# EDGAR Filing Document

**Accession Number:** 0000909466
**File Stem:** 0001193125-26-210116
**Filing Date:** 2026-5
**Character Count:** 2681329
**Document Hash:** ae4efa8605428701058c40828f413f46
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-210116.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001193125-26-210116

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 145

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**EFFECTIVENESS DATE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIM TAX-EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
- **CENTRAL INDEX KEY:** 0000909466

**ORGANIZATION NAME:**
- **EIN:** 766035958
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07890
- **FILM NUMBER:** 26950585

**BUSINESS ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** 7136261919

**MAIL ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM TAX EXEMPT FUNDS (INVESCO TAX-EXEMPT FUNDS)
- **DATE OF NAME CHANGE:** 20100430

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM TAX EXEMPT FUNDS
- **DATE OF NAME CHANGE:** 20000324

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM TAX EXEMPT FUNDS INC/NEW
- **DATE OF NAME CHANGE:** 19940718

## Series and Classes Contracts Data

### Invesco Limited Term Municipal Income (Series ID: S000000172)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000000395 | Class A      | ATFAX           |
| C000000396 | Class A2     | AITFX           |
| C000023428 | Class R5     | ATFIX           |
| C000071234 | Class Y      | ATFYX           |
| C000130517 | Class C      | ATFCX           |
| C000188916 | Class R6     | ATFSX           |

### INVESCO HIGH YIELD MUNICIPAL FUND (Series ID: S000027866)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084619 | CLASS A      | ACTHX           |
| C000084621 | CLASS C      | ACTFX           |
| C000084622 | CLASS Y      | ACTDX           |
| C000109478 | Class R5     | ACTNX           |
| C000188917 | Class R6     | ACTSX           |

### INVESCO INTERMEDIATE TERM MUNICIPAL INCOME FUND (Series ID: S000027868)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084627 | CLASS A      | VKLMX           |
| C000084629 | CLASS C      | VKLCX           |
| C000084630 | CLASS Y      | VKLIX           |
| C000188918 | Class R6     | VKLSX           |

### INVESCO MUNICIPAL INCOME FUND (Series ID: S000027869)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000084631 | CLASS A        | VKMMX           |
| C000084633 | CLASS C        | VMICX           |
| C000084634 | CLASS Y        | VMIIX           |
| C000125172 | Investor Class | VMINX           |
| C000188919 | Class R6       | VKMSX           |

### Invesco Rochester New York Municipals Fund (Series ID: S000064635)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209254 | Class R6     | IORUX           |
| C000209255 | Class Y      | RMUYX           |
| C000209257 | Class C      | RMUCX           |
| C000209259 | Class A      | RMUNX           |

### Invesco Rochester Limited Term New York Municipal Fund (Series ID: S000064636)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209261 | Class A      | LTNYX           |
| C000209262 | Class C      | LTNCX           |
| C000209263 | Class R6     | IORMX           |
| C000209265 | Class Y      | LTBYX           |

### Invesco Pennsylvania Municipal Fund (Series ID: S000064637)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209267 | Class C      | OPACX           |
| C000209269 | Class Y      | OPAYX           |
| C000209274 | Class R6     | IORPX           |
| C000209275 | Class A      | OPATX           |

### Invesco Rochester Municipal Opportunities Fund (Series ID: S000064638)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209277 | Class C      | ORNCX           |
| C000209278 | Class A      | ORNAX           |
| C000209279 | Class Y      | ORNYX           |
| C000209280 | Class R5     | IORHX           |
| C000209281 | Class R6     | IORYX           |

### Invesco New Jersey Municipal Fund (Series ID: S000064639)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209282 | Class C      | ONJCX           |
| C000209283 | Class Y      | ONJYX           |
| C000209284 | Class A      | ONJAX           |
| C000209285 | Class R6     | IORJX           |

### Invesco AMT-Free Municipal Income Fund (Series ID: S000064640)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209286 | Class R6     | IORAX           |
| C000209287 | Class Y      | OMFYX           |
| C000209288 | Class C      | OMFCX           |
| C000209289 | Class A      | OPTAX           |

### Invesco California Municipal Fund (Series ID: S000064641)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209290 | Class A      | OPCAX           |
| C000209291 | Class Y      | OCAYX           |
| C000209292 | Class C      | OCACX           |
| C000209293 | Class R6     | IORCX           |

### Invesco Limited Term California Municipal Fund (Series ID: S000064642)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209294 | Class A      | OLCAX           |
| C000209295 | Class C      | OLCCX           |
| C000209297 | Class Y      | OLCYX           |
| C000209299 | Class R6     | IORLX           |

### Invesco Rochester AMT-Free New York Municipal Fund (Series ID: S000064643)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209301 | Class A      | OPNYX           |
| C000209303 | Class C      | ONYCX           |
| C000209305 | Class R6     | IORNX           |
| C000209306 | Class Y      | ONYYX           |

?xml version='1.0' encoding='ASCII'? 2db6d87d-2e0f-4dd8-901f-9e461551f7da

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### &nbsp;&nbsp;&nbsp;&nbsp; FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-07890

#### AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds)
(Exact name of registrant as specified in charter)

------

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Glenn Brightman, Principal Executive Officer

11 Greenway Plaza, Suite 1000

Houston, Texas 77046

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(713) 626-1919

#### Date of fiscal year end:

#### February 28

#### Date of reporting period:

#### February 28, 2026
Item 1. Reports to Stockholders.

(a) The Registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") is as follows:

![TSR_logo](images_2685.jpg)

### Invesco AMT-Free Municipal Income Fund

### Class A: OPTAX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco AMT-Free Municipal Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco AMT-Free Municipal Income Fund<br>(Class A) | $108 | 1.06% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows, and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class A shares of the Fund, excluding sales charge, returned 3.32%. For the same time period, the S&P Municipal Bond 5+ Year Investment Grade Index (the "Benchmark") returned 5.24%.

#### What contributed to relative performance?
**•** During the fiscal year, underweight exposure to incremental tax bonds contributed to the Fund's performance relative to the Benchmark. Additionally, an overweight exposure to BB-rated bonds contributed to the Fund's relative return.<sup>‡</sup> On a state level, security selection among Kentucky domiciled bonds also added to the Fund's relative performance.

#### What detracted from relative performance?
**•** Conversely, overweight exposure to non-rated bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year.<sup>‡</sup> Security selection among longer duration bonds (10.00 - 29.99 years specifically) also detracted from the Fund's relative return. On a state level, security selection among California holdings was a detractor from the Fund's relative results.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997000.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco AMT-Free Municipal Income Fund (Class A) —including sales charge** | -1.13% | 0.18% | 3.39% |
| **Invesco AMT-Free Municipal Income Fund (Class A) —excluding sales charge** | 3.32% | 1.06% | 3.84% |
| **S&P Municipal Bond 5+ Year Investment Grade Index** | 5.24% | 1.37% | 2.59% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Rochester AMT-Free Municipal Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1966595567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8362655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Washington Metropolitan Area Transit Authority, Series 2020 A, RB, 4.00%, 07/15/2045 | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) County Tobacco Securitization Agency, Series 2006 B, RB, 0.00%, 06/01/2050 | &nbsp;&nbsp;&nbsp;1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority, Series 2025, RB, 5.00%, 01/01/2045 | &nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Regional Transportation Authority, Series 2018 XF2618, Revenue Ctfs., 4.00%, 06/01/2043 | &nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB, 5.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inland Empire Tobacco Securitization Corp., Series 2007 F, RB, 0.00%, 06/01/2057 | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indianapolis Local Public Improvement Bond Bank, Series 2025, Ref. RB, 5.25%, 01/01/2055 | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2006 B, RB, 0.00%, 06/15/2046 | &nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Birmingham (City of), AL Water Works Board (The), Series 2016 B, Ref. RB, 5.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade (County of), FL, Series 2019 B, RB, 4.00%, 10/01/2049 | &nbsp;&nbsp;&nbsp;0.83% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997005.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROAFM-AR-A **Invesco AMT-Free Municipal Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco AMT-Free Municipal Income Fund

### Class C: OMFCX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco AMT-Free Municipal Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco AMT-Free Municipal Income Fund<br>(Class C) | $184 | 1.82% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows, and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class C shares of the Fund, excluding sales charge, returned 2.53%. For the same time period, the S&P Municipal Bond 5+ Year Investment Grade Index (the "Benchmark") returned 5.24%.

#### What contributed to relative performance?
**•** During the fiscal year, underweight exposure to incremental tax bonds contributed to the Fund's performance relative to the Benchmark. Additionally, an overweight exposure to BB-rated bonds contributed to the Fund's relative return.<sup>‡</sup> On a state level, security selection among Kentucky domiciled bonds also added to the Fund's relative performance.

#### What detracted from relative performance?
**•** Conversely, overweight exposure to non-rated bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year.<sup>‡</sup> Security selection among longer duration bonds (10.00 - 29.99 years specifically) also detracted from the Fund's relative return. On a state level, security selection among California holdings was a detractor from the Fund's relative results.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997036.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco AMT-Free Municipal Income Fund (Class C) —including sales charge** | 1.69% | 0.36% | 3.21% |
| **Invesco AMT-Free Municipal Income Fund (Class C) —excluding sales charge** | 2.53% | 0.36% | 3.21% |
| **S&P Municipal Bond 5+ Year Investment Grade Index** | 5.24% | 1.37% | 2.59% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Rochester AMT-Free Municipal Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1966595567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8362655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Washington Metropolitan Area Transit Authority, Series 2020 A, RB, 4.00%, 07/15/2045 | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) County Tobacco Securitization Agency, Series 2006 B, RB, 0.00%, 06/01/2050 | &nbsp;&nbsp;&nbsp;1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority, Series 2025, RB, 5.00%, 01/01/2045 | &nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Regional Transportation Authority, Series 2018 XF2618, Revenue Ctfs., 4.00%, 06/01/2043 | &nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB, 5.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inland Empire Tobacco Securitization Corp., Series 2007 F, RB, 0.00%, 06/01/2057 | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indianapolis Local Public Improvement Bond Bank, Series 2025, Ref. RB, 5.25%, 01/01/2055 | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2006 B, RB, 0.00%, 06/15/2046 | &nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Birmingham (City of), AL Water Works Board (The), Series 2016 B, Ref. RB, 5.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade (County of), FL, Series 2019 B, RB, 4.00%, 10/01/2049 | &nbsp;&nbsp;&nbsp;0.83% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997041.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROAFM-AR-C **Invesco AMT-Free Municipal Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco AMT-Free Municipal Income Fund

### Class Y: OMFYX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco AMT-Free Municipal Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco AMT-Free Municipal Income Fund<br>(Class Y) | $83 | 0.82% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows, and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class Y shares of the Fund returned 3.56%. For the same time period, the S&P Municipal Bond 5+ Year Investment Grade Index (the "Benchmark") returned 5.24%.

#### What contributed to relative performance?
**•** During the fiscal year, underweight exposure to incremental tax bonds contributed to the Fund's performance relative to the Benchmark. Additionally, an overweight exposure to BB-rated bonds contributed to the Fund's relative return.<sup>‡</sup> On a state level, security selection among Kentucky domiciled bonds also added to the Fund's relative performance.

#### What detracted from relative performance?
**•** Conversely, overweight exposure to non-rated bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year.<sup>‡</sup> Security selection among longer duration bonds (10.00 - 29.99 years specifically) also detracted from the Fund's relative return. On a state level, security selection among California holdings was a detractor from the Fund's relative results.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997072.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco AMT-Free Municipal Income Fund (Class Y)** | 3.56% | 1.32% | 4.10% |
| **S&P Municipal Bond 5+ Year Investment Grade Index** | 5.24% | 1.37% | 2.59% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Rochester AMT-Free Municipal Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1966595567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8362655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Washington Metropolitan Area Transit Authority, Series 2020 A, RB, 4.00%, 07/15/2045 | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) County Tobacco Securitization Agency, Series 2006 B, RB, 0.00%, 06/01/2050 | &nbsp;&nbsp;&nbsp;1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority, Series 2025, RB, 5.00%, 01/01/2045 | &nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Regional Transportation Authority, Series 2018 XF2618, Revenue Ctfs., 4.00%, 06/01/2043 | &nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB, 5.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inland Empire Tobacco Securitization Corp., Series 2007 F, RB, 0.00%, 06/01/2057 | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indianapolis Local Public Improvement Bond Bank, Series 2025, Ref. RB, 5.25%, 01/01/2055 | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2006 B, RB, 0.00%, 06/15/2046 | &nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Birmingham (City of), AL Water Works Board (The), Series 2016 B, Ref. RB, 5.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade (County of), FL, Series 2019 B, RB, 4.00%, 10/01/2049 | &nbsp;&nbsp;&nbsp;0.83% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997077.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROAFM-AR-Y **Invesco AMT-Free Municipal Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco AMT-Free Municipal Income Fund

### Class R6: IORAX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco AMT-Free Municipal Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco AMT-Free Municipal Income Fund<br>(Class R6) | $77 | 0.76% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows, and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class R6 shares of the Fund returned 3.64%. For the same time period, the S&P Municipal Bond 5+ Year Investment Grade Index (the "Benchmark") returned 5.24%.

#### What contributed to relative performance?
**•** During the fiscal year, underweight exposure to incremental tax bonds contributed to the Fund's performance relative to the Benchmark. Additionally, an overweight exposure to BB-rated bonds contributed to the Fund's relative return.<sup>‡</sup> On a state level, security selection among Kentucky domiciled bonds also added to the Fund's relative performance.

#### What detracted from relative performance?
**•** Conversely, overweight exposure to non-rated bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year.<sup>‡</sup> Security selection among longer duration bonds (10.00 - 29.99 years specifically) also detracted from the Fund's relative return. On a state level, security selection among California holdings was a detractor from the Fund's relative results.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997108.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco AMT-Free Municipal Income Fund (Class R6)** | 3.64% | 1.41% | 4.07% |
| **S&P Municipal Bond 5+ Year Investment Grade Index** | 5.24% | 1.37% | 2.59% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Class R6 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Rochester AMT-Free Municipal Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1966595567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8362655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Washington Metropolitan Area Transit Authority, Series 2020 A, RB, 4.00%, 07/15/2045 | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) County Tobacco Securitization Agency, Series 2006 B, RB, 0.00%, 06/01/2050 | &nbsp;&nbsp;&nbsp;1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority, Series 2025, RB, 5.00%, 01/01/2045 | &nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Regional Transportation Authority, Series 2018 XF2618, Revenue Ctfs., 4.00%, 06/01/2043 | &nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB, 5.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inland Empire Tobacco Securitization Corp., Series 2007 F, RB, 0.00%, 06/01/2057 | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Indianapolis Local Public Improvement Bond Bank, Series 2025, Ref. RB, 5.25%, 01/01/2055 | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2006 B, RB, 0.00%, 06/15/2046 | &nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Birmingham (City of), AL Water Works Board (The), Series 2016 B, Ref. RB, 5.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade (County of), FL, Series 2019 B, RB, 4.00%, 10/01/2049 | &nbsp;&nbsp;&nbsp;0.83% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997113.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROAFM-AR-R6 **Invesco AMT-Free Municipal Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco California Municipal Fund

### Class A: OPCAX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco California Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco California Municipal Fund<br>(Class A) | $124 | 1.22% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class A shares of the Fund, excluding sales charge, returned 3.11%. For the same time period, the S&P Municipal Bond California 5+ Year Investment Grade Index (the "Benchmark") returned 5.25%.

#### What contributed to relative performance?
**•** During the fiscal year, overweight exposure to and security selection in the health care sector contributed to the Fund's performance relative to the Benchmark. Sector allocation among AAA-rated bonds also added to relative performance.<sup>‡</sup> Security selection in and an overweight allocation to bonds with durations of 15.00 - 19.99 years contributed to relative performance as well.

#### What detracted from relative performance?
**•** An overweight allocation to tobacco bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year. Overweight exposure to non-rated credits also detracted from relative performance.<sup>‡</sup> Overweight exposure to bonds with durations of 10.00 - 14.99 years detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997288.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco California Municipal Fund (Class A) —including sales charge** | -1.28% | 0.26% | 2.97% |
| **Invesco California Municipal Fund (Class A) —excluding sales charge** | 3.11% | 1.13% | 3.42% |
| **S&P Municipal Bond California 5+ Year Investment Grade Index** | 5.25% | 1.38% | 2.56% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Rochester California Municipal Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2106273413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8420967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 A, RB, 5.00%, 05/01/2049 | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.), Series 2006 C, RB, 0.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;California State University, Series 2025, RB, 5.25%, 11/01/2056 | &nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of California Medical Center, Series 2022 P, RB, 5.00%, 05/15/2047 | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.), Series 2006 D, RB, 0.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB, 5.00%, 12/01/2032 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;San Francisco (City & County of), CA Public Utilities Commission, Series 2024 C, RB, 5.00%, 10/01/2054 | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB, 4.00%, 08/15/2048 | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of California Medical Center, Series 2022 P, RB, 4.00%, 05/15/2053 | &nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;North Orange (County of), CA Community College District, Series 2022 C, GO Bonds, 4.00%, 08/01/2047 | &nbsp;&nbsp;&nbsp;1.04% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997293.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROCAM-AR-A **Invesco California Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco California Municipal Fund

### Class C: OCACX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco California Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco California Municipal Fund<br>(Class C) | $199 | 1.97% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class C shares of the Fund, excluding sales charge, returned 2.46%. For the same time period, the S&P Municipal Bond California 5+ Year Investment Grade Index (the "Benchmark") returned 5.25%.

#### What contributed to relative performance?
**•** During the fiscal year, overweight exposure to and security selection in the health care sector contributed to the Fund's performance relative to the Benchmark. Sector allocation among AAA-rated bonds also added to relative performance.<sup>‡</sup> Security selection in and an overweight allocation to bonds with durations of 15.00 - 19.99 years contributed to relative performance as well.

#### What detracted from relative performance?
**•** An overweight allocation to tobacco bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year. Overweight exposure to non-rated credits also detracted from relative performance.<sup>‡</sup> Overweight exposure to bonds with durations of 10.00 - 14.99 years detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997324.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco California Municipal Fund (Class C) —including sales charge** | 1.47% | 0.40% | 2.81% |
| **Invesco California Municipal Fund (Class C) —excluding sales charge** | 2.46% | 0.40% | 2.81% |
| **S&P Municipal Bond California 5+ Year Investment Grade Index** | 5.25% | 1.38% | 2.56% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Rochester California Municipal Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2106273413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8420967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 A, RB, 5.00%, 05/01/2049 | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.), Series 2006 C, RB, 0.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;California State University, Series 2025, RB, 5.25%, 11/01/2056 | &nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of California Medical Center, Series 2022 P, RB, 5.00%, 05/15/2047 | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.), Series 2006 D, RB, 0.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB, 5.00%, 12/01/2032 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;San Francisco (City & County of), CA Public Utilities Commission, Series 2024 C, RB, 5.00%, 10/01/2054 | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB, 4.00%, 08/15/2048 | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of California Medical Center, Series 2022 P, RB, 4.00%, 05/15/2053 | &nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;North Orange (County of), CA Community College District, Series 2022 C, GO Bonds, 4.00%, 08/01/2047 | &nbsp;&nbsp;&nbsp;1.04% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997329.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROCAM-AR-C **Invesco California Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco California Municipal Fund

### Class Y: OCAYX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco California Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco California Municipal Fund<br>(Class Y) | $99 | 0.97% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class Y shares of the Fund returned 3.37%. For the same time period, the S&P Municipal Bond California 5+ Year Investment Grade Index (the "Benchmark") returned 5.25%.

#### What contributed to relative performance?
**•** During the fiscal year, overweight exposure to and security selection in the health care sector contributed to the Fund's performance relative to the Benchmark. Sector allocation among AAA-rated bonds also added to relative performance.<sup>‡</sup> Security selection in and an overweight allocation to bonds with durations of 15.00 - 19.99 years contributed to relative performance as well.

#### What detracted from relative performance?
**•** An overweight allocation to tobacco bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year. Overweight exposure to non-rated credits also detracted from relative performance.<sup>‡</sup> Overweight exposure to bonds with durations of 10.00 - 14.99 years detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997360.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco California Municipal Fund (Class Y)** | 3.37% | 1.38% | 3.67% |
| **S&P Municipal Bond California 5+ Year Investment Grade Index** | 5.25% | 1.38% | 2.56% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Rochester California Municipal Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2106273413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8420967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 A, RB, 5.00%, 05/01/2049 | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.), Series 2006 C, RB, 0.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;California State University, Series 2025, RB, 5.25%, 11/01/2056 | &nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of California Medical Center, Series 2022 P, RB, 5.00%, 05/15/2047 | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.), Series 2006 D, RB, 0.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB, 5.00%, 12/01/2032 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;San Francisco (City & County of), CA Public Utilities Commission, Series 2024 C, RB, 5.00%, 10/01/2054 | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB, 4.00%, 08/15/2048 | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of California Medical Center, Series 2022 P, RB, 4.00%, 05/15/2053 | &nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;North Orange (County of), CA Community College District, Series 2022 C, GO Bonds, 4.00%, 08/01/2047 | &nbsp;&nbsp;&nbsp;1.04% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997365.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROCAM-AR-Y **Invesco California Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco California Municipal Fund

### Class R6: IORCX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco California Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco California Municipal Fund<br>(Class R6) | $93 | 0.91% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class R6 shares of the Fund returned 3.43%. For the same time period, the S&P Municipal Bond California 5+ Year Investment Grade Index (the "Benchmark") returned 5.25%.

#### What contributed to relative performance?
**•** During the fiscal year, overweight exposure to and security selection in the health care sector contributed to the Fund's performance relative to the Benchmark. Sector allocation among AAA-rated bonds also added to relative performance.<sup>‡</sup> Security selection in and an overweight allocation to bonds with durations of 15.00 - 19.99 years contributed to relative performance as well.

#### What detracted from relative performance?
**•** An overweight allocation to tobacco bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year. Overweight exposure to non-rated credits also detracted from relative performance.<sup>‡</sup> Overweight exposure to bonds with durations of 10.00 - 14.99 years detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997396.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco California Municipal Fund (Class R6)** | 3.43% | 1.49% | 3.67% |
| **S&P Municipal Bond California 5+ Year Investment Grade Index** | 5.25% | 1.38% | 2.56% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Class R6 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Rochester California Municipal Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2106273413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8420967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 A, RB, 5.00%, 05/01/2049 | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.), Series 2006 C, RB, 0.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;California State University, Series 2025, RB, 5.25%, 11/01/2056 | &nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of California Medical Center, Series 2022 P, RB, 5.00%, 05/15/2047 | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.), Series 2006 D, RB, 0.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB, 5.00%, 12/01/2032 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;San Francisco (City & County of), CA Public Utilities Commission, Series 2024 C, RB, 5.00%, 10/01/2054 | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB, 4.00%, 08/15/2048 | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of California Medical Center, Series 2022 P, RB, 4.00%, 05/15/2053 | &nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;North Orange (County of), CA Community College District, Series 2022 C, GO Bonds, 4.00%, 08/01/2047 | &nbsp;&nbsp;&nbsp;1.04% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997401.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROCAM-AR-R6 **Invesco California Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco High Yield Municipal Fund

### Class A: ACTHX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco High Yield Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco High Yield Municipal Fund<br> (Class A) | $130 | 1.28% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

 **•** For the fiscal year ended February 28, 2026, Class A shares of the Fund, excluding sales charge, returned 2.70%. For the same time period, the Custom Invesco High Yield Municipal Index (the "Benchmark") returned 3.50%.

#### What contributed to relative performance?
 **•** During the fiscal year, security selection among bonds and the allocation in the industrial development revenue/pollution control revenue bonds contributed to the Fund's performance relative to the Benchmark. Security selection in non-rated credits also added to relative performance.<sup>‡</sup> On a regional level, underweight exposure to and security selection among credits domiciled in Florida contributed to relative performance.

#### What detracted from relative performance?
 **•** An overweight sector allocation among bonds in the tobacco sector detracted from the Fund's performance relative to the Benchmark during the fiscal year. Security selection among longer duration bonds (greater than 10.00 years) also detracted from relative performance. On a regional level, overweight exposure to and security selection among bonds domiciled in New York detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996153.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco High Yield Municipal Fund (Class A) —including sales charge** | -1.65% | 0.07% | 2.45% |
| **Invesco High Yield Municipal Fund (Class A) —excluding sales charge** | 2.70% | 0.94% | 2.89% |
| **Custom Invesco High Yield Municipal Index** | 3.50% | 2.25% | 3.97% |
| **S&P Municipal Bond High Yield Index** | 3.13% | 2.42% | 4.36% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

The Custom Invesco High Yield Municipal Index is composed of 80% S&P Municipal Bond High Yield Index and 20% S&P Municipal Bond Investment Grade Index.

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7045234295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$35724941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2005 A, RB, 0.00%, 05/15/2050 | &nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities), Series 2017 A, RB, 7.00%, 06/01/2046 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chicago (City of), IL, Series 2017 A, Ref. GO Bonds, 6.00%, 01/01/2038 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB, 5.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nassau County Tobacco Settlement Corp., Series 2006 A-3, RB, 5.13%, 06/01/2046 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Finance Authority (Park Place of Elmhurst), Series 2016, RB, 5.13%, 05/15/2060 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tulsa (City of), OK Airports Improvement Trust, Series 2001 C, Ref. RB, 5.50%, 12/01/2035 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp. (3 World Trade Center), Series 2014-3, Ref. RB, 7.25%, 11/15/2044 | &nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program), Series 2006 A, RB, 0.00%, 06/01/2046 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hillsborough County Industrial Development Authority, Series 2025, RB, 5.50%, 11/15/2054 | &nbsp;&nbsp;&nbsp;0.65% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996148.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-HYM-AR-A **Invesco High Yield Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco High Yield Municipal Fund

### Class C: ACTFX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco High Yield Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco High Yield Municipal Fund<br>(Class C) | $204 | 2.02% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class C shares of the Fund, excluding sales charge, returned 1.94%. For the same time period, the Custom Invesco High Yield Municipal Index (the "Benchmark") returned 3.50%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among bonds and the allocation in the industrial development revenue/pollution control revenue bonds contributed to the Fund's performance relative to the Benchmark. Security selection in non-rated credits also added to relative performance.<sup>‡</sup> On a regional level, underweight exposure to and security selection among credits domiciled in Florida contributed to relative performance.

#### What detracted from relative performance?
**•** An overweight sector allocation among bonds in the tobacco sector detracted from the Fund's performance relative to the Benchmark during the fiscal year. Security selection among longer duration bonds (greater than 10.00 years) also detracted from relative performance. On a regional level, overweight exposure to and security selection among bonds domiciled in New York detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996172.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco High Yield Municipal Fund (Class C) —including sales charge** | 0.97% | 0.20% | 2.29% |
| **Invesco High Yield Municipal Fund (Class C) —excluding sales charge** | 1.94% | 0.20% | 2.29% |
| **Custom Invesco High Yield Municipal Index** | 3.50% | 2.25% | 3.97% |
| **S&P Municipal Bond High Yield Index** | 3.13% | 2.42% | 4.36% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

The Custom Invesco High Yield Municipal Index is composed of 80% S&P Municipal Bond High Yield Index and 20% S&P Municipal Bond Investment Grade Index.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7045234295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$35724941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2005 A, RB, 0.00%, 05/15/2050 | &nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities), Series 2017 A, RB, 7.00%, 06/01/2046 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chicago (City of), IL, Series 2017 A, Ref. GO Bonds, 6.00%, 01/01/2038 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB, 5.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nassau County Tobacco Settlement Corp., Series 2006 A-3, RB, 5.13%, 06/01/2046 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Finance Authority (Park Place of Elmhurst), Series 2016, RB, 5.13%, 05/15/2060 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tulsa (City of), OK Airports Improvement Trust, Series 2001 C, Ref. RB, 5.50%, 12/01/2035 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp. (3 World Trade Center), Series 2014-3, Ref. RB, 7.25%, 11/15/2044 | &nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program), Series 2006 A, RB, 0.00%, 06/01/2046 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hillsborough County Industrial Development Authority, Series 2025, RB, 5.50%, 11/15/2054 | &nbsp;&nbsp;&nbsp;0.65% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996177.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-HYM-AR-C **Invesco High Yield Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco High Yield Municipal Fund

### Class Y: ACTDX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco High Yield Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco High Yield Municipal Fund<br>(Class Y) | $105 | 1.03% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class Y shares of the Fund returned 2.96%. For the same time period, the Custom Invesco High Yield Municipal Index (the "Benchmark") returned 3.50%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among bonds and the allocation in the industrial development revenue/pollution control revenue bonds contributed to the Fund's performance relative to the Benchmark. Security selection in non-rated credits also added to relative performance.<sup>‡</sup> On a regional level, underweight exposure to and security selection among credits domiciled in Florida contributed to relative performance.

#### What detracted from relative performance?
**•** An overweight sector allocation among bonds in the tobacco sector detracted from the Fund's performance relative to the Benchmark during the fiscal year. Security selection among longer duration bonds (greater than 10.00 years) also detracted from relative performance. On a regional level, overweight exposure to and security selection among bonds domiciled in New York detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996208.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco High Yield Municipal Fund (Class Y)** | 2.96% | 1.18% | 3.15% |
| **Custom Invesco High Yield Municipal Index** | 3.50% | 2.25% | 3.97% |
| **S&P Municipal Bond High Yield Index** | 3.13% | 2.42% | 4.36% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

The Custom Invesco High Yield Municipal Index is composed of 80% S&P Municipal Bond High Yield Index and 20% S&P Municipal Bond Investment Grade Index.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7045234295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$35724941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2005 A, RB, 0.00%, 05/15/2050 | &nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities), Series 2017 A, RB, 7.00%, 06/01/2046 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chicago (City of), IL, Series 2017 A, Ref. GO Bonds, 6.00%, 01/01/2038 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB, 5.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nassau County Tobacco Settlement Corp., Series 2006 A-3, RB, 5.13%, 06/01/2046 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Finance Authority (Park Place of Elmhurst), Series 2016, RB, 5.13%, 05/15/2060 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tulsa (City of), OK Airports Improvement Trust, Series 2001 C, Ref. RB, 5.50%, 12/01/2035 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp. (3 World Trade Center), Series 2014-3, Ref. RB, 7.25%, 11/15/2044 | &nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program), Series 2006 A, RB, 0.00%, 06/01/2046 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hillsborough County Industrial Development Authority, Series 2025, RB, 5.50%, 11/15/2054 | &nbsp;&nbsp;&nbsp;0.65% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996213.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-HYM-AR-Y **Invesco High Yield Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco High Yield Municipal Fund

### Class R5: ACTNX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco High Yield Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco High Yield Municipal Fund<br>(Class R5) | $100 | 0.99% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class R5 shares of the Fund returned 3.00%. For the same time period, the Custom Invesco High Yield Municipal Index (the "Benchmark") returned 3.50%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among bonds and the allocation in the industrial development revenue/pollution control revenue bonds contributed to the Fund's performance relative to the Benchmark. Security selection in non-rated credits also added to relative performance.<sup>‡</sup> On a regional level, underweight exposure to and security selection among credits domiciled in Florida contributed to relative performance.

#### What detracted from relative performance?
**•** An overweight sector allocation among bonds in the tobacco sector detracted from the Fund's performance relative to the Benchmark during the fiscal year. Security selection among longer duration bonds (greater than 10.00 years) also detracted from relative performance. On a regional level, overweight exposure to and security selection among bonds domiciled in New York detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996244.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco High Yield Municipal Fund (Class R5)** | 3.00% | 1.21% | 3.14% |
| **Custom Invesco High Yield Municipal Index** | 3.50% | 2.25% | 3.97% |
| **S&P Municipal Bond High Yield Index** | 3.13% | 2.42% | 4.36% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

The Custom Invesco High Yield Municipal Index is composed of 80% S&P Municipal Bond High Yield Index and 20% S&P Municipal Bond Investment Grade Index.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7045234295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$35724941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2005 A, RB, 0.00%, 05/15/2050 | &nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities), Series 2017 A, RB, 7.00%, 06/01/2046 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chicago (City of), IL, Series 2017 A, Ref. GO Bonds, 6.00%, 01/01/2038 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB, 5.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nassau County Tobacco Settlement Corp., Series 2006 A-3, RB, 5.13%, 06/01/2046 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Finance Authority (Park Place of Elmhurst), Series 2016, RB, 5.13%, 05/15/2060 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tulsa (City of), OK Airports Improvement Trust, Series 2001 C, Ref. RB, 5.50%, 12/01/2035 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp. (3 World Trade Center), Series 2014-3, Ref. RB, 7.25%, 11/15/2044 | &nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program), Series 2006 A, RB, 0.00%, 06/01/2046 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hillsborough County Industrial Development Authority, Series 2025, RB, 5.50%, 11/15/2054 | &nbsp;&nbsp;&nbsp;0.65% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996249.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio decreased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-HYM-AR-R5 **Invesco High Yield Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco High Yield Municipal Fund

### Class R6: ACTSX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco High Yield Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco High Yield Municipal Fund<br> (Class R6) | $100 | 0.99% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

 **•** For the fiscal year ended February 28, 2026, Class R6 shares of the Fund returned 3.00%. For the same time period, the Custom Invesco High Yield Municipal Index (the "Benchmark") returned 3.50%.

#### What contributed to relative performance?
 **•** During the fiscal year, security selection among bonds and the allocation in the industrial development revenue/pollution control revenue bonds contributed to the Fund's performance relative to the Benchmark. Security selection in non-rated credits also added to relative performance.<sup>‡</sup> On a regional level, underweight exposure to and security selection among credits domiciled in Florida contributed to relative performance.

#### What detracted from relative performance?
 **•** An overweight sector allocation among bonds in the tobacco sector detracted from the Fund's performance relative to the Benchmark during the fiscal year. Security selection among longer duration bonds (greater than 10.00 years) also detracted from relative performance. On a regional level, overweight exposure to and security selection among bonds domiciled in New York detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996280.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco High Yield Municipal Fund (Class R6)** | 3.00% | 1.24% | 3.17% |
| **Custom Invesco High Yield Municipal Index** | 3.50% | 2.25% | 3.97% |
| **S&P Municipal Bond High Yield Index** | 3.13% | 2.42% | 4.36% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

The Custom Invesco High Yield Municipal Index is composed of 80% S&P Municipal Bond High Yield Index and 20% S&P Municipal Bond Investment Grade Index.

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares. Class R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7045234295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$35724941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2005 A, RB, 0.00%, 05/15/2050 | &nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation Facilities), Series 2017 A, RB, 7.00%, 06/01/2046 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chicago (City of), IL, Series 2017 A, Ref. GO Bonds, 6.00%, 01/01/2038 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB, 5.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nassau County Tobacco Settlement Corp., Series 2006 A-3, RB, 5.13%, 06/01/2046 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Finance Authority (Park Place of Elmhurst), Series 2016, RB, 5.13%, 05/15/2060 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tulsa (City of), OK Airports Improvement Trust, Series 2001 C, Ref. RB, 5.50%, 12/01/2035 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp. (3 World Trade Center), Series 2014-3, Ref. RB, 7.25%, 11/15/2044 | &nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program), Series 2006 A, RB, 0.00%, 06/01/2046 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hillsborough County Industrial Development Authority, Series 2025, RB, 5.50%, 11/15/2054 | &nbsp;&nbsp;&nbsp;0.65% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996285.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-HYM-AR-R6 **Invesco High Yield Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Intermediate Term Municipal Income Fund

### Class A: VKLMX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Intermediate Term Municipal Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Intermediate Term Municipal Income Fund<br>(Class A) | $80 | 0.78% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class A shares of the Fund, excluding sales charge, returned 4.78%. For the same time period, the S&P Municipal Bond 2-17 Years Investment Grade Index (the "Benchmark") returned 5.77%.

#### What contributed to relative performance?
**•** During the fiscal year, an overweight allocation to and security selection among bonds in the housing sector contributed to the Fund's performance relative to the Benchmark. An underweight allocation to and security selection among AAA-rated bonds also added to relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Washington DC contributed to relative performance.

#### What detracted from relative performance?
**•** An overweight allocation to bonds in the industrial development revenue/pollution control revenue sector detracted from the Fund's performance relative to the Benchmark during the fiscal year. An overweight allocation to non-rated bonds detracted from relative performance.<sup>‡</sup> On a state level, underweight exposure to bonds domiciled in California detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996316.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Intermediate Term Municipal Income Fund (Class A) —including sales charge** | 2.15% | 1.07% | 2.01% |
| **Invesco Intermediate Term Municipal Income Fund (Class A) —excluding sales charge** | 4.78% | 1.58% | 2.27% |
| **S&P Municipal Bond 2-17 Years Investment Grade Index** | 5.77% | 1.73% | 2.37% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2204513734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8339074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Intermediate Municipal ETF | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport), Series 2016, Ref. RB, 5.00%, 08/01/2031 | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series 2018 A-1, RB, 0.00%, 07/01/2029 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX (United Airlines, Inc.), Series 2021 B-1, RB, 4.00%, 07/15/2041 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cape Coral (City of), FL, Series 2017, Ref. RB, 4.00%, 10/01/2042 | &nbsp;&nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broward (County of), FL (Convention Center Expansion), Series 2021, RB, 4.00%, 09/01/2037 | &nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX Airport System (United Airlines, Inc.), Series 2024 B, RB, 5.50%, 07/15/2035 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series 2015 A, Ref. RB, 5.00%, 06/01/2035 | &nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp. (Goldman Sachs Headquarters), Series 2005, Ref. RB, 5.25%, 10/01/2035 | &nbsp;&nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX Airport System (United Airlines, Inc.), Series 2024 B, RB, 5.50%, 07/15/2039 | &nbsp;&nbsp;&nbsp;0.53% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996321.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-ITMI-AR-A **Invesco Intermediate Term Municipal Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Intermediate Term Municipal Income Fund

### Class C: VKLCX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Intermediate Term Municipal Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Intermediate Term Municipal Income Fund<br>(Class C) | $156 | 1.53% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class C shares of the Fund, excluding sales charge, returned 4.01%. For the same time period, the S&P Municipal Bond 2-17 Years Investment Grade Index (the "Benchmark") returned 5.77%.

#### What contributed to relative performance?
**•** During the fiscal year, an overweight allocation to and security selection among bonds in the housing sector contributed to the Fund's performance relative to the Benchmark. An underweight allocation to and security selection among AAA-rated bonds also added to relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Washington DC contributed to relative performance.

#### What detracted from relative performance?
**•** An overweight allocation to bonds in the industrial development revenue/pollution control revenue sector detracted from the Fund's performance relative to the Benchmark during the fiscal year. An overweight allocation to non-rated bonds detracted from relative performance.<sup>‡</sup> On a state level, underweight exposure to bonds domiciled in California detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996352.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Intermediate Term Municipal Income Fund (Class C) —including sales charge** | 3.01% | 0.83% | 1.66% |
| **Invesco Intermediate Term Municipal Income Fund (Class C) —excluding sales charge** | 4.01% | 0.83% | 1.66% |
| **S&P Municipal Bond 2-17 Years Investment Grade Index** | 5.77% | 1.73% | 2.37% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2204513734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8339074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Intermediate Municipal ETF | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport), Series 2016, Ref. RB, 5.00%, 08/01/2031 | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series 2018 A-1, RB, 0.00%, 07/01/2029 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX (United Airlines, Inc.), Series 2021 B-1, RB, 4.00%, 07/15/2041 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cape Coral (City of), FL, Series 2017, Ref. RB, 4.00%, 10/01/2042 | &nbsp;&nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broward (County of), FL (Convention Center Expansion), Series 2021, RB, 4.00%, 09/01/2037 | &nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX Airport System (United Airlines, Inc.), Series 2024 B, RB, 5.50%, 07/15/2035 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series 2015 A, Ref. RB, 5.00%, 06/01/2035 | &nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp. (Goldman Sachs Headquarters), Series 2005, Ref. RB, 5.25%, 10/01/2035 | &nbsp;&nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX Airport System (United Airlines, Inc.), Series 2024 B, RB, 5.50%, 07/15/2039 | &nbsp;&nbsp;&nbsp;0.53% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996357.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-ITMI-AR-C **Invesco Intermediate Term Municipal Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Intermediate Term Municipal Income Fund

### Class Y: VKLIX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Intermediate Term Municipal Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Intermediate Term Municipal Income Fund<br>(Class Y) | $54 | 0.53% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class Y shares of the Fund returned 5.04%. For the same time period, the S&P Municipal Bond 2-17 Years Investment Grade Index (the "Benchmark") returned 5.77%.

#### What contributed to relative performance?
**•** During the fiscal year, an overweight allocation to and security selection among bonds in the housing sector contributed to the Fund's performance relative to the Benchmark. An underweight allocation to and security selection among AAA-rated bonds also added to relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Washington DC contributed to relative performance.

#### What detracted from relative performance?
**•** An overweight allocation to bonds in the industrial development revenue/pollution control revenue sector detracted from the Fund's performance relative to the Benchmark during the fiscal year. An overweight allocation to non-rated bonds detracted from relative performance.<sup>‡</sup> On a state level, underweight exposure to bonds domiciled in California detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996388.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Intermediate Term Municipal Income Fund (Class Y)** | 5.04% | 1.83% | 2.53% |
| **S&P Municipal Bond 2-17 Years Investment Grade Index** | 5.77% | 1.73% | 2.37% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2204513734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8339074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Intermediate Municipal ETF | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport), Series 2016, Ref. RB, 5.00%, 08/01/2031 | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series 2018 A-1, RB, 0.00%, 07/01/2029 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX (United Airlines, Inc.), Series 2021 B-1, RB, 4.00%, 07/15/2041 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cape Coral (City of), FL, Series 2017, Ref. RB, 4.00%, 10/01/2042 | &nbsp;&nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broward (County of), FL (Convention Center Expansion), Series 2021, RB, 4.00%, 09/01/2037 | &nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX Airport System (United Airlines, Inc.), Series 2024 B, RB, 5.50%, 07/15/2035 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series 2015 A, Ref. RB, 5.00%, 06/01/2035 | &nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp. (Goldman Sachs Headquarters), Series 2005, Ref. RB, 5.25%, 10/01/2035 | &nbsp;&nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX Airport System (United Airlines, Inc.), Series 2024 B, RB, 5.50%, 07/15/2039 | &nbsp;&nbsp;&nbsp;0.53% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996393.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-ITMI-AR-Y **Invesco Intermediate Term Municipal Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Intermediate Term Municipal Income Fund

### Class R6: VKLSX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Intermediate Term Municipal Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Intermediate Term Municipal Income Fund<br>(Class R6) | $49 | 0.48% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class R6 shares of the Fund returned 5.09%. For the same time period, the S&P Municipal Bond 2-17 Years Investment Grade Index (the "Benchmark") returned 5.77%.

#### What contributed to relative performance?
**•** During the fiscal year, an overweight allocation to and security selection among bonds in the housing sector contributed to the Fund's performance relative to the Benchmark. An underweight allocation to and security selection among AAA-rated bonds also added to relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Washington DC contributed to relative performance.

#### What detracted from relative performance?
**•** An overweight allocation to bonds in the industrial development revenue/pollution control revenue sector detracted from the Fund's performance relative to the Benchmark during the fiscal year. An overweight allocation to non-rated bonds detracted from relative performance.<sup>‡</sup> On a state level, underweight exposure to bonds domiciled in California detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996424.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Intermediate Term Municipal Income Fund (Class R6)** | 5.09% | 1.89% | 2.54% |
| **S&P Municipal Bond 2-17 Years Investment Grade Index** | 5.77% | 1.73% | 2.37% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares. Class R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2204513734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8339074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Intermediate Municipal ETF | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport), Series 2016, Ref. RB, 5.00%, 08/01/2031 | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series 2018 A-1, RB, 0.00%, 07/01/2029 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX (United Airlines, Inc.), Series 2021 B-1, RB, 4.00%, 07/15/2041 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cape Coral (City of), FL, Series 2017, Ref. RB, 4.00%, 10/01/2042 | &nbsp;&nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broward (County of), FL (Convention Center Expansion), Series 2021, RB, 4.00%, 09/01/2037 | &nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX Airport System (United Airlines, Inc.), Series 2024 B, RB, 5.50%, 07/15/2035 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series 2015 A, Ref. RB, 5.00%, 06/01/2035 | &nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp. (Goldman Sachs Headquarters), Series 2005, Ref. RB, 5.25%, 10/01/2035 | &nbsp;&nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX Airport System (United Airlines, Inc.), Series 2024 B, RB, 5.50%, 07/15/2039 | &nbsp;&nbsp;&nbsp;0.53% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996429.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-ITMI-AR-R6 **Invesco Intermediate Term Municipal Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Limited Term California Municipal Fund

### Class A: OLCAX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Limited Term California Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Limited Term California Municipal Fund<br>(Class A) | $81 | 0.79% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class A shares of the Fund, excluding sales charge, returned 4.30%. For the same time period, the S&P Municipal California Investment Grade 4-7 Years Bond Index (the "Benchmark") returned 5.67%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection in and an overweight exposure to medium duration bonds (7.00 years and greater) contributed to the Fund's performance relative to the Benchmark. Security selection among higher coupon bonds (6.50% and greater) also contributed positively to the Fund's relative performance. Security selection among State General Obligation bonds contributed to the Fund's relative return.

#### What detracted from relative performance?
**•** Security selection among zero coupon bonds detracted from the Fund's performance relative to the Benchmark. An overweight exposure among A-rated bonds was also detractive from relative return.<sup>‡</sup> An underweight allocation to industrial development revenue/pollution control revenue bonds also detracted from the Fund's relative performance during the fiscal year.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997612.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Limited Term California Municipal Fund (Class A) —including sales charge** | 1.69% | 0.96% | 2.25% |
| **Invesco Limited Term California Municipal Fund (Class A) —excluding sales charge** | 4.30% | 1.50% | 2.50% |
| **S&P Municipal California Investment Grade 4-7 Years Bond Index** | 5.67% | 1.53% | 1.84% |
| **S&P Municipal Bond 2-17 Years Investment Grade Index** | 5.77% | 1.73% | 2.37% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Rochester Limited Term California Municipal Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$886124754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3336677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Los Angeles (City of), CA Department of Airports, Series 2017, Sub. RB, 5.00%, 05/15/2041 | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024 F, RB, 5.00%, 11/01/2032 | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Long Beach (City of), CA, Series 2017 A, RB, 5.00%, 05/15/2040 | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Municipal Finance Authority (United Airlines, Inc.), Series 2019, RB, 4.00%, 07/15/2029 | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;San Jose (City of), CA, Series 2017 A, Ref. RB, 5.00%, 03/01/2047 | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2018 D, RB, 5.00%, 05/01/2043 | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.), Series 2019, Ref. RB, 5.00%, 06/01/2048 | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2025, Ref. GO Bonds, 5.00%, 08/01/2045 | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Green Bonds), Series 2026, RB, 5.00%, 03/01/2036 | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB, 5.00%, 10/01/2032 | &nbsp;&nbsp;&nbsp;1.22% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997617.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROLTCAM-AR-A **Invesco Limited Term California Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Limited Term California Municipal Fund

### Class C: OLCCX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Limited Term California Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Limited Term California Municipal Fund<br>(Class C) | $157 | 1.54% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class C shares of the Fund, excluding sales charge, returned 3.87%. For the same time period, the S&P Municipal California Investment Grade 4-7 Years Bond Index (the "Benchmark") returned 5.67%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection in and an overweight exposure to medium duration bonds (7.00 years and greater) contributed to the Fund's performance relative to the Benchmark. Security selection among higher coupon bonds (6.50% and greater) also contributed positively to the Fund's relative performance. Security selection among State General Obligation bonds contributed to the Fund's relative return.

#### What detracted from relative performance?
**•** Security selection among zero coupon bonds detracted from the Fund's performance relative to the Benchmark. An overweight exposure among A-rated bonds was also detractive from relative return.<sup>‡</sup> An underweight allocation to industrial development revenue/pollution control revenue bonds also detracted from the Fund's relative performance during the fiscal year.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997648.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Limited Term California Municipal Fund (Class C) —including sales charge** | 2.87% | 0.81% | 1.86% |
| **Invesco Limited Term California Municipal Fund (Class C) —excluding sales charge** | 3.87% | 0.81% | 1.86% |
| **S&P Municipal California Investment Grade 4-7 Years Bond Index** | 5.67% | 1.53% | 1.84% |
| **S&P Municipal Bond 2-17 Years Investment Grade Index** | 5.77% | 1.73% | 2.37% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Rochester Limited Term California Municipal Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$886124754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3336677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Los Angeles (City of), CA Department of Airports, Series 2017, Sub. RB, 5.00%, 05/15/2041 | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024 F, RB, 5.00%, 11/01/2032 | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Long Beach (City of), CA, Series 2017 A, RB, 5.00%, 05/15/2040 | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Municipal Finance Authority (United Airlines, Inc.), Series 2019, RB, 4.00%, 07/15/2029 | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;San Jose (City of), CA, Series 2017 A, Ref. RB, 5.00%, 03/01/2047 | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2018 D, RB, 5.00%, 05/01/2043 | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.), Series 2019, Ref. RB, 5.00%, 06/01/2048 | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2025, Ref. GO Bonds, 5.00%, 08/01/2045 | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Green Bonds), Series 2026, RB, 5.00%, 03/01/2036 | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB, 5.00%, 10/01/2032 | &nbsp;&nbsp;&nbsp;1.22% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997653.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROLTCAM-AR-C **Invesco Limited Term California Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Limited Term California Municipal Fund

### Class Y: OLCYX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Limited Term California Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Limited Term California Municipal Fund<br>(Class Y) | $55 | 0.54% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class Y shares of the Fund returned 4.57%. For the same time period, the S&P Municipal California Investment Grade 4-7 Years Bond Index (the "Benchmark") returned 5.67%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection in and an overweight exposure to medium duration bonds (7.00 years and greater) contributed to the Fund's performance relative to the Benchmark. Security selection among higher coupon bonds (6.50% and greater) also contributed positively to the Fund's relative performance. Security selection among State General Obligation bonds contributed to the Fund's relative return.

#### What detracted from relative performance?
**•** Security selection among zero coupon bonds detracted from the Fund's performance relative to the Benchmark. An overweight exposure among A-rated bonds was also detractive from relative return.<sup>‡</sup> An underweight allocation to industrial development revenue/pollution control revenue bonds also detracted from the Fund's relative performance during the fiscal year.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997684.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Limited Term California Municipal Fund (Class Y)** | 4.57% | 1.77% | 2.75% |
| **S&P Municipal California Investment Grade 4-7 Years Bond Index** | 5.67% | 1.53% | 1.84% |
| **S&P Municipal Bond 2-17 Years Investment Grade Index** | 5.77% | 1.73% | 2.37% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Rochester Limited Term California Municipal Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$886124754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3336677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Los Angeles (City of), CA Department of Airports, Series 2017, Sub. RB, 5.00%, 05/15/2041 | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024 F, RB, 5.00%, 11/01/2032 | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Long Beach (City of), CA, Series 2017 A, RB, 5.00%, 05/15/2040 | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Municipal Finance Authority (United Airlines, Inc.), Series 2019, RB, 4.00%, 07/15/2029 | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;San Jose (City of), CA, Series 2017 A, Ref. RB, 5.00%, 03/01/2047 | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2018 D, RB, 5.00%, 05/01/2043 | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.), Series 2019, Ref. RB, 5.00%, 06/01/2048 | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2025, Ref. GO Bonds, 5.00%, 08/01/2045 | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Green Bonds), Series 2026, RB, 5.00%, 03/01/2036 | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB, 5.00%, 10/01/2032 | &nbsp;&nbsp;&nbsp;1.22% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997689.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROLTCAM-AR-Y **Invesco Limited Term California Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Limited Term California Municipal Fund

### Class R6: IORLX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Limited Term California Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Limited Term California Municipal Fund<br>(Class R6) | $49 | 0.48% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class R6 shares of the Fund returned 4.62%. For the same time period, the S&P Municipal California Investment Grade 4-7 Years Bond Index (the "Benchmark") returned 5.67%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection in and an overweight exposure to medium duration bonds (7.00 years and greater) contributed to the Fund's performance relative to the Benchmark. Security selection among higher coupon bonds (6.50% and greater) also contributed positively to the Fund's relative performance. Security selection among State General Obligation bonds contributed to the Fund's relative return.

#### What detracted from relative performance?
**•** Security selection among zero coupon bonds detracted from the Fund's performance relative to the Benchmark. An overweight exposure among A-rated bonds was also detractive from relative return.<sup>‡</sup> An underweight allocation to industrial development revenue/pollution control revenue bonds also detracted from the Fund's relative performance during the fiscal year.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997720.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Limited Term California Municipal Fund (Class R6)** | 4.62% | 1.82% | 2.71% |
| **S&P Municipal California Investment Grade 4-7 Years Bond Index** | 5.67% | 1.53% | 1.84% |
| **S&P Municipal Bond 2-17 Years Investment Grade Index** | 5.77% | 1.73% | 2.37% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Class R6 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Rochester Limited Term California Municipal Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$886124754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3336677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Los Angeles (City of), CA Department of Airports, Series 2017, Sub. RB, 5.00%, 05/15/2041 | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024 F, RB, 5.00%, 11/01/2032 | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Long Beach (City of), CA, Series 2017 A, RB, 5.00%, 05/15/2040 | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Municipal Finance Authority (United Airlines, Inc.), Series 2019, RB, 4.00%, 07/15/2029 | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;San Jose (City of), CA, Series 2017 A, Ref. RB, 5.00%, 03/01/2047 | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2018 D, RB, 5.00%, 05/01/2043 | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.), Series 2019, Ref. RB, 5.00%, 06/01/2048 | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2025, Ref. GO Bonds, 5.00%, 08/01/2045 | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Green Bonds), Series 2026, RB, 5.00%, 03/01/2036 | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB, 5.00%, 10/01/2032 | &nbsp;&nbsp;&nbsp;1.22% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997725.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROLTCAM-AR-R6 **Invesco Limited Term California Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Limited Term Municipal Income Fund

### Class A: ATFAX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Limited Term Municipal Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Limited Term Municipal Income Fund<br>(Class A) | $60 | 0.59% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class A shares of the Fund, excluding sales charge, returned 4.39%. For the same time period, the S&P Municipal Bond Investment Grade Short Intermediate Index (the "Benchmark") returned 4.95%.

#### What contributed to relative performance?
**•** During the fiscal year, an overweight exposure to and security selection among bonds in the utility sector contributed to the Fund's performance relative to the Benchmark. An overweight allocation to and security selection among A-rated bonds also added to relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Maryland contributed to the Fund's relative performance.

#### What detracted from relative performance?
**•** An underweight allocation to bonds in the industrial development revenue/pollution control revenue sector detracted from the Fund's performance relative to the Benchmark over the fiscal year. An overweight exposure to intermediate duration bonds (7.00 – 14.99 years specifically) also detracted from relative performance. On a state level, security selection among bonds domiciled in Alaska slightly detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996460.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Limited Term Municipal Income Fund (Class A) —including sales charge** | 1.79% | 1.30% | 1.57% |
| **Invesco Limited Term Municipal Income Fund (Class A) —excluding sales charge** | 4.39% | 1.82% | 1.83% |
| **S&P Municipal Bond Investment Grade Short Intermediate Index** | 4.95% | 1.68% | 1.89% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2788433356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6243522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Atlanta (City of), GA, Series 2015, Ref. RB, 5.00%, 11/01/2040 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (The) (No. 7), Series 2021, RB, 4.00%, 12/01/2026 | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB, 5.00%, 02/01/2042 | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB, 5.00%, 10/01/2042 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series 2021 A, RB, 4.00%, 09/01/2027 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB, 5.00%, 07/01/2035 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB, 5.00%, 02/15/2041 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX, Series 2015 A, Ref. RB, 5.00%, 11/15/2036 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kansas (State of) Development Finance Authority, Series 2021, Ref. RB, 5.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp;0.70% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996465.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

LTMI-AR-A **Invesco Limited Term Municipal Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Limited Term Municipal Income Fund

### Class A2: AITFX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Limited Term Municipal Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Limited Term Municipal Income Fund<br>(Class A2) | $35 | 0.34% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class A2 shares of the Fund, excluding sales charge, returned 4.64%. For the same time period, the S&P Municipal Bond Investment Grade Short Intermediate Index (the "Benchmark") returned 4.95%.

#### What contributed to relative performance?
**•** During the fiscal year, an overweight exposure to and security selection among bonds in the utility sector contributed to the Fund's performance relative to the Benchmark. An overweight allocation to and security selection among A-rated bonds also added to relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Maryland contributed to the Fund's relative performance.

#### What detracted from relative performance?
**•** An underweight allocation to bonds in the industrial development revenue/pollution control revenue sector detracted from the Fund's performance relative to the Benchmark over the fiscal year. An overweight exposure to intermediate duration bonds (7.00 – 14.99 years specifically) also detracted from relative performance. On a state level, security selection among bonds domiciled in Alaska slightly detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996640.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Limited Term Municipal Income Fund (Class A2) —including sales charge** | 3.61% | 1.87% | 1.98% |
| **Invesco Limited Term Municipal Income Fund (Class A2) —excluding sales charge** | 4.64% | 2.08% | 2.08% |
| **S&P Municipal Bond Investment Grade Short Intermediate Index** | 4.95% | 1.68% | 1.89% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2788433356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6243522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Atlanta (City of), GA, Series 2015, Ref. RB, 5.00%, 11/01/2040 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (The) (No. 7), Series 2021, RB, 4.00%, 12/01/2026 | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB, 5.00%, 02/01/2042 | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB, 5.00%, 10/01/2042 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series 2021 A, RB, 4.00%, 09/01/2027 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB, 5.00%, 07/01/2035 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB, 5.00%, 02/15/2041 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX, Series 2015 A, Ref. RB, 5.00%, 11/15/2036 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kansas (State of) Development Finance Authority, Series 2021, Ref. RB, 5.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp;0.70% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996645.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

LTMI-AR-A2 **Invesco Limited Term Municipal Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Limited Term Municipal Income Fund

### Class C: ATFCX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Limited Term Municipal Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Limited Term Municipal Income Fund<br>(Class C) | $136 | 1.34% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class C shares of the Fund, excluding sales charge, returned 3.61%. For the same time period, the S&P Municipal Bond Investment Grade Short Intermediate Index (the "Benchmark") returned 4.95%.

#### What contributed to relative performance?
**•** During the fiscal year, an overweight exposure to and security selection among bonds in the utility sector contributed to the Fund's performance relative to the Benchmark. An overweight allocation to and security selection among A-rated bonds also added to relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Maryland contributed to the Fund's relative performance.

#### What detracted from relative performance?
**•** An underweight allocation to bonds in the industrial development revenue/pollution control revenue sector detracted from the Fund's performance relative to the Benchmark over the fiscal year. An overweight exposure to intermediate duration bonds (7.00 – 14.99 years specifically) also detracted from relative performance. On a state level, security selection among bonds domiciled in Alaska slightly detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996496.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Limited Term Municipal Income Fund (Class C) —including sales charge** | 2.61% | 1.06% | 1.22% |
| **Invesco Limited Term Municipal Income Fund (Class C) —excluding sales charge** | 3.61% | 1.06% | 1.22% |
| **S&P Municipal Bond Investment Grade Short Intermediate Index** | 4.95% | 1.68% | 1.89% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2788433356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6243522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Atlanta (City of), GA, Series 2015, Ref. RB, 5.00%, 11/01/2040 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (The) (No. 7), Series 2021, RB, 4.00%, 12/01/2026 | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB, 5.00%, 02/01/2042 | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB, 5.00%, 10/01/2042 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series 2021 A, RB, 4.00%, 09/01/2027 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB, 5.00%, 07/01/2035 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB, 5.00%, 02/15/2041 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX, Series 2015 A, Ref. RB, 5.00%, 11/15/2036 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kansas (State of) Development Finance Authority, Series 2021, Ref. RB, 5.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp;0.70% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996501.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

LTMI-AR-C **Invesco Limited Term Municipal Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Limited Term Municipal Income Fund

### Class Y: ATFYX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Limited Term Municipal Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Limited Term Municipal Income Fund<br>(Class Y) | $35 | 0.34% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class Y shares of the Fund returned 4.56%. For the same time period, the S&P Municipal Bond Investment Grade Short Intermediate Index (the "Benchmark") returned 4.95%.

#### What contributed to relative performance?
**•** During the fiscal year, an overweight exposure to and security selection among bonds in the utility sector contributed to the Fund's performance relative to the Benchmark. An overweight allocation to and security selection among A-rated bonds also added to relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Maryland contributed to the Fund's relative performance.

#### What detracted from relative performance?
**•** An underweight allocation to bonds in the industrial development revenue/pollution control revenue sector detracted from the Fund's performance relative to the Benchmark over the fiscal year. An overweight exposure to intermediate duration bonds (7.00 – 14.99 years specifically) also detracted from relative performance. On a state level, security selection among bonds domiciled in Alaska slightly detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996532.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Limited Term Municipal Income Fund (Class Y)** | 4.56% | 2.06% | 2.08% |
| **S&P Municipal Bond Investment Grade Short Intermediate Index** | 4.95% | 1.68% | 1.89% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2788433356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6243522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Atlanta (City of), GA, Series 2015, Ref. RB, 5.00%, 11/01/2040 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (The) (No. 7), Series 2021, RB, 4.00%, 12/01/2026 | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB, 5.00%, 02/01/2042 | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB, 5.00%, 10/01/2042 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series 2021 A, RB, 4.00%, 09/01/2027 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB, 5.00%, 07/01/2035 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB, 5.00%, 02/15/2041 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX, Series 2015 A, Ref. RB, 5.00%, 11/15/2036 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kansas (State of) Development Finance Authority, Series 2021, Ref. RB, 5.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp;0.70% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996537.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

LTMI-AR-Y **Invesco Limited Term Municipal Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Limited Term Municipal Income Fund

### Class R5: ATFIX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Limited Term Municipal Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Limited Term Municipal Income Fund<br>(Class R5) | $37 | 0.36% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class R5 shares of the Fund returned 4.53%. For the same time period, the S&P Municipal Bond Investment Grade Short Intermediate Index (the "Benchmark") returned 4.95%.

#### What contributed to relative performance?
**•** During the fiscal year, an overweight exposure to and security selection among bonds in the utility sector contributed to the Fund's performance relative to the Benchmark. An overweight allocation to and security selection among A-rated bonds also added to relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Maryland contributed to the Fund's relative performance.

#### What detracted from relative performance?
**•** An underweight allocation to bonds in the industrial development revenue/pollution control revenue sector detracted from the Fund's performance relative to the Benchmark over the fiscal year. An overweight exposure to intermediate duration bonds (7.00 – 14.99 years specifically) also detracted from relative performance. On a state level, security selection among bonds domiciled in Alaska slightly detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996568.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Limited Term Municipal Income Fund (Class R5)** | 4.53% | 2.07% | 2.09% |
| **S&P Municipal Bond Investment Grade Short Intermediate Index** | 4.95% | 1.68% | 1.89% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2788433356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6243522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Atlanta (City of), GA, Series 2015, Ref. RB, 5.00%, 11/01/2040 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (The) (No. 7), Series 2021, RB, 4.00%, 12/01/2026 | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB, 5.00%, 02/01/2042 | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB, 5.00%, 10/01/2042 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series 2021 A, RB, 4.00%, 09/01/2027 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB, 5.00%, 07/01/2035 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB, 5.00%, 02/15/2041 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX, Series 2015 A, Ref. RB, 5.00%, 11/15/2036 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kansas (State of) Development Finance Authority, Series 2021, Ref. RB, 5.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp;0.70% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996573.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

LTMI-AR-R5 **Invesco Limited Term Municipal Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Limited Term Municipal Income Fund

### Class R6: ATFSX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Limited Term Municipal Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Limited Term Municipal Income Fund<br>(Class R6) | $29 | 0.28% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class R6 shares of the Fund returned 4.71%. For the same time period, the S&P Municipal Bond Investment Grade Short Intermediate Index (the "Benchmark") returned 4.95%.

#### What contributed to relative performance?
**•** During the fiscal year, an overweight exposure to and security selection among bonds in the utility sector contributed to the Fund's performance relative to the Benchmark. An overweight allocation to and security selection among A-rated bonds also added to relative performance.<sup>‡</sup> On a state level, security selection among bonds domiciled in Maryland contributed to the Fund's relative performance.

#### What detracted from relative performance?
**•** An underweight allocation to bonds in the industrial development revenue/pollution control revenue sector detracted from the Fund's performance relative to the Benchmark over the fiscal year. An overweight exposure to intermediate duration bonds (7.00 – 14.99 years specifically) also detracted from relative performance. On a state level, security selection among bonds domiciled in Alaska slightly detracted from relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996604.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Limited Term Municipal Income Fund (Class R6)** | 4.71% | 2.16% | 2.12% |
| **S&P Municipal Bond Investment Grade Short Intermediate Index** | 4.95% | 1.68% | 1.89% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares. Class R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2788433356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$6243522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Atlanta (City of), GA, Series 2015, Ref. RB, 5.00%, 11/01/2040 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Series 2019, RB, 5.00%, 09/01/2026 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (The) (No. 7), Series 2021, RB, 4.00%, 12/01/2026 | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB, 5.00%, 02/01/2042 | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB, 5.00%, 10/01/2042 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series 2021 A, RB, 4.00%, 09/01/2027 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB, 5.00%, 07/01/2035 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB, 5.00%, 02/15/2041 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX, Series 2015 A, Ref. RB, 5.00%, 11/15/2036 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kansas (State of) Development Finance Authority, Series 2021, Ref. RB, 5.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp;0.70% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996609.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

LTMI-AR-R6 **Invesco Limited Term Municipal Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Municipal Income Fund

### Class A: VKMMX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Municipal Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Municipal Income Fund<br>(Class A) | $112 | 1.11% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class A shares of the Fund, excluding sales charge, returned 2.60%. For the same time period, the S&P Municipal Bond 5+ Year Investment Grade Index (the "Benchmark") returned 5.24%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection in and an overweight exposure to bonds in the health care sector contributed to the Fund's performance relative to the Benchmark. An overweight allocation to and security selection among bonds with a maturity greater than 30 years also added to relative performance. On a state level, security selection among bonds domiciled in Colorado contributed to relative performance.

