NPORT-EX 2 edgar.htm
Schedule of Investments  
May 31, 2024
(Unaudited)
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Municipal Obligations–96.54%
Alabama–2.79%
Auburn University; Series 2015 A, Ref. RB  5.00% 06/01/2029   $     1,000 $    1,010,845
Baldwin (County of), AL Public Building Authority (DHR); Series 2007 A, Revenue Wts. (INS - SGI)(a)  4.38% 06/01/2028           10        10,002
Black Belt Energy Gas District (The); Series 2024 A, RB(b)  5.25% 09/01/2032        1,585     1,701,624
Black Belt Energy Gas District (The) (No. 4); Series 2019 A-1, RB(b)  4.00% 12/01/2025       12,260    12,250,176
Black Belt Energy Gas District (The) (No. 5); Series 2020 A-1, RB(b)  4.00% 10/01/2026        5,000     4,992,552
Southeast Alabama Gas Supply District (The) (No. 2); Series 2018 A, RB(b)(c)  4.00% 06/01/2024       16,480    16,480,000
Tender Option Bond Trust Receipts/Certificates; Series 2022, VRD RB(d)(e)  2.60% 07/01/2025        5,000     5,000,000
UAB Medicine Finance Authority; Series 2016 B, Ref. RB  5.00% 09/01/2035        2,500     2,545,982
          43,991,181
Alaska–0.24%
Alaska (State of) International Airports System; Series 2016 A, Ref. RB  5.00% 10/01/2028        1,250     1,266,064
Matanuska-Susitna (Borough of), AK; Series 2014 B, GO Bonds  5.00% 11/01/2026        1,000     1,000,485
Northern Tobacco Securitization Corp.; Series 2021 B-1, Ref. RB  4.00% 06/01/2050        1,460     1,448,329
          3,714,878
Arizona–2.72%
Arizona (State of) Game & Fish Department & Commission; Series 2006, RB  5.00% 07/01/2032          105       105,075
Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital);                                    
Series 2014, Ref. RB(c)  5.00% 12/01/2027          100       100,564
Series 2014, Ref. RB(c)  5.00% 12/01/2030        2,710     2,725,280
Arizona (State of) Industrial Development Authority (Social Bonds); Series 2023, RB  5.00% 11/01/2028        1,500     1,564,953
Arizona (State of) Industrial Development Authority (Unity at West Glendale); Series 2024, RB(b)  5.00% 09/01/2026        1,100     1,116,307
Chandler (City of), AZ Industrial Development Authority (Intel Corp.); Series 2022-1, RB(b)(f)  5.00% 09/01/2027       10,000    10,212,707
Glendale Municipal Property Corp.;                                    
Series 2012 B, Ref. RB(b)(c)  5.00% 08/29/2024          570       571,437
Series 2012 B, Ref. RB(b)(c)  5.00% 08/29/2024        1,000     1,002,521
Series 2012 B, Ref. RB(b)(c)  5.00% 08/29/2024        3,550     3,558,950
Maricopa County School District No. 7; Series 2009 B, GO Bonds (INS - AGM)(a)  4.50% 07/01/2024           10        10,003
Phoenix Civic Improvement Corp.;                                    
Series 2014 A, RB(b)(c)  5.00% 07/01/2024        2,000     2,001,373
Series 2014 B, Ref. RB  5.00% 07/01/2027        2,565     2,567,025
Series 2017, Ref. RB  5.00% 07/01/2038        5,145     5,261,113
Pima (County of), AZ; Series 2014, RB  5.00% 07/01/2028          745       745,718
Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); Series 2016, Ref. RB(d)  5.00% 09/01/2026           80        79,910
Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)); Series 2019, RB  4.13% 07/01/2029          185       176,695
Salt River Project Agricultural Improvement & Power District; Series 2015 A, Ref. RB  5.00% 12/01/2032        5,060     5,126,739
Sun Devil Energy Center LLC (Arizona State University);                                    
Series 2008, Ref. RB  5.00% 07/01/2027          100       100,081
Series 2008, Ref. RB  5.00% 07/01/2030          155       155,105
University of Arizona (The) (Stimulus Plan for Economic and Educational Development); Series 2014, RB  5.00% 08/01/2034          920       920,912
University of Arizona Board of Regents;                                    
Series 2015 D, RB  5.00% 07/01/2030        1,450     1,470,533
Series 2016 C, RB  5.00% 07/01/2030        1,060     1,086,229
Series 2022 B, RB  5.00% 07/01/2038        1,300     1,430,063
University of Arizona Board of Regents (Arizona Biomedical Research Collaborative Building); Series 2006, COP (INS - AMBAC)(a)  4.38% 06/01/2024           10        10,000
Westpark Community Facility District; Series 2016, Ref. GO Bonds  4.00% 07/15/2025          670       663,866
Yavapai (County of), AZ Industrial Development Authority; Series 2015 A, Ref. RB(d)  3.90% 09/01/2024          185       184,544
          42,947,703
See accompanying notes which are an integral part of this schedule.
Invesco Short Term Municipal Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
California–4.60%
Anaheim (City of), CA Public Financing Authority (Anaheim Public Improvements); Series 1997 A, RB (INS - AGM)(a)  6.00% 09/01/2024   $     1,265 $    1,271,116
California (State of);                                    
Series 2012, GO Bonds (INS - AGM)(a)  4.00% 09/01/2037        1,000     1,000,066
Series 2012, Ref. GO Bonds  5.00% 09/01/2025           10        10,011
Series 2013, Ref. GO Bonds  5.00% 10/01/2026            5         5,005
Series 2014, Ref. GO Bonds  5.00% 10/01/2034        9,200     9,232,583
Series 2017, Ref. GO Bonds  5.00% 11/01/2029        3,695     3,881,342
Series 2019, Ref. GO Bonds(b)(c)  5.00% 07/01/2024        9,000     9,007,462
California (State of) Community Choice Financing Authority (Clean Energy); Series 2023, RB(b)  5.25% 04/01/2030        2,945     3,130,096
California (State of) County Tobacco Securitization Agency; Series 2007 B, RB  5.10% 06/01/2028          395       395,000
California (State of) Health Facilities Financing Authority; Series 2024 A, RB  3.85% 11/15/2027        1,850     1,840,131
California (State of) Health Facilities Financing Authority (Adventist Health System); Series 2013 A, RB  5.00% 03/01/2025        2,720     2,721,108
California (State of) Health Facilities Financing Authority (City of Hope); Series 2012 A, RB  5.00% 11/15/2024          100       100,234
California (State of) Health Facilities Financing Authority (St. Joseph Health System); Series 2013 A, RB  5.00% 07/01/2024          405       405,093
California (State of) Health Facilities Financing Authority (Sutter Health);                                    
Series 2017 A, Ref. RB  5.00% 11/15/2032        1,285     1,355,495
Series 2018 A, RB  5.00% 11/15/2032        1,230     1,297,478
California (State of) Housing Finance Agency (Social Certificates);                                    
Series 2021-2A, Revenue Ctfs. (CEP - FHLMC)  3.75% 03/25/2035        3,861     3,711,313
Series 2023-1, RB  4.38% 09/20/2036        2,483     2,455,521
California (State of) Municipal Finance Authority (Waste Management, Inc.); Series 2022 A, RB(b)(f)  4.13% 10/01/2025        5,000     5,004,823
California (State of) Public Works Board (California Community Colleges); Series 2005 E, RB (INS - NATL)(a)  4.50% 10/01/2026          170       170,069
Howell Mountain Elementary School District (Election of 2005); Series 2007, GO Bonds (INS - AGM)(a)(g)  0.00% 08/01/2027          695       608,886
Imperial Irrigation District;                                    
Series 2012 A, Ref. RB  5.00% 11/01/2024          325       325,386
Series 2012 A, Ref. RB  5.00% 11/01/2027          225       225,192
Lodi (City of), CA; Series 2004 A, COP (INS - NATL)(a)  4.75% 10/01/2024           10        10,007
Long Beach Unified School District;                                    
Series 2012, Ref. GO Bonds  5.00% 08/01/2025          675       675,749
Series 2012, Ref. GO Bonds  5.00% 08/01/2028          775       780,810
Series 2012, Ref. GO Bonds  5.00% 08/01/2029          100       100,084
Los Angeles (County of), CA Metropolitan Transportation Authority; Series 2016 A, Ref. RB  5.00% 06/01/2024        1,190     1,190,000
Los Angeles (Port of), CA; Series 2014 A, Ref. RB(f)  5.00% 08/01/2034        2,470     2,470,631
Los Angeles Unified School District;                                    
Series 2014 C, Ref. GO Bonds(b)(c)  5.00% 07/29/2024        2,750     2,754,610
Series 2014 C, Ref. GO Bonds(b)(c)  5.00% 07/29/2024        1,350     1,352,263
Series 2014 C, Ref. GO Bonds(b)(c)  5.00% 07/29/2024        3,240     3,245,432
Northern California Energy Authority; Series 2024, Ref. RB(b)  5.00% 08/01/2030        3,600     3,808,649
Northern California Tobacco Securitization Authority; Series 2021 B-1, Ref. RB  4.00% 06/01/2049          980       978,124
Pasadena (City of), CA;                                    
Series 2013 A, Ref. RB  5.00% 06/01/2030          320       320,235
Series 2015, Ref. COP  5.00% 02/01/2031        1,000     1,007,646
Peninsula Corridor Joint Powers Board; Series 2019 A, Ref. RB  5.00% 10/01/2044        1,285     1,310,504
San Francisco (City & County of), CA; Series 2015 R-1, Ref. GO Bonds(b)(c)  5.00% 08/20/2024          370       370,896
San Francisco (City & County of), CA (Multiple Capital Imporovement); Series 2012 A, COP(b)(c)  5.00% 08/20/2024          250       250,605
San Jose (City of), CA; Series 2017 B, Ref. RB  5.00% 03/01/2042        3,730     3,844,821
          72,624,476
Colorado–0.96%
Adams & Arapahoe Joint School District No. 28J Aurora; Series 2017 A, Ref. GO Bonds  5.00% 12/01/2032        2,700     2,795,850
Colorado (State of) Health Facilities Authority (Aberdeen Ridge); Series 2021 B, RB  2.13% 05/15/2028        1,000       951,098
Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group); Series 2016, Ref. RB  5.00% 11/15/2028        1,310     1,347,204
See accompanying notes which are an integral part of this schedule.
