%	12/15/2049		1,925		1,730,334
64th Ave ARI Authority; Series 2020, RB		6.50%	12/01/2043		14,000		13,296,864
Aberdeen Metropolitan District No. 2; Series 2021, Ref. GO Bonds(l)		5.75%	12/01/2051		6,055		3,998,942
Amber Creek Metropolitan District; Series 2017 B, GO Bonds		7.75%	12/15/2047		463		409,703
Aurora Crossroads Metropolitan District No. 2; Series 2020 B, GO Bonds		7.75%	12/15/2050		3,500		3,208,476
Aurora Highlands Community Authority Board; Series 2021 A, Ref. RB		5.75%	12/01/2051		40,000		35,801,609
Banning Lewis Ranch Metropolitan District No. 4;
Series 2018 A, GO Bonds		5.75%	12/01/2048		4,954		4,934,444
Series 2018 B, GO Bonds		8.00%	12/15/2048		2,063		1,952,719
Series 2018 C, GO Bonds		8.00%	12/15/2051		4,134		3,338,746
Banning Lewis Ranch Metropolitan District No. 5;
Series 2018 A, GO Bonds		5.75%	12/01/2048		2,195		2,185,967
Series 2018 B, GO Bonds		8.00%	12/15/2048		511		483,684
Series 2018 C, GO Bonds		8.00%	12/15/2051		1,942		1,565,833
Banning Lewis Ranch Metropolitan District No. 8; Series 2021, GO Bonds(g)		4.88%	12/01/2051		4,500		3,383,299

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Colorado–(continued)
Banning Lewis Ranch Regional Metropolitan District No. 1;
Series 2018 A, GO Bonds		5.38%	12/01/2048	$	2,500	$	2,385,623
Series 2018 B, GO Bonds		7.75%	12/15/2041		630		601,811
Series 2018 C, GO Bonds		8.00%	12/15/2041		1,801		1,490,194
Banning Lewis Ranch Regional Metropolitan District No. 2; Series 2021, GO Bonds		5.75%	12/01/2051		5,190		4,507,549
Base Village Metropolitan District No. 2; Series 2016 B, Ref. GO Bonds		6.50%	12/15/2048		2,830		1,835,545
Baseline Metropolitan District No. 1;
Series 2018 A-1, RB		5.38%	12/01/2034		5,567		5,612,021
Series 2018 A-1, RB		5.75%	12/01/2048		3,850		3,867,723
Series 2018 A-2, RB		5.50%	12/01/2034		8,340		8,436,045
Series 2018 A-2, RB		5.85%	12/01/2048		9,000		9,066,051
Series 2021 B, GO Bonds		7.50%	12/15/2051		2,195		1,981,990
Belford North Metropolitan District; Series 2020 B, GO Bonds		8.50%	12/15/2050		6,500		6,036,815
Bella Mesa Metropolitan District; Series 2020 A, GO Bonds(g)(l)		6.75%	12/01/2049		3,785		3,309,612
Bennett Ranch Metropolitan District No. 1; Series 2021 B, GO Bonds		7.50%	12/15/2051		1,221		1,093,013
Berthoud-Heritage Metropolitan District No. 1; Series 2019, RB		5.63%	12/01/2048		10,000		9,515,300
Berthoud-Heritage Metropolitan District No. 10; Series 2022 B, GO Bonds		8.00%	12/15/2052		6,840		6,291,082
Brighton Crossing Metropolitan District No. 4; Series 2017 B, GO Bonds		7.00%	12/15/2047		670		614,546
Broadway Station Metropolitan District No. 2; Series 2019 B, GO Bonds(l)		7.50%	12/01/2048		7,075		5,042,355
Broadway Station Metropolitan District No. 3; Series 2019 B, GO Bonds(l)		7.50%	12/01/2049		30,465		19,210,129
Bromley Park Metropolitan District No. 2; Series 2018 C, Ref. GO Bonds(b)(m)		7.85%	12/15/2023		6,297		6,305,211
Buffalo Highlands Metropolitan District;
Series 2018 A, GO Bonds		5.25%	12/01/2038		999		965,793
Series 2018 A, GO Bonds		5.38%	12/01/2048		1,750		1,635,305
Series 2018 B, GO Bonds		7.63%	12/15/2046		1,226		1,133,348
Buffalo Ridge Metropolitan District; Series 2018 B, GO Bonds		7.38%	12/15/2047		1,438		1,371,409
Canyon Pines Metropolitan District;
Series 2021 A-1, GO Bonds		5.25%	12/01/2023		5		5,000
Series 2021 A-1, GO Bonds		5.25%	12/01/2051		6,995		5,952,523
Canyons Metropolitan District No. 5;
Series 2016, GO Bonds		7.00%	12/15/2057		10,116		6,887,333
Series 2017 A, Ref. GO Bonds		6.00%	12/01/2037		1,750		1,714,360
Series 2017 A, Ref. GO Bonds		6.13%	12/01/2047		4,735		4,622,843
Series 2017 B, GO Bonds		8.00%	12/15/2047		3,500		3,252,692
Cascade Ridge Metropolitan District; Series 2021, GO Bonds		5.00%	12/01/2051		3,000		2,476,674
Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2017, RB(g)		5.00%	12/01/2047		500		449,122
Chambers Highpoint Metropolitan District No. 2;
Series 2021, GO Bonds		5.00%	12/01/2041		520		450,365
Series 2021, GO Bonds		5.00%	12/01/2051		835		672,731
Citadel on Colfax Business Improvement District;
Series 2020 A, RB		5.35%	12/01/2050		2,900		2,558,269
Series 2020 B, RB		7.88%	12/15/2050		465		423,736
City Center West Commercial Metropolitan District;
Series 2020 A, Ref. GO Bonds		7.00%	12/01/2049		3,982		3,861,697
Series 2020 B, GO Bonds		9.00%	12/15/2049		581		563,491
City Center West Residential Metropolitan District No. 2; Series 2019 B, GO Bonds		7.75%	12/15/2049		1,425		1,300,320
Clear Creek Station Metropolitan District No. 2; Series 2017 B, GO Bonds		7.38%	12/15/2047		500		467,540
Clear Creek Transit Metropolitan District No. 2; Series 2021 B, GO Bonds		7.90%	12/15/2050		1,160		1,041,480
Colliers Hill Metropolitan District No. 1;
Series 2019 B, Ref. GO Bonds		8.00%	12/15/2048		2,500		2,316,428
Series 2021 C, GO Bonds		7.25%	12/15/2049		2,350		2,071,917
Colliers Hill Metropolitan District No. 2;
Series 2022 B-2, GO Bonds		7.63%	12/15/2042		5,782		5,254,875
Series 2022, Ref. GO Bonds		5.75%	12/15/2047		2,995		2,793,604
Colorado (State of) Educational & Cultural Facilities Authority (Community Leadership Academy);
Series 2008, RB		6.25%	07/01/2028		990		990,819
Series 2008, RB		6.50%	07/01/2038		1,000		1,000,434
Series 2013, RB		7.45%	08/01/2048		2,245		2,246,818
Colorado (State of) Health Facilities Authority (Aberdeen Ridge); Series 2021 A, RB		5.00%	05/15/2044		3,750		2,348,770

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Colorado–(continued)
Colorado (State of) Health Facilities Authority (CommonSpirit Health);
Series 2022, RB		5.50%	11/01/2047	$	7,250	$	7,679,069
Series 2022, RB		5.25%	11/01/2052		4,500		4,643,673
Colorado (State of) Health Facilities Authority (Sunny Vista Living Center);
Series 2015 A, Ref. RB(g)		5.75%	12/01/2035		1,650		1,213,748
Series 2015 A, Ref. RB(g)		6.13%	12/01/2045		2,300		1,548,848
Series 2015 A, Ref. RB(g)		6.25%	12/01/2050		4,070		2,700,204
Colorado (State of) Health Facilities Authority (Volunteers of America Care);
Series 2007 A, RB		5.25%	07/01/2027		2,690		2,500,688
Series 2007 A, RB		5.30%	07/01/2037		2,830		2,196,153
Colorado (State of) International Center Metropolitan District No. 14;
Series 2018, GO Bonds		5.88%	12/01/2046		13,500		13,070,372
Series 2022, GO Bonds		7.50%	12/15/2051		15,000		13,665,705
Colorado (State of) International Center Metropolitan District No. 4;
Series 2019 A, Ref. GO Bonds(l)		6.00%	12/01/2047		30,920		26,639,964
Series 2019 A-2, GO Bonds(l)		6.25%	12/01/2048		15,075		14,226,784
Series 2019 B-2, GO Bonds		8.75%	12/15/2048		1,997		1,902,459
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3);
Series 2020 A, Ref. RB		4.00%	07/15/2038		350		338,168
Colorado Crossing Metropolitan District No. 2; Series 2020 B, GO Bonds(g)		7.50%	12/15/2050		3,495		3,069,626
Conestoga Metropolitan District No. 2; Series 2021 A, GO Bonds		5.25%	12/01/2051		1,625		1,417,790
Copperleaf Metropolitan District No. 6; Series 2018 B, GO Bonds(b)(m)		7.50%	12/15/2023		820		845,573
Cottonwood Highlands Metropolitan District No. 1; Series 2019 B, GO Bonds		8.75%	12/15/2049		2,095		2,010,565
Cottonwood Hollow Residential Metropolitan District; Series 2021, GO Bonds		5.00%	12/01/2051		15,824		12,696,290
Creekside Village Metropolitan District; Series 2019, GO Bonds		7.75%	12/15/2049		569		518,133
Crossroads Metropolitan District No. 1; Series 2022, GO Bonds		6.50%	12/01/2051		9,000		8,561,637
Crowfoot Valley Ranch Metropolitan District No. 2;
Series 2018 A, GO Bonds		5.63%	12/01/2038		3,555		3,529,399
Series 2018 A, GO Bonds		5.75%	12/01/2048		10,415		10,032,526
Series 2018 B, GO Bonds		8.00%	12/15/2048		1,630		1,510,311
Dacono Urban Renewal Authority; Series 2020, RB		6.25%	12/01/2039		1,976		1,976,000
Deer Creek Villas Metropolitan District; Series 2022 B, GO Bonds		7.75%	12/15/2055		650		588,976
Denver (City & County of), CO;
Series 2018 A, RB(c)(i)		5.00%	12/01/2048		10,000		10,159,076
Series 2021 A, RB(i)		4.00%	08/01/2051		17,350		16,359,315
Series 2022 A, RB(c)		5.00%	11/15/2047		15,180		15,833,171
Series 2022 A, RB(c)		4.13%	11/15/2053		5,000		4,571,643
Series 2022 A, RB(c)		5.50%	11/15/2053		9,255		9,995,151
Series 2022, RB(c)(i)(k)		5.00%	11/15/2042		4,000		4,242,099
Series 2022, RB(c)(i)(k)		5.75%	11/15/2045		8,000		8,889,263
Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB(c)		5.00%	10/01/2032		30,840		30,527,467
Denver (City & County of), CO Airport System; Series 2022 D, RB(c)(i)(k)		5.00%	11/15/2053		26,000		26,990,348
Denver (City & County of), CO Convention Center Hotel Authority;
Series 2016, Ref. RB		5.00%	12/01/2032		1,000		1,021,264
Series 2016, Ref. RB		5.00%	12/01/2040		250		250,929
Denver Gateway Center Metropolitan District; Series 2018 B, GO Bonds		7.88%	12/15/2048		1,855		1,644,293
Denver International Business Center Metropolitan District No. 1; Series 2019 B, GO Bonds		6.00%	12/01/2048		2,300		2,289,595
Elbert & Highway 86 Commercial Metropolitan District; Series 2021 B, GO Bonds(g)		8.00%	12/15/2051		1,905		1,696,304
Elevation Park Metropolitan District; Series 2021, GO Bonds		4.25%	12/01/2051		2,455		1,782,880
Erie Commons Metropolitan District No. 2; Series 2019 B, Ref. GO Bonds		6.95%	12/15/2054		3,100		2,827,862
Erie Highlands Metropolitan District No. 2; Series 2018 C, GO Bonds		8.00%	12/15/2052		3,600		2,902,461
Evan’s Place Metropolitan District; Series 2020 A, GO Bonds		5.00%	12/01/2040		550		515,269
Flying Horse Metropolitan District No. 3; Series 2019, Ref. GO Bonds(g)		6.00%	12/01/2049		2,970		2,797,168
Forest Trace Metropolitan District No 3; Series 2023 B, GO Bonds(g)		9.00%	12/15/2047		1,046		1,049,979
Forest Trace Metropolitan District No. 3; Series 2020 B, GO Bonds		7.88%	12/15/2049		933		909,137
Fourth North Business Improvement District; Series 2022 B, RB		8.13%	12/15/2052		4,525		4,481,431
Gardens at East Iliff Metropolitan District; Series 2019 B, GO Bonds		8.50%	12/15/2049		680		634,046

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Colorado–(continued)
Gardens on Havana Metropolitan District No. 3 (The);
Series 2017 A, RB		5.13%	12/01/2037	$	1,070	$	1,042,749
Series 2017 A, RB		5.25%	12/01/2047		1,015		956,876
Series 2017 B, RB		7.75%	12/15/2047		997		945,190
Granby Ranch Metropolitan District; Series 2018, Ref. GO Bonds(g)		5.50%	12/01/2052		5,490		5,065,494
Hance Ranch Metropolitan District;
Series 2020, GO Bonds		5.00%	12/01/2040		565		513,438
Series 2020, GO Bonds		5.13%	12/01/2050		1,810		1,565,411
Haskins Station Metropolitan District; Series 2019 B, GO Bonds		8.75%	12/15/2049		1,328		1,221,202
Hess Ranch Metropolitan District No. 6;
Series 2020 A-2, GO Bonds(l)		5.75%	12/01/2049		9,000		6,631,068
Series 2020 B, GO Bonds		8.00%	12/15/2049		4,683		4,224,185
Series 2022 C, GO Bonds(g)		8.25%	12/15/2052		15,569		13,802,874
Highlands Metropolitan District No. 1; Series 2021, GO Bonds		5.00%	12/01/2051		575		467,598
Home Place Metropolitan District; Series 2020 B, GO Bonds		8.25%	12/15/2050		834		775,112
Homestead Hills Metropolitan District; Series 2020 B, GO Bonds		8.00%	12/15/2050		722		677,684
Independence Metropolitan District No. 3;
Series 2019 A, GO Bonds		6.25%	12/01/2049		8,095		7,435,816
Series 2019 B, GO Bonds		9.00%	12/15/2049		4,230		3,993,231
Series 2021, GO Bonds		9.00%	12/15/2049		8,405		7,934,541
Independence Water & Sanitation District; Series 2019, RB		7.25%	12/01/2038		4,402		4,552,493
Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 B, Ref. RB		5.75%	12/15/2050		6,909		6,606,208
Johnstown Farms East Metropolitan District; Series 2021, GO Bonds		5.00%	12/01/2051		2,562		2,126,012
Johnstown Village Metropolitan District No. 2; Series 2020 B, GO Bonds(g)		7.75%	12/15/2050		711		649,585
Jones District Community Authority Board; Series 2020 A, RB(l)		5.75%	12/01/2050		6,815		5,861,654
Kinston Metropolitan District No. 5; Series 2020 B, GO Bonds		7.50%	12/15/2052		3,800		3,392,659
Lake Bluff Metropolitan District No. 2; Series 2021, Ref. GO Bonds		5.25%	12/01/2051		12,086		10,013,639
Lakes at Centerra Metropolitan District No. 2; Series 2018 B, GO Bonds		7.63%	12/15/2047		1,795		1,672,087
Lanterns Rock Creek Metropolitan District; Series 2020, GO Bonds		6.25%	08/01/2045		1,495		1,376,196
Liberty Draw Metropolitan District No. 6; Series 2023, GO Bonds		7.25%	12/01/2053		2,740		2,730,002
Lowell Metropolitan District; Series 2023 B-3, Ref. GO Bonds		8.50%	12/15/2052		1,831		1,826,911
Mayberry Springs Community Authority; Series 2021 B, RB		8.00%	04/15/2051		3,351		3,008,118
Mayfield Metropolitan District;
Series 2020 A, GO Bonds		5.75%	12/01/2050		1,190		1,149,230
Series 2020 B, GO Bonds		8.25%	12/15/2050		622		591,296
Series 2020 C, GO Bonds		3.00%	12/15/2050		767		278,333
Meadowbrook Crossing Metropolitan District; Series 2020 B, Ref. GO Bonds(g)		7.75%	12/15/2049		494		449,888
Meadowlark Metropolitan District; Series 2020 B, GO Bonds		7.63%	12/15/2050		607		553,703
Midtown Clear Creek Metropolitan District; Series 2023 B, Ref. GO Bonds		8.00%	12/15/2053		790		800,506
Mirabelle Metropolitan District No. 2; Series 2020 B, GO Bonds		7.38%	12/15/2049		1,473		1,332,173
Montrose (County of), CO (The Homestead at Montrose, Inc.);
Series 2003 A, RB		7.00%	02/01/2025		550		544,422
Series 2003 A, RB		7.00%	02/01/2038		6,200		5,553,956
Morgan Hill Metropolitan District No. 3; Series 2021 B, GO Bonds		6.38%	12/15/2051		1,460		1,326,920
Murphy Creek Metropolitan District No. 5;
Series 2022 A, GO Bonds		6.00%	12/01/2052		3,000		2,893,952
Series 2022 B, GO Bonds		9.25%	12/15/2052		3,532		3,452,044
Neu Town Metropolitan District; Series 2018 B, Ref. GO Bonds		7.75%	12/15/2046		2,285		2,124,721
North Holly Metropolitan District;
Series 2018 A, GO Bonds		5.50%	12/01/2048		1,260		1,201,635
Series 2018 B, GO Bonds		7.88%	12/15/2048		1,015		953,639
Series 2018 C, GO Bonds		8.00%	12/15/2050		1,614		1,267,378
North Range Metropolitan District No. 2;
Series 2017 A, Ref. GO Bonds		5.63%	12/01/2037		3,197		3,219,375
Series 2017 A, Ref. GO Bonds		5.75%	12/01/2047		4,885		4,904,520
Series 2017 B, GO Bonds		7.75%	12/15/2047		2,377		2,369,524
Painted Prairie Metropolitain District No. 2; Series 2018, GO Bonds		5.25%	12/01/2048		2,962		2,679,772
Palisade Metropolitan District No. 2; Series 2019, GO Bonds		7.25%	12/15/2049		3,712		3,378,797
Peak Metropolitan District No. 1; Series 2021 B, GO Bonds(g)		7.63%	12/15/2051		1,652		1,483,097