#### What detracted from relative performance?
**•** An overweight allocation to bonds in the tobacco sector detracted from the Fund's performance relative to the Benchmark during the fiscal year. Underweight exposure to and security selection among bonds with a coupon between 5.00-5.49% also detracted from relative performance. On a state level, security selection among bonds domiciled in Florida detracted from relative performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996676.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Municipal Income Fund (Class A) —including sales charge** | -1.73% | -0.02% | 1.73% |
| **Invesco Municipal Income Fund (Class A) —excluding sales charge** | 2.60% | 0.85% | 2.17% |
| **S&P Municipal Bond 5+ Year Investment Grade Index** | 5.24% | 1.37% | 2.59% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2787728697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$13544517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade (County of), FL, Subseries 2021 A-1, Ref. RB, 4.00%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB, 4.00%, 10/01/2049 | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lower Alabama Gas District (The), Series 2016 A, RB, 5.00%, 09/01/2046 | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. RB, 5.25%, 07/01/2053 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Houston Methodist Hospital), Series 2025 A, VRD RB, 1.10%, 12/01/2060 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;TSASC, Inc., Series 2016 B, Ref. RB, 5.00%, 06/01/2045 | &nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System, Series 2019 B, RB, 5.00%, 08/15/2049 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB, 5.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbus Regional Airport Authority (John Glenn Columbus International Airport), Series 2025, Ref. RB, 5.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington (State of) Convention Center Public Facilities District, Series 2018, RB, 5.00%, 07/01/2058 | &nbsp;&nbsp;&nbsp;0.59% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996681.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-MINC-AR-A **Invesco Municipal Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Municipal Income Fund

### Class C: VMICX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Municipal Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Municipal Income Fund<br>(Class C) | $188 | 1.86% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class C shares of the Fund, excluding sales charge, returned 1.91%. For the same time period, the S&P Municipal Bond 5+ Year Investment Grade Index (the "Benchmark") returned 5.24%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection in and an overweight exposure to bonds in the health care sector contributed to the Fund's performance relative to the Benchmark. An overweight allocation to and security selection among bonds with a maturity greater than 30 years also added to relative performance. On a state level, security selection among bonds domiciled in Colorado contributed to relative performance.

#### What detracted from relative performance?
**•** An overweight allocation to bonds in the tobacco sector detracted from the Fund's performance relative to the Benchmark during the fiscal year. Underweight exposure to and security selection among bonds with a coupon between 5.00-5.49% also detracted from relative performance. On a state level, security selection among bonds domiciled in Florida detracted from relative performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996712.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Municipal Income Fund (Class C) —including sales charge** | 0.92% | 0.11% | 1.57% |
| **Invesco Municipal Income Fund (Class C) —excluding sales charge** | 1.91% | 0.11% | 1.57% |
| **S&P Municipal Bond 5+ Year Investment Grade Index** | 5.24% | 1.37% | 2.59% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2787728697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$13544517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade (County of), FL, Subseries 2021 A-1, Ref. RB, 4.00%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB, 4.00%, 10/01/2049 | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lower Alabama Gas District (The), Series 2016 A, RB, 5.00%, 09/01/2046 | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. RB, 5.25%, 07/01/2053 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Houston Methodist Hospital), Series 2025 A, VRD RB, 1.10%, 12/01/2060 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;TSASC, Inc., Series 2016 B, Ref. RB, 5.00%, 06/01/2045 | &nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System, Series 2019 B, RB, 5.00%, 08/15/2049 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB, 5.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbus Regional Airport Authority (John Glenn Columbus International Airport), Series 2025, Ref. RB, 5.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington (State of) Convention Center Public Facilities District, Series 2018, RB, 5.00%, 07/01/2058 | &nbsp;&nbsp;&nbsp;0.59% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996717.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-MINC-AR-C **Invesco Municipal Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Municipal Income Fund

### Class Y: VMIIX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Municipal Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Municipal Income Fund<br>(Class Y) | $87 | 0.86% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class Y shares of the Fund returned 2.94%. For the same time period, the S&P Municipal Bond 5+ Year Investment Grade Index (the "Benchmark") returned 5.24%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection in and an overweight exposure to bonds in the health care sector contributed to the Fund's performance relative to the Benchmark. An overweight allocation to and security selection among bonds with a maturity greater than 30 years also added to relative performance. On a state level, security selection among bonds domiciled in Colorado contributed to relative performance.

#### What detracted from relative performance?
**•** An overweight allocation to bonds in the tobacco sector detracted from the Fund's performance relative to the Benchmark during the fiscal year. Underweight exposure to and security selection among bonds with a coupon between 5.00-5.49% also detracted from relative performance. On a state level, security selection among bonds domiciled in Florida detracted from relative performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996748.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Municipal Income Fund (Class Y)** | 2.94% | 1.10% | 2.43% |
| **S&P Municipal Bond 5+ Year Investment Grade Index** | 5.24% | 1.37% | 2.59% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2787728697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$13544517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade (County of), FL, Subseries 2021 A-1, Ref. RB, 4.00%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB, 4.00%, 10/01/2049 | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lower Alabama Gas District (The), Series 2016 A, RB, 5.00%, 09/01/2046 | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. RB, 5.25%, 07/01/2053 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Houston Methodist Hospital), Series 2025 A, VRD RB, 1.10%, 12/01/2060 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;TSASC, Inc., Series 2016 B, Ref. RB, 5.00%, 06/01/2045 | &nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System, Series 2019 B, RB, 5.00%, 08/15/2049 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB, 5.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbus Regional Airport Authority (John Glenn Columbus International Airport), Series 2025, Ref. RB, 5.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington (State of) Convention Center Public Facilities District, Series 2018, RB, 5.00%, 07/01/2058 | &nbsp;&nbsp;&nbsp;0.59% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996753.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-MINC-AR-Y **Invesco Municipal Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Municipal Income Fund

### Investor Class: VMINX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Municipal Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Municipal Income Fund<br>(Investor Class) | $101 | 1.00% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Investor Class shares of the Fund returned 2.68%. For the same time period, the S&P Municipal Bond 5+ Year Investment Grade Index (the "Benchmark") returned 5.24%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection in and an overweight exposure to bonds in the health care sector contributed to the Fund's performance relative to the Benchmark. An overweight allocation to and security selection among bonds with a maturity greater than 30 years also added to relative performance. On a state level, security selection among bonds domiciled in Colorado contributed to relative performance.

#### What detracted from relative performance?
**•** An overweight allocation to bonds in the tobacco sector detracted from the Fund's performance relative to the Benchmark during the fiscal year. Underweight exposure to and security selection among bonds with a coupon between 5.00-5.49% also detracted from relative performance. On a state level, security selection among bonds domiciled in Florida detracted from relative performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996784.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Municipal Income Fund (Investor Class)** | 2.68% | 0.95% | 2.28% |
| **S&P Municipal Bond 5+ Year Investment Grade Index** | 5.24% | 1.37% | 2.59% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2787728697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$13544517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade (County of), FL, Subseries 2021 A-1, Ref. RB, 4.00%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB, 4.00%, 10/01/2049 | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lower Alabama Gas District (The), Series 2016 A, RB, 5.00%, 09/01/2046 | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. RB, 5.25%, 07/01/2053 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Houston Methodist Hospital), Series 2025 A, VRD RB, 1.10%, 12/01/2060 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;TSASC, Inc., Series 2016 B, Ref. RB, 5.00%, 06/01/2045 | &nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System, Series 2019 B, RB, 5.00%, 08/15/2049 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB, 5.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbus Regional Airport Authority (John Glenn Columbus International Airport), Series 2025, Ref. RB, 5.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington (State of) Convention Center Public Facilities District, Series 2018, RB, 5.00%, 07/01/2058 | &nbsp;&nbsp;&nbsp;0.59% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996789.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-MINC-AR-INV **Invesco Municipal Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco Municipal Income Fund

### Class R6: VKMSX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Municipal Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Municipal Income Fund<br>(Class R6) | $82 | 0.81% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class R6 shares of the Fund returned 2.99%. For the same time period, the S&P Municipal Bond 5+ Year Investment Grade Index (the "Benchmark") returned 5.24%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection in and an overweight exposure to bonds in the health care sector contributed to the Fund's performance relative to the Benchmark. An overweight allocation to and security selection among bonds with a maturity greater than 30 years also added to relative performance. On a state level, security selection among bonds domiciled in Colorado contributed to relative performance.

#### What detracted from relative performance?
**•** An overweight allocation to bonds in the tobacco sector detracted from the Fund's performance relative to the Benchmark during the fiscal year. Underweight exposure to and security selection among bonds with a coupon between 5.00-5.49% also detracted from relative performance. On a state level, security selection among bonds domiciled in Florida detracted from relative performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9996820.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Municipal Income Fund (Class R6)** | 2.99% | 1.16% | 2.45% |
| **S&P Municipal Bond 5+ Year Investment Grade Index** | 5.24% | 1.37% | 2.59% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares. Class R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2787728697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$13544517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade (County of), FL, Subseries 2021 A-1, Ref. RB, 4.00%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB, 4.00%, 10/01/2049 | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lower Alabama Gas District (The), Series 2016 A, RB, 5.00%, 09/01/2046 | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. RB, 5.25%, 07/01/2053 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Harris County Cultural Education Facilities Finance Corp. (Houston Methodist Hospital), Series 2025 A, VRD RB, 1.10%, 12/01/2060 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;TSASC, Inc., Series 2016 B, Ref. RB, 5.00%, 06/01/2045 | &nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System, Series 2019 B, RB, 5.00%, 08/15/2049 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB, 5.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbus Regional Airport Authority (John Glenn Columbus International Airport), Series 2025, Ref. RB, 5.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington (State of) Convention Center Public Facilities District, Series 2018, RB, 5.00%, 07/01/2058 | &nbsp;&nbsp;&nbsp;0.59% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9996825.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-MINC-AR-R6 **Invesco Municipal Income Fund**

![TSR_logo](images_2685.jpg)

### Invesco New Jersey Municipal Fund

### Class A: ONJAX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco New Jersey Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco New Jersey Municipal Fund<br> (Class A) | $118 | 1.16% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows, and strong credit fundamentals.

 **•** For the fiscal year ended February 28, 2026, Class A shares of the Fund, excluding sales charge, returned 3.93%. For the same time period, the S&P Municipal Bond New Jersey Index (the "Benchmark") returned 5.19%.

#### What contributed to relative performance?
 **•** During the fiscal year, security selection among higher coupon bonds (6.50% and greater) was additive to the Fund's performance relative to the Benchmark. An overweight allocation and security selection among non-rated bonds also contributed to the Fund's relative performance.<sup>‡</sup> Security selection among appropriation bonds contributed to the Fund's relative return.

#### What detracted from relative performance?
 **•** Security selection among AA-rated bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year.<sup>‡</sup> Security selection among intermediate duration bonds (5.00-7.99 years specifically) was also detractive from relative return. Security selection among higher education bonds detracted from the Fund's relative performance.

<sup>‡A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9998044.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco New Jersey Municipal Fund (Class A) —including sales charge** | -0.51% | 0.93% | 2.78% |
| **Invesco New Jersey Municipal Fund (Class A) —excluding sales charge** | 3.93% | 1.82% | 3.22% |
| **S&P Municipal Bond New Jersey Index** | 5.19% | 2.01% | 3.19% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Rochester New Jersey Municipal Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$398866572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1945075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB, 5.25%, 06/15/2055 | &nbsp;&nbsp;&nbsp;3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2002, RB, 5.63%, 05/15/2043 | &nbsp;&nbsp;&nbsp;3.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series 2018 A, Ref. RB, 5.00%, 06/01/2046 | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, Series 2026, RB, 5.25%, 03/01/2054 | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;South Jersey Transportation Authority, Series 2022 A, RB, 5.25%, 11/01/2052 | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement), Series 2013, RB, 5.38%, 01/01/2043 | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Middlesex (County of), NJ Improvement Authority (Rutgers University) (New Jersey Health & Life Science Exchange), Series 2023 A, RB, 5.00%, 08/15/2053 | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of) Transportation Trust Fund Authority, Series 2008 A, RB, 0.00%, 12/15/2037 | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Middlesex (County of), NJ Improvement Authority (New Jersey Health + Life Science Exchange - H-1), Series 2023, RB, 5.00%, 08/15/2053 | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series 2018 A-1, RB, 5.00%, 07/01/2058 | &nbsp;&nbsp;&nbsp;1.85% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9998049.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-RONJM-AR-A **Invesco New Jersey Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco New Jersey Municipal Fund

### Class C: ONJCX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco New Jersey Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco New Jersey Municipal Fund<br> (Class C) | $184 | 1.81% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows, and strong credit fundamentals.

 **•** For the fiscal year ended February 28, 2026, Class C shares of the Fund, excluding sales charge, returned 3.14%. For the same time period, the S&P Municipal Bond New Jersey Index (the "Benchmark") returned 5.19%.

#### What contributed to relative performance?
 **•** During the fiscal year, security selection among higher coupon bonds (6.50% and greater) was additive to the Fund's performance relative to the Benchmark. An overweight allocation and security selection among non-rated bonds also contributed to the Fund's relative performance.<sup>‡</sup> Security selection among appropriation bonds contributed to the Fund's relative return.

#### What detracted from relative performance?
 **•** Security selection among AA-rated bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year.<sup>‡</sup> Security selection among intermediate duration bonds (5.00-7.99 years specifically) was also detractive from relative return. Security selection among higher education bonds detracted from the Fund's relative performance.

<sup>‡A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9998080.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco New Jersey Municipal Fund (Class C) —including sales charge** | 2.14% | 1.14% | 2.66% |
| **Invesco New Jersey Municipal Fund (Class C) —excluding sales charge** | 3.14% | 1.14% | 2.66% |
| **S&P Municipal Bond New Jersey Index** | 5.19% | 2.01% | 3.19% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Rochester New Jersey Municipal Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$398866572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1945075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB, 5.25%, 06/15/2055 | &nbsp;&nbsp;&nbsp;3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2002, RB, 5.63%, 05/15/2043 | &nbsp;&nbsp;&nbsp;3.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series 2018 A, Ref. RB, 5.00%, 06/01/2046 | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, Series 2026, RB, 5.25%, 03/01/2054 | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;South Jersey Transportation Authority, Series 2022 A, RB, 5.25%, 11/01/2052 | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement), Series 2013, RB, 5.38%, 01/01/2043 | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Middlesex (County of), NJ Improvement Authority (Rutgers University) (New Jersey Health & Life Science Exchange), Series 2023 A, RB, 5.00%, 08/15/2053 | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of) Transportation Trust Fund Authority, Series 2008 A, RB, 0.00%, 12/15/2037 | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Middlesex (County of), NJ Improvement Authority (New Jersey Health + Life Science Exchange - H-1), Series 2023, RB, 5.00%, 08/15/2053 | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series 2018 A-1, RB, 5.00%, 07/01/2058 | &nbsp;&nbsp;&nbsp;1.85% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9998085.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-RONJM-AR-C **Invesco New Jersey Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco New Jersey Municipal Fund

### Class Y: ONJYX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco New Jersey Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco New Jersey Municipal Fund<br>(Class Y) | $93 | 0.91% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows, and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class Y shares of the Fund returned 4.19%. For the same time period, the S&P Municipal Bond New Jersey Index (the "Benchmark") returned 5.19%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among higher coupon bonds (6.50% and greater) was additive to the Fund's performance relative to the Benchmark. An overweight allocation and security selection among non-rated bonds also contributed to the Fund's relative performance.<sup>‡</sup> Security selection among appropriation bonds contributed to the Fund's relative return.

#### What detracted from relative performance?
**•** Security selection among AA-rated bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year.<sup>‡</sup> Security selection among intermediate duration bonds (5.00-7.99 years specifically) was also detractive from relative return. Security selection among higher education bonds detracted from the Fund's relative performance.

<sup>‡A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9998116.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco New Jersey Municipal Fund (Class Y)** | 4.19% | 2.05% | 3.47% |
| **S&P Municipal Bond New Jersey Index** | 5.19% | 2.01% | 3.19% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Rochester New Jersey Municipal Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$398866572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1945075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB, 5.25%, 06/15/2055 | &nbsp;&nbsp;&nbsp;3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2002, RB, 5.63%, 05/15/2043 | &nbsp;&nbsp;&nbsp;3.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series 2018 A, Ref. RB, 5.00%, 06/01/2046 | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, Series 2026, RB, 5.25%, 03/01/2054 | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;South Jersey Transportation Authority, Series 2022 A, RB, 5.25%, 11/01/2052 | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement), Series 2013, RB, 5.38%, 01/01/2043 | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Middlesex (County of), NJ Improvement Authority (Rutgers University) (New Jersey Health & Life Science Exchange), Series 2023 A, RB, 5.00%, 08/15/2053 | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of) Transportation Trust Fund Authority, Series 2008 A, RB, 0.00%, 12/15/2037 | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Middlesex (County of), NJ Improvement Authority (New Jersey Health + Life Science Exchange - H-1), Series 2023, RB, 5.00%, 08/15/2053 | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series 2018 A-1, RB, 5.00%, 07/01/2058 | &nbsp;&nbsp;&nbsp;1.85% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9998121.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-RONJM-AR-Y **Invesco New Jersey Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco New Jersey Municipal Fund

### Class R6: IORJX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco New Jersey Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco New Jersey Municipal Fund<br>(Class R6) | $87 | 0.85% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows, and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class R6 shares of the Fund returned 4.25%. For the same time period, the S&P Municipal Bond New Jersey Index (the "Benchmark") returned 5.19%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among higher coupon bonds (6.50% and greater) was additive to the Fund's performance relative to the Benchmark. An overweight allocation and security selection among non-rated bonds also contributed to the Fund's relative performance.<sup>‡</sup> Security selection among appropriation bonds contributed to the Fund's relative return.

#### What detracted from relative performance?
**•** Security selection among AA-rated bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year.<sup>‡</sup> Security selection among intermediate duration bonds (5.00-7.99 years specifically) was also detractive from relative return. Security selection among higher education bonds detracted from the Fund's relative performance.

<sup>‡A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9998152.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco New Jersey Municipal Fund (Class R6)** | 4.25% | 2.14% | 3.45% |
| **S&P Municipal Bond New Jersey Index** | 5.19% | 2.01% | 3.19% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Class R6 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Rochester New Jersey Municipal Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$398866572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1945075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB, 5.25%, 06/15/2055 | &nbsp;&nbsp;&nbsp;3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2002, RB, 5.63%, 05/15/2043 | &nbsp;&nbsp;&nbsp;3.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series 2018 A, Ref. RB, 5.00%, 06/01/2046 | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, Series 2026, RB, 5.25%, 03/01/2054 | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;South Jersey Transportation Authority, Series 2022 A, RB, 5.25%, 11/01/2052 | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement), Series 2013, RB, 5.38%, 01/01/2043 | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Middlesex (County of), NJ Improvement Authority (Rutgers University) (New Jersey Health & Life Science Exchange), Series 2023 A, RB, 5.00%, 08/15/2053 | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of) Transportation Trust Fund Authority, Series 2008 A, RB, 0.00%, 12/15/2037 | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Middlesex (County of), NJ Improvement Authority (New Jersey Health + Life Science Exchange - H-1), Series 2023, RB, 5.00%, 08/15/2053 | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series 2018 A-1, RB, 5.00%, 07/01/2058 | &nbsp;&nbsp;&nbsp;1.85% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9998157.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-RONJM-AR-R6 **Invesco New Jersey Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Pennsylvania Municipal Fund

### Class A: OPATX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Pennsylvania Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Pennsylvania Municipal Fund<br>(Class A) | $128 | 1.26% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows, and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class A shares of the Fund, excluding sales charge, returned 2.66%. For the same time period, the S&P Municipal Bond Pennsylvania 5+ Year Investment Grade Index (the "Benchmark") returned 4.98%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among higher coupon bonds (6.00% and greater) contributed to the Fund's performance relative to the Benchmark. An overweight allocation and security selection for bonds with a duration of 30 years and greater contributed to the Fund's relative performance. Security selection among industrial development revenue/pollution control revenue bonds also contributed to the Fund's relative performance.

#### What detracted from relative performance?
**•** Security selection among zero-coupon bonds detracted from the Fund's performance relative to the Benchmark. Security selection among non-rated bonds detracted from the Fund's relative performance over the fiscal year.<sup>‡</sup> Security selection in and an overweight allocation among tobacco bonds also detracted from the Fund's relative return.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9998188.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Pennsylvania Municipal Fund (Class A) —including sales charge** | -1.51% | 0.45% | 3.27% |
| **Invesco Pennsylvania Municipal Fund (Class A) —excluding sales charge** | 2.66% | 1.33% | 3.71% |
| **S&P Municipal Bond Pennsylvania 5+ Year Investment Grade Index** | 4.98% | 1.41% | 2.81% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Rochester Pennsylvania Municipal Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$681145583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3239689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia (The)), Series 2024 A, RB, 5.25%, 07/01/2049 | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegheny (County of), PA Airport Authority (Pittsburgh International Airport), Series 2025 A, RB, 5.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2008 A, RB, 0.00%, 05/15/2057 | &nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB, 5.00%, 09/01/2047 | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegheny (County of), PA Airport Authority (Pittsburgh International Airport), Series 2021 A, RB, 5.00%, 01/01/2051 | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Series 2015, RB, 5.00%, 12/31/2038 | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB, 4.00%, 12/01/2051 | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009 E, RB, 6.38%, 12/01/2038 | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Series 2015, RB, 5.00%, 06/30/2042 | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chester (County of), PA Industrial Development Authority (Green Bonds), Series 2021, RB, 4.00%, 12/01/2051 | &nbsp;&nbsp;&nbsp;1.54% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9998193.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROPAM-AR-A **Invesco Pennsylvania Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Pennsylvania Municipal Fund

### Class C: OPACX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Pennsylvania Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Pennsylvania Municipal Fund<br>(Class C) | $194 | 1.92% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows, and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class C shares of the Fund, excluding sales charge, returned 1.99%. For the same time period, the S&P Municipal Bond Pennsylvania 5+ Year Investment Grade Index (the "Benchmark") returned 4.98%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among higher coupon bonds (6.00% and greater) contributed to the Fund's performance relative to the Benchmark. An overweight allocation and security selection for bonds with a duration of 30 years and greater contributed to the Fund's relative performance. Security selection among industrial development revenue/pollution control revenue bonds also contributed to the Fund's relative performance.

#### What detracted from relative performance?
**•** Security selection among zero-coupon bonds detracted from the Fund's performance relative to the Benchmark. Security selection among non-rated bonds detracted from the Fund's relative performance over the fiscal year.<sup>‡</sup> Security selection in and an overweight allocation among tobacco bonds also detracted from the Fund's relative return.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9998224.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Pennsylvania Municipal Fund (Class C) —including sales charge** | 1.21% | 0.70% | 3.16% |
| **Invesco Pennsylvania Municipal Fund (Class C) —excluding sales charge** | 1.99% | 0.70% | 3.16% |
| **S&P Municipal Bond Pennsylvania 5+ Year Investment Grade Index** | 4.98% | 1.41% | 2.81% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Rochester Pennsylvania Municipal Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$681145583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3239689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia (The)), Series 2024 A, RB, 5.25%, 07/01/2049 | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegheny (County of), PA Airport Authority (Pittsburgh International Airport), Series 2025 A, RB, 5.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2008 A, RB, 0.00%, 05/15/2057 | &nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB, 5.00%, 09/01/2047 | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegheny (County of), PA Airport Authority (Pittsburgh International Airport), Series 2021 A, RB, 5.00%, 01/01/2051 | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Series 2015, RB, 5.00%, 12/31/2038 | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB, 4.00%, 12/01/2051 | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009 E, RB, 6.38%, 12/01/2038 | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Series 2015, RB, 5.00%, 06/30/2042 | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chester (County of), PA Industrial Development Authority (Green Bonds), Series 2021, RB, 4.00%, 12/01/2051 | &nbsp;&nbsp;&nbsp;1.54% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9998229.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROPAM-AR-C **Invesco Pennsylvania Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Pennsylvania Municipal Fund

### Class Y: OPAYX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Pennsylvania Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Pennsylvania Municipal Fund<br>(Class Y) | $103 | 1.02% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows, and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class Y shares of the Fund returned 2.91%. For the same time period, the S&P Municipal Bond Pennsylvania 5+ Year Investment Grade Index (the "Benchmark") returned 4.98%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among higher coupon bonds (6.00% and greater) contributed to the Fund's performance relative to the Benchmark. An overweight allocation and security selection for bonds with a duration of 30 years and greater contributed to the Fund's relative performance. Security selection among industrial development revenue/pollution control revenue bonds also contributed to the Fund's relative performance.

#### What detracted from relative performance?
**•** Security selection among zero-coupon bonds detracted from the Fund's performance relative to the Benchmark. Security selection among non-rated bonds detracted from the Fund's relative performance over the fiscal year.<sup>‡</sup> Security selection in and an overweight allocation among tobacco bonds also detracted from the Fund's relative return.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9998260.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Pennsylvania Municipal Fund (Class Y)** | 2.91% | 1.60% | 3.96% |
| **S&P Municipal Bond Pennsylvania 5+ Year Investment Grade Index** | 4.98% | 1.41% | 2.81% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Rochester Pennsylvania Municipal Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$681145583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3239689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia (The)), Series 2024 A, RB, 5.25%, 07/01/2049 | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegheny (County of), PA Airport Authority (Pittsburgh International Airport), Series 2025 A, RB, 5.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2008 A, RB, 0.00%, 05/15/2057 | &nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB, 5.00%, 09/01/2047 | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegheny (County of), PA Airport Authority (Pittsburgh International Airport), Series 2021 A, RB, 5.00%, 01/01/2051 | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Series 2015, RB, 5.00%, 12/31/2038 | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB, 4.00%, 12/01/2051 | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009 E, RB, 6.38%, 12/01/2038 | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Series 2015, RB, 5.00%, 06/30/2042 | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chester (County of), PA Industrial Development Authority (Green Bonds), Series 2021, RB, 4.00%, 12/01/2051 | &nbsp;&nbsp;&nbsp;1.54% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9998265.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROPAM-AR-Y **Invesco Pennsylvania Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Pennsylvania Municipal Fund

### Class R6: IORPX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Pennsylvania Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Pennsylvania Municipal Fund<br>(Class R6) | $96 | 0.95% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows, and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class R6 shares of the Fund returned 2.97%. For the same time period, the S&P Municipal Bond Pennsylvania 5+ Year Investment Grade Index (the "Benchmark") returned 4.98%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among higher coupon bonds (6.00% and greater) contributed to the Fund's performance relative to the Benchmark. An overweight allocation and security selection for bonds with a duration of 30 years and greater contributed to the Fund's relative performance. Security selection among industrial development revenue/pollution control revenue bonds also contributed to the Fund's relative performance.

#### What detracted from relative performance?
**•** Security selection among zero-coupon bonds detracted from the Fund's performance relative to the Benchmark. Security selection among non-rated bonds detracted from the Fund's relative performance over the fiscal year.<sup>‡</sup> Security selection in and an overweight allocation among tobacco bonds also detracted from the Fund's relative return.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9998296.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Pennsylvania Municipal Fund (Class R6)** | 2.97% | 1.66% | 3.92% |
| **S&P Municipal Bond Pennsylvania 5+ Year Investment Grade Index** | 4.98% | 1.41% | 2.81% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Class R6 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Rochester Pennsylvania Municipal Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$681145583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3239689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia (The)), Series 2024 A, RB, 5.25%, 07/01/2049 | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegheny (County of), PA Airport Authority (Pittsburgh International Airport), Series 2025 A, RB, 5.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2008 A, RB, 0.00%, 05/15/2057 | &nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB, 5.00%, 09/01/2047 | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegheny (County of), PA Airport Authority (Pittsburgh International Airport), Series 2021 A, RB, 5.00%, 01/01/2051 | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Series 2015, RB, 5.00%, 12/31/2038 | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB, 4.00%, 12/01/2051 | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009 E, RB, 6.38%, 12/01/2038 | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Economic Development Financing Authority (Pennsylvania Rapid Bridge Replacement), Series 2015, RB, 5.00%, 06/30/2042 | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chester (County of), PA Industrial Development Authority (Green Bonds), Series 2021, RB, 4.00%, 12/01/2051 | &nbsp;&nbsp;&nbsp;1.54% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9998301.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROPAM-AR-R6 **Invesco Pennsylvania Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund

### Class A: OPNYX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund<br>(Class A) | $111 | 1.10% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class A shares of the Fund, excluding sales charge, returned 2.54%. For the same time period, the S&P Municipal Bond New York 5+ Year Investment Grade Index (the "Benchmark") returned 4.75%.

#### What contributed to relative performance?
**•** During the fiscal year, an overweight allocation to B-rated bonds contributed to the Fund's performance relative to the Benchmark.<sup>‡</sup> Security selection among higher coupon bonds (6.00 – 6.49% specifically) was also additive to relative return. At the sector level, security selection in and underweight exposure among bonds in the health care sector contributed to the Fund's relative performance.

#### What detracted from relative performance?
**•** Security selection among zero coupon bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year. Security selection among longer duration bonds (20.00 years and greater) was also detractive from relative results. Security selection among tobacco bonds detracted from the Fund's relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997144.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund (Class A) —including sales charge** | -1.86% | -0.09% | 2.40% |
| **Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund (Class A) —excluding sales charge** | 2.54% | 0.79% | 2.84% |
| **S&P Municipal Bond New York 5+ Year Investment Grade Index** | 4.75% | 1.39% | 2.40% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Rochester AMT-Free New York Municipal Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$614725861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3147567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-1, Ref. RB, 4.00%, 06/15/2050 | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series 2016 C-1, RB, 5.25%, 11/15/2056 | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB, 5.00%, 03/15/2053 | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB, 5.00%, 11/15/2056 | &nbsp;&nbsp;&nbsp;2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB, 5.00%, 11/15/2056 | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust V, Series 2005 S-1, RB, 0.00%, 06/01/2038 | &nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB, 5.00%, 11/15/2056 | &nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2024, Ref. RB, 5.25%, 05/01/2054 | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority (Fordham University), Series 2020, RB, 4.00%, 07/01/2046 | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB, 4.00%, 06/15/2051 | &nbsp;&nbsp;&nbsp;1.66% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997149.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROAFNYM-AR-A **Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund

### Class C: ONYCX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund<br> (Class C) | $188 | 1.86% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

 **•** For the fiscal year ended February 28, 2026, Class C shares of the Fund, excluding sales charge, returned 1.77%. For the same time period, the S&P Municipal Bond New York 5+ Year Investment Grade Index (the "Benchmark") returned 4.75%.

#### What contributed to relative performance?
 **•** During the fiscal year, an overweight allocation to B-rated bonds contributed to the Fund's performance relative to the Benchmark.<sup>‡</sup> Security selection among higher coupon bonds (6.00 – 6.49% specifically) was also additive to relative return. At the sector level, security selection in and underweight exposure among bonds in the health care sector contributed to the Fund's relative performance.

#### What detracted from relative performance?
 **•** Security selection among zero coupon bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year. Security selection among longer duration bonds (20.00 years and greater) was also detractive from relative results. Security selection among tobacco bonds detracted from the Fund's relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997180.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund (Class C) —including sales charge** | 0.79% | 0.00% | 2.21% |
| **Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund (Class C) —excluding sales charge** | 1.77% | 0.00% | 2.21% |
| **S&P Municipal Bond New York 5+ Year Investment Grade Index** | 4.75% | 1.39% | 2.40% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Rochester AMT-Free New York Municipal Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$614725861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3147567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-1, Ref. RB, 4.00%, 06/15/2050 | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series 2016 C-1, RB, 5.25%, 11/15/2056 | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB, 5.00%, 03/15/2053 | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB, 5.00%, 11/15/2056 | &nbsp;&nbsp;&nbsp;2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB, 5.00%, 11/15/2056 | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust V, Series 2005 S-1, RB, 0.00%, 06/01/2038 | &nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB, 5.00%, 11/15/2056 | &nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2024, Ref. RB, 5.25%, 05/01/2054 | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority (Fordham University), Series 2020, RB, 4.00%, 07/01/2046 | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB, 4.00%, 06/15/2051 | &nbsp;&nbsp;&nbsp;1.66% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997185.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROAFNYM-AR-C **Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund

### Class Y: ONYYX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund<br> (Class Y) | $87 | 0.86% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

 **•** For the fiscal year ended February 28, 2026, Class Y shares of the Fund returned 2.79%. For the same time period, the S&P Municipal Bond New York 5+ Year Investment Grade Index (the "Benchmark") returned 4.75%.

#### What contributed to relative performance?
 **•** During the fiscal year, an overweight allocation to B-rated bonds contributed to the Fund's performance relative to the Benchmark.<sup>‡</sup> Security selection among higher coupon bonds (6.00 – 6.49% specifically) was also additive to relative return. At the sector level, security selection in and underweight exposure among bonds in the health care sector contributed to the Fund's relative performance.

#### What detracted from relative performance?
 **•** Security selection among zero coupon bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year. Security selection among longer duration bonds (20.00 years and greater) was also detractive from relative results. Security selection among tobacco bonds detracted from the Fund's relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997216.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund (Class Y)** | 2.79% | 1.01% | 3.07% |
| **S&P Municipal Bond New York 5+ Year Investment Grade Index** | 4.75% | 1.39% | 2.40% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Rochester AMT-Free New York Municipal Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$614725861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3147567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-1, Ref. RB, 4.00%, 06/15/2050 | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series 2016 C-1, RB, 5.25%, 11/15/2056 | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB, 5.00%, 03/15/2053 | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB, 5.00%, 11/15/2056 | &nbsp;&nbsp;&nbsp;2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB, 5.00%, 11/15/2056 | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust V, Series 2005 S-1, RB, 0.00%, 06/01/2038 | &nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB, 5.00%, 11/15/2056 | &nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2024, Ref. RB, 5.25%, 05/01/2054 | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority (Fordham University), Series 2020, RB, 4.00%, 07/01/2046 | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB, 4.00%, 06/15/2051 | &nbsp;&nbsp;&nbsp;1.66% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997221.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROAFNYM-AR-Y **Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund

### Class R6: IORNX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund<br>(Class R6) | $82 | 0.81% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class R6 shares of the Fund returned 2.74%. For the same time period, the S&P Municipal Bond New York 5+ Year Investment Grade Index (the "Benchmark") returned 4.75%.

#### What contributed to relative performance?
**•** During the fiscal year, an overweight allocation to B-rated bonds contributed to the Fund's performance relative to the Benchmark.<sup>‡</sup> Security selection among higher coupon bonds (6.00 – 6.49% specifically) was also additive to relative return. At the sector level, security selection in and underweight exposure among bonds in the health care sector contributed to the Fund's relative performance.

#### What detracted from relative performance?
**•** Security selection among zero coupon bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year. Security selection among longer duration bonds (20.00 years and greater) was also detractive from relative results. Security selection among tobacco bonds detracted from the Fund's relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997252.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund (Class R6)** | 2.74% | 1.04% | 3.04% |
| **S&P Municipal Bond New York 5+ Year Investment Grade Index** | 4.75% | 1.39% | 2.40% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Class R6 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Rochester AMT-Free New York Municipal Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$614725861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3147567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-1, Ref. RB, 4.00%, 06/15/2050 | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series 2016 C-1, RB, 5.25%, 11/15/2056 | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB, 5.00%, 03/15/2053 | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB, 5.00%, 11/15/2056 | &nbsp;&nbsp;&nbsp;2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB, 5.00%, 11/15/2056 | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust V, Series 2005 S-1, RB, 0.00%, 06/01/2038 | &nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB, 5.00%, 11/15/2056 | &nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2024, Ref. RB, 5.25%, 05/01/2054 | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority (Fordham University), Series 2020, RB, 4.00%, 07/01/2046 | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB, 4.00%, 06/15/2051 | &nbsp;&nbsp;&nbsp;1.66% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997257.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio decreased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROAFNYM-AR-R6 **Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund

### Class A: LTNYX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund<br>(Class A) | $79 | 0.77% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows, and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class A shares of the Fund, excluding sales charge, returned 4.70%. For the same time period, the S&P Municipal New York Investment Grade 4-7 Years Bond Index (the "Benchmark") returned 5.39%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among non-rated bonds contributed to the Fund's performance relative to the Benchmark.<sup>‡</sup> Security selection among higher coupon bonds (4.00% and greater) was also additive to relative return. At the sector level, security selection among bonds in the tax-supported sector contributed to the Fund's relative performance.

#### What detracted from relative performance?
**•** An underweight exposure to medium duration bonds (4.00-5.99 years specifically) detracted from the Fund's performance relative to the Benchmark during the fiscal year. An overweight exposure to zero coupon bonds detracted from relative return. Security selection among bonds in the higher education sector detracted from the Fund's relative performance during the fiscal year.

<sup>‡A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997756.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund (Class A) —including sales charge** | 2.16% | 1.21% | 2.29% |
| **Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund (Class A) —excluding sales charge** | 4.70% | 1.74% | 2.56% |
| **S&P Municipal Bond 2-17 Years Investment Grade Index** | 5.77% | 1.73% | 2.37% |
| **S&P Municipal New York Investment Grade 4-7 Years Bond Index** | 5.39% | 1.69% | 1.94% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Rochester Limited Term New York Municipal Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1488237464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5722729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2002, RB, 5.50%, 05/15/2039 | &nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB, 4.00%, 03/15/2043 | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB, 5.00%, 05/01/2042 | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp. (Goldman Sachs Headquarters), Series 2005, Ref. RB, 5.25%, 10/01/2035 | &nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB, 5.00%, 11/15/2040 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, Series 2025, VRD RB, 2.00%, 05/15/2032 | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Housing Finance Agency, Series 2009, VRD RB, 1.60%, 05/15/2039 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Thruway Authority, Series 2019 B, RB, 4.00%, 01/01/2040 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport), Series 2016, Ref. RB, 5.00%, 08/01/2031 | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (AES Puerto Rico), Series 2023 A, RB, 6.63%, 01/01/2028 | &nbsp;&nbsp;&nbsp;0.85% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997761.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROLTNYM-AR-A **Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund

### Class C: LTNCX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund<br>(Class C) | $155 | 1.52% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows, and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class C shares of the Fund, excluding sales charge, returned 3.93%. For the same time period, the S&P Municipal New York Investment Grade 4-7 Years Bond Index (the "Benchmark") returned 5.39%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among non-rated bonds contributed to the Fund's performance relative to the Benchmark.<sup>‡</sup> Security selection among higher coupon bonds (4.00% and greater) was also additive to relative return. At the sector level, security selection among bonds in the tax-supported sector contributed to the Fund's relative performance.

#### What detracted from relative performance?
**•** An underweight exposure to medium duration bonds (4.00-5.99 years specifically) detracted from the Fund's performance relative to the Benchmark during the fiscal year. An overweight exposure to zero coupon bonds detracted from relative return. Security selection among bonds in the higher education sector detracted from the Fund's relative performance during the fiscal year.

<sup>‡A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997792.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund (Class C) —including sales charge** | 2.93% | 0.97% | 1.94% |
| **Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund (Class C) —excluding sales charge** | 3.93% | 0.97% | 1.94% |
| **S&P Municipal Bond 2-17 Years Investment Grade Index** | 5.77% | 1.73% | 2.37% |
| **S&P Municipal New York Investment Grade 4-7 Years Bond Index** | 5.39% | 1.69% | 1.94% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Rochester Limited Term New York Municipal Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1488237464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5722729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2002, RB, 5.50%, 05/15/2039 | &nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB, 4.00%, 03/15/2043 | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB, 5.00%, 05/01/2042 | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp. (Goldman Sachs Headquarters), Series 2005, Ref. RB, 5.25%, 10/01/2035 | &nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB, 5.00%, 11/15/2040 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, Series 2025, VRD RB, 2.00%, 05/15/2032 | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Housing Finance Agency, Series 2009, VRD RB, 1.60%, 05/15/2039 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Thruway Authority, Series 2019 B, RB, 4.00%, 01/01/2040 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport), Series 2016, Ref. RB, 5.00%, 08/01/2031 | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (AES Puerto Rico), Series 2023 A, RB, 6.63%, 01/01/2028 | &nbsp;&nbsp;&nbsp;0.85% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997797.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROLTNYM-AR-C **Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund

### Class Y: LTBYX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund<br>(Class Y) | $53 | 0.52% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows, and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class Y shares of the Fund returned 4.61%. For the same time period, the S&P Municipal New York Investment Grade 4-7 Years Bond Index (the "Benchmark") returned 5.39%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among non-rated bonds contributed to the Fund's performance relative to the Benchmark.<sup>‡</sup> Security selection among higher coupon bonds (4.00% and greater) was also additive to relative return. At the sector level, security selection among bonds in the tax-supported sector contributed to the Fund's relative performance.

#### What detracted from relative performance?
**•** An underweight exposure to medium duration bonds (4.00-5.99 years specifically) detracted from the Fund's performance relative to the Benchmark during the fiscal year. An overweight exposure to zero coupon bonds detracted from relative return. Security selection among bonds in the higher education sector detracted from the Fund's relative performance during the fiscal year.

<sup>‡A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997828.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund (Class Y)** | 4.61% | 1.92% | 2.78% |
| **S&P Municipal Bond 2-17 Years Investment Grade Index** | 5.77% | 1.73% | 2.37% |
| **S&P Municipal New York Investment Grade 4-7 Years Bond Index** | 5.39% | 1.69% | 1.94% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Rochester Limited Term New York Municipal Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1488237464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5722729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2002, RB, 5.50%, 05/15/2039 | &nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB, 4.00%, 03/15/2043 | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB, 5.00%, 05/01/2042 | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp. (Goldman Sachs Headquarters), Series 2005, Ref. RB, 5.25%, 10/01/2035 | &nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB, 5.00%, 11/15/2040 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, Series 2025, VRD RB, 2.00%, 05/15/2032 | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Housing Finance Agency, Series 2009, VRD RB, 1.60%, 05/15/2039 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Thruway Authority, Series 2019 B, RB, 4.00%, 01/01/2040 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport), Series 2016, Ref. RB, 5.00%, 08/01/2031 | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (AES Puerto Rico), Series 2023 A, RB, 6.63%, 01/01/2028 | &nbsp;&nbsp;&nbsp;0.85% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997833.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROLTNYM-AR-Y **Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund

### Class R6: IORMX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund<br>(Class R6) | $49 | 0.48% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows, and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class R6 shares of the Fund returned 5.02%. For the same time period, the S&P Municipal New York Investment Grade 4-7 Years Bond Index (the "Benchmark") returned 5.39%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among non-rated bonds contributed to the Fund's performance relative to the Benchmark.<sup>‡</sup> Security selection among higher coupon bonds (4.00% and greater) was also additive to relative return. At the sector level, security selection among bonds in the tax-supported sector contributed to the Fund's relative performance.

#### What detracted from relative performance?
**•** An underweight exposure to medium duration bonds (4.00-5.99 years specifically) detracted from the Fund's performance relative to the Benchmark during the fiscal year. An overweight exposure to zero coupon bonds detracted from relative return. Security selection among bonds in the higher education sector detracted from the Fund's relative performance during the fiscal year.

<sup>‡A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997864.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund (Class R6)** | 5.02% | 2.04% | 2.76% |
| **S&P Municipal Bond 2-17 Years Investment Grade Index** | 5.77% | 1.73% | 2.37% |
| **S&P Municipal New York Investment Grade 4-7 Years Bond Index** | 5.39% | 1.69% | 1.94% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Class R6 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Rochester Limited Term New York Municipal Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1488237464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5722729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2002, RB, 5.50%, 05/15/2039 | &nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB, 4.00%, 03/15/2043 | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB, 5.00%, 05/01/2042 | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp. (Goldman Sachs Headquarters), Series 2005, Ref. RB, 5.25%, 10/01/2035 | &nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB, 5.00%, 11/15/2040 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tender Option Bond Trust Receipts/Certificates, Series 2025, VRD RB, 2.00%, 05/15/2032 | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Housing Finance Agency, Series 2009, VRD RB, 1.60%, 05/15/2039 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Thruway Authority, Series 2019 B, RB, 4.00%, 01/01/2040 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International Airport), Series 2016, Ref. RB, 5.00%, 08/01/2031 | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority (AES Puerto Rico), Series 2023 A, RB, 6.63%, 01/01/2028 | &nbsp;&nbsp;&nbsp;0.85% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997869.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROLTNYM-AR-R6 **Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund**

![TSR_logo](images_2685.jpg)

### Invesco Rochester<sup>®</sup> Municipal Opportunities Fund

### Class A: ORNAX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Rochester<sup>®</sup> Municipal Opportunities Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Rochester<sup>®</sup> Municipal Opportunities Fund<br>(Class A) | $139 | 1.37% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class A shares of the Fund, excluding sales charge, returned 2.49%. For the same time period, the Custom Invesco Rochester Municipal Opportunities Index (the "Benchmark") returned 3.50%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection in and an underweight allocation to non-rated bonds contributed to the Fund's performance relative to the Benchmark.<sup>‡</sup> At the sector level, security selection among bonds in the industrial development revenue/pollution control revenue sector contributed to the Fund's relative performance. On the state level, security selection among Wisconsin domiciled bonds contributed to relative performance.

#### What detracted from relative performance?
**•** Security selection among longer duration bonds (10.00 - 29.99 years specifically) detracted from the Fund's performance relative to the Benchmark over the fiscal year. Overweight exposure and security selection among bonds in the transportation sector detracted from the Fund's relative performance during the fiscal year. On the state level, an overweight exposure and security selection among Florida domiciled bonds detracted from relative results.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997432.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Rochester<sup>®</sup> Municipal Opportunities Fund (Class A) —including sales charge** | -1.79% | 0.49% | 4.15% |
| **Invesco Rochester<sup>®</sup> Municipal Opportunities Fund (Class A) —excluding sales charge** | 2.49% | 1.36% | 4.60% |
| **Custom Invesco Rochester Municipal Opportunities Index** | 3.50% | 2.25% | 3.97% |
| **S&P Municipal Bond High Yield Index** | 3.13% | 2.42% | 4.36% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

The Custom Invesco Rochester Municipal Opportunities Index is composed of 80% S&P Municipal Bond High Yield Index and 20% S&P Municipal Bond Investment Grade Index.

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Rochester High Yield Municipal Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8898393894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$31743001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) County Tobacco Securitization Agency, Series 2006 A, RB, 0.00%, 06/01/2050 | &nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB, 5.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2002, RB, 5.63%, 05/15/2043 | &nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2006 C, RB, 0.00%, 06/15/2055 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2025, RB, 5.00%, 05/01/2049 | &nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency, Series 2023 A-1, RB, 5.25%, 08/01/2031 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. RB, 5.25%, 07/01/2047 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series 2025, RB, 5.00%, 05/15/2051 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Series 2025, RB, 5.50%, 07/01/2053 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2006 D, RB, 0.00%, 06/15/2055 | &nbsp;&nbsp;&nbsp;0.58% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997437.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROHYM-AR-A **Invesco Rochester<sup>®</sup> Municipal Opportunities Fund**

![TSR_logo](images_2685.jpg)

### Invesco Rochester<sup>®</sup> Municipal Opportunities Fund

### Class C: ORNCX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Rochester<sup>®</sup> Municipal Opportunities Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Rochester<sup>®</sup> Municipal Opportunities Fund<br>(Class C) | $204 | 2.02% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class C shares of the Fund, excluding sales charge, returned 1.97%. For the same time period, the Custom Invesco Rochester Municipal Opportunities Index (the "Benchmark") returned 3.50%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection in and an underweight allocation to non-rated bonds contributed to the Fund's performance relative to the Benchmark.<sup>‡</sup> At the sector level, security selection among bonds in the industrial development revenue/pollution control revenue sector contributed to the Fund's relative performance. On the state level, security selection among Wisconsin domiciled bonds contributed to relative performance.

#### What detracted from relative performance?
**•** Security selection among longer duration bonds (10.00 - 29.99 years specifically) detracted from the Fund's performance relative to the Benchmark over the fiscal year. Overweight exposure and security selection among bonds in the transportation sector detracted from the Fund's relative performance during the fiscal year. On the state level, an overweight exposure and security selection among Florida domiciled bonds detracted from relative results.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997468.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Rochester<sup>®</sup> Municipal Opportunities Fund (Class C) —including sales charge** | 1.00% | 0.71% | 4.05% |
| **Invesco Rochester<sup>®</sup> Municipal Opportunities Fund (Class C) —excluding sales charge** | 1.97% | 0.71% | 4.05% |
| **Custom Invesco Rochester Municipal Opportunities Index** | 3.50% | 2.25% | 3.97% |
| **S&P Municipal Bond High Yield Index** | 3.13% | 2.42% | 4.36% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

The Custom Invesco Rochester Municipal Opportunities Index is composed of 80% S&P Municipal Bond High Yield Index and 20% S&P Municipal Bond Investment Grade Index.

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Rochester High Yield Municipal Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8898393894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$31743001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) County Tobacco Securitization Agency, Series 2006 A, RB, 0.00%, 06/01/2050 | &nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB, 5.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2002, RB, 5.63%, 05/15/2043 | &nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2006 C, RB, 0.00%, 06/15/2055 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2025, RB, 5.00%, 05/01/2049 | &nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency, Series 2023 A-1, RB, 5.25%, 08/01/2031 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. RB, 5.25%, 07/01/2047 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series 2025, RB, 5.00%, 05/15/2051 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Series 2025, RB, 5.50%, 07/01/2053 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2006 D, RB, 0.00%, 06/15/2055 | &nbsp;&nbsp;&nbsp;0.58% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997473.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROHYM-AR-C **Invesco Rochester<sup>®</sup> Municipal Opportunities Fund**

![TSR_logo](images_2685.jpg)

### Invesco Rochester<sup>®</sup> Municipal Opportunities Fund

### Class Y: ORNYX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Rochester<sup>®</sup> Municipal Opportunities Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Rochester<sup>®</sup> Municipal Opportunities Fund<br> (Class Y) | $114 | 1.12% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

 **•** For the fiscal year ended February 28, 2026, Class Y shares of the Fund returned 2.75%. For the same time period, the Custom Invesco Rochester Municipal Opportunities Index (the "Benchmark") returned 3.50%.

#### What contributed to relative performance?
 **•** During the fiscal year, security selection in and an underweight allocation to non-rated bonds contributed to the Fund's performance relative to the Benchmark.<sup>‡</sup> At the sector level, security selection among bonds in the industrial development revenue/pollution control revenue sector contributed to the Fund's relative performance. On the state level, security selection among Wisconsin domiciled bonds contributed to relative performance.

#### What detracted from relative performance?
 **•** Security selection among longer duration bonds (10.00 - 29.99 years specifically) detracted from the Fund's performance relative to the Benchmark over the fiscal year. Overweight exposure and security selection among bonds in the transportation sector detracted from the Fund's relative performance during the fiscal year. On the state level, an overweight exposure and security selection among Florida domiciled bonds detracted from relative results.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997504.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Rochester<sup>®</sup> Municipal Opportunities Fund (Class Y)** | 2.75% | 1.61% | 4.85% |
| **Custom Invesco Rochester Municipal Opportunities Index** | 3.50% | 2.25% | 3.97% |
| **S&P Municipal Bond High Yield Index** | 3.13% | 2.42% | 4.36% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

The Custom Invesco Rochester Municipal Opportunities Index is composed of 80% S&P Municipal Bond High Yield Index and 20% S&P Municipal Bond Investment Grade Index.

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Rochester High Yield Municipal Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8898393894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$31743001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) County Tobacco Securitization Agency, Series 2006 A, RB, 0.00%, 06/01/2050 | &nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB, 5.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2002, RB, 5.63%, 05/15/2043 | &nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2006 C, RB, 0.00%, 06/15/2055 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2025, RB, 5.00%, 05/01/2049 | &nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency, Series 2023 A-1, RB, 5.25%, 08/01/2031 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. RB, 5.25%, 07/01/2047 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series 2025, RB, 5.00%, 05/15/2051 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Series 2025, RB, 5.50%, 07/01/2053 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2006 D, RB, 0.00%, 06/15/2055 | &nbsp;&nbsp;&nbsp;0.58% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997509.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROHYM-AR-Y **Invesco Rochester<sup>®</sup> Municipal Opportunities Fund**

![TSR_logo](images_2685.jpg)

### Invesco Rochester<sup>®</sup> Municipal Opportunities Fund

### Class R5: IORHX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Rochester<sup>®</sup> Municipal Opportunities Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Rochester<sup>®</sup> Municipal Opportunities Fund<br> (Class R5) | $106 | 1.05% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

 **•** For the fiscal year ended February 28, 2026, Class R5 shares of the Fund returned 2.78%. For the same time period, the Custom Invesco Rochester Municipal Opportunities Index (the "Benchmark") returned 3.50%.

#### What contributed to relative performance?
 **•** During the fiscal year, security selection in and an underweight allocation to non-rated bonds contributed to the Fund's performance relative to the Benchmark.<sup>‡</sup> At the sector level, security selection among bonds in the industrial development revenue/pollution control revenue sector contributed to the Fund's relative performance. On the state level, security selection among Wisconsin domiciled bonds contributed to relative performance.

#### What detracted from relative performance?
 **•** Security selection among longer duration bonds (10.00 - 29.99 years specifically) detracted from the Fund's performance relative to the Benchmark over the fiscal year. Overweight exposure and security selection among bonds in the transportation sector detracted from the Fund's relative performance during the fiscal year. On the state level, an overweight exposure and security selection among Florida domiciled bonds detracted from relative results.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997540.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Rochester<sup>®</sup> Municipal Opportunities Fund (Class R5)** | 2.78% | 1.58% | 4.81% |
| **Custom Invesco Rochester Municipal Opportunities Index** | 3.50% | 2.25% | 3.97% |
| **S&P Municipal Bond High Yield Index** | 3.13% | 2.42% | 4.36% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

The Custom Invesco Rochester Municipal Opportunities Index is composed of 80% S&P Municipal Bond High Yield Index and 20% S&P Municipal Bond Investment Grade Index.

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Rochester High Yield Municipal Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8898393894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$31743001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) County Tobacco Securitization Agency, Series 2006 A, RB, 0.00%, 06/01/2050 | &nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB, 5.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2002, RB, 5.63%, 05/15/2043 | &nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2006 C, RB, 0.00%, 06/15/2055 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2025, RB, 5.00%, 05/01/2049 | &nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency, Series 2023 A-1, RB, 5.25%, 08/01/2031 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. RB, 5.25%, 07/01/2047 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series 2025, RB, 5.00%, 05/15/2051 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Series 2025, RB, 5.50%, 07/01/2053 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2006 D, RB, 0.00%, 06/15/2055 | &nbsp;&nbsp;&nbsp;0.58% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997545.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROHYM-AR-R5 **Invesco Rochester<sup>®</sup> Municipal Opportunities Fund**

![TSR_logo](images_2685.jpg)

### Invesco Rochester<sup>®</sup> Municipal Opportunities Fund

### Class R6: IORYX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Rochester<sup>®</sup> Municipal Opportunities Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Rochester<sup>®</sup> Municipal Opportunities Fund<br>(Class R6) | $106 | 1.05% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class R6 shares of the Fund returned 2.82%. For the same time period, the Custom Invesco Rochester Municipal Opportunities Index (the "Benchmark") returned 3.50%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection in and an underweight allocation to non-rated bonds contributed to the Fund's performance relative to the Benchmark.<sup>‡</sup> At the sector level, security selection among bonds in the industrial development revenue/pollution control revenue sector contributed to the Fund's relative performance. On the state level, security selection among Wisconsin domiciled bonds contributed to relative performance.

#### What detracted from relative performance?
**•** Security selection among longer duration bonds (10.00 - 29.99 years specifically) detracted from the Fund's performance relative to the Benchmark over the fiscal year. Overweight exposure and security selection among bonds in the transportation sector detracted from the Fund's relative performance during the fiscal year. On the state level, an overweight exposure and security selection among Florida domiciled bonds detracted from relative results.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997576.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Rochester<sup>®</sup> Municipal Opportunities Fund (Class R6)** | 2.82% | 1.65% | 4.82% |
| **Custom Invesco Rochester Municipal Opportunities Index** | 3.50% | 2.25% | 3.97% |
| **S&P Municipal Bond High Yield Index** | 3.13% | 2.42% | 4.36% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

The Custom Invesco Rochester Municipal Opportunities Index is composed of 80% S&P Municipal Bond High Yield Index and 20% S&P Municipal Bond Investment Grade Index.

Class R6 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Rochester High Yield Municipal Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8898393894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$31743001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) County Tobacco Securitization Agency, Series 2006 A, RB, 0.00%, 06/01/2050 | &nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Ref. RB, 5.00%, 06/01/2055 | &nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series 2002, RB, 5.63%, 05/15/2043 | &nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2006 C, RB, 0.00%, 06/15/2055 | &nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2025, RB, 5.00%, 05/01/2049 | &nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency, Series 2023 A-1, RB, 5.25%, 08/01/2031 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion), Series 2024, Ref. RB, 5.25%, 07/01/2047 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series 2025, RB, 5.00%, 05/15/2051 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Series 2025, RB, 5.50%, 07/01/2053 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Tobacco Settlement Financing Corp., Series 2006 D, RB, 0.00%, 06/15/2055 | &nbsp;&nbsp;&nbsp;0.58% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997581.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since February 28, 2025. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund's net expense ratio increased from the prior fiscal year end as a result of a change in operating expenses.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROHYM-AR-R6 **Invesco Rochester<sup>®</sup> Municipal Opportunities Fund**

![TSR_logo](images_2685.jpg)

### Invesco Rochester<sup>®</sup> New York Municipals Fund

### Class A: RMUNX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Rochester<sup>®</sup> New York Municipals Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Rochester<sup>®</sup> New York Municipals Fund<br>(Class A) | $116 | 1.15% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

**•** For the fiscal year ended February 28, 2026, Class A shares of the Fund, excluding sales charge, returned 1.13%. For the same time period, the S&P Municipal Bond New York 5+ Year Investment Grade Index (the "Benchmark") returned 4.75%.

#### What contributed to relative performance?
**•** During the fiscal year, security selection among higher coupon bonds (6.00 – 6.49% specifically) was additive to the Fund's performance relative to the Benchmark. An overweight allocation to B-rated bonds also contributed to the Fund's relative performance.<sup>‡</sup> At the sector level, security selection and an underweight allocation in the housing sector contributed to the Fund's relative performance.

#### What detracted from relative performance?
**•** Security selection among tobacco bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year. An overweight exposure to longer duration bonds (9.00 years are greater) was also detractive from relative return. Security selection among zero-coupon bonds also detracted from the Fund's relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997900.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Rochester<sup>®</sup> New York Municipals Fund (Class A) —including sales charge** | -3.15% | -0.04% | 3.53% |
| **Invesco Rochester<sup>®</sup> New York Municipals Fund (Class A) —excluding sales charge** | 1.13% | 0.83% | 3.98% |
| **S&P Municipal Bond New York 5+ Year Investment Grade Index** | 4.75% | 1.39% | 2.40% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Rochester Fund Municipals (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3976503959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$17997457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Series 2023, RB, 5.00%, 05/01/2053 | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;University of Puerto Rico, Series 2006 Q, RB, 5.00%, 06/01/2036 | &nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB, 5.25%, 06/15/2052 | &nbsp;&nbsp;&nbsp;1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB, 5.00%, 11/15/2056 | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 A, RB, 5.25%, 01/01/2050 | &nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Thruway Authority, Series 2019 B, RB, 4.00%, 01/01/2050 | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds), Series 2024, Ref. RB, 5.25%, 12/31/2054 | &nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB, 4.50%, 05/15/2063 | &nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2024 AA-1, RB, 5.25%, 06/15/2053 | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority (White Plains Hospital Obligated Group), Series 2024, RB, 5.25%, 10/01/2049 | &nbsp;&nbsp;&nbsp;0.92% |

---

**Credit sector allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997905.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROM-AR-A **Invesco Rochester<sup>®</sup> New York Municipals Fund**

![TSR_logo](images_2685.jpg)

### Invesco Rochester<sup>®</sup> New York Municipals Fund

### Class C: RMUCX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Rochester<sup>®</sup> New York Municipals Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Rochester<sup>®</sup> New York Municipals Fund<br> (Class C) | $191 | 1.91% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

 **•** For the fiscal year ended February 28, 2026, Class C shares of the Fund, excluding sales charge, returned 0.40%. For the same time period, the S&P Municipal Bond New York 5+ Year Investment Grade Index (the "Benchmark") returned 4.75%.

#### What contributed to relative performance?
 **•** During the fiscal year, security selection among higher coupon bonds (6.00 – 6.49% specifically) was additive to the Fund's performance relative to the Benchmark. An overweight allocation to B-rated bonds also contributed to the Fund's relative performance.<sup>‡</sup> At the sector level, security selection and an underweight allocation in the housing sector contributed to the Fund's relative performance.

#### What detracted from relative performance?
 **•** Security selection among tobacco bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year. An overweight exposure to longer duration bonds (9.00 years are greater) was also detractive from relative return. Security selection among zero-coupon bonds also detracted from the Fund's relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997936.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Rochester<sup>®</sup> New York Municipals Fund (Class C) —including sales charge** | -0.57% | 0.09% | 3.35% |
| **Invesco Rochester<sup>®</sup> New York Municipals Fund (Class C) —excluding sales charge** | 0.40% | 0.09% | 3.35% |
| **S&P Municipal Bond New York 5+ Year Investment Grade Index** | 4.75% | 1.39% | 2.40% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Rochester Fund Municipals (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3976503959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$17997457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Series 2023, RB, 5.00%, 05/01/2053 | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;University of Puerto Rico, Series 2006 Q, RB, 5.00%, 06/01/2036 | &nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB, 5.25%, 06/15/2052 | &nbsp;&nbsp;&nbsp;1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB, 5.00%, 11/15/2056 | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 A, RB, 5.25%, 01/01/2050 | &nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Thruway Authority, Series 2019 B, RB, 4.00%, 01/01/2050 | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds), Series 2024, Ref. RB, 5.25%, 12/31/2054 | &nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB, 4.50%, 05/15/2063 | &nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2024 AA-1, RB, 5.25%, 06/15/2053 | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority (White Plains Hospital Obligated Group), Series 2024, RB, 5.25%, 10/01/2049 | &nbsp;&nbsp;&nbsp;0.92% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997941.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROM-AR-C **Invesco Rochester<sup>®</sup> New York Municipals Fund**

![TSR_logo](images_2685.jpg)

### Invesco Rochester<sup>®</sup> New York Municipals Fund

### Class Y: RMUYX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Rochester<sup>®</sup> New York Municipals Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Rochester<sup>®</sup> New York Municipals Fund<br> (Class Y) | $92 | 0.91% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

 **•** For the fiscal year ended February 28, 2026, Class Y shares of the Fund returned 1.44%. For the same time period, the S&P Municipal Bond New York 5+ Year Investment Grade Index (the "Benchmark") returned 4.75%.

#### What contributed to relative performance?
 **•** During the fiscal year, security selection among higher coupon bonds (6.00 – 6.49% specifically) was additive to the Fund's performance relative to the Benchmark. An overweight allocation to B-rated bonds also contributed to the Fund's relative performance.<sup>‡</sup> At the sector level, security selection and an underweight allocation in the housing sector contributed to the Fund's relative performance.

#### What detracted from relative performance?
 **•** Security selection among tobacco bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year. An overweight exposure to longer duration bonds (9.00 years are greater) was also detractive from relative return. Security selection among zero-coupon bonds also detracted from the Fund's relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9997972.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Rochester<sup>®</sup> New York Municipals Fund (Class Y)** | 1.44% | 1.09% | 4.23% |
| **S&P Municipal Bond New York 5+ Year Investment Grade Index** | 4.75% | 1.39% | 2.40% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Rochester Fund Municipals (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3976503959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$17997457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Series 2023, RB, 5.00%, 05/01/2053 | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;University of Puerto Rico, Series 2006 Q, RB, 5.00%, 06/01/2036 | &nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB, 5.25%, 06/15/2052 | &nbsp;&nbsp;&nbsp;1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB, 5.00%, 11/15/2056 | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 A, RB, 5.25%, 01/01/2050 | &nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Thruway Authority, Series 2019 B, RB, 4.00%, 01/01/2050 | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds), Series 2024, Ref. RB, 5.25%, 12/31/2054 | &nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB, 4.50%, 05/15/2063 | &nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2024 AA-1, RB, 5.25%, 06/15/2053 | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority (White Plains Hospital Obligated Group), Series 2024, RB, 5.25%, 10/01/2049 | &nbsp;&nbsp;&nbsp;0.92% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9997977.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROM-AR-Y **Invesco Rochester<sup>®</sup> New York Municipals Fund**

![TSR_logo](images_2685.jpg)

### Invesco Rochester<sup>®</sup> New York Municipals Fund

### Class R6: IORUX

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This annual shareholder report contains important information about Invesco Rochester<sup>®</sup> New York Municipals Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| Invesco Rochester<sup>®</sup> New York Municipals Fund<br> (Class R6) | $87 | 0.86% |

---

### How Did The Fund Perform During The Period?
 **•** During the fiscal year ended February 28, 2026, the municipal bond market benefited from positive returns, inflows and strong credit fundamentals.