Invesco Short Term Municipal Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Colorado–(continued)  
Colorado (State of) Regional Transportation District (Fastracks);                                      
Series 2016 A, RB  5.00% 11/01/2036   $     2,715 $    2,786,239  
Series 2017 A, RB  5.00% 11/01/2033        1,000     1,031,358  
Denver (City & County of), CO; Series 2016 A, Ref. RB  5.00% 11/15/2032        1,770     1,825,256  
Denver City & County School District No. 1; Series 2013 C, COP  5.00% 12/15/2024          100       100,093  
Larimer County School District No. R-1 Poudre; Series 2018, GO Bonds  5.00% 12/15/2040        2,660     2,804,331  
Weld County School District No. Re-1; Series 2017, GO Bonds (INS - AGM)(a)  5.00% 12/15/2031        1,500     1,553,213  
          15,194,642  
Connecticut–3.50%  
Connecticut (State of);                                      
Series 2014 E, GO Bonds  5.00% 09/01/2026       13,200    13,238,023  
Series 2014 F, GO Bonds  5.00% 11/15/2033        1,940     1,947,130  
Series 2016 E, GO Bonds  5.00% 10/15/2034        3,280     3,359,926  
Connecticut (State of) (Transportation Infrastructure); Series 2015 A, RB  5.00% 08/01/2028        3,000     3,038,033  
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare);                                      
Series 2014 E, RB  5.00% 07/01/2025          125       125,097  
Series 2014 E, RB  5.00% 07/01/2026        1,000     1,000,134  
Series 2014 E, RB  5.00% 07/01/2027        1,265     1,265,123  
Connecticut (State of) Health & Educational Facilities Authority (New Haven Hospital);                                      
Series 2013 N, RB  5.00% 07/01/2027          225       225,143  
Series 2014 A, RB  5.00% 07/01/2032       10,650    10,654,904  
Connecticut (State of) Health & Educational Facilities Authority (Yale University); Series 2015 A, Ref. RB(b)  0.38% 07/12/2024       20,000    19,892,402  
South Central Connecticut Regional Water Authority; Twenty Ninth Series 2014, Ref. RB  5.00% 08/01/2025          500       500,531  
          55,246,446  
District of Columbia–0.96%  
District of Columbia;                                      
Series 2012, RB  5.00% 12/01/2024          280       280,251  
Series 2012, RB  5.00% 12/01/2026          100       100,102  
Series 2018 B, Ref. GO Bonds  5.00% 06/01/2024          715       715,000  
Series 2023 A, GO Bonds  5.00% 01/01/2037        3,000     3,356,436  
District of Columbia (Children’s Hospital Obligated Group);                                      
Series 2015, Ref. RB  5.00% 07/15/2032        1,000     1,012,978  
Series 2015, Ref. RB  5.00% 07/15/2040        3,190     3,223,465  
Washington Metropolitan Area Transit Authority;                                      
Series 2017 B, RB  5.00% 07/01/2031        1,110     1,155,715  
Series 2017 B, RB  5.00% 07/01/2035        1,400     1,451,782  
Series 2018, RB  5.00% 07/01/2043        3,750     3,828,558  
          15,124,287  
Florida–8.02%  
Board of Governors of Florida Atlantic University; Series 2016 A, Ref. RB  5.00% 07/01/2031        1,000     1,021,673  
Broward (County of), FL;                                      
Series 2012 Q-1, RB  5.00% 10/01/2024        1,850     1,851,163  
Series 2013 B, RB  5.00% 10/01/2026          260       260,035  
Broward (County of), FL School Board;                                      
Series 2015 B, Ref. COP  5.00% 07/01/2031        6,640     6,701,085  
Series 2016 A, Ref. COP  5.00% 07/01/2032        4,135     4,215,748  
Capital Trust Agency, Inc. (Gardens Apartements); Series 2015 A, RB  3.50% 07/01/2025          225       205,461  
Central Florida Expressway Authority;                                      
Series 2016 B, Ref. RB  5.00% 07/01/2033        3,005     3,051,795  
Series 2017, Ref. RB  5.00% 07/01/2038        1,535     1,582,020  
Series 2017, Ref. RB  5.00% 07/01/2039        2,020     2,079,701  
Citizens Property Insurance, Inc.; Series 2015 A-1, RB(b)(c)  5.00% 12/01/2024       20,320    20,449,457  
Florida (State of) Municipal Power Agency; Series 2015, RB  5.00% 10/01/2030        1,930     1,956,778  
Florida Housing Finance Corp.; Series 2024 3, RB (CEP - GNMA)  6.25% 01/01/2055        1,650     1,794,072  
Florida Housing Finance Corp. (Social Bonds); Series 2022-3, RB (CEP - GNMA)  5.50% 01/01/2054        4,345     4,450,095  
Gainesville (City of), FL; Series 2017 A, RB  5.00% 10/01/2031        1,265     1,321,239  
See accompanying notes which are an integral part of this schedule.
Invesco Short Term Municipal Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Florida–(continued)
Greater Orlando Aviation Authority;                                    
Series 2016 B, RB(b)(c)  5.00% 10/01/2026   $       210 $      217,185
Series 2016 B, RB  5.00% 10/01/2039        2,165     2,211,876
Hialeah (City of), FL; Series 2022, Ref. RB  5.00% 10/01/2035        2,170     2,321,721
Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2018 F, RB  5.00% 10/01/2043        1,305     1,358,903
Jacksonville Transportation Authority; Series 2015, RB  5.00% 08/01/2032        3,615     3,665,960
JEA Electric System; Series 2017 B, Ref. RB  5.00% 10/01/2032        3,410     3,537,834
JEA Water & Sewer System; Series 2017 B, Ref. RB  5.00% 10/01/2033        4,000     4,149,278
Lake (County of), FL School Board;                                    
Series 2015 B, Ref. COP (INS - AGM)(a)  5.00% 06/01/2024        1,250     1,250,000
Series 2015 B, Ref. COP (INS - AGM)(a)  5.00% 06/01/2031        2,000     2,012,954
Miami (City of) & Dade (County of), FL School Board;                                    
Series 2014 D, Ref. COP  5.00% 11/01/2030        1,860     1,867,561
Series 2014 D, Ref. COP  5.00% 11/01/2031        1,420     1,425,541
Series 2016, GO Bonds  5.00% 03/15/2030        1,320     1,348,372
Miami-Dade (County of), FL;                                    
Series 2012 B, Ref. RB  5.00% 10/01/2024        1,285     1,286,103
Series 2014, RB  5.00% 10/01/2032        1,160     1,162,277
Series 2015 B, Ref. GO Bonds  5.00% 07/01/2029        1,105     1,106,196
Miami-Dade (County of), FL Educational Facilities Authority (University of Miami);                                    
Series 2012 A, RB  5.00% 04/01/2027          525       525,160
Series 2012 A, RB  5.00% 04/01/2028        1,500     1,500,518
Series 2015 A, Ref. RB  5.00% 04/01/2032        1,000     1,005,971
Miami-Dade (County of), FL Expressway Authority;                                    
Series 2010 A, RB  5.00% 07/01/2040       10,000    10,000,056
Series 2016 A, Ref. RB  5.00% 07/01/2032        2,000     2,033,535
Miami-Dade (County of), FL Housing Finance Authority; Series 2023, RB(b)  3.55% 01/01/2026        6,750     6,630,907
Miami-Dade (County of), FL Housing Finance Authority (Palm Lakes); Series 2012, RB (LOC - Fannie Mae)(h)  4.05% 01/15/2028        8,200     8,204,594
Miami-Dade (County of), FL Transit System; Series 2015, Ref. RB  5.00% 07/01/2031        2,210     2,238,020
Orlando (City of), FL; Series 2013, Ref. RB  5.00% 10/01/2027          750       750,425
Osceola (County of), FL; Series 2016 A, Ref. RB  5.00% 10/01/2030        1,000     1,011,805
Palm Beach County School District;                                    
Series 2015 C, Ref. COP  5.00% 08/01/2032        1,000     1,012,504
Series 2015 D, Ref. COP  5.00% 08/01/2029        1,040     1,052,886
Polk (County of), FL;                                    
Series 2012, Ref. RB  5.00% 10/01/2024          125       125,119
Series 2012, Ref. RB  5.00% 10/01/2025          165       165,951
Pompano Beach (City of), FL (John Knox Village);                                    
Series 2021 B-1, RB  2.00% 01/01/2029        1,545     1,375,533
Series 2021 B-2, RB  1.45% 01/01/2027        1,360     1,289,903
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 1998 B, Ref. RB (INS - NATL)(a)  5.25% 07/01/2024          125       125,099
St. Johns (County of), FL Housing Finance Authority (Oaks at St. John); Series 2023 B, RB(b)(d)  5.50% 12/01/2026        6,000     5,877,172
Sunrise Lakes Phase 4 Recreation District; Series 2008, Ref. GO Bonds (INS - AGC)(a)  4.13% 08/01/2024           20        20,004
Tallahassee (City of), FL; Series 2018, RB  5.00% 10/01/2029        1,715     1,720,709
          126,527,954
Georgia–3.43%
Atlanta (City of), GA Urban Residential Finance Authority (GE Tower Apartments); Series 2023 B, RB(b)  5.75% 06/01/2025        3,000     2,971,704
Burke (County of), GA Development Authority (Georgia Power Co. Plant Vogtle); Series 2012, Ref. RB(b)  2.88% 08/19/2025        5,000     4,911,327
College Park (City of), GA (Atlanta International Airport); Series 2006 B, RB (INS - NATL)(a)  4.38% 01/01/2026           20        20,007
DeKalb (County of), GA Housing Authority (Park at 500); Series 2024, RB  4.00% 03/01/2034        3,250     3,192,931
DeKalb (County of), IL Development Authority (The Globe Academy, Inc.); Series 2024 A, RB  4.00% 06/01/2035          735       705,174
Fulton (County of), GA; Series 2013, Ref. RB  5.00% 01/01/2027        1,605     1,611,916
See accompanying notes which are an integral part of this schedule.