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Colorado–(continued)
Promontory Metropolitan District No. 3; Series 2020 A, GO Bonds		6.25%	12/01/2050	$	1,021	$	926,160
Pronghorn Valley Metropolitan District; Series 2021 B, GO Bonds		7.25%	12/15/2051		500		441,528
Pueblo Urban Renewal Authority (Evraz); Series 2021, RB(g)		4.75%	12/01/2045		3,930		2,672,400
Raindance Metropolitan District No. 2; Series 2019 B, GO Bonds		7.50%	12/15/2049		2,290		2,072,287
Reata Ridge Village Metropolitan District No. 2; Series 2019 B-3, GO Bonds		8.00%	12/15/2049		615		572,870
Remuda Ranch Metropolitan District; Series 2020 B, GO Bonds		7.63%	12/15/2050		574		520,263
Riverdale Peaks II Metropolitan District; Series 2005, GO Bonds(j)		6.50%	12/01/2035		1,000		820,000
Riverwalk Metropolitan District No. 2; Series 2022 B, RB		7.75%	12/15/2052		5,902		5,388,036
RM Mead Metropolitan District; Series 2020 B, GO Bonds		8.00%	12/15/2050		610		553,839
Rock Canyon Metropolitan District;
Series 2020 A, GO Bonds		5.00%	12/01/2049		1,637		1,465,041
Series 2020 B, GO Bonds		8.75%	12/15/2049		398		369,491
Rocky Mountain Rail Park Metropolitan District;
Series 2021 A, GO Bonds(g)		5.00%	12/01/2041		5,645		3,818,118
Series 2021 B, GO Bonds(g)		8.25%	12/15/2051		7,200		5,905,366
Rudolph Farms Metropolitan District No. 6; Series 2022 A, GO Bonds		6.50%	06/01/2052		13,000		12,543,335
Settler’s Crossing Metropolitan District No. 1;
Series 2020 B, GO Bonds		7.63%	12/15/2050		598		545,493
Series 2021 C, GO Bonds		7.63%	12/15/2052		4,560		4,053,880
Severance Shores Metropolitan District No. 4; Series 2020 B, GO Bonds		8.25%	12/15/2049		805		746,083
Silver Peaks Metropolitan District No. 3;
Series 2020 A, GO Bonds		5.00%	12/01/2050		550		473,277
Series 2020 B, GO Bonds		7.00%	12/15/2050		500		442,293
South Aurora Regional Improvement Authority; Series 2018, RB		6.25%	12/01/2057		2,815		2,643,194
Spring Valley Metropolitan District No. 3; Series 2020 B, GO Bonds		8.50%	12/15/2049		656		607,455
St. Vrain Lakes Metropolitan District No. 2; Series 2017 B, GO Bonds		7.63%	12/15/2047		1,080		1,061,260
STC Metropolitan District No. 2; Series 2019 B, GO Bonds		8.00%	12/15/2049		3,954		3,645,363
Sterling Ranch Community Authority Board; Series 2020 B, RB		7.13%	12/15/2050		693		660,150
Tailholt Metropolitan District No. 3;
Series 2018 A, GO Bonds		6.00%	12/01/2048		7,545		7,271,080
Series 2018 B, GO Bonds		8.13%	12/15/2048		1,647		1,557,810
Talon Pointe Metropolitan District; Series 2019 B, Ref. GO Bonds		8.00%	12/15/2051		2,595		2,052,714
Three Springs Metropolitan District No. 1; Series 2020 B, Ref. GO Bonds		7.13%	12/15/2050		1,695		1,512,901
Timberleaf Metropolitan District; Series 2020 B, GO Bonds		8.25%	12/15/2050		777		722,137
Trails at Crowfoot Metropolitan District No. 3; Series 2019, GO Bonds		9.00%	12/15/2049		3,140		2,975,608
Transport Metropolitan District No. 3; Series 2021 A-2, GO Bonds(l)		5.50%	12/01/2051		3,000		2,180,242
Tuscan Foothills Village Metropolitan District; Series 2019 A, GO Bonds		6.25%	12/01/2049		1,240		1,174,888
Uplands Metropolitan District No 1; Series 2023 A, GO Bonds		7.50%	09/01/2053		7,970		8,076,339
USAFA Visitor’s Center Business Improvement District; Series 2022 C, RB(g)		7.75%	12/15/2052		24,275		22,115,860
Velocity Metropolitan District No. 5; Series 2022 B, GO Bonds		8.00%	12/15/2039		14,197		12,995,529
Verve Metropolitan District No. 1; Series 2023, GO Bonds		6.75%	12/01/2052		4,385		4,071,154
Villages at Castle Rock Metropolitan District No. 6; Series 2021 B, Ref. GO Bonds(g)		5.70%	12/01/2051		27,543		24,382,774
Villages at Johnstown Metropolitan District No. 3; Series 2020 B, GO Bonds		7.50%	12/15/2050		843		758,726
Vista Meadows Metropolitan District; Series 2023, GO Bonds		9.25%	12/15/2053		1,418		1,398,439
Vista Meadows Metropolitan District (Senior Bonds); Series 2023 A, GO Bonds		7.25%	12/01/2053		8,750		8,605,298
Wagons West Metropolitan District; Series 2020 B-3, GO Bonds		8.50%	12/15/2049		553		508,852
Waters’ Edge Metropolitan District No. 2; Series 2021, GO Bonds		5.00%	12/01/2051		4,445		3,659,044
Waterstone Metropolitan District No. 1; Series 2020 A, GO Bonds		6.00%	12/01/2049		15,680		15,596,898
Waterview II Metropolitan District; Series 2022 B, GO Bonds		8.00%	12/15/2051		2,915		2,683,023
West Meadow Metropolitan District (Senior Bonds); Series 2023 A, Ref. GO Bonds(g)		6.50%	12/01/2050		1,500		1,535,595
Westerly Metropolitan District No. 4;
Series 2021 A-2, GO Bonds(l)		5.20%	12/01/2050		1,000		688,725
Series 2021 B, GO Bonds		8.00%	12/15/2050		4,238		3,733,057
Wild Plum Metropolitan District; Series 2019 B, GO Bonds(b)(g)(m)		7.75%	12/01/2024		505		539,926
Willow Springs Metropolitan District; Series 2019 B, GO Bonds		7.75%	12/15/2049		650		590,110

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Colorado–(continued)
Windler Public Improvement Authority;
Series 2021 A-1, RB		4.13%	12/01/2051	$	9,000	$	5,444,246
Series 2021 A-2, RB(l)		4.13%	12/01/2031		1,500		1,064,551
Series 2021 A-2, RB(l)		4.50%	12/01/2041		1,130		661,377
Series 2021 A-2, RB(l)		4.63%	12/01/2051		40,060		21,984,055
Winsome Metropolitan District No. 3; Series 2021 A, GO Bonds(g)		5.13%	12/01/2050		2,700		2,212,025
							887,692,570
Connecticut–0.16%
Connecticut (State of) Health & Educational Facilities Authority; Series 2020 G-1, Ref. RB(g)		5.00%	07/01/2039		1,100		1,049,967
Connecticut (State of) Health & Educational Facilities Authority (Nuvance Health); Series 2019 A, Ref. RB		4.00%	07/01/2041		5,670		4,987,040
Connecticut (State of) Health & Educational Facilities Authority (Stamford Hospital); Series 2022, Ref. RB		4.00%	07/01/2041		225		209,588
Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds(d)(j)		5.13%	10/01/2036		7,935		952,200
Hamden (Town of), CT (Whitney Center);
Series 2019, Ref. RB		5.00%	01/01/2050		1,000		802,115
Series 2022 A, RB		7.00%	01/01/2053		4,000		4,039,755
							12,040,665
Delaware–0.18%
Delaware (State of) Economic Development Authority (Aspira of Delaware Charter Operations, Inc.);
Series 2016 A, RB		5.00%	06/01/2046		1,250		1,092,597
Series 2016 A, RB		5.00%	06/01/2051		1,100		935,778
Millsboro (Town of), DE (Plantation Lakes Special Development District);
Series 2018, Ref. RB(g)		5.13%	07/01/2038		7,992		7,805,728
Series 2018, Ref. RB(g)		5.25%	07/01/2048		4,098		3,897,341
							13,731,444
District of Columbia–0.97%
District of Columbia; Series 2023 A, RB		5.25%	05/01/2048		11,500		12,750,797
District of Columbia (Ingleside at Rock Creek);
Series 2017 A, RB		5.00%	07/01/2032		500		478,784
Series 2017 A, RB		5.00%	07/01/2037		950		863,409
Series 2017 A, RB		5.00%	07/01/2052		9,485		7,606,145
District of Columbia Tobacco Settlement Financing Corp.;
Series 2006 A, RB(h)		0.00%	06/15/2046		100,920		24,567,056
Series 2006 C, RB(h)		0.00%	06/15/2055		60,320		5,893,674
Metropolitan Washington Airports Authority;
Series 2018 A, Ref. RB(c)		5.00%	10/01/2043		2,820		2,890,810
Series 2021 A, Ref. RB(c)		5.00%	10/01/2046		5,000		5,201,698
Series 2022, Ref. RB (INS - AGM)(f)		4.00%	10/01/2052		4,365		4,092,408
Series 2023 A, Ref. RB(c)(i)(k)		5.25%	10/01/2048		7,710		8,196,572
Series 2023 A, Ref. RB(c)		4.50%	10/01/2053		1,250		1,218,213
							73,759,566
Florida–7.97%
Alachua (County of), FL Health Facilities Authority (East Ridge Retirement Village, Inc.);
Series 2014, RB		5.00%	11/15/2024		2,320		2,230,982
Series 2014, RB		5.63%	11/15/2029		1,000		833,023
Series 2014, RB		6.00%	11/15/2029		4,000		3,351,032
Series 2014, RB		6.00%	11/15/2034		3,305		2,467,090
Series 2014, RB		6.25%	11/15/2044		22,145		15,033,058
Series 2014, RB		6.38%	11/15/2049		5,130		3,412,600
Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.);
Series 2019, RB		4.00%	12/01/2049		2,500		2,293,932
Series 2022, RB(i)(k)		4.00%	12/01/2049		11,450		10,506,211
Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs);
Series 2022 A, Ref. RB(g)		5.00%	11/15/2061		40,750		26,579,986
Series 2022 B, RB(g)		6.50%	11/15/2033		3,325		2,813,069

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Florida–(continued)
Boggy Creek Improvement District;
Series 2023, Ref. RB		5.13%		05/01/2043	$	1,775	$	1,734,612
Series 2023, Ref. RB		5.38%		05/01/2053		4,325		4,207,228
Brevard (County of), FL Health Facilities Authority; Series 2022, RB(i)(k)		5.00%		04/01/2052		10,000		10,297,007
Broward (County of), FL; Series 2022, RB(i)		5.50%		01/01/2055		10,000		10,955,079
Buckeye Park Community Development District; Series 2008 A, RB		7.88%		05/01/2038		740		739,887
Capital Trust Agency, Inc. (Franklin Academy); Series 2020, RB(g)		5.00%		12/15/2055		4,800		3,904,064
Capital Trust Agency, Inc. (H-Bay Ministries, Inc.- Superior Residences);
Series 2018 A-1, RB(d)		4.00%		07/01/2038		2,750		550,000
Series 2018 A-1, RB(d)		4.00%		07/01/2043		1,000		200,000
Series 2018 A-1, RB(d)		5.00%		07/01/2048		5,660		1,132,000
Series 2018 A-1, RB(d)		4.13%		07/01/2053		2,000		400,000
Series 2018 B, RB(d)		5.00%		07/01/2043		500		15,000
Series 2018 B, RB(d)		5.00%		07/01/2053		1,100		33,000
Capital Trust Agency, Inc. (Imagine School at North Manatee);
Series 2021 C, RB(g)		5.00%		06/01/2056		520		426,995
Series 2021, RB(g)		5.00%		06/01/2056		900		739,030
Capital Trust Agency, Inc. (New Springs, Inc.); Series 2021, RB		4.75%		06/01/2056		4,825		3,463,542
Capital Trust Agency, Inc. (Sarasota-Manatee Jewish Housing Council, Inc.);
Series 2017, Ref. RB(g)		5.00%		07/01/2037		1,000		803,916
Series 2017, Ref. RB(g)		5.00%		07/01/2046		600		425,810
Capital Trust Agency, Inc. (Sustainability Bonds); Series 2021, RB(g)		4.00%		06/15/2051		2,220		1,592,608
Capital Trust Agency, Inc. (Tallahassee Tapestry);
Series 2015, RB(d)(g)		6.75%		12/03/2035		5,405		1,770,138
Series 2015, RB (Acquired 12/02/2015; Cost $1,976,520)(d)(e)(g)		7.00%		12/01/2045		2,000		655,000
Series 2015, RB(d)(g)		7.13%		12/01/2050		1,000		327,500
Capital Trust Agency, Inc. (University Bridge LLC Student Housing);
Series 2018 A, RB(g)		5.25%		12/01/2043		18,350		17,205,872
Series 2018 A, RB(g)		5.25%		12/01/2058		16,600		14,942,676
Capital Trust Authority (Imagine School At West Pasco Project);
Series 2023, RB(g)		6.50%		12/15/2053		1,315		1,320,102
Series 2023, RB(g)		6.50%		12/15/2058		2,100		2,091,305
Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities);
Series 2019, RB(c)(g)		5.00%		10/01/2049		2,420		2,291,131
Series 2021, RB(c)(g)		4.00%		10/01/2041		1,200		1,031,278
Series 2021, RB(c)(g)		4.00%		10/01/2051		700		549,453
Collier (County of), FL Industrial Development Authority (The Arlington of Naples);
Series 2014 A, RB(d)(g)		8.13%		05/15/2044		4,974		159,161
Series 2014 A, RB(d)(g)		8.25%		05/15/2049		33,235		1,063,538
Series 2015 A, RB (Acquired 06/30/2015; Cost $259,809)(d)(e)(g)		5.50%		05/15/2025		260		8,314
Series 2015 A, RB (Acquired 06/30/2015; Cost $658,936)(d)(e)(g)		6.25%		05/15/2035		659		21,086
Series 2015 A, RB (Acquired 06/30/2015; Cost $2,259,208)(d)(e)(g)		6.50%		05/15/2049		2,259		72,295
Escambia (County of), FL Health Facilities Authority; Series 2020, Ref. RB		4.00%		08/15/2045		12,830		11,291,569
Escambia (County of), FL Health Facilities Authority (Baptist Health Care Corp. Obligated Group); Series 2020, Ref. RB (INS - AGM)(f)		3.00%		08/15/2050		13,685		10,136,224
Florida (State of), FL Department of Transportation (Turnpike); Series 2022 C, RB(i)		5.00%		07/01/2052		10,000		10,637,576
Florida Development Finance Corp.; Series 2023, RB(b)(c)(g)		6.13%		07/01/2026		1,400		1,404,810
Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion);
Series 2021, Ref. RB(b)(c)(g)		7.50%		08/15/2024		13,500		13,412,999
Series 2022, Ref. RB(b)(c)(g)		8.00%		04/01/2024		27,000		27,279,820
Florida Development Finance Corp. (Central Charter School);
Series 2022, Ref. RB(g)		5.63%		08/15/2042		1,515		1,428,792
Series 2022, Ref. RB(g)		5.88%		08/15/2052		5,000		4,668,951
Series 2022, Ref. RB(g)		6.00%		08/15/2057		5,500		5,146,577
Florida Development Finance Corp. (Green Bonds); Series 2019 B, RB(c)(g)		7.38%		01/01/2049		46,290		46,492,125
Florida Development Finance Corp. (Mater Academy); Series 2022 A, RB		5.00%		06/15/2056		3,815		3,761,661