 **•** For the fiscal year ended February 28, 2026, Class R6 shares of the Fund returned 1.42%. For the same time period, the S&P Municipal Bond New York 5+ Year Investment Grade Index (the "Benchmark") returned 4.75%.

#### What contributed to relative performance?
 **•** During the fiscal year, security selection among higher coupon bonds (6.00 – 6.49% specifically) was additive to the Fund's performance relative to the Benchmark. An overweight allocation to B-rated bonds also contributed to the Fund's relative performance.<sup>‡</sup> At the sector level, security selection and an underweight allocation in the housing sector contributed to the Fund's relative performance.

#### What detracted from relative performance?
 **•** Security selection among tobacco bonds detracted from the Fund's performance relative to the Benchmark during the fiscal year. An overweight exposure to longer duration bonds (9.00 years are greater) was also detractive from relative return. Security selection among zero-coupon bonds also detracted from the Fund's relative performance.

<sup>‡ A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Credit Ratings' under Rating Resources 'About Ratings' on the homepage.; https://ratings.moodys.io/ratings and select 'Understanding Ratings' on the homepage.; www.fitchratings.com and select 'Ratings Definitions Criteria' under 'Resources' on the homepage. Then select 'Rating Definitions' under 'Resources' on the 'Contents' menu.</sup>

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9998008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Rochester<sup>®</sup> New York Municipals Fund (Class R6)** | 1.42% | 1.13% | 4.19% |
| **S&P Municipal Bond New York 5+ Year Investment Grade Index** | 4.75% | 1.39% | 2.40% |
| **S&P Municipal Bond Index** | 4.85% | 1.62% | 2.51% |

---

Class R6 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Rochester Fund Municipals's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

  ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3976503959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$17997457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Series 2023, RB, 5.00%, 05/01/2053 | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;University of Puerto Rico, Series 2006 Q, RB, 5.00%, 06/01/2036 | &nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB, 5.25%, 06/15/2052 | &nbsp;&nbsp;&nbsp;1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB, 5.00%, 11/15/2056 | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), Series 2016 A, RB, 5.25%, 01/01/2050 | &nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Thruway Authority, Series 2019 B, RB, 4.00%, 01/01/2050 | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds), Series 2024, Ref. RB, 5.25%, 12/31/2054 | &nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, RB, 4.50%, 05/15/2063 | &nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2024 AA-1, RB, 5.25%, 06/15/2053 | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority (White Plains Hospital Obligated Group), Series 2024, RB, 5.25%, 10/01/2049 | &nbsp;&nbsp;&nbsp;0.92% |

---

 **Credit sector allocation** 

 **(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9998013.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-ROM-AR-R6 **Invesco Rochester<sup>®</sup> New York Municipals Fund**

------

(b) Not applicable.

------

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"). This Code is filed as an exhibit to this report on Form N-CSR under Item 19(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended February 28, 2026.

------

Item 3. Audit Committee Financial Expert.

The Board of Trustees has determined that the Registrant has two audit committee financial experts serving on its Audit Committee: Anthony J. LaCava, Jr. and James Liddy. Each of these audit committee financial experts is "independent" within the meaning of that term as used in Form N-CSR.

------

Item 4. Principal Accountant Fees and Services.

------

(a) to (d)

#### Fees Billed by PwC Related to the Registrant
PricewaterhouseCoopers LLP ("PwC"), the Registrant's independent registered public accounting firm, billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

---

| | | |
|:---|:---|:---|
|  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2026  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2025  |
| Audit Fees  | $753704 | $782195 |
| Audit-Related Fees<sup>(</sup><sup>1)</sup>  | $6865 | $57500 |
| Tax Fees<sup>(</sup><sup>2)</sup>  | $191367 | $207916 |
| All Other Fees  | <u>$0</u> | <u>$0</u> |
| Total Fees  | $951936 | $1047611 |

---

(1) Audit-Related Fees for the fiscal year ended 2026 and 2025 includes fees billed for reviewing regulatory filings. 

(2) Tax Fees for the fiscal years ended 2026 and 2025 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences. 

#### Fees Billed by PwC Related to Invesco and Affiliates
PwC billed Invesco Advisers, Inc. ("Invesco"), the Registrant's investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant ("Affiliates") aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.

---

| | | |
|:---|:---|:---|
|  | Fees Billed for Non- <br> Audit Services <br> Rendered to <br> Invesco and <br> Affiliates for Fiscal <br> Year Ended 2026 That <br> Were Required <br> to be Pre-Approved <br> by the Registrant's Audit Committee  | Fees Billed for Non- <br> Audit Services <br> Rendered to <br> Invesco and <br> Affiliates for Fiscal <br> Year Ended 2025 That <br> Were Required <br> to be Pre-Approved <br> by the Registrant's Audit Committee  |
| Audit-Related Fees<sup>(</sup><sup>1)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp; 1195000 | $&nbsp;&nbsp;&nbsp;&nbsp; 1141000 |
| Tax Fees  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  |
| All Other Fees  | <u>$&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 0</u>  | <u>$&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 0</u>  |
| Total Fees  | $1195000 | $&nbsp;&nbsp;&nbsp;&nbsp; 1141000  |

---

------

(1) Audit-Related Fees for the fiscal years ended 2026 and 2025 include fees billed related to reviewing controls at a service organization.

#### (e)(1)

#### PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

#### POLICIES AND PROCEDURES
As adopted by the Audit Committees

of the Invesco Funds (the "Funds")

Last Amended March 29, 2017

I. **Statement of Principles** 

The Audit Committees (the "Audit Committee") of the Boards of Trustees of the Funds (the "Board") have adopted these policies and procedures (the "Procedures") with respect to the pre-approval of audit and non-audit services to be provided by the Funds' independent auditor (the "Auditor") to the Funds, and to the Funds' investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, "Service Affiliates").

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate's engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a "Service Affiliate's Covered Engagement").

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate's Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission ("SEC") and other organizations and regulatory bodies applicable to the Funds ("Applicable Rules").<sup>1</sup> They address both general pre-approvals without consideration of specific case-by-case services ("general pre-approvals") and pre-approvals on a case-by-case basis ("specific pre-approvals"). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II. **Pre-Approval of Fund Audit Services** 

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds' financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor's qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

------

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

III. **General and Specific Pre-Approval of Non-Audit Fund Services** 

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee's review and approval of General Pre-Approved Non-Audit Services, the Funds' Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds' Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV. **Non-Audit Service Types** 

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

a. <u>Audit-Related Services</u> 

"Audit-related services" are assurance and related services that are reasonably related to the performance of the audit or review of the Fund's financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as "Audit services"; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

b. <u>Tax Services</u> 

"Tax services" include, but are not limited to, the review and signing of the Funds' federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds' Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

------

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

c. <u>Other Services</u> 

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. <u>Appendix I</u> includes a list of services that the Auditor is prohibited from performing by the SEC rules. <u>Appendix I</u> also includes a list of services that would impair the Auditor's independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds' financial statements.

V. **Pre-Approval of Service Affiliate's Covered Engagements** 

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate's engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a "Service Affiliate's Covered Engagement".

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate's Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate's Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate's Covered Engagement must be submitted to the Audit Committee by the Funds' Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds' Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

------

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor's independence from the Funds. The Funds' Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor's independence from the Fund.

VI. **Pre-Approved Fee Levels or Established Amounts** 

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate's Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VII. **Delegation** 

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate's Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case-by-case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate's Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII. **Compliance with Procedures** 

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds' Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds' Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds' Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX. **Amendments to Procedures** 

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

------

#### Appendix I

#### Non-Audit Services That May Impair the Auditor's Independence
The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

· Management functions; 

· Human resources; 

· Broker-dealer, investment adviser, or investment banking services; 

· Legal services; 

· Expert services unrelated to the audit; 

· Any service or product provided for a contingent fee or a commission; 

· Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance; 

· Tax services for persons in financial reporting oversight roles at the Fund; and 

· Any other service that the Public Company Oversight Board determines by regulation is impermissible. 

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds' financial statements:

· Bookkeeping or other services related to the accounting records or financial statements of the audit client; 

· Financial information systems design and implementation; 

· Appraisal or valuation services, fairness opinions, or contribution-in-kind reports; 

· Actuarial services; and 

· Internal audit outsourcing services. 

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $6,726,000 for the fiscal year ended February 28, 2026 and $6,489,000 for the fiscal year ended February 28, 2025. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $8,112,367 for the fiscal year ended February 28, 2026 and $7,837,916 for the fiscal year ended February 28, 2025.

PwC provided audit services to the Investment Company complex of approximately $35 million.

------

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC's independence.

(i) Not applicable.

(j) Not applicable.

---

| | |
|:---|:---|
| 1  | Applicable Rules include, for example, New York Stock Exchange ("NYSE") rules applicable to closed-end funds managed by Invesco and listed on NYSE.  |

---

------

Item 5. Audit Committee of Listed Registrants.

Not applicable.

------

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](imgdf6b2fd51.jpg)

------

**Annual Financial Statements and Other Information**

**February 28, 2026**

**Invesco AMT-Free Municipal Income Fund**

Nasdaq:

A: OPTAX ■ C: OMFCX ■ Y: OMFYX ■ R6: IORAX

------

---

| | |
|:---|:---|
| [2](#xx_02cb6ac6-cdda-46c3-b8ae-c7fb8dcfec60_SOI-Continued-743_1) | Schedule of Investments |
| [17](#xx_02cb6ac6-cdda-46c3-b8ae-c7fb8dcfec60_FS-Continued-743_1) | Financial Statements |
| [20](#xx_02cb6ac6-cdda-46c3-b8ae-c7fb8dcfec60_FS-Continued-743_4) | Financial Highlights |
| [21](#xx_02cb6ac6-cdda-46c3-b8ae-c7fb8dcfec60_NTF-Continued-743_1) | Notes to Financial Statements |
| [28](#xx_02cb6ac6-cdda-46c3-b8ae-c7fb8dcfec60_ARS-Continued-743_1) | Report of Independent Registered Public Accounting Firm |
| [29](#xx_02cb6ac6-cdda-46c3-b8ae-c7fb8dcfec60_TI-Continued-743_1) | Tax Information |
| [30](#xx_02cb6ac6-cdda-46c3-b8ae-c7fb8dcfec60_OIRSR-Continued-743_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*February 28, 2026* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–106.22%** | **Municipal Obligations–106.22%** | **Municipal Obligations–106.22%** | **Municipal Obligations–106.22%** | **Municipal Obligations–106.22%** |
| **Alabama–4.64%** | **Alabama–4.64%** | **Alabama–4.64%** | **Alabama–4.64%** | **Alabama–4.64%** |
| Birmingham (City of), AL Water Works Board (The); Series 2016 B, Ref. RB<sup>(a)(b)</sup> <br>| 5.00% | 01/01/2027 | $16150 | &nbsp;&nbsp; $16533361 |
| Black Belt Energy Gas District (The); |  |  |  |  |
| Series 2022 C-1, RB<sup>(b)</sup> <br>| 5.25% | 06/01/2029 | 10000 | &nbsp;&nbsp; 10703861 |
| Series 2024 A, RB<sup>(b)</sup> <br>| 5.25% | 09/01/2032 | 2805 | &nbsp;&nbsp; 3045563 |
| Energy Southeast, A Cooperative District; Series 2024 B, RB<sup>(b)</sup> <br>| 5.25% | 06/01/2032 | 4500 | &nbsp;&nbsp; 4971924 |
| Fort Deposit (Town of), AL Cooperative District; Series 2003, RB | 6.00% | 02/01/2036 | 135 | &nbsp;&nbsp; 135012 |
| Jefferson (County of), AL; |  |  |  |  |
| Series 2017, Ref. Revenue Wts. | 5.00% | 09/15/2035 | 4500 | &nbsp;&nbsp; 4607404 |
| Series 2024, Ref. RB | 5.25% | 10/01/2045 | 4000 | &nbsp;&nbsp; 4315084 |
| Series 2024, Ref. Revenue Wts. | 5.25% | 10/01/2049 | 6040 | &nbsp;&nbsp; 6368998 |
| Series 2024, Ref. Revenue Wts. | 5.50% | 10/01/2053 | 9000 | &nbsp;&nbsp; 9548876 |
| Lower Alabama Gas District (The); Series 2016 A, RB | 5.00% | 09/01/2046 | 11200 | &nbsp;&nbsp; 12226008 |
| Mobile (City of), AL Improvement District (McGowin Park); Series 2016 A, RB | 5.25% | 08/01/2030 | 185 | &nbsp;&nbsp; 186089 |
| Southeast Energy Authority, A Cooperative District (No. 2); |  |  |  |  |
| Series 2024 A, RB | 5.00% | 11/01/2035 | 6235 | &nbsp;&nbsp; 6711019 |
| Series 2025 C, RB<sup>(b)</sup> <br>| 5.00% | 02/01/2031 | 5000 | &nbsp;&nbsp; 5418432 |
| Southeast Energy Authority, A Cooperative District (No. 3); Series 2022 A-1, RB<sup>(b)</sup> <br>| 5.50% | 12/01/2029 | 4105 | &nbsp;&nbsp; 4468181 |
| Southeast Energy Authority, a Cooperative District (No. 4); Series 2022 B-1, RB<sup>(b)</sup> <br>| 5.00% | 08/01/2028 | 2000 | &nbsp;&nbsp; 2102332 |
|  |  |  |  | &nbsp;&nbsp; 91342144 |
| **Arizona–2.21%** | **Arizona–2.21%** | **Arizona–2.21%** | **Arizona–2.21%** | **Arizona–2.21%** |
| Arizona (State of) Industrial Development Authority (Provident Group-NCCU Properties LLC); <br> Series 2019 A, RB (INS - BAM)<sup>(c)</sup> <br>| 5.00% | 06/01/2058 | 570 | &nbsp;&nbsp; 573850 |
| Arizona (State of) Industrial Development Authority (Social Bonds); Series 2020 A, RB | 4.00% | 11/01/2050 | 2100 | &nbsp;&nbsp; 1879328 |
| Chandler (City of), AZ Industrial Development Authority (Intel Corp.); Series 2005, RB<sup>(b)</sup> <br>| 3.80% | 06/15/2028 | 5000 | &nbsp;&nbsp; 5100388 |
| Festival Ranch Community Facilities District (Assessment Districts Nos. 4 & 5); Series 2007, RB | 5.75% | 07/01/2032 | 262 | &nbsp;&nbsp; 262206 |
| Maricopa (County of), AZ Industrial Development Authority (GreatHearts Arizona); |  |  |  |  |
| Series 2017 C, RB (CEP - Ohio School District) | 5.00% | 07/01/2037 | 80 | &nbsp;&nbsp; 81414 |
| Series 2017 C, RB (CEP - Ohio School District) | 5.00% | 07/01/2048 | 145 | &nbsp;&nbsp; 145367 |
| Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); <br> Series 2019, Ref. RB<sup>(d)</sup> <br>| 5.00% | 07/01/2049 | 1400 | &nbsp;&nbsp; 1353342 |
| Merrill Ranch Community Facilities District No. 1 (Assessment Area One); Series 2006, RB | 5.30% | 07/01/2030 | 141 | &nbsp;&nbsp; 141090 |
| Phoenix (City of), AZ Industrial Development Authority (The) (Espiritu Community Development <br> Corp. Charter School); Series 2006 A, RB<br>| 6.25% | 07/01/2036 | 360 | &nbsp;&nbsp; 360067 |
| Phoenix (City of), AZ Industrial Development Authority (The) (Great Hearts Academies); Series 2016 <br> A, Ref. RB<br>| 5.00% | 07/01/2041 | 1425 | &nbsp;&nbsp; 1425635 |
| Phoenix Civic Improvement Corp.; Series 2019, RB | 4.00% | 07/01/2044 | 6855 | &nbsp;&nbsp; 6888814 |
| Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); <br> Series 2016, Ref. RB<sup>(d)</sup> <br>| 5.50% | 09/01/2046 | 900 | &nbsp;&nbsp; 852414 |
| Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)); |  |  |  |  |
| Series 2019, RB | 5.13% | 07/01/2039 | 195 | &nbsp;&nbsp; 190947 |
| Series 2019, RB | 5.25% | 07/01/2049 | 240 | &nbsp;&nbsp; 214085 |
| Pima (County of), AZ Industrial Development Authority (The) (Arizona Charter Schools); <br> Series 2013 Q, Ref. RB<br>| 5.38% | 07/01/2031 | 1225 | &nbsp;&nbsp; 1225756 |
| Pima (County of), AZ Industrial Development Authority (The) (Tucson Country Day School); <br> Series 2007, Ref. RB<br>| 5.00% | 06/01/2037 | 645 | &nbsp;&nbsp; 603914 |
| Salt River Project Agricultural Improvement & Power District; Series 2025, RB<sup>(e)</sup> <br>| 5.25% | 01/01/2053 | 15220 | &nbsp;&nbsp; 16245069 |
| Salt Verde Financial Corp.; |  |  |  |  |
| Series 2007, RB | 5.50% | 12/01/2029 | 100 | &nbsp;&nbsp; 108599 |
| Series 2007, RB | 5.00% | 12/01/2037 | 3000 | &nbsp;&nbsp; 3344621 |
| Sierra (City of), AZ Vista Industrial Development Authority (American Leadership Academy Project); <br> Series 2024, RB<sup>(d)</sup> <br>| 5.00% | 06/15/2059 | 2765 | &nbsp;&nbsp; 2392934 |
|  |  |  |  | &nbsp;&nbsp; 43389840 |
| **Arkansas–0.07%** | **Arkansas–0.07%** | **Arkansas–0.07%** | **Arkansas–0.07%** | **Arkansas–0.07%** |
| Cave Springs Municipal Property Owners' Improvement District No. 3; Series 2007, GO Bonds<sup>(f)</sup> <br>| 6.25% | 02/01/2038 | 1305 | &nbsp;&nbsp; 1305000 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–8.16%** | **California–8.16%** | **California–8.16%** | **California–8.16%** | **California–8.16%** |
| California (State of); Series 2022, GO Bonds | 4.00% | 04/01/2049 | $1325 | &nbsp;&nbsp; $1317285 |
| California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds); <br> Series 2024, RB<sup>(b)</sup> <br>| 5.00% | 04/01/2032 | 2500 | &nbsp;&nbsp; 2727238 |
| California (State of) Community Choice Financing Authority (Green Bonds); |  |  |  |  |
| Series 2023 C, RB<sup>(b)</sup> <br>| 5.25% | 10/01/2031 | 3250 | &nbsp;&nbsp; 3494480 |
| Series 2023, RB<sup>(b)</sup> <br>| 5.00% | 08/01/2029 | 5000 | &nbsp;&nbsp; 5321818 |
| California (State of) County Tobacco Securitization Agency; Series 2006 B, RB<sup>(g)</sup> <br>| 0.00% | 06/01/2050 | 129820 | &nbsp;&nbsp; 24025904 |
| California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.); |  |  |  |  |
| Series 2006 A, RB<sup>(g)</sup> <br>| 0.00% | 06/01/2046 | 7000 | &nbsp;&nbsp; 1924362 |
| Series 2006 B, RB<sup>(g)</sup> <br>| 0.00% | 06/01/2046 | 6000 | &nbsp;&nbsp; 1595534 |
| California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization <br> Corp.); Series 2020 B-2, Ref. RB<sup>(g)</sup> <br>| 0.00% | 06/01/2055 | 2500 | &nbsp;&nbsp; 485891 |
| California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding <br> Corp.); Series 2002 A, RB<br>| 5.88% | 06/01/2043 | 1215 | &nbsp;&nbsp; 1216518 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System); Series 2021 <br> A, Ref. RB<br>| 5.00% | 08/15/2051 | 10000 | &nbsp;&nbsp; 10493428 |
| California (State of) Health Facilities Financing Authority (CommonSpirit Health); |  |  |  |  |
| Series 2020, Ref. RB<sup>(a)(b)</sup> <br>| 4.00% | 04/01/2030 | 50 | &nbsp;&nbsp; 54104 |
| Series 2020, Ref. RB | 4.00% | 04/01/2049 | 1450 | &nbsp;&nbsp; 1348229 |
| California (State of) Health Facilities Financing Authority (Sutter Health); Series 2016 B, Ref. <br> RB<sup>(a)(b)</sup> <br>| 5.00% | 11/15/2026 | 4080 | &nbsp;&nbsp; 4168447 |
| California (State of) Housing Finance Agency (Social Certificates); Series 2023-1, RB | 4.38% | 09/20/2036 | 3407 | &nbsp;&nbsp; 3624620 |
| California (State of) Municipal Finance Authority; Series 2026 A-1, RB | 4.05% | 07/20/2041 | 3605 | &nbsp;&nbsp; 3649436 |
| California (State of) Statewide Communities Development Authority (Community Facilities District <br> No. 2007-01); Series 2015, Ref. RB<sup>(a)(b)</sup> <br>| 5.00% | 03/20/2026 | 780 | &nbsp;&nbsp; 781117 |
| Golden State Tobacco Securitization Corp.; Series 2017 A-1, Ref. RB<sup>(a)(b)</sup> <br>| 5.00% | 06/01/2027 | 170 | &nbsp;&nbsp; 176652 |
| Grossmont-Cuyamaca Community College District (Election of 2012); Series 2018 B, GO Bonds | 4.00% | 08/01/2047 | 3165 | &nbsp;&nbsp; 3139781 |
| Inland Empire Tobacco Securitization Corp.; Series 2007 F, RB<sup>(d)(g)</sup> <br>| 0.00% | 06/01/2057 | 340750 | &nbsp;&nbsp; 17607030 |
| Long Beach (City of), CA Bond Finance Authority; Series 2007 A, RB | 5.50% | 11/15/2037 | 2000 | &nbsp;&nbsp; 2440556 |
| Los Angeles (City of), CA Department of Water & Power; |  |  |  |  |
| Series 2017 A, RB | 5.00% | 07/01/2042 | 5000 | &nbsp;&nbsp; 5062677 |
| Series 2022 B, Ref. RB | 5.00% | 07/01/2041 | 10000 | &nbsp;&nbsp; 10881451 |
| Los Angeles Unified School District (Green Bonds); Series 2022 QRR, GO Bonds | 5.25% | 07/01/2047 | 5000 | &nbsp;&nbsp; 5430472 |
| M-S-R Energy Authority; |  |  |  |  |
| Series 2009 B, RB | 7.00% | 11/01/2034 | 10000 | &nbsp;&nbsp; 12426410 |
| Series 2009 B, RB | 6.50% | 11/01/2039 | 9820 | &nbsp;&nbsp; 12301471 |
| Oak Grove School District (Election of 2008); Series 2018 E, Ref. GO Bonds<sup>(h)</sup> <br>| 5.00% | 08/01/2042 | 4500 | &nbsp;&nbsp; 3012490 |
| San Diego (County of), CA Regional Airport Authority; |  |  |  |  |
| Series 2019 A, Ref. RB | 5.00% | 07/01/2044 | 5000 | &nbsp;&nbsp; 5261044 |
| Series 2025 A, RB | 5.25% | 07/01/2055 | 10000 | &nbsp;&nbsp; 10860814 |
| Transbay Joint Powers Authority (Green Bonds); |  |  |  |  |
| Series 2020 A, RB | 5.00% | 10/01/2045 | 1000 | &nbsp;&nbsp; 1012944 |
| Series 2020 A, RB | 5.00% | 10/01/2049 | 1000 | &nbsp;&nbsp; 1002194 |
| Twin Rivers Unified School District; Series 2020, GO Bonds (INS - AGI)<sup>(c)(g)</sup> <br>| 0.00% | 08/01/2044 | 7990 | &nbsp;&nbsp; 3589011 |
|  |  |  |  | &nbsp;&nbsp; 160433408 |
| **Colorado–3.14%** | **Colorado–3.14%** | **Colorado–3.14%** | **Colorado–3.14%** | **Colorado–3.14%** |
| Aurora (City of), CO (Pipeline/Interceptor); Series 2023, RB | 4.00% | 08/01/2053 | 13285 | &nbsp;&nbsp; 12660883 |
| BNC Metropolitan District No. 1; Series 2017 A, Ref. GO Bonds (INS - BAM)<sup>(c)</sup> <br>| 5.00% | 12/01/2037 | 550 | &nbsp;&nbsp; 565264 |
| Colliers Hill Metropolitan District No. 2; Series 2022 B-1, Ref. GO Bonds | 5.75% | 12/15/2047 | 2866 | &nbsp;&nbsp; 2853935 |
| Colorado (State of) Educational & Cultural Facilities Authority (Stargate Charter School); <br> Series 2018 A, Ref. RB<br>| 5.00% | 12/01/2038 | 1000 | &nbsp;&nbsp; 1035005 |
| Colorado (State of) Health Facilities Authority (Christian Living Neighborhoods); Series 2016, Ref. <br> RB<br>| 5.00% | 01/01/2031 | 1400 | &nbsp;&nbsp; 1401214 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health); Series 2022, RB | 5.25% | 11/01/2052 | 7500 | &nbsp;&nbsp; 7808170 |
| Colorado (State of) Health Facilities Authority (Covenant Living Communinities and Services); <br> Series 2025, Ref. RB<br>| 5.13% | 12/01/2055 | 3000 | &nbsp;&nbsp; 2993749 |
| Colorado State University Research Foundation; Series 2025 A, RB<sup>(d)</sup> <br>| 5.38% | 03/01/2055 | 4100 | &nbsp;&nbsp; 4105223 |
| Crowfoot Valley Ranch Metropolitan District No. 2; Series 2024 A, Ref. GO Bonds (INS - BAM)<sup>(c)</sup> <br>| 4.38% | 12/01/2054 | 1500 | &nbsp;&nbsp; 1415559 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco AMT-Free Municipal Income Fund**

------

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** |
| Denver (City & County of), CO; |  |  |  |  |
| Series 2022 B, RB | 5.25% | 11/15/2053 | $6700 | &nbsp;&nbsp; $7082148 |
| Series 2022 C, Ref. RB | 5.25% | 11/15/2053 | 5000 | &nbsp;&nbsp; 5279217 |
| Ebert Metropolitan District; Series 2018 A-2, GO Bonds (INS - BAM)<sup>(c)</sup> <br>| 5.00% | 12/01/2043 | 1605 | &nbsp;&nbsp; 1665691 |
| Public Authority for Colorado Energy; |  |  |  |  |
| Series 2008, RB | 6.25% | 11/15/2028 | 980 | &nbsp;&nbsp; 1037226 |
| Series 2008, RB | 6.50% | 11/15/2038 | 1920 | &nbsp;&nbsp; 2378362 |
| Rampart Range Metropolitan District No. 1; Series 2017, Ref. RB (INS - AGI)<sup>(c)</sup> <br>| 5.00% | 12/01/2047 | 6165 | &nbsp;&nbsp; 6225283 |
| St. Vrain Lakes Metropolitan District No. 2; Series 2024 B, Ref. GO Bonds | 6.38% | 11/15/2054 | 1000 | &nbsp;&nbsp; 1003416 |
| Vauxmont Metropolitan District; Series 2020, Ref. GO Bonds (INS - AGI)<sup>(c)</sup> <br>| 5.00% | 12/01/2050 | 1500 | &nbsp;&nbsp; 1524877 |
| West Point Metropolitan District Park Ridge Subdistrict; Series 2024, GO Bonds<sup>(d)</sup> <br>| 6.50% | 12/01/2048 | 800 | &nbsp;&nbsp; 808643 |
|  |  |  |  | &nbsp;&nbsp; 61843865 |
| **Connecticut–1.05%** | **Connecticut–1.05%** | **Connecticut–1.05%** | **Connecticut–1.05%** | **Connecticut–1.05%** |
| Connecticut (State of) Health & Educational Facilities Authority (Fairfield University); Series 2017 <br> R, Ref. RB<br>| 4.00% | 07/01/2047 | 5000 | &nbsp;&nbsp; 4680871 |
| Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare); Series 2026, <br> Ref. RB<br>| 5.50% | 07/01/2055 | 5255 | &nbsp;&nbsp; 5650067 |
| Connecticut (State of) Health & Educational Facilities Authority (Nuvance Health); Series 2019 A, <br> Ref. RB<br>| 4.00% | 07/01/2049 | 7555 | &nbsp;&nbsp; 6732423 |
| Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds<sup>(i)</sup> <br>| 5.13% | 10/01/2036 | 500 | &nbsp;&nbsp; 60000 |
| Hamden (Town of), CT; Series 2018 A, Ref. GO Bonds (INS - BAM)<sup>(c)</sup> <br>| 5.00% | 08/15/2030 | 625 | &nbsp;&nbsp; 666817 |
| Mashantucket Western Pequot Tribe; Series 2013, RB<sup>(i)</sup> <br>| 6.05% | 07/01/2031 | 11260 | &nbsp;&nbsp; 2815015 |
|  |  |  |  | &nbsp;&nbsp; 20605193 |
| **District of Columbia–4.01%** | **District of Columbia–4.01%** | **District of Columbia–4.01%** | **District of Columbia–4.01%** | **District of Columbia–4.01%** |
| District of Columbia; |  |  |  |  |
| Series 2020 A, RB | 4.00% | 03/01/2045 | 4335 | &nbsp;&nbsp; 4290281 |
| Series 2025, GO Bonds<sup>(e)(j)</sup> <br>| 5.25% | 01/01/2048 | 4930 | &nbsp;&nbsp; 5272460 |
| District of Columbia Tobacco Settlement Financing Corp.; |  |  |  |  |
| Series 2001, RB | 6.75% | 05/15/2040 | 3095 | &nbsp;&nbsp; 3190816 |
| Series 2006 B, RB<sup>(g)</sup> <br>| 0.00% | 06/15/2046 | 72125 | &nbsp;&nbsp; 16711096 |
| Metropolitan Washington Airports Authority; Series 2019 B, Ref. RB | 4.00% | 10/01/2049 | 10000 | &nbsp;&nbsp; 8944175 |
| Washington Metropolitan Area Transit Authority; |  |  |  |  |
| Series 2020 A, RB | 4.00% | 07/15/2045 | 25600 | &nbsp;&nbsp; 25343475 |
| Series 2025, RB<sup>(e)(j)</sup> <br>| 5.50% | 07/15/2060 | 6650 | &nbsp;&nbsp; 7163728 |
| Washington Metropolitan Area Transit Authority (Green Bonds); Series 2023 A, RB | 5.50% | 07/15/2051 | 7500 | &nbsp;&nbsp; 8034718 |
|  |  |  |  | &nbsp;&nbsp; 78950749 |
| **Florida–7.70%** | **Florida–7.70%** | **Florida–7.70%** | **Florida–7.70%** | **Florida–7.70%** |
| Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.); <br> Series 2019, Ref. RB<br>| 5.00% | 12/01/2037 | 2580 | &nbsp;&nbsp; 2716806 |
| Amelia Concourse Community Development District; Series 2007, RB | 5.75% | 05/01/2038 | 270 | &nbsp;&nbsp; 256607 |
| Arlington Ridge Community Development District; Series 2006 A, RB | 5.50% | 05/01/2036 | 115 | &nbsp;&nbsp; 115137 |
| Broward (County of), FL; Series 2022 A, RB | 4.00% | 10/01/2047 | 5005 | &nbsp;&nbsp; 4845892 |
| Broward (County of), FL (Convention Center Expansion); Series 2021, RB | 4.00% | 09/01/2047 | 17250 | &nbsp;&nbsp; 16156493 |
| Capital Trust Agency, Inc. (Florida Charter Educational Foundation, Inc.); |  |  |  |  |
| Series 2018 A, RB<sup>(d)</sup> <br>| 5.38% | 06/15/2038 | 255 | &nbsp;&nbsp; 256709 |
| Series 2018 A, RB<sup>(d)</sup> <br>| 5.38% | 06/15/2048 | 480 | &nbsp;&nbsp; 454095 |
| Chapel Creek Community Development District; Series 2006, RB | 5.50% | 05/01/2038 | 400 | &nbsp;&nbsp; 400554 |
| Clearwater Cay Community Development District; Series 2006 A, RB (Acquired 02/16/2010; <br> Cost $539,852)<sup>(f)(i)(k)</sup> <br>| 5.50% | 05/01/2037 | 826 | &nbsp;&nbsp; 371674 |
| County of Miami-Dade FL Water & Sewer System Revenue; Series 2025, RB<sup>(e)</sup> <br>| 5.00% | 10/01/2055 | 6850 | &nbsp;&nbsp; 7152867 |
| Creekside Community Development District; Series 2006, RB<sup>(f)(i)</sup> <br>| 5.20% | 05/01/2038 | 2068 | &nbsp;&nbsp; 1033855 |
| Davie (Town of), FL (Nova Southeastern University); Series 2018, Ref. RB | 5.00% | 04/01/2048 | 5000 | &nbsp;&nbsp; 5067751 |
| Florida Development Finance Corp. (Mater Academy); Series 2020 A, RB | 5.00% | 06/15/2050 | 9405 | &nbsp;&nbsp; 9089061 |
| Highland Meadows Community Development District; Series 2006 A, RB | 5.50% | 05/01/2036 | 70 | &nbsp;&nbsp; 70088 |
| Hillsborough (County of), FL Industrial Development Authority (Baycare Health System); <br> Series 2024 C, Ref. RB<br>| 5.25% | 11/15/2049 | 7110 | &nbsp;&nbsp; 7578305 |
| Indigo Community Development District; Series 2005, RB<sup>(f)</sup> <br>| 5.75% | 05/01/2036 | 218 | &nbsp;&nbsp; 178731 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** |
| Lake (County of), FL (Imagine South Lake Charter School Program); Series 2019, RB<sup>(d)</sup> <br>| 5.00% | 01/15/2054 | $190 | &nbsp;&nbsp; $163654 |
| Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); |  |  |  |  |
| Series 2018 A, RB<sup>(d)</sup> <br>| 5.50% | 07/15/2048 | 565 | &nbsp;&nbsp; 540960 |
| Series 2018 A, RB<sup>(d)</sup> <br>| 5.75% | 07/15/2053 | 600 | &nbsp;&nbsp; 580166 |
| Lucaya Community Development District; Series 2005, RB | 5.38% | 05/01/2035 | 900 | &nbsp;&nbsp; 901206 |
| Magnolia Creek Community Development District; Series 2007 A, RB | 5.90% | 05/01/2039 | 170 | &nbsp;&nbsp; 157229 |
| Magnolia West Community Development District; Series 2017, RB | 5.35% | 05/01/2037 | 60 | &nbsp;&nbsp; 60426 |
| Manatee (County of), FL; Series 2023, Ref. RB | 4.00% | 10/01/2048 | 5000 | &nbsp;&nbsp; 4743121 |
| Miami-Dade (County of), FL; |  |  |  |  |
| Series 2019 B, RB | 4.00% | 10/01/2049 | 17745 | &nbsp;&nbsp; 16408376 |
| Series 2020 A, RB | 4.00% | 07/01/2048 | 12185 | &nbsp;&nbsp; 11401871 |
| Series 2020 A, RB | 4.00% | 07/01/2050 | 5000 | &nbsp;&nbsp; 4605833 |
| Series 2021, RB | 4.00% | 10/01/2051 | 5000 | &nbsp;&nbsp; 4639726 |
| Naturewalk Community Development District; Series 2007 A, RB<sup>(f)(i)</sup> <br>| 5.50% | 05/01/2038 | 335 | &nbsp;&nbsp; 127300 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group); |  |  |  |  |
| Series 2022, RB | 4.00% | 10/01/2052 | 5000 | &nbsp;&nbsp; 4409049 |
| Series 2025, Ref. RB | 5.25% | 10/01/2056 | 5000 | &nbsp;&nbsp; 5246209 |
| Osceola (County of), FL; Series 2020 A-1, Ref. RB | 5.00% | 10/01/2049 | 2055 | &nbsp;&nbsp; 2071730 |
| Palace Coral Gables Community Development District; |  |  |  |  |
| Series 2011, RB | 5.00% | 05/01/2032 | 315 | &nbsp;&nbsp; 315375 |
| Series 2011, RB | 5.63% | 05/01/2042 | 1000 | &nbsp;&nbsp; 1001063 |
| Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center); |  |  |  |  |
| Series 2025, RB | 5.75% | 11/01/2050 | 1385 | &nbsp;&nbsp; 1470755 |
| Series 2025, RB | 5.25% | 11/01/2055 | 1385 | &nbsp;&nbsp; 1411373 |
| Peace River Manasota Regional Water Supply Authority; Series 2025, RB<sup>(e)(j)</sup> <br>| 5.50% | 10/01/2055 | 8315 | &nbsp;&nbsp; 9011118 |
| Pinellas (County of), FL Industrial Development Authority (2017 Foundation for Global <br> Understanding); Series 2019, RB<br>| 5.00% | 07/01/2039 | 2000 | &nbsp;&nbsp; 2035801 |
| Reunion East Community Development District; |  |  |  |  |
| Series 2002 A-2, RB<sup>(i)</sup> <br>| 7.38% | 05/01/2033 | 860 | &nbsp;&nbsp; 9 |
| Series 2005, RB<sup>(i)</sup> <br>| 5.80% | 05/01/2036 | 810 | &nbsp;&nbsp; 8 |
| Ridgewood Trails Community Development District; Series 2007 A, RB | 5.65% | 05/01/2038 | 15 | &nbsp;&nbsp; 15019 |
| South Bay Community Development District; |  |  |  |  |
| Series 2005 A, RB (Acquired 05/27/2009; Cost $1,803,161)<sup>(i)(k)</sup> <br>| 5.95% | 05/01/2036 | 1645 | &nbsp;&nbsp; 16 |
| Series 2005 A-1, Ref. RB | 5.95% | 05/01/2036 | 1445 | &nbsp;&nbsp; 1446170 |
| Series 2005 A-2, Ref. RB (Acquired 04/01/2015; Cost $1,111,175)<sup>(i)(k)</sup> <br>| 6.60% | 05/01/2036 | 1095 | &nbsp;&nbsp; 547500 |
| Tampa (City of), FL; |  |  |  |  |
| Series 2020 A, RB<sup>(g)</sup> <br>| 0.00% | 09/01/2033 | 210 | &nbsp;&nbsp; 164189 |
| Series 2020 A, RB<sup>(g)</sup> <br>| 0.00% | 09/01/2034 | 880 | &nbsp;&nbsp; 661097 |
| Series 2020 A, RB<sup>(g)</sup> <br>| 0.00% | 09/01/2035 | 750 | &nbsp;&nbsp; 539444 |
| Series 2020 A, RB<sup>(g)</sup> <br>| 0.00% | 09/01/2036 | 850 | &nbsp;&nbsp; 584437 |
| Series 2020 A, RB<sup>(g)</sup> <br>| 0.00% | 09/01/2037 | 825 | &nbsp;&nbsp; 541334 |
| Series 2020 A, RB<sup>(g)</sup> <br>| 0.00% | 09/01/2038 | 1050 | &nbsp;&nbsp; 657049 |
| Series 2020 A, RB<sup>(g)</sup> <br>| 0.00% | 09/01/2039 | 1000 | &nbsp;&nbsp; 596733 |
| Vista Community Development District; Series 2006 A, RB | 5.38% | 05/01/2037 | 3055 | &nbsp;&nbsp; 3058316 |
| Waterford Estates Community Development District; Series 2006 A, RB | 5.50% | 05/01/2037 | 1435 | &nbsp;&nbsp; 1439779 |
| Waterstone Community Development District; |  |  |  |  |
| Series 2007 A, RB<sup>(h)</sup> <br>| 6.88% | 05/01/2037 | 146 | &nbsp;&nbsp; 107983 |
| Series 2007 B, RB<sup>(g)</sup> <br>| 0.00% | 11/01/2028 | 159 | &nbsp;&nbsp; 147151 |
| West Villages Improvement District (Develepmont Unit No. 2); |  |  |  |  |
| Series 2005 A-1, RB | 5.75% | 05/01/2036 | 2470 | &nbsp;&nbsp; 2473943 |
| Series 2005 A-2, RB (Acquired 10/16/2019; Cost $869,632)<sup>(i)(k)</sup> <br>| 5.75% | 05/01/2036 | 1385 | &nbsp;&nbsp; 1385098 |
| Westridge Community Development District; Series 2005, RB | 5.80% | 05/01/2037 | 340 | &nbsp;&nbsp; 340209 |
| Westside Community Development District; Series 2019-2, RB<sup>(f)(i)</sup> <br>| 5.65% | 05/01/2037 | 525 | &nbsp;&nbsp; 429410 |
| Wildwood (City of), FL Village Community Development Disctrict No. 15; |  |  |  |  |
| Series 2023, RB<sup>(d)</sup> <br>| 5.00% | 05/01/2043 | 1475 | &nbsp;&nbsp; 1524351 |
| Series 2023, RB<sup>(d)</sup> <br>| 5.25% | 05/01/2054 | 4535 | &nbsp;&nbsp; 4569874 |
| Wildwood (City of), FL Village Community Development Disctrict No. 16; Series 2025, RB | 5.13% | 05/01/2056 | 2620 | &nbsp;&nbsp; 2634555 |
| Zephyr Ridge Community Development District; Series 2006, RB | 5.63% | 05/01/2037 | 550 | &nbsp;&nbsp; 550243 |
|  |  |  |  | &nbsp;&nbsp; 151460883 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Georgia–3.52%** | **Georgia–3.52%** | **Georgia–3.52%** | **Georgia–3.52%** | **Georgia–3.52%** |
| Atlanta (City of), GA Urban Residential Finance Authority (Trestletree Village Apartments); <br> Series 2013 A, RB<br>| 5.00% | 11/01/2048 | $490 | &nbsp;&nbsp; $398676 |
| Atlanta Development Authority (The); Series 2024, Revenue Ctfs.<sup>(d)</sup> <br>| 5.56% | 12/15/2048 | 6000 | &nbsp;&nbsp; 5469148 |
| Brookhaven (City of), GA Urban Redevelopment Agency; Series 2023 A, RB | 4.00% | 07/01/2053 | 5000 | &nbsp;&nbsp; 4852686 |
| Burke (County of), GA Development Authority (Georgia Power Company); Series 2018, Ref. VRD <br> RB<sup>(l)</sup> <br>| 1.05% | 11/01/2052 | 10000 | &nbsp;&nbsp; 10000000 |
| Columbia (City of), GA (Wellstar Health System, Inc.); Series 2023, RAC | 5.13% | 04/01/2048 | 5500 | &nbsp;&nbsp; 5770748 |
| Floyd (County of), GA Development Authority (The Spires at Berry College); |  |  |  |  |
| Series 2018 A, RB | 5.75% | 12/01/2033 | 1155 | &nbsp;&nbsp; 1157423 |
| Series 2018 A, RB | 6.00% | 12/01/2038 | 2260 | &nbsp;&nbsp; 2261718 |
| Series 2018 A, RB | 6.25% | 12/01/2048 | 5565 | &nbsp;&nbsp; 5565489 |
| Series 2018 A, RB | 6.50% | 12/01/2053 | 3205 | &nbsp;&nbsp; 3205649 |
| Main Street Natural Gas, Inc.; |  |  |  |  |
| Series 2019 A, RB | 5.00% | 05/15/2043 | 4040 | &nbsp;&nbsp; 4139349 |
| Series 2023 B, RB<sup>(b)</sup> <br>| 5.00% | 03/01/2030 | 5000 | &nbsp;&nbsp; 5369086 |
| Series 2023 C, RB<sup>(b)</sup> <br>| 5.00% | 09/01/2030 | 5000 | &nbsp;&nbsp; 5400144 |
| Series 2024 B, RB<sup>(b)</sup> <br>| 5.00% | 03/01/2032 | 5435 | &nbsp;&nbsp; 5956878 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds); Series 2025 A, RB | 5.25% | 07/01/2050 | 5000 | &nbsp;&nbsp; 5412237 |
| Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens); |  |  |  |  |
| Series 2018 A-1, RB | 6.13% | 12/01/2038 | 880 | &nbsp;&nbsp; 900171 |
| Series 2018 A-1, RB | 6.25% | 12/01/2048 | 1230 | &nbsp;&nbsp; 1231119 |
| Series 2018 A-1, RB | 6.38% | 12/01/2053 | 1280 | &nbsp;&nbsp; 1275432 |
| Series 2018 A-2, RB<sup>(b)</sup> <br>| 5.50% | 12/01/2028 | 845 | &nbsp;&nbsp; 826611 |
|  |  |  |  | &nbsp;&nbsp; 69192564 |
| **Guam–0.08%** | **Guam–0.08%** | **Guam–0.08%** | **Guam–0.08%** | **Guam–0.08%** |
| Guam (Territory of) Waterworks Authority; Series 2020 A, RB | 5.00% | 01/01/2050 | 1500 | &nbsp;&nbsp; 1530992 |
| **Hawaii–0.82%** | **Hawaii–0.82%** | **Hawaii–0.82%** | **Hawaii–0.82%** | **Hawaii–0.82%** |
| Hawaii (State of); Series 2025 B, RB | 5.00% | 07/01/2049 | 15000 | &nbsp;&nbsp; 16086629 |
| **Idaho–0.20%** | **Idaho–0.20%** | **Idaho–0.20%** | **Idaho–0.20%** | **Idaho–0.20%** |
| Idaho (State of) Health Facilities Authority (St. Luke's Health ystem); Series 2025, Ref. RB | 5.25% | 03/01/2053 | 3735 | &nbsp;&nbsp; 3908929 |
| **Illinois–8.13%** | **Illinois–8.13%** | **Illinois–8.13%** | **Illinois–8.13%** | **Illinois–8.13%** |
| Chicago (City of), IL; Series 2025 A, GO Bonds | 6.00% | 01/01/2050 | 2150 | &nbsp;&nbsp; 2263770 |
| Chicago (City of), IL (O'Hare International Airport); |  |  |  |  |
| Series 2017 D, RB | 5.00% | 01/01/2052 | 3000 | &nbsp;&nbsp; 3011194 |
| Series 2018 B, RB | 5.00% | 01/01/2053 | 10500 | &nbsp;&nbsp; 10625842 |
| Series 2020 A, Ref. RB | 4.00% | 01/01/2036 | 5000 | &nbsp;&nbsp; 5153451 |
| Chicago (City of), IL Board of Education; |  |  |  |  |
| Series 2015 C, GO Bonds | 5.25% | 12/01/2035 | 1360 | &nbsp;&nbsp; 1359974 |
| Series 2016, RB | 6.00% | 04/01/2046 | 4300 | &nbsp;&nbsp; 4357095 |
| Series 2022 A, GO Bonds | 5.00% | 12/01/2047 | 3200 | &nbsp;&nbsp; 3010032 |
| Series 2025 C, Ref. GO Bonds | 5.50% | 12/01/2045 | 3380 | &nbsp;&nbsp; 3423669 |
| Chicago (City of), IL Midway International Airport; Series 2025 B, Ref. RB | 5.00% | 01/01/2055 | 10000 | &nbsp;&nbsp; 10369137 |
| Chicago (City of), IL Transit Authority; |  |  |  |  |
| Series 2020 A, Ref. RB | 5.00% | 12/01/2045 | 20 | &nbsp;&nbsp; 20719 |
| Series 2020 A, Ref. RB | 5.00% | 12/01/2055 | 2140 | &nbsp;&nbsp; 2167715 |
| Cook (County of), IL; Series 2021 A, Ref. RB | 4.00% | 11/15/2041 | 3500 | &nbsp;&nbsp; 3524529 |
| Du Page (County of), IL Special Service Area No. 31 (Monarch Landing, Inc.); Series 2006, RB | 5.63% | 03/01/2036 | 228 | &nbsp;&nbsp; 228722 |
| Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Subseries 2014 A, RB | 5.38% | 03/01/2034 | 575 | &nbsp;&nbsp; 569525 |
| Harvey (City of), IL; |  |  |  |  |
| Series 2008, RB | 6.88% | 08/01/2028 | 1475 | &nbsp;&nbsp; 1474852 |
| Series 2023 A, GO Bonds | 4.50% | 01/01/2054 | 3483 | &nbsp;&nbsp; 2694715 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** |
| Illinois (State of); |  |  |  |  |
| Series 2017 C, GO Bonds | 5.00% | 11/01/2029 | $3000 | &nbsp;&nbsp; $3123633 |
| Series 2018 A, GO Bonds | 5.00% | 05/01/2036 | 2610 | &nbsp;&nbsp; 2711597 |
| Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2029 | 6500 | &nbsp;&nbsp; 6920155 |
| Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2032 | 3000 | &nbsp;&nbsp; 3169770 |
| Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2033 | 750 | &nbsp;&nbsp; 790364 |
| Series 2018 B, Ref. GO Bonds | 5.00% | 10/01/2029 | 5000 | &nbsp;&nbsp; 5323196 |
| Series 2020, GO Bonds | 5.50% | 05/01/2039 | 3750 | &nbsp;&nbsp; 4057854 |
| Series 2024 B, GO Bonds | 5.25% | 05/01/2044 | 3000 | &nbsp;&nbsp; 3219632 |
| Series 2024 C, GO Bonds | 4.00% | 10/01/2048 | 5410 | &nbsp;&nbsp; 4864370 |
| Illinois (State of) Finance Authority; Series 2025, Ref. RB<sup>(d)</sup> <br>| 5.88% | 09/01/2046 | 2500 | &nbsp;&nbsp; 2505085 |
| Illinois (State of) Finance Authority (Institute of Technology); Series 2019, Ref. RB | 5.00% | 09/01/2040 | 2500 | &nbsp;&nbsp; 2499184 |
| Illinois (State of) Finance Authority (University of Illinois Health Services); Series 2020, RB | 4.00% | 10/01/2040 | 3950 | &nbsp;&nbsp; 3878122 |
| Illinois (State of) Regional Transportation Authority; |  |  |  |  |
| Series 2018 B, RB | 4.00% | 06/01/2043 | 1365 | &nbsp;&nbsp; 1365625 |
| Series 2018 XF2618, Revenue Ctfs.<sup>(e)</sup> <br>| 4.00% | 06/01/2043 | 18000 | &nbsp;&nbsp; 18008239 |
| Illinois State Toll Highway Authority; Series 2025, RB<sup>(e)</sup> <br>| 5.00% | 01/01/2045 | 21090 | &nbsp;&nbsp; 22116393 |
| Jefferson County Township High School District No. 201; |  |  |  |  |
| Series 2012 A, GO Bonds | 6.50% | 12/30/2027 | 895 | &nbsp;&nbsp; 957072 |
| Series 2012 A, GO Bonds | 6.50% | 12/30/2028 | 955 | &nbsp;&nbsp; 1056349 |
| Series 2012 A, GO Bonds | 6.50% | 12/30/2031 | 1160 | &nbsp;&nbsp; 1390600 |
| Lincolnshire (Village of), IL (Sedgewick); Series 2004, RB | 6.25% | 03/01/2034 | 1417 | &nbsp;&nbsp; 1419633 |
| Marion (City of), IL (Star Bond District Area No. 1); Series 2025, RB | 6.63% | 06/01/2055 | 2500 | &nbsp;&nbsp; 2519164 |
| Northern Illinois Municipal Power Agency; Series 2016 A, Ref. RB | 4.00% | 12/01/2041 | 1050 | &nbsp;&nbsp; 1052447 |
| Plano (City of), IL Special Service Area No. 5 (Lakewood Springs Club); Series 2006, RB | 6.00% | 03/01/2036 | 312 | &nbsp;&nbsp; 299368 |
| Sales Tax Securitization Corp.; |  |  |  |  |
| Series 2018 C, Ref. RB | 5.25% | 01/01/2043 | 2545 | &nbsp;&nbsp; 2632087 |
| Series 2018 C, Ref. RB (INS - BAM)<sup>(c)</sup> <br>| 5.25% | 01/01/2048 | 5000 | &nbsp;&nbsp; 5101094 |
| Southwestern Illinois Development Authority; Series 2006, RB<sup>(i)</sup> <br>| 5.63% | 11/01/2026 | 210 | &nbsp;&nbsp; 41909 |
| Stephenson County School District No. 145 Freeport; |  |  |  |  |
| Series 2018 A, GO Bonds<sup>(a)(b)</sup> <br>| 5.00% | 02/01/2028 | 210 | &nbsp;&nbsp; 221210 |
| Series 2018 A, GO Bonds<sup>(a)(b)</sup> <br>| 5.00% | 02/01/2028 | 135 | &nbsp;&nbsp; 142206 |
| Series 2018 A, GO Bonds<sup>(a)(b)</sup> <br>| 5.00% | 02/01/2028 | 160 | &nbsp;&nbsp; 168541 |
| Series 2018 A, GO Bonds<sup>(a)(b)</sup> <br>| 5.00% | 02/01/2028 | 40 | &nbsp;&nbsp; 42135 |
| Series 2018 A, GO Bonds<sup>(a)(b)</sup> <br>| 5.00% | 02/01/2028 | 30 | &nbsp;&nbsp; 31601 |
| Series 2018 A, GO Bonds<sup>(a)(b)</sup> <br>| 5.00% | 02/01/2028 | 25 | &nbsp;&nbsp; 26335 |
| Series 2018 A, Ref. GO Bonds<sup>(a)(b)</sup> <br>| 5.00% | 02/01/2028 | 210 | &nbsp;&nbsp; 221210 |
| Series 2018 A, Ref. GO Bonds<sup>(a)(b)</sup> <br>| 5.00% | 02/01/2028 | 155 | &nbsp;&nbsp; 163274 |
| Series 2018 A, Ref. GO Bonds<sup>(a)(b)</sup> <br>| 5.00% | 02/01/2028 | 135 | &nbsp;&nbsp; 142206 |
| Series 2018 A, Ref. GO Bonds (INS - AGI)<sup>(c)</sup> <br>| 5.00% | 02/01/2032 | 695 | &nbsp;&nbsp; 731417 |
| Series 2018 A, Ref. GO Bonds (INS - AGI)<sup>(c)</sup> <br>| 5.00% | 02/01/2033 | 505 | &nbsp;&nbsp; 530105 |
| Series 2018 A, Ref. GO Bonds (INS - AGI)<sup>(c)</sup> <br>| 5.00% | 02/01/2034 | 455 | &nbsp;&nbsp; 476823 |
| Yorkville (United City of), IL (United City Special Services Area); Series 2013, Ref. RB | 5.00% | 03/01/2033 | 1638 | &nbsp;&nbsp; 1638328 |
|  |  |  |  | &nbsp;&nbsp; 159813274 |
| **Indiana–1.60%** | **Indiana–1.60%** | **Indiana–1.60%** | **Indiana–1.60%** | **Indiana–1.60%** |
| Columbus (City of), IN (Vivera Senior Living); Series 2019, RB | 5.63% | 05/01/2039 | 3515 | &nbsp;&nbsp; 3421590 |
| Indiana (State of) Finance Authority (Good Samaritan Hospital); Series 2016 A, RB | 5.50% | 04/01/2026 | 830 | &nbsp;&nbsp; 831159 |
| Indiana Finance Authority; Series 2025, RB<sup>(e)</sup> <br>| 5.00% | 10/01/2053 | 10000 | &nbsp;&nbsp; 10263787 |
| Indianapolis Local Public Improvement Bond Bank; Series 2025, Ref. RB | 5.25% | 01/01/2055 | 16040 | &nbsp;&nbsp; 16897842 |
|  |  |  |  | &nbsp;&nbsp; 31414378 |
| **Iowa–1.17%** | **Iowa–1.17%** | **Iowa–1.17%** | **Iowa–1.17%** | **Iowa–1.17%** |
| Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB | 4.75% | 08/01/2042 | 5000 | &nbsp;&nbsp; 5001732 |
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB<sup>(a)(b)</sup> <br>| 5.00% | 12/01/2032 | 7785 | &nbsp;&nbsp; 9089548 |
| Muscatine Power and Water Electric Revenue; Series 2026 A, RB (INS - AGI)<sup>(c)</sup> <br>| 5.25% | 12/01/2051 | 2500 | &nbsp;&nbsp; 2661177 |
| PEFA, Inc.; Series 2019, RB<sup>(b)</sup> <br>| 5.00% | 09/01/2026 | 5190 | &nbsp;&nbsp; 5250391 |
| Xenia (City of), IA Rural Water District; Series 2016, Ref. RN<sup>(a)(b)</sup> <br>| 5.00% | 12/01/2026 | 1000 | &nbsp;&nbsp; 1021339 |
|  |  |  |  | &nbsp;&nbsp; 23024187 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Kentucky–2.15%** | **Kentucky–2.15%** | **Kentucky–2.15%** | **Kentucky–2.15%** | **Kentucky–2.15%** |
| Kentucky (Commonwealth of) Municipal Power Agency (Prairie State); Series 2016 A, Ref. RB (INS - <br> NATL)<sup>(c)</sup> <br>| 5.00% | 09/01/2031 | $5000 | &nbsp;&nbsp; $5048444 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 115); Series 2017, RB (INS - <br> BAM)<sup>(c)</sup> <br>| 5.00% | 04/01/2038 | 2500 | &nbsp;&nbsp; 2555004 |
| Kentucky (Commonwealth of) Public Energy Authority; |  |  |  |  |
| Series 2022 A-1, RB<sup>(b)</sup> <br>| 4.00% | 08/01/2030 | 15000 | &nbsp;&nbsp; 15546696 |
| Series 2023 A-1, Ref. RB<sup>(b)</sup> <br>| 5.25% | 02/01/2032 | 10000 | &nbsp;&nbsp; 11006154 |
| Series 2024 A, RB<sup>(b)</sup> <br>| 5.00% | 07/01/2030 | 5000 | &nbsp;&nbsp; 5359492 |
| Series 2025 B, RB | 5.00% | 12/01/2033 | 2660 | &nbsp;&nbsp; 2836395 |
|  |  |  |  | &nbsp;&nbsp; 42352185 |
| **Louisiana–1.18%** | **Louisiana–1.18%** | **Louisiana–1.18%** | **Louisiana–1.18%** | **Louisiana–1.18%** |
| Denham Springs (City of) & Livingston (Parish of), LA Housing & Mortgage Finance Authority; <br> Series 2007, RB (CEP - GNMA)<br>| 5.00% | 11/01/2040 | 3 | &nbsp;&nbsp; 2471 |
| Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans); |  |  |  |  |
| Series 2017, Ref. RB<sup>(i)</sup> <br>| 5.00% | 07/01/2032 | 395 | &nbsp;&nbsp; 163925 |
| Series 2017, Ref. RB<sup>(i)</sup> <br>| 5.00% | 07/01/2033 | 300 | &nbsp;&nbsp; 124500 |
| Series 2017, Ref. RB<sup>(i)</sup> <br>| 5.00% | 07/01/2037 | 345 | &nbsp;&nbsp; 143175 |
| Louisiana (State of) Public Facilities Authority (Provident Group-Flagship Properties LLC- Louisiana <br> State University Nicholson Gateway); Series 2016, RB<br>| 5.00% | 07/01/2051 | 5000 | &nbsp;&nbsp; 4999964 |
| Louisiana Stadium & Exposition District; Series 2023 A, Ref. RB | 5.00% | 07/01/2048 | 13235 | &nbsp;&nbsp; 13802240 |
| Louisiana State University & Agricultural & Mechanical College Board of Supervisors; Series 2016 A, <br> Ref. RB<sup>(a)(b)</sup> <br>| 5.00% | 07/01/2026 | 4035 | &nbsp;&nbsp; 4071791 |
|  |  |  |  | &nbsp;&nbsp; 23308066 |
| **Maryland–0.86%** | **Maryland–0.86%** | **Maryland–0.86%** | **Maryland–0.86%** | **Maryland–0.86%** |
| Gaithersburg (City of), MD (Asbury Maryland Obligated Group); Series 2018 A, Ref. RB | 5.00% | 01/01/2036 | 1500 | &nbsp;&nbsp; 1531213 |
| Maryland (State of) Health & Higher Educational Facilities Authority; |  |  |  |  |
| Series 2001, RB (INS - AMBAC)<sup>(c)</sup> <br>| 5.00% | 07/01/2034 | 5 | &nbsp;&nbsp; 5040 |
| Series 2016, Ref. RB | 5.00% | 06/01/2036 | 400 | &nbsp;&nbsp; 400708 |
| Maryland (State of) Transportation Authority; Series 2021 A, Ref. RB | 5.00% | 07/01/2051 | 10000 | &nbsp;&nbsp; 10421513 |
| Maryland Economic Development Corp. (Core Natural Resources, Inc.); Series 2025, Ref. RB<sup>(b)(d)</sup> <br>| 5.00% | 03/27/2035 | 3000 | &nbsp;&nbsp; 3249507 |
| Prince George's (County of), MD (Victoria Falls); Series 2005, RB | 5.25% | 07/01/2035 | 1308 | &nbsp;&nbsp; 1315401 |
|  |  |  |  | &nbsp;&nbsp; 16923382 |
| **Massachusetts–0.63%** | **Massachusetts–0.63%** | **Massachusetts–0.63%** | **Massachusetts–0.63%** | **Massachusetts–0.63%** |
| Massachusetts (Commonwealth of) Development Finance Agency; Series 2019 A, Ref. RB | 4.00% | 07/01/2044 | 3000 | &nbsp;&nbsp; 2682586 |
| Massachusetts (Commonwealth of) Transportation Fund (Rail Enhancement Program); Series 2021 <br> A, RB<sup>(e)</sup> <br>| 4.00% | 06/01/2050 | 10000 | &nbsp;&nbsp; 9644484 |
|  |  |  |  | &nbsp;&nbsp; 12327070 |
| **Michigan–0.66%** | **Michigan–0.66%** | **Michigan–0.66%** | **Michigan–0.66%** | **Michigan–0.66%** |
| Detroit (City of), MI; Series 2003 B-R, RB (INS - AGI)<sup>(c)</sup> <br>| 7.50% | 07/01/2033 | 60 | &nbsp;&nbsp; 60235 |
| Michigan (State of) Finance Authority; |  |  |  |  |
| Series 2005 A, RB | 6.00% | 12/01/2035 | 1155 | &nbsp;&nbsp; 1154901 |
| Series 2008 C, RB<sup>(g)</sup> <br>| 0.00% | 06/01/2058 | 214275 | &nbsp;&nbsp; 5005164 |
| Michigan (State of) Finance Authority (Old Redforf Academy); Series 2010 A, RB | 5.90% | 12/01/2030 | 345 | &nbsp;&nbsp; 345096 |
| Michigan (State of) Finance Authority (Universal Learning Academy); Series 2018, Ref. RB | 5.75% | 11/01/2040 | 635 | &nbsp;&nbsp; 647691 |
| Michigan (State of) Strategic Fund (Wolverine Human Services); Series 2007, RN (Acquired <br> 08/28/2008-10/09/2008; Cost $4,467,672)<sup>(i)(k)</sup> <br>| 5.85% | 08/31/2027 | 5281 | &nbsp;&nbsp; 1848499 |
| Plymouth Educational Center Charter School; |  |  |  |  |
| Series 2005, Ref. RB | 5.38% | 11/01/2030 | 400 | &nbsp;&nbsp; 160000 |
| Series 2005, Ref. RB | 5.63% | 11/01/2035 | 1325 | &nbsp;&nbsp; 530000 |
| Walled Lake Consolidated School District; |  |  |  |  |
| Series 2019, GO Bonds | 4.00% | 05/01/2039 | 600 | &nbsp;&nbsp; 611459 |
| Series 2019, GO Bonds | 4.00% | 05/01/2041 | 2485 | &nbsp;&nbsp; 2531061 |
|  |  |  |  | &nbsp;&nbsp; 12894106 |
| **Minnesota–0.17%** | **Minnesota–0.17%** | **Minnesota–0.17%** | **Minnesota–0.17%** | **Minnesota–0.17%** |
| Bethel (City of), MN (Benedictine Health System - St. Peter Communities); Series 2018 A, Ref. RB | 5.50% | 12/01/2048 | 1050 | &nbsp;&nbsp; 1037997 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Minnesota–(continued)** | **Minnesota–(continued)** | **Minnesota–(continued)** | **Minnesota–(continued)** | **Minnesota–(continued)** |
| Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group); <br> Series 2018 A, Ref. RB<br>| 5.00% | 02/15/2043 | $2300 | &nbsp;&nbsp; $2348589 |
|  |  |  |  | &nbsp;&nbsp; 3386586 |
| **Mississippi–0.57%** | **Mississippi–0.57%** | **Mississippi–0.57%** | **Mississippi–0.57%** | **Mississippi–0.57%** |
| Mississippi (State of) Development Bank; Series 2016, RB (CEP - Colorado Higher Education <br> Intercept Program)<br>| 5.00% | 12/01/2046 | 10000 | &nbsp;&nbsp; 10084664 |
| Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2021, RB | 2.38% | 06/01/2044 | 1795 | &nbsp;&nbsp; 1215037 |
|  |  |  |  | &nbsp;&nbsp; 11299701 |
| **Missouri–1.57%** | **Missouri–1.57%** | **Missouri–1.57%** | **Missouri–1.57%** | **Missouri–1.57%** |
| Branson (City of), MO Industrial Development Authority (Branson Hills Redevelopment); |  |  |  |  |
| Series 2005 A, RB<sup>(f)</sup> <br>| 7.05% | 05/01/2027 | 60 | &nbsp;&nbsp; 45000 |
| Series 2007 A, RB<sup>(f)</sup> <br>| 5.75% | 05/01/2026 | 465 | &nbsp;&nbsp; 348750 |
| Broadway-Fairview Transportation Development District; Series 2006 A, RB<sup>(f)</sup> <br>| 5.88% | 12/01/2031 | 675 | &nbsp;&nbsp; 209250 |
| Chillicothe (City of), MO (South U.S. 65); Series 2006, RB | 5.63% | 04/01/2027 | 305 | &nbsp;&nbsp; 305823 |
| Columbia (City of), MO Housing Authority (Stuart Park/Paquin Tower Apartments); |  |  |  |  |
| Series 2015, RB | 5.00% | 12/15/2040 | 580 | &nbsp;&nbsp; 580022 |
| Series 2015, RB | 5.13% | 12/15/2050 | 1330 | &nbsp;&nbsp; 1238475 |
| Hollister (City of), MO; Series 2019, RB<sup>(d)</sup> <br>| 5.63% | 10/01/2039 | 2295 | &nbsp;&nbsp; 2357325 |
| Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community <br> Improvement District); Series 2016 A, Ref. RB<sup>(d)</sup> <br>| 5.00% | 04/01/2046 | 295 | &nbsp;&nbsp; 284108 |
| Lee's Summit (City of), MO Industrial Development Authority; Series 2007, RB<sup>(f)(i)</sup> <br>| 5.75% | 03/01/2029 | 169 | &nbsp;&nbsp; 30495 |
| Missouri (State of) Health & Educational Facilities Authority (SSM Health); Series 2018 A, RB | 5.00% | 06/01/2048 | 7500 | &nbsp;&nbsp; 7598410 |
| Northwoods Transportation Development District; Series 2006 A, RB | 5.85% | 02/01/2031 | 50 | &nbsp;&nbsp; 46618 |
| St. Louis (City of), MO; |  |  |  |  |
| Series 2007 A, RB<sup>(f)</sup> <br>| 5.50% | 09/02/2028 | 373 | &nbsp;&nbsp; 78330 |
| Series 2024, RB (INS - AGI)<sup>(c)</sup> <br>| 5.25% | 07/01/2049 | 10000 | &nbsp;&nbsp; 10681164 |
| Series 2024, RB (INS - AGI)<sup>(c)</sup> <br>| 5.25% | 07/01/2054 | 5000 | &nbsp;&nbsp; 5288121 |
| St. Louis (City of), MO (Abbey Condominiums); Series 2007, RB<sup>(f)</sup> <br>| 5.50% | 05/29/2028 | 661 | &nbsp;&nbsp; 99153 |
| St. Louis (City of), MO (Ludwig Lofts); Series 2008, RN<sup>(f)(m)</sup> <br>| 6.69% | 04/21/2029 | 1080 | &nbsp;&nbsp; 183600 |
| St. Louis (City of), MO (Printers Lofts Tax Increment Financing); Series 2006, RB<sup>(f)(m)</sup> <br>| 6.00% | 08/21/2026 | 545 | &nbsp;&nbsp; 38150 |
| St. Louis (City of), MO (Washington Park Redevelopment); |  |  |  |  |
| Series 2006, RB<sup>(f)(m)</sup> <br>| 6.00% | 08/21/2026 | 846 | &nbsp;&nbsp; 101520 |
| Series 2006, RN<sup>(f)</sup> <br>| 5.50% | 03/09/2027 | 1879 | &nbsp;&nbsp; 263060 |
| Series 2007 A, RN<sup>(f)</sup> <br>| 5.50% | 01/20/2028 | 688 | &nbsp;&nbsp; 213280 |
| Series 2007 B, RN<sup>(f)(i)</sup> <br>| 5.50% | 01/20/2028 | 466 | &nbsp;&nbsp; 4660 |
| Series 2008 A, RB<sup>(f)</sup> <br>| 6.60% | 01/21/2028 | 3254 | &nbsp;&nbsp; 846040 |
| Stone Canyon Community Improvement District (Infrastructure Improvement); Series 2007, RB<sup>(f)(i)</sup> <br>| 5.75% | 04/01/2027 | 320 | &nbsp;&nbsp; 67200 |
|  |  |  |  | &nbsp;&nbsp; 30908554 |
| **Montana–0.07%** | **Montana–0.07%** | **Montana–0.07%** | **Montana–0.07%** | **Montana–0.07%** |
| Hardin (City of), MT; Series 2006, RB<sup>(f)(m)</sup> <br>| 6.25% | 09/01/2031 | 11710 | &nbsp;&nbsp; 1405200 |
| **Nebraska–1.17%** | **Nebraska–1.17%** | **Nebraska–1.17%** | **Nebraska–1.17%** | **Nebraska–1.17%** |
| Central Plains Energy Project (No. 3); Series 2017 A, Ref. RB | 5.00% | 09/01/2035 | 6150 | &nbsp;&nbsp; 6994571 |
| Central Plains Energy Project (No. 5); Series 2022-1, RB<sup>(b)</sup> <br>| 5.00% | 10/01/2029 | 5000 | &nbsp;&nbsp; 5322527 |
| Nebraska Investment Finance Authority (Social Bonds); Series 2024 E, RB (CEP - GNMA) | 4.80% | 09/01/2054 | 4995 | &nbsp;&nbsp; 5038289 |
| Omaha (City of), NE Public Power District; Series 2021 A, RB (INS - AGI)<sup>(c)</sup> <br>| 4.00% | 02/01/2051 | 6000 | &nbsp;&nbsp; 5674300 |
|  |  |  |  | &nbsp;&nbsp; 23029687 |
| **Nevada–0.52%** | **Nevada–0.52%** | **Nevada–0.52%** | **Nevada–0.52%** | **Nevada–0.52%** |
| Clark (County of), NV (Special Improvement District No. 128); Series 2007 A, RB | 5.05% | 02/01/2031 | 245 | &nbsp;&nbsp; 246819 |
| Las Vegas Valley Water District; |  |  |  |  |
| Series 2022 A, GO Bonds | 4.00% | 06/01/2051 | 5000 | &nbsp;&nbsp; 4712808 |
| Series 2025, GO Bonds<sup>(e)</sup> <br>| 5.25% | 06/01/2055 | 5000 | &nbsp;&nbsp; 5347830 |
|  |  |  |  | &nbsp;&nbsp; 10307457 |
| **New Hampshire–1.10%** | **New Hampshire–1.10%** | **New Hampshire–1.10%** | **New Hampshire–1.10%** | **New Hampshire–1.10%** |
| Manchester Housing & Redevelopment Authority, Inc.; Series 2000 B, RB (INS - BAM)<sup>(c)(g)</sup> <br>| 0.00% | 01/01/2029 | 305 | &nbsp;&nbsp; 277826 |
| New Hampshire (State of) Business Finance Authority; Series 2020-1A, RB | 4.13% | 01/20/2034 | 3340 | &nbsp;&nbsp; 3488020 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Hampshire–(continued)** | **New Hampshire–(continued)** | **New Hampshire–(continued)** | **New Hampshire–(continued)** | **New Hampshire–(continued)** |
| New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB | 4.00% | 10/20/2036 | $4848 | &nbsp;&nbsp; $4951890 |
| New Hampshire (State of) Business Finance Authority (Social Certificates); |  |  |  |  |
| Series 2024-1A, RB<sup>(b)</sup> <br>| 4.15% | 10/01/2034 | 998 | &nbsp;&nbsp; 1019302 |
| Series 2024-3, Revenue Ctfs. | 4.16% | 10/01/2051 | 4951 | &nbsp;&nbsp; 5108470 |
| New Hampshire (State of) Business Finance Authority (Thomas Ranch); Series 2024, RB<sup>(d)(g)</sup> <br>| 0.00% | 12/01/2034 | 7265 | &nbsp;&nbsp; 4044282 |
| New Hampshire (State of) Business Finance Authority (Vista (The)); |  |  |  |  |
| Series 2019 A, RB<sup>(d)</sup> <br>| 5.25% | 07/01/2039 | 410 | &nbsp;&nbsp; 415581 |
| Series 2019 A, RB<sup>(d)</sup> <br>| 5.63% | 07/01/2046 | 230 | &nbsp;&nbsp; 231679 |
| Series 2019 A, RB<sup>(d)</sup> <br>| 5.75% | 07/01/2054 | 570 | &nbsp;&nbsp; 571800 |
| New Hampshire (State of) Housing Finance Authority (University Hospitals Home Care Services, <br> Inc.); Series 2024, RB<sup>(d)</sup> <br>| 5.63% | 12/15/2033 | 1390 | &nbsp;&nbsp; 1442890 |
|  |  |  |  | &nbsp;&nbsp; 21551740 |
| **New Jersey–5.85%** | **New Jersey–5.85%** | **New Jersey–5.85%** | **New Jersey–5.85%** | **New Jersey–5.85%** |
| Atlantic City (City of), NJ; |  |  |  |  |
| Series 2017 A, Ref. GO Bonds (INS - BAM)<sup>(c)</sup> <br>| 5.00% | 03/01/2032 | 250 | &nbsp;&nbsp; 256037 |
| Series 2017 A, Ref. GO Bonds (INS - BAM)<sup>(c)</sup> <br>| 5.00% | 03/01/2037 | 500 | &nbsp;&nbsp; 509818 |
| Hudson (County of), NJ Improvement Authority (Hudson County Courhouse); Series 2020, RB | 4.00% | 10/01/2046 | 10000 | &nbsp;&nbsp; 9914200 |
| New Jersey (State of) Economic Development Authority; |  |  |  |  |
| Series 2016 AAA, RB<sup>(a)(b)</sup> <br>| 5.00% | 12/15/2026 | 3000 | &nbsp;&nbsp; 3069704 |
| Series 2017 DDD, RB | 5.00% | 06/15/2028 | 1930 | &nbsp;&nbsp; 1998163 |
| Series 2018 A, RB | 5.00% | 06/15/2047 | 735 | &nbsp;&nbsp; 745531 |
| Series 2018 C, RB | 5.00% | 06/15/2031 | 4855 | &nbsp;&nbsp; 5080971 |
| Series 2018 C, RB | 5.00% | 06/15/2042 | 3500 | &nbsp;&nbsp; 3591551 |
| New Jersey (State of) Economic Development Authority (Golden Door Charter School); Series 2018 <br> A, RB<sup>(d)</sup> <br>| 6.50% | 11/01/2052 | 220 | &nbsp;&nbsp; 225812 |
| New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); <br> Series 2024 A, Ref. RB<br>| 5.25% | 07/01/2054 | 10000 | &nbsp;&nbsp; 10647138 |
| New Jersey (State of) Transportation Trust Fund Authority; |  |  |  |  |
| Series 2019 BB, RB | 4.00% | 06/15/2050 | 7125 | &nbsp;&nbsp; 6638685 |
| Series 2020 AA, RB | 4.00% | 06/15/2050 | 10000 | &nbsp;&nbsp; 9317452 |
| New Jersey Turnpike Authority; Series 2025, RB<sup>(e)(j)</sup> <br>| 5.25% | 01/01/2055 | 5700 | &nbsp;&nbsp; 6127608 |
| Tobacco Settlement Financing Corp.; |  |  |  |  |
| Series 2018 A, Ref. RB | 5.00% | 06/01/2029 | 3500 | &nbsp;&nbsp; 3686097 |
| Series 2018 A, Ref. RB | 5.00% | 06/01/2030 | 12030 | &nbsp;&nbsp; 12664670 |
| Series 2018 A, Ref. RB | 5.00% | 06/01/2031 | 4500 | &nbsp;&nbsp; 4722886 |
| Series 2018 A, Ref. RB | 5.00% | 06/01/2032 | 12980 | &nbsp;&nbsp; 13601668 |
| Series 2018 A, Ref. RB | 5.00% | 06/01/2033 | 5005 | &nbsp;&nbsp; 5235551 |
| Series 2018 A, Ref. RB | 5.00% | 06/01/2037 | 3000 | &nbsp;&nbsp; 3104607 |
| Series 2018 A, Ref. RB | 5.00% | 06/01/2046 | 7145 | &nbsp;&nbsp; 7157984 |
| Series 2018 B, Ref. RB | 5.00% | 06/01/2046 | 6825 | &nbsp;&nbsp; 6762382 |
|  |  |  |  | &nbsp;&nbsp; 115058515 |
| **New Mexico–0.11%** | **New Mexico–0.11%** | **New Mexico–0.11%** | **New Mexico–0.11%** | **New Mexico–0.11%** |
| Boulders Public Improvement District; Series 2015, RB | 5.75% | 10/01/2044 | 230 | &nbsp;&nbsp; 230206 |
| New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare); Series 2008, <br> VRD Ref. RB<sup>(l)</sup> <br>| 1.10% | 08/01/2034 | 2000 | &nbsp;&nbsp; 2000000 |
|  |  |  |  | &nbsp;&nbsp; 2230206 |
| **New York–8.83%** | **New York–8.83%** | **New York–8.83%** | **New York–8.83%** | **New York–8.83%** |
| Battery Park (City of), NY Authority; Series 2019 D-1, Ref. VRD RB<sup>(l)</sup> <br>| 0.98% | 11/01/2038 | 3000 | &nbsp;&nbsp; 3000000 |
| Build NYC Resource Corp. (ERE425, LLC - Zeta Charter Schools, Inc.); Series 2025, RB<sup>(d)</sup> <br>| 5.25% | 10/15/2050 | 1830 | &nbsp;&nbsp; 1786028 |
| Metropolitan Transportation Authority (Green Bonds); Series 2019 A, RB | 5.00% | 11/15/2045 | 10065 | &nbsp;&nbsp; 10305040 |
| New York (City of), NY; |  |  |  |  |
| Series 2022 A-1, GO Bonds | 5.25% | 09/01/2043 | 10000 | &nbsp;&nbsp; 10924286 |
| Series 2024 C, GO Bonds | 5.25% | 03/01/2053 | 10150 | &nbsp;&nbsp; 10690257 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**10**