Invesco Short Term Municipal Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Georgia–(continued)
Georgia (State of) Municipal Electric Authority (Project One);                                    
Series 2015 A, Ref. RB  5.00% 01/01/2031   $     1,820 $    1,828,093
Series 2015 A, Ref. RB  5.00% 01/01/2032        2,030     2,039,064
Series 2015 A, Ref. RB  5.00% 01/01/2034        1,900     1,907,358
Main Street Natural Gas, Inc.;                                    
Series 2019 B, RB(b)  4.00% 12/02/2024       12,225    12,221,056
Series 2019 C, RB(b)  4.00% 09/01/2026        7,000     7,002,629
Series 2021 A, RB(b)  4.00% 09/01/2027        5,120     5,111,124
Series 2021 C, RB  4.00% 12/01/2025        1,100     1,090,243
Series 2022 C, RB(d)  4.00% 11/01/2024        1,800     1,791,981
Series 2022 C, RB(b)(d)  4.00% 11/01/2027        1,000       982,897
Series 2024 B, RB(b)  5.00% 03/01/2032        6,400     6,791,306
Milledgeville (City of) & Baldwin (County of), GA Development Authority; Series 2003 A, RB (INS - AGC)(a)  4.50% 09/01/2025           20        20,006
          54,198,816
Hawaii–0.53%
Hawaii (State of);                                    
Series 2014 EO, GO Bonds  5.00% 08/01/2028        1,880     1,883,642
Series 2016 FG, GO Bonds  5.00% 10/01/2030        2,890     2,975,351
Honolulu (City & County of), HI; Series 2023, RB(b)  5.00% 06/01/2026        2,125     2,160,667
Honolulu (City & County of), HI Board of Water Supply; Series 2014 A, Ref. RB(b)(c)  5.00% 07/01/2024        1,335     1,336,075
          8,355,735
Idaho–0.12%
Idaho (State of) Housing & Finance Association; Series 2024 A, RB (CEP - GNMA)  6.00% 07/01/2054        1,695     1,839,474
Illinois–4.20%
Chicago (City of), IL; Series 2008 C, Ref. RB  5.00% 01/01/2031        2,500     2,512,028
Chicago (City of), IL (O’Hare International Airport);                                    
Series 2015 B, Ref. RB  5.00% 01/01/2027        1,350     1,357,872
Series 2015 B, Ref. RB  5.00% 01/01/2031        1,510     1,518,174
Series 2015 B, Ref. RB  5.00% 01/01/2033        1,120     1,125,943
Series 2016 C, Ref. RB  5.00% 01/01/2038        3,000     3,041,569
Collinsville (City of), IL Area Recreation District;                                    
Series 2004, GO Bonds (INS - NATL)(a)  4.60% 12/01/2025          350       350,180
Series 2004, GO Bonds (INS - NATL)(a)  4.65% 12/01/2026          450       450,196
Series 2007, Ref. GO Bonds (INS - AMBAC)(a)  4.00% 12/01/2027           65        63,843
Cook (County of), IL;                                    
Series 2016 A, Ref. GO Bonds  5.00% 11/15/2029        3,100     3,183,999
Series 2016 A, Ref. GO Bonds  5.00% 11/15/2030        2,750     2,829,056
Elk Grove Village (Village of), IL; Series 2017, GO Bonds  5.00% 01/01/2035        1,000     1,037,633
Illinois (State of);                                    
Series 2016, GO Bonds  5.00% 11/01/2025        2,000     2,032,069
Series 2017 D, GO Bonds  5.00% 11/01/2025        3,275     3,328,390
Series 2019 A, GO Bonds  5.00% 11/01/2026        2,935     3,015,637
Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB(f)  8.00% 06/01/2032          560       560,546
Illinois (State of) Finance Authority; Series 2016 A, Ref. RB  5.00% 10/01/2035        2,000     2,042,573
Illinois (State of) Finance Authority (Advocate Health Care Network);                                    
Series 2013, RB  5.00% 06/01/2024        1,220     1,220,000
Series 2014, Ref. RB  5.00% 08/01/2025        1,505     1,507,651
Illinois (State of) Finance Authority (Lutheran Communities Obligated Group);                                    
Series 2019 A, Ref. RB (Acquired 11/27/2019; Cost $450,987)(i)  5.00% 11/01/2025          440       434,864
Series 2019 A, Ref. RB (Acquired 11/27/2019; Cost $477,890)(i)  5.00% 11/01/2026          460       450,595
Illinois (State of) Finance Authority (Rosalind Franklin University);                                    
Series 2017, Ref. RB  5.00% 08/01/2027          425       434,443
Series 2017, Ref. RB  5.00% 08/01/2028          500       511,514
Series 2017, Ref. RB  5.00% 08/01/2029          325       332,727
Illinois (State of) Finance Authority (State Clean Water) (Green Bonds); Series 2016, RB  5.00% 07/01/2031        4,815     4,913,207
Illinois (State of) Finance Authority (The University of Chicago); Series 2014 A, Ref. RB  5.00% 10/01/2027           10        10,033
See accompanying notes which are an integral part of this schedule.
Invesco Short Term Municipal Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Illinois–(continued)
Illinois (State of) Finance Authority (Uchicago Medicine); Series 2022 B-2, RB(b)  5.00% 08/15/2027   $     9,500 $    9,841,778
Illinois (State of) Housing Development Authority; Series 2005, RB (INS - AGM)(a)  4.60% 09/01/2025           10        10,007
Illinois (State of) Housing Development Authority (6900 Crandon); Series 2023, RB (CEP - Federal Housing Administration)(b)  5.00% 02/01/2026        4,570     4,615,466
Illinois (State of) Regional Transportation Authority; Series 2014 A, RB(b)(c)  5.00% 06/01/2024          700       700,000
Illinois (State of) Toll Highway Authority;                                    
Series 2016 A, Ref. RB  5.00% 12/01/2031        7,115     7,215,075
Series 2016 B, RB  5.00% 01/01/2031        1,000     1,021,533
Series 2016 B, RB  5.00% 01/01/2032        1,000     1,017,530
Kane McHenry Cook & De Kalb Counties Unit School District No. 300; Series 2015, Ref. GO Bonds  5.00% 01/01/2028        1,000     1,005,923
Madison-Macoupin Etc Counties Community College District No. 536; Series 2015 A, Ref. GO Bonds (INS - BAM)(a)  5.00% 11/01/2027        1,335     1,340,318
Rockford (City of), IL (Waterworks System Alternative Revenue Source); Series 2010, GO Bonds  3.75% 12/15/2025          280       280,005
University of Illinois; Series 2008 A, Ref. COP (INS - AGM)(a)  5.25% 10/01/2026        1,020     1,021,303
West Chicago Fire Protection District; Series 2008, GO Bonds (INS - NATL)(a)  4.75% 01/01/2029           15        15,008
          66,348,688
Indiana–0.48%
Indiana (State of) Finance Authority; Series 2016, Ref. RB  5.00% 09/01/2028        1,280     1,311,598
Indiana (State of) Finance Authority (CWA Authority); Series 2014 A, RB  5.00% 10/01/2026        1,750     1,757,604
Indiana (State of) Municipal Power Agency; Series 2016 C, Ref. RB  5.00% 01/01/2039        1,000     1,013,188
Indianapolis Local Public Improvement Bond Bank; Series 2015, Ref. RB(f)  5.00% 01/01/2030        3,250     3,263,187
Merrillville (Town of), IN (Belvedere Housing); Series 2016, RB  5.05% 04/01/2026          205       199,833
          7,545,410
Iowa–1.59%
Ames (City of), IA; Series 2016, Ref. RB  5.00% 06/15/2032        4,430     4,503,837
Iowa (State of) Finance Authority (Unitypoint Health);                                    
Series 2014 C, RB  5.00% 02/15/2031          810       814,329
Series 2014 C, RB  5.00% 02/15/2032        3,405     3,423,218
Iowa (State of) Higher Education Loan Authority (Grinnell College); Series 2014, Ref. RB  5.00% 12/01/2032        1,675     1,686,815
Iowa (State of) Tobacco Settlement Authority; Series 2021 B-1, Ref. RB  4.00% 06/01/2049          950       924,622
PEFA, Inc.; Series 2019, RB(b)  5.00% 09/01/2026       13,500    13,741,014
          25,093,835
Kansas–0.74%
University of Kansas Hospital Authority (KU Health System);                                    
Series 2015, Ref. RB  5.00% 09/01/2030        1,930     1,957,849
Series 2015, Ref. RB  5.00% 09/01/2032        2,765     2,804,286
Series 2015, Ref. RB  5.00% 09/01/2035        2,000     2,027,556
Valley Center (City of), KS; Series 2023-1, GO Notes  4.38% 12/01/2025        4,820     4,820,437
          11,610,128
Kentucky–2.22%
Jefferson County Capital Projects Corp.; Series 2007 A, Ref. RB (INS - AGM)(a)  4.38% 06/01/2028           25        25,018
Kentucky (Commonwealth of) Asset Liability Commission (2014 Federal Highway Trust Fund); Series 2014, Ref. RN  5.00% 09/01/2026        1,515     1,519,066
Kentucky (Commonwealth of) Economic Development Finance Authority (Catholic Health Initiatives); Series 2011 B, RB (SIFMA Municipal Swap Index + 1.40%)(b)(j)  4.76% 02/01/2025        2,310     2,310,761
Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky Information Highway);                                    
Series 2015 A, RB  5.00% 07/01/2025        1,635     1,642,995
Series 2015 A, RB  5.00% 07/01/2028        1,000     1,004,614
Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); Series 2017 A, Ref. RB  5.00% 06/01/2024        1,000     1,000,000
Kentucky (Commonwealth of) Municipal Power Agency; Series 2015 A, Ref. RB (INS - NATL)(a)  5.00% 09/01/2026        2,000     2,020,787
See accompanying notes which are an integral part of this schedule.