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Florida–(continued)
Florida Development Finance Corp. (Palm Bay Academy, Inc.);
Series 2017, Ref. RB(g)(j)		0.00%	05/15/2037	$	970	$	10
Series 2017, Ref. RB(g)		6.38%	05/15/2037		2,705		2,285,712
Series 2017, Ref. RB(g)(j)		6.38%	05/15/2037		1,265		253,000
Florida Development Finance Corp. (Parrish Charter Academy, Inc.); Series 2023, RB(b)(g)		6.25%	06/15/2028		2,000		1,966,793
Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2015, RB(g)		6.13%	06/15/2046		14,035		13,992,146
Florida Development Finance Corp. (UF Health Jacksonville); Series 2022, Ref. RB		5.00%	02/01/2052		3,000		2,647,668
Florida Development Finance Corp. (Virgin Trains USA Passenger Rail); Series 2019 A, Ref. RB(b)(c)(g)		6.25%	01/01/2024		11,410		11,401,098
Gainesville (City of), FL; Series 2012 B, Ref. VRD RB(n)		2.15%	10/01/2042		13,625		13,625,000
Gramercy Farms Community Development District;
Series 2007 A-1, RB(d)		5.25%	05/01/2039		1,335		214
Series 2007 A-2, RB(d)		5.25%	05/01/2039		1,700		272
Series 2011, Ref. RB(j)		0.00%	05/01/2039		13,190		6,858,800
Highlands (County of), FL Health Facilities Authority (Trousdale Foundation Properties);
Series 2018 A, RB (Acquired 08/29/2018-12/30/2020; Cost $12,283,078)(d)(e)		6.25%	04/01/2049		13,980		4,054,200
Jacksonville (City of), FL (Brooks Rehabilitation); Series 2020, Ref. RB		5.00%	11/01/2050		10,005		10,144,046
Kendall Breeze West Community Development District; Series 2004, RB		5.88%	05/01/2034		840		840,458
Lake (County of), FL (Lakeside at Waterman Village);
Series 2020 A, Ref. RB		5.75%	08/15/2050		9,000		7,753,912
Series 2020 A, Ref. RB		5.75%	08/15/2055		6,000		5,088,833
Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts);
Series 2018 A, RB(g)		5.50%	07/15/2048		2,250		1,971,632
Series 2018 A, RB(g)		5.75%	07/15/2053		2,030		1,865,626
Lee (County of), FL Industrial Development Authority (Lee County Community Charter Schools, LLC);
Series 2012, IDR(g)		5.50%	06/15/2032		1,880		1,809,969
Series 2012, IDR(g)		5.75%	06/15/2042		3,210		3,031,003
Miami-Dade (County of), FL;
Series 2009, RB(h)		0.00%	10/01/2035		12,000		7,477,300
Series 2009, RB(h)		0.00%	10/01/2042		42,215		17,503,234
Series 2017 B, Ref. RB(c)(i)(k)		5.00%	10/01/2040		8,900		9,005,934
Series 2021, RB (INS - AGM)(f)(i)(k)		3.00%	10/01/2051		12,000		8,564,431
Series 2022 A, RB(i)		5.00%	04/01/2052		15,720		16,531,521
Series 2022 A, Ref. RB(c)		5.25%	10/01/2052		19,250		20,058,032
Series 2022, RB(i)		5.00%	07/01/2052		10,000		10,556,168
Subseries 2021 A-1, Ref. RB (INS - AGM)(c)(f)		4.00%	10/01/2045		9,000		8,409,106
Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group); Series 2022, RB(i)		4.00%	10/01/2052		17,245		16,034,661
Orange (County of), FL Housing Finance Authority (Alhambra Trace Apartments); Series 1998 C, RB		7.00%	04/01/2028		750		750,391
Orange (County of), FL Housing Finance Authority (Governors Manor Apartments); Series 2001 F-4, RB		7.25%	10/01/2031		2,175		2,176,335
Orange (County of), FL Housing Finance Authority (Lake Davis Apartments); Series 2001 F-1, RB		7.25%	10/01/2031		450		450,095
Orange (County of), FL Housing Finance Authority (Lake Jennie Phase I); Series 2001 F-2, RB		7.25%	10/01/2031		105		105,064
Orange (County of), FL Housing Finance Authority (Lake Jennie Phase II); Series 2001 F-3, RB		7.25%	10/01/2031		450		450,276
Orange (County of), FL Housing Finance Authority (Mellonville Trace Apartments); Series 2001 F-5, RB		7.25%	10/01/2031		180		180,110
Polk (County of), FL Industrial Development Authority (Mineral Development LLC); Series 2020, RB(c)(g)		5.88%	01/01/2033		7,000		6,982,598
Reunion East Community Development District;
Series 2002 A-2, RB(d)(j)		7.38%	05/01/2033		145		1
Series 2005, RB(d)(j)		5.80%	05/01/2036		1,716		17
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital);
Series 2018, RB(i)		4.00%	07/01/2048		36,680		34,393,765
Series 2022, RB		4.00%	07/01/2052		2,000		1,846,140
Seminole (County of), FL; Series 2022, RB(i)		5.00%	10/01/2052		10,000		10,589,295
South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group); Series 2017, Ref. RB		4.00%	08/15/2047		3,500		3,183,900
St. Johns (County of), FL; Series 2022, RB(i)		5.00%	06/01/2047		14,865		15,991,739

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Florida–(continued)
St. Lucie (County of), FL School Board; Series 2023 A, COP (INS - AGM)(f)		4.00%	07/01/2053	$	19,835	$	18,707,311
Sterling Hill Community Development District; Series 2003 A, RB(j)(o)		6.20%	05/01/2035		1,374		646,098
Tampa Bay (City of), FL Water; Series 2001 A, RB (INS - NATL)(f)(i)		6.00%	10/01/2029		13,440		15,794,767
Treeline Preserve Community Development District; Series 2023, RB(h)(j)		0.00%	12/31/2059		571		496,536
							606,785,931
Georgia–1.09%
Brookhaven (City of), GA Development Authority (Children’s Healthcare of Atlanta, Inc.); Series 2019 A, RB(i)(k)		4.00%	07/01/2049		10,150		9,705,215
Brookhaven (City of), GA Urban Redevelopment Agency; Series 2023 A, RB		4.00%	07/01/2053		10,355		10,146,429
Columbia (City of), GA (Wellstar Health System, Inc.); Series 2023, RAC		5.75%	04/01/2053		6,375		7,088,931
Dalton Whitfield (County of), GA Joint Development Authority (Hamilton Health Care System); Series 2017, RB		4.00%	08/15/2048		15,000		13,821,748
Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.); Series 2019, RB(i)		4.00%	07/01/2049		15,000		13,752,749
Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.);
Series 2021 A, RB		4.00%	02/15/2051		6,130		5,588,076
Series 2021, RB		4.00%	02/15/2046		6,200		5,833,646
George L Smith II Congress Center Authority (Convention Center Hotel); Series 2021, RB(g)		5.00%	01/01/2054		6,000		4,996,469
Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health System); Series 2017, RAC		5.00%	08/01/2047		8,220		8,060,331
Marietta (City of), GA Developing Authority (Life University, Inc.); Series 2017 A, Ref. RB(g)		5.00%	11/01/2047		4,480		3,779,696
							82,773,290
Hawaii–0.14%
Hawaii (State of) Airport System; Series 2022 A, RB(c)(i)		5.00%	07/01/2047		10,000		10,379,256
Idaho–0.34%
Gooding Industrial Development Corp. (Intrepid Technology & Resources); Series 2006, RB (Acquired 11/03/2006; Cost $7,640,000)(c)(d)(e)(j)		7.50%	11/01/2024		7,640		0
Idaho (State of) Health Facilities Authority (Terraces of Boise);
Series 2014, RB		3.80%	10/01/2031		550		460,032
Series 2014, RB		4.00%	10/01/2033		1,000		807,924
Series 2014, RB		4.50%	10/01/2050		7,030		4,782,031
Series 2014, RB		4.55%	10/01/2056		23,000		15,238,369
Series 2021, Ref. RB		8.00%	10/01/2028		3,450		3,195,458
Idaho (State of) Housing & Finance Association (North Star Charter School); Series 2014 B, Ref. RB(g)(h)		0.00%	07/01/2049		9,112		1,362,498
							25,846,312
Illinois–7.84%
Bolingbrook (Village of), IL;
Series 2005, RB		6.25%	01/01/2024		1,380		1,375,572
Series 2005, RB		6.00%	01/01/2026		4,500		4,194,935
Bolingbrook (Village of), IL Special Service Area No. 2005-1; Series 2019, Ref. RB		5.25%	03/01/2041		4,000		3,685,159
Burbank (City of), IL (Intercultural Montessori Language School); Series 2015, RB(g)		6.25%	09/01/2045		4,000		3,870,403
Chicago (City of), IL;
Series 2002 B, GO Bonds		5.50%	01/01/2034		3,145		3,161,124
Series 2003 B, Ref. GO Bonds		5.50%	01/01/2032		2,150		2,165,497
Series 2003 B, Ref. GO Bonds		5.50%	01/01/2033		3,000		3,018,500
Series 2003 B, Ref. GO Bonds		5.50%	01/01/2034		2,160		2,171,074
Series 2005 D, Ref. GO Bonds		5.50%	01/01/2037		6,075		6,103,623
Series 2007 E, Ref. GO Bonds		5.50%	01/01/2035		2,500		2,512,298
Series 2007 F, Ref. GO Bonds(i)(k)		5.50%	01/01/2035		10,640		10,692,341
Series 2007 G, Ref. GO Bonds		5.50%	01/01/2035		375		376,845
Series 2007 G, Ref. GO Bonds		5.50%	01/01/2042		400		401,492
Series 2014 A, Ref. GO Bonds(b)(m)		5.25%	01/01/2024		3,250		3,254,101
Series 2015 A, GO Bonds		5.50%	01/01/2034		4,440		4,462,764
Series 2015 A, GO Bonds		5.50%	01/01/2035		2,000		2,009,839
Series 2017 A, Ref. GO Bonds(i)(k)		6.00%	01/01/2038		64,150		66,793,782

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Illinois–(continued)
Chicago (City of), IL (Chicago Works); Series 2023 A, GO Bonds		5.50%	01/01/2040	$	6,500	$	6,902,183
Chicago (City of), IL (Diversey/Narragansett); Series 2006, COP(j)		7.46%	02/15/2026		1,678		1,225,038
Chicago (City of), IL (O’Hare International Airport);
Series 2022 A, RB(c)(i)(k)		5.00%	01/01/2048		14,000		14,336,451
Series 2022 A, RB(c)(i)		4.63%	01/01/2053		15,000		14,802,771
Series 2022 A, RB(c)(i)		5.25%	01/01/2053		14,000		14,562,379
Series 2022 A, RB(c)		5.50%	01/01/2055		3,495		3,724,865
Chicago (City of), IL Board of Education;
Series 2012 A, GO Bonds		5.00%	12/01/2042		12,280		11,749,163
Series 2015 C, GO Bonds		5.25%	12/01/2039		28,060		27,784,280
Series 2017 H, GO Bonds		5.00%	12/01/2046		19,525		18,461,600
Series 2017, Ref. GO Bonds		5.00%	12/01/2034		3,340		3,380,159
Series 2018 D, GO Bonds		5.00%	12/01/2046		4,000		3,810,945
Series 2018 D, GO Bonds		5.00%	12/01/2046		19,170		18,077,879
Series 2022 A, GO Bonds		4.00%	12/01/2047		2,000		1,640,054
Series 2023 A, GO Bonds		5.88%	12/01/2047		3,000		3,149,086
Series 2023 A, GO Bonds		6.00%	12/01/2049		12,500		13,211,691
Series 2023, RB		5.75%	04/01/2048		3,500		3,758,228
East Dundee (Village of), IL (Route 25 South Redevelopment); Series 2012, RB		5.63%	12/01/2031		1,225		1,161,624
Evanston (City of), IL (Roycemore School); Series 2021, RB(g)		4.63%	04/01/2051		1,250		864,737
Illinois (State of);
Series 2016, Ref. GO Bonds		5.00%	02/01/2026		4,775		4,919,669
Series 2017 C, GO Bonds		5.00%	11/01/2029		10,350		10,879,037
Series 2020, GO Bonds		5.75%	05/01/2045		8,750		9,425,457
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(c)		8.00%	06/01/2032		4,020		4,022,751
Illinois (State of) Finance Authority;
Series 2018 B, Ref. RB(g)		6.00%	04/01/2038		2,100		1,976,762
Series 2023, RB(b)(c)(g)		7.38%	09/01/2033		10,000		10,468,389
Illinois (State of) Finance Authority (DePaul College Prep Foundation); Series 2023, Ref. RB(g)		5.63%	08/01/2053		250		249,794
Illinois (State of) Finance Authority (Intrinsic Schools - Belmont School); Series 2015, RB(g)		6.00%	12/01/2045		3,715		3,692,548
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);
Series 2019 A, Ref. RB		5.00%	11/01/2035		3,000		2,725,715
Series 2019 A, Ref. RB		5.00%	11/01/2040		20,210		17,237,174
Series 2019 A, Ref. RB		5.00%	11/01/2049		27,085		21,373,976
Illinois (State of) Finance Authority (Montgomery Place);
Series 2017, Ref. RB		5.25%	05/15/2037		6,795		5,583,706
Series 2017, Ref. RB (Acquired 04/12/2017-09/08/2020; Cost $12,537,867)(e)		5.25%	05/15/2048		12,770		9,391,255
Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group);
Series 2022, RB(i)(k)		5.00%	08/15/2051		25,000		26,224,758
Series 2022, Ref. VRD RB(n)		2.15%	08/15/2057		23,355		23,355,000
Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB		5.13%	05/15/2060		65,871		35,873,799
Illinois (State of) Finance Authority (Plymouth Place);
Series 2015, Ref. RB(b)(m)		5.25%	05/15/2025		4,810		4,955,749
Series 2015, Ref. RB(b)(m)		5.25%	05/15/2025		1,850		1,906,057
Illinois (State of) Finance Authority (Rogers Park Montessori School);
Series 2014, Ref. RB		6.00%	02/01/2034		750		750,516
Series 2014, Ref. RB		6.13%	02/01/2045		1,500		1,500,479
Illinois (State of) Finance Authority (Roosevelt University);
Series 2007, RB		5.50%	04/01/2037		9,170		8,231,549
Series 2018 B, Ref. RB(g)		6.13%	04/01/2058		6,000		5,391,047
Series 2019 A, RB(g)		6.13%	04/01/2049		1,000		917,747
Series 2019 A, RB(g)		6.13%	04/01/2058		23,840		21,420,428
Illinois (State of) Finance Authority (Social Bonds); Series 2021, Ref. RB		4.00%	11/01/2051		1,100		936,671
Illinois (State of) Finance Authority (Three Crowns Park);
Series 2017, Ref. RB		5.00%	02/15/2032		985		984,272
Series 2017, Ref. RB		5.25%	02/15/2037		2,365		2,360,349
Illinois (State of) Finance Authority (Villa St. Benedict);
Series 2015, Ref. RB		6.13%	11/15/2035		7,965		7,988,492
Series 2015, Ref. RB		6.38%	11/15/2043		10,700		10,717,866