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |
| New York (City of), NY Transitional Finance Authority; |  |  |  |  |
| Series 2019 A-3, RB | 4.00% | 05/01/2041 | $10000 | &nbsp;&nbsp; $10073618 |
| Series 2022 C-1, RB | 4.00% | 02/01/2051 | 4000 | &nbsp;&nbsp; 3670472 |
| Series 2024 D, RB | 5.50% | 05/01/2052 | 10000 | &nbsp;&nbsp; 10820949 |
| Subseries 2012 C-4, VRD RB<sup>(l)</sup> <br>| 1.10% | 11/01/2036 | 5000 | &nbsp;&nbsp; 5000000 |
| New York (State of) Dormitory Authority; |  |  |  |  |
| Series 2018 A, Ref. RB | 5.00% | 03/15/2034 | 5020 | &nbsp;&nbsp; 5087131 |
| Series 2020 D, Ref. RB | 4.00% | 02/15/2047 | 13150 | &nbsp;&nbsp; 12567118 |
| Series 2025 A, Ref. RB | 5.00% | 03/15/2050 | 5000 | &nbsp;&nbsp; 5257534 |
| New York (State of) Thruway Authority; |  |  |  |  |
| Series 2019 B, RB | 4.00% | 01/01/2050 | 5000 | &nbsp;&nbsp; 4562237 |
| Series 2019 B, RB | 4.00% | 01/01/2053 | 5000 | &nbsp;&nbsp; 4493934 |
| New York (State of) Thruway Authority (Group 2); Series 2021 O, Ref. RB | 4.00% | 01/01/2046 | 5000 | &nbsp;&nbsp; 4818881 |
| New York City Housing Development Corp. (Green Bonds); Series 2023, RB | 4.80% | 02/01/2053 | 12000 | &nbsp;&nbsp; 12078688 |
| New York Counties Tobacco Trust II; Series 2001, RB | 5.75% | 06/01/2043 | 55 | &nbsp;&nbsp; 56045 |
| New York Counties Tobacco Trust VI; Series 2016 A-1, Ref. RB | 5.75% | 06/01/2043 | 285 | &nbsp;&nbsp; 280685 |
| New York State Urban Development Corp.; |  |  |  |  |
| Series 2020 A, RB | 4.00% | 03/15/2045 | 10000 | &nbsp;&nbsp; 9786433 |
| Series 2020 A, RB | 4.00% | 03/15/2049 | 10000 | &nbsp;&nbsp; 9577817 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2020, <br> Ref. RB<br>| 5.00% | 12/01/2035 | 2305 | &nbsp;&nbsp; 2516778 |
| Onondaga Civic Development Corp.; Series 2025, RB | 5.50% | 12/01/2056 | 5000 | &nbsp;&nbsp; 5501357 |
| Tender Option Bond Trust Receipts/Certificates; Series 2025, VRD GO Bonds<sup>(b)(d)(l)</sup> <br>| 1.15% | 03/04/2026 | 4690 | &nbsp;&nbsp; 4690000 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); |  |  |  |  |
| Series 2022 A, RB | 5.25% | 05/15/2057 | 5000 | &nbsp;&nbsp; 5279548 |
| Series 2022 A, Ref. RB | 5.00% | 05/15/2057 | 2500 | &nbsp;&nbsp; 2585910 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund); |  |  |  |  |
| Series 2025, RB | 5.25% | 12/01/2054 | 1500 | &nbsp;&nbsp; 1601189 |
| Series 2025, RB (INS - AGI)<sup>(c)</sup> <br>| 4.50% | 12/01/2056 | 1500 | &nbsp;&nbsp; 1500975 |
| TSASC, Inc.; Series 2016 B, Ref. RB | 5.00% | 06/01/2045 | 13790 | &nbsp;&nbsp; 12821650 |
| Westchester County Local Development Corp.; Series 2025, RB | 7.50% | 11/01/2055 | 2000 | &nbsp;&nbsp; 2248896 |
|  |  |  |  | &nbsp;&nbsp; 173583456 |
| **North Carolina–0.61%** | **North Carolina–0.61%** | **North Carolina–0.61%** | **North Carolina–0.61%** | **North Carolina–0.61%** |
| Charlotte (City of), NC (Charlotte Douglas International Airport); Series 2022 A, RB | 4.00% | 07/01/2052 | 5000 | &nbsp;&nbsp; 4795643 |
| North Carolina (State of) Turnpike Authority; Series 2018, Ref. RB | 5.00% | 01/01/2040 | 7000 | &nbsp;&nbsp; 7302207 |
|  |  |  |  | &nbsp;&nbsp; 12097850 |
| **Ohio–2.77%** | **Ohio–2.77%** | **Ohio–2.77%** | **Ohio–2.77%** | **Ohio–2.77%** |
| Buckeye Tobacco Settlement Financing Authority; |  |  |  |  |
| Series 2020 A-2, Ref. RB | 4.00% | 06/01/2048 | 2960 | &nbsp;&nbsp; 2573114 |
| Series 2020 B-2, Ref. RB | 5.00% | 06/01/2055 | 21690 | &nbsp;&nbsp; 17938129 |
| Series 2020 B-3, Ref. RB<sup>(g)</sup> <br>| 0.00% | 06/01/2057 | 18500 | &nbsp;&nbsp; 1439885 |
| Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Flats East Bank); Series 2010, RB | 6.00% | 11/15/2035 | 3445 | &nbsp;&nbsp; 3453729 |
| Columbus Regional Airport Authority (John Glenn Columbus International Airport); Series 2025, <br> Ref. RB<br>| 5.25% | 01/01/2050 | 5000 | &nbsp;&nbsp; 5305773 |
| County of Franklin OH; Series 2025, RB<sup>(e)</sup> <br>| 5.25% | 11/01/2055 | 6165 | &nbsp;&nbsp; 6519674 |
| Cuyahoga (County of), OH (MetroHealth System); |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 02/15/2052 | 5000 | &nbsp;&nbsp; 4630894 |
| Series 2017, Ref. RB | 5.50% | 02/15/2057 | 6050 | &nbsp;&nbsp; 5969634 |
| Montgomery (County of), OH (Dayton Children's Hospital); Series 2021, Ref. RB | 4.00% | 08/01/2046 | 5000 | &nbsp;&nbsp; 4691535 |
| Ohio (State of) Higher Educational Facility Commission (University of Findlay); Series 2019, Ref. RB | 5.00% | 03/01/2039 | 1000 | &nbsp;&nbsp; 1009948 |
| Ohio (State of) Higher Educational Facility Commission (Xavier University); Series 2024, Ref. RB | 5.25% | 05/01/2054 | 1000 | &nbsp;&nbsp; 987289 |
|  |  |  |  | &nbsp;&nbsp; 54519604 |
| **Oklahoma–1.12%** | **Oklahoma–1.12%** | **Oklahoma–1.12%** | **Oklahoma–1.12%** | **Oklahoma–1.12%** |
| Carter (County of), OK Public Facilities Authority; Series 2018, RB | 5.00% | 09/01/2030 | 3350 | &nbsp;&nbsp; 3505496 |
| Oklahoma (State of) Turnpike Authority (Senior Bonds); Series 2025 A, RB | 5.50% | 01/01/2054 | 11000 | &nbsp;&nbsp; 11956600 |
| Oklahoma Municipal Power Authority; Series 2025, RB (INS - AGI)<sup>(c)(e)(j)</sup> <br>| 5.25% | 01/01/2056 | 6150 | &nbsp;&nbsp; 6567974 |
|  |  |  |  | &nbsp;&nbsp; 22030070 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**11**

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania–6.98%** | **Pennsylvania–6.98%** | **Pennsylvania–6.98%** | **Pennsylvania–6.98%** | **Pennsylvania–6.98%** |
| Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated <br> Group Issue); Series 2018 A, Ref. RB<br>| 5.00% | 04/01/2036 | $2825 | &nbsp;&nbsp; $2945432 |
| Chester (County of), PA Industrial Development Authority (Longwood Gardens) (Green Bonds); <br> Series 2019, RB<br>| 4.00% | 12/01/2049 | 1350 | &nbsp;&nbsp; 1267282 |
| Commonwealth Financing Authority; |  |  |  |  |
| Series 2018, RB | 5.00% | 06/01/2032 | 3000 | &nbsp;&nbsp; 3155883 |
| Series 2018, RB | 5.00% | 06/01/2033 | 2000 | &nbsp;&nbsp; 2100388 |
| Series 2018, RB | 5.00% | 06/01/2034 | 1760 | &nbsp;&nbsp; 1846156 |
| Delaware (County of), PA Authority (Neumann University); |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 10/01/2031 | 1235 | &nbsp;&nbsp; 1235474 |
| Series 2016, Ref. RB | 5.00% | 10/01/2035 | 2305 | &nbsp;&nbsp; 2305517 |
| Geisinger Authority (Geisinger Health System); Series 2017 A-1, Ref. RB | 5.00% | 02/15/2045 | 6335 | &nbsp;&nbsp; 6398695 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University); |  |  |  |  |
| Series 2019, Ref. RB | 4.00% | 09/01/2049 | 5250 | &nbsp;&nbsp; 4694389 |
| Series 2022, Ref. RB | 5.00% | 05/01/2057 | 6615 | &nbsp;&nbsp; 6663205 |
| Pennsylvania (Commonwealth of); |  |  |  |  |
| First Series 2018-1, GO Bonds | 4.00% | 03/01/2035 | 12500 | &nbsp;&nbsp; 12846892 |
| First Series 2018-1, GO Bonds (INS - BAM)<sup>(c)</sup> <br>| 4.00% | 03/01/2036 | 4175 | &nbsp;&nbsp; 4284557 |
| Pennsylvania (Commonwealth of) Housing Finance Agency (Social Bonds); |  |  |  |  |
| Series 2023 143-A, RB | 5.30% | 04/01/2044 | 10000 | &nbsp;&nbsp; 10640035 |
| Series 2025-149A, RB<sup>(e)</sup> <br>| 5.15% | 10/01/2050 | 10000 | &nbsp;&nbsp; 10209497 |
| Pennsylvania (Commonwealth of) Turnpike Commission; |  |  |  |  |
| First series 2023, Ref. RB | 5.00% | 12/01/2043 | 1000 | &nbsp;&nbsp; 1093298 |
| Series 2009 E, RB | 6.38% | 12/01/2038 | 1500 | &nbsp;&nbsp; 1585274 |
| Series 2017 B-1, RB | 5.00% | 06/01/2042 | 5125 | &nbsp;&nbsp; 5230562 |
| Series 2020 B, RB | 5.00% | 12/01/2045 | 5000 | &nbsp;&nbsp; 5280437 |
| Series 2021 A, RB | 4.00% | 12/01/2050 | 2000 | &nbsp;&nbsp; 1844707 |
| Series 2021 B, RB | 4.00% | 12/01/2051 | 8500 | &nbsp;&nbsp; 7788868 |
| Series 2021 B, Ref. RB | 5.00% | 12/01/2051 | 7000 | &nbsp;&nbsp; 7243347 |
| Philadelphia (City of), PA; |  |  |  |  |
| Series 2021 C, RB | 5.00% | 10/01/2046 | 5000 | &nbsp;&nbsp; 5250854 |
| Series 2024 C, RB (INS - AGI)<sup>(c)</sup> <br>| 5.25% | 09/01/2049 | 5000 | &nbsp;&nbsp; 5380286 |
| Philadelphia (City of), PA Authority for Industrial Development; Series 2025, RB<sup>(e)</sup> <br>| 5.50% | 07/01/2053 | 11000 | &nbsp;&nbsp; 11905166 |
| Philadelphia (City of), PA Authority for Industrial Development (St. Joseph's University); <br> Series 2022, RB<br>| 5.25% | 11/01/2052 | 5000 | &nbsp;&nbsp; 5167673 |
| Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated <br> Group); Series 2017, Ref. RB<br>| 5.00% | 07/01/2042 | 3000 | &nbsp;&nbsp; 3004569 |
| Philadelphia School District (The); Series 2016 F, Ref. GO Bonds | 5.00% | 09/01/2032 | 1000 | &nbsp;&nbsp; 1012168 |
| Pottsville (City of), PA Hospital Authority (Lehigh Valley); Series 2016 B, Ref. RB<sup>(a)(b)</sup> <br>| 5.00% | 01/01/2027 | 4000 | &nbsp;&nbsp; 4094950 |
| Scranton School District; Series 2017 E, Ref. GO Bonds (INS - BAM)<sup>(c)</sup> <br>| 5.00% | 12/01/2033 | 710 | &nbsp;&nbsp; 738717 |
|  |  |  |  | &nbsp;&nbsp; 137214278 |
| **Puerto Rico–4.09%** | **Puerto Rico–4.09%** | **Puerto Rico–4.09%** | **Puerto Rico–4.09%** | **Puerto Rico–4.09%** |
| PRHTA Custodial Trust; Series 2022 I, RB<sup>(i)</sup> <br>| 5.00% | 12/06/2049 | 11 | &nbsp;&nbsp; 2508 |
| PRIFA Custodial Trust; |  |  |  |  |
| Series 2005 A, RB<sup>(g)</sup> <br>| 0.00% | 03/15/2049 | 413 | &nbsp;&nbsp; 113946 |
| Series 2005 A, RB<sup>(g)</sup> <br>| 0.00% | 03/15/2049 | 645 | &nbsp;&nbsp; 467214 |
| Series 2022, RB<sup>(g)</sup> <br>| 0.00% | 03/15/2049 | 6998 | &nbsp;&nbsp; 3002675 |
| Series 2022, RB<sup>(g)</sup> <br>| 0.00% | 03/15/2049 | 6362 | &nbsp;&nbsp; 3003568 |
| Puerto Rico (Commonwealth of); |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(g)</sup> <br>| 0.00% | 07/01/2033 | 4698 | &nbsp;&nbsp; 3478576 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2027 | 4029 | &nbsp;&nbsp; 4123353 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2029 | 3964 | &nbsp;&nbsp; 4235212 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2033 | 3651 | &nbsp;&nbsp; 3738868 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2035 | 3281 | &nbsp;&nbsp; 3337727 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2037 | 2816 | &nbsp;&nbsp; 2822129 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2046 | 7929 | &nbsp;&nbsp; 7158881 |
| Subseries 2022, RN<sup>(g)</sup> <br>| 0.00% | 11/01/2043 | 2553 | &nbsp;&nbsp; 1745797 |
| Puerto Rico (Commonwealth of) Electric Power Authority; Series 2010 CCC, RB<sup>(i)</sup> <br>| 5.00% | 07/01/2028 | 2000 | &nbsp;&nbsp; 1335000 |
| Puerto Rico (Commonwealth of) GDB Debt Recovery Authority; Series 2023, RB | 7.50% | 08/20/2040 | 157 | &nbsp;&nbsp; 153499 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**12**

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** |
| Puerto Rico Sales Tax Financing Corp.; |  |  |  |  |
| Series 2018 A-1, RB<sup>(g)</sup> <br>| 0.00% | 07/01/2046 | $32588 | &nbsp;&nbsp; $11722249 |
| Series 2018 A-1, RB<sup>(g)</sup> <br>| 0.00% | 07/01/2051 | 31582 | &nbsp;&nbsp; 8309458 |
| Series 2018 A-1, RB | 4.75% | 07/01/2053 | 9853 | &nbsp;&nbsp; 9607885 |
| Series 2018 A-1, RB | 5.00% | 07/01/2058 | 4400 | &nbsp;&nbsp; 4318725 |
| Series 2019 A-2, RB | 4.54% | 07/01/2053 | 387 | &nbsp;&nbsp; 363115 |
| Series 2019 A-2, RB | 4.78% | 07/01/2058 | 5172 | &nbsp;&nbsp; 5011214 |
| University of Puerto Rico; |  |  |  |  |
| Series 2006 P, Ref. RB (Acquired 10/10/2017; Cost $851,513)<sup>(k)</sup> <br>| 5.00% | 06/01/2026 | 1305 | &nbsp;&nbsp; 1304550 |
| Series 2006 P, Ref. RB (Acquired 11/15/2018; Cost $790,740)<sup>(k)</sup> <br>| 5.00% | 06/01/2030 | 900 | &nbsp;&nbsp; 899736 |
| Series 2006 Q, RB (Acquired 02/13/2019-03/01/2019; Cost $130,900)<sup>(k)</sup> <br>| 5.00% | 06/01/2036 | 150 | &nbsp;&nbsp; 147677 |
|  |  |  |  | &nbsp;&nbsp; 80403562 |
| **Rhode Island–0.69%** | **Rhode Island–0.69%** | **Rhode Island–0.69%** | **Rhode Island–0.69%** | **Rhode Island–0.69%** |
| Central Falls Detention Facility Corp.; Series 2005, Ref. RB (Acquired 06/23/2005; <br> Cost $4,862,486)<sup>(i)(k)</sup> <br>| 7.25% | 07/15/2035 | 4915 | &nbsp;&nbsp; 1916850 |
| Rhode Island Health & Educational Building Corp. (Lifespan Obligated Group); |  |  |  |  |
| Series 2024, RB | 5.25% | 05/15/2049 | 1825 | &nbsp;&nbsp; 1887660 |
| Series 2024, RB | 5.25% | 05/15/2054 | 5000 | &nbsp;&nbsp; 5125201 |
| Rhode Island Housing & Mortgage Finance Corp.; Series 1992 10-A, RB | 6.50% | 04/01/2027 | 20 | &nbsp;&nbsp; 20053 |
| Tobacco Settlement Financing Corp.; Series 2015 A, Ref. RB | 5.00% | 06/01/2040 | 4695 | &nbsp;&nbsp; 4695924 |
|  |  |  |  | &nbsp;&nbsp; 13645688 |
| **South Carolina–1.34%** | **South Carolina–1.34%** | **South Carolina–1.34%** | **South Carolina–1.34%** | **South Carolina–1.34%** |
| Charleston County Airport District; Series 2024 B, RB | 5.25% | 07/01/2054 | 5000 | &nbsp;&nbsp; 5288121 |
| South Carolina (State of) Jobs-Economic Development Authority (Rolling Green Village); <br> Series 2025, RB<br>| 5.75% | 12/01/2060 | 635 | &nbsp;&nbsp; 638815 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group); |  |  |  |  |
| Series 2024, RB | 5.50% | 11/01/2048 | 2500 | &nbsp;&nbsp; 2691792 |
| Series 2024, RB | 5.50% | 11/01/2049 | 5000 | &nbsp;&nbsp; 5372135 |
| Series 2024, RB | 5.50% | 11/01/2050 | 5370 | &nbsp;&nbsp; 5743645 |
| South Carolina (State of) Public Service Authority (Santee Cooper); Series 2024 B, Ref. RB | 5.25% | 12/01/2054 | 6250 | &nbsp;&nbsp; 6606332 |
|  |  |  |  | &nbsp;&nbsp; 26340840 |
| **Tennessee–0.81%** | **Tennessee–0.81%** | **Tennessee–0.81%** | **Tennessee–0.81%** | **Tennessee–0.81%** |
| Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health); <br> Series 2019 A-1, Ref. RB<br>| 4.00% | 08/01/2038 | 225 | &nbsp;&nbsp; 228036 |
| Knox (County of), TN Health, Educational & Housing Facility Board (University of Tennessee); <br> Series 2024 A-1, RB (INS - BAM)<sup>(c)</sup> <br>| 5.50% | 07/01/2054 | 1250 | &nbsp;&nbsp; 1330055 |
| Metropolitan Nashville Airport Authority (The); Series 2019 A, RB | 5.00% | 07/01/2049 | 5000 | &nbsp;&nbsp; 5124975 |
| Nashville (City of), TN Metropolitan Development and Housing Agency (Fifth + Broadway <br> Development); Series 2018, RB<sup>(d)</sup> <br>| 5.13% | 06/01/2036 | 200 | &nbsp;&nbsp; 204364 |
| Tennessee Energy Acquisition Corp.; |  |  |  |  |
| Series 2006 C, RB | 5.00% | 02/01/2027 | 3490 | &nbsp;&nbsp; 3533281 |
| Series 2021 A, RB<sup>(b)</sup> <br>| 5.00% | 11/01/2031 | 5000 | &nbsp;&nbsp; 5451979 |
|  |  |  |  | &nbsp;&nbsp; 15872690 |
| **Texas–12.07%** | **Texas–12.07%** | **Texas–12.07%** | **Texas–12.07%** | **Texas–12.07%** |
| Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.); Series 2025, Ref. <br> RB<sup>(d)</sup> <br>| 5.75% | 06/15/2055 | 1000 | &nbsp;&nbsp; 1017632 |
| Arlington Higher Education Finance Corp. (UME Preparatory Academy); Series 2017 A, RB | 5.00% | 08/15/2038 | 885 | &nbsp;&nbsp; 889969 |
| Arlington Higher Education Finance Corp. (Winfree Academy Charter School); Series 2019, Ref. RB | 5.75% | 08/15/2043 | 1400 | &nbsp;&nbsp; 1416117 |
| Board of Regents of the University of Texas System; Series 2025 B, RB | 5.00% | 08/15/2051 | 6965 | &nbsp;&nbsp; 7390195 |
| Canutillo Independent School District/TX; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<sup>(e)</sup> <br>| 5.25% | 02/15/2060 | 5000 | &nbsp;&nbsp; 5322641 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport); |  |  |  |  |
| Series 2021 B, Ref. RB | 4.00% | 11/01/2045 | 10000 | &nbsp;&nbsp; 9856088 |
| Series 2022 B, Ref. RB | 4.00% | 11/01/2045 | 5000 | &nbsp;&nbsp; 4928044 |
| Series 2022 B, Ref. RB | 5.00% | 11/01/2050 | 10000 | &nbsp;&nbsp; 10356936 |
| Dallas (County of), TX Flood Control District No. 1; Series 2015, Ref. GO Bonds<sup>(d)</sup> <br>| 5.00% | 04/01/2032 | 1100 | &nbsp;&nbsp; 1100520 |
| El Paso (City of), TX; Series 2022 A, RB | 4.00% | 03/01/2048 | 11500 | &nbsp;&nbsp; 10930607 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**13**

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| Forney Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2053 | $12000 | &nbsp;&nbsp; $11161145 |
| Grand Parkway Transportation Corp.; Series 2020, Ref. RB | 4.00% | 10/01/2045 | 15000 | &nbsp;&nbsp; 14630157 |
| Harris (County of), TX Flood Control District (Green Bonds); Series 2023 A, GO Bonds | 4.00% | 09/15/2048 | 5000 | &nbsp;&nbsp; 4816531 |
| Harris (County of), TX Port Authority of Houston; |  |  |  |  |
| Series 2021, RB | 4.00% | 10/01/2046 | 5365 | &nbsp;&nbsp; 5218664 |
| Series 2023, RB | 5.00% | 10/01/2053 | 10000 | &nbsp;&nbsp; 10423494 |
| Harris County Cultural Education Facilities Finance Corp. (Houston Methodist Hospital); <br> Series 2025 A, VRD RB<sup>(l)</sup> <br>| 1.10% | 12/01/2060 | 8000 | &nbsp;&nbsp; 8000000 |
| Harris County Hospital District; Series 2025, GO Bonds<sup>(e)</sup> <br>| 5.50% | 02/15/2050 | 5500 | &nbsp;&nbsp; 6028434 |
| Jarrell Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) | 4.25% | 02/15/2053 | 9460 | &nbsp;&nbsp; 9234827 |
| Katy Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2053 | 10750 | &nbsp;&nbsp; 10008162 |
| Lamar Consolidated Independent School District; Series 2023, GO Bonds | 4.00% | 02/15/2053 | 7500 | &nbsp;&nbsp; 6927340 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2022, Ref. RB | 6.00% | 05/15/2052 | 3235 | &nbsp;&nbsp; 3505874 |
| Mansfield Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<sup>(e)</sup> <br>| 5.25% | 02/15/2055 | 5000 | &nbsp;&nbsp; 5346628 |
| Medina Valley Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 4.00% | 02/15/2053 | 7000 | &nbsp;&nbsp; 6363321 |
| New Hope Cultural Education Facilities Finance Corp.; |  |  |  |  |
| Series 2025 A, RB | 6.50% | 10/01/2055 | 3000 | &nbsp;&nbsp; 3113328 |
| Series 2025 A, RB | 6.50% | 10/01/2060 | 1800 | &nbsp;&nbsp; 1863354 |
| Series 2025, VRD RB<sup>(l)</sup> <br>| 1.05% | 08/01/2055 | 2000 | &nbsp;&nbsp; 2000000 |
| New Hope Cultural Education Facilities Finance Corp. (Beta Academy); |  |  |  |  |
| Series 2019, RB<sup>(d)</sup> <br>| 5.00% | 08/15/2039 | 425 | &nbsp;&nbsp; 425027 |
| Series 2019, RB<sup>(d)</sup> <br>| 5.00% | 08/15/2049 | 150 | &nbsp;&nbsp; 139048 |
| New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing Corpus Christi II, LLC <br> - Texas A&M University-Corpus Christi); Series 2016 A, RB<sup>(a)(b)</sup> <br>| 5.00% | 04/01/2026 | 355 | &nbsp;&nbsp; 355825 |
| New Hope Cultural Education Facilities Finance Corp. (CHF - Collegiate Housing San Antonio I, LLC - <br> Texas A&M University); Series 2016 A, RB<sup>(a)(b)</sup> <br>| 5.00% | 04/01/2026 | 1000 | &nbsp;&nbsp; 1002325 |
| Northwest Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<sup>(e)</sup> <br>| 5.25% | 02/15/2055 | 4000 | &nbsp;&nbsp; 4280370 |
| Prosper Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2053 | 10150 | &nbsp;&nbsp; 9359584 |
| San Antonio (City of), TX; |  |  |  |  |
| Series 2025, RB<sup>(e)</sup> <br>| 5.25% | 02/01/2046 | 5000 | &nbsp;&nbsp; 5438162 |
| Series 2025, RB<sup>(e)(j)</sup> <br>| 5.50% | 02/01/2050 | 10000 | &nbsp;&nbsp; 10887735 |
| Southwest Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 4.00% | 02/01/2053 | 5000 | &nbsp;&nbsp; 4655235 |
| Spring Independent School District; Series 2023, GO Bonds | 4.00% | 08/15/2052 | 7500 | &nbsp;&nbsp; 6920293 |
| Tarrant County Cultural Education Facilities Finance Corp.; Series 2026, Ref. VRD RB<sup>(l)</sup> <br>| 0.85% | 11/15/2063 | 5000 | &nbsp;&nbsp; 5000000 |
| Texas Municipal Gas Acquisition & Supply Corp. III; |  |  |  |  |
| Series 2021, Ref. RB | 5.00% | 12/15/2031 | 2500 | &nbsp;&nbsp; 2742538 |
| Series 2021, Ref. RB | 5.00% | 12/15/2032 | 5000 | &nbsp;&nbsp; 5491442 |
| Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant <br> Express Managed Lanes); Series 2019 A, Ref. RB<br>| 4.00% | 12/31/2038 | 6135 | &nbsp;&nbsp; 6181338 |
| Texas Transportation Finance Corp.; Series 2025, RB<sup>(e)</sup> <br>| 5.50% | 10/01/2055 | 6660 | &nbsp;&nbsp; 7281670 |
| Wylie Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School Fund)<sup>(e)</sup> <br>| 5.25% | 08/15/2054 | 5000 | &nbsp;&nbsp; 5299679 |
|  |  |  |  | &nbsp;&nbsp; 237310279 |
| **Utah–0.63%** | **Utah–0.63%** | **Utah–0.63%** | **Utah–0.63%** | **Utah–0.63%** |
| Black Desert Public Infrastructure District; Series 2024, RB<sup>(d)</sup> <br>| 5.63% | 12/01/2053 | 5000 | &nbsp;&nbsp; 5066004 |
| Downtown Revitalization Public Infrastructure District; Series 2025, RB (INS - AGI)<sup>(c)(e)(j)</sup> <br>| 5.50% | 06/01/2050 | 5000 | &nbsp;&nbsp; 5487615 |
| Utah (State of) Charter School Finance Authority; Series 2018, RB | 5.00% | 10/15/2038 | 720 | &nbsp;&nbsp; 734492 |
| Utah (State of) Charter School Finance Authority (Merit Preparatory Academy); Series 2019 A, RB<sup>(d)</sup> <br>| 5.38% | 06/15/2049 | 1110 | &nbsp;&nbsp; 1044240 |
|  |  |  |  | &nbsp;&nbsp; 12332351 |
| **Virgin Islands–0.06%** | **Virgin Islands–0.06%** | **Virgin Islands–0.06%** | **Virgin Islands–0.06%** | **Virgin Islands–0.06%** |
| Virgin Islands (Government of) Public Finance Authority (Virgin Islands Gross Receipts Taxes Loan <br> Note); Series 2012 A, Ref. RB (INS - AGI)<sup>(c)</sup> <br>| 5.00% | 10/01/2032 | 1200 | &nbsp;&nbsp; 1203858 |
| **Virginia–0.37%** | **Virginia–0.37%** | **Virginia–0.37%** | **Virginia–0.37%** | **Virginia–0.37%** |
| Celebrate North Community Development Authority (Celebrate VA North); Series 2003 B, RB<sup>(f)(i)</sup> <br>| 6.75% | 03/01/2034 | 302 | &nbsp;&nbsp; 187240 |
| Chesapeake Bay Bridge & Tunnel District; Series 2016, RB | 5.00% | 07/01/2046 | 6320 | &nbsp;&nbsp; 6321997 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**14**

**Invesco AMT-Free Municipal Income Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Virginia–(continued)** | **Virginia–(continued)** | **Virginia–(continued)** | **Virginia–(continued)** | **Virginia–(continued)** | **Virginia–(continued)** |
| Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay); Series 2018, <br> Ref. RB<br>| 5.00% | 09/01/2036 |  | $715 | &nbsp;&nbsp; $733721 |
|  |  |  |  |  | &nbsp;&nbsp; 7242958 |
| **Washington–0.99%** | **Washington–0.99%** | **Washington–0.99%** | **Washington–0.99%** | **Washington–0.99%** | **Washington–0.99%** |
| Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB | 5.60% | 03/01/2028 |  | 20 | &nbsp;&nbsp; 20011 |
| Tacoma (City of), WA Consolidated Local Improvement Districts; Series 2013, RB | 5.75% | 04/01/2043 |  | 1136 | &nbsp;&nbsp; 1147858 |
| Washington (State of) Convention Center Public Facilities District; Series 2018, RB | 5.00% | 07/01/2048 |  | 5000 | &nbsp;&nbsp; 5011540 |
| Washington (State of) Health Care Facilities Authority (Multicare Health System); Series 2015 A, RB | 5.00% | 08/15/2045 |  | 8500 | &nbsp;&nbsp; 8502107 |
| Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center); <br> Series 2017, Ref. RB<br>| 5.00% | 08/15/2034 |  | 2250 | &nbsp;&nbsp; 2320590 |
| Washington (State of) Housing Finance Commission; Series 2025, RB (INS - BAM)<sup>(c)(d)</sup> <br>| 5.25% | 07/01/2055 |  | 2500 | &nbsp;&nbsp; 2570720 |
|  |  |  |  |  | &nbsp;&nbsp; 19572826 |
| **West Virginia–0.23%** | **West Virginia–0.23%** | **West Virginia–0.23%** | **West Virginia–0.23%** | **West Virginia–0.23%** | **West Virginia–0.23%** |
| West Virginia (State of) Hospital Finance Authority (United Health System Obligated); Series 2025, <br> RB<br>| 5.50% | 06/01/2050 |  | 4170 | &nbsp;&nbsp; 4484035 |
| **Wisconsin–1.52%** | **Wisconsin–1.52%** | **Wisconsin–1.52%** | **Wisconsin–1.52%** | **Wisconsin–1.52%** | **Wisconsin–1.52%** |
| Wisconsin (State of) Center District; |  |  |  |  |  |
| Series 2020 D, RB (INS - AGI)<sup>(c)(g)</sup> <br>| 0.00% | 12/15/2055 |  | 5445 | &nbsp;&nbsp; 1262309 |
| Series 2020, RB (INS - AGI)<sup>(c)(g)</sup> <br>| 0.00% | 12/15/2060 |  | 25000 | &nbsp;&nbsp; 4379935 |
| Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic Health System); <br> Series 2024, RB<br>| 5.50% | 02/15/2054 |  | 5000 | &nbsp;&nbsp; 5267887 |
| Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health); Series 2022 A, <br> Ref. RB<br>| 4.00% | 04/01/2042 |  | 7160 | &nbsp;&nbsp; 7161781 |
| Wisconsin (State of) Public Finance Authority; Series 2023 B, RB<sup>(d)(g)</sup> <br>| 0.00% | 07/01/2062 |  | 6750 | &nbsp;&nbsp; 5518125 |
| Wisconsin (State of) Public Finance Authority (Beyond Boone, LLC - Appalachian State University); |  |  |  |  |  |
| Series 2019 A, RB (INS - AGI)<sup>(c)</sup> <br>| 5.00% | 07/01/2036 |  | 900 | &nbsp;&nbsp; 939288 |
| Series 2019 A, RB (INS - AGI)<sup>(c)</sup> <br>| 5.00% | 07/01/2054 |  | 1275 | &nbsp;&nbsp; 1284252 |
| Series 2019 A, RB (INS - AGI)<sup>(c)</sup> <br>| 5.00% | 07/01/2058 |  | 1500 | &nbsp;&nbsp; 1510040 |
| Wisconsin (State of) Public Finance Authority (Explore Knowledge Foundation); |  |  |  |  |  |
| Series 2012 A, RB | 5.75% | 07/15/2032 |  | 260 | &nbsp;&nbsp; 260254 |
| Series 2012 A, RB | 6.00% | 07/15/2042 |  | 350 | &nbsp;&nbsp; 350242 |
| Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy); Series 2019, <br> RB<sup>(d)</sup> <br>| 5.00% | 06/15/2039 |  | 310 | &nbsp;&nbsp; 310201 |
| Wisconsin (State of) Public Finance Authority (Traders Point Christian Schools); |  |  |  |  |  |
| Series 2019 A, RB<sup>(d)</sup> <br>| 5.38% | 06/01/2044 |  | 535 | &nbsp;&nbsp; 481689 |
| Series 2019 A, RB<sup>(d)</sup> <br>| 5.50% | 06/01/2054 |  | 540 | &nbsp;&nbsp; 458956 |
| Wisconsin (State of) Public Finance Authority (Two Step); Series 2024, RB<sup>(d)(g)</sup> <br>| 0.00% | 12/15/2034 |  | 1125 | &nbsp;&nbsp; 669430 |
|  |  |  |  |  | &nbsp;&nbsp; 29854389 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(n)</sup>–106.22% (Cost $2,104,089,974) | TOTAL INVESTMENTS IN SECURITIES<sup>(n)</sup>–106.22% (Cost $2,104,089,974) | TOTAL INVESTMENTS IN SECURITIES<sup>(n)</sup>–106.22% (Cost $2,104,089,974) | TOTAL INVESTMENTS IN SECURITIES<sup>(n)</sup>–106.22% (Cost $2,104,089,974) |  | &nbsp;&nbsp; 2088993224 |
| FLOATING RATE NOTE OBLIGATIONS–(7.19)% | FLOATING RATE NOTE OBLIGATIONS–(7.19)% | FLOATING RATE NOTE OBLIGATIONS–(7.19)% | FLOATING RATE NOTE OBLIGATIONS–(7.19)% |  |  |
| Notes with interest and fee rates ranging from 2.07% to 2.50% at 02/28/2026 and <br>contractual maturities of collateral ranging from 06/01/2043 to 07/15/2060 (See <br> Note 1K)<sup>(o)</sup> <br>|  |  |  |  | &nbsp;&nbsp; (141370000)<br>|
| OTHER ASSETS LESS LIABILITIES–0.97% | OTHER ASSETS LESS LIABILITIES–0.97% | OTHER ASSETS LESS LIABILITIES–0.97% | OTHER ASSETS LESS LIABILITIES–0.97% |  | &nbsp;&nbsp; 18972343 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $1966595567 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**15**

**Invesco AMT-Free Municipal Income Fund**

------

Investment Abbreviations:

---

| | |
|:---|:---|
| AGI | – Assured Guaranty, Inc. |
| AMBAC | – American Municipal Bond Assurance Corp. |
| BAM | – Build America Mutual Assurance Co. |
| CEP | – Credit Enhancement Provider |
| CHF | – Swiss Franc |
| Ctfs. | – Certificates |
| GNMA | – Government National Mortgage Association |
| GO | – General Obligation |
| INS | – Insurer |
| NATL | – National Public Finance Guarantee Corp. |
| NCCU | – North Carolina Central University |
| RAC | – Revenue Anticipation Certificates |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| RN | – Revenue Notes |
| VRD | – Variable Rate Demand |
| Wts. | – Warrants |

---

Notes to Schedule of Investments:

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

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

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

<sup>(d)</sup> 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 February 28, 2026 was $81,488,596, which represented 4.14% of the Fund's Net Assets. 

<sup>(e)</sup> Underlying security related to TOB Trusts entered into by the Fund. See Note 1K.

<sup>(f)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(g)</sup> Zero coupon bond issued at a discount.

<sup>(h)</sup> Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(i)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2026 was $12,635,846, which represented less than 1% of the Fund's Net Assets. 

<sup>(j)</sup> 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 $35,065,310. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. 

<sup>(k)</sup> Restricted security. The aggregate value of these securities at February 28, 2026 was $8,421,600, which represented less than 1% of the Fund's Net Assets.

<sup>(l)</sup> 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 February 28, 2026. 

<sup>(m)</sup> The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

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

<sup>(o)</sup> Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2026. At February 28, 2026, the Fund's investments with a value of $206,928,828 are held by TOB Trusts and serve as collateral for the $141,370,000 in the floating rate note obligations outstanding at that date. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Short Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 1200 | June-2026 | &nbsp;&nbsp;&nbsp; $(136575000)<br>| &nbsp;&nbsp;&nbsp; $(150385)<br>| &nbsp;&nbsp;&nbsp; $(150385)<br>|

---

<sup>(a)</sup> Futures contracts collateralized by $2,250,000 cash held with Goldman Sachs International, the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**16**

**Invesco AMT-Free Municipal Income Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,104,089,974)<br>| &nbsp;&nbsp; $2088993224 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 2250000 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1084397 |
| Fund shares sold | &nbsp;&nbsp; 1301256 |
| Interest | &nbsp;&nbsp; 22915630 |
| Investments matured, at value (Cost $8,356,354) | &nbsp;&nbsp; 3902684 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 141912 |
| Other assets | &nbsp;&nbsp; 521762 |
| Total assets | &nbsp;&nbsp; 2121110865 |
| **Liabilities:** |  |
| Floating rate note obligations | &nbsp;&nbsp; 141370000 |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 2400396 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 3596222 |
| Dividends | &nbsp;&nbsp; 3180188 |
| Fund shares reacquired | &nbsp;&nbsp; 1019199 |
| Amount due to custodian | &nbsp;&nbsp; 2048218 |
| Accrued fees to affiliates | &nbsp;&nbsp; 569631 |
| Accrued interest expense | &nbsp;&nbsp; 26884 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 34113 |
| Accrued other operating expenses | &nbsp;&nbsp; 128535 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 141912 |
| Total liabilities | &nbsp;&nbsp; 154515298 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1966595567 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2448202112 |
| Distributable earnings (loss) | &nbsp;&nbsp; (481606545)<br>|
|  | &nbsp;&nbsp; $1966595567 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1002647999 |
| Class C | &nbsp;&nbsp; $44786391 |
| Class Y | &nbsp;&nbsp; $910624573 |
| Class R6 | &nbsp;&nbsp; $8536604 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 146521525 |
| Class C | &nbsp;&nbsp; 6591400 |
| Class Y | &nbsp;&nbsp; 133469436 |
| Class R6 | &nbsp;&nbsp; 1246896 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $6.84 |
| Maximum offering price per share <br>(Net asset value of $6.84 ÷ 95.75%)<br>| &nbsp;&nbsp; $7.14 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.79 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.82 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.85 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**17**

**Invesco AMT-Free Municipal Income Fund**

------

**Statement of Operations**

*For the year ended February 28, 2026* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $106891783 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 8362655 |
| Administrative services fees | &nbsp;&nbsp; 294542 |
| Custodian fees | &nbsp;&nbsp; 14566 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 2540882 |
| Class C | &nbsp;&nbsp; 521416 |
| Interest, facilities and maintenance fees | &nbsp;&nbsp; 6471632 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 1699414 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 1724 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 33508 |
| Registration and filing fees | &nbsp;&nbsp; 119701 |
| Reports to shareholders | &nbsp;&nbsp; 76404 |
| Professional services fees | &nbsp;&nbsp; 189059 |
| Other | &nbsp;&nbsp; 36772 |
| Total expenses | &nbsp;&nbsp; 20362275 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (6500)<br>|
| Net expenses | &nbsp;&nbsp; 20355775 |
| Net investment income | &nbsp;&nbsp; 86536008 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(3200607)) | &nbsp;&nbsp; (36979711)<br>|
| Futures contracts | &nbsp;&nbsp; 1138159 |
|  | &nbsp;&nbsp; (35841552)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 904210 |
| Futures contracts | &nbsp;&nbsp; (150385)<br>|
|  | &nbsp;&nbsp; 753825 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (35087727)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $51448281 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**18**

**Invesco AMT-Free Municipal Income Fund**

------

**Statement of Changes in Net Assets**

*For the years ended February 28, 2026 and 2025* 

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $86536008 | &nbsp;&nbsp; $89992358 |
| Net realized gain (loss) | &nbsp;&nbsp; (35841552)<br>| &nbsp;&nbsp; (11761633)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 753825 | &nbsp;&nbsp; (5042160)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 51448281 | &nbsp;&nbsp; 73188565 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (41651852)<br>| &nbsp;&nbsp; (45905036)<br>|
| Class C | &nbsp;&nbsp; (1681936)<br>| &nbsp;&nbsp; (2169809)<br>|
| Class Y | &nbsp;&nbsp; (41195892)<br>| &nbsp;&nbsp; (47167784)<br>|
| Class R6 | &nbsp;&nbsp; (445859)<br>| &nbsp;&nbsp; (375814)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (84975539)<br>| &nbsp;&nbsp; (95618443)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (142049531)<br>| &nbsp;&nbsp; (90583905)<br>|
| Class C | &nbsp;&nbsp; (17348119)<br>| &nbsp;&nbsp; (17160381)<br>|
| Class Y | &nbsp;&nbsp; (275660287)<br>| &nbsp;&nbsp; 116713425 |
| Class R6 | &nbsp;&nbsp; (2877043)<br>| &nbsp;&nbsp; 3575131 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (437934980)<br>| &nbsp;&nbsp; 12544270 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (471462238)<br>| &nbsp;&nbsp; (9885608)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 2438057805 | &nbsp;&nbsp; 2447943413 |
| End of year | &nbsp;&nbsp; $1966595567 | &nbsp;&nbsp; $2438057805 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**19**

**Invesco AMT-Free Municipal Income Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Supplemental** <br>**ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee** <br>**waivers** <br>**(excluding** <br>**interest,** <br>**facilities and** <br>**maintenance** <br>**fees)**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 02/28/26 | $6.89 | $0.27 | $(0.05)<br>| $0.22 | $(0.27)<br>| $6.84 | 3.32 %<sup>(d)</sup><br>| $1002648 | 1.06 %<sup>(d)</sup><br>| 1.06 %<sup>(d)</sup><br>| 0.75 %<sup>(d)</sup><br>| 4.08 %<sup>(d)</sup><br>| 29<br> %<br>|
| Year ended 02/28/25 | 6.96 | 0.25 | (0.06)<br>| 0.19 | (0.26)<br>| 6.89 | 2.82 <br><sup>(d)</sup><br>| 1157194 | 0.91 <br><sup>(d)</sup><br>| 0.91 <br><sup>(d)</sup><br>| 0.75 <br><sup>(d)</sup><br>| 3.57 <br><sup>(d)</sup><br>| 18 |
| Year ended 02/29/24 | 6.80 | 0.23 | 0.18 | 0.41 | (0.25)<br>| 6.96 | 6.22 <br><sup>(d)</sup><br>| 1259062 | 0.93 <br><sup>(d)</sup><br>| 0.93 <br><sup>(d)</sup><br>| 0.77 <br><sup>(d)</sup><br>| 3.40 <br><sup>(d)</sup><br>| 21 |
| Year ended 02/28/23 | 7.61 | 0.24 | (0.81)<br>| (0.57)<br>| (0.24)<br>| 6.80 | (7.51 )<sup>(d)</sup><br>| 1328471 | 0.88 <br><sup>(d)</sup><br>| 0.88 <br><sup>(d)</sup><br>| 0.75 <br><sup>(d)</sup><br>| 3.42 <br><sup>(d)</sup><br>| 53 |
| Year ended 02/28/22 | 7.79 | 0.19 | (0.10)<br>| 0.09 | (0.27)<br>| 7.61 | 1.03 <br><sup>(d)</sup><br>| 1685219 | 0.80 <br><sup>(d)</sup><br>| 0.80 <br><sup>(d)</sup><br>| 0.74 <br><sup>(d)</sup><br>| 2.42 <br><sup>(d)</sup><br>| 10 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 02/28/26 | 6.84 | 0.22 | (0.06)<br>| 0.16 | (0.21)<br>| 6.79 | 2.53 | 44786 | 1.82 | 1.82 | 1.51 | 3.32 | 29 |
| Year ended 02/28/25 | 6.90 | 0.19 | (0.04)<br>| 0.15 | (0.21)<br>| 6.84 | 2.18 | 63106 | 1.67 | 1.67 | 1.51 | 2.81 | 18 |
| Year ended 02/29/24 | 6.74 | 0.18 | 0.18 | 0.36 | (0.20)<br>| 6.90 | 5.44 | 80994 | 1.69 | 1.69 | 1.53 | 2.64 | 21 |
| Year ended 02/28/23 | 7.54 | 0.18 | (0.80)<br>| (0.62)<br>| (0.18)<br>| 6.74 | (8.19)<br>| 98530 | 1.64 | 1.64 | 1.51 | 2.66 | 53 |
| Year ended 02/28/22 | 7.72 | 0.13 | (0.11)<br>| 0.02 | (0.20)<br>| 7.54 | 0.24 | 154706 | 1.56 | 1.56 | 1.50 | 1.66 | 10 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 02/28/26 | 6.87 | 0.29 | (0.06)<br>| 0.23 | (0.28)<br>| 6.82 | 3.56 | 910625 | 0.82 | 0.82 | 0.51 | 4.32 | 29 |
| Year ended 02/28/25 | 6.93 | 0.26 | (0.04)<br>| 0.22 | (0.28)<br>| 6.87 | 3.21 | 1206198 | 0.67 | 0.67 | 0.51 | 3.81 | 18 |
| Year ended 02/29/24 | 6.77 | 0.25 | 0.18 | 0.43 | (0.27)<br>| 6.93 | 6.48 | 1099816 | 0.69 | 0.69 | 0.53 | 3.64 | 21 |
| Year ended 02/28/23 | 7.58 | 0.25 | (0.81)<br>| (0.56)<br>| (0.25)<br>| 6.77 | (7.33)<br>| 898454 | 0.64 | 0.64 | 0.51 | 3.66 | 53 |
| Year ended 02/28/22 | 7.76 | 0.21 | (0.11)<br>| 0.10 | (0.28)<br>| 7.58 | 1.26 | 983831 | 0.56 | 0.56 | 0.50 | 2.66 | 10 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 02/28/26 | 6.90 | 0.29 | (0.05)<br>| 0.24 | (0.29)<br>| 6.85 | 3.64 | 8537 | 0.76 | 0.76 | 0.45 | 4.38 | 29 |
| Year ended 02/28/25 | 6.96 | 0.27 | (0.05)<br>| 0.22 | (0.28)<br>| 6.90 | 3.28 | 11560 | 0.60 | 0.60 | 0.44 | 3.88 | 18 |
| Year ended 02/29/24 | 6.80 | 0.25 | 0.18 | 0.43 | (0.27)<br>| 6.96 | 6.54 | 8072 | 0.62 | 0.62 | 0.46 | 3.71 | 21 |
| Year ended 02/28/23 | 7.61 | 0.26 | (0.81)<br>| (0.55)<br>| (0.26)<br>| 6.80 | (7.22)<br>| 5374 | 0.57 | 0.57 | 0.44 | 3.73 | 53 |
| Year ended 02/28/22 | 7.79 | 0.22 | (0.11)<br>| 0.11 | (0.29)<br>| 7.61 | 1.35 | 6714 | 0.49 | 0.49 | 0.43 | 2.73 | 10 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the years ended February 28, 2026 and 2025, February 29, 2024, February 28, 2023 and 2022, respectively. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**20**

**Invesco AMT-Free Municipal Income Fund**

------

**Notes to Financial Statements**

*February 28, 2026*

**NOTE 1—Significant Accounting Policies**

Invesco AMT-Free Municipal Income Fund (the "Fund") is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek tax-free income.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following policy.

Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is not representative of market value in the Adviser's judgment ("unreliable"), the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under

**21**

**Invesco AMT-Free Municipal Income Fund**

------

which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes** – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt-interest dividends", as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.

**G.** **Interest, Facilities and Maintenance Fees** – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**K.** **Floating Rate Note Obligations** – The Fund invests in inverse floating rate securities, such as Tender Option Bonds ("TOBs"), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund ("TOB Trusts") in exchange for cash and residual interests in the TOB Trusts' assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund's investment assets, and the related floating rate notes reflected as Fund liabilities under the caption *Floating rate note obligations* on the Statement of Assets and Liabilities. The carrying amount of the Fund's floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The

**22**

**Invesco AMT-Free Municipal Income Fund**

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Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of *Interest, facilities and maintenance fees* on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule") prohibit banking entities and their affiliates from sponsoring and/or providing certain services for existing TOB Trusts, which constitute "covered funds" under the Volcker Rule. As a result of the Volcker Rule, the Fund, as holder of inverse floating rate securities, is required to perform certain duties in connection with TOB financing transactions previously performed by banking entities. These duties may alternatively be performed by a non-bank third-party service provider. The Fund's expanded role may increase its operational and regulatory risk.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"), which apply to TOB financing transactions and TOB Trusts. The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying security held by the TOB Trust. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund's ability to engage in TOB financing transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that TOB financing transactions will continue to be a viable or cost-effective form of leverage. The unavailability of TOB financing transactions or an increase in the cost of financing provided by TOB transactions may adversely affect the Fund's net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

**L.** **Futures Contracts** — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

**M.** **Other Risks** - Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile. The values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Fund's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

**23**

**Invesco AMT-Free Municipal Income Fund**

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**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $100 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.330% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.40%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A and Class C shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2026, IDI advised the Fund that IDI retained $25,464 in front-end sales commissions from the sale of Class A shares and $8,768 and $5,412 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

**24**

**Invesco AMT-Free Municipal Income Fund**

------

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 February 28, 2026. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2081426326 | &nbsp;&nbsp;&nbsp;&nbsp; $7566898 | &nbsp;&nbsp;&nbsp;&nbsp; $2088993224 |
| **Other Investments - Assets\*** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3605308 | &nbsp;&nbsp;&nbsp;&nbsp; 297376 | &nbsp;&nbsp;&nbsp;&nbsp; 3902684 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (150385)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (150385)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (150385)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3605308 | &nbsp;&nbsp;&nbsp;&nbsp; 297376 | &nbsp;&nbsp;&nbsp;&nbsp; 3752299 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $(150385)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2085031634 | &nbsp;&nbsp;&nbsp;&nbsp; $7864274 | &nbsp;&nbsp;&nbsp;&nbsp; $2092745523 |

---

\* Futures contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of February 28, 2026:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(150385)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 150385 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

**Effect of Derivative Investments for the year ended February 28, 2026**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1138159 |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (150385)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $987774 |

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $84939449 |

---

**NOTE 5—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended February 28, 2026, the Fund engaged in securities purchases of $154,307,593 and securities sales of $156,217,724, which resulted in net realized gains (losses) of $(3,200,607).