Invesco Short Term Municipal Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Kentucky–(continued)  
Kentucky (Commonwealth of) Public Energy Authority;                                      
Series 2019 A-1, RB(b)  4.00% 06/01/2025   $     5,000 $    4,997,304  
Series 2019 A-2, RB (1 mo. USD LIBOR + 1.12%)(b)(j)  4.77% 06/01/2025       10,000     9,995,467  
Series 2024 A, RB(b)  5.00% 07/01/2030        3,120     3,261,671  
Kentucky (Commonwealth of) Turnpike Authority (Revitalization); Series 2016, RB  5.00% 07/01/2031        1,715     1,755,023  
Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.);                                      
Series 2016 A, Ref. RB  5.00% 10/01/2031        2,835     2,877,110  
Series 2016 A, Ref. RB  5.00% 10/01/2032        2,660     2,698,591  
          35,108,407  
Louisiana–0.37%  
Louisiana (State of); Series 2022 A, Ref. RB (SOFR + 0.50%)(b)(j)  4.24% 05/01/2026        3,115     3,058,192  
New Orleans (City of), LA Aviation Board (Consolidated Rental Car);                                      
Series 2018, Ref. RB (INS - AGM)(a)  5.00% 01/01/2036        1,250     1,302,125  
Series 2018, Ref. RB (INS - AGM)(a)  5.00% 01/01/2037        1,440     1,496,203  
          5,856,520  
Maine–0.17%  
Maine (State of) Turnpike Authority; Series 2014, RB  5.00% 07/01/2029        1,670     1,671,001  
Portland (City of), ME; Series 2016, Ref. RB  5.00% 01/01/2032        1,000     1,013,527  
          2,684,528  
Maryland–0.90%  
Maryland (State of) Health & Higher Educational Facilities Authority; Series 2017, Ref. RB  5.00% 07/01/2031        3,000     3,064,691  
Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health);                                      
Series 2013 B, RB  5.00% 08/15/2027          200       200,436  
Series 2017 A, RB  5.00% 05/15/2042        1,875     1,909,710  
Maryland Economic Development Corp. (CNX Marine Terminal, Inc. - Port of Baltimore Facility); Series 2010, Ref. RB  5.75% 09/01/2025        9,030     9,093,352  
          14,268,189  
Massachusetts–0.19%  
Massachusetts (Commonwealth of) (Green Bonds); Series 2014 E, GO Bonds  5.00% 09/01/2024          680       680,568  
Massachusetts (Commonwealth of) Health & Educational Facilities Authority; Series 2007 C, RB (SIFMA Municipal Swap Index + 0.90%)(j)  4.26% 11/15/2032        2,405     2,315,588  
Waltham (City of), MA;                                      
Series 2008, GO Bonds  4.00% 09/15/2024           25        25,007  
Series 2008, GO Bonds  4.20% 09/15/2027           15        15,006  
Worcester (City of), MA; Series 2006, GO Bonds (INS - SGI)(a)  4.20% 11/01/2024           10        10,004  
          3,046,173  
Michigan–3.93%  
Advanced Technology Academy; Series 2019, Ref. RB  3.50% 11/01/2024          130       129,222  
Detroit (City of), MI; Series 2006, Ref. RB (3 mo. Term SOFR + 0.60%), (INS - AGM)(a)(j)  4.33% 07/01/2032        7,825     7,465,602  
Farmington Public School District; Series 2015, Ref. GO Bonds (INS - AGM)(a)  5.00% 05/01/2030        1,385     1,397,502  
Michigan (State of) Building Authority; Series 2016 I, Ref. RB  5.00% 10/15/2032        1,250     1,283,294  
Michigan (State of) Building Authority (Facilities Program); Series 2015 I, Ref. RB  5.00% 04/15/2031        1,565     1,583,433  
Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);                                      
Series 2014 C-3, RB (INS - AGM)(a)  5.00% 07/01/2030        1,500     1,501,434  
Series 2014 C-3, RB (INS - AGM)(a)  5.00% 07/01/2033        3,000     3,001,988  
Series 2014 D-4, Ref. RB  5.00% 07/01/2031        2,000     2,001,310  
Series 2014 D-4, Ref. RB  5.00% 07/01/2032        3,890     3,892,516  
Series 2014, RB (INS - AGM)(a)  5.00% 07/01/2029        1,500     1,501,410  
Series 2014, Ref. RB  5.00% 07/01/2032        2,550     2,551,649  
Michigan (State of) Finance Authority (Sparrow Obligated Group); Series 2015, Ref. RB(b)(c)  5.00% 05/15/2025        1,620     1,638,977  
Michigan (State of) Finance Authority (Trinity Health Credit Group);                                      
Series 2015, Ref. RB  5.50% 12/01/2028        2,245     2,279,914  
Series 2015, Ref. RB  5.50% 12/01/2029        3,075     3,122,702  
See accompanying notes which are an integral part of this schedule.
Invesco Short Term Municipal Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Michigan–(continued)
Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group);                                    
Series 1999 B-4, RB  5.00% 11/15/2031   $     2,325 $    2,362,766
Series 1999, RB  5.00% 11/15/2027        2,105     2,136,891
Michigan (State of) Housing Development Authority; Series 2021 A, RB  0.55% 04/01/2025        1,790     1,731,812
Michigan (State of) Housing Development Authority (Social Bonds); Series 2024 A, RB  6.00% 06/01/2054        4,000     4,292,255
Muskegon Heights (City of), MI; Series 2006, Ref. RB (INS - NATL)(a)  4.00% 11/01/2026          185       181,782
Rib Floater Trust; Series 2022-047, VRD RB(d)(e)  2.56% 12/01/2045       10,000    10,000,000
Utica Community Schools; Series 2016, Ref. GO Bonds  5.00% 05/01/2031        1,990     2,036,997
Wayne (County of), MI Airport Authority (Detroit Michigan Wayne County Airport); Series 2015 D, RB  5.00% 12/01/2029        1,700     1,725,957
Wayne State University;                                    
Series 2015 A, Ref. RB  5.00% 11/15/2026          175       176,041
Series 2015 A, Ref. RB  5.00% 11/15/2030          125       125,504
Series 2018 A, RB  5.00% 11/15/2038        2,220     2,243,217
Western Michigan University; Series 2015 A, Ref. RB  5.00% 11/15/2029        1,700     1,717,598
          62,081,773
Minnesota–0.70%
Minnesota (State of) Governmental Agency Finance Group (Flexible Term Program); Series 2007 A-1, RB (INS - AGC)(a)  4.13% 03/01/2027           15        14,801
Minnesota (State of) Higher Education Facilities Authority (University of St. Thomas); Series 2017 A, Ref. RB  5.00% 10/01/2029        1,400     1,452,697
Minnesota State Colleges And Universities Foundation; Series 2013 A, RB  4.00% 10/01/2025        1,000       999,969
Mounds View (City of), MN (Sherman Forbes); Series 2023 A, RB(b)  4.05% 11/01/2024        1,000       997,156
North Mankato (City of), MN; Series 2009 C, GO Bonds  4.00% 12/01/2024           10        10,002
Northern Municipal Power Agency;                                    
Series 2013 A, RB(b)(c)  5.00% 07/01/2024          340       340,261
Series 2013 A, RB(b)(c)  5.00% 07/01/2024          460       460,352
St. Paul (City of), MN;                                    
Series 2014 G, RB  5.00% 11/01/2031        2,400     2,410,050
Series 2014 G, RB  5.00% 11/01/2032        2,250     2,257,312
St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group); Series 2015 A, Ref. RB  5.00% 07/01/2032        1,895     1,907,024
St. Paul (City of), MN Housing & Redevelopment Authority (St. Paul City School); Series 2016 A, Ref. RB(b)(c)  4.50% 07/01/2026          175       175,947
          11,025,571
Mississippi–0.00%
Mississippi Business Finance Corp. (Northrop Grumman Corp.); Series 2006, RB  4.55% 12/01/2028           25        24,960
Missouri–1.55%
Cassville School District No. R-IV; Series 2023, GO Bonds  5.25% 03/01/2039        2,220     2,325,697
Jackson County Consolidated School District No. 4;                                    
Series 2022, GO Bonds  5.00% 03/01/2038        1,825     1,875,393
Series 2022, GO Bonds  5.00% 03/01/2039        3,005     3,084,545
Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community Improvement District); Series 2016 A, Ref. RB(d)  4.25% 04/01/2026          100        97,369
Lindbergh School District; Series 2019 A, GO Bonds  5.00% 03/01/2033        1,475     1,541,648
Maryland Heights (City of), MO (Westport Plaza Redevelopment); Series 2020, RB  4.13% 11/01/2038        1,000       957,444
Missouri (State of) Health & Educational Facilities Authority (BJC Health System); Series 2014, RB  5.00% 01/01/2030        1,000     1,001,509
Missouri (State of) Health & Educational Facilities Authority (St. Louis University); Series 2015 A, RB  5.00% 10/01/2038        4,500     4,555,647
Missouri (State of) Health & Educational Facilities Authority (St. Luke’s Health System, Inc.); Series 2016, Ref. RB  5.00% 11/15/2030        1,215     1,242,661
Missouri (State of) Housing Development Commission (First Place Homeownership Loan); Series 2023, RB (CEP - GNMA)  5.75% 05/01/2053        2,605     2,732,281
Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State); Series 2015 A, Ref. RB  5.00% 06/01/2027        2,600     2,627,946
Missouri Western State University; Series 2012, Ref. RB  3.00% 10/01/2024           50        49,641
Springfield Public Building Corp.; Series 2000 A, RB (INS - AMBAC)(a)(g)  0.00% 06/01/2025           60        56,985
See accompanying notes which are an integral part of this schedule.