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Illinois–(continued)
Illinois (State of) Housing Development Authority (Social Bonds); Series 2022 D, VRD RB (CEP - GNMA)(n)		3.27%		04/01/2045	$	5,000	$	5,000,000
Illinois (State of) Housing Development Authority (Stonebridge of Gurnee); Series 2016 A, RB(g)		5.45%		01/01/2046		5,000		3,525,383
Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2012 B, RB(h)		0.00%		12/15/2050		35,755		9,514,981
Series 2012 B, RB(h)		0.00%		12/15/2051		13,165		3,323,762
Series 2015 A, RB		5.00%		06/15/2053		4,000		4,016,136
Series 2015, RB(h)		0.00%		12/15/2052		41,000		9,815,203
Series 2017 A, RB (INS - AGM)(f)(h)		0.00%		12/15/2056		5,000		1,011,070
Series 2017 B, Ref. RB(h)		0.00%		12/15/2054		5,000		1,077,329
Series 2017, RB		5.00%		06/15/2057		11,000		11,084,272
Malta (Village of), IL (Prairie Springs); Series 2006, RB(j)		5.75%		12/30/2025		1,800		450,000
Matteson (Village of), IL; Series 2015, RB		6.50%		12/01/2035		1,205		1,247,880
Morton Grove (Village of), IL (Sawmill Station Redevelopment); Series 2019, RB		5.00%		01/01/2039		2,000		1,861,478
Plano (City of), IL Special Service Area No. 10 (Lakewood Springs Club); Series 2007, RB(d)(j)		5.80%		03/01/2037		5,615		617,650
Southwestern Illinois Development Authority (US Steel Corp.); Series 2012, RB(c)		5.75%		08/01/2042		1,945		1,945,094
St. Charles (City of), IL Special Service Area No. 21; Series 1998, RB		6.63%		03/01/2028		345		342,260
Villa Park (Village of), IL (Garden Station Redevelopment); Series 2021, RB		0.00%		12/31/2038		1,915		1,482,575
Yorkville (United City of), IL (Cannonball/Beecher Road); Series 2007, RB		5.75%		03/01/2028		2,460		2,460,118
								597,088,685
Indiana–0.61%
Indiana (State of) Finance Authority (Indiana University Health); Series 2019 A, RB(i)(k)		4.00%		12/01/2049		13,000		12,250,180
Indiana (State of) Finance Authority (Irvington Community School);
Series 2018 A, Ref. RB(g)		5.90%		07/01/2038		1,000		976,106
Series 2018 A, Ref. RB(g)		6.00%		07/01/2048		2,750		2,621,036
Indiana (State of) Finance Authority (University of Evansville); Series 2022 A, Ref. RB		5.25%		09/01/2044		6,465		6,371,268
Indianapolis Local Public Improvement Bond Bank (Convention Center Hotel); Series 2023 E, RB		6.00%		03/01/2053		2,000		2,068,518
Valparaiso (City of), IN (Pratt Paper, LLC);
Series 2013, RB(c)		6.75%		01/01/2034		10,985		11,002,245
Series 2013, RB(c)		7.00%		01/01/2044		11,000		11,013,521
								46,302,874
Iowa–1.04%
Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB		4.75%		08/01/2042		20,960		20,033,688
Iowa (State of) Finance Authority (Iowa Fertilizer Co.);
Series 2022, Ref. RB(b)		5.00%		12/01/2042		7,200		7,205,129
Series 2022, Ref. RB		5.00%		12/01/2050		7,700		7,598,871
Iowa (State of) Tobacco Settlement Authority; Series 2021 B-2, Ref. RB(h)		0.00%		06/01/2065		380,750		44,341,917
								79,179,605
Kansas–0.39%
Ellis County Unified School District No. 489 Hays; Series 2022 B, Ref. GO Bonds (INS - AGM)(f)		4.00%		09/01/2052		2,000		1,932,790
Olathe (City of), KS (West Village Center); Series 2007, RB		5.50%		09/01/2026		2,105		2,105,000
Roeland Park (City of), KS (TDD No. 1);
Series 2005, RB(j)(o)		5.75%		12/01/2025		264		205,795
Series 2006 A, RB(j)(o)		5.88%		12/01/2025		495		386,357
Roeland Park (City of), KS (TDD No. 2); Series 2006 B, RB(j)(o)		5.88%		12/01/2025		555		554,654
Wichita (City of), KS (Larksfield Place);
Series 2013 III, Ref. RB(b)(m)		7.13%		12/15/2023		1,000		1,001,047
Series 2013 III, Ref. RB(b)(m)		7.38%		12/15/2023		5,000		5,005,609
Wichita (City of), KS (Presbyterian Manors, Inc.);
Series 2013 IV-A, RB		6.38%		05/15/2043		5,000		4,204,999
Series 2013 IV-A, RB		6.50%		05/15/2048		11,000		9,108,250
Series 2014 IV-A, RB		5.63%		05/15/2044		1,850		1,406,600
Series 2014 IV-A, RB		5.63%		05/15/2049		2,750		2,000,290
Series 2019, Ref. RB		5.00%		05/15/2034		1,000		855,479
Series 2019, Ref. RB		5.00%		05/15/2050		1,615		1,058,675
								29,825,545

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Kentucky–0.71%
Christian (County of), KY (Jennie Stuart Medical Center, Inc.);
Series 2016, Ref. RB		5.38%	02/01/2036	$	11,895	$	12,157,495
Series 2016, Ref. RB		5.50%	02/01/2044		8,500		8,580,849
Kentucky (Commonwealth of) Economic Development Finance Authority (Christian Care Communities); Series 2021, Ref. RB		5.13%	07/01/2055		2,000		1,445,140
Kentucky (Commonwealth of) Economic Development Finance Authority (Masonic Homes of Kentucky, Inc.); Series 2012, Ref. RB		5.38%	11/15/2032		1,600		1,436,075
Kentucky (Commonwealth of) Economic Development Finance Authority (Rosedale Green);
Series 2015, Ref. RB		5.50%	11/15/2035		1,200		1,089,250
Series 2015, Ref. RB		5.75%	11/15/2045		2,350		1,965,542
Series 2015, Ref. RB		5.75%	11/15/2050		4,650		3,791,507
Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing);
Series 2013 C, RB		6.60%	07/01/2039		9,000		10,190,166
Series 2013 C, RB		6.75%	07/01/2043		5,000		5,656,339
Series 2013 C, RB		6.88%	07/01/2046		7,000		7,933,409
							54,245,772
Louisiana–0.73%
Lafayette (Parish of), LA School Board;
Series 2023, RB(i)		4.00%	04/01/2048		8,500		8,190,116
Series 2023, RB(i)		4.00%	04/01/2053		4,550		4,323,544
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority;
Series 2015 A, Ref. RB		6.00%	11/15/2030		2,250		2,233,557
Series 2015 A, Ref. RB		6.00%	11/15/2035		4,135		3,994,791
Series 2015 A, Ref. RB		6.25%	11/15/2045		7,735		7,211,603
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Assumption (Parish of), LA Gomesa); Series 2021, RB(g)		3.88%	11/01/2045		5,875		4,945,534
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Cameron (Parish of), LA Gomesa) (Green Bonds); Series 2018, RB(g)		5.65%	11/01/2037		3,485		3,650,910
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Lafourche (Parish of), LA Gomesa); Series 2019, RB(g)		3.95%	11/01/2043		4,033		3,516,429
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Livingston (Parish of), LA Gomesha) (Green Bonds); Series 2018, RB(g)		5.38%	11/01/2038		515		530,140
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (St. Mary (Parish of), LA Gomesa); Series 2019, RB(g)		4.40%	11/01/2044		3,465		3,239,791
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Terrebonne (Parish of), LA Gomesa); Series 2018 A, RB(g)		5.50%	11/01/2039		1,895		1,965,718
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Vermilion (Parish of), LA Gomesha) (Green Bonds); Series 2019, RB(g)		4.63%	11/01/2038		1,650		1,653,166
Louisiana (State of) Public Facilities Authority; Series 2023, RB(b)(c)(g)		6.50%	10/01/2028		4,500		4,484,784
Louisiana (State of) Public Facilities Authority (Encore Academy); Series 2021, RB (Acquired 11/03/2021; Cost $3,188,822)(d)(e)(g)		5.00%	06/01/2051		3,055		2,138,500
St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2010, RB(g)		6.35%	07/01/2040		3,000		3,230,751
							55,309,334
Maine–0.13%
Maine (State of) Health & Higher Educational Facilities Authority (Eastern Maine Healthcare System);
Series 2016 A, RB		5.00%	07/01/2041		6,800		6,537,482
Series 2016 A, RB		5.00%	07/01/2046		3,705		3,306,796
							9,844,278
Maryland–0.26%
Anne Arundel (County of), MD; Series 2023, GO Bonds		4.00%	10/01/2052		10,550		10,274,957
Anne Arundel (County of), MD (The Villages at Two Rivers); Series 2014, RB		5.25%	07/01/2044		2,145		2,146,157
Baltimore (City of), MD (Harbor Point); Series 2022, RB		5.00%	06/01/2051		1,000		954,046
Howard (County of), MD (Annapolis Junction Town Center);
Series 2014, RB		5.80%	02/15/2034		720		719,986
Series 2014, RB		6.10%	02/15/2044		1,420		1,420,004
Howard (County of), MD (Vantage House Facility); Series 2016, Ref. RB		5.00%	04/01/2046		2,710		2,143,155

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
Maryland–(continued)
Rockville (City of), MD (Ingleside at King Farm); Series 2017 B, RB		5.00%		11/01/2042	$	2,100	$	1,798,584
								19,456,889
Massachusetts–1.13%
Collegiate Charter School of Lowell; Series 2019, RB		5.00%		06/15/2054		1,620		1,400,433
Massachusetts (Commonwealth of); Series 2004 A, Ref. GO Bonds (INS - AMBAC)(f)(i)		5.50%		08/01/2030		32,040		37,164,619
Massachusetts (Commonwealth of) Bay Transportation Authority; Subseries 2023 A-1, RB		4.00%		07/01/2053		9,500		9,166,788
Massachusetts (Commonwealth of) Development Finance Agency (Massachusetts Institute of Technology); Series 2002 K, RB(i)		5.50%		07/01/2032		5,015		6,178,414
Massachusetts (Commonwealth of) Transportation Fund;
Series 2022 A, RB(i)		5.00%		06/01/2050		15,000		15,974,745
Series 2022 B, RB(i)		5.00%		06/01/2052		15,000		16,053,404
								85,938,403
Michigan–1.37%
Charyl Stockwell Academy;
Series 2015, Ref. RB		5.50%		10/01/2035		2,740		2,472,018
Series 2015, Ref. RB		5.75%		10/01/2045		3,500		2,882,242
Detroit (City of), MI; Series 2014 B-1, GO Bonds		4.00%		04/01/2044		17,500		12,258,916
Grand Blanc Academy; Series 2000, COP		7.75%		02/01/2030		1,330		1,244,139
Kalamazoo Economic Development Corp. (Friendship Village of Kalamazoo);
Series 2021, Ref. RB(g)		5.00%		08/15/2041		1,235		1,021,370
Series 2021, Ref. RB(g)		5.00%		08/15/2051		1,510		1,145,554
Michigan (State of); Series 2023, RB		5.50%		11/15/2049		15,000		17,024,280
Michigan (State of) Finance Authority; Series 2020 B-2, Ref. RB(h)		0.00%		06/01/2065		82,350		7,868,699
Michigan (State of) Finance Authority (Madison Academy); Series 2021, Ref. RB		5.00%		12/01/2046		1,295		1,027,138
Michigan (State of) Finance Authority (McLaren Health Care); Series 2019 A, RB(i)		4.00%		02/15/2050		14,975		13,621,446
Michigan (State of) Housing Development Authority;
Series 2022, RB(i)(k)		5.10%		12/01/2037		10,000		10,561,123
Series 2022, RB(i)(k)		5.20%		12/01/2040		4,425		4,626,440
Michigan (State of) Strategic Fund (Canterbury Health Care, Inc.);
Series 2016, RB (Acquired 09/30/2016; Cost $1,971,366)(e)(g)		5.00%		07/01/2036		1,970		1,382,551
Series 2016, RB (Acquired 09/30/2016-10/12/2021; Cost $1,883,353)(e)(g)		5.00%		07/01/2046		2,000		1,183,870
Series 2016, RB (Acquired 09/30/2016-10/07/2021; Cost $2,931,492)(e)(g)		5.00%		07/01/2051		3,080		1,746,871
Michigan (State of) Strategic Fund (Evangelical Homes); Series 2013, Ref. RB		5.50%		06/01/2047		6,095		5,018,090
Michigan (State of) Strategic Fund (Friendship Village of Kalamazoo); Series 2021, Ref. RB(g)		5.00%		08/15/2051		1,000		758,645
Saline Economic Development Corp. (Evangelical Homes of Michigan); Series 2013, Ref. RB		5.50%		06/01/2047		6,735		5,545,010
Three Rivers Community Schools; Series 2023 II, GO Bonds		4.25%		05/01/2052		2,590		2,544,837
Waterford Township Economic Development Corp. (Canterbury Health Care, Inc.);
Series 2016 A, Ref. RB(g)		5.00%		07/01/2036		4,550		3,193,201
Series 2016 A, Ref. RB (Acquired 09/30/2016-10/14/2021; Cost $4,448,463)(e)(g)		5.00%		07/01/2046		4,895		2,897,521
Series 2016 A, Ref. RB(g)		5.00%		07/01/2051		2,795		1,585,229
Woodhaven-Brownstown School District; Series 2023 II, GO Bonds		4.25%		11/01/2049		2,685		2,655,120
								104,264,310
Minnesota–1.02%
Anoka (City of), MN (The Homestead at Anoka, Inc.); Series 2017, Ref. RB		5.50%		11/01/2046		3,700		3,254,038
Brooklyn Park (City of), MN (Athlos Leadership Academy);
Series 2015, RB		5.50%		07/01/2035		1,490		1,390,675
Series 2015, RB		5.50%		07/01/2040		2,250		1,973,886
Series 2015, RB		5.75%		07/01/2046		2,800		2,422,623
Carlton (City of), MN (Inter-Faith Care Center); Series 2006, Ref. RB(d)		5.70%		04/01/2036		2,000		1,100,000
Dakota (County of), MN Community Development Agency (Quill); Series 2021, RB(g)		3.55%		04/01/2039		5,000		3,795,692
Deephaven (City of), MN (Seven Hills Preparatory Academy); Series 2017, RB		5.00%		10/01/2049		1,200		996,867
Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group); Series 2018 A, Ref. RB		5.00%		02/15/2053		3,000		3,004,456
Minneapolis (City of), MN (Riverton Community Housing); Series 2014, Ref. RB		5.50%		08/01/2049		6,500		6,506,131
Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2013 A, RB		6.88%		12/01/2048		6,000		5,795,528
St. Louis Park (City of), MN (Place Via Sol Project); Series 2018, RB (Acquired 12/26/2018; Cost $26,750,000)(b)(d)(e)(g)		6.00%		07/01/2027		26,750		14,177,500

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Minnesota–(continued)
St. Paul (City of), MN Housing & Redevelopment Authority (Emerald Gardens); Series 2010, Ref. RB		6.50%	03/01/2029	$	625	$	625,127
St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy); Series 2018, RB		5.13%	12/01/2049		7,560		6,974,292
St. Paul (City of), MN Housing & Redevelopment Authority (Hmong College Prep Academy);
Series 2016, Ref. RB		5.75%	09/01/2046		1,000		992,378
Series 2016, Ref. RB		6.00%	09/01/2051		3,550		3,556,703
St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy); Series 2020, RB		5.00%	12/01/2045		3,800		2,949,836
St. Paul (City of), MN Housing & Redevelopment Authority (Marian Center); Series 2007 A, Ref. RB		5.38%	05/01/2043		5,000		4,219,060
St. Paul (City of), MN Housing & Redevelopment Authority (Rossy & Richard Shaller Family Sholom East Campus);
Series 2018, Ref. RB		4.35%	10/01/2038		1,185		921,042
Series 2018, Ref. RB		5.00%	10/01/2043		1,000		796,294
Series 2018, Ref. RB		4.65%	10/01/2048		1,500		1,088,937
Vadnais Heights (City of), MN (Agriculture & Food Sciences Academy);
Series 2018 A, Ref. RB		5.50%	12/01/2038		3,255		2,861,052
Series 2018 A, Ref. RB		5.88%	12/01/2048		4,500		3,781,421
Series 2018 A, Ref. RB		6.50%	12/01/2053		4,315		3,873,216
Series 2018 B, Ref. RB		6.75%	12/01/2025		330		313,460
							77,370,214
Mississippi–0.09%
Mississippi (State of) Development Bank (Hancock County Gomesa) (Green Bonds); Series 2019, RB(g)		4.55%	11/01/2039		1,930		1,880,859
Mississippi (State of) Development Bank (Jackson County Gomesa); Series 2021, RB(g)		3.63%	11/01/2036		955		849,624
Tunica (County of), MS; Series 2019, Ref. RB		6.00%	10/01/2040		4,740		4,196,479
							6,926,962
Missouri–1.30%
Branson Hills Infrastructure Facilities Community Improvement District; Series 2007 A, RB(j)		5.50%	04/01/2027		5,541		1,495,960
Dardenne Town Square Transportation Development District; Series 2006 A, RB(j)(o)		5.00%	05/01/2036		5,190		2,491,200
Grandview (City of), MO Industrial Development Authority (Grandview Crossing); Series 2006, RB(j)(o)		5.75%	12/01/2028		1,250		475,000
I-470 Western Gateway Transportation Development District;
Series 2019 A, RB(g)		5.25%	12/01/2048		6,415		6,258,052
Series 2019 B, RB(g)		7.75%	12/15/2048		3,853		3,651,234
Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport);
Series 2019 B, RB(c)(i)		5.00%	03/01/2054		20,000		20,165,120
Series 2020, RB(c)		4.00%	03/01/2045		4,540		4,142,130
Series 2020, RB (INS - AGM)(c)(f)		4.00%	03/01/2057		750		655,473
Kansas City (City of), MO Industrial Development Authority (Northwoods Apartments); Series 2004 A, RB(c)		6.45%	05/01/2040		1,694		1,643,907
Kansas City (City of), MO Land Clearance for Redevelopment Authority (Convention Center Hotel); Series 2018 B, RB(g)		5.00%	02/01/2050		2,550		1,883,574
Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights);
Series 2017 A, Ref. RB		5.25%	05/15/2037		3,285		2,751,294
Series 2017 A, Ref. RB		5.25%	05/15/2042		1,000		788,840
Series 2017 A, Ref. RB		5.25%	05/15/2050		12,750		9,400,949
Lee’s Summit (City of), MO Industrial Development Authority (John Knox Village Obligated Group); Series 2014 A, RB		5.25%	08/15/2039		3,000		2,672,078
Liberty (City of), MO (Liberty Commons); Series 2015 A, RB(g)		6.00%	06/01/2046		6,170		5,598,813
Maplewood (City of), MO (Maplewood South Redevelopment Area); Series 2005, Ref. RB		5.75%	11/01/2026		550		536,077
Missouri (State of) Development Finance Board (St. Louis Zoo); Series 2022, RB(i)		5.13%	05/01/2052		10,005		10,490,170
Missouri (State of) Health & Educational Facilities Authority (Truman Medical Center, Inc.); Series 2017 B, RB(g)		4.25%	12/01/2042		7,460		6,975,586
St. Louis (City of), MO Industrial Development Authority (Ballpark Village Development); Series 2017 A, Ref. RB		4.75%	11/15/2047		1,500		1,089,390