**25**

**Invesco AMT-Free Municipal Income Fund**

------

**NOTE 6—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $6,500.

**NOTE 7—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Fund may have certain former Trustees who participated in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 8—Cash Balances and Borrowings**

The Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.5 billion, collectively by certain Invesco Funds, and which will expire on February 18, 2027. The revolving credit and security agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

During the year ended February 28, 2026, the Fund's average daily balance of borrowing under the revolving credit and security agreement was $855,068 with an average interest rate of 4.48%. The carrying amount of the Fund's payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as *Interest, facilities and maintenance fees*. At February 28, 2026, the Fund had no borrowings outstanding under this agreement.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2026 were $117,318,462 and 4.69%, respectively.

**NOTE 9—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** |
|  | **2026** | **2025** |
| Ordinary income\* | &nbsp;&nbsp; $1436933 | &nbsp;&nbsp;&nbsp;&nbsp; $415399 |
| Ordinary income-tax-exempt | &nbsp;&nbsp; 83538606 | &nbsp;&nbsp;&nbsp;&nbsp; 95203044 |
| Total distributions | &nbsp;&nbsp; $84975539 | &nbsp;&nbsp;&nbsp;&nbsp; $95618443 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2026** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp; $23232853 |
| Net unrealized appreciation (depreciation) — investments | &nbsp;&nbsp;&nbsp;&nbsp; (31216921)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (150508)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (473471969)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 2448202112 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1966595567 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, amortization and accretion on debt securities, defaulted bonds and payment-in-kind securities.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of February 28, 2026, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $99773558 | &nbsp;&nbsp;&nbsp;&nbsp; $373698411 | &nbsp;&nbsp;&nbsp;&nbsp; $473471969 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**26**

**Invesco AMT-Free Municipal Income Fund**

------

**NOTE 10—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2026 was $626,046,600 and $946,541,907, respectively. As of February 28, 2026, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $65130874 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (96347795)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(31216921)<br>|

---

Cost of investments for tax purposes is $2,123,962,444.

**NOTE 11—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of market discounts, defaulted bonds, dirt bonds and amortization and accretion on debt securities, on February 28, 2026, undistributed net investment income was increased by $2,754,531, undistributed net realized gain (loss) was decreased by $3,157,983 and shares of beneficial interest was increased by $403,452. This reclassification had no effect on the net assets of the Fund.

**NOTE 12—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 22116065 | &nbsp;&nbsp;&nbsp; $147650792 | &nbsp;&nbsp;&nbsp; 18055063 | &nbsp;&nbsp;&nbsp; $124619303 |
| Class C | &nbsp;&nbsp;&nbsp; 923854 | &nbsp;&nbsp;&nbsp; 6139130 | &nbsp;&nbsp;&nbsp; 1446584 | &nbsp;&nbsp;&nbsp; 9917431 |
| Class Y | &nbsp;&nbsp;&nbsp; 59829217 | &nbsp;&nbsp;&nbsp; 397425844 | &nbsp;&nbsp;&nbsp; 60554954 | &nbsp;&nbsp;&nbsp; 416455447 |
| Class R6 | &nbsp;&nbsp;&nbsp; 149417 | &nbsp;&nbsp;&nbsp; 994531 | &nbsp;&nbsp;&nbsp; 611981 | &nbsp;&nbsp;&nbsp; 4233644 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3449818 | &nbsp;&nbsp;&nbsp; 23032535 | &nbsp;&nbsp;&nbsp; 3695279 | &nbsp;&nbsp;&nbsp; 25470368 |
| Class C | &nbsp;&nbsp;&nbsp; 162801 | &nbsp;&nbsp;&nbsp; 1078526 | &nbsp;&nbsp;&nbsp; 200023 | &nbsp;&nbsp;&nbsp; 1368236 |
| Class Y | &nbsp;&nbsp;&nbsp; 3410391 | &nbsp;&nbsp;&nbsp; 22689881 | &nbsp;&nbsp;&nbsp; 4002681 | &nbsp;&nbsp;&nbsp; 27505434 |
| Class R6 | &nbsp;&nbsp;&nbsp; 57931 | &nbsp;&nbsp;&nbsp; 386678 | &nbsp;&nbsp;&nbsp; 49590 | &nbsp;&nbsp;&nbsp; 341889 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1261185 | &nbsp;&nbsp;&nbsp; 8380924 | &nbsp;&nbsp;&nbsp; 1663194 | &nbsp;&nbsp;&nbsp; 11460670 |
| Class C | &nbsp;&nbsp;&nbsp; (1270392)<br>| &nbsp;&nbsp;&nbsp; (8380924)<br>| &nbsp;&nbsp;&nbsp; (1676452)<br>| &nbsp;&nbsp;&nbsp; (11460670)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (48177929)<br>| &nbsp;&nbsp;&nbsp; (321113782)<br>| &nbsp;&nbsp;&nbsp; (36541462)<br>| &nbsp;&nbsp;&nbsp; (252134246)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (2448494)<br>| &nbsp;&nbsp;&nbsp; (16184851)<br>| &nbsp;&nbsp;&nbsp; (2482496)<br>| &nbsp;&nbsp;&nbsp; (16985378)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (105313244)<br>| &nbsp;&nbsp;&nbsp; (695776012)<br>| &nbsp;&nbsp;&nbsp; (47662469)<br>| &nbsp;&nbsp;&nbsp; (327247456)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (636793)<br>| &nbsp;&nbsp;&nbsp; (4258252)<br>| &nbsp;&nbsp;&nbsp; (145277)<br>| &nbsp;&nbsp;&nbsp; (1000402)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (66486173)<br>| &nbsp;&nbsp;&nbsp; $(437934980)<br>| &nbsp;&nbsp;&nbsp; 1771193 | &nbsp;&nbsp;&nbsp; $12544270 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 60% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**27**

**Invesco AMT-Free Municipal Income Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco AMT-Free Municipal Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco AMT-Free Municipal Income Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the "Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, portfolio company investee and brokers; when replies were not received from the portfolio company investee, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2026

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**28**

**Invesco AMT-Free Municipal Income Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |
| Tax-Exempt Interest Dividends\* | &nbsp;&nbsp; 98.31% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**29**

**Invesco AMT-Free Municipal Income Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**30**

**Invesco AMT-Free Municipal Income Fund**

------

![](imgdf6b2fd51.jpg)

SEC file number(s): 811-07890 and 033-66242

Invesco Distributors, Inc.

O-ROAFM-NCSR

------

![](img1316d5b11.jpg)

------

**Annual Financial Statements and Other Information**

**February 28, 2026**

**Invesco California Municipal Fund**

Nasdaq:

A: OPCAX ■ C: OCACX ■ Y: OCAYX ■ R6: IORCX

------

---

| | |
|:---|:---|
| [2](#xx_1159def5-3ff0-4b85-ab33-8e12c55a5e7b_SOI-Continued-745_1) | Schedule of Investments |
| [20](#xx_1159def5-3ff0-4b85-ab33-8e12c55a5e7b_FS-Continued-745_1) | Financial Statements |
| [23](#xx_1159def5-3ff0-4b85-ab33-8e12c55a5e7b_FS-Continued-745_4) | Financial Highlights |
| [24](#xx_1159def5-3ff0-4b85-ab33-8e12c55a5e7b_NTF-Continued-745_1) | Notes to Financial Statements |
| [31](#xx_1159def5-3ff0-4b85-ab33-8e12c55a5e7b_ARS-Continued-745_1) | Report of Independent Registered Public Accounting Firm |
| [32](#xx_1159def5-3ff0-4b85-ab33-8e12c55a5e7b_TI-Continued-745_1) | Tax Information |
| [33](#xx_1159def5-3ff0-4b85-ab33-8e12c55a5e7b_OIRSR-Continued-745_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*February 28, 2026* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–108.83%** | **Municipal Obligations–108.83%** | **Municipal Obligations–108.83%** | **Municipal Obligations–108.83%** | **Municipal Obligations–108.83%** |
| **California–104.16%** | **California–104.16%** | **California–104.16%** | **California–104.16%** | **California–104.16%** |
| Adelanto Community Facilities District No. 2006-2 (Improvement Area No. 2); Series 2015 A, RB | 5.00% | 09/01/2045 | $1000 | &nbsp;&nbsp; $1000388 |
| Adelanto Public Utility Authority (Utility System); Series 2014 A, RB | 5.00% | 07/01/2039 | 5445 | &nbsp;&nbsp; 5446691 |
| Adelanto School District (Community Facilities District No. 4); Series 2023, RB | 5.75% | 09/01/2053 | 1400 | &nbsp;&nbsp; 1484579 |
| Alameda (City of), CA Corridor Transportation Authority; Series 2022 C, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 10/01/2052 | 7000 | &nbsp;&nbsp; 7267176 |
| Alvord Unified School District; Series 2023 A, GO Bonds (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 08/01/2052 | 10000 | &nbsp;&nbsp; 10534329 |
| Bakersfield (City of), CA (Assessment District No. 07-2); Series 2008, RB | 7.38% | 09/02/2028 | 425 | &nbsp;&nbsp; 430901 |
| Bay Area Toll Authority (San Francisco Bay Area); Series 2017, Ref. RB | 4.00% | 04/01/2049 | 630 | &nbsp;&nbsp; 606169 |
| Beaumont (City of), CA (Community Facilities District No. 2016-1); |  |  |  |  |
| Series 2019, RB | 5.00% | 09/01/2030 | 125 | &nbsp;&nbsp; 128952 |
| Series 2019, RB | 5.00% | 09/01/2031 | 140 | &nbsp;&nbsp; 144413 |
| Series 2019, RB | 5.00% | 09/01/2049 | 775 | &nbsp;&nbsp; 781709 |
| Beaumont Unified School District Community Facilities District No. 2020-1 (Improvement area No. <br> 2); Series 2023, RB<br>| 5.00% | 09/01/2053 | 875 | &nbsp;&nbsp; 888982 |
| Beaumont Unified School District Community Facilities District No. 2022-1 (Improvement Area No. <br> 2);<br>|  |  |  |  |
| Series 2025, RB | 5.00% | 09/01/2050 | 305 | &nbsp;&nbsp; 311871 |
| Series 2025, RB | 5.00% | 09/01/2055 | 900 | &nbsp;&nbsp; 916323 |
| Beverly Hills Unified School District (Election of 2008); |  |  |  |  |
| Series 2009, GO Bonds<sup>(b)</sup> <br>| 0.00% | 08/01/2026 | 1465 | &nbsp;&nbsp; 1453394 |
| Series 2009, GO Bonds<sup>(b)</sup> <br>| 0.00% | 08/01/2032 | 3045 | &nbsp;&nbsp; 2639028 |
| Blythe (City of), CA Community Facilities District No. 2004-1; Series 2005, RB | 5.30% | 09/01/2035 | 500 | &nbsp;&nbsp; 505278 |
| Blythe (City of), CA Redevelopment Agency Successor Agency (Project No. 1); |  |  |  |  |
| Series 2011 A, RB | 9.75% | 05/01/2038 | 1775 | &nbsp;&nbsp; 1783346 |
| Series 2015, Ref. RB | 5.00% | 05/01/2038 | 1000 | &nbsp;&nbsp; 1001041 |
| Burbank-Glendale-Pasadena Airport Authority; Series 2024 B, RB<sup>(c)</sup> <br>| 5.25% | 07/01/2054 | 12300 | &nbsp;&nbsp; 12929980 |
| Calexico (City of), CA Community Facilities District No. 2005-1; |  |  |  |  |
| Series 2006, RB<sup>(d)</sup> <br>| 5.50% | 09/01/2036 | 2500 | &nbsp;&nbsp; 875000 |
| Series 2006, RB<sup>(d)</sup> <br>| 5.55% | 09/01/2036 | 2325 | &nbsp;&nbsp; 813750 |
| California (State of); |  |  |  |  |
| Series 2022 CU, GO Bonds | 4.85% | 12/01/2046 | 1700 | &nbsp;&nbsp; 1776694 |
| Series 2022, GO Bonds<sup>(e)</sup> <br>| 5.00% | 11/01/2042 | 11370 | &nbsp;&nbsp; 12675566 |
| Series 2025, GO Bonds<sup>(e)</sup> <br>| 4.13% | 03/01/2049 | 4500 | &nbsp;&nbsp; 4529000 |
| Series 2025, GO Bonds | 5.00% | 03/01/2055 | 3680 | &nbsp;&nbsp; 3944795 |
| Series 2025, GO Bonds<sup>(e)</sup> <br>| 5.00% | 03/01/2055 | 7500 | &nbsp;&nbsp; 8039663 |
| California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds); |  |  |  |  |
| Series 2024, RB<sup>(f)</sup> <br>| 5.00% | 04/01/2032 | 5000 | &nbsp;&nbsp; 5454475 |
| Series 2024, RB<sup>(f)</sup> <br>| 5.00% | 08/01/2032 | 10000 | &nbsp;&nbsp; 10546927 |
| Series 2024, RB<sup>(f)</sup> <br>| 5.00% | 10/01/2032 | 5000 | &nbsp;&nbsp; 5412943 |
| Series 2024, RB<sup>(f)</sup> <br>| 5.00% | 12/01/2032 | 27500 | &nbsp;&nbsp; 29079512 |
| Series 2025 A, RB<sup>(f)</sup> <br>| 5.00% | 05/01/2035 | 7500 | &nbsp;&nbsp; 8041914 |
| Series 2025 B, RB<sup>(f)</sup> <br>| 5.00% | 11/01/2035 | 7500 | &nbsp;&nbsp; 8338522 |
| California (State of) Community Choice Financing Authority (Green Bonds); |  |  |  |  |
| Series 2023 C, RB<sup>(f)</sup> <br>| 5.25% | 10/01/2031 | 5000 | &nbsp;&nbsp; 5376123 |
| Series 2023 G, RB<sup>(e)(f)</sup> <br>| 5.25% | 04/01/2030 | 11000 | &nbsp;&nbsp; 11867849 |
| Series 2026, RB<sup>(f)</sup> <br>| 5.00% | 02/01/2036 | 7500 | &nbsp;&nbsp; 8330089 |
| Series 2026, RB | 5.00% | 03/01/2036 | 5000 | &nbsp;&nbsp; 5454257 |
| California (State of) Community College Financing Authority (NCCD - Orange Coast Properties LLC - <br> Orange Coast College);<br>|  |  |  |  |
| Series 2018, RB | 5.25% | 05/01/2048 | 665 | &nbsp;&nbsp; 673405 |
| Series 2018, RB | 5.25% | 05/01/2053 | 2500 | &nbsp;&nbsp; 2524143 |
| California (State of) Community Housing Agency (Stonridge Apartments); Series 2021 A, RB<sup>(g)</sup> <br>| 4.00% | 02/01/2056 | 3000 | &nbsp;&nbsp; 2399046 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco California Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| California (State of) County Tobacco Securitization Agency; |  |  |  |  |
| Series 2007 D, RB<sup>(b)(g)</sup> <br>| 0.00% | 06/01/2057 | $45600 | &nbsp;&nbsp; $3657439 |
| Series 2007 E, RB<sup>(b)(g)</sup> <br>| 0.00% | 06/01/2057 | 51500 | &nbsp;&nbsp; 3555740 |
| Series 2007 F, RB<sup>(b)(g)</sup> <br>| 0.00% | 06/01/2057 | 55250 | &nbsp;&nbsp; 3687794 |
| Series 2020 A, Ref. RB | 4.00% | 06/01/2037 | 550 | &nbsp;&nbsp; 548870 |
| Series 2020 A, Ref. RB | 4.00% | 06/01/2039 | 1200 | &nbsp;&nbsp; 1173549 |
| California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset <br> Securitization Corp.);<br>|  |  |  |  |
| Series 2002, RB | 6.00% | 06/01/2042 | 15990 | &nbsp;&nbsp; 16111834 |
| Series 2006 C, RB<sup>(b)</sup> <br>| 0.00% | 06/01/2055 | 332360 | &nbsp;&nbsp; 33610470 |
| California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding <br> Corp.);<br>|  |  |  |  |
| Series 2002, RB | 6.00% | 06/01/2035 | 1360 | &nbsp;&nbsp; 1362492 |
| Series 2002, RB | 6.13% | 06/01/2038 | 9700 | &nbsp;&nbsp; 9713636 |
| Series 2006 A, RB<sup>(b)</sup> <br>| 0.00% | 06/01/2046 | 62110 | &nbsp;&nbsp; 17074592 |
| Series 2006 C, RB<sup>(b)</sup> <br>| 0.00% | 06/01/2055 | 71700 | &nbsp;&nbsp; 8253365 |
| Series 2006 D, RB<sup>(b)</sup> <br>| 0.00% | 06/01/2055 | 309500 | &nbsp;&nbsp; 29982843 |
| California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization <br> Corp.);<br>|  |  |  |  |
| Series 2020 A, Ref. RB | 4.00% | 06/01/2049 | 710 | &nbsp;&nbsp; 633655 |
| Series 2020 B-2, Ref. RB<sup>(b)</sup> <br>| 0.00% | 06/01/2055 | 22000 | &nbsp;&nbsp; 4275841 |
| California (State of) County Tobacco Securitization Agency (Merced County Tobacco Funding <br> Corp.); Series 2020, Ref. RB<br>| 5.00% | 06/01/2050 | 3210 | &nbsp;&nbsp; 3028749 |
| California (State of) County Tobacco Securitization Agency (Sonoma County Securitization Corp.); <br> Series 2020, Ref. RB<sup>(b)</sup> <br>| 0.00% | 06/01/2055 | 6050 | &nbsp;&nbsp; 1234092 |
| California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding <br> Corp.); Series 2002 A, RB<br>| 5.88% | 06/01/2043 | 520 | &nbsp;&nbsp; 520650 |
| California (State of) Department of Water Resources (Central Valley); Series 2026 A, RB | 5.00% | 12/01/2056 | 15000 | &nbsp;&nbsp; 16111644 |
| California (State of) Educational Facilities Authority (Loma Linda University); Series 2017 A, Ref. <br> RB<br>| 5.00% | 04/01/2042 | 1715 | &nbsp;&nbsp; 1734896 |
| California (State of) Educational Facilities Authority (Saint Mary's College of California); <br> Series 2023, Ref. RB<br>| 5.50% | 10/01/2053 | 6005 | &nbsp;&nbsp; 5988223 |
| California (State of) Educational Facilities Authority (University of Redlands); Series 2022 A, RB | 5.00% | 10/01/2052 | 2300 | &nbsp;&nbsp; 2306374 |
| California (State of) Enterprise Development Authority (Heights Christian Schools); Series 2023 A, <br> RB<sup>(g)</sup> <br>| 6.25% | 06/01/2053 | 2520 | &nbsp;&nbsp; 2453808 |
| California (State of) Enterprise Development Authority (Real Journey Academies Obligated Group); |  |  |  |  |
| Series 2024 A, RB<sup>(g)</sup> <br>| 5.00% | 06/01/2054 | 2500 | &nbsp;&nbsp; 2466899 |
| Series 2024 A, RB<sup>(g)</sup> <br>| 5.00% | 06/01/2064 | 7500 | &nbsp;&nbsp; 7262902 |
| California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness <br> Village); Series 2024, RB<br>| 5.25% | 11/01/2054 | 5000 | &nbsp;&nbsp; 5364618 |
| California (State of) Enterprise Development Authority (Rocklin Academy (The)); Series 2024, RB<sup>(g)</sup> <br>| 5.00% | 06/01/2054 | 2625 | &nbsp;&nbsp; 2595478 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center); <br> Series 2021 A, Ref. RB<br>| 4.00% | 08/15/2048 | 25715 | &nbsp;&nbsp; 24622053 |
| California (State of) Health Facilities Financing Authority (CommonSpirit Health); |  |  |  |  |
| Series 2020, Ref. RB<sup>(f)(h)</sup> <br>| 4.00% | 04/01/2030 | 210 | &nbsp;&nbsp; 227235 |
| Series 2020, Ref. RB | 4.00% | 04/01/2049 | 5925 | &nbsp;&nbsp; 5509141 |
| Series 2024 A, RB | 5.00% | 12/01/2054 | 4195 | &nbsp;&nbsp; 4368000 |
| California (State of) Health Facilities Financing Authority (El Camino Health); Series 2025 A, Ref. <br> RB<br>| 5.25% | 02/01/2048 | 1500 | &nbsp;&nbsp; 1631604 |
| California (State of) Health Facilities Financing Authority (Episcopal Communities & Services); |  |  |  |  |
| Series 2024, RB | 5.25% | 11/15/2048 | 1000 | &nbsp;&nbsp; 1038649 |
| Series 2024, RB | 5.25% | 11/15/2058 | 3750 | &nbsp;&nbsp; 3842634 |
| California (State of) Health Facilities Financing Authority (Kaiser Permanente); Subseries 2017 <br> A-2, RB<br>| 5.00% | 11/01/2047 | 10000 | &nbsp;&nbsp; 11274357 |
| California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children's Hospital <br> at Stanford);<br>|  |  |  |  |
| Series 2017, RB | 4.00% | 11/15/2047 | 560 | &nbsp;&nbsp; 535284 |
| Series 2022, Ref. RB | 4.00% | 05/15/2051 | 3540 | &nbsp;&nbsp; 3343817 |
| California (State of) Health Facilities Financing Authority (Lucile Salter Packard); Series 2022, Ref. <br> RB<br>| 4.00% | 05/15/2046 | 5925 | &nbsp;&nbsp; 5750339 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco California Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| California (State of) Health Facilities Financing Authority (On Lok Senior Health Services) (Social <br> Bonds); Series 2020, Ref. RB<br>| 5.00% | 08/01/2055 | $1130 | &nbsp;&nbsp; $1137587 |
| California (State of) Health Facilities Financing Authority (Providence Health & Services); <br> Series 2014 B, RB<br>| 5.00% | 10/01/2044 | 7625 | &nbsp;&nbsp; 7630998 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care); Series 2020 A, <br> Ref. RB<br>| 4.00% | 08/15/2050 | 22755 | &nbsp;&nbsp; 21852994 |
| California (State of) Health Facilities Financing Authority (Sutter Health); Series 2016 B, Ref. RB | 5.00% | 11/15/2046 | 935 | &nbsp;&nbsp; 943893 |
| California (State of) Housing Finance Agency; Series 2019 A, RB | 4.25% | 01/15/2035 | 0 | &nbsp;&nbsp; 2 |
| California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail) <br> (Green Bonds); Series 2025 B, Ref. RB<sup>(c)(f)(g)</sup> <br>| 12.00% | 11/02/2026 | 5050 | &nbsp;&nbsp; 2727000 |
| California (State of) Infrastructure & Economic Development Bank (WFCS Portfolio Program); <br> Series 2021 A-1, RB<sup>(g)</sup> <br>| 5.00% | 01/01/2056 | 2450 | &nbsp;&nbsp; 2148658 |
| California (State of) Municipal Finance Authority; |  |  |  |  |
| Series 2024 D, RB | 5.00% | 09/01/2049 | 1000 | &nbsp;&nbsp; 1018092 |
| Series 2024 D, RB | 5.00% | 09/01/2054 | 1000 | &nbsp;&nbsp; 1008621 |
| Series 2025 A-1, RB | 3.44% | 02/20/2041 | 6943 | &nbsp;&nbsp; 6730943 |
| California (State of) Municipal Finance Authority (American Heritage Education Foundation); <br> Series 2016 A, Ref. RB<br>| 5.00% | 06/01/2046 | 3015 | &nbsp;&nbsp; 3015790 |
| California (State of) Municipal Finance Authority (Ascent 613); Series 2025 A, RB<sup>(g)</sup> <br>| 5.38% | 01/01/2055 | 5000 | &nbsp;&nbsp; 5009660 |
| California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); |  |  |  |  |
| Series 2018 A, RB<sup>(g)</sup> <br>| 5.00% | 06/01/2038 | 280 | &nbsp;&nbsp; 283402 |
| Series 2018 A, RB<sup>(g)</sup> <br>| 5.00% | 06/01/2048 | 3225 | &nbsp;&nbsp; 3141385 |
| California (State of) Municipal Finance Authority (Bold Program); |  |  |  |  |
| Series 2020 B, RB | 4.00% | 09/01/2043 | 755 | &nbsp;&nbsp; 744735 |
| Series 2020 B, RB | 4.00% | 09/01/2050 | 1095 | &nbsp;&nbsp; 980406 |
| Series 2021 A, RB | 4.00% | 09/01/2041 | 655 | &nbsp;&nbsp; 654725 |
| Series 2021 A, RB | 4.00% | 09/01/2046 | 1095 | &nbsp;&nbsp; 1023355 |
| Series 2021 B, RB | 4.00% | 09/01/2046 | 830 | &nbsp;&nbsp; 765219 |
| Series 2021 B, RB | 4.00% | 09/01/2051 | 775 | &nbsp;&nbsp; 676101 |
| Series 2022 B, Ref. RB | 6.00% | 09/01/2052 | 2160 | &nbsp;&nbsp; 2290267 |
| Series 2022 B, Ref. RB | 6.30% | 09/01/2052 | 870 | &nbsp;&nbsp; 930764 |
| Series 2022 C, RB | 6.25% | 09/01/2052 | 1885 | &nbsp;&nbsp; 2013660 |
| Series 2023 B, RB | 5.75% | 09/01/2053 | 1350 | &nbsp;&nbsp; 1428944 |
| California (State of) Municipal Finance Authority (California Baptist University); Series 2016 A, <br> RB<sup>(g)</sup> <br>| 5.00% | 11/01/2046 | 1000 | &nbsp;&nbsp; 995404 |
| California (State of) Municipal Finance Authority (Caritas); |  |  |  |  |
| Series 2017 A, Ref. RB | 4.00% | 08/15/2037 | 1055 | &nbsp;&nbsp; 1059019 |
| Series 2021 B, Ref. RB | 4.00% | 08/15/2041 | 295 | &nbsp;&nbsp; 287890 |
| Series 2021 B, Ref. RB | 4.00% | 08/15/2051 | 435 | &nbsp;&nbsp; 372173 |
| California (State of) Municipal Finance Authority (Caritas) (Social Bonds); |  |  |  |  |
| Series 2023, RB | 5.25% | 08/15/2058 | 1100 | &nbsp;&nbsp; 1134083 |
| Series 2024, Ref. RB | 5.00% | 08/15/2049 | 1000 | &nbsp;&nbsp; 1028516 |
| Series 2024, Ref. RB | 5.00% | 08/15/2059 | 1600 | &nbsp;&nbsp; 1625259 |
| California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); <br> Series 2018, RB<br>| 5.00% | 05/15/2043 | 5900 | &nbsp;&nbsp; 6028171 |
| California (State of) Municipal Finance Authority (City of Chula Vista-Sunbow); Series 2024 A, RB | 5.00% | 09/01/2054 | 1700 | &nbsp;&nbsp; 1709954 |
| California (State of) Municipal Finance Authority (City of Elk Grove-Madeira Ranch); |  |  |  |  |
| Series 2024, RB | 5.00% | 09/01/2049 | 785 | &nbsp;&nbsp; 804278 |
| Series 2024, RB | 5.00% | 09/01/2054 | 750 | &nbsp;&nbsp; 758181 |
| California (State of) Municipal Finance Authority (Cityview Apartments) (Green Bonds); <br> Series 2021, RB<sup>(g)</sup> <br>| 4.00% | 11/01/2036 | 1625 | &nbsp;&nbsp; 1602435 |
| California (State of) Municipal Finance Authority (Community Health Centers of the Central Coast, <br> Inc.); Series 2025 A, RB<br>| 5.75% | 12/01/2055 | 2500 | &nbsp;&nbsp; 2645384 |
| California (State of) Municipal Finance Authority (Community Medical Centers); Series 2017 A, <br> Ref. RB<br>| 5.00% | 02/01/2037 | 1000 | &nbsp;&nbsp; 1013113 |
| California (State of) Municipal Finance Authority (Eskaton Properties, Inc.); |  |  |  |  |
| Series 2024, Ref. RB | 5.00% | 11/15/2039 | 3345 | &nbsp;&nbsp; 3653094 |
| Series 2024, Ref. RB | 5.00% | 11/15/2044 | 1995 | &nbsp;&nbsp; 2090521 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco California Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| California (State of) Municipal Finance Authority (Goodwill Industries of Sacramento & Nevada); |  |  |  |  |
| Series 2012, RB<sup>(g)</sup> <br>| 6.63% | 01/01/2032 | $610 | &nbsp;&nbsp; $608908 |
| Series 2012, RB<sup>(g)</sup> <br>| 6.88% | 01/01/2042 | 2080 | &nbsp;&nbsp; 2072787 |
| California (State of) Municipal Finance Authority (Gracelight Community Health); Series 2025 A, <br> RB<br>| 5.38% | 06/01/2056 | 1900 | &nbsp;&nbsp; 1939316 |
| California (State of) Municipal Finance Authority (Greenfield Commons I) (Green Bonds); <br> Series 2023 A, RB (CEP - FNMA)<br>| 5.28% | 09/01/2046 | 2950 | &nbsp;&nbsp; 3215348 |
| California (State of) Municipal Finance Authority (Humangood - California Obligated Group); |  |  |  |  |
| Series 2021, RB | 4.00% | 10/01/2046 | 1080 | &nbsp;&nbsp; 1002268 |
| Series 2021, RB | 4.00% | 10/01/2049 | 8000 | &nbsp;&nbsp; 7155340 |
| California (State of) Municipal Finance Authority (Linxs APM); |  |  |  |  |
| Series 2018 A, RB<sup>(c)</sup> <br>| 5.00% | 12/31/2043 | 10130 | &nbsp;&nbsp; 10300666 |
| Series 2018 A, RB<sup>(c)</sup> <br>| 5.00% | 12/31/2047 | 18610 | &nbsp;&nbsp; 18711860 |
| California (State of) Municipal Finance Authority (Mt. San Antonio Gardens); Series 2019, Ref. RB | 5.00% | 11/15/2049 | 1000 | &nbsp;&nbsp; 1001850 |
| California (State of) Municipal Finance Authority (Open Door Community Health Centers); <br> Series 2021, RB (INS - Cal-Mortgage)<sup>(a)</sup> <br>| 4.00% | 09/15/2051 | 3385 | &nbsp;&nbsp; 3210721 |
| California (State of) Municipal Finance Authority (Palmdale Aerospace Academy (The)); <br> Series 2018 A, RB<sup>(g)</sup> <br>| 5.00% | 07/01/2049 | 600 | &nbsp;&nbsp; 571774 |
| California (State of) Municipal Finance Authority (Palomar Health); Series 2022 A, Ref. COP (INS - <br> AGI)<sup>(a)</sup> <br>| 5.25% | 11/01/2052 | 5400 | &nbsp;&nbsp; 5509238 |
| California (State of) Municipal Finance Authority (PRS California Obligated Group); Series 2024, <br> Ref. RB<br>| 5.00% | 04/01/2054 | 3030 | &nbsp;&nbsp; 3086099 |
| California (State of) Municipal Finance Authority (Samuel Merritt University); Series 2022, RB | 5.25% | 06/01/2053 | 8000 | &nbsp;&nbsp; 8391933 |
| California (State of) Municipal Finance Authority (Santa Rosa Academy); Series 2022, Ref. RB | 5.00% | 07/01/2052 | 3250 | &nbsp;&nbsp; 3115051 |
| California (State of) Municipal Finance Authority (Social Bonds); |  |  |  |  |
| Series 2019 A, Ref. RB<sup>(g)</sup> <br>| 5.00% | 11/01/2029 | 685 | &nbsp;&nbsp; 706185 |
| Series 2019 A, Ref. RB<sup>(g)</sup> <br>| 5.00% | 11/01/2039 | 1475 | &nbsp;&nbsp; 1512546 |
| Series 2019 A, Ref. RB<sup>(g)</sup> <br>| 5.00% | 11/01/2049 | 2700 | &nbsp;&nbsp; 2612917 |
| California (State of) Municipal Finance Authority (South Central Los Angeles); Series 2024, Ref. RB | 4.00% | 12/01/2043 | 1000 | &nbsp;&nbsp; 1002439 |
| California (State of) Municipal Finance Authority (St. Ignatius College Preparatory); Series 2024 A, <br> RB<br>| 5.00% | 09/01/2049 | 1500 | &nbsp;&nbsp; 1578568 |
| California (State of) Municipal Finance Authority (Turning Point Schools); |  |  |  |  |
| Series 2024, Ref. RB<sup>(g)</sup> <br>| 5.25% | 06/01/2044 | 1075 | &nbsp;&nbsp; 1068597 |
| Series 2024, Ref. RB<sup>(g)</sup> <br>| 5.50% | 06/01/2054 | 1300 | &nbsp;&nbsp; 1241089 |
| California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, RB<sup>(c)</sup> <br>| 4.00% | 07/15/2029 | 20000 | &nbsp;&nbsp; 20396060 |
| California (State of) Municipal Finance Authority (University of La Verne); Series 2017 A, Ref. RB | 5.00% | 06/01/2043 | 600 | &nbsp;&nbsp; 605446 |
| California (State of) Municipal Finance Authority (Westside Neighborhood School); |  |  |  |  |
| Series 2024, RB<sup>(g)</sup> <br>| 6.20% | 06/15/2054 | 1800 | &nbsp;&nbsp; 1895732 |
| Series 2024, RB<sup>(g)</sup> <br>| 6.38% | 06/15/2064 | 1000 | &nbsp;&nbsp; 1057428 |
| California (State of) Municipal Finance Authority (William Jessup University); Series 2019, Ref. RB <br> (Acquired 04/25/2019; Cost $1,437,417)<sup>(g)(i)(j)</sup> <br>| 5.00% | 08/01/2039 | 1400 | &nbsp;&nbsp; 1057267 |
| California (State of) Pollution Control Financing Authority (Air Products & Chemicals, Inc.); <br> Series 1997, VRD RB<sup>(k)</sup> <br>| 0.68% | 03/01/2042 | 5000 | &nbsp;&nbsp; 5000000 |
| California (State of) Pollution Control Financing Authority (CalPlant I) (Green Bonds); |  |  |  |  |
| Series 2017, RB (Acquired 05/25/2017; Cost $1,387,423)<sup>(c)(g)(i)(j)</sup> <br>| 7.50% | 07/01/2032 | 1425 | &nbsp;&nbsp; 16031 |
| Series 2017, RB (Acquired 05/25/2017; Cost $1,890,139)<sup>(c)(g)(i)(j)</sup> <br>| 8.00% | 07/01/2039 | 1900 | &nbsp;&nbsp; 21375 |
| Series 2020, RB (Acquired 10/06/2020; Cost $401,185)<sup>(c)(g)(i)(j)</sup> <br>| 7.50% | 07/01/2032 | 420 | &nbsp;&nbsp; 4725 |
| California (State of) Pollution Control Financing Authority (Plant Bonds); Series 2012, RB<sup>(c)(g)</sup> <br>| 5.00% | 07/01/2037 | 3000 | &nbsp;&nbsp; 3011468 |
| California (State of) Pollution Control Financing Authority (Poseidon Resources L.P.); Series 2023, <br> RB<sup>(c)(g)</sup> <br>| 5.00% | 11/21/2045 | 1000 | &nbsp;&nbsp; 1049100 |
| California (State of) Pollution Control Financing Authority (San Diego County Water Authority); <br> Series 2019, Ref. RB<sup>(g)</sup> <br>| 5.00% | 11/21/2045 | 2500 | &nbsp;&nbsp; 2551803 |
| California (State of) Public Finance Authority (California Crosspoint Academy); Series 2020 A, RB<sup>(g)</sup> <br>| 5.13% | 07/01/2055 | 5000 | &nbsp;&nbsp; 4372857 |
| California (State of) Public Finance Authority (Crossroads Christian Schools); Series 2020, RB<sup>(g)</sup> <br>| 5.00% | 01/01/2056 | 1000 | &nbsp;&nbsp; 889814 |
| California (State of) Public Finance Authority (Enso Village) (Green Bonds); |  |  |  |  |
| Series 2021, RB<sup>(g)</sup> <br>| 5.00% | 11/15/2036 | 1000 | &nbsp;&nbsp; 1031552 |
| Series 2021, RB<sup>(g)</sup> <br>| 5.00% | 11/15/2046 | 4000 | &nbsp;&nbsp; 3801978 |
| Series 2021, RB<sup>(g)</sup> <br>| 5.00% | 11/15/2051 | 3590 | &nbsp;&nbsp; 3279308 |
| Series 2021, RB<sup>(g)</sup> <br>| 5.00% | 11/15/2056 | 2685 | &nbsp;&nbsp; 2406444 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco California Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| California (State of) Public Finance Authority (Excelsior Charter Schools); |  |  |  |  |
| Series 2020 A, RB<sup>(g)</sup> <br>| 5.00% | 06/15/2050 | $1540 | &nbsp;&nbsp; $1442033 |
| Series 2020 A, RB<sup>(g)</sup> <br>| 5.00% | 06/15/2055 | 1030 | &nbsp;&nbsp; 945333 |
| California (State of) Public Finance Authority (Hazelden Betty Ford Foundation); Series 2025 A, RB | 5.00% | 11/01/2054 | 5245 | &nbsp;&nbsp; 5335454 |
| California (State of) Public Finance Authority (Henry Mayo Newhall Hospital); |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 10/15/2037 | 1000 | &nbsp;&nbsp; 1006286 |
| Series 2017, Ref. RB | 5.00% | 10/15/2047 | 1000 | &nbsp;&nbsp; 1000754 |
| California (State of) Public Finance Authority (Kendal at Ventura); Series 2023 A-C, RB<sup>(g)</sup> <br>| 10.00% | 05/15/2028 | 2900 | &nbsp;&nbsp; 3936613 |
| California (State of) Public Finance Authority (LaVerne Elementary Preparatory Academy); |  |  |  |  |
| Series 2019 A, RB<sup>(g)</sup> <br>| 5.00% | 06/15/2049 | 1400 | &nbsp;&nbsp; 1329187 |
| Series 2025 A, RB<sup>(g)</sup> <br>| 5.63% | 06/15/2055 | 1155 | &nbsp;&nbsp; 1168858 |
| Series 2025 A, RB<sup>(g)</sup> <br>| 6.00% | 06/15/2065 | 3850 | &nbsp;&nbsp; 3952172 |
| California (State of) Public Finance Authority (Trinity Classical Academy); |  |  |  |  |
| Series 2019 A, RB<sup>(g)</sup> <br>| 5.00% | 07/01/2036 | 400 | &nbsp;&nbsp; 402812 |
| Series 2019 A, RB<sup>(g)</sup> <br>| 5.00% | 07/01/2044 | 630 | &nbsp;&nbsp; 590840 |
| Series 2019 A, RB<sup>(g)</sup> <br>| 5.00% | 07/01/2054 | 1600 | &nbsp;&nbsp; 1402910 |
| California (State of) Public Works Board (Various Capital); |  |  |  |  |
| Series 2021 B, RB | 4.00% | 05/01/2046 | 10000 | &nbsp;&nbsp; 10031204 |
| Series 2025 A, RB | 5.00% | 04/01/2050 | 5500 | &nbsp;&nbsp; 5895399 |
| Series 2025 A, RB<sup>(e)</sup> <br>| 5.00% | 04/01/2050 | 8000 | &nbsp;&nbsp; 8575126 |
| California (State of) School Finance Authority; Series 2024 A, RB<sup>(g)</sup> <br>| 5.75% | 06/01/2053 | 2000 | &nbsp;&nbsp; 1979411 |
| California (State of) School Finance Authority (Alliance for College-Ready Public Schools); |  |  |  |  |
| Series 2015, RB<sup>(g)</sup> <br>| 5.00% | 07/01/2045 | 650 | &nbsp;&nbsp; 650108 |
| Series 2024, Ref. RB<sup>(g)</sup> <br>| 5.00% | 07/01/2059 | 2850 | &nbsp;&nbsp; 2878723 |
| California (State of) School Finance Authority (Aspen Public Schools Obligated Group); |  |  |  |  |
| Series 2022 A, RB<sup>(g)</sup> <br>| 6.13% | 07/01/2052 | 3745 | &nbsp;&nbsp; 3807647 |
| Series 2022 A, RB<sup>(g)</sup> <br>| 6.25% | 07/01/2062 | 4655 | &nbsp;&nbsp; 4729625 |
| California (State of) School Finance Authority (Aspire Public School); |  |  |  |  |
| Series 2016, Ref. RB<sup>(g)</sup> <br>| 5.00% | 08/01/2041 | 2425 | &nbsp;&nbsp; 2425735 |
| Series 2016, Ref. RB<sup>(g)</sup> <br>| 5.00% | 08/01/2046 | 685 | &nbsp;&nbsp; 679599 |
| California (State of) School Finance Authority (Aspire Public Schools Obligated Group); |  |  |  |  |
| Series 2015 A, Ref. RB<sup>(g)</sup> <br>| 5.00% | 08/01/2045 | 1000 | &nbsp;&nbsp; 999994 |
| Series 2020 A, RB<sup>(g)</sup> <br>| 5.00% | 08/01/2059 | 3120 | &nbsp;&nbsp; 2973769 |
| California (State of) School Finance Authority (Camino Nuevo Charter Academy Obligated Group) <br> (Green Bonds); Series 2023, Ref. RB<sup>(g)</sup> <br>| 5.25% | 06/01/2053 | 1550 | &nbsp;&nbsp; 1551162 |
| California (State of) School Finance Authority (Escuela Popular); |  |  |  |  |
| Series 2017, RB<sup>(f)(g)(h)</sup> <br>| 6.25% | 07/01/2027 | 875 | &nbsp;&nbsp; 918818 |
| Series 2017, RB<sup>(g)</sup> <br>| 6.25% | 07/01/2037 | 375 | &nbsp;&nbsp; 381767 |
| California (State of) School Finance Authority (Granada Hills Charter Obligated Group); <br> Series 2024, RB<sup>(g)</sup> <br>| 5.00% | 07/01/2064 | 1440 | &nbsp;&nbsp; 1376050 |
| California (State of) School Finance Authority (Green Dot Public Schools); |  |  |  |  |
| Series 2015 A, RB<sup>(g)</sup> <br>| 5.00% | 08/01/2045 | 2305 | &nbsp;&nbsp; 2305182 |
| Series 2018 A, RB<sup>(g)</sup> <br>| 5.00% | 08/01/2038 | 1000 | &nbsp;&nbsp; 1024244 |
| California (State of) School Finance Authority (Grimmway Schools Obligated Group); Series 2016 <br> A, RB<sup>(g)</sup> <br>| 4.25% | 07/01/2028 | 500 | &nbsp;&nbsp; 501080 |
| California (State of) School Finance Authority (Harbor Springs Obligated Group); |  |  |  |  |
| Series 2024, RB<sup>(g)</sup> <br>| 5.50% | 07/01/2054 | 2250 | &nbsp;&nbsp; 2287234 |
| Series 2024, RB<sup>(g)</sup> <br>| 5.63% | 07/01/2063 | 1000 | &nbsp;&nbsp; 1014816 |
| California (State of) School Finance Authority (Hawking Steam Charter School); |  |  |  |  |
| Series 2022, RB<sup>(g)</sup> <br>| 5.38% | 07/01/2056 | 995 | &nbsp;&nbsp; 991154 |
| Series 2022, RB<sup>(g)</sup> <br>| 5.50% | 07/01/2062 | 1000 | &nbsp;&nbsp; 1000503 |
| California (State of) School Finance Authority (KIPP LA); |  |  |  |  |
| Series 2015 A, RB<sup>(g)</sup> <br>| 5.00% | 07/01/2045 | 500 | &nbsp;&nbsp; 500067 |
| Series 2017 A, RB<sup>(g)</sup> <br>| 5.00% | 07/01/2037 | 590 | &nbsp;&nbsp; 599428 |
| California (State of) School Finance Authority (KIPP SoCal Public Schools); Series 2019 A, RB<sup>(g)</sup> <br>| 5.00% | 07/01/2049 | 1700 | &nbsp;&nbsp; 1704076 |
| California (State of) School Finance Authority (Magnolia Public Schools Obligated Groups); <br> Series 2025 A, RB<sup>(g)</sup> <br>| 5.00% | 07/01/2055 | 2000 | &nbsp;&nbsp; 1973130 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco California Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| California (State of) School Finance Authority (New Designs Charter School); |  |  |  |  |
| Series 2019 A, RB<sup>(g)</sup> <br>| 5.00% | 06/01/2050 | $1060 | &nbsp;&nbsp; $1023147 |
| Series 2024, Ref. RB<sup>(g)</sup> <br>| 5.00% | 06/01/2054 | 1950 | &nbsp;&nbsp; 1867858 |
| Series 2024, Ref. RB<sup>(g)</sup> <br>| 5.00% | 06/01/2064 | 7055 | &nbsp;&nbsp; 6610160 |
| California (State of) School Finance Authority (Orange County Educational Arts Academy); <br> Series 2023, Ref. RB (CEP - Colorado Higher Education Intercept Program)<sup>(g)</sup> <br>| 5.88% | 06/01/2053 | 700 | &nbsp;&nbsp; 705407 |
| California (State of) School Finance Authority (Partnership to Uplift Communities) (Social Bonds); |  |  |  |  |
| Series 2023, Ref. RB<sup>(g)</sup> <br>| 5.50% | 08/01/2043 | 550 | &nbsp;&nbsp; 574023 |
| Series 2023, Ref. RB<sup>(g)</sup> <br>| 5.50% | 08/01/2047 | 525 | &nbsp;&nbsp; 534692 |
| California (State of) School Finance Authority (Scholarship Prep Public Schools – Obligated Group); <br> Series 2023 A, RB<sup>(g)</sup> <br>| 6.00% | 06/01/2063 | 2035 | &nbsp;&nbsp; 2028602 |
| California (State of) School Finance Authority (Sonoma County Junior College); Series 2021, RB<sup>(g)</sup> <br>| 4.00% | 11/01/2051 | 2700 | &nbsp;&nbsp; 2227017 |
| California (State of) School Finance Authority (Stem Preparatory Schools - Obligated Group); |  |  |  |  |
| Series 2023 A, RB<sup>(g)</sup> <br>| 5.13% | 06/01/2053 | 500 | &nbsp;&nbsp; 490840 |
| Series 2023 A, RB<sup>(g)</sup> <br>| 5.38% | 05/01/2063 | 1000 | &nbsp;&nbsp; 1000567 |
| California (State of) School Finance Authority (Value Schools); |  |  |  |  |
| Series 2016 A, RB<sup>(g)</sup> <br>| 5.25% | 07/01/2031 | 600 | &nbsp;&nbsp; 603649 |
| Series 2023 A, Ref. RB (CEP - Colorado Higher Education Intercept Program)<sup>(g)</sup> <br>| 5.25% | 07/01/2048 | 700 | &nbsp;&nbsp; 710790 |
| California (State of) School Finance Authority (Vibrant Minds Charter School); |  |  |  |  |
| Series 2025, RB<sup>(g)</sup> <br>| 6.75% | 04/15/2045 | 1650 | &nbsp;&nbsp; 1704600 |
| Series 2025, RB<sup>(g)</sup> <br>| 7.00% | 04/15/2055 | 3000 | &nbsp;&nbsp; 3058342 |
| California (State of) Statewide Communities Development Authority; |  |  |  |  |
| Series 2017, RB | 5.00% | 09/02/2037 | 1135 | &nbsp;&nbsp; 1161633 |
| Series 2017, RB | 5.00% | 09/02/2046 | 1265 | &nbsp;&nbsp; 1275505 |
| Series 2020 B, RB | 4.00% | 09/02/2050 | 445 | &nbsp;&nbsp; 382332 |
| Series 2021 A, RB | 4.00% | 09/02/2051 | 1990 | &nbsp;&nbsp; 1730800 |
| California (State of) Statewide Communities Development Authority (Adventist Health System); |  |  |  |  |
| Series 2015 A, Ref. RB | 5.00% | 03/01/2033 | 775 | &nbsp;&nbsp; 775857 |
| Series 2018 A, Ref. RB | 5.00% | 03/01/2042 | 1185 | &nbsp;&nbsp; 1210003 |
| Series 2018 A, Ref. RB | 5.00% | 03/01/2048 | 1860 | &nbsp;&nbsp; 1875569 |
| California (State of) Statewide Communities Development Authority (Buck Institute for Research on <br> Aging); Series 2021, Ref. RB<br>| 4.00% | 04/01/2046 | 4230 | &nbsp;&nbsp; 3893388 |
| California (State of) Statewide Communities Development Authority (California Baptist University); <br> Series 2017 A, Ref. RB<sup>(g)</sup> <br>| 5.00% | 11/01/2041 | 875 | &nbsp;&nbsp; 881052 |
| California (State of) Statewide Communities Development Authority (Community Facilities District <br> No. 2007-01); Series 2015, Ref. RB<sup>(f)(h)</sup> <br>| 5.00% | 03/20/2026 | 1500 | &nbsp;&nbsp; 1502148 |
| California (State of) Statewide Communities Development Authority (Community Facilities District <br> No. 2015-1);<br>|  |  |  |  |
| Series 2020, RB | 4.00% | 09/01/2050 | 1500 | &nbsp;&nbsp; 1313376 |
| Series 2020, RB | 4.00% | 09/01/2050 | 2000 | &nbsp;&nbsp; 1735691 |
| California (State of) Statewide Communities Development Authority (Community Facilities District <br> No. 2016-02); Series 2020, RB<br>| 4.00% | 09/01/2050 | 2465 | &nbsp;&nbsp; 2155119 |
| California (State of) Statewide Communities Development Authority (Community Facilities District <br> No. 2018-02); Series 2020, RB<sup>(g)</sup> <br>| 7.25% | 09/01/2050 | 4255 | &nbsp;&nbsp; 4371791 |
| California (State of) Statewide Communities Development Authority (Community Facilities District <br> No. 2020-02); Series 2022, RB<br>| 5.25% | 09/01/2052 | 1650 | &nbsp;&nbsp; 1691079 |
| California (State of) Statewide Communities Development Authority (Community Facilities District); <br> Series 2024, RB<br>| 5.00% | 09/01/2054 | 900 | &nbsp;&nbsp; 912761 |
| California (State of) Statewide Communities Development Authority (Delta Coves); Series 2022, RB | 5.50% | 09/01/2052 | 3060 | &nbsp;&nbsp; 3142382 |
| California (State of) Statewide Communities Development Authority (Enloe Medical Center); |  |  |  |  |
| Series 2022 A, RB (INS - AGI)<sup>(a)</sup> <br>| 5.25% | 08/15/2052 | 3000 | &nbsp;&nbsp; 3075851 |
| Series 2022 A, RB (INS - AGI)<sup>(a)</sup> <br>| 5.38% | 08/15/2057 | 2320 | &nbsp;&nbsp; 2389259 |
| California (State of) Statewide Communities Development Authority (Front Porch Communities & <br> Services); Series 2021, Ref. RB<br>| 4.00% | 04/01/2051 | 1600 | &nbsp;&nbsp; 1395390 |
| California (State of) Statewide Communities Development Authority (Heritage Park at Cathedral <br> City Apartments); Series 2002 NN-1, RB (INS - AMBAC)<sup>(a)(c)</sup> <br>| 5.20% | 06/01/2036 | 1965 | &nbsp;&nbsp; 1968136 |
| California (State of) Statewide Communities Development Authority (Improvement Area No. 1); <br> Series 2021, RB<br>| 4.00% | 09/01/2041 | 690 | &nbsp;&nbsp; 684986 |
| California (State of) Statewide Communities Development Authority (Improvement Area No. 3); |  |  |  |  |
| Series 2024, RB | 5.00% | 09/01/2049 | 375 | &nbsp;&nbsp; 383017 |
| Series 2024, RB | 5.00% | 09/01/2054 | 550 | &nbsp;&nbsp; 558419 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco California Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| California (State of) Statewide Communities Development Authority (Jewish Home of San <br> Francisco); Series 2016, RB (INS - Cal-Mortgage)<sup>(a)</sup> <br>| 4.00% | 11/01/2046 | $7825 | &nbsp;&nbsp; $7632356 |
| California (State of) Statewide Communities Development Authority (John Muir Health); |  |  |  |  |
| Series 2024 A, Ref. RB | 5.00% | 12/01/2049 | 6540 | &nbsp;&nbsp; 6879347 |
| Series 2024 A, Ref. RB | 5.25% | 12/01/2054 | 2360 | &nbsp;&nbsp; 2526295 |
| California (State of) Statewide Communities Development Authority (Lancer Educational Student <br> Housing);<br>|  |  |  |  |
| Series 2016, Ref. RB<sup>(g)</sup> <br>| 5.00% | 06/01/2046 | 1000 | &nbsp;&nbsp; 991589 |
| Series 2019, RB<sup>(g)</sup> <br>| 5.00% | 06/01/2034 | 375 | &nbsp;&nbsp; 389769 |
| Series 2019, RB<sup>(g)</sup> <br>| 5.00% | 06/01/2039 | 100 | &nbsp;&nbsp; 102167 |
| Series 2019, RB<sup>(g)</sup> <br>| 5.00% | 06/01/2051 | 295 | &nbsp;&nbsp; 284812 |
| California (State of) Statewide Communities Development Authority (Loma Linda University Medical <br> Center); Series 2016 A, RB<sup>(g)</sup> <br>| 5.25% | 12/01/2056 | 7330 | &nbsp;&nbsp; 7334004 |
| California (State of) Statewide Communities Development Authority (McSweeny); |  |  |  |  |
| Series 2023, RB | 5.00% | 09/01/2048 | 1350 | &nbsp;&nbsp; 1376517 |
| Series 2023, RB | 5.25% | 09/01/2053 | 2225 | &nbsp;&nbsp; 2291427 |
| California (State of) Statewide Communities Development Authority (Methodist Hospital of <br> Southern California); Series 2018, RB<br>| 5.00% | 01/01/2048 | 3000 | &nbsp;&nbsp; 3048904 |
| California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC-<br> California College of the Arts);<br>|  |  |  |  |
| Series 2019, RB<sup>(g)</sup> <br>| 5.25% | 07/01/2039 | 1640 | &nbsp;&nbsp; 1688579 |
| Series 2019, RB<sup>(g)</sup> <br>| 5.25% | 07/01/2049 | 3375 | &nbsp;&nbsp; 3389569 |
| California (State of) Statewide Communities Development Authority (Odd Fellows Home of <br> California); Series 2023, Ref. RB (INS - Cal-Mortgage)<sup>(a)</sup> <br>| 4.13% | 04/01/2053 | 1000 | &nbsp;&nbsp; 970275 |
| California (State of) Statewide Communities Development Authority (Sand Creek); Series 2021, RB | 4.00% | 09/01/2041 | 550 | &nbsp;&nbsp; 545379 |
| California (State of) Statewide Communities Development Authority (Sequoia Living); Series 2025 <br> A, Ref. RB (INS - Cal-Mortgage)<sup>(a)</sup> <br>| 5.00% | 07/01/2055 | 5000 | &nbsp;&nbsp; 5273292 |
| California (State of) Statewide Communities Development Authority (Statewide Community <br> Infrastructure Program);<br>|  |  |  |  |
| Series 2021 C-1, RB | 4.00% | 09/02/2041 | 2185 | &nbsp;&nbsp; 2072533 |
| Series 2022, RB | 5.38% | 09/02/2052 | 995 | &nbsp;&nbsp; 1023861 |
| Series 2023, RB | 5.25% | 09/02/2043 | 1125 | &nbsp;&nbsp; 1173137 |
| Series 2023, RB | 5.25% | 09/01/2051 | 2395 | &nbsp;&nbsp; 2474338 |
| Series 2023, RB | 5.50% | 09/02/2053 | 1875 | &nbsp;&nbsp; 1924595 |
| Series 2024, RB | 5.00% | 09/02/2049 | 1100 | &nbsp;&nbsp; 1128427 |
| Series 2024, RB | 5.00% | 09/02/2054 | 1100 | &nbsp;&nbsp; 1121712 |
| California (State of) Statewide Communities Development Authority (Yucaipa Valley Water <br> Reservoir); Series 2014, RB<br>| 6.00% | 09/02/2044 | 2500 | &nbsp;&nbsp; 2500878 |
| California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program); |  |  |  |  |
| Series 2002 A, RB | 6.00% | 05/01/2037 | 3305 | &nbsp;&nbsp; 3374889 |
| Series 2002 B, RB | 6.00% | 05/01/2037 | 395 | &nbsp;&nbsp; 403353 |
| Series 2002 B, RB | 6.00% | 05/01/2043 | 3130 | &nbsp;&nbsp; 3137358 |
| Series 2002, RB | 6.00% | 05/01/2043 | 2125 | &nbsp;&nbsp; 2169901 |
| Series 2006 A, RB<sup>(b)</sup> <br>| 0.00% | 06/01/2046 | 8000 | &nbsp;&nbsp; 2094318 |
| California State University; |  |  |  |  |
| Series 2025 A, Ref. RB | 4.63% | 11/01/2056 | 4000 | &nbsp;&nbsp; 4114297 |
| Series 2025, RB<sup>(e)</sup> <br>| 5.25% | 11/01/2056 | 30000 | &nbsp;&nbsp; 32727016 |
| Carson (City of), CA Public Financing Authority; |  |  |  |  |
| Series 2019, RB | 5.00% | 09/02/2030 | 545 | &nbsp;&nbsp; 594637 |
| Series 2024, RB | 5.00% | 06/01/2049 | 5000 | &nbsp;&nbsp; 5301532 |
| Chino (City of), CA Community Facilities District; |  |  |  |  |
| Series 2020, RB | 4.00% | 09/01/2040 | 170 | &nbsp;&nbsp; 172320 |
| Series 2024, RB | 5.00% | 09/01/2049 | 675 | &nbsp;&nbsp; 689580 |
| Series 2024, RB | 5.00% | 09/01/2054 | 740 | &nbsp;&nbsp; 751525 |
| Series 2025, RB | 5.00% | 09/01/2050 | 1000 | &nbsp;&nbsp; 1006338 |
| Series 2025, RB | 5.13% | 09/01/2050 | 1215 | &nbsp;&nbsp; 1253661 |
| Series 2025, RB | 5.00% | 09/01/2055 | 1000 | &nbsp;&nbsp; 1000882 |
| Series 2025, RB | 5.25% | 09/01/2055 | 1500 | &nbsp;&nbsp; 1552364 |
| Chino Valley Unified School District (Election of 2016); Series 2024 D, GO Bonds<sup>(b)</sup> <br>| 0.00% | 08/01/2047 | 12750 | &nbsp;&nbsp; 4760835 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco California Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| Chula Vista (City of), CA Community Facilities District No. 16-1 (Improvement Area No. 2); <br> Series 2021, RB<br>| 4.00% | 09/01/2051 | $1775 | &nbsp;&nbsp; $1572159 |
| Clovis (City of), CA Public Financing Authority; Series 2008 A, RB (INS - NATL)<sup>(a)</sup> <br>| 4.63% | 08/01/2029 | 25 | &nbsp;&nbsp; 25046 |
| Clovis Unified School District (Election of 2004); Series 2004 A, GO Bonds (INS - NATL)<sup>(a)(b)</sup> <br>| 0.00% | 08/01/2029 | 735 | &nbsp;&nbsp; 678063 |
| Coachella (City of), CA (Community Facilities District No. 2018-1); |  |  |  |  |
| Series 2018, RB<sup>(g)</sup> <br>| 5.00% | 09/01/2030 | 355 | &nbsp;&nbsp; 366185 |
| Series 2018, RB<sup>(g)</sup> <br>| 5.00% | 09/01/2038 | 1090 | &nbsp;&nbsp; 1123734 |
| Series 2018, RB<sup>(g)</sup> <br>| 5.00% | 09/01/2048 | 2015 | &nbsp;&nbsp; 2033513 |
| Series 2018, RB<sup>(g)</sup> <br>| 5.00% | 09/01/2053 | 1525 | &nbsp;&nbsp; 1532038 |
| Compton (City of), CA Public Finance Authority (Various Capital); Series 2008, Ref. RB (INS - <br> AMBAC)<sup>(a)</sup> <br>| 5.25% | 09/01/2027 | 435 | &nbsp;&nbsp; 435549 |
| Compton Unified School District; |  |  |  |  |
| Series 2019 B, GO Bonds (INS - BAM)<sup>(a)(b)</sup> <br>| 0.00% | 06/01/2035 | 1300 | &nbsp;&nbsp; 963393 |
| Series 2019 B, GO Bonds (INS - BAM)<sup>(a)(b)</sup> <br>| 0.00% | 06/01/2041 | 6250 | &nbsp;&nbsp; 3412351 |
| Series 2019 B, GO Bonds (INS - BAM)<sup>(a)(b)</sup> <br>| 0.00% | 06/01/2042 | 4335 | &nbsp;&nbsp; 2232273 |
| Corona Community Facilities District (Bedford Improvement Area No. 1); Series 2024, RB | 5.00% | 09/01/2054 | 1600 | &nbsp;&nbsp; 1619345 |
| CSCDA Community Improvement Authority (Renaissance at City Center); Series 2020 A, RB<sup>(g)</sup> <br>| 5.00% | 07/01/2051 | 3250 | &nbsp;&nbsp; 3140950 |
| Daly (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); |  |  |  |  |
| Series 2007 A, Ref. RB | 5.00% | 12/15/2037 | 50 | &nbsp;&nbsp; 50065 |
| Series 2007 C, Ref. RB | 6.50% | 12/15/2047 | 820 | &nbsp;&nbsp; 820231 |
| Dixon (City of), CA Improvement Area No. 1 (Community Facilities District No. 2019-1); |  |  |  |  |
| Series 2023, RB | 5.00% | 09/01/2048 | 1675 | &nbsp;&nbsp; 1698524 |
| Series 2023, RB | 5.00% | 09/01/2053 | 2600 | &nbsp;&nbsp; 2627049 |
| Eastern Municipal Water District (Community Facilities District No. 2016-75); |  |  |  |  |
| Series 2021, RB | 4.00% | 09/01/2030 | 75 | &nbsp;&nbsp; 77431 |
| Series 2021, RB | 4.00% | 09/01/2050 | 540 | &nbsp;&nbsp; 473517 |
| Eastern Municipal Water District (Community Facilities District No. 2017-77); |  |  |  |  |
| Series 2023, RB | 5.25% | 09/01/2048 | 1100 | &nbsp;&nbsp; 1140935 |
| Series 2023, RB | 5.25% | 09/01/2053 | 1385 | &nbsp;&nbsp; 1414968 |
| Eastern Municipal Water District (Community Facilities District No. 2018-80); |  |  |  |  |
| Series 2025, RB | 5.00% | 09/01/2050 | 1000 | &nbsp;&nbsp; 1019016 |
| Series 2025, RB | 5.00% | 09/01/2054 | 500 | &nbsp;&nbsp; 507787 |
| El Centro (City of), CA Financing Authority (Police Station); Series 2023 A, RB | 4.25% | 10/01/2047 | 2000 | &nbsp;&nbsp; 2017795 |
| El Dorado Irrigation District; Series 2020 A, COP | 4.00% | 03/01/2050 | 10330 | &nbsp;&nbsp; 9965472 |
| El Segundo Unified School District (Election of 2008); Series 2009 A, GO Bonds<sup>(b)</sup> <br>| 0.00% | 08/01/2033 | 4430 | &nbsp;&nbsp; 3643730 |
| Elk Grove (City of), CA Finance Authority; Series 2024, RB | 5.00% | 09/01/2051 | 1700 | &nbsp;&nbsp; 1731786 |
| Elsinore Valley Municipal Water District; Series 2021 A, RB<sup>(g)</sup> <br>| 4.50% | 09/01/2051 | 2680 | &nbsp;&nbsp; 2536011 |
| Fairfield (City of), CA Community Facilities District No. 2007-1 (Fairfield Commons); Series 2008, <br> RB<br>| 6.88% | 09/01/2038 | 865 | &nbsp;&nbsp; 878476 |
| Folsom Ranch Financing Authority Community Facilities District no. 23 (Improvement Area No. 1); |  |  |  |  |
| Series 2022, RB | 5.00% | 09/01/2042 | 3290 | &nbsp;&nbsp; 3472730 |
| Series 2024, RB | 5.00% | 09/01/2049 | 415 | &nbsp;&nbsp; 422558 |
| Fontana (City of), CA (The Gardens Phase One); |  |  |  |  |
| Series 2024, RB | 5.00% | 09/01/2049 | 3030 | &nbsp;&nbsp; 3093320 |
| Series 2024, RB | 5.00% | 09/01/2054 | 2825 | &nbsp;&nbsp; 2867026 |
| Fontana (City of), CA (The Meadows); Series 2020, RB | 4.00% | 09/01/2050 | 5 | &nbsp;&nbsp; 4497 |
| Foothill-Eastern Transportation Corridor Agency; |  |  |  |  |
| Series 2014 A, Ref. RB | 6.85% | 01/15/2042 | 1000 | &nbsp;&nbsp; 1214600 |
| Series 2015, Ref. RB (INS - AGI)<sup>(a)(b)</sup> <br>| 0.00% | 01/15/2035 | 2745 | &nbsp;&nbsp; 2143126 |
| Series 2021 A, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 4.00% | 01/15/2046 | 15965 | &nbsp;&nbsp; 15895624 |
| Series 2021 C, Ref. RB | 4.00% | 01/15/2043 | 1705 | &nbsp;&nbsp; 1714710 |
| Fremont Community Facilities District No. 1 (Pacific Commons); Series 2015, Ref. RB | 5.00% | 09/01/2035 | 815 | &nbsp;&nbsp; 820317 |
| Gilroy Public Facilities Financing Authority; Series 2021 A, RB | 3.00% | 08/01/2046 | 3720 | &nbsp;&nbsp; 3039815 |
| Gilroy Unified School District (Election of 2008); |  |  |  |  |
| Series 2009 A, GO Bonds<sup>(b)(h)</sup> <br>| 0.00% | 08/01/2029 | 615 | &nbsp;&nbsp; 566734 |
| Series 2009 A, GO Bonds (INS - AGI)<sup>(a)(b)</sup> <br>| 0.00% | 08/01/2029 | 4735 | &nbsp;&nbsp; 4365259 |
| Series 2009 A, GO Bonds<sup>(b)(h)</sup> <br>| 0.00% | 08/01/2031 | 2235 | &nbsp;&nbsp; 1955398 |
| Series 2009 A, GO Bonds (INS - AGI)<sup>(a)(b)</sup> <br>| 0.00% | 08/01/2031 | 1415 | &nbsp;&nbsp; 1237516 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**Invesco California Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| Glendale (City of), CA; |  |  |  |  |
| Series 2025, RB | 5.00% | 02/01/2052 | $9095 | &nbsp;&nbsp; $9528045 |
| Series 2025, RB | 5.00% | 02/01/2055 | 10995 | &nbsp;&nbsp; 11486420 |
| Golden State Tobacco Securitization Corp.; Series 2021 B-2, Ref. RB<sup>(b)</sup> <br>| 0.00% | 06/01/2066 | 21000 | &nbsp;&nbsp; 2247708 |
| Golden Valley Unified School District Community Facilities District; Series 2025, RB | 5.00% | 09/01/2050 | 1230 | &nbsp;&nbsp; 1234090 |
| Hayward (City of), CA; Series 2025, RB | 4.00% | 03/01/2052 | 3400 | &nbsp;&nbsp; 3314385 |
| Hemet Unified School District (Community Facilities District No. 2021-5); |  |  |  |  |
| Series 2025, RB | 5.00% | 09/01/2050 | 5 | &nbsp;&nbsp; 5116 |
| Series 2025, RB | 5.00% | 09/01/2054 | 1000 | &nbsp;&nbsp; 1016972 |
| Hemet Unified School District (Community Facilities District No. 2022-02); |  |  |  |  |
| Series 2024, RB | 5.00% | 09/01/2046 | 625 | &nbsp;&nbsp; 647235 |
| Series 2024, RB | 5.00% | 09/01/2054 | 1000 | &nbsp;&nbsp; 1016972 |
| Hemet Unified School District (Community Facilities District No. 2023-1); |  |  |  |  |
| Series 2025, RB | 5.00% | 09/01/2050 | 900 | &nbsp;&nbsp; 920910 |
| Series 2025, RB | 5.00% | 09/01/2055 | 1000 | &nbsp;&nbsp; 1016737 |
| Imperial (County of), CA (Community Facilities District No. 2004-2 - Improvement Area No. 1); <br> Series 2007, RB<br>| 5.90% | 09/01/2037 | 1430 | &nbsp;&nbsp; 1448030 |
| Irvine (City of), CA Community Facilities District No. 2013-3; Series 2011, Ref. VRD RB (LOC - <br> Sumitomo Mitsui Banking)<sup>(k)(l)</sup> <br>| 0.65% | 09/02/2032 | 3000 | &nbsp;&nbsp; 3000000 |
| Irvine Ranch Water District; Series 2011 A-2, Ref. VRD RB (LOC - Bank of America, N.A.)<sup>(k)(l)</sup> <br>| 0.63% | 10/01/2037 | 10000 | &nbsp;&nbsp; 10000000 |
| Irvine Unified School District (Community Facilities District No. 09-1); Series 2019 A, RB (INS - <br> BAM)<sup>(a)</sup> <br>| 4.00% | 09/01/2044 | 3000 | &nbsp;&nbsp; 3014135 |
| La Canada Irrigation District; Series 2025, COP | 5.25% | 12/01/2055 | 2000 | &nbsp;&nbsp; 2124043 |
| Lake Elsinore (City of), CA; |  |  |  |  |
| Series 2021, RB | 4.00% | 09/01/2041 | 350 | &nbsp;&nbsp; 346266 |
| Series 2021, RB | 4.00% | 09/01/2046 | 450 | &nbsp;&nbsp; 413194 |
| Series 2021, RB | 4.00% | 09/01/2051 | 700 | &nbsp;&nbsp; 611597 |
| Series 2024, RB | 5.00% | 09/01/2054 | 1000 | &nbsp;&nbsp; 1014049 |
| Series 2026, RB | 5.00% | 09/01/2051 | 1300 | &nbsp;&nbsp; 1325586 |
| Lake Elsinore (City of), CA (Nichols Ranch); |  |  |  |  |
| Series 2024, RB | 5.00% | 09/01/2044 | 575 | &nbsp;&nbsp; 602169 |
| Series 2024, RB | 5.00% | 09/01/2049 | 850 | &nbsp;&nbsp; 868958 |
| Series 2024, RB | 5.00% | 09/01/2054 | 1150 | &nbsp;&nbsp; 1167911 |
| Lake Elsinore Unified School District Community Facilities District No. 2006-2 (Improvement Area <br> No. C); Series 2020, RB<br>| 4.00% | 09/01/2050 | 1680 | &nbsp;&nbsp; 1497462 |
| Lake Elsinore Unified School District Community Facilities District No. 2017-2; Series 2024, RB | 5.00% | 09/01/2054 | 850 | &nbsp;&nbsp; 861407 |
| Lake Elsniore (City of), CA Community Facilities District No. 2006-1; |  |  |  |  |
| Series 2019, RB | 5.00% | 09/01/2050 | 1000 | &nbsp;&nbsp; 1003953 |
| Series 2021, RB | 4.00% | 09/01/2051 | 430 | &nbsp;&nbsp; 375127 |
| Lake Elsniore (City of), CA Community Facilities District No. 2006-1 (Improvement Area II); |  |  |  |  |
| Series 2020, RB | 4.00% | 09/01/2040 | 760 | &nbsp;&nbsp; 757674 |
| Series 2020, RB | 4.00% | 09/01/2045 | 835 | &nbsp;&nbsp; 763200 |
| Lammersville Joint Unified School District; |  |  |  |  |
| Series 2020, RB | 4.00% | 09/01/2039 | 250 | &nbsp;&nbsp; 252918 |
| Series 2022, RB | 4.00% | 09/01/2052 | 3000 | &nbsp;&nbsp; 2642520 |
| Lathrop (City of), CA (Community Facilities District No. 03-2); Series 2003, RB | 7.00% | 09/01/2033 | 2335 | &nbsp;&nbsp; 2342145 |
| Lincoln (City of), CA Community Facilities District No. 2006-1 (Improvement Area No. 1); <br> Series 2021, Ref. RB<br>| 4.00% | 09/01/2043 | 320 | &nbsp;&nbsp; 309054 |
| Long Beach (City of), CA Bond Finance Authority; |  |  |  |  |
| Series 2007 A, RB | 5.50% | 11/15/2028 | 50 | &nbsp;&nbsp; 53861 |
| Series 2007 A, RB | 5.50% | 11/15/2030 | 1010 | &nbsp;&nbsp; 1138829 |
| Series 2007 A, RB | 5.50% | 11/15/2037 | 1000 | &nbsp;&nbsp; 1220278 |
| Los Alamitos Unified School District; Series 2013, GO Bonds<sup>(m)</sup> <br>| 6.01% | 08/01/2040 | 1660 | &nbsp;&nbsp; 1854004 |
| Los Angeles (City of), CA; Series 2025 A, RB<sup>(e)</sup> <br>| 5.00% | 06/01/2055 | 12500 | &nbsp;&nbsp; 13329854 |
| Los Angeles (City of), CA (Green Bonds); Series 2022, RB<sup>(c)</sup> <br>| 5.00% | 05/15/2047 | 8000 | &nbsp;&nbsp; 8302245 |
| Los Angeles (City of), CA Community Facilities District No. 11 (Ponte Vista); Series 2021, RB | 4.00% | 09/01/2046 | 1650 | &nbsp;&nbsp; 1521218 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**10**