Invesco Short Term Municipal Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Missouri–(continued)  
St. Charles (County of), MO Public Water Supply District No. 2; Series 2016, Ref. COP  5.00% 12/01/2030   $     2,255 $    2,289,814  
          24,438,580  
Nebraska–1.18%  
Central Plains Energy Project;                                      
Series 2019, Ref. RB  4.00% 08/01/2024        1,000       999,809  
Series 2019, Ref. RB(b)  4.00% 08/01/2025        3,380     3,384,205  
Gretna Public Schools; Series 2022 B, GO Bonds  5.00% 12/15/2027        1,000     1,020,287  
Omaha School District; Series 2016, GO Bonds  5.00% 12/15/2030        3,295     3,399,778  
Public Power Generation Agency (Whelan Energy Center Unit 2);                                      
Series 2015, Ref. RB  5.00% 01/01/2030        1,380     1,388,488  
Series 2015, Ref. RB  5.00% 01/01/2031        2,115     2,128,010  
Series 2016 A, Ref. RB  5.00% 01/01/2034        3,250     3,320,738  
Series 2016, Ref. RB  5.00% 01/01/2032        2,980     3,046,057  
          18,687,372  
Nevada–1.74%  
Clark (County of), NV; Series 2016 B, Ref. GO Bonds  5.00% 11/01/2029        2,150     2,225,549  
Clark (County of), NV Department of Aviation;                                      
Series 2014 A-2, Ref. RB(b)(c)  5.00% 07/01/2024        1,200     1,200,919  
Series 2014 A-2, Ref. RB(b)(c)  5.00% 07/01/2024        6,050     6,054,632  
Clark (County of), NV Water Reclamation District; Series 2015, Ref. GO Bonds  5.00% 07/01/2032        2,000     2,026,802  
Clark County School District; Series 2015 D, GO Bonds  5.00% 06/15/2029        1,755     1,784,874  
Las Vegas Valley Water District; Series 2016 B, Ref. GO Bonds  5.00% 06/01/2036        2,805     2,871,497  
Truckee Meadows Water Authority;                                      
Series 2016, Ref. RB  5.00% 07/01/2031        2,775     2,847,021  
Series 2016, Ref. RB  5.00% 07/01/2032        2,000     2,051,504  
Washoe (County of), NV (Sierra Pacific Power Corp.);                                      
Series 2016, Ref. RB(b)  3.63% 10/01/2029        1,500     1,477,496  
Series 2016, Ref. RB(b)(f)  4.13% 10/01/2029        5,000     4,961,043  
          27,501,337  
New Hampshire–0.81%  
New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB  4.00% 10/20/2036        5,309     4,924,771  
New Hampshire (State of) Health and Education Facilities Authority; Series 2016, Ref. RB  5.50% 06/01/2031        4,000     4,086,799  
New Hampshire (State of) Housing Finance Authority; Series 2024-1A, RB  4.25% 07/20/2041        3,953     3,796,334  
          12,807,904  
New Jersey–5.09%  
Camden (County of), NJ Improvement Authority (The) (County Capital Program); Series 2024, RB(b)  5.00% 03/01/2026        4,000     4,057,551  
Gloucester (County of), NJ Improvement Authority (The) (Rowan University); Series 2024, RN  4.00% 02/27/2025        2,500     2,501,655  
New Jersey (State of) Economic Development Authority;                                      
Series 2004 A, RB(c)  5.25% 07/01/2025          820       834,143  
Series 2005 N-1, Ref. RB (INS - AMBAC)(a)  5.50% 09/01/2024        7,190     7,216,066  
New Jersey (State of) Economic Development Authority (Rutgers University); Series 2013, RB  5.00% 06/15/2025          130       130,106  
New Jersey (State of) Educational Facilities Authority (Montclair University);                                      
Series 2014, RB  5.00% 06/15/2026        1,000     1,000,820  
Series 2016 B, Ref. RB  5.00% 07/01/2027        1,000     1,024,884  
New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group); Series 2017, Ref. RB  5.00% 07/01/2032          815       843,954  
New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); Series 2016, Ref. RB  5.00% 07/01/2031        5,100     5,211,381  
New Jersey (State of) Health Care Facilities Financing Authority (Robert Wood Johnson University Hospital); Series 2013, RB(b)(c)  5.25% 08/13/2024        3,355     3,363,440  
New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group); Series 2016 A, Ref. RB  5.00% 07/01/2031        8,840     9,036,760  
New Jersey (State of) Housing & Mortgage Finance Agency (Social Bonds); Series 2022 I, RB  5.00% 10/01/2053        2,805     2,858,250  
See accompanying notes which are an integral part of this schedule.
Invesco Short Term Municipal Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
New Jersey–(continued)  
New Jersey (State of) Transportation Trust Fund Authority;                                      
Series 2016 A-1, RN  5.00% 06/15/2028   $     1,140 $    1,166,069  
Series 2018 A, Ref. RN  5.00% 06/15/2024        2,500     2,500,516  
Series 2018 A, Ref. RN  5.00% 06/15/2029        5,000     5,114,068  
New Jersey (State of) Turnpike Authority;                                      
Series 2014 A, RB  5.00% 01/01/2027        8,650     8,654,884  
Series 2014 A, RB  5.00% 01/01/2033       15,350    15,357,181  
Series 2015 E, RB(c)  5.00% 01/01/2032        2,060     2,072,092  
Series 2015 E, RB(c)  5.00% 01/01/2034        7,360     7,403,203  
          80,347,023  
New Mexico–1.07%  
Albuquerque Municipal School District No. 12;                                      
Series 2017, GO Bonds  5.00% 08/01/2029        2,575     2,653,855  
Series 2017, GO Bonds  5.00% 08/01/2030        1,250     1,287,753  
Series 2017, GO Bonds  5.00% 08/01/2031        1,700     1,749,557  
Series 2017, GO Bonds  5.00% 08/01/2032        2,910     2,997,277  
Farmington (City of), NM (Public Service Co. of New Mexico San Juan); Series 2010, Ref. RB(b)  3.90% 06/01/2028        3,700     3,676,688  
New Mexico (State of) Finance Authority;                                      
Series 2023 A-2, RB  5.00% 06/01/2028          450       455,891  
Series 2023 A-2, RB  5.00% 06/01/2033          800       810,168  
New Mexico Mortgage Finance Authority (Mountain View II & III Apartments); Series 2023, RB(b)  5.00% 09/01/2025        3,000     3,018,987  
Saltillo Public Improvement District; Series 2018, Ref. RB (INS - BAM)(a)  4.00% 10/01/2025          160       160,583  
          16,810,759  
New York–10.10%  
Metropolitan Transportation Authority;                                      
Series 2015 D-1, Ref. RB  5.00% 11/15/2024          115       115,578  
Series 2015 F, Ref. RB  5.00% 11/15/2027          525       534,429  
Metropolitan Transportation Authority (Green Bonds);                                      
Series 2016 A2, Ref. RB  4.00% 11/15/2025          145       145,763  
Series 2017 B, Ref. RB  5.00% 11/15/2024        3,500     3,517,591  
Series 2017 C-1, Ref. RB  5.00% 11/15/2026          605       625,178  
Series 2018 B, Ref. RB  5.00% 11/15/2024          175       175,880  
Monroe County Industrial Development Corp. (Andrews Terrace Community); Series 2024, RB(b)  5.00% 07/01/2027        5,000     5,100,694  
Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group); Series 2014, RB  5.00% 07/01/2032        1,500     1,500,418  
Nassau County Tobacco Settlement Corp.; Series 2006 A-2, RB  5.25% 06/01/2026        2,479     2,430,881  
New York & New Jersey (States of) Port Authority;                                      
One Hundred Eighty Fourth Series 2014, RB  5.00% 09/01/2027        2,700     2,707,481  
One Hundred Ninety Third Series 2015, Ref. RB(f)  5.00% 10/15/2032        2,380     2,402,111  
One Hundred Seventy Fifth Series 2012, RB  5.00% 12/01/2025          480       480,485  
One Hundred Seventy Fifth Series 2012, RB  4.00% 12/01/2026          470       470,216  
Series 2014, Ref. RB(f)  5.00% 10/15/2032        2,465     2,470,998  
New York (City of), NY;                                      
Series 2012, VRD GO Bonds(e)  2.75% 04/01/2042       12,885    12,885,000  
Subseries 2017 B-5, VRD GO Bonds(e)  0.02% 10/01/2046       10,940    10,940,000  
New York (City of), NY Transitional Finance Authority; Series 2015 S-2, RB  5.00% 07/15/2030        3,000     3,035,770  
New York (State of) Dormitory Authority;                                      
Series 2014 A, RB(b)(c)  5.00% 06/14/2024        1,640     1,640,504  
Series 2014 E, Ref. RB  5.00% 02/15/2031        2,445     2,461,276  
Series 2015 A, Ref. RB  5.00% 03/15/2031        1,860     1,873,844  
Series 2015 A, Ref. RB  5.00% 03/15/2033        2,500     2,518,607  
Series 2015 B, RB  5.00% 03/15/2032        5,370     5,432,797  
Series 2016 D, Ref. RB  5.00% 02/15/2029        3,965     4,061,267  
Series 2017 A, Ref. RB  5.00% 07/01/2034        1,410     1,463,264  
See accompanying notes which are an integral part of this schedule.