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Missouri–(continued)
St. Louis (County of), MO Industrial Development Authority (Friendship Village West County);
Series 2018 A, RB		5.13%	09/01/2048	$	6,720	$	5,803,809
Series 2018 A, RB		5.13%	09/01/2049		6,475		5,555,272
Series 2018 A, RB		5.25%	09/01/2053		4,900		4,207,485
							98,731,413
Montana–0.02%
Kalispell (City of), MT (Immanuel Lutheran Corp.);
Series 2017, Ref. RB		5.25%	05/15/2037		1,000		875,168
Series 2017, Ref. RB		5.25%	05/15/2047		750		591,895
							1,467,063
Nevada–0.26%
Clark (County of), NV (Homestead Boulder City); Series 1997, RB		6.50%	12/01/2027		870		839,585
Henderson (City of), NV Local Improvement District No. T-22 (Rainbow Canyon Phase II); Series 2023, RB		5.25%	03/01/2053		500		480,474
Nevada (State of) Department of Business & Industry (Fulcrum Sierra Biofuels, LLC) (Green Bonds); Series 2017, RB(c)(g)		6.25%	12/15/2037		1,000		400,000
Nevada (State of) Department of Business & Industry (Somerset Academy); Series 2018 A, RB(g)		5.00%	12/15/2048		3,000		2,645,514
Nevada System of Higher Education; Series 2020 A, COP		3.00%	07/01/2050		11,625		8,377,911
North Las Vegas (City of), NV Special Improvement District No. 66 (Villages at Tule Springs Village 1);
Series 2022, RB(g)		5.75%	06/01/2042		350		349,976
Series 2022, RB(g)		6.00%	06/01/2052		1,800		1,805,919
Reno (City of), NV (ReTRAC - Reno Transportation Rail Access Corridor);
Series 2018 C, Ref. RB(g)(h)		0.00%	07/01/2058		28,500		3,550,978
Series 2018 D, Ref. RB(g)(h)		0.00%	07/01/2058		13,000		1,325,637
							19,775,994
New Hampshire–0.08%
New Hampshire (State of) Business Finance Authority (Covanta); Series 2018 C, Ref. RB(c)(g)		4.88%	11/01/2042		7,500		6,134,560
New Jersey–2.13%
Camden (County of), NJ Improvement Authority (The) (KIPP Cooper Norcross Academy) (Social Bonds);
Series 2022, RB		6.00%	06/15/2047		1,425		1,536,355
Series 2022, RB		6.00%	06/15/2062		4,300		4,584,095
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, RB(c)		5.25%	09/15/2029		47,065		47,090,429
Series 2000 A, RB(c)		5.63%	11/15/2030		20,000		20,121,698
Series 2012, RB(c)		5.75%	09/15/2027		30,960		30,965,991
New Jersey (State of) Economic Development Authority (Paterson Charter School for Science and Technology, Inc.);
Series 2012 A, RB		6.00%	07/01/2032		1,655		1,656,079
Series 2012 A, RB		6.10%	07/01/2044		4,025		4,026,776
Series 2012 C, RB		5.00%	07/01/2032		1,260		1,234,168
Series 2012 C, RB		5.30%	07/01/2044		4,500		4,299,082
New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement);
Series 2013, RB(c)		5.38%	01/01/2043		3,500		3,502,716
Series 2013, RB(c)		5.63%	01/01/2052		10,750		10,759,658
New Jersey (State of) Transportation Trust Fund Authority;
Series 2010 A, RB(h)		0.00%	12/15/2031		7,540		5,664,949
Series 2010 A, RB(h)		0.00%	12/15/2037		10,000		5,514,712
Series 2019, RB		5.25%	06/15/2043		10,000		10,488,987
Series 2019, Ref. RB		5.00%	12/15/2039		6,300		6,747,534
Tender Option Bond Trust Receipts/Certificates; Series 2023, RB(g)(n)		9.32%	06/15/2050		3,000		3,869,889
							162,063,118

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
New Mexico–0.86%
New Mexico (State of) Hospital Equipment Loan Council (La Vida Expansion);
Series 2019 A, RB		5.00%	07/01/2039	$	1,225	$	1,067,260
Series 2019 A, RB		5.00%	07/01/2049		10,525		8,392,204
New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare);
Series 2008 B, Ref. VRD RB(n)		2.10%	08/01/2034		31,210		31,210,000
Series 2008, Ref. VRD RB(n)		3.25%	08/01/2034		20,000		20,000,000
Winrock Town Center Tax Increment Development District No. 1; Series 2020, RB(g)		8.00%	05/01/2040		5,510		4,918,254
							65,587,718
New York–13.11%
Amherst (Town of), NY Industrial Development Agency (Shaary Zedek); Series 2006 A, Ref. RB		7.00%	06/15/2036		1,585		1,585,192
Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, RB(h)		0.00%	07/15/2034		14,345		8,779,278
Series 2009, RB(h)		0.00%	07/15/2044		23,805		8,000,768
Broome County Local Development Corp. (Good Shepherd Village at Endwell); Series 2021, Ref. RB		4.00%	07/01/2047		1,160		810,399
Buffalo & Erie County Industrial Land Development Corp. (Tapestry Charter School);
Series 2017 A, RB		5.00%	08/01/2037		1,325		1,266,761
Series 2017 A, RB		5.00%	08/01/2047		3,790		3,424,653
Series 2017 A, RB		5.00%	08/01/2052		790		702,141
Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB(c)(g)		5.50%	12/31/2040		13,140		10,621,034
Build NYC Resource Corp. (Classical Charter Schools); Series 2023, RB		4.75%	06/15/2053		1,240		1,179,872
Build NYC Resource Corp. (NY Preparatory Charter School); Series 2021 A, RB(g)		4.00%	06/15/2041		1,310		1,051,405
Build NYC Resource Corp. (Unity Preparatory Charter School of Brooklyn);
Series 2023, RB(g)		5.00%	06/15/2033		600		610,000
Series 2023, RB(g)		5.50%	06/15/2053		1,150		1,114,108
Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB		5.00%	06/01/2045		10,000		9,243,696
Metropolitan Transportation Authority (Green Bonds);
Series 2019 C, RB (INS - AGM)(f)(i)(k)		4.00%	11/15/2046		22,245		20,885,704
Series 2019 C, RB (INS - AGM)(f)(i)(k)		4.00%	11/15/2049		14,615		13,543,564
Series 2020 C-1, RB		5.00%	11/15/2050		14,000		14,389,347
Series 2020 D-1, RB		5.00%	11/15/2045		10,000		10,385,883
Subseries 2020 A-1, RB (INS - AGM)(f)(i)(k)		4.00%	11/15/2043		16,025		15,412,898
Subseries 2020 A-1, RB(i)(k)		4.00%	11/15/2053		27,500		24,573,425
Monroe County Industrial Development Corp. (Rochester Regional Health); Series 2020, Ref. RB		4.00%	12/01/2046		10,200		8,661,032
Monroe County Industrial Development Corp. (St. Ann’s Community); Series 2019, Ref. RB		5.00%	01/01/2040		8,500		7,277,436
Nassau (County of), NY Industrial Development Agency (Amsterdam at Harborside);
Series 2021, RB(d)		5.00%	01/01/2058		30,886		7,398,633
Series 2021, Ref. RB (Acquired 09/07/2021; Cost $14,980,000)(d)(e)(g)		9.00%	01/01/2041		14,980		14,231,000
Nassau County Tobacco Settlement Corp.;
Series 2006 A-3, RB		5.00%	06/01/2035		10,390		9,560,447
Series 2006 A-3, RB		5.13%	06/01/2046		64,730		58,750,424
Series 2006 B, RB(h)		0.00%	06/01/2046		105,990		29,293,527
New York (City of), NY;
Subseries 2023 B-1, GO Bonds(i)		5.25%	10/01/2047		10,000		10,981,751
Subseries 2023 E-1, GO Bonds		4.00%	04/01/2050		14,385		13,955,537
New York (City of), NY Municipal Water Finance Authority;
Series 2023 CC, VRD RB(n)		2.10%	06/15/2053		20,000		20,000,000
Series 2024 AA-1, RB		5.25%	06/15/2053		4,500		4,973,393
Subseries 2022 CC-1, RB(i)		5.00%	06/15/2052		21,210		22,630,667
Subseries 2023 AA-3, RB(i)		5.00%	06/15/2047		10,000		10,812,722
New York (City of), NY Transitional Finance Authority;
Series 2022 C-1, RB		4.00%	02/01/2051		1,760		1,700,382
Series 2022, RB(i)		5.25%	11/01/2048		12,500		13,720,523
Series 2024 B, RB		4.38%	05/01/2053		20,000		20,069,606
Subseries 2019 S1B, RB		3.00%	07/15/2049		5,000		3,720,354
Subseries 2022 C-1, RB(i)		4.00%	02/01/2047		11,000		10,740,750

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York–(continued)
New York (State of) Dormitory Authority;
Series 2015 C, RB(b)(m)		5.00%		09/15/2025	$	40	$	41,345
Series 2018 E, RB(i)		5.00%		03/15/2046		35,050		36,707,721
Series 2022 A, RB (INS - AGM)(f)(i)		4.25%		05/01/2052		15,000		14,524,539
New York (State of) Dormitory Authority (Montefiore Medical Center); Series 2020 A, RB (INS - AGM)(f)(i)(k)		3.00%		09/01/2050		14,775		10,568,831
New York (State of) Thruway Authority;
Series 2019 B, RB(i)		4.00%		01/01/2053		15,000		13,669,370
Series 2021 A-1, RB(i)		4.00%		03/15/2054		10,000		9,678,110
Series 2021 A-1, RB(i)		4.00%		03/15/2059		30,000		28,695,972
New York (State of) Thruway Authority (Bidding Group 5); Series 2021 A-1, Ref. RB		3.00%		03/15/2048		5,000		3,761,648
New York (State of) Thruway Authority (Green Bonds);
Series 2022 C, RB(i)		4.13%		03/15/2056		5,000		4,909,257
Series 2022 C, RB(i)		4.13%		03/15/2057		15,000		14,645,259
New York City Housing Development Corp. (Sustainable Development Bonds);
Series 2022 F-1, RB (CEP - Federal Housing Administration)		4.75%		11/01/2047		1,000		1,019,465
Series 2022 F-1, RB (CEP - Federal Housing Administration)		4.85%		11/01/2052		3,000		3,071,552
Series 2022 F-1, RB (CEP - Federal Housing Administration)		4.90%		11/01/2057		3,000		3,060,052
New York Convention Center Development Corp. (Hotel Unit Fee Secured); Series 2016, RB(h)		0.00%		11/15/2049		13,390		3,603,233
New York Counties Tobacco Trust IV; Series 2005 F, RB(h)		0.00%		06/01/2060		50,000		3,129,430
New York Counties Tobacco Trust V;
Series 2005 S-1, RB(h)		0.00%		06/01/2038		65,990		27,055,405
Series 2005 S-2, RB(h)		0.00%		06/01/2050		45,500		6,374,373
Series 2005 S-3, RB(h)		0.00%		06/01/2055		268,000		20,385,902
New York Liberty Development Corp. (3 World Trade Center);
Series 2014, Class 1, Ref. RB(g)		5.00%		11/15/2044		5,000		4,873,154
Series 2014, Class 3, Ref. RB(g)		7.25%		11/15/2044		46,500		46,791,750
New York Liberty Development Corp. (7 World Trade Center); Series 2022, Ref. RB		3.13%		09/15/2050		9,130		6,861,148
New York Liberty Development Corp. (Green Bonds); Series 2021 A, Ref. RB (INS - AGM)(f)(i)(k)		3.00%		11/15/2051		10,000		7,305,122
New York State Urban Development Corp.; Series 2020 A, RB		3.00%		03/15/2050		7,500		5,568,047
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport);
Series 2020, Ref. RB(c)		5.25%		08/01/2031		7,575		7,786,863
Series 2020, Ref. RB(c)		5.38%		08/01/2036		11,505		11,558,411
Series 2023, RB(c)		6.00%		06/30/2054		17,085		18,160,755
Series 2023, RB(c)		5.38%		06/30/2060		19,230		19,246,959
New York Transportation Development Corp. (American Airlines, Inc.);
Series 2016, Ref. RB(c)		5.00%		08/01/2026		2,645		2,645,101
Series 2016, Ref. RB(c)		5.00%		08/01/2031		3,775		3,774,747
Series 2021, Ref. RB(c)		3.00%		08/01/2031		3,500		3,069,840
New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment);
Series 2018, RB(c)		5.00%		01/01/2028		10,650		10,816,842
Series 2018, RB(c)		5.00%		01/01/2034		4,905		4,964,759
Series 2020, RB(c)		5.00%		10/01/2040		16,450		16,383,114
Series 2020, RB(c)		4.38%		10/01/2045		750		677,026
New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);
Series 2016 A, RB(c)		5.00%		07/01/2046		5,420		5,373,087
Series 2016 A, RB(c)		5.25%		01/01/2050		10,995		10,995,263
Series 2023, RB(c)		5.63%		04/01/2040		12,000		12,461,596
New York Transportation Development Corp. (Terminal 4 John F. Kennedy International Airport); Series 2022, RB (INS - AGM)(c)(f)		4.00%		12/01/2042		5,000		4,663,748
Niagara Area Development Corp. (Covanta); Series 2018 A, Ref. RB(c)(g)		4.75%		11/01/2042		2,390		1,922,805
Rockland Tobacco Asset Securitization Corp.; Series 2005 C, RB(g)(h)		0.00%		08/15/2060		368,350		23,635,472
Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.);
Series 2013 A, RB(d)		5.00%		07/01/2027		1,985		694,750
Series 2013 A, RB(d)		5.00%		07/01/2038		5,700		1,995,000

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date		Principal Amount (000)		Value
New York–(continued)
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels);
Series 2012 1-A, RB(i)		4.00%		11/15/2056	$	10,000	$	9,630,399
Series 2019 C, RB (INS - AGM)(f)(i)(k)		3.00%		11/15/2047		12,665		9,567,309
Series 2022 A, RB(i)		5.00%		05/15/2057		11,490		12,164,334
Series 2023 A, RB		4.25%		05/15/2058		20,000		19,510,678
TSASC, Inc.;
Series 2016 B, Ref. RB		5.00%		06/01/2045		8,325		7,391,196
Series 2016 B, Ref. RB		5.00%		06/01/2048		29,805		26,005,012
Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities); Series 2017 A, RB(c)(g)		7.00%		06/01/2046		58,990		51,585,882
Westchester County Healthcare Corp.; Series 2014 A, RB		5.00%		11/01/2044		1		404
Westchester Tobacco Asset Securitization Corp.; Series 2016 C, Ref. RB		5.13%		06/01/2051		9,405		9,472,114
								998,512,463
North Carolina–0.16%
Clayton (Town of), NC; Series 2022, RB		4.00%		08/01/2047		3,720		3,668,078
Greater Asheville Regional Airport Authority;
Series 2023, RB (INS - AGM)(c)(f)		5.25%		07/01/2048		2,000		2,114,104
Series 2023, RB (INS - AGM)(c)(f)		5.25%		07/01/2053		1,250		1,313,469
North Carolina (State of) Medical Care Commission (Salemtowne Project);
Series 2018 A, RB		5.00%		10/01/2038		1,485		1,287,688
Series 2018 A, RB		5.00%		10/01/2048		5,055		3,980,941
								12,364,280
North Dakota–0.23%
Grand Forks (City of), ND (Altru Health System);
Series 2021, Ref. RB		4.00%		12/01/2046		9,395		7,966,218
Series 2021, Ref. RB		4.00%		12/01/2051		11,845		9,804,550
								17,770,768
Ohio–3.51%
Buckeye Tobacco Settlement Financing Authority;
Series 2020 A-2, Ref. RB		3.00%		06/01/2048		11,000		8,000,083
Series 2020 B-2, Ref. RB		5.00%		06/01/2055		72,835		64,352,767
Series 2020 B-3, Ref. RB(h)		0.00%		06/01/2057		398,785		40,985,966
Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); Series 2014 A, Ref. RB(g)		6.75%		01/01/2044		13,900		13,507,760
Cleveland (City of), OH (Continental Airlines, Inc.); Series 1998, RB(c)		5.38%		09/15/2027		4,190		4,190,255
Columbus (City of) & Franklin (County of), OH Finance Authority (Easton); Series 2020, RB(g)		5.00%		06/01/2028		3,070		3,063,021
Cuyahoga (County of), OH (MetroHealth System); Series 2017, Ref. RB		5.00%		02/15/2057		8,000		7,811,621
Franklin (County of), OH (Wesley Communities);
Series 2020, Ref. RB		5.25%		11/15/2040		1,000		905,070
Series 2020, Ref. RB		5.25%		11/15/2055		6,300		5,259,824
Franklin (County of), OH Convention Facilities Authority (Greater Columbus Convention Center);
Series 2019, RB		5.00%		12/01/2039		715		681,222
Series 2019, RB		5.00%		12/01/2051		2,500		2,282,191
Hamilton (County of), OH (Cincinnati Children’s Hospital); Series 2019 CC, RB		5.00%		11/15/2049		1,855		2,019,007
Hamilton (County of), OH (UC Health);
Series 2020, RB(i)(k)		4.00%		09/15/2050		15,000		11,727,996
Series 2020, RB		4.00%		09/15/2050		3,000		2,345,599
Marion (County of), OH (United Church Homes, Inc.); Series 2019, Ref. RB		5.13%		12/01/2049		3,545		2,679,126
Montgomery (County of), OH (Premier Health Partners Obligated Group);
Series 2019 A, RB(i)(k)		4.00%		11/15/2045		11,825		10,183,964
Series 2019 A, Ref. RB		4.00%		11/15/2042		4,955		4,390,626
Series 2019 A, Ref. RB		4.00%		11/15/2045		2,420		2,084,160
Montgomery (County of), OH (Trousdale Foundation Properties);
Series 2018 A, RB(d)(g)		6.00%		04/01/2038		7,270		2,108,300
Series 2018 A, RB (Acquired 04/01/2020-09/14/2020; Cost $1,179,430)(d)(e)(g)		6.25%		04/01/2049		2,115		613,350