**Invesco California Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| Los Angeles (City of), CA Department of Airports; |  |  |  |  |
| Series 2018, RB<sup>(c)(e)</sup> <br>| 5.00% | 05/15/2035 | $11410 | &nbsp;&nbsp; $12180848 |
| Series 2018, RB<sup>(c)(e)</sup> <br>| 5.00% | 05/15/2036 | 10640 | &nbsp;&nbsp; 11319000 |
| Series 2019 A, Ref. RB<sup>(c)</sup> <br>| 5.00% | 05/15/2049 | 16710 | &nbsp;&nbsp; 16971032 |
| Series 2021, Ref. RB<sup>(c)</sup> <br>| 4.00% | 05/15/2046 | 6400 | &nbsp;&nbsp; 6099172 |
| Series 2022 A, RB<sup>(c)</sup> <br>| 5.00% | 05/15/2045 | 12875 | &nbsp;&nbsp; 13526915 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); |  |  |  |  |
| Series 2018, Ref. RB<sup>(c)</sup> <br>| 5.00% | 05/15/2048 | 4395 | &nbsp;&nbsp; 4469246 |
| Series 2019, RB<sup>(c)</sup> <br>| 5.00% | 05/15/2049 | 19745 | &nbsp;&nbsp; 20007926 |
| Series 2022, RB<sup>(c)</sup> <br>| 4.00% | 05/15/2047 | 10000 | &nbsp;&nbsp; 9417639 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport) (Green Bonds); |  |  |  |  |
| Series 2025 A, RB<sup>(c)(e)(n)</sup> <br>| 5.50% | 05/15/2055 | 10000 | &nbsp;&nbsp; 10755221 |
| Series 2025 A, Ref. RB<sup>(c)</sup> <br>| 5.00% | 05/15/2055 | 2850 | &nbsp;&nbsp; 2928481 |
| Los Angeles (City of), CA Department of Water & Power; |  |  |  |  |
| Series 2017 C, RB | 5.00% | 07/01/2047 | 13000 | &nbsp;&nbsp; 13144932 |
| Series 2020 B, Ref. RB | 5.00% | 07/01/2050 | 8000 | &nbsp;&nbsp; 8223226 |
| Series 2021 B, Ref. RB | 5.00% | 07/01/2048 | 17555 | &nbsp;&nbsp; 18219595 |
| Series 2021 B, Ref. RB | 5.00% | 07/01/2051 | 10165 | &nbsp;&nbsp; 10462776 |
| Series 2022 B, Ref. RB | 5.00% | 07/01/2052 | 6500 | &nbsp;&nbsp; 6715345 |
| Series 2024 B, Ref. RB | 5.00% | 07/01/2038 | 1000 | &nbsp;&nbsp; 1135774 |
| Series 2025 A, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 07/01/2053 | 5000 | &nbsp;&nbsp; 5250265 |
| Series 2025 C, Ref. RB | 5.00% | 07/01/2055 | 5000 | &nbsp;&nbsp; 5231850 |
| Los Angeles (County of), CA Community Facilities District No. 2021-01 (Valencia Facilities); |  |  |  |  |
| Series 2022, RB | 5.00% | 09/01/2052 | 2000 | &nbsp;&nbsp; 2037809 |
| Series 2024, RB | 5.00% | 09/01/2054 | 2700 | &nbsp;&nbsp; 2740167 |
| Los Angeles (County of), CA Public Works Financing Authority; |  |  |  |  |
| Series 2025 J, RB | 5.25% | 12/01/2050 | 4295 | &nbsp;&nbsp; 4686274 |
| Series 2025 J, RB | 5.50% | 12/01/2054 | 10000 | &nbsp;&nbsp; 11034708 |
| Madera (County of), CA (Valley Children's Hospital); Series 1995, COP (INS - NATL)<sup>(a)</sup> <br>| 5.75% | 03/15/2028 | 35 | &nbsp;&nbsp; 36164 |
| Madera (County of), CA Community Facilities District No. 2017-1 (Tesoro Viejo); |  |  |  |  |
| Series 2020, RB | 4.00% | 09/01/2045 | 2060 | &nbsp;&nbsp; 1853525 |
| Series 2020, RB | 4.00% | 09/01/2051 | 3560 | &nbsp;&nbsp; 3013586 |
| Manteca (City of), CA (Community Facilities District No. 2023-1); Series 2024, RB | 5.00% | 09/01/2054 | 1500 | &nbsp;&nbsp; 1526508 |
| Marina (City of), CA Redevelopment Agency Successor Agency; |  |  |  |  |
| Series 2018 B, RB | 5.00% | 09/01/2038 | 250 | &nbsp;&nbsp; 256581 |
| Series 2020 A, RB | 4.00% | 09/01/2040 | 700 | &nbsp;&nbsp; 700031 |
| Series 2020 B, RB | 4.00% | 09/01/2040 | 700 | &nbsp;&nbsp; 696337 |
| Menifee (City of), CA; |  |  |  |  |
| Series 2024, RB | 5.00% | 09/01/2049 | 825 | &nbsp;&nbsp; 844210 |
| Series 2024, RB | 5.00% | 09/01/2054 | 1000 | &nbsp;&nbsp; 1012791 |
| Series 2024, RB | 5.00% | 09/01/2055 | 2500 | &nbsp;&nbsp; 2529642 |
| Series 2025 A, RB | 5.00% | 09/01/2050 | 605 | &nbsp;&nbsp; 618512 |
| Series 2025 A, RB | 5.00% | 09/01/2055 | 860 | &nbsp;&nbsp; 871802 |
| Menifee Union School District; |  |  |  |  |
| Series 2020 C, GO Bonds (INS - AGI)<sup>(a)</sup> <br>| 3.00% | 08/01/2038 | 1500 | &nbsp;&nbsp; 1483725 |
| Series 2020 C, GO Bonds (INS - AGI)<sup>(a)</sup> <br>| 3.00% | 08/01/2045 | 2200 | &nbsp;&nbsp; 1839411 |
| Menifee Union School District (Community Facilities District No. 2006-2); Series 2020, Ref. RB | 4.00% | 09/01/2045 | 705 | &nbsp;&nbsp; 666833 |
| Menifee Union School District (Community Facilities District No. 2011-1 - Improvement Area No. <br> 3); Series 2018, RB<br>| 5.00% | 09/01/2048 | 1500 | &nbsp;&nbsp; 1518720 |
| Menifee Union School District (Election of 2008); Series 2009 C, GO Bonds (INS - AGI)<sup>(a)(b)</sup> <br>| 0.00% | 08/01/2035 | 940 | &nbsp;&nbsp; 715564 |
| Menifee Union School District Public Financing Authority; Series 2017 A, RB (INS - NATL)<sup>(a)</sup> <br>| 5.00% | 09/01/2033 | 1000 | &nbsp;&nbsp; 1014198 |
| Modesto (City of), CA Irrigation District; Series 2023 A, RB<sup>(e)</sup> <br>| 5.25% | 10/01/2048 | 8000 | &nbsp;&nbsp; 8707246 |
| Moorpark Unified School District (Election of 2008); Series 2009 A, GO Bonds (INS - AGI)<sup>(a)(b)</sup> <br>| 0.00% | 08/01/2031 | 840 | &nbsp;&nbsp; 735818 |
| Moreno Valley Unified School District (Community Facilities District No. 2004-4); Series 2015, RB | 5.00% | 09/01/2045 | 2050 | &nbsp;&nbsp; 2056409 |
| Moreno Valley Unified School District (Community Facilities District No. 2015-2); |  |  |  |  |
| Series 2019, RB | 5.00% | 09/01/2044 | 435 | &nbsp;&nbsp; 443174 |
| Series 2019, RB | 5.00% | 09/01/2048 | 485 | &nbsp;&nbsp; 490368 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**11**

**Invesco California Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| Moreno Valley Unified School District (Community Facilities District No. 2022-1); |  |  |  |  |
| Series 2025, RB | 5.13% | 09/01/2050 | $925 | &nbsp;&nbsp; $944482 |
| Series 2025, RB | 5.13% | 09/01/2055 | 1750 | &nbsp;&nbsp; 1775867 |
| Moreno Valley Unified School District (Community Facilities District No. 2023-1); Series 2025, RB | 5.00% | 09/01/2055 | 1305 | &nbsp;&nbsp; 1319566 |
| Mountain House Public Financing Authority (Green Bonds); |  |  |  |  |
| Series 2020 A, RB (INS - BAM)<sup>(a)</sup> <br>| 4.00% | 12/01/2050 | 4985 | &nbsp;&nbsp; 4742283 |
| Series 2020 A, RB (INS - BAM)<sup>(a)</sup> <br>| 4.00% | 12/01/2055 | 12045 | &nbsp;&nbsp; 11268403 |
| Series 2023, RB (INS - BAM)<sup>(a)</sup> <br>| 4.13% | 12/01/2048 | 2125 | &nbsp;&nbsp; 2086076 |
| Mt. San Antonio Community College District (Election of 2024); Series 2025 A, GO Bonds | 5.25% | 08/01/2055 | 8035 | &nbsp;&nbsp; 8777792 |
| Municipal Improvement Corp. of Los Angeles (Los Angeles Convention Center); Series 2025 A, RB | 5.00% | 05/01/2055 | 10000 | &nbsp;&nbsp; 10486057 |
| Murrieta (City of), CA (Community Facilities District No. 2005-5); Series 2017, RB | 5.00% | 09/01/2042 | 655 | &nbsp;&nbsp; 661862 |
| Norco (City of), CA Community Redevelopment Agency Successor Agency (Project Area No. 1); <br> Series 2014, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 03/01/2030 | 1500 | &nbsp;&nbsp; 1503563 |
| North Orange (County of), CA Community College District; Series 2022 C, GO Bonds<sup>(e)(n)</sup> <br>| 4.00% | 08/01/2047 | 22000 | &nbsp;&nbsp; 21887070 |
| Northern California Tobacco Securitization Authority; |  |  |  |  |
| Series 2021 A, Ref. RB | 4.00% | 06/01/2049 | 9255 | &nbsp;&nbsp; 8081487 |
| Series 2021 B-1, Ref. RB | 4.00% | 06/01/2049 | 485 | &nbsp;&nbsp; 478379 |
| Oak Grove School District (Election of 2008); |  |  |  |  |
| Series 2018 E, Ref. GO Bonds<sup>(m)</sup> <br>| 5.00% | 08/01/2038 | 8680 | &nbsp;&nbsp; 5896493 |
| Series 2018 E, Ref. GO Bonds<sup>(m)</sup> <br>| 5.00% | 08/01/2042 | 5755 | &nbsp;&nbsp; 3852640 |
| Ontario (City of), CA (Countryside Phase 2 South-Facilities); |  |  |  |  |
| Series 2024, RB | 5.00% | 09/01/2044 | 750 | &nbsp;&nbsp; 786525 |
| Series 2024, RB | 5.00% | 09/01/2049 | 1000 | &nbsp;&nbsp; 1023008 |
| Series 2024, RB | 5.00% | 09/01/2054 | 1180 | &nbsp;&nbsp; 1200027 |
| Ontario (City of), CA Community Facilities District; |  |  |  |  |
| Series 2023, RB | 5.50% | 09/01/2048 | 1250 | &nbsp;&nbsp; 1328290 |
| Series 2023, RB | 5.75% | 09/01/2054 | 2250 | &nbsp;&nbsp; 2401514 |
| Ontario (City of), CA Community Facilities District No. 25 (Park Place Facilities Phase II); <br> Series 2019, RB<br>| 5.00% | 09/01/2049 | 1000 | &nbsp;&nbsp; 1008188 |
| Ontario (City of), CA Community Facilities District No. 40 (Emerald Park Facilities); Series 2020, <br> RB<br>| 4.00% | 09/01/2050 | 780 | &nbsp;&nbsp; 672936 |
| Ontario (City of), CA Community Facilities District No. 45; Series 2020, RB | 4.00% | 09/01/2043 | 280 | &nbsp;&nbsp; 272442 |
| Ontario (City of), CA Community Facilities District No. 64; Series 2024, RB | 5.00% | 09/01/2055 | 2995 | &nbsp;&nbsp; 3022196 |
| Ontario (City of), CA Community Facilities District No. 71 (Neuhouse Phase 2); |  |  |  |  |
| Series 2025, RB | 5.00% | 09/01/2050 | 770 | &nbsp;&nbsp; 786606 |
| Series 2025, RB | 5.00% | 09/01/2055 | 1495 | &nbsp;&nbsp; 1521218 |
| Orange (County of), CA Community Facilities District No. 2015-1 (Esencia Village); |  |  |  |  |
| Series 2015 A, RB | 5.00% | 08/15/2035 | 125 | &nbsp;&nbsp; 125189 |
| Series 2015 A, RB | 5.25% | 08/15/2045 | 1810 | &nbsp;&nbsp; 1812453 |
| Orange (County of), CA Community Facilities District No. 2021-1 (Ladera Ranch); Series 2022 A, <br> RB<br>| 5.00% | 08/15/2052 | 1000 | &nbsp;&nbsp; 1016542 |
| Palm Desert (City of), CA Financing Authority (Project Area No. 2); Series 2003, RB (INS - NATL)<sup>(a)</sup> <br>| 5.00% | 08/01/2033 | 40 | &nbsp;&nbsp; 40521 |
| Palomar Community College District (Election of 2006); Series 2010, GO Bonds<sup>(m)</sup> <br>| 6.38% | 08/01/2045 | 3330 | &nbsp;&nbsp; 3265041 |
| Palomar Health; |  |  |  |  |
| Series 2017, COP | 4.00% | 11/01/2047 | 3185 | &nbsp;&nbsp; 2397310 |
| Series 2017, Ref. RB | 5.00% | 11/01/2042 | 4835 | &nbsp;&nbsp; 4743523 |
| Paradise Unified School District; Series 2023 C, GO Bonds | 5.00% | 08/01/2047 | 180 | &nbsp;&nbsp; 188677 |
| Perris (City of), CA Joint Powers Authority; |  |  |  |  |
| Series 2024, Ref. RB | 5.00% | 09/01/2033 | 1190 | &nbsp;&nbsp; 1334376 |
| Series 2025, RB | 5.00% | 09/01/2050 | 1500 | &nbsp;&nbsp; 1520139 |
| Series 2025, RB | 5.00% | 09/01/2054 | 1500 | &nbsp;&nbsp; 1516052 |
| Perris Community Facilities District; Series 2025, RB | 5.00% | 09/01/2056 | 1425 | &nbsp;&nbsp; 1428149 |
| Piedmont Unified School District; Series 2019, GO Bonds | 3.00% | 08/01/2045 | 75 | &nbsp;&nbsp; 63128 |
| Pittsburg (City of), CA Public Financing Authority; Series 2022 A, RB (INS - AGI)<sup>(a)(e)</sup> <br>| 5.00% | 08/01/2052 | 13580 | &nbsp;&nbsp; 14193058 |
| Poway Unified School District (Del Sur East II); |  |  |  |  |
| Series 2020, RB (INS - AGI)<sup>(a)</sup> <br>| 4.00% | 09/01/2050 | 2000 | &nbsp;&nbsp; 1882026 |
| Series 2020, RB (INS - AGI)<sup>(a)</sup> <br>| 4.00% | 09/01/2050 | 2255 | &nbsp;&nbsp; 2125215 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**12**

**Invesco California Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| Rancho Cordova (City of), CA (Community Facilities District No. 2014-1); |  |  |  |  |
| Series 2021, RB | 4.00% | 09/01/2041 | $390 | &nbsp;&nbsp; $381457 |
| Series 2021, RB | 4.00% | 09/01/2046 | 585 | &nbsp;&nbsp; 529937 |
| Series 2021, RB | 4.00% | 09/01/2050 | 500 | &nbsp;&nbsp; 433923 |
| Rancho Cordova (City of), CA (Community Facilities District No. 2018-1); |  |  |  |  |
| Series 2021, RB | 4.00% | 09/01/2046 | 225 | &nbsp;&nbsp; 205203 |
| Series 2021, RB | 4.00% | 09/01/2050 | 200 | &nbsp;&nbsp; 173826 |
| Rancho Cordova (City of), CA (Community Facilities District No. 2022-1); Series 2023, RB | 5.38% | 09/01/2053 | 1300 | &nbsp;&nbsp; 1345581 |
| Rancho Cordova (City of), CA (Community Facilities District No. 2023-1); Series 2024, RB | 5.00% | 09/01/2054 | 1500 | &nbsp;&nbsp; 1518136 |
| Redlands Unified School District (Community Facilities District No. 2006-1); Series 2020, RB | 4.00% | 09/01/2050 | 400 | &nbsp;&nbsp; 349198 |
| Regents of the University of California Medical Center; |  |  |  |  |
| Series 2020 0-1, Ref. VRD RB<sup>(k)</sup> <br>| 0.55% | 05/15/2045 | 2000 | &nbsp;&nbsp; 2000000 |
| Series 2022 P, RB<sup>(e)</sup> <br>| 5.00% | 05/15/2047 | 30280 | &nbsp;&nbsp; 32212046 |
| Series 2022 P, RB | 4.00% | 05/15/2053 | 25000 | &nbsp;&nbsp; 23593975 |
| Rialto (City of), CA Community Facilities District No. 2020-1 (El Rancho Verde); |  |  |  |  |
| Series 2025, RB | 5.00% | 09/01/2050 | 1620 | &nbsp;&nbsp; 1645015 |
| Series 2025, RB | 5.13% | 09/01/2055 | 1000 | &nbsp;&nbsp; 1021630 |
| Rialto (City of), CA Community Facilities District No. 2024-1 (Renaissance); |  |  |  |  |
| Series 2026, RB | 5.00% | 09/01/2051 | 525 | &nbsp;&nbsp; 536913 |
| Series 2026, RB | 5.00% | 09/01/2055 | 500 | &nbsp;&nbsp; 508362 |
| Rialto Unified School District; |  |  |  |  |
| Series 2019 A, GO Bonds (INS - BAM)<sup>(a)(b)</sup> <br>| 0.00% | 08/01/2042 | 8125 | &nbsp;&nbsp; 4230714 |
| Series 2019 A, GO Bonds (INS - BAM)<sup>(a)(b)</sup> <br>| 0.00% | 08/01/2043 | 4500 | &nbsp;&nbsp; 2206078 |
| Rio Hondo Community College District (Election of 2004); Series 2010 C, GO Bonds | 6.63% | 08/01/2042 | 10530 | &nbsp;&nbsp; 13096118 |
| River Islands Public Financing Authority; |  |  |  |  |
| Series 2022 A-1, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.25% | 09/01/2052 | 10365 | &nbsp;&nbsp; 10999970 |
| Series 2022, RB (INS - AGI)<sup>(a)</sup> <br>| 5.25% | 09/01/2052 | 2000 | &nbsp;&nbsp; 2122522 |
| Riverside (County of), CA Community Facilities District No. 07-2 (Clinton Keith); |  |  |  |  |
| Series 2015, RB | 5.00% | 09/01/2044 | 1000 | &nbsp;&nbsp; 1000330 |
| Series 2017, RB | 5.00% | 09/01/2045 | 535 | &nbsp;&nbsp; 539779 |
| Riverside (County of), CA Public Financing Authority (Desert Communities and Interstate 215 <br> Corridor); Series 2017 A, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 4.00% | 10/01/2040 | 500 | &nbsp;&nbsp; 504279 |
| Riverside (County of), CA Transportation Commission; Series 2021 B-1, Ref. RB | 4.00% | 06/01/2046 | 16545 | &nbsp;&nbsp; 15511631 |
| Riverside Unified School District (Community Facilities District No. 29); |  |  |  |  |
| Series 2025, RB | 5.00% | 09/01/2050 | 855 | &nbsp;&nbsp; 871259 |
| Series 2025, RB | 5.00% | 09/01/2055 | 1290 | &nbsp;&nbsp; 1308888 |
| Riverside Unified School District (Community Facilities District No. 32); |  |  |  |  |
| Series 2020, RB | 4.00% | 09/01/2045 | 290 | &nbsp;&nbsp; 270342 |
| Series 2020, RB | 4.00% | 09/01/2050 | 610 | &nbsp;&nbsp; 536488 |
| Riverside Unified School District (Community Facilities District No. 33); |  |  |  |  |
| Series 2021, RB | 4.00% | 09/01/2041 | 275 | &nbsp;&nbsp; 271755 |
| Series 2021, RB | 4.00% | 09/01/2050 | 600 | &nbsp;&nbsp; 535607 |
| Riverside Unified School District (Community Facilities District No. 40); |  |  |  |  |
| Series 2025 A, RB | 5.00% | 09/01/2050 | 2370 | &nbsp;&nbsp; 2415069 |
| Series 2025 A, RB | 5.00% | 09/01/2055 | 2000 | &nbsp;&nbsp; 2029284 |
| Riverside Unified School District (Improvement Area No. 1); Series 2024, RB | 5.00% | 09/01/2054 | 1270 | &nbsp;&nbsp; 1289441 |
| Riverside Unified School District (Improvement Area No. 2); Series 2024, RB | 5.00% | 09/01/2054 | 770 | &nbsp;&nbsp; 781787 |
| Romoland School District (Underwood); |  |  |  |  |
| Series 2023, RB | 5.00% | 09/01/2046 | 370 | &nbsp;&nbsp; 382335 |
| Series 2023, RB | 5.00% | 09/01/2054 | 1090 | &nbsp;&nbsp; 1105999 |
| Romoland School District Community Facilities No. 2004-1; Series 2015, Ref. RB | 5.00% | 09/01/2038 | 1000 | &nbsp;&nbsp; 1001151 |
| Romoland School District Community Facilities No. 2020-1; Series 2024, RB | 5.00% | 09/01/2054 | 1000 | &nbsp;&nbsp; 1014179 |
| Romoland School District Community Facilities No. 2022-2; |  |  |  |  |
| Series 2024, RB | 5.00% | 09/01/2044 | 375 | &nbsp;&nbsp; 392991 |
| Series 2024, RB | 5.00% | 09/01/2049 | 775 | &nbsp;&nbsp; 791196 |
| Series 2024, RB | 5.00% | 09/01/2054 | 860 | &nbsp;&nbsp; 872194 |
| Root Creek Water District Community Facilities District No. 2016-1 Improvement Area No. 1; <br> Series 2021, RB<br>| 4.00% | 09/01/2050 | 570 | &nbsp;&nbsp; 504297 |
| Root Creek Water District Community Facilities District No. 2016-1 Improvement Area No. 2; <br> Series 2021, RB<br>| 4.00% | 09/01/2050 | 930 | &nbsp;&nbsp; 822801 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**13**

**Invesco California Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| Root Creek Water District Community Facilities District No. 2016-1 Improvement Area No. 3; <br> Series 2025, RB<br>| 5.13% | 09/01/2050 | $1240 | &nbsp;&nbsp; $1262163 |
| Roseville (City of), CA; Series 2023, RB | 6.00% | 09/01/2053 | 1500 | &nbsp;&nbsp; 1601340 |
| Roseville (City of), CA (Amoruso Ranch Community Facilities District No. 1); |  |  |  |  |
| Series 2024, RB | 5.00% | 09/01/2049 | 1125 | &nbsp;&nbsp; 1142207 |
| Series 2024, RB | 5.00% | 09/01/2054 | 1500 | &nbsp;&nbsp; 1513971 |
| Roseville (City of), CA (Ranch at Sierra Vista Community Facilities District No. 1 - Public Facilities); |  |  |  |  |
| Series 2020, RB | 4.00% | 09/01/2045 | 450 | &nbsp;&nbsp; 423952 |
| Series 2020, RB | 4.00% | 09/01/2050 | 1000 | &nbsp;&nbsp; 891347 |
| Roseville (City of), CA (Villages at Sierra Vista Community Facilities District No. 1 - Public <br> Facilities);<br>|  |  |  |  |
| Series 2020, RB | 4.00% | 09/01/2039 | 375 | &nbsp;&nbsp; 378448 |
| Series 2020, RB | 4.00% | 09/01/2045 | 350 | &nbsp;&nbsp; 328435 |
| Series 2020, RB | 4.00% | 09/01/2050 | 475 | &nbsp;&nbsp; 423390 |
| Roseville (City of), CA (Westpark-Federico Community Facilities District); |  |  |  |  |
| Series 2022, RB | 5.00% | 09/01/2043 | 1830 | &nbsp;&nbsp; 1900922 |
| Series 2022, RB | 5.00% | 09/01/2052 | 2760 | &nbsp;&nbsp; 2775288 |
| Sacramento (City of), CA (Greenbriar Community Facilities District No. 2018-03, Improvement <br> Area No. 2); Series 2024, RB<br>| 5.00% | 09/01/2054 | 1000 | &nbsp;&nbsp; 1017672 |
| Sacramento (City of), CA (North Natomas Community Facilities District No. 4); |  |  |  |  |
| Series 2015, Ref. RB | 5.00% | 09/01/2032 | 1290 | &nbsp;&nbsp; 1294993 |
| Series 2015, Ref. RB | 5.00% | 09/01/2033 | 250 | &nbsp;&nbsp; 250956 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds); Series 2020 H, RB | 4.00% | 08/15/2045 | 5000 | &nbsp;&nbsp; 5028907 |
| San Bernardino (City of), CA; |  |  |  |  |
| Series 2022, RB | 5.13% | 09/01/2047 | 555 | &nbsp;&nbsp; 570707 |
| Series 2022, RB | 5.25% | 09/01/2052 | 680 | &nbsp;&nbsp; 693130 |
| San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement); |  |  |  |  |
| Series 2024, Ref. RB | 5.00% | 10/15/2054 | 1425 | &nbsp;&nbsp; 1506152 |
| Series 2025 A, Ref. RB | 5.25% | 10/15/2055 | 16240 | &nbsp;&nbsp; 17579631 |
| San Diego (City of), CA Public Financing Authority (Capital Improvement); |  |  |  |  |
| Series 2024 A, RB<sup>(e)</sup> <br>| 5.00% | 10/15/2054 | 12500 | &nbsp;&nbsp; 13211858 |
| Series 2025 B, RB<sup>(e)</sup> <br>| 5.25% | 10/15/2055 | 5000 | &nbsp;&nbsp; 5412448 |
| San Diego (County of), CA Redevelopment Agency (Gillespie Field); Series 2005 A, Ref. RB<sup>(c)</sup> <br>| 5.75% | 12/01/2032 | 1335 | &nbsp;&nbsp; 1337855 |
| San Diego (County of), CA Regional Airport Authority; |  |  |  |  |
| Series 2019 B, Ref. RB<sup>(c)</sup> <br>| 5.00% | 07/01/2049 | 4325 | &nbsp;&nbsp; 4381738 |
| Series 2021 A, RB | 5.00% | 07/01/2056 | 2880 | &nbsp;&nbsp; 2987390 |
| Series 2021 B, RB<sup>(c)</sup> <br>| 4.00% | 07/01/2056 | 10145 | &nbsp;&nbsp; 9062188 |
| Series 2021 B, RB<sup>(c)</sup> <br>| 5.00% | 07/01/2056 | 17450 | &nbsp;&nbsp; 17668158 |
| Series 2023 B, RB<sup>(c)</sup> <br>| 5.00% | 07/01/2053 | 15000 | &nbsp;&nbsp; 15367324 |
| San Diego Unified School District; Series 2022, GO Bonds<sup>(e)</sup> <br>| 4.25% | 07/01/2052 | 17500 | &nbsp;&nbsp; 17557582 |
| San Diego Unified School District (Election of 2018) (Green Bonds); Series 2023, GO Bonds | 4.00% | 07/01/2053 | 15000 | &nbsp;&nbsp; 14510554 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); |  |  |  |  |
| Second Series 2018 D, RB<sup>(c)(f)(h)</sup> <br>| 5.00% | 05/01/2028 | 10 | &nbsp;&nbsp; 10397 |
| Second Series 2018 D, RB<sup>(c)</sup> <br>| 5.00% | 05/01/2048 | 5000 | &nbsp;&nbsp; 5058281 |
| Second Series 2022 B, Ref. RB | 4.00% | 05/01/2052 | 3345 | &nbsp;&nbsp; 3208761 |
| Second Series 2025 A, RB<sup>(c)(e)(n)</sup> <br>| 5.25% | 05/01/2055 | 2000 | &nbsp;&nbsp; 2110239 |
| Second Series 2025 A, RB<sup>(c)(e)(n)</sup> <br>| 5.50% | 05/01/2055 | 8000 | &nbsp;&nbsp; 8614617 |
| Series 2018 D, RB<sup>(c)</sup> <br>| 5.25% | 05/01/2048 | 12000 | &nbsp;&nbsp; 12223427 |
| Series 2019 A, RB<sup>(c)</sup> <br>| 5.00% | 05/01/2049 | 47500 | &nbsp;&nbsp; 48233851 |
| Series 2019 E, RB<sup>(c)</sup> <br>| 4.00% | 05/01/2050 | 11445 | &nbsp;&nbsp; 10534302 |
| Series 2019 E, RB<sup>(c)</sup> <br>| 5.00% | 05/01/2050 | 3080 | &nbsp;&nbsp; 3119713 |
| Series 2024, Ref. RB<sup>(c)</sup> <br>| 5.25% | 05/01/2043 | 5000 | &nbsp;&nbsp; 5534215 |
| Series 2025 A, RB<sup>(c)</sup> <br>| 5.25% | 05/01/2055 | 5000 | &nbsp;&nbsp; 5275598 |
| San Francisco (City & County of), CA Community Facilities District No. 2016-1; |  |  |  |  |
| Series 2020, RB | 4.00% | 09/01/2042 | 550 | &nbsp;&nbsp; 527497 |
| Series 2020, RB | 4.00% | 09/01/2050 | 1025 | &nbsp;&nbsp; 901476 |
| Series 2023, RB<sup>(g)</sup> <br>| 5.25% | 09/01/2048 | 960 | &nbsp;&nbsp; 988989 |
| Series 2023, RB<sup>(g)</sup> <br>| 5.50% | 09/01/2053 | 2050 | &nbsp;&nbsp; 2134015 |
| San Francisco (City & County of), CA Community Facilities District No. 2016-1 (Treasure Island); <br> Series 2022, RB<sup>(g)</sup> <br>| 4.00% | 09/01/2052 | 2000 | &nbsp;&nbsp; 1724030 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**14**

**Invesco California Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| San Francisco (City & County of), CA Infrastructure & Revitalization Financing District No. 1 <br> (Treasure Island);<br>|  |  |  |  |
| Series 2022 A, RB<sup>(g)</sup> <br>| 5.00% | 09/01/2037 | $385 | &nbsp;&nbsp; $411793 |
| Series 2022 A, RB<sup>(g)</sup> <br>| 5.00% | 09/01/2052 | 2000 | &nbsp;&nbsp; 1957058 |
| Series 2022 B, RB<sup>(g)</sup> <br>| 5.00% | 09/01/2052 | 1000 | &nbsp;&nbsp; 978529 |
| Series 2023 B, RB<sup>(g)</sup> <br>| 5.50% | 09/01/2053 | 1530 | &nbsp;&nbsp; 1537306 |
| Series 2025 A, RB<sup>(g)</sup> <br>| 5.00% | 09/01/2055 | 2250 | &nbsp;&nbsp; 2209733 |
| San Francisco (City & County of), CA Public Utilities Commission; |  |  |  |  |
| Series 2024 C, RB<sup>(e)</sup> <br>| 5.00% | 10/01/2054 | 24325 | &nbsp;&nbsp; 25903749 |
| Series 2024 D, RB<sup>(e)</sup> <br>| 5.00% | 10/01/2054 | 4755 | &nbsp;&nbsp; 5063610 |
| Series 2025 D, RB<sup>(e)</sup> <br>| 5.00% | 11/01/2055 | 10000 | &nbsp;&nbsp; 10688390 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds); |  |  |  |  |
| Series 2021 A, RB | 4.00% | 10/01/2048 | 10000 | &nbsp;&nbsp; 9858825 |
| Series 2024 C, RB | 5.00% | 10/01/2054 | 5000 | &nbsp;&nbsp; 5324511 |
| San Francisco (City & County of), CA Special Tax District No. 2020-1; |  |  |  |  |
| Series 2023, RB<sup>(g)</sup> <br>| 5.75% | 09/01/2050 | 850 | &nbsp;&nbsp; 897296 |
| Series 2023, RB<sup>(g)</sup> <br>| 5.75% | 09/01/2053 | 1800 | &nbsp;&nbsp; 1894848 |
| San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency (Hunters <br> Point Shipyard Phase One Improvements); Series 2014, Ref. RB<br>| 5.00% | 08/01/2044 | 2475 | &nbsp;&nbsp; 2482270 |
| San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency (Mission Bay <br> South Redevelopment); Series 2014 A, RB<br>| 5.00% | 08/01/2043 | 2810 | &nbsp;&nbsp; 2812489 |
| San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency (Transbay <br> Infrastructure);<br>|  |  |  |  |
| Series 2023, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 08/01/2048 | 2250 | &nbsp;&nbsp; 2401308 |
| Series 2023, RB (INS - AGI)<sup>(a)</sup> <br>| 5.25% | 08/01/2053 | 2375 | &nbsp;&nbsp; 2545299 |
| San Francisco City & County Airport Comm-San Francisco International Airport; Series 2025, RB<sup>(c)</sup> <br>| 5.25% | 05/01/2055 | 10000 | &nbsp;&nbsp; 10551196 |
| San Jacinto Unified School District (Community Facilities District No. 2020-1); Series 2022, RB | 4.00% | 09/01/2052 | 760 | &nbsp;&nbsp; 638327 |
| San Jacinto Unified School District Financing Authority; Series 2017, Ref. RB | 5.00% | 09/01/2043 | 160 | &nbsp;&nbsp; 161886 |
| San Joaquin Hills Transportation Corridor Agency; Series 2014 B, Ref. RB | 5.25% | 01/15/2044 | 315 | &nbsp;&nbsp; 315234 |
| San Joaquin Valley Clean Energy Authority (Green Bonds); Series 2025 A, RB<sup>(f)</sup> <br>| 5.50% | 07/01/2035 | 10000 | &nbsp;&nbsp; 11399885 |
| San Jose (City of), CA; Series 2017 A, Ref. RB<sup>(c)</sup> <br>| 5.00% | 03/01/2047 | 2260 | &nbsp;&nbsp; 2269457 |
| San Jose (City of), CA (El Parador Apartments); Series 2000 A, RB<sup>(c)</sup> <br>| 6.20% | 01/01/2041 | 3150 | &nbsp;&nbsp; 3151272 |
| San Jose Evergreen Community College District (Election of 2004); Series 2008 B, GO Bonds (INS <br> - AGI)<sup>(a)(b)</sup> <br>| 0.00% | 09/01/2031 | 3110 | &nbsp;&nbsp; 2748866 |
| San Leandro Unified School District (Election of 2020); Series 2022 B, GO Bonds | 5.25% | 08/01/2048 | 11700 | &nbsp;&nbsp; 12646014 |
| San Marcos Unified School District (Community Facilities District No. 7); Series 2019, RB | 5.00% | 09/01/2048 | 750 | &nbsp;&nbsp; 757243 |
| San Mateo Foster City School District (Election of 2008); Series 2010, GO Bonds<sup>(m)</sup> <br>| 6.63% | 08/01/2042 | 1010 | &nbsp;&nbsp; 1153931 |
| Santa Clara (County of), CA Housing Authority (Rivertown Apartments); |  |  |  |  |
| Series 2001 A, RB<sup>(c)</sup> <br>| 5.85% | 08/01/2031 | 620 | &nbsp;&nbsp; 621625 |
| Series 2001 A, RB<sup>(c)</sup> <br>| 6.00% | 08/01/2041 | 2070 | &nbsp;&nbsp; 2107729 |
| Santa Clara County Financing Authority; Series 2026 A, Ref. RB | 4.00% | 11/01/2051 | 7645 | &nbsp;&nbsp; 7445408 |
| Santa Clarita Community College District; Series 2019, GO Bonds | 3.00% | 08/01/2044 | 1410 | &nbsp;&nbsp; 1208123 |
| Santa Monica (City of), CA Redevelopment Agency; |  |  |  |  |
| Series 2011, RB | 5.88% | 07/01/2036 | 1750 | &nbsp;&nbsp; 1755168 |
| Series 2011, RB | 5.88% | 07/01/2042 | 2600 | &nbsp;&nbsp; 2606766 |
| Sebastopol Union School District; Series 2020 A, GO Bonds | 4.00% | 08/01/2041 | 500 | &nbsp;&nbsp; 506147 |
| Signal Hill (City of), CA Redevelopment Agency Successor Agency (Signal Hill Redevelopment <br> Project No. 1); Series 2011, RB<br>| 7.00% | 10/01/2026 | 365 | &nbsp;&nbsp; 366231 |
| Silicon Valley Tobacco Securitization Authority (Santa Clara); |  |  |  |  |
| Series 2007 A, RB<sup>(b)</sup> <br>| 0.00% | 06/01/2036 | 22420 | &nbsp;&nbsp; 12699576 |
| Series 2007 A, RB<sup>(b)</sup> <br>| 0.00% | 06/01/2041 | 10000 | &nbsp;&nbsp; 3809960 |
| Series 2007 B, RB<sup>(b)</sup> <br>| 0.00% | 06/01/2047 | 12650 | &nbsp;&nbsp; 3156629 |
| Series 2007 C, RB<sup>(b)</sup> <br>| 0.00% | 06/01/2056 | 65815 | &nbsp;&nbsp; 6735349 |
| Simi Valley Unified School District (Election of 2004); |  |  |  |  |
| Series 2007 C, GO Bonds (INS - AGI)<sup>(a)(b)</sup> <br>| 0.00% | 08/01/2028 | 3480 | &nbsp;&nbsp; 3302748 |
| Series 2007 C, GO Bonds (INS - AGI)<sup>(a)(b)</sup> <br>| 0.00% | 08/01/2030 | 2765 | &nbsp;&nbsp; 2507096 |
| South Orange (County of), CA Public Financing Authority (County of Orange Sheriff-Coroner); <br> Series 2022, RB<br>| 5.00% | 06/01/2052 | 10000 | &nbsp;&nbsp; 10463261 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**15**

**Invesco California Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| South San Francisco (City of), CA Community Facilities District No. 2021-01 (Oyster Point); |  |  |  |  |
| Series 2025, RB | 5.00% | 09/01/2045 | $600 | &nbsp;&nbsp; $624058 |
| Series 2025, RB | 5.13% | 09/01/2050 | 925 | &nbsp;&nbsp; 953718 |
| Series 2025, RB | 5.25% | 09/01/2055 | 1600 | &nbsp;&nbsp; 1655854 |
| Southern California Public Power Authority (No.1); |  |  |  |  |
| Series 2007 A, RB | 5.25% | 11/01/2026 | 250 | &nbsp;&nbsp; 254679 |
| Series 2007 A, RB | 5.25% | 11/01/2027 | 2255 | &nbsp;&nbsp; 2352037 |
| Series 2007 A, RB | 5.00% | 11/01/2028 | 205 | &nbsp;&nbsp; 216845 |
| Series 2007 A, RB | 5.00% | 11/01/2029 | 165 | &nbsp;&nbsp; 177602 |
| Series 2007 A, RB | 5.00% | 11/01/2033 | 2085 | &nbsp;&nbsp; 2362296 |
| Southern California Tobacco Securitization Authority (San Diego County Asset Securitization <br> Corp.);<br>|  |  |  |  |
| Series 2006, RB<sup>(b)</sup> <br>| 0.00% | 06/01/2046 | 3000 | &nbsp;&nbsp; 516653 |
| Series 2019, Ref. RB | 5.00% | 06/01/2039 | 750 | &nbsp;&nbsp; 793010 |
| Series 2019, Ref. RB | 5.00% | 06/01/2048 | 2160 | &nbsp;&nbsp; 2158397 |
| Series 2019, Ref. RB<sup>(b)</sup> <br>| 0.00% | 06/01/2054 | 27610 | &nbsp;&nbsp; 5226570 |
| State Center Community College District; Series 2025 D, GO Bonds | 5.00% | 08/01/2047 | 12405 | &nbsp;&nbsp; 13618963 |
| Stockton (City of), CA Community Facilities District (Westlake Villages II); |  |  |  |  |
| Series 2022, RB | 5.13% | 09/01/2052 | 1800 | &nbsp;&nbsp; 1837416 |
| Series 2024, RB | 5.00% | 09/01/2049 | 525 | &nbsp;&nbsp; 526483 |
| Series 2024, RB | 5.00% | 09/01/2054 | 625 | &nbsp;&nbsp; 621722 |
| Stockton Unified School District; Series 2025 A, GO Bonds (INS-BAM)<sup>(a)(e)</sup> <br>| 5.00% | 08/01/2049 | 8000 | &nbsp;&nbsp; 8583962 |
| Sulphur Springs Union School District; |  |  |  |  |
| Series 2020, RB | 4.00% | 09/01/2050 | 1225 | &nbsp;&nbsp; 1075776 |
| Series 2024 A, RB | 5.00% | 09/01/2054 | 3750 | &nbsp;&nbsp; 3795339 |
| Tejon Ranch Public Facilities Finance Authority (Community Facilities District No. 2008-1 - Tejon <br> Industrial Complex Public Improvements);<br>|  |  |  |  |
| Series 2020, RB | 4.00% | 09/01/2050 | 5750 | &nbsp;&nbsp; 5102377 |
| Series 2024, Ref. RB | 5.00% | 09/01/2054 | 3450 | &nbsp;&nbsp; 3474968 |
| Temecula Public Financing Authority; Series 2024, RB | 5.00% | 09/01/2054 | 900 | &nbsp;&nbsp; 909818 |
| Temecula Valley Unified School District Community Facilities District (Community Facilities District <br> No. 2021-1);<br>|  |  |  |  |
| Series 2024, RB | 5.00% | 09/01/2044 | 285 | &nbsp;&nbsp; 294372 |
| Series 2024, RB | 5.00% | 09/01/2049 | 500 | &nbsp;&nbsp; 505906 |
| Series 2024, RB | 5.00% | 09/01/2054 | 350 | &nbsp;&nbsp; 352775 |
| Temescal Valley Water District; |  |  |  |  |
| Series 2021, RB | 4.00% | 09/01/2046 | 500 | &nbsp;&nbsp; 466649 |
| Series 2021, RB | 4.00% | 09/01/2051 | 930 | &nbsp;&nbsp; 828757 |
| Series 2024, RB | 5.00% | 09/01/2044 | 600 | &nbsp;&nbsp; 631839 |
| Three Rivers Levee Improvement Authority (Community Facilities District No. 2006-1); <br> Series 2021, Ref. RB<br>| 4.00% | 09/01/2051 | 2500 | &nbsp;&nbsp; 2174387 |
| Torrance Unified School District (Election of 2008-Measure Z); Series 2009, GO Bonds<sup>(b)</sup> <br>| 0.00% | 08/01/2034 | 3250 | &nbsp;&nbsp; 2219438 |
| Tracy (City of), CA Community Facilities District No. 21-1(Hillview); |  |  |  |  |
| Series 2022, RB | 5.00% | 09/01/2042 | 1905 | &nbsp;&nbsp; 1997482 |
| Series 2022, RB | 5.00% | 09/01/2052 | 2400 | &nbsp;&nbsp; 2426599 |
| Transbay Joint Powers Authority (Green Bonds); |  |  |  |  |
| Series 2020 A, RB | 5.00% | 10/01/2045 | 2600 | &nbsp;&nbsp; 2633654 |
| Series 2020 A, RB | 5.00% | 10/01/2049 | 3200 | &nbsp;&nbsp; 3207021 |
| Series 2020 B, RB | 5.00% | 10/01/2035 | 250 | &nbsp;&nbsp; 263037 |
| Series 2020 B, RB | 5.00% | 10/01/2038 | 300 | &nbsp;&nbsp; 311738 |
| Tustin Unified School District (Community Facilities District No. 97-1); Series 2015 A, Ref. RB (INS <br> - BAM)<sup>(a)</sup> <br>| 5.00% | 09/01/2038 | 2000 | &nbsp;&nbsp; 2003349 |
| University of California; |  |  |  |  |
| Series 2020 BE, Ref. RB | 4.00% | 05/15/2050 | 12000 | &nbsp;&nbsp; 11769959 |
| Series 2021 BH, Ref. RB | 4.00% | 05/15/2051 | 8000 | &nbsp;&nbsp; 7800674 |
| Series 2025 CC, RB | 5.00% | 05/15/2053 | 7500 | &nbsp;&nbsp; 7999861 |
| Series 2025 CC, RB | 5.25% | 05/15/2055 | 10000 | &nbsp;&nbsp; 10851051 |
| Upland (City of), CA Community Facilities District No. 2003-2 (Improvement Area No. 2); |  |  |  |  |
| Series 2015, Ref. RB | 5.00% | 09/01/2029 | 1030 | &nbsp;&nbsp; 1031556 |
| Series 2015, Ref. RB | 5.00% | 09/01/2030 | 1080 | &nbsp;&nbsp; 1081546 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**16**

**Invesco California Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| Upland (City of), CA Community Facilities District No. 2015-1 (Improvement Area No. 1); <br> Series 2019 A, RB<br>| 4.00% | 09/01/2049 | $750 | &nbsp;&nbsp; $663220 |
| Upland (City of), CA Community Facilities District No. 2016-1 (Improvement Area No. 2); |  |  |  |  |
| Series 2021 A, RB | 4.00% | 09/01/2040 | 260 | &nbsp;&nbsp; 260020 |
| Series 2021 A, RB | 4.00% | 09/01/2045 | 165 | &nbsp;&nbsp; 151435 |
| Series 2021 A, RB | 4.00% | 09/01/2051 | 260 | &nbsp;&nbsp; 222665 |
| Val Verde Unified School District Community Facilities Disctrict No. 2018-2 (Stratford Ranch <br> Improvement Area No. 2); Series 2023, RB<br>| 5.00% | 09/01/2054 | 955 | &nbsp;&nbsp; 970621 |
| Victorville (City of), CA (Community Facilities District No. 07-01); Series 2012 A, RB | 5.35% | 09/01/2042 | 485 | &nbsp;&nbsp; 488119 |
| Washington Township Health Care District; |  |  |  |  |
| Series 2023 A, RB | 5.00% | 07/01/2043 | 250 | &nbsp;&nbsp; 256308 |
| Series 2023 A, RB | 5.75% | 07/01/2048 | 500 | &nbsp;&nbsp; 533280 |
| Series 2023 A, RB | 5.75% | 07/01/2053 | 1000 | &nbsp;&nbsp; 1047879 |
| Washington Township Health Care District (Election of 2020); |  |  |  |  |
| Series 2023 B, GO Bonds | 5.25% | 08/01/2048 | 1625 | &nbsp;&nbsp; 1777650 |
| Series 2023 B, GO Bonds | 5.50% | 08/01/2053 | 2500 | &nbsp;&nbsp; 2718843 |
| West Contra Costa Unified School District; Series 2020 E, GO Bonds (INS - AGI)<sup>(a)</sup> <br>| 3.00% | 08/01/2045 | 6465 | &nbsp;&nbsp; 5452948 |
| West Patterson Financing Authority (Community Facilities District No. 2015-1); |  |  |  |  |
| Series 2015, RB | 5.25% | 09/01/2035 | 610 | &nbsp;&nbsp; 610964 |
| Series 2015, RB | 5.25% | 09/01/2045 | 1550 | &nbsp;&nbsp; 1550920 |
| West Sacramento (City of), CA Enhanced Infrastructure Financing District No. 1; Series 2025, RB <br> (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 09/01/2055 | 3000 | &nbsp;&nbsp; 3167546 |
|  |  |  |  | &nbsp;&nbsp; 2193943638 |
| **Guam–0.38%** | **Guam–0.38%** | **Guam–0.38%** | **Guam–0.38%** | **Guam–0.38%** |
| Guam (Territory of); Series 2021 F, Ref. RB | 4.00% | 01/01/2036 | 1160 | &nbsp;&nbsp; 1182898 |
| Guam (Territory of) Department of Education (John F. Kennedy); Series 2020, Ref. COP | 5.00% | 02/01/2040 | 2750 | &nbsp;&nbsp; 2811336 |
| Guam (Territory of) Port Authority; Series 2018 A, RB | 5.00% | 07/01/2048 | 1825 | &nbsp;&nbsp; 1842413 |
| Guam (Territory of) Waterworks Authority; Series 2025 A, RB | 5.50% | 07/01/2055 | 2000 | &nbsp;&nbsp; 2102248 |
|  |  |  |  | &nbsp;&nbsp; 7938895 |
| **Puerto Rico–3.79%** | **Puerto Rico–3.79%** | **Puerto Rico–3.79%** | **Puerto Rico–3.79%** | **Puerto Rico–3.79%** |
| Children's Trust Fund; |  |  |  |  |
| Series 2002, RB | 5.50% | 05/15/2039 | 6400 | &nbsp;&nbsp; 6505027 |
| Series 2002, RB | 5.63% | 05/15/2043 | 8735 | &nbsp;&nbsp; 8868966 |
| PRIFA Custodial Trust; Series 2005, RB<sup>(b)</sup> <br>| 0.00% | 03/15/2049 | 79 | &nbsp;&nbsp; 20389 |
| Puerto Rico (Commonwealth of); |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(b)</sup> <br>| 0.00% | 07/01/2033 | 12619 | &nbsp;&nbsp; 9343736 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2027 | 917 | &nbsp;&nbsp; 938363 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2029 | 902 | &nbsp;&nbsp; 963819 |
| Series 2021 A-1, GO Bonds | 5.75% | 07/01/2031 | 876 | &nbsp;&nbsp; 973553 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2033 | 1731 | &nbsp;&nbsp; 1772627 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2035 | 747 | &nbsp;&nbsp; 759576 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2037 | 641 | &nbsp;&nbsp; 642238 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2041 | 871 | &nbsp;&nbsp; 845758 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2046 | 1 | &nbsp;&nbsp; 4 |
| Subseries 2022, RN<sup>(b)</sup> <br>| 0.00% | 11/01/2043 | 3453 | &nbsp;&nbsp; 2361384 |
| Puerto Rico (Commonwealth of) Electric Power Authority; Series 2013 A, RB<sup>(i)</sup> <br>| 6.75% | 07/01/2036 | 3920 | &nbsp;&nbsp; 2616600 |
| Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control <br> Facilities Financing Authority (AES Puerto Rico);<br>|  |  |  |  |
| Series 2023 A, RB (Acquired 05/26/2000-03/25/2024; Cost $533,604)<sup>(j)</sup> <br>| 6.63% | 01/01/2027 | 494 | &nbsp;&nbsp; 493769 |
| Series 2023 A, RB (Acquired 05/26/2000; Cost $4,267,852)<sup>(j)</sup> <br>| 6.63% | 01/01/2028 | 3767 | &nbsp;&nbsp; 3773662 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**17**

**Invesco California Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** |
| Puerto Rico Sales Tax Financing Corp.; |  |  |  |  |  |
| Series 2018 A-1, RB<sup>(b)</sup> <br>| 0.00% | 07/01/2027 |  | $1090 | &nbsp;&nbsp; $1046733 |
| Series 2018 A-1, RB<sup>(b)</sup> <br>| 0.00% | 07/01/2031 |  | 1616 | &nbsp;&nbsp; 1360356 |
| Series 2018 A-1, RB<sup>(b)</sup> <br>| 0.00% | 07/01/2033 |  | 11974 | &nbsp;&nbsp; 9311098 |
| Series 2018 A-1, RB | 4.55% | 07/01/2040 |  | 342 | &nbsp;&nbsp; 344292 |
| Series 2018 A-1, RB<sup>(b)</sup> <br>| 0.00% | 07/01/2046 |  | 8788 | &nbsp;&nbsp; 3161137 |
| Series 2018 A-1, RB<sup>(b)</sup> <br>| 0.00% | 07/01/2051 |  | 13879 | &nbsp;&nbsp; 3651668 |
| Series 2018 A-1, RB | 4.75% | 07/01/2053 |  | 2510 | &nbsp;&nbsp; 2447558 |
| Series 2018 A-1, RB | 5.00% | 07/01/2058 |  | 11595 | &nbsp;&nbsp; 11380823 |
| Series 2019 A-2, RB | 4.33% | 07/01/2040 |  | 3080 | &nbsp;&nbsp; 3086371 |
| Series 2019 A-2, RB | 4.54% | 07/01/2053 |  | 65 | &nbsp;&nbsp; 60988 |
| Series 2019 A-2, RB | 4.78% | 07/01/2058 |  | 865 | &nbsp;&nbsp; 838109 |
| University of Puerto Rico; Series 2006 P, Ref. RB (Acquired 08/07/2017; Cost $1,423,500)<sup>(j)</sup> <br>| 5.00% | 06/01/2030 |  | 2190 | &nbsp;&nbsp; 2189358 |
|  |  |  |  |  | &nbsp;&nbsp; 79757962 |
| **Virgin Islands–0.50%** | **Virgin Islands–0.50%** | **Virgin Islands–0.50%** | **Virgin Islands–0.50%** | **Virgin Islands–0.50%** | **Virgin Islands–0.50%** |
| Virgin Islands (Government of) Port Authority; |  |  |  |  |  |
| Series 2014 A, Ref. RB<sup>(c)</sup> <br>| 5.00% | 09/01/2029 |  | 1335 | &nbsp;&nbsp; 1336223 |
| Series 2014 A, Ref. RB<sup>(c)</sup> <br>| 5.00% | 09/01/2033 |  | 1500 | &nbsp;&nbsp; 1501119 |
| Virgin Islands (Government of) Public Finance Authority (Frenchman's Reef Hotel Development); <br> Series 2024 A, RB<sup>(g)</sup> <br>| 6.00% | 04/01/2053 |  | 6000 | &nbsp;&nbsp; 6055849 |
| Virgin Islands Transportation & Infrastructure Corp. (Garvee); Series 2025, Ref. RB | 5.00% | 09/01/2043 |  | 1500 | &nbsp;&nbsp; 1643668 |
|  |  |  |  |  | &nbsp;&nbsp; 10536859 |
| Total Municipal Obligations (Cost $2,285,127,809) | Total Municipal Obligations (Cost $2,285,127,809) | Total Municipal Obligations (Cost $2,285,127,809) | Total Municipal Obligations (Cost $2,285,127,809) |  | &nbsp;&nbsp; 2292177354 |
| **U.S. Dollar Denominated Bonds & Notes–0.00%** | **U.S. Dollar Denominated Bonds & Notes–0.00%** | **U.S. Dollar Denominated Bonds & Notes–0.00%** | **U.S. Dollar Denominated Bonds & Notes–0.00%** | **U.S. Dollar Denominated Bonds & Notes–0.00%** | **U.S. Dollar Denominated Bonds & Notes–0.00%** |
| **California–0.00%** | **California–0.00%** | **California–0.00%** | **California–0.00%** | **California–0.00%** | **California–0.00%** |
| CalPlant I LLC; Exit Facility <br>(Cost $485,000)<sup>(g)(o)</sup> <br>| 15.00% | 02/28/2027 |  | 485 | &nbsp;&nbsp; 95165 |
|  |  |  | **Shares** | **Shares** |  |
| **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** |
| BL Train Holdings West LLC; Wts. expiring 12/01/2025 <br>(Cost $0)<sup>(o)</sup> <br>|  |  |  | 42000 | &nbsp;&nbsp; 63000 |
| **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** |
| AES Puerto Rico, Inc.; Pfd. <br>(Cost $0)<sup>(o)</sup> <br>|  |  |  | 87313 | &nbsp;&nbsp; 0 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(p)</sup>–108.83% (Cost $2,285,612,809) | TOTAL INVESTMENTS IN SECURITIES<sup>(p)</sup>–108.83% (Cost $2,285,612,809) | TOTAL INVESTMENTS IN SECURITIES<sup>(p)</sup>–108.83% (Cost $2,285,612,809) | TOTAL INVESTMENTS IN SECURITIES<sup>(p)</sup>–108.83% (Cost $2,285,612,809) |  | &nbsp;&nbsp; 2292335519 |
| FLOATING RATE NOTE OBLIGATIONS–(9.94)% | FLOATING RATE NOTE OBLIGATIONS–(9.94)% | FLOATING RATE NOTE OBLIGATIONS–(9.94)% | FLOATING RATE NOTE OBLIGATIONS–(9.94)% |  |  |
| Notes with interest and fee rates ranging from 1.87% to 2.43% at 02/28/2026 and <br>contractual maturities of collateral ranging from 05/15/2035 to 11/01/2056 (See <br> Note 1K)<sup>(q)</sup> <br>|  |  |  |  | &nbsp;&nbsp; (209300000)<br>|
| OTHER ASSETS LESS LIABILITIES–1.11% | OTHER ASSETS LESS LIABILITIES–1.11% | OTHER ASSETS LESS LIABILITIES–1.11% | OTHER ASSETS LESS LIABILITIES–1.11% |  | &nbsp;&nbsp; 23237894 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $2106273413 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**18**

**Invesco California Municipal Fund**

------

Investment Abbreviations:

---

| | |
|:---|:---|
| AGI | – Assured Guaranty, Inc. |
| AMBAC | – American Municipal Bond Assurance Corp. |
| BAM | – Build America Mutual Assurance Co. |
| CEP | – Credit Enhancement Provider |
| COP | – Certificates of Participation |
| FNMA | – Federal National Mortgage Association |
| GO | – General Obligation |
| INS | – Insurer |
| LOC | – Letter of Credit |
| NATL | – National Public Finance Guarantee Corp. |
| Pfd. | – Preferred |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| RN | – Revenue Notes |
| VRD | – Variable Rate Demand |
| Wts. | – Warrants |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

<sup>(b)</sup> Zero coupon bond issued at a discount.