Invesco Short Term Municipal Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
New York–(continued)
New York (State of) Housing Finance Agency;                                    
Series 2023 E-2, RB(b)  3.80% 05/01/2027   $     4,000 $    3,948,508
Series 2023 E-2, RB(b)  3.88% 05/01/2028        4,380     4,331,184
Series 2024, RB(b)  3.45% 11/01/2029        7,200     6,896,164
New York City Housing Development Corp. (Sustainable Development Bonds);                                    
Series 2020 I-2, RB(b)  0.70% 05/01/2025        5,000     4,804,054
Series 2021 F-2, RB (CEP - Federal Housing Administration)(b)  0.60% 07/01/2025          980       940,472
Series 2022 B-2, RB (CEP - Federal Housing Administration)(b)  3.40% 12/22/2026       12,845    12,526,340
New York State Urban Development Corp.; Series 2015 A, Ref. RB  5.00% 03/15/2032        4,235     4,289,823
New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport); Series 2020, Ref. RB(f)  5.25% 08/01/2031        9,075     9,546,663
New York Transportation Development Corp. (American Airlines, Inc.);                                    
Series 2016, Ref. RB(f)  5.00% 08/01/2026        8,830     8,832,838
Series 2016, Ref. RB(f)  5.00% 08/01/2031       20,070    20,072,047
Orange County Funding Corp. (Mount St. Mary College); Series 2012 B, RB  4.00% 07/01/2024          695       694,531
Rib Floater Trust; Series 2022-003, VRD Revenue Ctfs.(d)(e)  3.71% 11/01/2041       10,000    10,000,000
Suffolk Tobacco Asset Securitization Corp.; Series 2021, Ref. RB  4.00% 06/01/2050        3,660     3,580,195
          159,452,851
North Carolina–0.73%
Buncombe (County of), NC; Series 2014 A, RB(b)(c)  5.00% 06/01/2024        1,135     1,135,000
Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health); Series 2018 E, RB(b)  0.80% 10/31/2025        5,000     4,794,642
Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2013 A, Ref. RB  5.00% 01/15/2026          230       229,450
North Carolina (State of) Municipal Power Agency No. 1; Series 2015 A, Ref. RB  5.00% 01/01/2031        1,610     1,637,862
North Carolina (State of) Municipal Power Agency No. 1 (Catawba); Series 2015 A, Ref. RB  5.00% 01/01/2028        1,645     1,676,648
North Carolina (State of) Turnpike Authority; Series 2017, Ref. RB  5.00% 01/01/2025        2,025     2,038,965
University of North Carolina; Series 2008 A, RB (INS - AGC)(a)  4.75% 10/01/2028           10        10,005
          11,522,572
North Dakota–0.52%
North Dakota (State of) Housing Finance Agency; Series 2016, Ref. RB  3.50% 07/01/2046        8,320     8,201,571
Ohio–2.23%
Columbus (City of) & Franklin (County of), OH Finance Authority (Easton); Series 2023, RB(b)  5.00% 02/01/2027        3,000     3,044,796
Columbus (City of), OH; Series 2018 A, GO Bonds  5.00% 04/01/2030        5,335     5,711,112
Columbus City School District (Construction and Improvement); Series 2016 A, Ref. GO Bonds  5.00% 12/01/2031        6,260     6,429,019
Cuyahoga (County of), OH (Shaker Square); Series 2010 D, Ref. RB  5.00% 12/01/2025          425       425,446
Dayton (City of), OH (James M. Cox); Series 2014 A, Ref. RB (INS - AGM)(a)(f)  5.00% 12/01/2026        1,335     1,335,165
Greater Cincinnati (Port of), OH Development Authority (IPS Cincinnati LLC); Series 2021, RB(b)  4.38% 06/15/2026        1,500     1,463,436
Hamilton (County of), OH; Series 2016 A, Ref. RB  5.00% 12/01/2030        3,430     3,530,260
Hamilton (County of), OH (UC Health);                                    
Series 2014, RB  5.00% 02/01/2027          465       465,007
Series 2014, RB  5.00% 02/01/2028          465       465,029
Series 2014, RB  5.00% 02/01/2029          425       425,045
Kent State University; Series 2016, Ref. RB  5.00% 05/01/2029        1,245     1,277,414
Martins Ferry (City of), OH; Series 2023, GO Notes  5.00% 12/18/2024        1,750     1,754,963
Ohio (State of);                                    
Series 2015 A, RB  5.00% 04/01/2028        1,375     1,390,074
Series 2017 A, GO Bonds  5.00% 05/01/2028        2,330     2,360,009
Ohio (State of) Higher Educational Facility Commission (University of Dayton); Series 2018, Ref. RB  5.00% 12/01/2035        2,000     2,098,005
RiverSouth Authority; Series 2007 A, RB  5.75% 12/01/2027          490       490,021
Stark (County of), OH; Series 2004, GO Bonds (INS - NATL)(a)  4.38% 12/01/2024            5         5,002
Westerville City School District; Series 2018, COP  5.00% 12/01/2039        2,450     2,505,308
          35,175,111
See accompanying notes which are an integral part of this schedule.
Invesco Short Term Municipal Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Oklahoma–0.91%  
Grand River Dam Authority;                                      
Series 2014 A, RB  5.00% 06/01/2031   $       750 $      750,164  
Series 2023, RB  5.00% 06/01/2037        1,800     2,003,526  
Oklahoma (State of) Capitol Improvement Authority;                                      
Series 2014 A, Ref. RB(b)(c)  5.00% 07/01/2024        1,500     1,501,148  
Series 2014 A, Ref. RB(b)(c)  5.00% 07/01/2024        1,000     1,000,766  
Series 2014 A, Ref. RB(b)(c)  5.00% 07/01/2024        4,180     4,183,201  
Oklahoma (State of) Capitol Improvement Authority (Capitol Repair); Series 2018 C, RB  5.00% 01/01/2038        2,320     2,408,925  
Oklahoma (State of) Development Finance Authority (Sommerset); Series 2015, RB  5.00% 07/01/2025          815       813,025  
University of Oklahoma (The);                                      
Series 2014 C, Ref. RB  5.00% 07/01/2024        1,000     1,000,568  
Series 2014 C, Ref. RB  5.00% 07/01/2027          500       500,038  
Series 2014 C, Ref. RB  5.00% 07/01/2029          250       250,037  
          14,411,398  
Oregon–0.73%  
Clackamas & Washington Counties School District No. 3; Series 2015, Ref. GO Bonds (CEP - Oregon School Bond Guaranty)  5.00% 06/15/2028        1,250     1,267,244  
Multnomah (County of), OR Hospital Facilities Authority (Green Bonds); Series 2021 B, Ref. RB  1.20% 06/01/2028        1,060       940,209  
Oregon (State of); Series 2020 J, Ref. VRD GO Bonds(e)  2.25% 06/01/2039          600       600,000  
Oregon (State of) (Article XI-Q State); Series 2016, Ref. GO Bonds  5.00% 05/01/2032        2,885     2,963,876  
Oregon (State of) Lottery; Series 2015 D, Ref. RB  5.00% 04/01/2028        1,525     1,540,349  
Oregon Health & Science University; Series 2016 B, Ref. RB  5.00% 07/01/2039        1,390     1,412,428  
Umatilla County School District No. 16R Pendleton; Series 2014 A, GO Bonds (CEP - Oregon School Bond Guaranty)(b)(c)  5.00% 06/15/2024        1,110     1,110,388  
Washington & Multnomah Counties School District No. 48J Beaverton; Series 2014, GO Bonds (CEP - Oregon School Bond Guaranty)(b)(c)  5.00% 06/15/2024        1,700     1,700,593  
          11,535,087  
Pennsylvania–3.02%  
Allegheny (County of), PA Higher Education Building Authority (Robert Morris University); Series 2017, RB  5.00% 10/15/2026          325       322,624  
Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue); Series 2018, Ref. RB  5.00% 04/01/2033        3,800     3,932,131  
Allegheny (County of), PA Sanitary Authority; Series 2013, RB (INS - BAM)(a)  5.00% 12/01/2028          145       145,077  
Chester (County of), PA Health & Education Facilities Authority (Main Line Health System); Series 2017 A, Ref. RB  5.00% 10/01/2035        2,025     2,095,678  
Coatesville Area School District Building Authority; Series 2018, RB (INS - BAM)(a)  5.00% 12/01/2024          425       425,299  
Dallastown Area School District; Series 2017, Ref. GO Notes  5.00% 04/15/2026        1,000     1,009,687  
Downingtown Area School District; Series 2018 C, GO Bonds  5.00% 08/01/2031        1,475     1,515,008  
Montgomery (County of), PA Higher Education & Health Authority (Holy Redeemer Health System); Series 2014 A, Ref. RB  5.00% 10/01/2024        1,165     1,162,032  
Montgomery (County of), PA Industrial Development Authority (Constellation Energy); Series 2023,Ref RB(b)  4.10% 04/03/2028        3,000     3,034,902  
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority; Series 2016 AT-1, RB  5.00% 06/15/2031        2,320     2,367,979  
Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University); Series 2015 B, VRD RB(e)  4.25% 09/01/2045       10,095    10,095,000  
Pennsylvania (Commonwealth of) Housing Finance Agency (Social Bonds); Series 2024-145A, RB  6.00% 10/01/2054        1,500     1,614,336  
Pennsylvania (Commonwealth of) Turnpike Commission;                                      
Series 2014 B, RB  5.00% 12/01/2031        1,000     1,004,437  
Series 2016 A, Ref. RB  5.00% 12/01/2030        9,990    10,309,041  
Series 2016 B, Ref. RB (INS - AGM)(a)  5.00% 06/01/2029          800       821,941  
Philadelphia (City of), PA;                                      
Fourteenth Series 2016, Ref. RB  5.00% 10/01/2031        3,270     3,347,238  
Fourteenth Series 2016, Ref. RB  5.00% 10/01/2032        1,400     1,431,816  
Series 2019 A, Ref. GO Bonds  5.00% 08/01/2024        2,000     2,002,906  
Sayre (City of), PA Health Care Facilities Authority (Guthrie Health); Series 2007, RB (3 mo. USD LIBOR + 0.78%)(j)  4.54% 12/01/2024           15        14,987  
See accompanying notes which are an integral part of this schedule.