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

Invesco High Yield Municipal Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Ohio–(continued)
Muskingum (County of), OH (Genesis Healthcare System);
Series 2013, RB	5.00%		02/15/2044	$	26,930	$	24,756,641
Series 2013, RB	5.00%		02/15/2048		14,250		12,862,934
Ohio (State of) Air Quality Development Authority (AMG Vanadium Project); Series 2019, RB(c)(g)	5.00%		07/01/2049		4,900		4,166,991
Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, RB(c)(g)	4.50%		01/15/2048		500		456,029
Ohio State University (The) (Green Bonds); Series 2021 A, GO (INS - AGM)(f)(i)	5.50%		11/01/2059		10,000		10,717,475
Ohio State University (The) (Multiyear Debt Issuance Program II) (Green Bonds); Series 2021 A, RB(i)	4.00%		12/01/2048		10,000		9,845,610
Southeastern Ohio (State of) Port Authority (Memorial Health Systems);
Series 2015, Ref. RB	5.00%		12/01/2035		1,750		1,592,782
Series 2015, Ref. RB	5.00%		12/01/2043		6,695		5,467,004
Series 2015, Ref. RB	5.50%		12/01/2043		3,875		3,446,734
Tuscarawas (County of), OH Economic Development and Finance Alliance (Ashland University); Series 2015, Ref. RB	6.00%		03/01/2045		5,000		4,864,983
							267,369,091
Oklahoma–1.88%
Atoka (County of), OK Health Care Authority (Atoka Memorial Hospital); Series 2007, RB	6.63%		10/01/2037		2,915		2,549,041
Oklahoma (State of) Development Finance Authority (OU Medicine);
Series 2018 B, RB	5.50%		08/15/2052		15,210		14,727,609
Series 2018 B, RB	5.50%		08/15/2057		34,500		33,128,397
Oklahoma (State of) Development Finance Authority (Provident Oklahoma Education Resources, Inc.-Cross Village Student Housing);
Series 2017, RB(d)	5.00%		08/01/2047		10,500		10,500
Series 2017, RB(d)	5.00%		08/01/2052		20,000		20,000
Series 2017, RB(d)	5.25%		08/01/2057		2,190		2,190
Oklahoma (State of) Development Finance Authority (Sommerset); Series 2015, RB	5.00%		07/01/2035		1,300		1,181,440
Oklahoma (State of) Water Resources Board; Series 2023 A, RB	4.38%		10/01/2053		650		650,418
Oklahoma (State of) Water Resources Board (2019 Master Trust); Series 2023, RB	4.13%		04/01/2053		3,600		3,454,829
Payne (County of), OK Economic Development Authority (Epworth Living at the Ranch);
Series 2016 A, RB(d)	6.88%		11/01/2046		2,469		1,728
Series 2016 A, RB(d)	6.63%		11/30/2049		1,164		815
Series 2016 A, RB(d)	7.00%		11/01/2051		2,429		1,700
Series 2016 B-1, RB(d)	5.25%		11/30/2049		1,664		1,165
Tulsa (City of), OK Airports Improvement Trust;
Series 2000 A, Ref. RB(c)	5.50%		06/01/2035		18,625		18,628,338
Series 2001 B, Ref. RB(c)	5.50%		12/01/2035		15,000		15,002,688
Series 2001 C, Ref. RB(c)	5.50%		12/01/2035		47,625		47,633,534
Tulsa (City of), OK Airports Improvement Trust (American Airlines Group, Inc.); Series 2015, Ref. RB(b)(c)	5.00%		06/01/2025		6,500		6,469,595
							143,463,987
Oregon–0.51%
Oregon (State of) Facilities Authority (Legacy Health); Series 2016 A, RB(i)	4.00%		06/01/2046		16,025		14,868,569
Oregon Health & Science University (Green Bonds); Series 2021 A, Ref. RB	3.00%		07/01/2051		10,000		7,230,386
Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB(c)	5.50%		07/01/2048		10,000		10,860,401
Umatilla County School District No. 6R Umatilla; Series 2023 B, GO Bonds (CEP - Oregon School Bond Guaranty)(h)	0.00%		06/15/2053		10,000		2,290,492
Yamhill (County of), OR Hospital Authority (Friendsview Retirement Community); Series 2016 A, Ref. RB	5.00%		11/15/2046		1,835		1,413,591
Yamhill (County of), OR Hospital Authority (Friendsview);
Series 2021 A, Ref. RB	5.00%		11/15/2046		2,500		1,925,874
Series 2021 A, Ref. RB	5.00%		11/15/2051		500		374,587
							38,963,900
Pennsylvania–1.86%
Allegheny (County of), PA Airport Authority; Series 2021 A, RB(c)	5.00%		01/01/2051		10,000		10,219,874
Allegheny (County of), PA Sanitary Authority; Series 2022, RB	5.00%		06/01/2053		3,000		3,160,715
Allentown (City of), PA Neighborhood Improvement Zone Development Authority (615 Waterfront); Series 2021, RB(g)	6.00%		05/01/2042		4,940		5,055,178

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

Invesco High Yield Municipal Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Pennsylvania–(continued)
Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.);
Series 2018, Ref. RB	5.00%		12/01/2038	$	1,750	$	1,506,957
Series 2018, Ref. RB	5.00%		12/01/2043		4,800		3,899,144
Series 2019, RB	5.00%		12/01/2054		2,000		1,488,335
Lehigh (County of), PA General Purpose Authority (Kidspeace Obligation Group);
Series 2014 A, RB	7.50%		02/01/2044		4,864		4,053,759
Series 2014 B, RB(l)	7.50%		02/01/2044		1,379		731,151
Series 2014 C, RB(d)	0.00%		02/01/2044		4,122		24,430
Pennsylvania (Commonwealth of) Economic Development Financing Authority (National Gypson Co.); Series 2014, Ref. RB(c)	5.50%		11/01/2044		4,000		4,003,632
Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major Bridges);
Series 2022, RB(c)	5.25%		06/30/2053		11,000		11,362,307
Series 2022, RB (INS - AGM)(c)(f)	5.00%		12/31/2057		16,000		16,185,616
Series 2022, RB(c)	6.00%		06/30/2061		18,500		20,331,126
Series 2022, RB (INS - AGM)(c)(f)	5.75%		12/31/2062		10,000		10,924,453
Pennsylvania (Commonwealth of) Housing Finance Agency; Series 2023-142A, Ref. RB	5.00%		10/01/2043		2,000		2,072,590
Pennsylvania (Commonwealth of) Turnpike Commission; Series 2013 B-2, RB(l)	6.00%		12/01/2037		7,000		6,389,111
Philadelphia (City of), PA Authority for Industrial Development (Alliance for Progress Charter School, Inc.); Series 2019 A, RB	5.00%		06/15/2049		2,775		2,398,484
Philadelphia (City of), PA Authority for Industrial Development (First Philadelphia Preparatory Charter School); Series 2014 A, RB	7.25%		06/15/2043		5,500		5,577,721
Philadelphia (City of), PA Authority for Industrial Development (MaST I Charter School);
Series 2016 A, Ref. RB	5.25%		08/01/2046		2,560		2,564,558
Series 2016 A, Ref. RB	5.38%		08/01/2051		3,950		3,960,702
Philadelphia (City of), PA Authority for Industrial Development (MaST II Charter School); Series 2016 B, RB	5.63%		08/01/2036		30		30,519
Philadelphia (City of), PA Authority for Industrial Development (St. Joseph’s University); Series 2022, RB	5.50%		11/01/2060		18,625		19,576,322
Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated Group);
Series 2017, Ref. RB	5.00%		07/01/2037		4,575		3,915,064
Series 2017, Ref. RB	5.00%		07/01/2049		2,930		2,275,383
							141,707,131
Puerto Rico–7.72%
Children’s Trust Fund;
Series 2002, RB	5.50%		05/15/2039		23,785		23,845,107
Series 2002, RB	5.63%		05/15/2043		5,415		5,476,481
Series 2005 A, RB(h)	0.00%		05/15/2050		473,480		87,198,349
Series 2008 B, RB(h)	0.00%		05/15/2057		784,260		43,934,402
Puerto Rico (Commonwealth of);
Series 2021 A, GO Bonds(h)	0.00%		07/01/2024		1,204		1,175,184
Series 2021 A, GO Bonds(h)	0.00%		07/01/2033		9,503		5,797,200
Series 2021 A-1, GO Bonds	4.00%		07/01/2035		13,388		12,276,736
Series 2021 A-1, GO Bonds	4.00%		07/01/2041		24,758		21,438,933
Series 2021 A-1, GO Bonds	4.00%		07/01/2046		16,150		13,460,274
Subseries 2022, RN	0.00%		11/01/2043		36,390		18,968,366
Subseries 2022, RN	0.00%		11/01/2051		60,690		31,862,436
Puerto Rico (Commonwealth of) Aqueduct & Sewer Authority;
Series 2008 A, RB	6.13%		07/01/2024		3,687		3,719,221
Series 2021 B, RB(g)	4.00%		07/01/2042		40,000		34,843,920

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

Invesco High Yield Municipal Fund

	Interest Rate	Maturity Date		Principal Amount (000)		Value
Puerto Rico–(continued)
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2007 TT, RB(d)	5.00%		07/01/2026	$	6,685	$	1,687,962
Series 2007 TT, RB(d)	5.00%		07/01/2027		2,350		593,375
Series 2007 UU, Ref. RB (3 mo. USD LIBOR + 0.68%)(d)(p)	4.47%		07/01/2025		4,250		998,750
Series 2007 UU, Ref. RB (3 mo. USD LIBOR + 0.70%)(d)(p)	4.49%		07/01/2031		2,050		481,750
Series 2007 VV, Ref. RB (INS - NATL)(f)	5.25%		07/01/2024		4,560		4,553,426
Series 2007 VV, Ref. RB (INS - NATL)(f)	5.25%		07/01/2030		9,275		9,197,288
Series 2007 VV, Ref. RB (INS - AGM)(f)	5.25%		07/01/2031		20,000		19,851,344
Series 2007 VV, Ref. RB (INS - NATL)(f)	5.25%		07/01/2032		6,275		6,205,049
Series 2008 WW, RB(d)	5.00%		07/01/2028		13,620		3,439,050
Series 2008 WW, RB(d)	5.25%		07/01/2033		2,200		555,500
Series 2008 WW, RB(d)	5.50%		07/01/2038		19,685		4,970,462
Series 2010 AAA, RB(d)	5.25%		07/01/2025		840		212,100
Series 2010 AAA, RB(d)	5.25%		07/01/2031		1,350		340,875
Series 2010 CCC, RB(d)	5.00%		07/01/2025		325		82,063
Series 2010 CCC, RB(d)	5.00%		07/01/2028		960		242,400
Series 2010 CCC, RB(d)	5.25%		07/01/2028		7,600		1,919,000
Series 2010 EEE, RB(d)	6.05%		07/01/2032		895		210,325
Series 2010 XX, RB(d)	4.63%		07/01/2025		620		156,550
Series 2010 XX, RB(d)	5.25%		07/01/2026		385		97,213
Series 2010 XX, RB(d)	5.25%		07/01/2035		6,799		1,716,747
Series 2010 YY, RB(d)	6.13%		07/01/2040		1,200		282,000
Series 2010 ZZ, Ref. RB(d)	5.00%		07/01/2024		340		85,850
Series 2010 ZZ, Ref. RB(d)	5.25%		07/01/2024		65		16,413
Series 2010 ZZ, Ref. RB(d)	4.63%		07/01/2025		640		161,600
Series 2010 ZZ, Ref. RB(d)	5.00%		07/01/2026		435		109,838
Series 2010 ZZ, Ref. RB(d)	5.25%		07/01/2026		875		220,938
Series 2010 ZZ, Ref. RB(d)	5.00%		07/01/2028		310		78,275
Series 2012 A, RB(d)	4.80%		07/01/2029		2,260		570,650
Series 2012 A, RB(d)	5.00%		07/02/2029		3,535		892,588
Series 2012 A, RB(d)	5.05%		07/01/2042		3,095		781,488
Series 2013 A, RB(d)	7.25%		07/01/2030		2,120		535,300
Series 2013 A, RB(d)	7.00%		07/01/2033		6,030		1,522,575
Series 2013 A, RB(d)	6.75%		07/01/2036		15,090		3,810,225
Series 2013 A, RB(d)	7.00%		07/01/2040		2,675		675,438
Series 2013 A, RB(d)	7.00%		07/01/2043		20,415		5,154,787
Puerto Rico (Commonwealth of) Highway & Transportation Authority;
Series 2022 A, RB	5.00%		07/01/2062		16,933		16,763,712
Series 2022 B, RB(h)	0.00%		07/01/2032		6,419		4,164,106
Series 2022 C, RB(l)	5.00%		07/01/2053		10,981		7,110,117
Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority; Series 2000, RB (Acquired 04/30/2019-01/08/2020; Cost $19,130,000)(c)(d)(e)	6.63%		06/01/2026		19,130		13,391,000
Puerto Rico Sales Tax Financing Corp.;
Series 2018 A-1, RB(h)	0.00%		07/01/2029		1,927		1,524,177
Series 2018 A-1, RB(h)	0.00%		07/01/2031		2,484		1,792,069
Series 2018 A-1, RB(h)	0.00%		07/01/2033		10,296		6,749,055
Series 2018 A-1, RB(h)	0.00%		07/01/2046		55,515		16,381,986
Series 2018 A-1, RB(h)	0.00%		07/01/2051		211,221		45,953,283
Series 2018 A-1, RB	4.75%		07/01/2053		25,479		24,112,532
Series 2018 A-1, RB	5.00%		07/01/2058		27,864		27,086,082
Series 2019 A-2, RB	4.33%		07/01/2040		24,721		23,461,383
Series 2019 A-2, RB	4.33%		07/01/2040		4,200		3,986,089
Series 2019 A-2, RB	4.54%		07/01/2053		314		286,960
Series 2019 A-2, RB	4.78%		07/01/2058		20,223		19,051,376
							588,219,730

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Rhode Island–0.00%
Tobacco Settlement Financing Corp.; Series 2015 B, Ref. RB		5.00%	06/01/2050	$	30	$	29,381
South Carolina–0.07%
South Carolina (State of) Jobs-Economic Development Authority (High Point Academy Project); Series 2018 A, RB(g)		5.75%	06/15/2049		2,000		2,004,902
South Carolina (State of) Jobs-Economic Development Authority (Lutheran Homes);
Series 2013, RB		5.00%	05/01/2043		1,000		792,967
Series 2013, RB		5.13%	05/01/2048		2,000		1,552,500
Series 2017, Ref. RB		5.00%	05/01/2042		250		200,226
South Carolina (State of) Jobs-Economic Development Authority (South Carolina Episcopal Home at Still Hopes); Series 2018 A, Ref. RB		5.00%	04/01/2048		1,085		869,411
							5,420,006
Tennessee–1.54%
Bristol (City of), TN Industrial Development Board (Pinnacle); Series 2016, RB		5.63%	06/01/2035		13,000		11,435,507
Memphis (City of) & Shelby (County of), TN Economic Development Growth Engine Industrial Development Board (Graceland);
Series 2017 A, Ref. RB		5.50%	07/01/2037		250		170,512
Series 2017 A, Ref. RB		5.63%	01/01/2046		750		437,740
Metropolitan Nashville Airport Authority (The); Series 2022 B, RB(c)		5.50%	07/01/2052		1,000		1,066,373
Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Trousdale Foundation Properties);
Series 2018 A, RB (Acquired 08/29/2018; Cost $14,581,018)(d)(e)(g)		6.00%	04/01/2038		14,875		4,313,750
Series 2018 A, RB(d)(g)		6.25%	04/01/2049		19,400		5,626,000
Shelby (County of), TN Health, Educational & Housing Facilities Board (Kirby Pines); Series 1997 A, RB		6.38%	11/15/2025		715		702,903
Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor);
Series 2013 A, Ref. RB		5.50%	09/01/2047		16,300		13,143,223
Series 2016 A, Ref. RB(g)		5.00%	09/01/2031		750		673,362
Series 2016 A, Ref. RB(g)		5.00%	09/01/2037		1,145		953,483
Tennessee (State of) School Bond Authority;
Series 2022 A, RB (CEP - Colorado Higher Education Intercept Program)(i)		5.00%	11/01/2052		30,000		32,404,689
Series 2022, RB (CEP - Colorado Higher Education Intercept Program)(i)		5.00%	11/01/2047		42,835		46,723,527
							117,651,069
Texas–10.78%
Academy Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%	08/15/2048		4,375		4,233,611
Arlington Higher Education Finance Corp. (Legacy Traditional Schools);
Series 2021, Ref. RB		4.38%	02/15/2051		7,500		4,940,974
Series 2021, Ref. RB		4.50%	02/15/2056		3,000		1,958,151
Series 2022, RB(g)		6.38%	02/15/2052		4,000		3,612,355
Series 2022, RB(g)		6.50%	02/15/2057		6,000		5,450,690
Arlington Higher Education Finance Corp. (Newman International Academy); Series 2021, RB		5.00%	08/15/2051		3,500		2,875,565
Arlington Higher Education Finance Corp. (Odyssey Academy, Inc.);
Series 2023 A, RB(g)		6.00%	02/15/2043		3,825		3,726,189
Series 2023 A, RB(g)		6.13%	02/15/2053		5,000		4,793,284
Birdville Independent School District; Series 2023, GO Bonds (INS - BAM)(f)		4.00%	02/15/2048		12,640		11,912,552
Bonham Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%	02/15/2053		7,755		7,612,399
Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC);
Series 2019 A, RB(c)(g)		9.00%	03/01/2039		2,245		2,343,972
Series 2019, RB(c)		7.00%	03/01/2039		10,700		9,809,224
Series 2019, RB(c)(g)		9.00%	03/01/2039		3,480		3,633,418
Bridge City Independent School District;
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)(i)		4.13%	02/15/2043		3,440		3,445,369
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)(i)		4.13%	02/15/2045		7,320		7,287,834
Caddo Mills Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.13%	02/15/2048		4,500		4,389,937
Calhoun (County of), TX Navigation Industrial Development Authority (Max Midstream Texas LLC); Series 2021, RN(c)(g)		3.63%	07/01/2026		7,000		6,448,666

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Texas–(continued)
Clifton Higher Education Finance Corp. (International Leadership of Texas);
Series 2015, RB		5.75%	08/15/2038	$	1,000	$	1,001,021
Series 2015, RB		5.75%	08/15/2045		8,000		7,739,455
Series 2018 D, RB		5.75%	08/15/2033		3,690		3,742,093
Series 2018 D, RB		6.00%	08/15/2038		12,250		12,391,468
Series 2018 D, RB		6.13%	08/15/2048		19,250		19,351,062
Community Independent School District; Series 2022 B, GO Bonds (CEP - Texas Permanent School Fund)		4.00%	02/15/2050		2,000		1,928,508
Coppell Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.25%	08/15/2053		7,500		7,502,776
Cypress-Fairbanks Independent School District;
Series 2022, GO Bonds (CEP - Texas Permanent School Fund)(i)		4.50%	02/15/2047		15,550		15,901,855
Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%	02/15/2048		9,000		8,743,645
Dallas (City of), TX; Series 2023 A, Ref. RB		4.00%	10/01/2052		7,230		6,973,582
Deer Park Independent School District;
Series 2018, GO Bonds (CEP - Texas Permanent School Fund)		4.25%	10/01/2041		1,415		1,446,289
Series 2018, GO Bonds (CEP - Texas Permanent School Fund)		4.25%	10/01/2042		1,795		1,825,523
El Paso (City of) TX; Series 2022 A, RB (INS - BAM)(f)		4.00%	03/01/2048		9,950		9,576,483
El Paso (City of), TX; Series 2021 B, GO Bonds		4.00%	08/15/2047		1,250		1,212,393
Forney Independent School District; Series 2022 B, GO Bonds (CEP - Texas Permanent School Fund)(i)		4.00%	08/15/2047		16,625		16,045,138
Goose Creek Consolidated Independent School District; Series 2019 B, GO Bonds (CEP - Texas Permanent School Fund)(i)		4.50%	10/01/2049		10,000		10,196,927
Grand Parkway Transportation Corp.; Series 2013 B, RB		5.85%	10/01/2048		17,000		18,325,413
Greater Texoma Utility Authority (City of Sherman);
Series 2023 A, RB (INS - BAM)(f)		4.38%	10/01/2053		10,000		9,801,437
Series 2023, RB (INS - AGM)(f)		4.25%	10/01/2053		12,565		12,058,948
Guadalupe (County of) & Seguin (City of), TX Hospital Board of Managers;
Series 2015, Ref. RB		5.00%	12/01/2040		5,350		4,959,621
Series 2015, Ref. RB		5.00%	12/01/2045		9,230		8,252,015
Harris (County of), TX; Series 2021, Ref. GO Bonds		4.00%	10/01/2036		10		10,307
Harris (County of), TX Toll Road Authority (The); Series 2021, Ref. RB		4.00%	08/15/2045		10,000		9,782,700
Houston (City of), TX Airport System (Continental Airlines, Inc.); Series 2011 A, Ref. RB(c)		6.63%	07/15/2038		16,000		16,004,194
Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2014, Ref. RB(c)		5.00%	07/01/2029		26,355		26,296,373
Houston (City of), TX Airport System (United Airlines, Inc.);
Series 2020 C, Ref. RB(c)		5.00%	07/15/2027		1,325		1,322,278
Series 2021 B-1, RB(c)		4.00%	07/15/2041		13,745		11,602,669
Ingram Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%	08/15/2047		3,500		3,393,217
Katy Independent School District; Series 2021, GO Bonds (INS - BAM)(f)		3.00%	02/15/2046		5,000		3,854,696
La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015, RB(b)(g)(m)		5.60%	08/15/2024		4,420		4,469,764
Lamar Consolidated Independent School District;
Series 2021, GO Bonds (INS - BAM)(f)		3.00%	02/15/2051		5,000		3,686,242
Series 2023, GO Bonds		4.00%	02/15/2048		25,000		23,740,127
Series 2023, GO Bonds		4.25%	02/15/2053		3,800		3,695,378
Little Elm Independent School District;
Series 2023, GO Bonds		4.00%	08/15/2048		3,865		3,660,462
Series 2023, GO Bonds		4.25%	08/15/2053		12,165		11,795,529
Magnolia Independent School District; Series 2023, GO Bonds		4.00%	08/15/2047		12,000		11,762,629
Midland (City of), TX; Series 2023, GO Bonds		4.00%	03/01/2048		5,245		5,079,050
Montgomery Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%	02/15/2048		10,000		9,759,793
New Hope Cultural Education Facilities Finance Corp. (4-K Housing, Inc.-Stoney Brook); Series 2017 C, RB(d)		5.00%	07/01/2037		1,610		483,000
New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community);
Series 2021 A-1, RB		7.50%	11/15/2037		285		215,809
Series 2021 A-2, RB		7.50%	11/15/2036		2,390		1,940,714
Series 2021, RB		2.00%	11/15/2061		7,538		2,783,439
New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); Series 2016, Ref. RB		5.00%	07/01/2046		20,395		14,780,877
New Hope Cultural Education Facilities Finance Corp. (Forefront Living San Antonio - Bella Vida at LA Cantera)); Series 2023, RN(g)		12.00%	12/01/2028		14,000		14,543,913

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Texas–(continued)
New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); Series 2017, Ref. RB		5.00%	01/01/2047	$	6,790	$	5,811,485
New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford);
Series 2016 A, RB		5.38%	11/15/2036		1,365		1,178,087
Series 2016 A, RB		5.50%	11/15/2046		4,475		3,584,279
Series 2016 A, RB		5.50%	11/15/2052		850		660,830
New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North);
Series 2018, Ref. RB		5.00%	10/01/2039		3,000		2,450,981
Series 2018, Ref. RB		5.25%	10/01/2049		12,840		9,871,777
Series 2020, RB		5.25%	10/01/2055		1,900		1,426,273
Newark High Education Finance Corp. (A+ Charter Schools, Inc.);
Series 2015 A, RB(g)		5.50%	08/15/2035		845		863,736
Series 2015 A, RB(g)		5.75%	08/15/2045		2,015		2,044,583
Newark High Education Finance Corp. (Hughen Center, Inc.);
Series 2022 A, RB (CEP - Texas Permanent School Fund)		5.00%	08/15/2042		600		652,346
Series 2022 A, RB (CEP - Texas Permanent School Fund)		5.00%	08/15/2052		500		523,975
North Texas Tollway Authority; Series 2011 B, RB(b)(h)(m)		0.00%	09/01/2031		15,500		7,666,376
Prosper Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%	02/15/2048		10,000		9,730,008
Red River Health Facilities Development Corp. (MRC Crossing);
Series 2014 A, RB(b)(m)		7.50%	11/15/2024		2,350		2,439,796
Series 2014 A, RB(b)(m)		7.75%	11/15/2024		5,100		5,306,661
Series 2014 A, RB(b)(m)		8.00%	11/15/2024		6,000		6,254,128
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(i)		5.50%	02/01/2050		10,000		11,100,012
Sanger Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%	08/15/2047		7,380		7,101,203
Sanger Industrial Development Corp. (Texas Pellets); Series 2012 B, RB (Acquired 09/04/2012; Cost $37,110,000)(c)(d)(e)(j)		8.00%	07/01/2038		37,110		8,720,850
Shallowater Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		5.25%	02/15/2053		2,800		3,030,511
Sheldon Independent School District;
Series 2023, GO Bonds (INS - BAM)(f)		4.00%	02/15/2048		4,950		4,809,005
Series 2023, GO Bonds (INS - BAM)(f)		4.00%	02/15/2050		10,220		9,870,400
Splendora Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.10%	02/15/2048		3,085		3,025,349
Spring Branch Independent School District; Series 2022, GO (CEP - Texas Permanent School Fund)(i)		4.50%	02/01/2047		10,000		10,205,465
Spring Independent School District; Series 2023, GO Bonds		4.00%	08/15/2052		12,500		11,570,693
Sweetwater Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%	02/15/2053		2,850		2,718,278
Tarrant (County of), TX Hospital District; Series 2023, GO Bonds		4.25%	08/15/2053		5,000		4,848,142
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); Series 2016, Ref. RB		5.00%	05/15/2037		3,000		2,641,104
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health); Series 2022, RB(i)		5.00%	11/15/2051		15,000		15,590,891
Tarrant County Cultural Education Facilities Finance Corp. (Buckner Senior Living - Ventana);
Series 2017, RB		6.00%	11/15/2027		3,250		3,265,053
Series 2017, RB		6.75%	11/15/2047		13,125		13,192,154
Series 2017, RB		6.75%	11/15/2052		965		967,880
Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2007, RB (Acquired 07/18/2007; Cost $1,015,000)(d)(e)		5.75%	02/15/2025		1,015		558,250
Series 2007, RB (Acquired 07/18/2007; Cost $1,600,000)(d)(e)		5.75%	02/15/2029		1,600		880,000
Series 2009 A, RB (Acquired 12/10/2009-10/01/2020; Cost $12,866,093)(d)(e)		8.00%	02/15/2038		13,350		7,342,500
Series 2017 A, RB(d)		6.38%	02/15/2048		26,895		14,792,250
Series 2017 A, RB(d)		6.38%	02/15/2052		25,055		13,780,250
Series 2017, RB(d)		6.38%	02/15/2041		8,755		4,815,250
Tarrant County Cultural Education Facilities Finance Corp. (Christus Health); Series 2022 A, RB		4.00%	07/01/2053		4,345		3,859,582
Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks);
Series 2020, Ref. RB		6.63%	11/15/2041		1,000		917,156
Series 2020, Ref. RB		6.75%	11/15/2051		4,000		3,532,934
Series 2020, Ref. RB		6.88%	11/15/2055		4,000		3,558,061

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Texas–(continued)
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way); Series 2020 A, RB		5.75%	12/01/2054	$	18,637	$	12,113,954
Texas (State of) Transportation Commission;
Series 2019, RB(h)		0.00%	08/01/2051		6,000		1,396,277
Series 2019, RB(h)		0.00%	08/01/2053		1,000		208,408
Texas (State of) Water Development Board;
Series 2022, RB(i)		4.80%	10/15/2052		33,000		34,466,233
Series 2022, RB(i)		5.00%	10/15/2057		3,500		3,724,394
Series 2023 A, RB		4.88%	10/15/2048		10,000		10,673,964
Texas City Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.00%	08/15/2045		10,000		9,971,218
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes); Series 2023, RB(c)		5.50%	12/31/2058		10,000		10,579,615
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners Segments 3 LLC Segments 3C); Series 2019, RB(c)		5.00%	06/30/2058		10,135		10,171,268
Thrall Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)		4.00%	02/15/2052		10,000		9,568,106
Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, RB		5.25%	08/15/2042		55		51,273
Waco (City of), TX; Series 2023 A, Ctfs. Of Obligation		4.00%	02/01/2053		8,660		8,358,856
Waller Consolidated Independent School District;
Series 2023 A, GO Bonds (CEP - Texas Permanent School Fund)		4.00%	02/15/2048		10,000		9,819,728
Series 2023 A, GO Bonds (CEP - Texas Permanent School Fund)		4.00%	02/15/2053		10,000		9,683,762
Walnut Creek Special Utility District; Series 2023, RB (INS - AGM)(f)		4.75%	01/10/2054		2,800		2,881,560
Waxahachie Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)		4.25%	02/15/2053		3,500		3,494,917
							821,228,141
Utah–1.50%
Auto Mall & Retail Public Infrastructure District; Series 2023 B, GO Bonds(g)		9.75%	03/15/2053		2,065		2,055,200
Black Desert Public Infrastructure District;
Series 2021 A, GO Bonds(g)		4.00%	03/01/2051		8,525		6,223,295
Series 2021 B, GO Bonds(g)		7.38%	09/15/2051		5,500		4,480,699
Downtown East Streetcar Sewer Public Infrastructure District; Series 2022 B, GO Bonds(g)		9.00%	03/15/2053		1,239		1,210,884
Jepson Canyon Public Infrastructure District No. 1;
Series 2022 A, GO Bonds(g)		5.13%	03/01/2051		3,280		2,532,034
Series 2022 B, GO Bonds(g)		8.00%	03/15/2051		579		479,583
Mida Mountain Village Public Infrastructure District;
Series 2020 A, RB(g)		4.50%	08/01/2040		1,205		1,039,011
Series 2020 A, RB(g)		5.00%	08/01/2050		6,500		5,559,971
Red Bridge Public Infrastructure District No. 1;
Series 2021 A, GO Bonds(g)		3.63%	02/01/2035		600		486,357
Series 2021 A, GO Bonds(g)		4.13%	02/01/2041		500		388,658
Series 2021 A, GO Bonds(g)		4.38%	02/01/2051		1,100		819,296
Series 2021 B, GO Bonds(g)		7.38%	08/15/2051		600		483,016
Salt Lake City (City of), UT;
Series 2017 A, RB(c)(i)		5.00%	07/01/2047		15,000		15,189,089
Series 2023 A, RB(c)		5.25%	07/01/2048		5,750		6,078,049
Series 2023 A, RB(c)		5.25%	07/01/2053		1,000		1,050,775
Series 2023 A, RB(c)		5.50%	07/01/2053		12,000		12,955,484
Salt Lake City (City of), UT (Salt Lake City International Airport); Series 2021 A, RB(c)(i)(k)		5.00%	07/01/2051		11,675		11,991,959
Utah (County of), UT (IHC Health Services, Inc.); Series 2014 A, RB		4.00%	05/15/2045		22,040		20,609,864
Utah (State of) Charter School Finance Authority (Ascent Academies of Utah); Series 2022, RB(g)		5.00%	06/15/2052		9,640		7,669,304
Utah (State of) Charter School Finance Authority (Leadership Learning Academy); Series 2019 A, RB(g)		5.00%	06/15/2050		2,000		1,731,336
Utah (State of) Charter School Finance Authority (Renaissance Academy); Series 2020, Ref. RB(g)		5.00%	06/15/2055		2,080		1,854,067
Utah (State of) Charter School Finance Authority (Utah County Academy of Sciences); Series 2018 A, RB(b)(g)		5.75%	07/15/2028		3,420		3,420,050
Wohali Public Infrastructure District No. 1 (Wohali Assessment Area #1); Series 2023, RB(g)		7.00%	12/01/2042		5,630		5,577,507
							113,885,488