Invesco Short Term Municipal Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Pennsylvania–(continued)  
Washington (County of), PA Redevelopment Authority (Victory Centre); Series 2018, Ref. RB  5.00% 07/01/2028   $     1,025 $    1,009,106  
          47,661,225  
Puerto Rico–0.42%  
Puerto Rico (Commonwealth of); Series 2021 A-1, GO Bonds  5.38% 07/01/2025          121       121,937  
Puerto Rico (Commonwealth of) Electric Power Authority;                                      
Series 2005 RR, RB (INS - AGC)(a)  5.00% 07/01/2026          100        99,879  
Series 2005 RR, RB (INS - SGI)(a)  5.00% 07/01/2026        3,905     3,882,259  
Series 2005 RR, RB (INS - SGI)(a)  5.00% 07/01/2027        1,505     1,494,591  
Series 2007 UU, Ref. RB (INS - AGM)(a)  5.00% 07/01/2024          500       500,011  
Series 2008 WW, RB (INS - AGC)(a)  5.25% 07/01/2033          500       500,006  
          6,598,683  
Rhode Island–0.53%  
Rhode Island Health & Educational Building Corp.; Series 2017 G, RB (INS - AGM)(a)  5.00% 05/15/2039        2,520     2,590,701  
Tobacco Settlement Financing Corp.;                                      
Series 2015 A, Ref. RB  5.00% 06/01/2026        1,145     1,155,050  
Series 2015 B, Ref. RB  4.50% 06/01/2045        4,740     4,645,333  
          8,391,084  
South Carolina–1.60%  
Charleston Educational Excellence Finance Corp. (Charleston County School); Series 2014, Ref. RB  5.00% 12/01/2031        2,500     2,509,268  
Florence & Darlington (Counties of), SC Commission for Technical Education; Series 2014, Ref. RB  5.00% 03/01/2028          620       620,576  
Piedmont Municipal Power Agency; Series 2021 C, Ref. RB  5.00% 01/01/2032        4,000     4,081,826  
SCAGO Educational Facilities Corp. for Pickens School District; Series 2015, Ref. RB  5.00% 12/01/2030        1,190     1,200,239  
South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group); Series 2018 C, VRD RB(e)  4.41% 05/01/2048        9,820     9,820,000  
South Carolina (State of) Public Service Authority;                                      
Series 2016 A, Ref. RB  5.00% 12/01/2029        1,885     1,917,974  
Series 2016 A, Ref. RB (INS - AGM)(a)  5.00% 12/01/2032        5,000     5,104,019  
          25,253,902  
Tennessee–2.11%  
Metropolitan Nashville Airport Authority (The); Series 2015 B, RB(f)  5.00% 07/01/2033        1,550     1,562,612  
Nashville (City of) & Davidson (County of), TN Metropolitan Government; Series 2013, Ref. GO Bonds  5.00% 07/01/2024          120       120,056  
Tennessee Energy Acquisition Corp.;                                      
Series 2006 C, RB  5.00% 02/01/2027        1,835     1,846,856  
Series 2018, RB(b)  4.00% 11/01/2025       14,060    14,050,872  
Tennessee Energy Acquisition Corp. (Gas); Series 2023 A-1, Ref. RB(b)  5.00% 05/01/2028        7,415     7,662,677  
Tennessee Housing Development Agency (Social Bonds); Series 2022, RB  5.50% 01/01/2053        3,730     3,819,700  
Williamson (County of), TX Industrial Development Board; Series 2023, RB(b)  5.00% 05/01/2027        4,125     4,191,803  
          33,254,576  
Texas–10.72%  
Alamo Community College District; Series 2007, GO Bonds (INS - NATL)(a)  4.50% 08/15/2033          590       590,051  
Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.); Series 2021, RB(b)(d)  4.50% 06/15/2026        1,100     1,099,498  
Austin (City of), TX; Series 2015 A, Ref. RB  5.00% 11/15/2029        5,000     5,098,153  
Boerne Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School Fund)(b)  3.85% 12/01/2027        2,570     2,592,523  
Calhoun (County of), TX Navigation Industrial Development Authority (Max Midstream Texas LLC); Series 2021, RN(d)(f)  3.63% 07/01/2026        4,000     3,764,915  
Conroe Independent School District; Series 2016 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)  5.00% 02/15/2028        7,810     8,004,489  
See accompanying notes which are an integral part of this schedule.
Invesco Short Term Municipal Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Texas–(continued)
Dallas (City of), TX;                                    
Series 2014, Ref. GO Bonds (INS - BAM)(a)  5.00% 02/15/2029   $     1,065 $    1,066,651
Series 2015 A, Ref. RB  5.00% 10/01/2032        3,835     3,896,005
Series 2015, GO Bonds  5.00% 02/15/2030        1,055     1,061,606
Series 2015, GO Bonds  5.00% 02/15/2032        5,035     5,061,114
Series 2017, RB  5.00% 10/01/2031        1,745     1,826,303
Dallas (City of), TX (Dallas, Denton, Collin and Rockwall Counties); Series 2016 A, Ref. RB  5.00% 10/01/2041        1,000     1,009,643
Dallas (County of), TX; Series 2016, Ctfs. of Obligation  5.00% 08/15/2029        4,605     4,729,954
Denton (City of), TX;                                    
Series 2017, RB  5.00% 12/01/2030        1,320     1,356,760
Series 2017, RB  5.00% 12/01/2035        3,240     3,311,185
DeSoto Independent School District; Series 2015 B, Ref. GO Bonds (INS - BAM)(a)  5.00% 08/15/2032        2,000     2,026,058
El Paso (County of), TX Hospital District; Series 2013, Ctfs. of Obligation  5.00% 08/15/2025          675       675,323
Fort Bend Independent School District (2023 Remarketing); Series 2022 B, GO Bonds (CEP - Texas Permanent School Fund)(b)  3.65% 08/01/2024        5,000     4,993,047
Friendswood Independent School District; Series 2024, GO Notes  5.00% 02/15/2031        1,500     1,536,961
Godley Independent School District; Series 2015, Ref. GO Bonds (CEP - Texas Permanent School Fund)  5.00% 02/15/2029        1,090     1,098,459
Goose Creek Consolidated Independent School District; Series 2016 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)  5.00% 02/15/2029        5,000     5,122,848
Grand Prairie Independent School District; Series 2011, Ref. GO Bonds (CEP - Texas Permanent School Fund)  4.00% 02/15/2026          675       674,357
Guadalupe (County of) & Seguin (City of), TX Hospital Board of Managers; Series 2015, Ref. RB  5.00% 12/01/2024        1,865     1,854,301
Gulf Coast Authority (Bayport Area System); Series 2015, RB (INS - AGM)(a)  5.00% 10/01/2031        1,410     1,427,500
Harris & Montgomery (Counties of), TX Municipal Utility District No. 386; Series 2014, GO Bonds (INS - AGM)(a)  4.00% 09/01/2030          620       620,109
Harris (County of), TX; Series 2014 A, Ref. GO Bonds  5.00% 10/01/2031        2,035     2,041,508
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System); Series 2016, RB  5.00% 07/01/2038        1,605     1,614,604
Harris County Cultural Education Facilities Finance Corp. (Teco Project); Series 2017, Ref. RB  5.00% 11/15/2033        3,675     3,841,400
Humble Independent School District; Series 2015 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)  4.00% 02/15/2030        9,595     9,536,378
La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015 A, RB(b)(c)(d)  5.50% 08/15/2024        6,020     6,028,810
Lamar Consolidated Independent School District;                                    
Series 2016 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)  5.00% 02/15/2028        1,000     1,009,765
Series 2018, GO Bonds (CEP - Texas Permanent School Fund)  5.00% 02/15/2043        1,000     1,027,483
Leander (City of), TX; Series 2015, Ctfs. of Obigations(b)(c)  5.00% 08/15/2024        1,020     1,022,038
Leander Independent School District; Series 2015 A, Ref. GO Bonds (CEP - Texas Permanent School Fund)  5.00% 08/15/2040        3,000     3,027,026
Lewisville Independent School District; Series 2016 B, Ref. GO Bonds  5.00% 08/15/2028        1,000     1,013,038
Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB(d)(f)  4.63% 10/01/2031        1,000       994,111
Mueller Local Government Corp.; Series 2009, RB  4.25% 09/01/2029           30        30,014
North East Independent School District; Series 2015, Ref. GO Bonds (CEP - Texas Permanent School Fund)  5.00% 08/01/2031        2,355     2,392,941
North Harris (County of), TX Regional Water Authority; Series 2013, Ref. RB (INS - BAM)(a)  5.00% 12/15/2030          205       205,136
North Texas Tollway Authority;                                    
Series 2015 A, Ref. RB  5.00% 01/01/2032       14,200    14,269,725
Series 2016 A, Ref. RB  5.00% 01/01/2025        1,310     1,312,877
Series 2016 A, Ref. RB  5.00% 01/01/2031        1,000     1,018,036
Series 2017 A, RB  5.00% 01/01/2025           55        55,178
Series 2017 B, Ref. RB  5.00% 01/01/2025           15        15,012
Pearland (City of), TX; Series 2014, Ref. GO Bonds  5.00% 03/01/2025          200       200,153
Pecos Barstow Toyah Independent School District;                                    
Series 2023, GO Bonds (CEP - Texas Permanent School Fund)  5.00% 02/15/2038        1,350     1,384,293
Series 2023, GO Bonds (CEP - Texas Permanent School Fund)  5.00% 02/15/2040        1,885     1,926,928
Plano (City of), TX; Series 2023, Ref. GO Bonds  5.00% 09/01/2036        3,370     3,759,356
Rankin Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund)  5.00% 02/15/2032        2,125     2,126,274
Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area); Series 2016, RB  4.90% 09/15/2024           30        29,911
See accompanying notes which are an integral part of this schedule.