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Virginia–0.66%
Ballston Quarter Community Development Authority;
Series 2016 A, RB (Acquired 11/17/2016; Cost $1,527,836)(e)		5.38%	03/01/2036	$	1,545	$	1,203,507
Series 2016 A, RB (Acquired 11/15/2017-02/07/2019; Cost $9,788,797)(e)		5.50%	03/01/2046		9,590		6,784,454
Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group); Series 2020 A, Ref. RB		5.00%	07/01/2047		7,250		7,983,002
Roanoke (City of), VA Economic Development Authority (Richfield Living);
Series 2020, RB(d)		5.00%	09/01/2040		1,645		937,650
Series 2020, RB(d)		5.13%	09/01/2055		1,210		689,700
Tobacco Settlement Financing Corp.;
Series 2007 B-1, RB		5.00%	06/01/2047		21,035		19,396,660
Series 2007 B-2, RB		5.20%	06/01/2046		3,000		2,888,385
Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC); Series 2022, Ref. RB(c)		4.00%	01/01/2040		500		462,149
Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3);
Series 2017, RB(c)		5.00%	12/31/2052		2,150		2,157,586
Series 2017, RB(c)		5.00%	12/31/2056		6,235		6,247,142
Virginia Beach Development Authority (Westminster-Canterbury); Series 2018, Ref. RB		5.00%	09/01/2044		1,960		1,720,560
							50,470,795
Washington–1.38%
Central Puget Sound Regional Transit Authority (Green Bonds); Series 2021 S-1, Ref. RB(i)		4.00%	11/01/2046		16,255		15,917,021
King (County of), WA Public Hospital District No. 4;
Series 2015 A, RB		5.75%	12/01/2030		3,000		3,046,846
Series 2015 A, RB		6.00%	12/01/2035		2,885		2,944,779
Series 2015 A, RB		6.25%	12/01/2045		6,465		6,424,076
Port of Seattle Industrial Development Corp. (Delta Airlines); Series 2012, Ref. RB(c)		5.00%	04/01/2030		8,500		8,500,243
Washington (State of) Convention Center Public Facilities District; Series 2018, RB(i)(k)		5.00%	07/01/2058		29,500		29,934,290
Washington (State of) Economic Development Finance Authority (Green Bonds); Series 2020 A, RB(c)(g)		5.63%	12/01/2040		9,000		8,615,743
Washington (State of) Housing Finance Commission (Bayview Manor Homes);
Series 2016 A, Ref. RB(g)		5.00%	07/01/2036		1,460		1,261,285
Series 2016 A, Ref. RB(g)		5.00%	07/01/2046		1,700		1,299,609
Series 2016 A, Ref. RB(g)		5.00%	07/01/2051		9,650		7,111,053
Washington (State of) Housing Finance Commission (Heron’s Key Senior Living);
Series 2015 A, RB(b)(g)(m)		7.00%	07/01/2025		2,150		2,253,224
Series 2015 A, RB(b)(g)(m)		7.00%	07/01/2025		1,500		1,572,017
Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.);
Series 2016 A, Ref. RB(g)		5.00%	01/01/2031		1,500		1,375,518
Series 2016 A, Ref. RB(g)		5.00%	01/01/2046		8,700		6,717,802
Washington (State of) Housing Finance Commission (Presbyterian Retirement Communities Northwest); Series 2016 A, Ref. RB(g)		5.00%	01/01/2051		8,165		6,075,797
Washington (State of) Housing Finance Commission (Spokane International Academy); Series 2021 A, RB(g)		5.00%	07/01/2056		2,260		1,958,281
							105,007,584
West Virginia–1.02%
Harrison (County of), WV Commission (Charles Pointe No. 2);
Series 2008 A, Ref. RB		7.00%	06/01/2035		3,340		3,341,915
Series 2013, Ref. RB(d)(g)		7.00%	06/01/2035		1,000		500,000
Harrison (County of), WV County Commission (Charles Pointe Economic Opportunity Development District);
Series 2019 A, RB(d)(g)		5.75%	06/01/2042		14,980		10,614,828
Series 2019 B, Ref. RB(d)(g)		7.50%	06/01/2042		5,285		4,013,923
Monogalia (County of), WV (Development Disctict No. 4 - University Town Centre); Series 2023, Ref. RB(g)		6.00%	06/01/2053		2,000		2,109,007
Monongalia (County of), WV Commission Special District (University Town Centre Economic Opportunity Development District);
Series 2017 A, Ref. RB(g)		5.75%	06/01/2043		6,000		6,140,549
Series 2020, Ref. RB(g)		7.50%	06/01/2043		13,205		14,310,722
Series 2021 A, Ref. RB(g)		4.13%	06/01/2043		2,845		2,537,251

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
West Virginia–(continued)
West Virginia (State of) Economic Development Authority (Empire Green Gerenation LLC); Series 2023, RB(c)(g)		9.50%	05/01/2043	$	20,000	$	19,718,486
West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC);
Series 2016, RB(c)(d)(g)		7.25%	02/01/2036		10,965		7,675,500
Series 2018, RB(c)(d)(g)		8.75%	02/01/2036		4,500		3,600,000
West Virginia (State of) Hospital Finance Authority (Vandalia Health Group); Series 2023 B, RB		6.00%	09/01/2048		3,000		3,336,701
							77,898,882
Wisconsin–4.71%
Public Finance Authority;
Series 2023, RB(g)		6.88%	07/01/2053		1,350		1,371,604
Series 2023, RB(g)		7.00%	07/01/2058		1,000		1,015,671
Public Finance Authority (Cone Health); Series 2023 B, Ref. VRD RB (LOC - TD Bank, N.A.)(n)(q)		2.10%	10/01/2055		15,000		15,000,000
Wisconsin (State of) Center District;
Series 2020 C, RB (INS - AGM)(f)(h)		0.00%	12/15/2055		24,900		5,418,656
Series 2020 D, RB (INS - AGM)(f)(h)		0.00%	12/15/2055		22,555		4,908,345
Series 2020 D, RB (INS - AGM)(f)(h)		0.00%	12/15/2060		57,015		9,603,806
Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the Midwest Obligated Group);
Series 2017, Ref. RB		5.00%	08/01/2037		5,820		4,614,481
Series 2017, Ref. RB		5.00%	08/01/2039		2,355		1,810,399
Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System);
Series 2019, Ref. RB		5.00%	11/01/2039		2,950		2,481,516
Series 2019, Ref. RB		5.00%	11/01/2046		550		428,957
Series 2019, Ref. RB		5.00%	11/01/2054		9,500		7,061,495
Wisconsin (State of) Health & Educational Facilities Authority (Mile Bluff Medical Center, Inc.); Series 2014, RB		5.75%	05/01/2039		4,260		4,012,759
Wisconsin (State of) Public Finance Authority; Series 2019, Ref. RB(g)		5.00%	09/01/2054		1,360		982,475
Wisconsin (State of) Public Finance Authority (Adelaide Pointe); Series 2023, RB(g)		6.25%	06/01/2052		7,500		7,199,842
Wisconsin (State of) Public Finance Authority (Alabama Proton Therapy Center);
Series 2017 A, RB(g)		6.25%	10/01/2031		3,475		695,000
Series 2017 A, RB(g)		6.85%	10/01/2047		25,735		5,147,000
Series 2017 A, RB(g)		7.00%	10/01/2047		1,250		250,000
Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands);
Series 2017, RB(d)(g)		6.25%	08/01/2027		1,550		1,183,813
Series 2017, RB(d)(g)		6.75%	08/01/2031		15,590		10,913,000
Series 2017, RB(g)		6.50%	12/01/2037		25,000		22,680,215
Series 2017, RB(g)		6.75%	12/01/2042		12,270		11,216,647
Series 2017, RB(g)		7.00%	12/01/2050		8,900		8,167,080
Wisconsin (State of) Public Finance Authority (Ascend Leadership Academy);
Series 2021 A, RB(g)		5.00%	06/15/2051		2,000		1,548,418
Series 2021 A, RB(g)		5.00%	06/15/2056		1,400		1,058,330
Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth); Series 2016 A, RB(g)		5.13%	06/01/2048		10,500		8,993,525
Wisconsin (State of) Public Finance Authority (Cross Creek Public Improvement District); Series 2019, RB(g)		5.75%	10/01/2053		4,815		4,823,988
Wisconsin (State of) Public Finance Authority (Delray Beach Radiation Therapy Center);
Series 2017 A, RB (Acquired 04/03/2017; Cost $1,440,000)(d)(e)(g)		5.75%	11/01/2024		1,440		864,000
Series 2017 A, RB (Acquired 04/03/2017; Cost $2,525,000)(d)(e)(g)		6.25%	11/01/2028		2,525		1,515,000
Series 2017 A, RB (Acquired 04/03/2017-01/13/2021; Cost $34,467,094)(d)(e)(g)		6.85%	11/01/2046		34,350		20,610,000
Series 2017 B, RB(d)(g)		8.50%	11/01/2046		8,000		3,200,000
Wisconsin (State of) Public Finance Authority (Explore Academy);
Series 2018 A, RB(g)		6.13%	02/01/2048		5,535		4,762,052
Series 2020 A, RB(g)		6.13%	02/01/2050		3,305		2,830,371
Series 2022 A, RB(g)		6.13%	02/01/2050		3,580		3,065,878
Wisconsin (State of) Public Finance Authority (Goodwill Industries of Southern Nevada, Inc.);
Series 2019 A, RB		5.50%	12/01/2038		4,117		3,598,419
Series 2019 A, RB		5.75%	12/01/2048		6,863		5,710,777
Wisconsin (State of) Public Finance Authority (Grand Hyatt San Antonio);
Series 2022 B, RB(g)		5.63%	02/01/2046		3,500		3,473,654
Series 2022 B, RB(g)		6.00%	02/01/2062		6,500		6,550,090

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

Invesco High Yield Municipal Fund

	Interest Rate		Maturity Date	Principal Amount (000)		Value
Wisconsin–(continued)
Wisconsin (State of) Public Finance Authority (Kipp Charlotte, Inc.); Series 2020 A, RB(g)		5.00%	10/15/2055	$	350	$	297,889
Wisconsin (State of) Public Finance Authority (Lariat); Series 2023, RB(g)(h)		0.00%	09/01/2029		5,000		3,253,068
Wisconsin (State of) Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB(g)		5.25%	06/15/2049		5,775		5,318,466
Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center);
Series 2018 A-1, RB(g)		6.25%	01/01/2038		11,000		6,765,000
Series 2018 A-1, RB(g)		6.38%	01/01/2048		16,520		10,159,800
Wisconsin (State of) Public Finance Authority (Mary’s Woods at Marylhurst);
Series 2017 A, Ref. RB(g)		5.25%	05/15/2047		2,240		1,973,671
Series 2017 A, Ref. RB(g)		5.25%	05/15/2052		2,300		1,979,532
Wisconsin (State of) Public Finance Authority (Million Air Two LLC General Aviation Facilities);
Series 2017 A, RB(c)		7.25%	06/01/2035		11,065		10,688,088
Series 2017, Ref. RB(c)(g)		7.13%	06/01/2041		12,510		11,185,912
Wisconsin (State of) Public Finance Authority (Minnesota College of Osteopathic Medicine);
Series 2019 A-1, RB(d)(g)		5.50%	12/01/2048		76		23,584
Wisconsin (State of) Public Finance Authority (New Plan Learning, Inc.);
Series 2021 A, Ref. RB		3.75%	07/01/2031		3,755		3,254,873
Series 2021 A, Ref. RB		5.00%	07/01/2041		7,415		6,307,786
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.);
Series 2018 A, RB		5.20%	12/01/2037		17,025		17,211,752
Series 2018 A, RB		5.35%	12/01/2045		24,750		24,799,567
Wisconsin (State of) Public Finance Authority (Proton International);
Series 2021 A, RB(g)		6.50%	01/01/2041		10,000		7,760,992
Series 2021 A, RB(g)		6.85%	01/01/2051		11,110		8,096,368
Wisconsin (State of) Public Finance Authority (Quality Education Academy);
Series 2023, RB(g)		6.25%	07/15/2053		160		158,495
Series 2023, RB(g)		6.50%	07/15/2063		1,175		1,175,723
Wisconsin (State of) Public Finance Authority (Rose Villa); Series 2014 A, RB(b)(g)(m)		6.00%	11/15/2024		2,500		2,551,937
Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences);
Series 2015, Ref. RB		5.88%	04/01/2045		5,000		5,016,233
Wisconsin (State of) Public Finance Authority (Searstone CCRC); Series 2021 A, Ref. RB(g)		4.00%	06/01/2036		1,000		840,008
Wisconsin (State of) Public Finance Authority (Southminster);
Series 2018, RB(g)		5.00%	10/01/2043		500		434,081
Series 2018, RB(g)		5.00%	10/01/2053		8,350		6,830,136
Wisconsin (State of) Public Finance Authority (Uwharrie Charter Academy); Series 2022 A, RB(g)		5.00%	06/15/2052		1,000		859,320
Wisconsin (State of) Public Finance Authority (Wakemed Hospital); Series 2019 A, Ref. RB		4.00%	10/01/2049		1,250		1,140,873
Wisconsin (State of) Public Finance Authority (WhiteStone);
Series 2017, Ref. RB(g)		5.00%	03/01/2052		2,300		1,797,314
Series 2020, RB(g)		5.25%	03/01/2055		5,000		4,072,052
Wisconsin (State of) Public Finance Authority (Wittenberg University);
Series 2016, RB(g)		5.00%	12/01/2031		7,330		6,808,360
Series 2016, RB(g)		5.25%	12/01/2039		10,685		8,984,218
							358,512,361
Total Municipal Obligations (Cost $9,025,841,586)							8,469,853,538
U.S. Dollar Denominated Bonds & Notes–0.11%
Ohio–0.02%
Cincinnati Senior Care/Dayton/Florida/Nashville/Sebring/Trousdale/Waynesboro HC; Series 2023(g)(j)		12.00%	12/31/2023		2,015		2,015,000
West Virginia–0.09%
Empire South Terminal of West Virginia LLC(g)		14.00%	11/01/2024		6,850		6,850,000
Total U.S. Dollar Denominated Bonds & Notes (Cost $8,865,000)							8,865,000
TOTAL INVESTMENTS IN SECURITIES(r)–111.34% (Cost $9,034,706,586)							8,478,718,538
FLOATING RATE NOTE OBLIGATIONS–(12.92)%
Notes with interest and fee rates ranging from 3.82% to 4.12% at 11/30/2023 and contractual maturities of collateral ranging from 10/01/2029 to 11/01/2059(s)							(983,870,000	)
OTHER ASSETS LESS LIABILITIES–1.58%							119,995,557
NET ASSETS–100.00%						$	7,614,844,095

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

Invesco High Yield Municipal Fund

Investment Abbreviations:
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BAM	– Build America Mutual Assurance Co.
CEP	– Credit Enhancement Provider
COP	– Certificates of Participation
Ctfs.	– Certificates
GNMA	– Government National Mortgage Association
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
LIBOR	– London Interbank Offered Rate
LOC	– Letter of Credit
NATL	– National Public Finance Guarantee Corp.
RAC	– Revenue Anticipation Certificates
RB	– Revenue Bonds
Ref.	– Refunding
RN	– Revenue Notes
USD	– U.S. Dollar
VRD	– Variable Rate Demand
Wts.	– Warrants

Notes to Schedule of Investments:

^(a)  Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.

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

^(c)  Security subject to the alternative minimum tax.

^(d)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at November 30, 2023 was $259,256,911, which represented 3.40% of the Fund’s Net Assets.

^(e)  Restricted security. The aggregate value of these securities at November 30, 2023 was $128,642,085, which represented 1.69% of the Fund’s Net Assets.

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

^(g)  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 $1,525,281,645, which represented 20.03% of the Fund’s Net Assets.

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

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

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

^(k)  Security is subject to a reimbursement agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $317,860,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

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

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

⁽ⁿ⁾  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.

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

^(p)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2023.

^(q)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(r)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

^(s)  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 $1,378,285,780 are held by TOB Trusts and serve as collateral for the $983,870,000 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 High Yield Municipal 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		$–	$	8,442,760,178	$	27,093,360	$	8,469,853,538
U.S. Dollar Denominated Bonds & Notes		–		6,850,000		2,015,000		8,865,000
Total Investments in Securities		–		8,449,610,178		29,108,360		8,478,718,538
Other Investments - Assets
Investments Matured		–		26,863,500		1,102,384		27,965,884
Total Investments		$–	$	8,476,473,678	$	30,210,744	$	8,506,684,422

Invesco High Yield Municipal Fund