Invesco Short Term Municipal Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Texas–(continued)
San Antonio (City of), TX;                                    
Series 2015, RB(f)  5.00% 07/01/2030   $     1,235 $    1,244,970
Series 2015, RB(f)  5.00% 07/01/2031        1,300     1,310,636
Series 2019 C, RB(b)  1.75% 12/01/2024       10,000     9,854,715
San Antonio Independent School District; Series 2016, Ref. GO Bonds (CEP - Texas Permanent School Fund)  5.00% 08/15/2031        1,615     1,662,614
Tarrant (County of), TX Regional Water District; Series 2015, Ref. RB  5.00% 03/01/2028        1,055     1,065,483
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health); Series 2016, Ref. RB  5.00% 11/15/2032        1,020     1,036,557
Texas (State of); Series 2014 A, Ref. GO Bonds  5.00% 10/01/2025        1,000     1,004,688
Texas (State of) Transportation Commission (Central Texas Turnpike System); Series 2015 C, Ref. RB  5.00% 08/15/2031        3,000     3,006,791
Texas (State of) Water Development Board (State Water Implementation Fund); Series 2015 A, RB  5.00% 10/15/2031        2,875     2,915,547
Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB  6.25% 12/15/2026       10,155    10,435,040
Texas Municipal Gas Acquisition & Supply Corp. II; Series 2007, RB (SIFMA Municipal Swap Index + 0.55%)(j)  3.91% 09/15/2027       10,920    10,708,416
Trinity River Authority; Series 2014, Ref. RB  5.00% 08/01/2024          500       500,460
West Travis County Public Utility Agency; Series 2017, Ref. RB (INS - BAM)(a)  5.00% 08/15/2030           45        47,085
          169,172,810
Utah–0.13%
Grand (County of), UT School District Local Building Authority; Series 2019, RB (INS - AGM)(a)  5.00% 12/15/2038        2,040     2,062,595
Virginia–0.75%
Virginia (Commonwealth of) Housing Development Authority; Series 2023 E-2, RB(b)  3.90% 07/01/2025       10,000     9,960,263
Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay); Series 2023 B-3, RB  5.38% 09/01/2029        1,850     1,918,063
          11,878,326
Washington–3.92%
Central Puget Sound Regional Transit Authority; Series 1999, RB (INS - NATL)(a)  4.75% 02/01/2028        1,230     1,234,433
Energy Northwest (Columbia Generating Station);                                    
Series 2014, Ref. RB(b)(c)  5.00% 08/15/2024        2,000     2,004,198
Series 2014, Ref. RB(b)(c)  5.00% 08/15/2024        1,000     1,002,099
Energy Northwest (No. 1); Series 2014 C, Ref. RB(b)(c)  5.00% 08/15/2024        3,000     3,006,297
Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB  5.60% 03/01/2028           10        10,000
King County School District No. 411 Issaquah; Series 2017, GO Bonds (CEP - Oregon School Bond Guaranty)  5.00% 12/01/2032        1,035     1,068,244
Lewis (County of), WA Public Utility District No. 1; Series 2013, Ref. RB  5.25% 04/01/2032        5,000     5,016,385
Seattle (Port of), WA;                                    
Series 2015 A, RB  5.00% 04/01/2030        2,840     2,850,013
Series 2015 B, Ref. RB  5.00% 03/01/2029        1,115     1,117,897
Series 2015 B, Ref. RB  5.00% 03/01/2030        2,000     2,005,197
Series 2017 C, RB(f)  5.00% 05/01/2025          275       277,350
Series 2017, GO Bonds  5.00% 01/01/2042        3,375     3,440,704
University of Washington; Series 2015 B, Ref. RB  5.00% 06/01/2031        1,010     1,021,447
Washington (State of);                                    
Series 2014 B, Ref. GO Bonds  5.00% 07/01/2026       11,980    11,991,831
Series 2015 A-1, GO Bonds  5.00% 08/01/2029       10,000    10,154,259
Series 2016 B, GO Bonds  5.00% 08/01/2031        1,205     1,237,937
Series 2016 B, Ref. GO Bonds  5.00% 07/01/2032        1,140     1,162,023
Washington (State of) Economic Development Finance Authority; Series 2014, Ref. RB  5.00% 06/01/2032        2,920     2,935,034
Washington (State of) Health Care Facilities Authority (Multicare Health System); Series 2015 B, Ref. RB  5.00% 08/15/2031        2,505     2,519,981
See accompanying notes which are an integral part of this schedule.
Invesco Short Term Municipal Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
Washington–(continued)  
Washington (State of) Health Care Facilities Authority (Providence Health & Services);                                      
Series 2012 A, RB  5.00% 10/01/2025   $       125 $      125,039  
Series 2012 A, RB  5.00% 10/01/2026        2,540     2,548,663  
Series 2012 A, RB  5.00% 10/01/2027        2,415     2,419,441  
Series 2012 A, RB  5.00% 10/01/2028          165       165,398  
Series 2012 A, RB  4.25% 10/01/2040        2,800     2,557,112  
          61,870,982  
West Virginia–0.07%  
West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group); Series 2017, RB  5.00% 06/01/2035        1,100     1,136,672  
Wisconsin–3.25%  
Central Brown County Water Authority;                                      
Series 2014 A, Ref. RB  5.00% 11/01/2026        1,000     1,003,006  
Series 2014 A, Ref. RB  5.00% 11/01/2028        2,985     2,995,552  
Series 2014 A, Ref. RB  5.00% 11/01/2029        2,160     2,166,404  
Series 2014 A, Ref. RB  5.00% 11/01/2030        2,500     2,508,532  
Wisconsin (State of) Health & Educational Facilities Authority (Advocate Aurora Health Credit Group); Series 2018, Ref. RB(b)  5.00% 01/29/2025       10,000    10,072,976  
Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group); Series 2016 A, Ref. RB  5.00% 11/15/2039        1,350     1,368,166  
Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group);                                      
Series 2013, RB  5.00% 08/15/2026          100       100,172  
Series 2013, RB  5.00% 08/15/2027          800       801,331  
Wisconsin (State of) Health & Educational Facilities Authority (Forensic Science and Protective Medicine Facility); Series 2024, RB(d)  5.00% 08/01/2027        5,000     5,063,770  
Wisconsin (State of) Health & Educational Facilities Authority (Hospital Sisters Services, Inc.); Series 2014, Ref. RB  5.00% 11/15/2029        1,800     1,804,940  
Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB  5.00% 06/01/2027        3,225     3,225,995  
Wisconsin (State of) Health & Educational Facilities Authority (Prohealth Care Obligated Group);                                      
Series 2015, Ref. RB  5.00% 08/15/2030          170       170,336  
Series 2015, Ref. RB  5.00% 08/15/2031        1,815     1,818,433  
Wisconsin (State of) Health & Educational Facilities Authority (Thedacare, Inc.); Series 2015, Ref. RB  5.00% 12/15/2029          125       125,585  
Wisconsin (State of) Health & Educational Facilities Authority (Unitypoint Health);                                      
Series 2014 A, RB  5.00% 12/01/2028          980       981,301  
Series 2014 A, RB  5.00% 12/01/2029        1,475     1,476,545  
Wisconsin (State of) Housing & Economic Development Authority; Series 2023 E, RB(b)  3.88% 05/01/2027        4,400     4,291,736  
Wisconsin (State of) Public Finance Authority;                                      
Series 2016, RB  5.00% 03/01/2032        4,315     4,406,446  
Series 2022, Ref. RB(b)  3.30% 10/01/2026        1,745     1,712,138  
Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 A, RB  5.00% 12/01/2027          860       863,061  
Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center); Series 2015 A, Ref. RB  5.00% 06/01/2031        3,295     3,309,499  
WPPI Energy;                                      
Series 2014 A, Ref. RB(b)(c)  5.00% 07/02/2024          100       100,079  
Series 2014 A, Ref. RB(b)(c)  5.00% 07/02/2024        1,000     1,000,793  
          51,366,796  
Total Municipal Obligations (Cost $1,527,324,916)     1,523,998,990
      Shares    
MuniFund Preferred Shares–1.00%  
Nuveen AMT-Free Municipal Credit Income Fund, Series B(d)(e)             5,750,000     5,750,000  
Nuveen AMT-Free Quality Municipal Income Fund, MFP, Series D(d)(e)            10,000,000    10,000,000  
Total MuniFund Preferred Shares (Cost $15,750,000)     15,750,000
See accompanying notes which are an integral part of this schedule.
Invesco Short Term Municipal Fund
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
U.S. Dollar Denominated Bonds & Notes–0.01%
California–0.01%
CalPlant I LLC; Exit Facility
(Cost $75,000)(d) 		15.00% 07/01/2025   $        75 $       76,666
TOTAL INVESTMENTS IN SECURITIES(k)–97.55% (Cost $1,543,149,916)   1,539,825,656
OTHER ASSETS LESS LIABILITIES–2.45%   38,719,842
NET ASSETS–100.00%   $1,578,545,498
Investment Abbreviations:
AGC – Assured Guaranty Corp.
AGM – Assured Guaranty Municipal Corp.
AMBAC – American Municipal Bond Assurance Corp.
BAM – Build America Mutual Assurance Co.
CEP – Credit Enhancement Provider
COP – Certificates of Participation
Ctfs. – Certificates
FHLMC – Federal Home Loan Mortgage Corp.
GNMA – Government National Mortgage Association
GO – General Obligation
INS – Insurer
LIBOR – London Interbank Offered Rate
LOC – Letter of Credit
MFP – MuniFund Preferred Shares
NATL – National Public Finance Guarantee Corp.
RB – Revenue Bonds
Ref. – Refunding
RN – Revenue Notes
SGI – Syncora Guarantee, Inc.
SIFMA – Securities Industry and Financial Markets Association
SOFR – Secured Overnight Financing Rate
USD – U.S. Dollar
VRD – Variable Rate Demand
Wts. – Warrants
Notes to Schedule of Investments:
(a) Principal and/or interest payments are secured by the bond insurance company listed.
(b) Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(c) Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(d) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at May 31, 2024 was $66,791,643, which represented 4.23% of the Fund’s Net Assets.
(e) 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 May 31, 2024.
(f) Security subject to the alternative minimum tax.
(g) Zero coupon bond issued at a discount.
(h) Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(i) Restricted security. The aggregate value of these securities at May 31, 2024 was $885,459, which represented less than 1% of the Fund’s Net Assets.
(j) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2024.
(k) Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco Short Term Municipal Fund
Notes to Quarterly Schedule of Portfolio Holdings
May 31, 2024
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Advisers, Inc.’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of May 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1 Level 2 Level 3 Total
Investments in Securities        
Municipal Obligations $— $1,523,998,990 $— $1,523,998,990
MuniFund Preferred Shares — 15,750,000 — 15,750,000
U.S. Dollar Denominated Bonds & Notes — 76,666 — 76,666
Total Investments in Securities — 1,539,825,656 — 1,539,825,656
Other Investments - Assets        
Investments Matured — 7,695 360,000 367,695
Total Investments $— $1,539,833,351 $360,000 $1,540,193,351
Invesco Short Term Municipal Fund