<sup>(c)</sup> Security subject to the alternative minimum tax.

<sup>(d)</sup> The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

<sup>(e)</sup> Underlying security related to TOB Trusts entered into by the Fund. See Note 1K.

<sup>(f)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(g)</sup> 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 February 28, 2026 was $209,442,883, which represented 9.94% of the Fund's Net Assets. 

<sup>(h)</sup> Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

<sup>(i)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2026 was $3,715,998, which represented less than 1% of the Fund's Net Assets. 

<sup>(j)</sup> Restricted security. The aggregate value of these securities at February 28, 2026 was $7,556,187, which represented less than 1% of the Fund's Net Assets.

<sup>(k)</sup> 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 February 28, 2026. 

<sup>(l)</sup> Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

<sup>(m)</sup> Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(n)</sup> 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 $29,650,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. 

<sup>(o)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

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

<sup>(q)</sup> Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2026. At February 28, 2026, the Fund's investments with a value of $300,145,018 are held by TOB Trusts and serve as collateral for the $209,300,000 in the floating rate note obligations outstanding at that date. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Short Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 750 | June-2026 | &nbsp;&nbsp;&nbsp; $(85359375)<br>| &nbsp;&nbsp;&nbsp; $(93991)<br>| &nbsp;&nbsp;&nbsp; $(93991)<br>|

---

<sup>(a)</sup> Futures contracts collateralized by $1,406,250 cash held with Goldman Sachs International, the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**19**

**Invesco California Municipal Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,285,612,809)<br>| &nbsp;&nbsp; $2292335519 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 1406250 |
| Cash | &nbsp;&nbsp; 4233495 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 175000 |
| Fund shares sold | &nbsp;&nbsp; 3173223 |
| Interest | &nbsp;&nbsp; 27746264 |
| Investments matured, at value (Cost $3,581,966) | &nbsp;&nbsp; 853732 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 159581 |
| Other assets | &nbsp;&nbsp; 567889 |
| Total assets | &nbsp;&nbsp; 2330650953 |
| **Liabilities:** |  |
| Floating rate note obligations | &nbsp;&nbsp; 209300000 |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 1500212 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 8411218 |
| Dividends | &nbsp;&nbsp; 3244083 |
| Fund shares reacquired | &nbsp;&nbsp; 1009615 |
| Accrued fees to affiliates | &nbsp;&nbsp; 542778 |
| Accrued interest expense | &nbsp;&nbsp; 29423 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 28610 |
| Accrued other operating expenses | &nbsp;&nbsp; 112933 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 198668 |
| Total liabilities | &nbsp;&nbsp; 224377540 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2106273413 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2506598587 |
| Distributable earnings (loss) | &nbsp;&nbsp; (400325174)<br>|
|  | &nbsp;&nbsp; $2106273413 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1070212456 |
| Class C | &nbsp;&nbsp; $81608051 |
| Class Y | &nbsp;&nbsp; $942883482 |
| Class R6 | &nbsp;&nbsp; $11569424 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 133786394 |
| Class C | &nbsp;&nbsp; 10245384 |
| Class Y | &nbsp;&nbsp; 117852978 |
| Class R6 | &nbsp;&nbsp; 1441584 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $8.00 |
| Maximum offering price per share <br>(Net asset value of $8.00 ÷ 95.75%)<br>| &nbsp;&nbsp; $8.36 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $7.97 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.00 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.03 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**20**

**Invesco California Municipal Fund**

------

**Statement of Operations**

*For the year ended February 28, 2026* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $113143886 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 8420967 |
| Administrative services fees | &nbsp;&nbsp; 298066 |
| Custodian fees | &nbsp;&nbsp; 14205 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 2672787 |
| Class C | &nbsp;&nbsp; 910670 |
| Interest, facilities and maintenance fees | &nbsp;&nbsp; 9884920 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 1422018 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 1735 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 35957 |
| Registration and filing fees | &nbsp;&nbsp; 80454 |
| Reports to shareholders | &nbsp;&nbsp; 61535 |
| Professional services fees | &nbsp;&nbsp; 134685 |
| Other | &nbsp;&nbsp; 35127 |
| Total expenses | &nbsp;&nbsp; 23973126 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (3882)<br>|
| Net expenses | &nbsp;&nbsp; 23969244 |
| Net investment income | &nbsp;&nbsp; 89174642 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(5884024)) | &nbsp;&nbsp; (24215902)<br>|
| Futures contracts | &nbsp;&nbsp; 935078 |
|  | &nbsp;&nbsp; (23280824)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (8769933)<br>|
| Futures contracts | &nbsp;&nbsp; (93991)<br>|
|  | &nbsp;&nbsp; (8863924)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (32144748)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $57029894 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**21**

**Invesco California Municipal Fund**

------

**Statement of Changes in Net Assets**

*For the years ended February 28, 2026 and 2025* 

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $89174642 | &nbsp;&nbsp; $85871421 |
| Net realized gain (loss) | &nbsp;&nbsp; (23280824)<br>| &nbsp;&nbsp; (31210616)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (8863924)<br>| &nbsp;&nbsp; 22204548 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 57029894 | &nbsp;&nbsp; 76865353 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (45253533)<br>| &nbsp;&nbsp; (45246500)<br>|
| Class C | &nbsp;&nbsp; (3125909)<br>| &nbsp;&nbsp; (3370917)<br>|
| Class Y | &nbsp;&nbsp; (40943733)<br>| &nbsp;&nbsp; (38499256)<br>|
| Class R6 | &nbsp;&nbsp; (539945)<br>| &nbsp;&nbsp; (582111)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (89863120)<br>| &nbsp;&nbsp; (87698784)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (83285803)<br>| &nbsp;&nbsp; (24145276)<br>|
| Class C | &nbsp;&nbsp; (22508101)<br>| &nbsp;&nbsp; (2708333)<br>|
| Class Y | &nbsp;&nbsp; (66067472)<br>| &nbsp;&nbsp; 170550199 |
| Class R6 | &nbsp;&nbsp; (4066345)<br>| &nbsp;&nbsp; 6438245 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (175927721)<br>| &nbsp;&nbsp; 150134835 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (208760947)<br>| &nbsp;&nbsp; 139301404 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 2315034360 | &nbsp;&nbsp; 2175732956 |
| End of year | &nbsp;&nbsp; $2106273413 | &nbsp;&nbsp; $2315034360 |

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See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**22**

**Invesco California Municipal Fund**

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**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Supplemental** <br>**ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee** <br>**waivers** <br>**(excluding** <br>**interest,** <br>**facilities and** <br>**maintenance** <br>**fees)**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 02/28/26 | $8.09 | $0.32 | $(0.08)<br>| $0.24 | $(0.33)<br>| $8.00 | 3.11<br> %<br>| $1070212 | 1.22<br> %<br>| 1.22<br> %<br>| 0.75<br> %<br>| 4.16<br> %<br>| 31<br> %<br>|
| Year ended 02/28/25 | 8.12 | 0.30 | (0.02)<br>| 0.28 | (0.31)<br>| 8.09 | 3.52 | 1168691 | 1.11 | 1.11 | 0.75 | 3.74 | 19 |
| Year ended 02/29/24 | 7.91 | 0.29 | 0.23 | 0.52 | (0.31)<br>| 8.12 | 6.68 | 1198337 | 1.18 | 1.18 | 0.77 | 3.64 | 20 |
| Year ended 02/28/23 | 8.88 | 0.28 | (0.97)<br>| (0.69)<br>| (0.28)<br>| 7.91 | (7.75)<br>| 1203778 | 1.14 | 1.14 | 0.75 | 3.50 | 41 |
| Year ended 02/28/22 | 9.09 | 0.26 | (0.19)<br>| 0.07 | (0.28)<br>| 8.88 | 0.69 | 1449851 | 0.84 | 0.84 | 0.75 | 2.78 | 11 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 02/28/26 | 8.05 | 0.26 | (0.07)<br>| 0.19 | (0.27)<br>| 7.97 | 2.46 | 81608 | 1.97 | 1.97 | 1.50 | 3.41 | 31 |
| Year ended 02/28/25 | 8.09 | 0.24 | (0.03)<br>| 0.21 | (0.25)<br>| 8.05 | 2.61 | 105972 | 1.86 | 1.86 | 1.50 | 2.99 | 19 |
| Year ended 02/29/24 | 7.87 | 0.23 | 0.24 | 0.47 | (0.25)<br>| 8.09 | 6.04 | 109214 | 1.93 | 1.93 | 1.52 | 2.89 | 20 |
| Year ended 02/28/23 | 8.83 | 0.22 | (0.96)<br>| (0.74)<br>| (0.22)<br>| 7.87 | (8.41)<br>| 109955 | 1.89 | 1.89 | 1.50 | 2.75 | 41 |
| Year ended 02/28/22 | 9.04 | 0.19 | (0.19)<br>| 0.00 | (0.21)<br>| 8.83 | (0.08)<br>| 144067 | 1.59 | 1.59 | 1.50 | 2.03 | 11 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 02/28/26 | 8.09 | 0.34 | (0.08)<br>| 0.26 | (0.35)<br>| 8.00 | 3.37 | 942883 | 0.97 | 0.97 | 0.50 | 4.41 | 31 |
| Year ended 02/28/25 | 8.13 | 0.32 | (0.03)<br>| 0.29 | (0.33)<br>| 8.09 | 3.65 | 1024375 | 0.86 | 0.86 | 0.50 | 3.99 | 19 |
| Year ended 02/29/24 | 7.91 | 0.31 | 0.24 | 0.55 | (0.33)<br>| 8.13 | 7.08 | 858603 | 0.93 | 0.93 | 0.52 | 3.89 | 20 |
| Year ended 02/28/23 | 8.88 | 0.30 | (0.97)<br>| (0.67)<br>| (0.30)<br>| 7.91 | (7.52)<br>| 634952 | 0.89 | 0.89 | 0.50 | 3.75 | 41 |
| Year ended 02/28/22 | 9.09 | 0.28 | (0.19)<br>| 0.09 | (0.30)<br>| 8.88 | 0.94 | 654169 | 0.59 | 0.59 | 0.50 | 3.03 | 11 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 02/28/26 | 8.12 | 0.35 | (0.09)<br>| 0.26 | (0.35)<br>| 8.03 | 3.43 | 11569 | 0.91 | 0.91 | 0.44 | 4.47 | 31 |
| Year ended 02/28/25 | 8.15 | 0.33 | (0.02)<br>| 0.31 | (0.34)<br>| 8.12 | 3.84 | 15996 | 0.80 | 0.80 | 0.44 | 4.05 | 19 |
| Year ended 02/29/24 | 7.93 | 0.31 | 0.24 | 0.55 | (0.33)<br>| 8.15 | 7.13 | 9579 | 0.87 | 0.87 | 0.46 | 3.95 | 20 |
| Year ended 02/28/23 | 8.91 | 0.31 | (0.98)<br>| (0.67)<br>| (0.31)<br>| 7.93 | (7.55)<br>| 1021 | 0.84 | 0.84 | 0.45 | 3.80 | 41 |
| Year ended 02/28/22 | 9.10 | 0.30 | (0.18)<br>| 0.12 | (0.31)<br>| 8.91 | 1.22 | 807 | 0.42 | 0.42 | 0.33 | 3.20 | 11 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**23**

**Invesco California Municipal Fund**

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**Notes to Financial Statements**

*February 28, 2026*

**NOTE 1—Significant Accounting Policies**

Invesco California Municipal Fund (the "Fund") is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek tax-free income.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following policy.

Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is not representative of market value in the Adviser's judgment ("unreliable"), the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under

**24**

**Invesco California Municipal Fund**

------

which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes** – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt-interest dividends", as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.

**G.** **Interest, Facilities and Maintenance Fees** – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**K.** **Floating Rate Note Obligations** – The Fund invests in inverse floating rate securities, such as Tender Option Bonds ("TOBs"), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund ("TOB Trusts") in exchange for cash and residual interests in the TOB Trusts' assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund's investment assets, and the related floating rate notes reflected as Fund liabilities under the caption *Floating rate note obligations* on the Statement of Assets and Liabilities. The carrying amount of the Fund's floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The

**25**

**Invesco California Municipal Fund**

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Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of *Interest, facilities and maintenance fees* on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule") prohibit banking entities and their affiliates from sponsoring and/or providing certain services for existing TOB Trusts, which constitute "covered funds" under the Volcker Rule. As a result of the Volcker Rule, the Fund, as holder of inverse floating rate securities, is required to perform certain duties in connection with TOB financing transactions previously performed by banking entities. These duties may alternatively be performed by a non-bank third-party service provider. The Fund's expanded role may increase its operational and regulatory risk.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"), which apply to TOB financing transactions and TOB Trusts. The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying security held by the TOB Trust. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund's ability to engage in TOB financing transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that TOB financing transactions will continue to be a viable or cost-effective form of leverage. The unavailability of TOB financing transactions or an increase in the cost of financing provided by TOB transactions may adversely affect the Fund's net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

**L.** **Futures Contracts** — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

**M.** **Collateral** —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day.

**N.** **Leverage Risk** — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

**O.** **Other Risks** - The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Fund's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile. The values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

**26**

**Invesco California Municipal Fund**

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**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.480% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.455% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.425% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.380% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.370% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.355% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |
| Over $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.330% |

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\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.40%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A and Class C shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2026, IDI advised the Fund that IDI retained $40,766 in front-end sales commissions from the sale of Class A shares and $47,461 and $15,948 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

**27**

**Invesco California Municipal Fund**

------

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser'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 February 28, 2026. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2292177354 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2292177354 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 95165 | &nbsp;&nbsp;&nbsp;&nbsp; 95165 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 63000 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2292177354 | &nbsp;&nbsp;&nbsp;&nbsp; 158165 | &nbsp;&nbsp;&nbsp;&nbsp; 2292335519 |
| **Other Investments - Assets\*** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 822338 | &nbsp;&nbsp;&nbsp;&nbsp; 31394 | &nbsp;&nbsp;&nbsp;&nbsp; 853732 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (93991)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (93991)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (93991)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 822338 | &nbsp;&nbsp;&nbsp;&nbsp; 31394 | &nbsp;&nbsp;&nbsp;&nbsp; 759741 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $(93991)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2292999692 | &nbsp;&nbsp;&nbsp;&nbsp; $189559 | &nbsp;&nbsp;&nbsp;&nbsp; $2293095260 |

---

\* Futures contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of February 28, 2026:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(93991)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 93991 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

**Effect of Derivative Investments for the year ended February 28, 2026**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $935078 |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (93991)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $841087 |

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $63082031 |

---

**28**

**Invesco California Municipal Fund**

------

**NOTE 5—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended February 28, 2026, the Fund engaged in securities purchases of $74,311,423 and securities sales of $272,301,726, which resulted in net realized gains (losses) of $(5,884,024).

**NOTE 6—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $3,882.

**NOTE 7—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Fund may have certain former Trustees who participated in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 8—Cash Balances and Borrowings**

The Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.5 billion, collectively by certain Invesco Funds, and which will expire on February 18, 2027. The revolving credit and security agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

During the year ended February 28, 2026, the Fund's average daily balance of borrowing under the revolving credit and security agreement was $987,671 with an average interest rate of 4.33%. The carrying amount of the Fund's payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as *Interest, facilities and maintenance fees*. At February 28, 2026, the Fund had no borrowings outstanding under this agreement.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2026 were $219,972,308 and 4.05%, respectively.

**NOTE 9—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** |
|  | **2026** | **2025** |
| Ordinary income\* | &nbsp;&nbsp; $249237 | &nbsp;&nbsp;&nbsp;&nbsp; $370459 |
| Ordinary income-tax-exempt | &nbsp;&nbsp; 89613883 | &nbsp;&nbsp;&nbsp;&nbsp; 87328325 |
| Total distributions | &nbsp;&nbsp; $89863120 | &nbsp;&nbsp;&nbsp;&nbsp; $87698784 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2026** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp; $7476127 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 11116466 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (180634)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (418737133)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 2506598587 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $2106273413 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, amortization and accretion on debt securities, defaulted bonds and inverse floaters.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

**29**

**Invesco California Municipal Fund**

------

The Fund has a capital loss carryforward as of February 28, 2026, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $112216015 | &nbsp;&nbsp;&nbsp;&nbsp; $306521118 | &nbsp;&nbsp;&nbsp;&nbsp; $418737133 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 10—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2026 was $701,122,595 and $834,157,422, respectively. As of February 28, 2026, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $82692138 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (71575672)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $11116466 |

---

Cost of investments for tax purposes is $2,281,978,794.

**NOTE 11—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of market discounts, defaulted bonds and amortization and accretion on debt securities, on February 28, 2026, undistributed net investment income was increased by $1,766,676 and undistributed net realized gain (loss) was decreased by $1,766,676. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**NOTE 12—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 19209230 | &nbsp;&nbsp;&nbsp; $150147857 | &nbsp;&nbsp;&nbsp; 19077698 | &nbsp;&nbsp;&nbsp; $154769616 |
| Class C | &nbsp;&nbsp;&nbsp; 2302830 | &nbsp;&nbsp;&nbsp; 17888009 | &nbsp;&nbsp;&nbsp; 2981184 | &nbsp;&nbsp;&nbsp; 24092150 |
| Class Y | &nbsp;&nbsp;&nbsp; 57596088 | &nbsp;&nbsp;&nbsp; 447750632 | &nbsp;&nbsp;&nbsp; 49113238 | &nbsp;&nbsp;&nbsp; 398309286 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1101274 | &nbsp;&nbsp;&nbsp; 8608581 | &nbsp;&nbsp;&nbsp; 1465861 | &nbsp;&nbsp;&nbsp; 11896405 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3252462 | &nbsp;&nbsp;&nbsp; 25340575 | &nbsp;&nbsp;&nbsp; 2981654 | &nbsp;&nbsp;&nbsp; 24141262 |
| Class C | &nbsp;&nbsp;&nbsp; 288442 | &nbsp;&nbsp;&nbsp; 2235859 | &nbsp;&nbsp;&nbsp; 291602 | &nbsp;&nbsp;&nbsp; 2349997 |
| Class Y | &nbsp;&nbsp;&nbsp; 2914301 | &nbsp;&nbsp;&nbsp; 22721429 | &nbsp;&nbsp;&nbsp; 2649660 | &nbsp;&nbsp;&nbsp; 21458814 |
| Class R6 | &nbsp;&nbsp;&nbsp; 42627 | &nbsp;&nbsp;&nbsp; 333667 | &nbsp;&nbsp;&nbsp; 44493 | &nbsp;&nbsp;&nbsp; 361889 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2031669 | &nbsp;&nbsp;&nbsp; 15756932 | &nbsp;&nbsp;&nbsp; 1034003 | &nbsp;&nbsp;&nbsp; 8373627 |
| Class C | &nbsp;&nbsp;&nbsp; (2040926)<br>| &nbsp;&nbsp;&nbsp; (15756932)<br>| &nbsp;&nbsp;&nbsp; (1038770)<br>| &nbsp;&nbsp;&nbsp; (8373627)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (35202410)<br>| &nbsp;&nbsp;&nbsp; (274531167)<br>| &nbsp;&nbsp;&nbsp; (26090818)<br>| &nbsp;&nbsp;&nbsp; (211429781)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (3466242)<br>| &nbsp;&nbsp;&nbsp; (26875037)<br>| &nbsp;&nbsp;&nbsp; (2578721)<br>| &nbsp;&nbsp;&nbsp; (20776853)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (69290857)<br>| &nbsp;&nbsp;&nbsp; (536539533)<br>| &nbsp;&nbsp;&nbsp; (30790102)<br>| &nbsp;&nbsp;&nbsp; (249217901)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (1673138)<br>| &nbsp;&nbsp;&nbsp; (13008593)<br>| &nbsp;&nbsp;&nbsp; (714183)<br>| &nbsp;&nbsp;&nbsp; (5820049)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (22934650)<br>| &nbsp;&nbsp;&nbsp; $(175927721)<br>| &nbsp;&nbsp;&nbsp; 18426799 | &nbsp;&nbsp;&nbsp; $150134835 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 67% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**30**

**Invesco California Municipal Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco California Municipal Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco California Municipal Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the "Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, agent bank and brokers; when replies were not received from the agent bank, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2026

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**31**

**Invesco California Municipal Fund**

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**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |
| Tax-Exempt Interest Dividends\* | &nbsp;&nbsp; 99.72% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**32**

**Invesco California Municipal Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**33**

**Invesco California Municipal Fund**

------

![](img1316d5b11.jpg)

SEC file number(s): 811-07890 and 033-66242

Invesco Distributors, Inc.

O-ROCAM-NCSR

------

![](imgb0c895261.jpg)

------

**Annual Financial Statements and Other Information**

**February 28, 2026**

**Invesco High Yield Municipal Fund**

Nasdaq:

A: ACTHX ■ C: ACTFX ■ Y: ACTDX ■ R5: ACTNX ■ R6: ACTSX

------

---

| | |
|:---|:---|
| [2](#xx_52f608cf-3885-45c8-9c2a-f24908ae3744_SOI-Continued-108_1) | Schedule of Investments |
| [34](#xx_52f608cf-3885-45c8-9c2a-f24908ae3744_FS-Continued-108_1) | Financial Statements |
| [37](#xx_52f608cf-3885-45c8-9c2a-f24908ae3744_FS-Continued-108_4) | Financial Highlights |
| [38](#xx_52f608cf-3885-45c8-9c2a-f24908ae3744_NTF-Continued-108_1) | Notes to Financial Statements |
| [45](#xx_52f608cf-3885-45c8-9c2a-f24908ae3744_ARS-Continued-108_1) | Report of Independent Registered Public Accounting Firm |
| [46](#xx_52f608cf-3885-45c8-9c2a-f24908ae3744_TI-Continued-108_1) | Tax Information |
| [47](#xx_52f608cf-3885-45c8-9c2a-f24908ae3744_OIRSR-Continued-108_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*February 28, 2026* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–104.92%** | **Municipal Obligations–104.92%** | **Municipal Obligations–104.92%** | **Municipal Obligations–104.92%** | **Municipal Obligations–104.92%** |
| **Alabama–1.98%** | **Alabama–1.98%** | **Alabama–1.98%** | **Alabama–1.98%** | **Alabama–1.98%** |
| Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the <br> Aging); Series 2016, RB<br>| 5.75% | 06/01/2045 | $8950 | &nbsp;&nbsp; $8851783 |
| Black Belt Energy Gas District (Gas); |  |  |  |  |
| Series 2025 C, RB<sup>(a)(b)</sup> <br>| 5.50% | 08/01/2034 | 10800 | &nbsp;&nbsp; 11816803 |
| Series 2026 E, RB | 5.00% | 07/01/2033 | 25000 | &nbsp;&nbsp; 27123487 |
| Black Belt Energy Gas District (The) (Gas); Series 2022 F, RB<sup>(b)</sup> <br>| 5.50% | 12/01/2028 | 4000 | &nbsp;&nbsp; 4267885 |
| Hoover (City of), AL Industrial Development Board (United States Steel Corp.); Series 2019, RB<sup>(c)</sup> <br>| 5.75% | 10/01/2049 | 10250 | &nbsp;&nbsp; 10399236 |
| Huntsville-Redstone Village Special Care Facilities Financing Authority; |  |  |  |  |
| Series 2007, Ref. RB | 6.00% | 01/01/2060 | 36325 | &nbsp;&nbsp; 30304738 |
| Series 2008, RB<sup>(d)</sup> <br>| 2.00% | 01/01/2060 | 8209 | &nbsp;&nbsp; 429760 |
| Jefferson (County of), AL; |  |  |  |  |
| Series 2024, Ref. Revenue Wts. | 5.25% | 10/01/2049 | 10000 | &nbsp;&nbsp; 10544698 |
| Series 2024, Ref. Revenue Wts. | 5.50% | 10/01/2053 | 5000 | &nbsp;&nbsp; 5304931 |
| Mobile (County of), AL Industrial Development Authority (AM/NS Calvert LLC); |  |  |  |  |
| Series 2024, RB<sup>(c)</sup> <br>| 5.00% | 06/01/2054 | 8900 | &nbsp;&nbsp; 8834932 |
| Series 2024, RB<sup>(c)</sup> <br>| 4.75% | 12/01/2054 | 17155 | &nbsp;&nbsp; 16440273 |
| Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. <br> IDR<sup>(a)</sup> <br>| 5.25% | 05/01/2044 | 5100 | &nbsp;&nbsp; 5168152 |
|  |  |  |  | &nbsp;&nbsp; 139486678 |
| **Arizona–3.04%** | **Arizona–3.04%** | **Arizona–3.04%** | **Arizona–3.04%** | **Arizona–3.04%** |
| Arizona (State of) Industrial Development Authority (Academies of Math & Science); |  |  |  |  |
| Series 2019, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2039 | 1000 | &nbsp;&nbsp; 1013571 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.25% | 07/01/2052 | 500 | &nbsp;&nbsp; 480423 |
| Arizona (State of) Industrial Development Authority (American Charter Schools Foundation); <br> Series 2017, Ref. RB<sup>(a)</sup> <br>| 6.00% | 07/01/2047 | 15000 | &nbsp;&nbsp; 15209644 |
| Arizona (State of) Industrial Development Authority (Basis Schools); |  |  |  |  |
| Series 2017 A, Ref. RB<sup>(a)</sup> <br>| 5.13% | 07/01/2037 | 1180 | &nbsp;&nbsp; 1182536 |
| Series 2017 D, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2051 | 3300 | &nbsp;&nbsp; 3079805 |
| Series 2017 G, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2051 | 1000 | &nbsp;&nbsp; 933274 |
| Arizona (State of) Industrial Development Authority (Benjamin Franklin Charter School); |  |  |  |  |
| Series 2023, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2043 | 1000 | &nbsp;&nbsp; 1000188 |
| Series 2023, RB<sup>(a)</sup> <br>| 5.25% | 07/01/2053 | 1000 | &nbsp;&nbsp; 942421 |
| Arizona (State of) Industrial Development Authority (Kaizen Education Foundation); |  |  |  |  |
| Series 2016, RB<sup>(a)</sup> <br>| 5.70% | 07/01/2047 | 9730 | &nbsp;&nbsp; 9748057 |
| Series 2016, RB<sup>(a)</sup> <br>| 5.80% | 07/01/2052 | 4920 | &nbsp;&nbsp; 4927262 |
| Arizona (State of) Industrial Development Authority (Leman Academy of Excellence); |  |  |  |  |
| Series 2019 A, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2039 | 1000 | &nbsp;&nbsp; 1000932 |
| Series 2019 A, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2049 | 4000 | &nbsp;&nbsp; 3716302 |
| Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado); |  |  |  |  |
| Series 2019, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2039 | 2635 | &nbsp;&nbsp; 2637542 |
| Series 2019, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2049 | 2000 | &nbsp;&nbsp; 1875550 |
| Series 2019, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2054 | 6210 | &nbsp;&nbsp; 5716778 |
| Arizona (State of) Industrial Development Authority (Linder Village); Series 2020, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2031 | 4905 | &nbsp;&nbsp; 5047908 |
| Arizona (State of) Industrial Development Authority (Mater Academy of Nevada Mountain Vista <br> Campus Project);<br>|  |  |  |  |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.25% | 12/15/2038 | 1060 | &nbsp;&nbsp; 1066251 |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.50% | 12/15/2048 | 3265 | &nbsp;&nbsp; 3264941 |
| Arizona (State of) Industrial Development Authority (Phoenix Children's Hospital); Series 2020 A, <br> RB<br>| 4.00% | 02/01/2050 | 15285 | &nbsp;&nbsp; 13469688 |
| Glendale (City of), AZ Industrial Development Authority (Sun Health Services); Series 2019 A, Ref. <br> RB<br>| 5.00% | 11/15/2048 | 9350 | &nbsp;&nbsp; 9350823 |
| Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); |  |  |  |  |
| Series 2017, Ref. RB | 4.00% | 11/15/2027 | 1010 | &nbsp;&nbsp; 979040 |
| Series 2017, Ref. RB | 5.00% | 11/15/2040 | 4985 | &nbsp;&nbsp; 4262622 |
| Series 2017, Ref. RB | 5.00% | 11/15/2045 | 4695 | &nbsp;&nbsp; 3595142 |
| Series 2018, RB | 5.00% | 11/15/2053 | 5970 | &nbsp;&nbsp; 4185019 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** |
| La Paz (County of), AZ Industrial Development Authority (Kilgore); Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2034 | $6950 | &nbsp;&nbsp; $3877203 |
| Maricopa (County of), AZ Industrial Development Authority (Benjamin Franklin Charter School); <br> Series 2018, RB<sup>(a)</sup> <br>| 6.00% | 07/01/2052 | 1000 | &nbsp;&nbsp; 1007372 |
| Maricopa (County of), AZ Industrial Development Authority (Commercial Metals Co.); Series 2022, <br> RB<sup>(a)(c)</sup> <br>| 4.00% | 10/15/2047 | 15700 | &nbsp;&nbsp; 13923174 |
| Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); <br> Series 2019, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2054 | 950 | &nbsp;&nbsp; 902390 |
| Maricopa (County of), AZ Industrial Development Authority (Paradise Schools); |  |  |  |  |
| Series 2016, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2036 | 2475 | &nbsp;&nbsp; 2480377 |
| Series 2016, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2047 | 3775 | &nbsp;&nbsp; 3561978 |
| Maricopa (County of), AZ Industrial Development Authority (Valley Christian Schools); |  |  |  |  |
| Series 2023, RB<sup>(a)</sup> <br>| 6.00% | 07/01/2043 | 1885 | &nbsp;&nbsp; 1912877 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.25% | 07/01/2053 | 1900 | &nbsp;&nbsp; 1883527 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.38% | 07/01/2058 | 1250 | &nbsp;&nbsp; 1243835 |
| Phoenix (City of), AZ Industrial Development Authority; Series 2014, RB | 5.00% | 07/01/2044 | 2250 | &nbsp;&nbsp; 2252097 |
| Phoenix (City of), AZ Industrial Development Authority (Basis Schools) (The); |  |  |  |  |
| Series 2015, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2045 | 4015 | &nbsp;&nbsp; 3928608 |
| Series 2016 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2046 | 2875 | &nbsp;&nbsp; 2780695 |
| Series 2016 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2046 | 1500 | &nbsp;&nbsp; 1450798 |
| Phoenix (City of), AZ Industrial Development Authority (The) (Legacy Traditional Schools); <br> Series 2015, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2045 | 1845 | &nbsp;&nbsp; 1831984 |
| Phoenix (City of), AZ Industrial Development Authority (The) (Overland Crossing); Series 2022, <br> RB<sup>(a)</sup> <br>| 9.50% | 04/01/2052 | 7900 | &nbsp;&nbsp; 7079781 |
| Pima (County of), AZ Industrial Development Authority (The) (Acclaim Charter School); |  |  |  |  |
| Series 2006, RB | 5.70% | 12/01/2026 | 280 | &nbsp;&nbsp; 280085 |
| Series 2006, RB | 5.80% | 12/01/2036 | 4385 | &nbsp;&nbsp; 4376469 |
| Pima (County of), AZ Industrial Development Authority (The) (American Leadership Academy); |  |  |  |  |
| Series 2015, Ref. RB<sup>(a)</sup> <br>| 5.38% | 06/15/2035 | 2370 | &nbsp;&nbsp; 2371679 |
| Series 2015, Ref. RB<sup>(a)</sup> <br>| 5.63% | 06/15/2045 | 3500 | &nbsp;&nbsp; 3500093 |
| Series 2019, Ref. RB<sup>(a)</sup> <br>| 5.00% | 06/15/2052 | 6050 | &nbsp;&nbsp; 5346473 |
| Series 2022, Ref. RB<sup>(a)</sup> <br>| 4.00% | 06/15/2051 | 8800 | &nbsp;&nbsp; 6751116 |
| Pima (County of), AZ Industrial Development Authority (The) (Career Success Schools); |  |  |  |  |
| Series 2020, Ref. RB<sup>(a)</sup> <br>| 5.50% | 05/01/2040 | 1125 | &nbsp;&nbsp; 1131049 |
| Series 2020, Ref. RB<sup>(a)</sup> <br>| 5.75% | 05/01/2050 | 5000 | &nbsp;&nbsp; 5002232 |
| Pima (County of), AZ Industrial Development Authority (The) (Imagine East Mesa Charter Schools); <br> Series 2019, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2049 | 1500 | &nbsp;&nbsp; 1408541 |
| Pima (County of), AZ Industrial Development Authority (The) (Premier Charter High School); |  |  |  |  |
| Series 2016 A, Ref. RB<sup>(a)</sup> <br>| 7.00% | 07/01/2045 | 2977 | &nbsp;&nbsp; 2480508 |
| Series 2016 B, Ref. RB<sup>(f)</sup> <br>| 2.07% | 07/01/2045 | 1735 | &nbsp;&nbsp; 433839 |
| Series 2016 C, Ref. RB<sup>(f)</sup> <br>| 2.07% | 07/01/2045 | 1036 | &nbsp;&nbsp; 10355 |
| Salt River Project Agricultural Improvement & Power District; Series 2025, RB<sup>(g)</sup> <br>| 5.25% | 01/01/2053 | 12000 | &nbsp;&nbsp; 12808201 |
| Sierra (City of), AZ Vista Industrial Development Authority; Series 2024, Ref. RB<sup>(a)</sup> <br>| 6.13% | 06/01/2057 | 6000 | &nbsp;&nbsp; 5745894 |
| Sierra (City of), AZ Vista Industrial Development Authority (American Leadership Academy Project); <br> Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2059 | 3410 | &nbsp;&nbsp; 2951141 |
| Sierra (City of), AZ Vista Industrial Development Authority (Wake Preparatory Academy); |  |  |  |  |
| Series 2025, RB | 6.25% | 06/15/2050 | 3525 | &nbsp;&nbsp; 3574736 |
| Series 2025, RB | 6.50% | 06/15/2055 | 3150 | &nbsp;&nbsp; 3224358 |
| Tempe (City of), AZ Industrial Development Authority (Friendship Village); |  |  |  |  |
| Series 2025, RB | 5.63% | 12/01/2055 | 1000 | &nbsp;&nbsp; 1029192 |
| Series 2025, RB | 5.63% | 12/01/2060 | 3090 | &nbsp;&nbsp; 3165281 |
|  |  |  |  | &nbsp;&nbsp; 214393657 |
| **Arkansas–0.48%** | **Arkansas–0.48%** | **Arkansas–0.48%** | **Arkansas–0.48%** | **Arkansas–0.48%** |
| Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB<sup>(c)</sup> <br>| 5.45% | 09/01/2052 | 21790 | &nbsp;&nbsp; 21974984 |
| Arkansas (State of) Development Finance Authority (U.S. Steel Corp.) (Green Bonds); Series 2023, <br> RB<sup>(c)</sup> <br>| 5.70% | 05/01/2053 | 11500 | &nbsp;&nbsp; 11759716 |
|  |  |  |  | &nbsp;&nbsp; 33734700 |
| **California–8.86%** | **California–8.86%** | **California–8.86%** | **California–8.86%** | **California–8.86%** |
| Alameda (City of), CA Corridor Transportation Authority; Series 2022 C, RB (INS - AGI)<sup>(d)(h)</sup> <br>| 5.45% | 10/01/2052 | 4505 | &nbsp;&nbsp; 2678640 |
| California (State of); Series 2023, GO Bonds<sup>(g)</sup> <br>| 5.25% | 09/01/2053 | 15000 | &nbsp;&nbsp; 16212675 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization <br> Corp.); Series 2020 B-2, Ref. RB<sup>(e)</sup> <br>| 0.00% | 06/01/2055 | $12780 | &nbsp;&nbsp; $2483875 |
| California (State of) Educational Facilities Authority (Saint Mary's College of California); <br> Series 2023, Ref. RB<br>| 5.50% | 10/01/2053 | 1315 | &nbsp;&nbsp; 1311326 |
| California (State of) Educational Facilities Authority (Stanford University); Series 2014 U-6, RB<sup>(g)</sup> <br>| 5.00% | 05/01/2045 | 15000 | &nbsp;&nbsp; 18011409 |
| California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail) <br> (Green Bonds); Series 2025 B, Ref. RB<sup>(a)(b)(c)</sup> <br>| 12.00% | 11/02/2026 | 42010 | &nbsp;&nbsp; 22685400 |
| California (State of) Infrastructure & Economic Development Bank (WFCS Portfolio Program); |  |  |  |  |
| Series 2021 A-1, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2056 | 4300 | &nbsp;&nbsp; 3771115 |
| Series 2021, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2061 | 68780 | &nbsp;&nbsp; 6115030 |
| California (State of) Municipal Finance Authority; |  |  |  |  |
| Series 2025 A-1, RB | 3.44% | 02/20/2041 | 15621 | &nbsp;&nbsp; 15144621 |
| Series 2026 A-1, RB | 4.05% | 07/20/2041 | 6400 | &nbsp;&nbsp; 6478888 |
| Series 2026 A-1, RB | 4.05% | 07/20/2041 | 2500 | &nbsp;&nbsp; 2421443 |
| California (State of) Municipal Finance Authority (Ascent 613); |  |  |  |  |
| Series 2025 A, RB<sup>(a)</sup> <br>| 5.25% | 01/01/2045 | 2500 | &nbsp;&nbsp; 2561483 |
| Series 2025 A, RB<sup>(a)</sup> <br>| 5.38% | 01/01/2055 | 1000 | &nbsp;&nbsp; 1001932 |
| Series 2025 A, RB<sup>(a)</sup> <br>| 5.50% | 01/01/2060 | 5450 | &nbsp;&nbsp; 5487239 |
| California (State of) Municipal Finance Authority (Eisenhower Medical Centers); Series 2017 A, <br> Ref. RB<br>| 5.00% | 07/01/2047 | 9635 | &nbsp;&nbsp; 9663123 |
| California (State of) Municipal Finance Authority (Goodwill Industries of Sacramento & Nevada); |  |  |  |  |
| Series 2012, RB<sup>(a)</sup> <br>| 6.63% | 01/01/2032 | 615 | &nbsp;&nbsp; 613899 |
| Series 2012, RB<sup>(a)</sup> <br>| 6.88% | 01/01/2042 | 1465 | &nbsp;&nbsp; 1459920 |
| California (State of) Municipal Finance Authority (Linxs APM); Series 2018 A, RB<sup>(c)</sup> <br>| 5.00% | 12/31/2047 | 3560 | &nbsp;&nbsp; 3579485 |
| California (State of) Municipal Finance Authority (Palomar Health); Series 2022 A, Ref. COP (INS - <br> AGI)<sup>(h)</sup> <br>| 5.25% | 11/01/2052 | 3000 | &nbsp;&nbsp; 3060688 |
| California (State of) Pollution Control Financing Authority (Plant Bonds); |  |  |  |  |
| Series 2012, RB<sup>(a)(c)</sup> <br>| 5.00% | 07/01/2037 | 13500 | &nbsp;&nbsp; 13551604 |
| Series 2012, RB<sup>(a)(c)</sup> <br>| 5.00% | 11/21/2045 | 18260 | &nbsp;&nbsp; 18283654 |
| California (State of) Public Finance Authority (Enso Village) (Green Bonds); |  |  |  |  |
| Series 2021, RB<sup>(a)</sup> <br>| 5.00% | 11/15/2046 | 2000 | &nbsp;&nbsp; 1900989 |
| Series 2021, RB<sup>(a)</sup> <br>| 5.00% | 11/15/2051 | 1810 | &nbsp;&nbsp; 1653356 |
| Series 2021, RB<sup>(a)</sup> <br>| 5.00% | 11/15/2056 | 1160 | &nbsp;&nbsp; 1039656 |
| California (State of) Public Finance Authority (Sunrise of Long Beach); Series 2025, RB<sup>(a)</sup> <br>| 6.50% | 06/01/2055 | 7500 | &nbsp;&nbsp; 7818770 |
| California (State of) Public Works Board (Various Capital); Series 2025 A, RB | 5.00% | 04/01/2050 | 10000 | &nbsp;&nbsp; 10718907 |
| California (State of) School Facilities Financing Authority; Series 2010, RB (INS - AGI)<sup>(e)(h)</sup> <br>| 0.00% | 08/01/2049 | 24405 | &nbsp;&nbsp; 7776783 |
| California (State of) School Finance Authority (Aspire Public Schools Obligated Group); |  |  |  |  |
| Series 2020 A, RB<sup>(a)</sup> <br>| 5.00% | 08/01/2050 | 1200 | &nbsp;&nbsp; 1167674 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.00% | 08/01/2052 | 2875 | &nbsp;&nbsp; 2769058 |
| California (State of) School Finance Authority (Green Dot Public Schools); |  |  |  |  |
| Series 2022, Ref. RB<sup>(a)</sup> <br>| 5.00% | 08/01/2032 | 595 | &nbsp;&nbsp; 628371 |
| Series 2022, Ref. RB<sup>(a)</sup> <br>| 5.38% | 08/01/2042 | 1150 | &nbsp;&nbsp; 1223905 |
| Series 2022, Ref. RB<sup>(a)</sup> <br>| 5.75% | 08/01/2052 | 1160 | &nbsp;&nbsp; 1209803 |
| California (State of) School Finance Authority (New Designs Charter School); Series 2024, Ref. <br> RB<sup>(a)</sup> <br>| 5.00% | 06/01/2064 | 1600 | &nbsp;&nbsp; 1499115 |
| California (State of) School Finance Authority (TEACH Public Schools); Series 2019 A, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2058 | 500 | &nbsp;&nbsp; 471709 |
| California (State of) Statewide Communities Development Authority; Series 2022, RB (INS - <br> AGI)<sup>(g)(h)</sup> <br>| 5.38% | 08/15/2057 | 10000 | &nbsp;&nbsp; 10298528 |
| California (State of) Statewide Communities Development Authority (Creative Child Care & Team <br> Charter); Series 2015, RB<sup>(a)</sup> <br>| 6.75% | 06/01/2045 | 6220 | &nbsp;&nbsp; 6228320 |
| California (State of) Statewide Communities Development Authority (Enloe Medical Center); <br> Series 2022 A, RB (INS - AGI)<sup>(h)</sup> <br>| 5.25% | 08/15/2052 | 2000 | &nbsp;&nbsp; 2050568 |
| California (State of) Statewide Communities Development Authority (Loma Linda University Medical <br> Center);<br>|  |  |  |  |
| Series 2016 A, RB<sup>(a)</sup> <br>| 5.00% | 12/01/2046 | 6630 | &nbsp;&nbsp; 6635184 |
| Series 2016 A, RB<sup>(a)</sup> <br>| 5.25% | 12/01/2056 | 25000 | &nbsp;&nbsp; 25013657 |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.50% | 12/01/2058 | 24340 | &nbsp;&nbsp; 24784879 |
| Series 2018, RB<sup>(a)</sup> <br>| 5.25% | 12/01/2043 | 500 | &nbsp;&nbsp; 511763 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program); |  |  |  |  |
| Series 2002, RB | 6.00% | 05/01/2043 | $15000 | &nbsp;&nbsp; $15316948 |
| Series 2006 A, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2046 | 174450 | &nbsp;&nbsp; 45669231 |
| Series 2006 C, RB<sup>(a)(e)</sup> <br>| 0.00% | 06/01/2055 | 211450 | &nbsp;&nbsp; 13234423 |
| Fairfield (City of), CA Community Facilities District No. 2007-1 (Fairfield Commons); |  |  |  |  |
| Series 2008, RB | 6.75% | 09/01/2028 | 1710 | &nbsp;&nbsp; 1741110 |
| Series 2008, RB | 6.88% | 09/01/2038 | 4440 | &nbsp;&nbsp; 4509172 |
| Foothill-Eastern Transportation Corridor Agency; |  |  |  |  |
| Series 2014 A, Ref. RB (INS - AGI)<sup>(e)(h)</sup> <br>| 0.00% | 01/15/2036 | 45000 | &nbsp;&nbsp; 33738556 |
| Series 2014 A, Ref. RB | 6.85% | 01/15/2042 | 5000 | &nbsp;&nbsp; 6073001 |
| Golden State Tobacco Securitization Corp.; Series 2021 B-2, Ref. RB<sup>(e)</sup> <br>| 0.00% | 06/01/2066 | 423403 | &nbsp;&nbsp; 45318390 |
| Inland Empire Tobacco Securitization Corp.; |  |  |  |  |
| Series 2007 D, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2057 | 46635 | &nbsp;&nbsp; 3720508 |
| Series 2007 F, RB<sup>(a)(e)</sup> <br>| 0.00% | 06/01/2057 | 99650 | &nbsp;&nbsp; 5149055 |
| Los Angeles (City of), CA Department of Airports; Series 2021 A, Ref. RB<sup>(c)(g)(i)</sup> <br>| 5.00% | 05/15/2051 | 5000 | &nbsp;&nbsp; 5114441 |
| Rib Floater Trust; Series 2026, VRD RB (LOC - Barclays Bank PLC)<sup>(a)(c)(j)(k)</sup> <br>| 2.18% | 03/04/2027 | 7745 | &nbsp;&nbsp; 7745000 |
| Sacramento (County of), CA (Metro Air Park Community); Series 2022, Ref. RB | 5.00% | 09/01/2042 | 1000 | &nbsp;&nbsp; 1045070 |
| San Bernardino City Unified School District; |  |  |  |  |
| Series 2011 D, GO Bonds (INS - AGI)<sup>(e)(h)</sup> <br>| 0.00% | 08/01/2036 | 7650 | &nbsp;&nbsp; 5593535 |
| Series 2011 D, GO Bonds (INS - AGI)<sup>(e)(h)</sup> <br>| 0.00% | 08/01/2037 | 13130 | &nbsp;&nbsp; 9169672 |
| Series 2011 D, GO Bonds (INS - AGI)<sup>(e)(h)</sup> <br>| 0.00% | 08/01/2038 | 13515 | &nbsp;&nbsp; 9009891 |
| Series 2011 D, GO Bonds (INS - AGI)<sup>(e)(h)</sup> <br>| 0.00% | 08/01/2039 | 13895 | &nbsp;&nbsp; 8833459 |
| Series 2011 D, GO Bonds (INS - AGI)<sup>(e)(h)</sup> <br>| 0.00% | 08/01/2040 | 14280 | &nbsp;&nbsp; 8642333 |
| Series 2011 D, GO Bonds (INS - AGI)<sup>(e)(h)</sup> <br>| 0.00% | 08/01/2041 | 14080 | &nbsp;&nbsp; 8088276 |
| San Diego (County of), CA Regional Airport Authority; |  |  |  |  |
| Series 2021 B, RB<sup>(c)</sup> <br>| 4.00% | 07/01/2056 | 2660 | &nbsp;&nbsp; 2376089 |
| Series 2023 B, RB<sup>(c)</sup> <br>| 5.00% | 07/01/2053 | 25405 | &nbsp;&nbsp; 26027125 |
| San Diego Unified School District (Election of 2008); Series 2012 E, GO Bonds<sup>(d)</sup> <br>| 5.25% | 07/01/2042 | 10000 | &nbsp;&nbsp; 8857747 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); <br> Second Series 2023 C, Ref. RB<sup>(c)</sup> <br>| 5.75% | 05/01/2048 | 10000 | &nbsp;&nbsp; 10887648 |
| San Jose (City of), CA (Helzer Courts Apartments); Series 1999 A, RB<sup>(c)</sup> <br>| 6.40% | 12/01/2041 | 12013 | &nbsp;&nbsp; 12017862 |
| Savanna School District (Election of 2008); Series 2012 B, GO Bonds (INS - AGI)<sup>(d)(h)</sup> <br>| 6.75% | 02/01/2052 | 7500 | &nbsp;&nbsp; 6473183 |
| Silicon Valley Tobacco Securitization Authority (Santa Clara); |  |  |  |  |
| Series 2007 A, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2036 | 10000 | &nbsp;&nbsp; 5664396 |
| Series 2007 A, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2047 | 20000 | &nbsp;&nbsp; 4990718 |
| Southern California Logistics Airport Authority; |  |  |  |  |
| Series 2008 A, RB<sup>(e)</sup> <br>| 0.00% | 12/01/2045 | 18085 | &nbsp;&nbsp; 6123425 |
| Series 2008 A, RB<sup>(e)</sup> <br>| 0.00% | 12/01/2046 | 18085 | &nbsp;&nbsp; 5761657 |
| Series 2008 A, RB<sup>(e)</sup> <br>| 0.00% | 12/01/2047 | 18085 | &nbsp;&nbsp; 5429576 |
| Series 2008 A, RB<sup>(e)</sup> <br>| 0.00% | 12/01/2048 | 18085 | &nbsp;&nbsp; 5058385 |
| Series 2008 A, RB<sup>(e)</sup> <br>| 0.00% | 12/01/2049 | 18085 | &nbsp;&nbsp; 4805004 |
| Series 2008 A, RB<sup>(e)</sup> <br>| 0.00% | 12/01/2050 | 18085 | &nbsp;&nbsp; 4500633 |
| Southern California Tobacco Securitization Authority (San Diego County Asset Securitization <br> Corp.); Series 2019, Ref. RB<sup>(e)</sup> <br>| 0.00% | 06/01/2054 | 19300 | &nbsp;&nbsp; 3653488 |
| Vallejo (City of), CA Public Financing Authority (Hiddenbrooke Improvement District); Series 2004 <br> A, RB<br>| 5.80% | 09/01/2031 | 2100 | &nbsp;&nbsp; 2129868 |
|  |  |  |  | &nbsp;&nbsp; 624447319 |
| **Colorado–10.51%** | **Colorado–10.51%** | **Colorado–10.51%** | **Colorado–10.51%** | **Colorado–10.51%** |
| 3rd and Havana Metropolitan District; |  |  |  |  |
| Series 2020 A, GO Bonds | 5.25% | 12/01/2049 | 3200 | &nbsp;&nbsp; 2769391 |
| Series 2020 B, GO Bonds | 7.75% | 12/15/2049 | 1925 | &nbsp;&nbsp; 1933039 |
| 64th Ave ARI Authority; Series 2020, RB | 6.50% | 12/01/2043 | 14000 | &nbsp;&nbsp; 14234503 |
| Aberdeen Metropolitan District No. 2; Series 2021, Ref. GO Bonds<sup>(d)</sup> <br>| 5.75% | 12/01/2051 | 6055 | &nbsp;&nbsp; 5696914 |
| Aurora Highlands Community Authority Board; Series 2021 A, Ref. RB | 5.75% | 12/01/2051 | 40000 | &nbsp;&nbsp; 39036476 |
| Banning Lewis Ranch Metropolitan District No. 4; |  |  |  |  |
| Series 2018 A, GO Bonds | 5.75% | 12/01/2048 | 4832 | &nbsp;&nbsp; 4841704 |
| Series 2018 B, GO Bonds | 8.00% | 12/15/2048 | 1206 | &nbsp;&nbsp; 1208138 |
| Series 2018 C, GO Bonds | 8.00% | 12/15/2051 | 4134 | &nbsp;&nbsp; 3733799 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** |
| Banning Lewis Ranch Metropolitan District No. 5; |  |  |  |  |
| Series 2018 A, GO Bonds | 5.75% | 12/01/2048 | $2165 | &nbsp;&nbsp; $2169348 |
| Series 2018 B, GO Bonds | 8.00% | 12/15/2048 | 511 | &nbsp;&nbsp; 511906 |
| Series 2018 C, GO Bonds | 8.00% | 12/15/2051 | 1942 | &nbsp;&nbsp; 1700228 |
| Banning Lewis Ranch Metropolitan District No. 8; Series 2021, GO Bonds<sup>(a)</sup> <br>| 4.88% | 12/01/2051 | 4500 | &nbsp;&nbsp; 4069443 |
| Banning Lewis Ranch Regional Metropolitan District No. 1; |  |  |  |  |
| Series 2018 A, GO Bonds | 5.38% | 12/01/2048 | 2500 | &nbsp;&nbsp; 2472712 |
| Series 2018 B, GO Bonds | 7.75% | 12/15/2041 | 40 | &nbsp;&nbsp; 40189 |
| Series 2018 C, GO Bonds | 8.00% | 12/15/2041 | 1801 | &nbsp;&nbsp; 1567179 |
| Banning Lewis Ranch Regional Metropolitan District No. 2; Series 2021, GO Bonds | 5.75% | 12/01/2051 | 5190 | &nbsp;&nbsp; 5058342 |
| Base Village Metropolitan District No. 2; Series 2016 B, Ref. GO Bonds | 6.50% | 12/15/2048 | 2830 | &nbsp;&nbsp; 2212073 |
| Belford North Metropolitan District; Series 2020 B, GO Bonds | 8.50% | 12/15/2050 | 6500 | &nbsp;&nbsp; 6525433 |
| Bella Mesa Metropolitan District; Series 2024 B, GO Bonds<sup>(a)</sup> <br>| 8.00% | 12/15/2054 | 2000 | &nbsp;&nbsp; 2007561 |
| Bennett Ranch Metropolitan District No. 1; Series 2021 B, GO Bonds | 7.50% | 12/15/2051 | 1221 | &nbsp;&nbsp; 1120928 |
| Berthoud-Heritage Metropolitan District No. 10; Series 2022 B, GO Bonds | 8.00% | 12/15/2052 | 6840 | &nbsp;&nbsp; 6862714 |
| Broadway Station Metropolitan District No. 2; Series 2019 B, GO Bonds<sup>(d)</sup> <br>| 7.50% | 12/01/2048 | 7075 | &nbsp;&nbsp; 3046397 |
| Broadway Station Metropolitan District No. 3; Series 2019 B, GO Bonds<sup>(d)</sup> <br>| 7.50% | 12/01/2049 | 30465 | &nbsp;&nbsp; 10001647 |
| Buffalo Highlands Metropolitan District; Series 2018 B, GO Bonds | 7.63% | 12/15/2046 | 1226 | &nbsp;&nbsp; 1226220 |
| Buffalo Ridge Metropolitan District; Series 2018 B, GO Bonds | 7.38% | 12/15/2047 | 931 | &nbsp;&nbsp; 932177 |
| Canyon Pines Metropolitan District; |  |  |  |  |
| Series 2021 A-1, GO Bonds | 5.25% | 12/01/2051 | 6995 | &nbsp;&nbsp; 6187494 |
| Series 2024, GO Bonds<sup>(a)</sup> <br>| 8.25% | 12/01/2053 | 3400 | &nbsp;&nbsp; 3442665 |
| Cascade Ridge Metropolitan District; Series 2021, GO Bonds | 5.00% | 12/01/2051 | 3000 | &nbsp;&nbsp; 2659663 |
| Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2017, RB<sup>(a)</sup> <br>| 5.00% | 12/01/2047 | 500 | &nbsp;&nbsp; 499991 |
| Citadel on Colfax Business Improvement District; Series 2020 B, RB | 7.88% | 12/15/2050 | 465 | &nbsp;&nbsp; 462490 |
| City Center West Commercial Metropolitan District; |  |  |  |  |
| Series 2020 A, Ref. GO Bonds | 7.00% | 12/01/2049 | 3929 | &nbsp;&nbsp; 3950666 |
| Series 2020 B, GO Bonds | 9.00% | 12/15/2049 | 581 | &nbsp;&nbsp; 583023 |
| Clear Creek Transit Metropolitan District No. 2; Series 2021 B, GO Bonds | 7.90% | 12/15/2050 | 1160 | &nbsp;&nbsp; 1161506 |
| Colliers Hill Metropolitan District No. 1; |  |  |  |  |
| Series 2019 B, Ref. GO Bonds | 8.00% | 12/15/2048 | 2114 | &nbsp;&nbsp; 2121788 |
| Series 2021 C, GO Bonds | 7.25% | 12/15/2049 | 2350 | &nbsp;&nbsp; 2355656 |
| Colliers Hill Metropolitan District No. 2; Series 2022 B-2, GO Bonds | 7.63% | 12/15/2042 | 5782 | &nbsp;&nbsp; 5894953 |
| Colorado (State of) Educational & Cultural Facilities Authority (Ascent Classical Academy); <br> Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.50% | 04/01/2044 | 1250 | &nbsp;&nbsp; 1276048 |
| Colorado (State of) Educational & Cultural Facilities Authority (Community Leadership Academy); |  |  |  |  |
| Series 2008, RB | 6.25% | 07/01/2028 | 445 | &nbsp;&nbsp; 445902 |
| Series 2008, RB | 6.50% | 07/01/2038 | 1000 | &nbsp;&nbsp; 1001469 |
| Series 2013, RB | 7.45% | 08/01/2048 | 2245 | &nbsp;&nbsp; 2251084 |
| Colorado (State of) Health Facilities Authority (Aberdeen Ridge); |  |  |  |  |
| Series 2021 A, RB (Acquired 12/15/2021-07/19/2022; Cost $3,673,463)<sup>(l)</sup> <br>| 5.00% | 05/15/2044 | 3750 | &nbsp;&nbsp; 3170719 |
| Series 2025 A, Ref. RB<sup>(a)</sup> <br>| 8.75% | 05/15/2058 | 8640 | &nbsp;&nbsp; 8711570 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health); |  |  |  |  |
| Series 2022, RB | 5.50% | 11/01/2047 | 7250 | &nbsp;&nbsp; 7708613 |
| Series 2022, RB | 5.25% | 11/01/2052 | 4500 | &nbsp;&nbsp; 4684902 |
| Colorado (State of) International Center Metropolitan District No. 14; |  |  |  |  |
| Series 2018, GO Bonds | 5.88% | 12/01/2046 | 13500 | &nbsp;&nbsp; 13522171 |
| Series 2022, GO Bonds | 7.50% | 12/15/2051 | 15000 | &nbsp;&nbsp; 15016999 |
| Colorado (State of) International Center Metropolitan District No. 4; |  |  |  |  |
| Series 2019 A, Ref. GO Bonds | 6.00% | 12/01/2047 | 30920 | &nbsp;&nbsp; 29581680 |
| Series 2019 A-2, GO Bonds | 6.25% | 12/01/2048 | 15075 | &nbsp;&nbsp; 15141475 |
| Series 2019 B-2, GO Bonds | 8.75% | 12/15/2048 | 1997 | &nbsp;&nbsp; 2003404 |
| Colorado Crossing Metropolitan District No. 2; Series 2020 B, GO Bonds<sup>(a)</sup> <br>| 7.50% | 12/15/2050 | 3495 | &nbsp;&nbsp; 3506446 |
| Colorado State University Research Foundation; |  |  |  |  |
| Series 2025 A, RB<sup>(a)</sup> <br>| 5.38% | 03/01/2055 | 5000 | &nbsp;&nbsp; 5006369 |
| Series 2025 A, RB<sup>(a)</sup> <br>| 5.50% | 03/01/2065 | 13000 | &nbsp;&nbsp; 13039123 |
| Compark Business Campus Metropolitan District Subdistrict; Series 2025, GO Bonds<sup>(e)</sup> <br>| 0.00% | 12/01/2055 | 15080 | &nbsp;&nbsp; 5521890 |
| Conestoga Metropolitan District No. 2; Series 2021 A, GO Bonds | 5.25% | 12/01/2051 | 1625 | &nbsp;&nbsp; 1478023 |
| Cottonwood Hollow Residential Metropolitan District; Series 2021, GO Bonds | 5.00% | 12/01/2051 | 15824 | &nbsp;&nbsp; 12986413 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** |
| Creekside Village Metropolitan District; Series 2019, GO Bonds | 7.75% | 12/15/2049 | $569 | &nbsp;&nbsp; $570532 |
| Crossroads Metropolitan District No. 1; Series 2022, GO Bonds | 6.50% | 12/01/2051 | 7460 | &nbsp;&nbsp; 7456789 |
| Dawson Trails Metropolitan District No. 1; |  |  |  |  |
| Series 2024, GO Bonds<sup>(e)</sup> <br>| 0.00% | 12/01/2031 | 18382 | &nbsp;&nbsp; 11945306 |
| Series 2025 B, GO Bonds | 9.25% | 12/15/2055 | 13000 | &nbsp;&nbsp; 12611871 |
| Deer Creek Villas Metropolitan District; Series 2022 B, GO Bonds | 7.75% | 12/15/2055 | 650 | &nbsp;&nbsp; 653027 |
| Denver (City & County of), CO; |  |  |  |  |
| Series 2018 A, RB<sup>(c)(g)(i)</sup> <br>| 5.00% | 12/01/2048 | 10000 | &nbsp;&nbsp; 10107532 |
| Series 2021 A, RB | 4.00% | 08/01/2051 | 8350 | &nbsp;&nbsp; 7934865 |
| Series 2022 A, RB<sup>(c)</sup> <br>| 4.13% | 11/15/2053 | 5000 | &nbsp;&nbsp; 4527013 |
| Series 2022 D, RB<sup>(c)(g)(i)</sup> <br>| 5.00% | 11/15/2053 | 26000 | &nbsp;&nbsp; 27870119 |
| Series 2022, RB<sup>(c)(g)(i)</sup> <br>| 5.00% | 11/15/2042 | 4000 | &nbsp;&nbsp; 4283873 |
| Series 2022, RB<sup>(c)(g)(i)</sup> <br>| 5.75% | 11/15/2045 | 8000 | &nbsp;&nbsp; 8752973 |
| Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB<sup>(c)</sup> <br>| 5.00% | 10/01/2032 | 15740 | &nbsp;&nbsp; 15765902 |
| Denver (City & County of), CO Convention Center Hotel Authority; |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 12/01/2032 | 1000 | &nbsp;&nbsp; 1012090 |
| Series 2016, Ref. RB | 5.00% | 12/01/2040 | 250 | &nbsp;&nbsp; 251433 |
| Denver (City & County of), CO Health & Hospital Authority; Series 2025 A, RB | 5.13% | 12/01/2050 | 4750 | &nbsp;&nbsp; 4812899 |
| Denver Gateway Center Metropolitan District; Series 2018 B, GO Bonds | 7.88% | 12/15/2048 | 1855 | &nbsp;&nbsp; 1803808 |
| Denver International Business Center Metropolitan District No. 1; Series 2019 B, GO Bonds | 6.00% | 12/01/2048 | 2291 | &nbsp;&nbsp; 2300274 |
| Elbert & Highway 86 Commercial Metropolitan District; Series 2021 B, GO Bonds<sup>(a)</sup> <br>| 8.00% | 12/15/2051 | 1905 | &nbsp;&nbsp; 1911652 |
| Elevation Park Metropolitan District; Series 2021, GO Bonds | 4.25% | 12/01/2051 | 2440 | &nbsp;&nbsp; 1939446 |
| Erie Highlands Metropolitan District No. 2; Series 2018 C, GO Bonds | 8.00% | 12/15/2052 | 3600 | &nbsp;&nbsp; 2913111 |
| Evan's Place Metropolitan District; Series 2020 A, GO Bonds | 5.00% | 12/01/2040 | 550 | &nbsp;&nbsp; 555379 |
| Flying Horse Metropolitan District No. 3; Series 2019, Ref. GO Bonds<sup>(a)</sup> <br>| 6.00% | 12/01/2049 | 2970 | &nbsp;&nbsp; 2979355 |
| Forest Trace Metropolitan District No. 3; |  |  |  |  |
| Series 2020 B, GO Bonds | 7.88% | 12/15/2049 | 933 | &nbsp;&nbsp; 936643 |
| Series 2023 B, GO Bonds<sup>(a)</sup> <br>| 9.00% | 12/15/2047 | 968 | &nbsp;&nbsp; 972174 |
| Fourth North Business Improvement District; Series 2022 B, RB | 8.13% | 12/15/2052 | 4525 | &nbsp;&nbsp; 4544266 |
| Gardens at East Iliff Metropolitan District; Series 2019 B, GO Bonds | 8.50% | 12/15/2049 | 680 | &nbsp;&nbsp; 681201 |
| Gardens on Havana Metropolitan District No. 3 (The); Series 2017 B, RB | 7.75% | 12/15/2047 | 299 | &nbsp;&nbsp; 299061 |
| Hance Ranch Metropolitan District; |  |  |  |  |
| Series 2020, GO Bonds | 5.00% | 12/01/2040 | 565 | &nbsp;&nbsp; 559489 |
| Series 2020, GO Bonds | 5.13% | 12/01/2050 | 1810 | &nbsp;&nbsp; 1638936 |
| Haskins Station Metropolitan District; Series 2019 B, GO Bonds | 8.75% | 12/15/2049 | 1328 | &nbsp;&nbsp; 1244202 |
| Hess Ranch Metropolitan District No. 5; |  |  |  |  |
| Series 2024 A-1, RB | 6.00% | 12/01/2043 | 1430 | &nbsp;&nbsp; 1490533 |
| Series 2024 A-2, RB | 6.50% | 12/01/2043 | 1383 | &nbsp;&nbsp; 1441163 |
| Hess Ranch Metropolitan District No. 6; |  |  |  |  |
| Series 2020 A-2, GO Bonds<sup>(d)</sup> <br>| 5.75% | 12/01/2049 | 9000 | &nbsp;&nbsp; 8613924 |
| Series 2020 B, GO Bonds | 8.00% | 12/15/2049 | 4683 | &nbsp;&nbsp; 4699993 |
| Series 2022 C, GO Bonds<sup>(a)</sup> <br>| 8.25% | 12/15/2052 | 15569 | &nbsp;&nbsp; 15641195 |
| Home Place Metropolitan District; Series 2020 B, GO Bonds | 8.25% | 12/15/2050 | 834 | &nbsp;&nbsp; 836921 |
| Homestead Hills Metropolitan District; Series 2020 B, GO Bonds | 8.00% | 12/15/2050 | 722 | &nbsp;&nbsp; 724918 |
| Jefferson (County of), CO Center Metropolitan District No. 1; |  |  |  |  |
| Series 2020 B, Ref. RB | 5.75% | 12/15/2050 | 6909 | &nbsp;&nbsp; 6920792 |
| Series 2024 C, GO Bonds | 8.50% | 12/16/2026 | 5 | &nbsp;&nbsp; 5008 |
| Series 2024 C, GO Bonds | 8.50% | 12/16/2053 | 6180 | &nbsp;&nbsp; 6203559 |
| Johnstown Farms East Metropolitan District; Series 2021, GO Bonds | 5.00% | 12/01/2051 | 2562 | &nbsp;&nbsp; 2219865 |
| Jones District Community Authority Board; Series 2020 A, RB<sup>(d)</sup> <br>| 5.75% | 12/01/2050 | 6815 | &nbsp;&nbsp; 6785835 |
| Karl's Farm Metropolitan District No. 2; Series 2024 B, GO Bonds | 6.20% | 12/15/2044 | 567 | &nbsp;&nbsp; 581177 |
| Lake Bluff Metropolitan District No. 2; Series 2021, Ref. GO Bonds | 5.25% | 12/01/2051 | 11777 | &nbsp;&nbsp; 10542117 |
| Lanterns Rock Creek Metropolitan District; Series 2020, GO Bonds | 6.25% | 08/01/2045 | 1441 | &nbsp;&nbsp; 1444912 |
| Ledge Rock Center Residential Metropolitan District No. 1; Series 2024 B, GO Bonds | 8.75% | 12/15/2054 | 600 | &nbsp;&nbsp; 602523 |
| Liberty Draw Metropolitan District No. 6; Series 2023, GO Bonds | 7.25% | 12/01/2053 | 2740 | &nbsp;&nbsp; 2859155 |
| Lowell Metropolitan District; Series 2023 B-3, Ref. GO Bonds | 8.50% | 12/15/2052 | 1738 | &nbsp;&nbsp; 1743104 |
| Mayberry Springs Community Authority; Series 2021 B, RB | 8.00% | 04/15/2051 | 3351 | &nbsp;&nbsp; 3364515 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** |
| Mayfield Metropolitan District; |  |  |  |  |
| Series 2020 A, GO Bonds | 5.75% | 12/01/2050 | $1166 | &nbsp;&nbsp; $1177559 |
| Series 2020 B, GO Bonds | 8.25% | 12/15/2050 | 622 | &nbsp;&nbsp; 624054 |
| Series 2020 C, GO Bonds | 3.00% | 12/15/2050 | 767 | &nbsp;&nbsp; 340342 |
| Meadowbrook Crossing Metropolitan District; Series 2020 B, Ref. GO Bonds<sup>(a)</sup> <br>| 7.75% | 12/15/2049 | 494 | &nbsp;&nbsp; 495055 |
| Midtown Clear Creek Metropolitan District; Series 2023 B, Ref. GO Bonds | 8.00% | 12/15/2053 | 641 | &nbsp;&nbsp; 643154 |
| Midtown Metropoltan District; |  |  |  |  |
| Series 2022 A-1, Ref. GO Bonds | 6.75% | 12/01/2051 | 3190 | &nbsp;&nbsp; 3382999 |
| Series 2022 A-2, Ref. GO Bonds<sup>(d)</sup> <br>| 7.00% | 12/01/2051 | 4330 | &nbsp;&nbsp; 4066195 |
| Montrose (County of), CO (The Homestead at Montrose, Inc.); Series 2003 A, RB | 7.00% | 02/01/2038 | 5930 | &nbsp;&nbsp; 5832437 |
| Morgan Hill Metropolitan District No. 3; Series 2021 B, GO Bonds | 6.38% | 12/15/2051 | 1460 | &nbsp;&nbsp; 1465344 |
| Murphy Creek Metropolitan District No. 5; |  |  |  |  |
| Series 2022 A, GO Bonds | 6.00% | 12/01/2052 | 3000 | &nbsp;&nbsp; 2880731 |
| Series 2022 B, GO Bonds | 9.25% | 12/15/2052 | 3532 | &nbsp;&nbsp; 3538477 |
| MW Retail Business Improvement District; |  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 6.00% | 12/01/2054 | 1800 | &nbsp;&nbsp; 1725031 |
| Series 2025 A, RB<sup>(a)</sup> <br>| 6.38% | 12/01/2054 | 500 | &nbsp;&nbsp; 501565 |
| North Range Metropolitan District No. 2; Series 2017 B, GO Bonds | 7.75% | 12/15/2047 | 1170 | &nbsp;&nbsp; 1170204 |
| Palisade Metropolitan District No. 2; Series 2024 C, RB<sup>(a)</sup> <br>| 8.00% | 12/15/2037 | 1080 | &nbsp;&nbsp; 1105416 |
| Peak Metropolitan District No. 1; Series 2021 B, GO Bonds<sup>(a)</sup> <br>| 7.63% | 12/15/2051 | 1652 | &nbsp;&nbsp; 1658059 |
| Poudre Heights Valley Metropolitan District; Series 2024 A, GO Bonds<sup>(a)</sup> <br>| 5.50% | 12/01/2054 | 975 | &nbsp;&nbsp; 933562 |
| Promontory Metropolitan District No. 3; Series 2020 A, GO Bonds | 6.25% | 12/01/2050 | 1021 | &nbsp;&nbsp; 963255 |
| Pronghorn Valley Metropolitan District; Series 2021 B, GO Bonds | 7.25% | 12/15/2051 | 500 | &nbsp;&nbsp; 501888 |
| Reata Ridge Village Metropolitan District No. 2; Series 2019 B-3, GO Bonds | 8.00% | 12/15/2049 | 615 | &nbsp;&nbsp; 617019 |
| Redtail Ridge Metropolitan District; Series 2025, GO Bonds<sup>(e)</sup> <br>| 0.00% | 12/01/2032 | 7500 | &nbsp;&nbsp; 4846103 |
| Remuda Ranch Metropolitan District; Series 2020 B, GO Bonds | 7.63% | 12/15/2050 | 574 | &nbsp;&nbsp; 540124 |
| Revere at Johnstown Metropolitan District No. 3; |  |  |  |  |
| Series 2024 A, GO Bonds | 7.00% | 12/01/2053 | 2338 | &nbsp;&nbsp; 2373126 |
| Series 2024 B, GO Bonds | 9.00% | 12/15/2053 | 675 | &nbsp;&nbsp; 678266 |
| Riverdale Peaks II Metropolitan District; Series 2005, GO Bonds<sup>(f)</sup> <br>| 6.50% | 12/01/2035 | 1000 | &nbsp;&nbsp; 900000 |
| Riverwalk Metropolitan District No. 2; Series 2022 B, RB | 7.75% | 12/15/2052 | 5902 | &nbsp;&nbsp; 5922309 |
| RM Mead Metropolitan District; Series 2020 B, GO Bonds | 8.00% | 12/15/2050 | 610 | &nbsp;&nbsp; 611768 |
| Rock Canyon Metropolitan District; |  |  |  |  |
| Series 2020 A, GO Bonds | 5.00% | 12/01/2049 | 1598 | &nbsp;&nbsp; 1501815 |
| Series 2020 B, GO Bonds | 8.75% | 12/15/2049 | 398 | &nbsp;&nbsp; 399186 |
| Rocky Mountain Rail Park Metropolitan District; |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(a)</sup> <br>| 5.00% | 12/01/2041 | 5645 | &nbsp;&nbsp; 5666360 |
| Series 2024 B, Ref. GO Bonds | 8.50% | 12/15/2054 | 16000 | &nbsp;&nbsp; 16080736 |
| Rudolph Farms Metropolitan District No. 6; Series 2022 A, GO Bonds | 6.50% | 06/01/2052 | 13500 | &nbsp;&nbsp; 13260569 |
| Settler's Crossing Metropolitan District No. 1; |  |  |  |  |
| Series 2020 B, GO Bonds | 7.63% | 12/15/2050 | 1195 | &nbsp;&nbsp; 1198439 |
| Series 2021 C, GO Bonds | 7.63% | 12/15/2052 | 4560 | &nbsp;&nbsp; 4570508 |
| Silver Peaks Metropolitan District No. 3; Series 2020 B, GO Bonds | 7.00% | 12/15/2050 | 442 | &nbsp;&nbsp; 443598 |
| St. Vrain Lakes Metropolitan District No. 4; |  |  |  |  |
| Series 2024 A, GO Bonds<sup>(a)(d)</sup> <br>| 6.75% | 09/20/2054 | 3000 | &nbsp;&nbsp; 2210129 |
| Series 2024 B, GO Bonds<sup>(a)</sup> <br>| 8.75% | 09/20/2054 | 1760 | &nbsp;&nbsp; 1767528 |
| Sterling Ranch Community Authority Board; |  |  |  |  |
| Series 2024 A, Ref. RB<sup>(a)</sup> <br>| 5.75% | 12/01/2054 | 2400 | &nbsp;&nbsp; 2425799 |
| Series 2024 A, Ref. RB | 6.50% | 12/01/2054 | 765 | &nbsp;&nbsp; 796092 |
| Series 2024 B, Ref. RB<sup>(a)</sup> <br>| 8.25% | 12/15/2054 | 1150 | &nbsp;&nbsp; 1154191 |
| Series 2024 B, Ref. RB | 8.75% | 12/15/2054 | 750 | &nbsp;&nbsp; 752449 |
| Series 2024, RB | 5.63% | 12/01/2043 | 682 | &nbsp;&nbsp; 710179 |
| Talon Pointe Metropolitan District; Series 2019 B, Ref. GO Bonds | 8.00% | 12/15/2051 | 2595 | &nbsp;&nbsp; 1968579 |
| Trails at Crowfoot Metropolitan District No. 3; Series 2024 B, Ref. GO Bonds | 6.88% | 12/15/2052 | 1375 | &nbsp;&nbsp; 1383092 |
| Transport Metropolitan District No. 3; Series 2021 A-2, GO Bonds<sup>(d)</sup> <br>| 5.50% | 12/01/2051 | 3000 | &nbsp;&nbsp; 2579625 |
| Trevenna Metropolitan District; |  |  |  |  |
| Series 2024 A, GO Bonds | 5.75% | 12/01/2054 | 2525 | &nbsp;&nbsp; 2494991 |
| Series 2024 B, GO Bonds | 8.25% | 12/15/2049 | 627 | &nbsp;&nbsp; 630838 |
| Uplands Metropolitan District No. 1; Series 2023 A, GO Bonds | 7.50% | 09/01/2053 | 7970 | &nbsp;&nbsp; 8003711 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** |
| USAFA Visitor's Center Business Improvement District; Series 2022 C, RB<sup>(a)</sup> <br>| 7.75% | 12/15/2052 | $24275 | &nbsp;&nbsp; $24369990 |
| Velocity Metropolitan District No. 5; Series 2022 B, GO Bonds | 8.00% | 12/15/2039 | 14197 | &nbsp;&nbsp; 14248444 |
| Villages at Castle Rock Metropolitan District No. 6; Series 2021 B, Ref. GO Bonds<sup>(a)</sup> <br>| 5.70% | 12/01/2051 | 27543 | &nbsp;&nbsp; 26630051 |
| Villages at Johnstown Metropolitan District No. 3; Series 2020 B, GO Bonds | 7.50% | 12/15/2050 | 843 | &nbsp;&nbsp; 846169 |
| Vista Meadows Metropolitan District; Series 2023, GO Bonds | 9.25% | 12/15/2053 | 1418 | &nbsp;&nbsp; 1422948 |
| Vista Meadows Metropolitan District (Senior Bonds); Series 2023 A, GO Bonds | 7.25% | 12/01/2053 | 8750 | &nbsp;&nbsp; 8887119 |
| Wagons West Metropolitan District; Series 2020 B-3, GO Bonds | 8.50% | 12/15/2049 | 553 | &nbsp;&nbsp; 555288 |
| Water Valley Metropolitan District No. 3; Series 2024 B, GO Bonds | 6.25% | 12/15/2054 | 829 | &nbsp;&nbsp; 829349 |
| Waters' Edge Metropolitan District No. 2; Series 2021, GO Bonds | 5.00% | 12/01/2051 | 4445 | &nbsp;&nbsp; 4204097 |
| Waterstone Metropolitan District No. 1; Series 2025 B, Ref. GO Bonds | 6.38% | 12/15/2054 | 3915 | &nbsp;&nbsp; 3951394 |
| Waterview II Metropolitan District; Series 2022 B, GO Bonds | 8.00% | 12/15/2051 | 2915 | &nbsp;&nbsp; 2928178 |
| West Meadow Metropolitan District (Senior Bonds); Series 2023 A, Ref. GO Bonds<sup>(a)</sup> <br>| 6.50% | 12/01/2050 | 1500 | &nbsp;&nbsp; 1549645 |
| Westerly Metropolitan District No. 4; Series 2021 B, GO Bonds | 8.00% | 12/15/2050 | 4238 | &nbsp;&nbsp; 4254012 |
| Willow Springs Metropolitan District; Series 2024 B, GO Bonds<sup>(a)</sup> <br>| 6.50% | 10/15/2054 | 500 | &nbsp;&nbsp; 502157 |
| Windler Public Improvement Authority; |  |  |  |  |
| Series 2021 A-2, RB<sup>(d)</sup> <br>| 4.13% | 12/01/2031 | 1500 | &nbsp;&nbsp; 1344267 |
| Series 2021 A-2, RB<sup>(d)</sup> <br>| 4.50% | 12/01/2041 | 1130 | &nbsp;&nbsp; 907693 |
| Winsome Metropolitan District No. 3; Series 2021 A, GO Bonds<sup>(a)</sup> <br>| 5.13% | 12/01/2050 | 2700 | &nbsp;&nbsp; 2439480 |
|  |  |  |  | &nbsp;&nbsp; 740271823 |
| **Connecticut–0.13%** | **Connecticut–0.13%** | **Connecticut–0.13%** | **Connecticut–0.13%** | **Connecticut–0.13%** |
| Connecticut (State of) Health & Educational Facilities Authority; |  |  |  |  |
| Series 2020 G-1, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2039 | 1100 | &nbsp;&nbsp; 1116404 |
| Series 2025 A, RB<sup>(a)</sup> <br>| 12.00% | 09/01/2030 | 2250 | &nbsp;&nbsp; 2600321 |
| Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds<sup>(m)</sup> <br>| 5.13% | 10/01/2036 | 7935 | &nbsp;&nbsp; 952200 |
| Hamden (Town of), CT (Whitney Center); Series 2022 A, RB | 7.00% | 01/01/2053 | 4000 | &nbsp;&nbsp; 4253066 |
|  |  |  |  | &nbsp;&nbsp; 8921991 |
| **Delaware–0.20%** | **Delaware–0.20%** | **Delaware–0.20%** | **Delaware–0.20%** | **Delaware–0.20%** |
| Delaware (State of) Economic Development Authority (Aspira of Delaware Charter Operations, <br> Inc.);<br>|  |  |  |  |
| Series 2016 A, RB | 5.00% | 06/01/2046 | 1250 | &nbsp;&nbsp; 1184909 |
| Series 2016 A, RB | 5.00% | 06/01/2051 | 1100 | &nbsp;&nbsp; 999165 |
| Millsboro (Town of), DE (Plantation Lakes Special Development District); |  |  |  |  |
| Series 2018, Ref. RB<sup>(a)</sup> <br>| 5.13% | 07/01/2038 | 7962 | &nbsp;&nbsp; 8063146 |
| Series 2018, Ref. RB<sup>(a)</sup> <br>| 5.25% | 07/01/2048 | 4090 | &nbsp;&nbsp; 4067914 |
|  |  |  |  | &nbsp;&nbsp; 14315134 |
| **District of Columbia–1.58%** | **District of Columbia–1.58%** | **District of Columbia–1.58%** | **District of Columbia–1.58%** | **District of Columbia–1.58%** |
| District of Columbia; |  |  |  |  |
| Series 2025, GO Bonds<sup>(g)(i)</sup> <br>| 5.25% | 01/01/2048 | 11500 | &nbsp;&nbsp; 12298843 |
| Series 2025, Ref. RB | 5.75% | 10/01/2055 | 5625 | &nbsp;&nbsp; 6011016 |
| Series 2026 C, VRD GO Bonds<sup>(j)</sup> <br>| 2.06% | 06/01/2051 | 20000 | &nbsp;&nbsp; 20000000 |
| District of Columbia (Ingleside at Rock Creek); |  |  |  |  |
| Series 2017 A, RB | 5.00% | 07/01/2037 | 1370 | &nbsp;&nbsp; 1384369 |
| Series 2017 A, RB | 5.00% | 07/01/2052 | 9485 | &nbsp;&nbsp; 8861600 |
| District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB | 5.00% | 10/01/2045 | 2150 | &nbsp;&nbsp; 2091548 |
| District of Columbia Tobacco Settlement Financing Corp.; Series 2006 C, RB<sup>(e)</sup> <br>| 0.00% | 06/15/2055 | 60320 | &nbsp;&nbsp; 6290489 |
| Metropolitan Washington Airports Authority; Series 2023 A, Ref. RB<sup>(c)(g)(i)</sup> <br>| 5.25% | 10/01/2048 | 7710 | &nbsp;&nbsp; 8042044 |
| Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement); <br> Series 2022, Ref. RB (INS - AGI)<sup>(h)</sup> <br>| 4.00% | 10/01/2052 | 4365 | &nbsp;&nbsp; 3980545 |
| Washington Metropolitan Area Transit Authority; |  |  |  |  |
| Series 2025, RB<sup>(g)(i)</sup> <br>| 5.25% | 07/15/2050 | 20000 | &nbsp;&nbsp; 21378878 |
| Series 2025, RB<sup>(g)</sup> <br>| 5.25% | 07/15/2053 | 20000 | &nbsp;&nbsp; 21016824 |
|  |  |  |  | &nbsp;&nbsp; 111356156 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–9.03%** | **Florida–9.03%** | **Florida–9.03%** | **Florida–9.03%** | **Florida–9.03%** |
| Alachua (County of), FL Health Facilities Authority (East Ridge Retirement Village, Inc.); |  |  |  |  |
| Series 2014, RB (Acquired 09/15/2020; Cost $276,196)<sup>(l)(m)</sup> <br>| 5.63% | 11/15/2029 | $310 | &nbsp;&nbsp; $4653 |
| Series 2014, RB (Acquired 06/03/2020-06/04/2020; Cost $1,066,288)<sup>(l)(m)</sup> <br>| 6.00% | 11/15/2029 | 1241 | &nbsp;&nbsp; 18612 |
| Series 2014, RB (Acquired 03/31/2020-10/04/2021; Cost $861,794)<sup>(l)(m)</sup> <br>| 6.00% | 11/15/2034 | 1025 | &nbsp;&nbsp; 15378 |
| Series 2014, RB (Acquired 02/26/2014-12/04/2020; Cost $6,201,580)<sup>(l)(m)</sup> <br>| 6.25% | 11/15/2044 | 6869 | &nbsp;&nbsp; 103038 |
| Series 2014, RB (Acquired 02/26/2014-09/15/2020; Cost $1,480,256)<sup>(l)(m)</sup> <br>| 6.38% | 11/15/2049 | 1591 | &nbsp;&nbsp; 23869 |
| Series 2014, RB (Acquired 09/15/2020; Cost $693,803)<sup>(l)(m)</sup> <br>| 5.00% | 12/31/2079 | 720 | &nbsp;&nbsp; 10795 |
| Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.); <br> Series 2019, RB<br>| 4.00% | 12/01/2049 | 13950 | &nbsp;&nbsp; 12379294 |
| Alachua (County of), FL Health Facilities Authority (Terraces at Bonita Springs); Series 2022 A, <br> Ref. RB<sup>(a)</sup> <br>| 5.00% | 11/15/2061 | 40750 | &nbsp;&nbsp; 32535016 |
| Alachua (County of), FL Housing Finance Authority (Woodland Park II); Series 2025 A, RB<sup>(a)(b)</sup> <br>| 6.30% | 07/01/2043 | 1425 | &nbsp;&nbsp; 1535530 |
| Babcock Ranch Community Independent Special District; Series 2024, RB<sup>(a)</sup> <br>| 5.25% | 05/01/2055 | 1000 | &nbsp;&nbsp; 1009313 |
| Boggy Creek Improvement District; |  |  |  |  |
| Series 2023, Ref. RB | 5.13% | 05/01/2043 | 1775 | &nbsp;&nbsp; 1842749 |
| Series 2023, Ref. RB | 5.38% | 05/01/2053 | 4325 | &nbsp;&nbsp; 4386006 |
| Brevard (County of), FL Health Facilities Authority (Health First Obligated Group); Series 2022 A, <br> Ref. RB<br>| 5.00% | 04/01/2052 | 10000 | &nbsp;&nbsp; 10130508 |
| Broward (County of), FL; Series 2023, RB<sup>(g)</sup> <br>| 5.50% | 01/01/2055 | 10000 | &nbsp;&nbsp; 10587212 |
| Buckeye Park Community Development District; Series 2008 A, RB | 7.88% | 05/01/2038 | 685 | &nbsp;&nbsp; 685568 |
| Capital Projects Finance Authority (Millenia Orlando); |  |  |  |  |
| Series 2025 A, RB<sup>(a)</sup> <br>| 6.75% | 01/01/2045 | 5500 | &nbsp;&nbsp; 5829638 |
| Series 2025 A, RB<sup>(a)</sup> <br>| 7.13% | 01/01/2065 | 7500 | &nbsp;&nbsp; 7815282 |
| Capital Trust Agency, Inc. (Advantage Academy of Hillsborough); Series 2019 A, RB | 5.00% | 12/15/2049 | 4750 | &nbsp;&nbsp; 4362086 |
| Capital Trust Agency, Inc. (Franklin Academy); Series 2020, RB<sup>(a)</sup> <br>| 5.00% | 12/15/2055 | 4800 | &nbsp;&nbsp; 4334536 |
| Capital Trust Agency, Inc. (Green Bonds); Series 2021, RB<sup>(a)</sup> <br>| 4.00% | 06/15/2051 | 2220 | &nbsp;&nbsp; 1686183 |
| Capital Trust Agency, Inc. (Imagine School at North Manatee); |  |  |  |  |
| Series 2021 C, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2056 | 520 | &nbsp;&nbsp; 454261 |
| Series 2021, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2056 | 1300 | &nbsp;&nbsp; 1135652 |
| Capital Trust Agency, Inc. (New Springs, Inc.); Series 2021, RB | 4.75% | 06/01/2056 | 6140 | &nbsp;&nbsp; 4290020 |
| Capital Trust Agency, Inc. (Sarasota-Manatee Jewish Housing Council, Inc.); |  |  |  |  |
| Series 2017, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2037 | 1000 | &nbsp;&nbsp; 903501 |
| Series 2017, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2046 | 600 | &nbsp;&nbsp; 457289 |
| Capital Trust Agency, Inc. (Tallahassee Tapestry); |  |  |  |  |
| Series 2015, RB (Acquired 12/02/2015; Cost $5,348,646)<sup>(a)(l)(m)</sup> <br>| 6.75% | 12/01/2035 | 5405 | &nbsp;&nbsp; 648600 |
| Series 2015, RB (Acquired 12/02/2015; Cost $1,976,520)<sup>(a)(l)(m)</sup> <br>| 7.00% | 12/01/2045 | 2000 | &nbsp;&nbsp; 240000 |
| Series 2015, RB (Acquired 12/02/2015; Cost $989,541)<sup>(a)(l)(m)</sup> <br>| 7.13% | 12/01/2050 | 1000 | &nbsp;&nbsp; 120000 |
| Capital Trust Agency, Inc. (University Bridge LLC Student Housing); |  |  |  |  |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.25% | 12/01/2043 | 21350 | &nbsp;&nbsp; 21538815 |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.25% | 12/01/2058 | 18800 | &nbsp;&nbsp; 18197744 |
| Capital Trust Agency, Inc. (WFCS Portfolio); Series 2021, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2061 | 17620 | &nbsp;&nbsp; 1514728 |
| Capital Trust Authority (Academir Charter Schools, Inc.); Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.25% | 06/01/2054 | 2500 | &nbsp;&nbsp; 2284552 |
| Capital Trust Authority (Central Florida Preparatory School Project); Series 2024, RB<sup>(a)</sup> <br>| 6.63% | 06/15/2054 | 12000 | &nbsp;&nbsp; 12094234 |
| Capital Trust Authority (Classical Academy of Sarasota (The)); |  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 5.25% | 07/01/2054 | 2735 | &nbsp;&nbsp; 2495162 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.13% | 07/01/2060 | 2000 | &nbsp;&nbsp; 2012643 |
| Capital Trust Authority (Florida Institute of Technology); |  |  |  |  |
| Series 2025, RB<sup>(a)</sup> <br>| 5.25% | 07/01/2055 | 1325 | &nbsp;&nbsp; 1295338 |
| Series 2025, RB<sup>(a)</sup> <br>| 5.38% | 07/01/2065 | 3780 | &nbsp;&nbsp; 3697701 |
| Capital Trust Authority (Imagine School At West Pasco Project); |  |  |  |  |
| Series 2023, RB<sup>(a)</sup> <br>| 6.50% | 12/15/2053 | 2415 | &nbsp;&nbsp; 2264252 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.50% | 12/15/2058 | 3300 | &nbsp;&nbsp; 3064505 |
| Capital Trust Authority (Plato Academy Schools); |  |  |  |  |
| Series 2024, RB | 5.13% | 12/15/2054 | 3410 | &nbsp;&nbsp; 3181500 |
| Series 2024, RB | 5.13% | 12/15/2059 | 3200 | &nbsp;&nbsp; 2942908 |
| Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities); |  |  |  |  |
| Series 2019, RB<sup>(a)(c)</sup> <br>| 5.00% | 10/01/2049 | 2420 | &nbsp;&nbsp; 2411041 |
| Series 2021, RB<sup>(a)(c)</sup> <br>| 4.00% | 10/01/2041 | 4500 | &nbsp;&nbsp; 4384321 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**10**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** |
| Coastal Ridge Community Development District; |  |  |  |  |
| Series 2025, RB | 5.75% | 05/01/2045 | $1500 | &nbsp;&nbsp; $1575844 |
| Series 2025, RB | 6.00% | 05/01/2055 | 1900 | &nbsp;&nbsp; 1961922 |
| Escambia (County of), FL Health Facilities Authority (Baptist Health Care Corp. Obligated Group); |  |  |  |  |
| Series 2020, Ref. RB | 4.00% | 08/15/2045 | 12830 | &nbsp;&nbsp; 11575850 |
| Series 2020, Ref. RB (INS - AGI)<sup>(h)</sup> <br>| 3.00% | 08/15/2050 | 13685 | &nbsp;&nbsp; 9915717 |
| Florida (State of) Department of Transportation (Turnpike); Series 2022 C, RB<sup>(g)</sup> <br>| 5.00% | 07/01/2052 | 10000 | &nbsp;&nbsp; 10404230 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion); |  |  |  |  |
| Series 2024, Ref. RB<sup>(a)(b)(c)(m)</sup> <br>| 12.00% | 07/15/2028 | 15375 | &nbsp;&nbsp; 5381250 |
| Series 2024, Ref. RB<sup>(c)</sup> <br>| 5.00% | 07/01/2034 | 5715 | &nbsp;&nbsp; 4257675 |
| Series 2024, Ref. RB<sup>(c)</sup> <br>| 5.00% | 07/01/2041 | 2000 | &nbsp;&nbsp; 1490000 |
| Series 2024, Ref. RB (INS - AGI)<sup>(c)(h)</sup> <br>| 5.00% | 07/01/2044 | 11135 | &nbsp;&nbsp; 11055760 |
| Series 2024, Ref. RB<sup>(c)</sup> <br>| 5.25% | 07/01/2047 | 22385 | &nbsp;&nbsp; 16676825 |
| Series 2024, Ref. RB (INS - AGI)<sup>(c)(h)</sup> <br>| 5.25% | 07/01/2053 | 9015 | &nbsp;&nbsp; 8986267 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail); |  |  |  |  |
| Series 2024, RB<sup>(a)(b)(c)(m)</sup> <br>| 10.00% | 07/15/2028 | 10600 | &nbsp;&nbsp; 3710000 |
| Series 2024, Ref. RB<sup>(c)</sup> <br>| 5.00% | 07/01/2037 | 12375 | &nbsp;&nbsp; 9219375 |
| Florida Development Finance Corp. (Brightline West Passenger Rail); Series 2025, RB<sup>(a)(b)(c)(m)</sup> <br>| 10.00% | 06/15/2026 | 49400 | &nbsp;&nbsp; 34086000 |
| Florida Development Finance Corp. (Central Charter School); |  |  |  |  |
| Series 2022, Ref. RB<sup>(a)</sup> <br>| 5.63% | 08/15/2042 | 1515 | &nbsp;&nbsp; 1513366 |
| Series 2022, Ref. RB<sup>(a)</sup> <br>| 5.88% | 08/15/2052 | 5000 | &nbsp;&nbsp; 4724747 |
| Series 2022, Ref. RB<sup>(a)</sup> <br>| 6.00% | 08/15/2057 | 5750 | &nbsp;&nbsp; 5491844 |
| Florida Development Finance Corp. (Mater Academy); Series 2022 A, RB | 5.00% | 06/15/2056 | 8815 | &nbsp;&nbsp; 8366158 |
| Florida Development Finance Corp. (Palm Bay Academy, Inc.); |  |  |  |  |
| Series 2017, Ref. RB<sup>(a)(e)</sup> <br>| 0.00% | 05/15/2037 | 970 | &nbsp;&nbsp; 10 |
| Series 2017, Ref. RB<sup>(a)(e)</sup> <br>| 0.00% | 05/15/2037 | 1265 | &nbsp;&nbsp; 126500 |
| Series 2017, Ref. RB<sup>(a)</sup> <br>| 6.38% | 05/15/2037 | 2655 | &nbsp;&nbsp; 2507272 |
| Florida Development Finance Corp. (Parrish Charter Academy, Inc.); Series 2023, RB<sup>(a)(b)</sup> <br>| 6.25% | 06/15/2028 | 2000 | &nbsp;&nbsp; 1995126 |
| Florida Development Finance Corp. (UF Health Jacksonville); Series 2022, Ref. RB | 5.00% | 02/01/2052 | 3000 | &nbsp;&nbsp; 2902801 |
| Florida Local Government Finance Commission; Series 2025, RB<sup>(a)</sup> <br>| 11.00% | 12/22/2030 | 2070 | &nbsp;&nbsp; 2156435 |
| Gramercy Farms Community Development District; Series 2011, Ref. RB | 6.75% | 05/01/2039 | 1075 | &nbsp;&nbsp; 1039709 |
| Highlands (County of), FL Health Facilities Authority (Trousdale Foundation Properties); <br> Series 2018 A, RB (Acquired 08/29/2018-12/30/2020; Cost $9,750,251)<sup>(l)(m)</sup> <br>| 6.25% | 04/01/2049 | 11097 | &nbsp;&nbsp; 138716 |
| Hillsborough County Industrial Development Authority; Series 2025, RB<sup>(g)</sup> <br>| 5.50% | 11/15/2054 | 42110 | &nbsp;&nbsp; 45443756 |
| Hobe-St. Lucie Conservancy District; Series 2024, RB | 5.88% | 05/01/2055 | 2750 | &nbsp;&nbsp; 2824061 |
| Kendall Breeze West Community Development District; Series 2004, RB | 5.88% | 05/01/2034 | 700 | &nbsp;&nbsp; 701125 |
| Lake (County of), FL (Lakeside at Waterman Village); |  |  |  |  |
| Series 2020 A, Ref. RB | 5.75% | 08/15/2050 | 9890 | &nbsp;&nbsp; 9915861 |
| Series 2020 A, Ref. RB | 5.75% | 08/15/2055 | 12205 | &nbsp;&nbsp; 12061203 |
| Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); |  |  |  |  |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.50% | 07/15/2048 | 2250 | &nbsp;&nbsp; 2154267 |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.75% | 07/15/2053 | 2030 | &nbsp;&nbsp; 1962896 |
| Lakewood Ranch Stewardship District (Palm Grove); Series 2024, RB | 5.25% | 05/01/2044 | 580 | &nbsp;&nbsp; 602282 |
| Lee (County of), FL; |  |  |  |  |
| Series 2026 A-1, RB<sup>(c)</sup> <br>| 5.25% | 10/01/2044 | 1000 | &nbsp;&nbsp; 1104057 |
| Series 2026 A-1, RB<sup>(c)</sup> <br>| 5.25% | 10/01/2045 | 1000 | &nbsp;&nbsp; 1097956 |
| Series 2026 A-1, RB<sup>(c)</sup> <br>| 5.25% | 10/01/2046 | 1000 | &nbsp;&nbsp; 1084152 |
| Lee (County of), FL Industrial Development Authority (Lee County Community Charter Schools, <br> LLC);<br>|  |  |  |  |
| Series 2012, IDR<sup>(a)</sup> <br>| 5.50% | 06/15/2032 | 1585 | &nbsp;&nbsp; 1586592 |
| Series 2012, IDR<sup>(a)</sup> <br>| 5.75% | 06/15/2042 | 3210 | &nbsp;&nbsp; 3211007 |
| Miami-Dade (County of), FL; |  |  |  |  |
| Series 2009, RB<sup>(e)</sup> <br>| 0.00% | 10/01/2035 | 12000 | &nbsp;&nbsp; 8934170 |
| Series 2009, RB<sup>(e)</sup> <br>| 0.00% | 10/01/2042 | 42215 | &nbsp;&nbsp; 21784578 |
| Series 2017 B, Ref. RB<sup>(c)(g)(i)</sup> <br>| 5.00% | 10/01/2040 | 8900 | &nbsp;&nbsp; 9082980 |
| Series 2021, RB (INS - AGI)<sup>(h)</sup> <br>| 3.00% | 10/01/2051 | 12000 | &nbsp;&nbsp; 9123425 |
| Series 2022 A, RB | 5.00% | 04/01/2052 | 15720 | &nbsp;&nbsp; 16124627 |
| Series 2022 A, Ref. RB<sup>(c)</sup> <br>| 5.25% | 10/01/2052 | 10000 | &nbsp;&nbsp; 10233544 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**11**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** |
| Middleton Community Development District A; |  |  |  |  |
| Series 2024, RB | 4.20% | 05/01/2039 | $600 | &nbsp;&nbsp; $608849 |
| Series 2024, RB | 4.55% | 05/01/2044 | 600 | &nbsp;&nbsp; 601647 |
| Okaloosa (County of), FL (Air Force Enlisted Village); Series 2025, RB<sup>(a)</sup> <br>| 5.75% | 05/15/2055 | 1690 | &nbsp;&nbsp; 1735890 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group); Series 2022, <br> RB<br>| 4.00% | 10/01/2052 | 17245 | &nbsp;&nbsp; 15206812 |
| Osceola (County of), FL; |  |  |  |  |
| Series 2020 A-2, Ref. RB<sup>(e)</sup> <br>| 0.00% | 10/01/2050 | 2500 | &nbsp;&nbsp; 700122 |
| Series 2020 A-2, Ref. RB<sup>(e)</sup> <br>| 0.00% | 10/01/2051 | 4000 | &nbsp;&nbsp; 1054548 |
| Palm Beach (County of), FL; |  |  |  |  |
| Series 2025, RB<sup>(a)</sup> <br>| 6.50% | 10/01/2035 | 500 | &nbsp;&nbsp; 554490 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.50% | 10/01/2045 | 1000 | &nbsp;&nbsp; 1043146 |
| Series 2025, RB<sup>(a)</sup> <br>| 5.75% | 10/01/2055 | 6000 | &nbsp;&nbsp; 6239115 |
| Series 2025, RB<sup>(a)</sup> <br>| 5.75% | 10/01/2065 | 5835 | &nbsp;&nbsp; 6051950 |
| Polk (County of), FL Industrial Development Authority (Mineral Development LLC); Series 2020, RB <br> (Acquired 10/23/2020; Cost $6,660,000)<sup>(a)(c)(f)(l)(m)</sup> <br>| 5.88% | 01/01/2033 | 6660 | &nbsp;&nbsp; 1012928 |
| Reunion East Community Development District; |  |  |  |  |
| Series 2002 A-2, RB<sup>(m)</sup> <br>| 7.38% | 05/01/2033 | 145 | &nbsp;&nbsp; 1 |
| Series 2005, RB<sup>(m)</sup> <br>| 5.80% | 05/01/2036 | 1716 | &nbsp;&nbsp; 17 |
| Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2018, RB | 4.00% | 07/01/2048 | 37680 | &nbsp;&nbsp; 34164136 |
| Seminole (County of), FL; Series 2022, RB<sup>(g)</sup> <br>| 5.00% | 10/01/2052 | 10000 | &nbsp;&nbsp; 10329623 |
| South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group); <br> Series 2017, Ref. RB<br>| 4.00% | 08/15/2047 | 3500 | &nbsp;&nbsp; 3193436 |
| St. Johns (County of), FL; Series 2022, RB<sup>(g)</sup> <br>| 5.00% | 06/01/2047 | 14865 | &nbsp;&nbsp; 15767835 |
| St. Lucie (County of), FL School Board; Series 2023 A, COP (INS - AGI)<sup>(h)</sup> <br>| 4.00% | 07/01/2053 | 19835 | &nbsp;&nbsp; 18601513 |
| Sterling Hill Community Development District; Series 2003 A, RB<sup>(f)(n)</sup> <br>| 6.20% | 05/01/2035 | 1375 | &nbsp;&nbsp; 563617 |
| Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.); |  |  |  |  |
| Series 2015, Ref. RB | 5.00% | 12/01/2040 | 1940 | &nbsp;&nbsp; 1941198 |
| Series 2016, RB | 5.00% | 12/01/2055 | 1020 | &nbsp;&nbsp; 1013946 |
| Tolomato Community Development District; Series 2024, RB | 4.80% | 05/01/2044 | 880 | &nbsp;&nbsp; 886007 |
| Two Ridges Community Development District; Series 2025, RB | 6.00% | 05/01/2055 | 670 | &nbsp;&nbsp; 694271 |
| Venice (City of), FL (Village on the Isle); Series 2024 A, RB<sup>(a)</sup> <br>| 5.50% | 01/01/2055 | 1000 | &nbsp;&nbsp; 1000184 |
| Wildwood (City of), FL Village Community Development Disctrict No. 15; Series 2024, RB<sup>(a)</sup> <br>| 4.80% | 05/01/2055 | 1995 | &nbsp;&nbsp; 1948822 |
|  |  |  |  | &nbsp;&nbsp; 636130074 |
| **Georgia–1.34%** | **Georgia–1.34%** | **Georgia–1.34%** | **Georgia–1.34%** | **Georgia–1.34%** |
| Atlanta Development Authority (The); Series 2024, Revenue Ctfs.<sup>(a)</sup> <br>| 5.56% | 12/15/2048 | 13000 | &nbsp;&nbsp; 11849821 |
| Cobb (County of), GA Development Authority (The) (Northwest Classical Academy); |  |  |  |  |
| Series 2023, RB<sup>(a)</sup> <br>| 6.00% | 06/15/2043 | 975 | &nbsp;&nbsp; 997851 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.40% | 06/15/2053 | 1850 | &nbsp;&nbsp; 1863295 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.38% | 06/15/2058 | 1250 | &nbsp;&nbsp; 1248910 |
| Columbia (City of), GA (Wellstar Health System, Inc.); Series 2023, RAC | 5.75% | 04/01/2053 | 6375 | &nbsp;&nbsp; 6965230 |
| Dalton Whitfield (County of), GA Joint Development Authority (Hamilton Health Care System); <br> Series 2017, RB<br>| 4.00% | 08/15/2048 | 7000 | &nbsp;&nbsp; 6400258 |
| Floyd (County of), GA Development Authority (The Spires at Berry College); Series 2018 A, RB | 6.25% | 12/01/2048 | 2000 | &nbsp;&nbsp; 2000176 |
| Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.); Series 2019, RB | 4.00% | 07/01/2049 | 15000 | &nbsp;&nbsp; 13824685 |
| Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, <br> Inc.); Series 2021 A, RB<br>| 4.00% | 02/15/2051 | 2630 | &nbsp;&nbsp; 2361219 |
| George L Smith II Congress Center Authority (Convention Center Hotel); Series 2021, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2054 | 6000 | &nbsp;&nbsp; 5787524 |
| Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health <br> System); Series 2017, RAC<br>| 5.00% | 08/01/2047 | 8220 | &nbsp;&nbsp; 8220102 |
| Main Street Natural Gas, Inc.; Series 2019 A, RB | 5.00% | 05/15/2049 | 6345 | &nbsp;&nbsp; 6701084 |
| Savannah Georgia Convention Center Authority; |  |  |  |  |
| Series 2025, RB | 5.13% | 06/01/2050 | 2205 | &nbsp;&nbsp; 2214549 |
| Series 2025, RB | 5.25% | 06/01/2061 | 1900 | &nbsp;&nbsp; 1906675 |
| Tender Option Bond Trust Receipts/Certificates; Series 2026, RB<sup>(c)(g)</sup> <br>| 5.50% | 07/01/2055 | 21000 | &nbsp;&nbsp; 22296929 |
|  |  |  |  | &nbsp;&nbsp; 94638308 |
| **Hawaii–0.20%** | **Hawaii–0.20%** | **Hawaii–0.20%** | **Hawaii–0.20%** | **Hawaii–0.20%** |
| State of Hawaii Airports System Revenue; Series 2025, RB<sup>(c)(g)(i)</sup> <br>| 5.50% | 07/01/2054 | 13350 | &nbsp;&nbsp; 14310020 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**12**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Idaho–0.73%** | **Idaho–0.73%** | **Idaho–0.73%** | **Idaho–0.73%** | **Idaho–0.73%** |
| Avimor Community Infrastructure District No. 1 (Assessment Area Six); Series 2024 B, RB<sup>(a)</sup> <br>| 5.50% | 09/01/2053 | $2000 | &nbsp;&nbsp; $2005829 |
| Idaho (State of) Health Facilities Authority (Terraces of Boise); |  |  |  |  |
| Series 2014, RB | 4.00% | 10/01/2033 | 1000 | &nbsp;&nbsp; 1006395 |
| Series 2014, RB | 4.50% | 10/01/2050 | 12030 | &nbsp;&nbsp; 10691139 |
| Series 2014, RB | 4.55% | 10/01/2056 | 19500 | &nbsp;&nbsp; 17135649 |
| Series 2021, Ref. RB | 8.00% | 10/01/2028 | 2550 | &nbsp;&nbsp; 2542125 |
| Idaho (State of) Housing & Finance Association; Series 2023 A, RB | 5.25% | 08/15/2048 | 10000 | &nbsp;&nbsp; 10781019 |
| Idaho (State of) Housing & Finance Association (Future Public School); Series 2022 A, RB<sup>(a)</sup> <br>| 4.00% | 05/01/2057 | 1705 | &nbsp;&nbsp; 1235899 |
| Idaho (State of) Housing & Finance Association (North Star Charter School); Series 2014 B, Ref. <br> RB<sup>(a)(e)</sup> <br>| 0.00% | 07/01/2049 | 9112 | &nbsp;&nbsp; 1731884 |
| Spring Valley Community Infrastructure District No. 1; Series 2025, RB<sup>(a)</sup> <br>| 6.25% | 09/01/2054 | 4400 | &nbsp;&nbsp; 4561798 |
|  |  |  |  | &nbsp;&nbsp; 51691737 |
| **Illinois–5.13%** | **Illinois–5.13%** | **Illinois–5.13%** | **Illinois–5.13%** | **Illinois–5.13%** |
| Bolingbrook (Village of), IL; Series 2005, RB<sup>(f)</sup> <br>| 6.00% | 12/30/2049 | 3643 | &nbsp;&nbsp; 1967108 |
| Chicago (City of), IL; |  |  |  |  |
| Series 2017 A, Ref. GO Bonds | 6.00% | 01/01/2038 | 52565 | &nbsp;&nbsp; 53344302 |
| Series 2025 A, GO Bonds | 6.00% | 01/01/2050 | 4275 | &nbsp;&nbsp; 4501216 |
| Chicago (City of), IL (O'Hare International Airport); |  |  |  |  |
| Series 2022 A, RB<sup>(c)(g)(i)</sup> <br>| 5.00% | 01/01/2048 | 14000 | &nbsp;&nbsp; 14256696 |
| Series 2026 A, RB | 5.00% | 01/01/2046 | 2500 | &nbsp;&nbsp; 2680438 |
| Chicago (City of), IL Board of Education; |  |  |  |  |
| Series 2015 C, GO Bonds | 5.25% | 12/01/2039 | 8060 | &nbsp;&nbsp; 8054639 |
| Series 2018 D, GO Bonds | 5.00% | 12/01/2046 | 19170 | &nbsp;&nbsp; 18233764 |
| Series 2022 A, GO Bonds | 4.00% | 12/01/2047 | 2000 | &nbsp;&nbsp; 1662176 |
| Series 2023 A, GO Bonds | 6.00% | 12/01/2049 | 1000 | &nbsp;&nbsp; 1036552 |
| Series 2025 C, Ref. GO Bonds | 5.50% | 12/01/2045 | 1800 | &nbsp;&nbsp; 1823255 |
| Evanston (City of), IL (Roycemore School); Series 2021, RB<sup>(a)</sup> <br>| 4.63% | 04/01/2051 | 1250 | &nbsp;&nbsp; 1030906 |
| Illinois (State of); |  |  |  |  |
| Series 2020, GO Bonds | 5.75% | 05/01/2045 | 8750 | &nbsp;&nbsp; 9294989 |
| Series 2025 E, GO Bonds (INS - BAM)<sup>(h)</sup> <br>| 5.00% | 09/01/2045 | 6975 | &nbsp;&nbsp; 7368902 |
| Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB<sup>(c)</sup> <br>| 8.00% | 06/01/2032 | 4020 | &nbsp;&nbsp; 4026801 |
| Illinois (State of) Finance Authority; |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 09/01/2038 | 5030 | &nbsp;&nbsp; 5046175 |
| Series 2025, Ref. RB<sup>(a)</sup> <br>| 5.88% | 09/01/2046 | 12065 | &nbsp;&nbsp; 12089540 |
| Illinois (State of) Finance Authority (DePaul College Prep Foundation); Series 2023, Ref. RB<sup>(a)</sup> <br>| 5.63% | 08/01/2053 | 500 | &nbsp;&nbsp; 515475 |
| Illinois (State of) Finance Authority (Intrinsic Schools - Belmont School); Series 2015, RB<sup>(a)</sup> <br>| 6.00% | 12/01/2045 | 3715 | &nbsp;&nbsp; 3716400 |
| Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); |  |  |  |  |
| Series 2019 A, Ref. RB (Acquired 11/27/2019-04/06/2020; Cost $3,001,995)<sup>(l)</sup> <br>| 5.00% | 11/01/2035 | 3000 | &nbsp;&nbsp; 2077500 |
| Series 2019 A, Ref. RB (Acquired 11/27/2019-11/08/2022; Cost $17,499,105)<sup>(l)</sup> <br>| 5.00% | 11/01/2040 | 20210 | &nbsp;&nbsp; 13995425 |
| Series 2019 A, Ref. RB (Acquired 11/27/2019-06/28/2023; Cost $26,870,109)<sup>(l)</sup> <br>| 5.00% | 11/01/2049 | 27085 | &nbsp;&nbsp; 18756363 |
| Illinois (State of) Finance Authority (Montgomery Place); |  |  |  |  |
| Series 2017, Ref. RB (Acquired 04/12/2017; Cost $6,415,000)<sup>(l)</sup> <br>| 5.25% | 05/15/2037 | 6415 | &nbsp;&nbsp; 6426931 |
| Series 2017, Ref. RB (Acquired 04/12/2017-09/08/2020; Cost $12,548,911)<sup>(l)</sup> <br>| 5.25% | 05/15/2048 | 12770 | &nbsp;&nbsp; 10912351 |
| Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group); <br> Series 2022, RB<sup>(g)(i)</sup> <br>| 5.00% | 08/15/2051 | 25000 | &nbsp;&nbsp; 25358253 |
| Illinois (State of) Finance Authority (Northshore University Health); Series 2020, VRD RB<sup>(j)</sup> <br>| 0.95% | 08/15/2049 | 20000 | &nbsp;&nbsp; 20000000 |
| Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB | 5.13% | 05/15/2060 | 66640 | &nbsp;&nbsp; 48990496 |
| Illinois (State of) Finance Authority (Social Bonds); Series 2021, Ref. RB | 4.00% | 11/01/2051 | 1100 | &nbsp;&nbsp; 946127 |
| Illinois (State of) Finance Authority (Villa St. Benedict); |  |  |  |  |
| Series 2015, Ref. RB | 6.13% | 11/15/2035 | 6995 | &nbsp;&nbsp; 7001092 |
| Series 2015, Ref. RB | 6.38% | 11/15/2043 | 10700 | &nbsp;&nbsp; 10706009 |
| Illinois (State of) Housing Development Authority (Stonebridge of Gurnee); Series 2016 A, RB<sup>(a)</sup> <br>| 5.45% | 01/01/2046 | 4895 | &nbsp;&nbsp; 4895109 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); |  |  |  |  |
| Series 2012 B, RB<sup>(e)</sup> <br>| 0.00% | 12/15/2051 | 13165 | &nbsp;&nbsp; 3835599 |
| Series 2017 B, Ref. RB<sup>(e)</sup> <br>| 0.00% | 12/15/2054 | 5000 | &nbsp;&nbsp; 1239315 |
| Malta (Village of), IL (Prairie Springs); Series 2006, RB<sup>(f)</sup> <br>| 5.75% | 12/30/2049 | 1800 | &nbsp;&nbsp; 432000 |
| Marion (City of), IL (Star Bond District Area No. 1); Series 2025, RB | 6.63% | 06/01/2055 | 15000 | &nbsp;&nbsp; 15114987 |
| Marion (City of), IL (Star Bond District Project Area No. 1); Series 2025, RB | 6.38% | 06/01/2045 | 1000 | &nbsp;&nbsp; 1018051 |
| Matteson (Village of), IL; Series 2015, RB | 6.50% | 12/01/2035 | 1055 | &nbsp;&nbsp; 1074689 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**13**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** |
| Morton Grove (Village of), IL (Sawmill Station Redevelopment); Series 2019, RB | 5.00% | 01/01/2039 | $2000 | &nbsp;&nbsp; $2000401 |
| Plano (City of), IL Special Service Area No. 10 (Lakewood Springs Club); Series 2007, RB<sup>(m)</sup> <br>| 5.80% | 03/01/2037 | 5615 | &nbsp;&nbsp; 617650 |
| Southwestern Illinois Development Authority (US Steel Corp.); Series 2012, RB<sup>(c)</sup> <br>| 5.75% | 08/01/2042 | 1945 | &nbsp;&nbsp; 1946490 |
| Upper Illinois River Valley Development Authority; Series 2025, RB | 7.00% | 11/01/2060 | 10000 | &nbsp;&nbsp; 9933514 |
| Villa Park (Village of), IL (Garden Station Redevelopment); Series 2021, RB | 4.50% | 12/31/2038 | 1915 | &nbsp;&nbsp; 1826162 |
| Yorkville (United City of), IL (Cannonball/Beecher Road); Series 2007, RB | 5.75% | 03/01/2028 | 1840 | &nbsp;&nbsp; 1840943 |
|  |  |  |  | &nbsp;&nbsp; 361594791 |
| **Indiana–0.32%** | **Indiana–0.32%** | **Indiana–0.32%** | **Indiana–0.32%** | **Indiana–0.32%** |
| Fort Wayne (City of), IN (Silver Birch of Fort Wayne); Series 2017, RB | 5.35% | 01/01/2038 | 4665 | &nbsp;&nbsp; 4565902 |
| Indiana (State of) Finance Authority; Series 2025, RB<sup>(a)</sup> <br>| 6.38% | 10/15/2055 | 1185 | &nbsp;&nbsp; 1200950 |
| Indiana (State of) Finance Authority (Irvington Community School); |  |  |  |  |
| Series 2018 A, Ref. RB<sup>(a)</sup> <br>| 5.90% | 07/01/2038 | 1000 | &nbsp;&nbsp; 1000338 |
| Series 2018 A, Ref. RB<sup>(a)</sup> <br>| 6.00% | 07/01/2048 | 2750 | &nbsp;&nbsp; 2742715 |
| Indiana (State of) Finance Authority (Unidy Properties LLC); |  |  |  |  |
| Series 2025, RB | 5.63% | 07/01/2050 | 2250 | &nbsp;&nbsp; 2222620 |
| Series 2025, RB | 5.75% | 07/01/2060 | 2150 | &nbsp;&nbsp; 2121100 |
| Indiana (State of) Finance Authority (University of Evansville); Series 2022 A, Ref. RB | 5.25% | 09/01/2044 | 6465 | &nbsp;&nbsp; 6518252 |
| Indianapolis Local Public Improvement Bond Bank (Convention Center Hotel); Series 2023 E, RB | 6.00% | 03/01/2053 | 2000 | &nbsp;&nbsp; 2096219 |
|  |  |  |  | &nbsp;&nbsp; 22468096 |
| **Iowa–0.58%** | **Iowa–0.58%** | **Iowa–0.58%** | **Iowa–0.58%** | **Iowa–0.58%** |
| Iowa (State of) Finance Authority (Lifespace Communities, Inc.); Series 2023, Ref. RB | 7.50% | 05/15/2053 | 3000 | &nbsp;&nbsp; 3333983 |
| Iowa (State of) Finance Authority (Union at the Marina); Series 2024 A-1, RB<sup>(a)</sup> <br>| 6.00% | 11/01/2042 | 6000 | &nbsp;&nbsp; 6179084 |
| Iowa (State of) Tobacco Settlement Authority; Series 2021 B-2, Ref. RB<sup>(e)</sup> <br>| 0.00% | 06/01/2065 | 213120 | &nbsp;&nbsp; 31633679 |
|  |  |  |  | &nbsp;&nbsp; 41146746 |
| **Kansas–0.29%** | **Kansas–0.29%** | **Kansas–0.29%** | **Kansas–0.29%** | **Kansas–0.29%** |
| Manhattan (City of), KS; Series 2025 A, RB | 5.50% | 06/01/2055 | 1500 | &nbsp;&nbsp; 1521418 |
| Wichita (City of), KS (Presbyterian Manors, Inc.); |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 05/15/2034 | 1000 | &nbsp;&nbsp; 1016619 |
| Series 2019, Ref. RB | 5.00% | 05/15/2050 | 1915 | &nbsp;&nbsp; 1651628 |
| Series 2024 VIII, Ref. RB | 5.88% | 05/15/2050 | 11000 | &nbsp;&nbsp; 10683544 |
| Wyandotte County-Kansas City Unified Government; |  |  |  |  |
| Series 2026, RB<sup>(a)</sup> <br>| 4.75% | 03/01/2041 | 1700 | &nbsp;&nbsp; 1706124 |
| Series 2026, RB<sup>(a)</sup> <br>| 5.50% | 03/01/2046 | 3660 | &nbsp;&nbsp; 3671069 |
|  |  |  |  | &nbsp;&nbsp; 20250402 |
| **Kentucky–0.97%** | **Kentucky–0.97%** | **Kentucky–0.97%** | **Kentucky–0.97%** | **Kentucky–0.97%** |
| Christian (County of), KY (Jennie Stuart Medical Center, Inc.); |  |  |  |  |
| Series 2016, Ref. RB | 5.38% | 02/01/2036 | 5395 | &nbsp;&nbsp; 5401819 |
| Series 2016, Ref. RB | 5.50% | 02/01/2044 | 8500 | &nbsp;&nbsp; 8504622 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Christian Care <br> Communities); Series 2021, Ref. RB<br>| 5.13% | 07/01/2055 | 1960 | &nbsp;&nbsp; 1657567 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Masonic Home <br> Independent Living II, Inc.); Series 2012, Ref. RB<br>| 5.38% | 11/15/2042 | 2300 | &nbsp;&nbsp; 2072032 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Masonic Homes of <br> Kentucky, Inc.); Series 2012, Ref. RB<br>| 5.38% | 11/15/2032 | 1600 | &nbsp;&nbsp; 1599968 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Rosedale Green); |  |  |  |  |
| Series 2015, Ref. RB | 5.50% | 11/15/2035 | 1200 | &nbsp;&nbsp; 1200255 |
| Series 2015, Ref. RB | 5.75% | 11/15/2045 | 2600 | &nbsp;&nbsp; 2453272 |
| Series 2015, Ref. RB | 5.75% | 11/15/2050 | 4650 | &nbsp;&nbsp; 4170768 |
| Kentucky (Commonwealth of) Public Energy Authority; Series 2025 A, Ref. RB<sup>(b)</sup> <br>| 5.25% | 12/01/2029 | 15800 | &nbsp;&nbsp; 17082042 |
| Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown Crossing); |  |  |  |  |
| Series 2013 C, RB | 6.60% | 07/01/2039 | 9000 | &nbsp;&nbsp; 10440016 |
| Series 2013 C, RB | 6.75% | 07/01/2043 | 5000 | &nbsp;&nbsp; 5702840 |
| Series 2013 C, RB | 6.88% | 07/01/2046 | 7000 | &nbsp;&nbsp; 7927695 |
|  |  |  |  | &nbsp;&nbsp; 68212896 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**14**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Louisiana–1.38%** | **Louisiana–1.38%** | **Louisiana–1.38%** | **Louisiana–1.38%** | **Louisiana–1.38%** |
| Juban Crossing Community Development District; Series 2024 B, RB | 6.25% | 06/01/2034 | $2425 | &nbsp;&nbsp; $2582104 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority;<br>|  |  |  |  |
| Series 2015 A, Ref. RB | 6.00% | 11/15/2030 | 2250 | &nbsp;&nbsp; 2252379 |
| Series 2015 A, Ref. RB | 6.00% | 11/15/2035 | 4135 | &nbsp;&nbsp; 4138077 |
| Series 2015 A, Ref. RB | 6.25% | 11/15/2045 | 7735 | &nbsp;&nbsp; 7736218 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (Assumption (Parish of), LA Gomesa); Series 2021, RB<sup>(a)</sup> <br>| 3.88% | 11/01/2045 | 5110 | &nbsp;&nbsp; 4730468 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (Cameron (Parish of), LA Gomesa) (Green Bonds); Series 2018, RB<sup>(a)</sup> <br>| 5.65% | 11/01/2037 | 2680 | &nbsp;&nbsp; 2825413 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (Lafourche (Parish of), LA Gomesa); Series 2019, RB<sup>(a)</sup> <br>| 3.95% | 11/01/2043 | 3415 | &nbsp;&nbsp; 3323987 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (Livingston (Parish of), LA Gomesha) (Green Bonds); Series 2018, RB<sup>(a)</sup> <br>| 5.38% | 11/01/2038 | 375 | &nbsp;&nbsp; 391880 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (St. Mary (Parish of), LA Gomesa); Series 2019, RB<sup>(a)</sup> <br>| 4.40% | 11/01/2044 | 2955 | &nbsp;&nbsp; 2962487 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (Terrebonne (Parish of), LA Gomesa); Series 2018 A, RB<sup>(a)</sup> <br>| 5.50% | 11/01/2039 | 1145 | &nbsp;&nbsp; 1197428 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (Vermilion (Parish of), LA Gomesha) (Green Bonds); Series 2019, RB<sup>(a)</sup> <br>| 4.63% | 11/01/2038 | 1280 | &nbsp;&nbsp; 1313441 |
| Louisiana (State of) Public Facilities Authority (Acadiana Renaissance Charter Academy); <br> Series 2025, RB<sup>(a)</sup> <br>| 6.15% | 06/15/2055 | 4500 | &nbsp;&nbsp; 4622248 |
| Louisiana (State of) Public Facilities Authority (I-10 Calcasieu River Bridge); Series 2024, RB<sup>(c)</sup> <br>| 5.50% | 09/01/2059 | 16950 | &nbsp;&nbsp; 17423959 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); |  |  |  |  |
| Series 2025, Ref. RB | 5.50% | 05/15/2050 | 3050 | &nbsp;&nbsp; 3300668 |
| Series 2025, Ref. RB | 5.50% | 05/15/2055 | 11000 | &nbsp;&nbsp; 11751456 |
| Louisiana (State of) Public Facilities Authority (Waste Pro USA, Inc.); Series 2023, RB<sup>(a)(b)(c)</sup> <br>| 6.50% | 10/01/2028 | 4500 | &nbsp;&nbsp; 4752397 |
| Plaquemines Port Harbor & Terminal District (NOLA Terminal LLC); Series 2024 A, RB<sup>(a)</sup> <br>| 9.00% | 12/01/2044 | 20650 | &nbsp;&nbsp; 18280710 |
| St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2010 2, RB<sup>(a)</sup> <br>| 6.35% | 07/01/2040 | 3000 | &nbsp;&nbsp; 3319225 |
|  |  |  |  | &nbsp;&nbsp; 96904545 |
| **Maryland–0.07%** | **Maryland–0.07%** | **Maryland–0.07%** | **Maryland–0.07%** | **Maryland–0.07%** |
| Howard (County of), MD (Vantage House Facility); Series 2016, Ref. RB | 5.00% | 04/01/2046 | 2710 | &nbsp;&nbsp; 2571439 |
| Rockville (City of), MD (Ingleside at King Farm); Series 2017 B, RB | 5.00% | 11/01/2042 | 2100 | &nbsp;&nbsp; 2108892 |
|  |  |  |  | &nbsp;&nbsp; 4680331 |
| **Massachusetts–0.97%** | **Massachusetts–0.97%** | **Massachusetts–0.97%** | **Massachusetts–0.97%** | **Massachusetts–0.97%** |
| Collegiate Charter School of Lowell; Series 2019, RB | 5.00% | 06/15/2049 | 1750 | &nbsp;&nbsp; 1706838 |
| Massachusetts (Commonwealth of); Series 2025, RB<sup>(g)</sup> <br>| 5.00% | 12/01/2052 | 30000 | &nbsp;&nbsp; 31584036 |
| Massachusetts (Commonwealth of) Development Finance Agency; |  |  |  |  |
| Series 2025, RB | 5.25% | 07/01/2045 | 2465 | &nbsp;&nbsp; 2583972 |
| Series 2025, RB | 5.25% | 07/01/2050 | 2000 | &nbsp;&nbsp; 2046129 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green <br> Bonds); Series 2015, RB<br>| 5.00% | 07/01/2044 | 8165 | &nbsp;&nbsp; 8169312 |
| Massachusetts (Commonwealth of) Development Finance Agency (Brown University); Series 2025, <br> RB<br>| 5.50% | 08/15/2050 | 4000 | &nbsp;&nbsp; 4218239 |
| Massachusetts (Commonwealth of) Development Finance Agency (Lasell Village, Inc.); <br> Series 2025, RB<br>| 5.25% | 07/01/2055 | 2000 | &nbsp;&nbsp; 2033428 |
| Massachusetts (Commonwealth of) Development Finance Agency (Massachusetts Institute of <br> Technology); Series 2002 K, RB<sup>(g)</sup> <br>| 5.50% | 07/01/2032 | 5015 | &nbsp;&nbsp; 6034027 |
| Massachusetts (Commonwealth of) Development Finance Agency (Newbridge Charles, Inc.); <br> Series 2017, Ref. RB<sup>(a)</sup> <br>| 5.00% | 10/01/2057 | 10210 | &nbsp;&nbsp; 10002295 |
|  |  |  |  | &nbsp;&nbsp; 68378276 |
| **Michigan–1.28%** | **Michigan–1.28%** | **Michigan–1.28%** | **Michigan–1.28%** | **Michigan–1.28%** |
| Charyl Stockwell Academy; |  |  |  |  |
| Series 2015, Ref. RB | 5.50% | 10/01/2035 | 2395 | &nbsp;&nbsp; 2395600 |
| Series 2015, Ref. RB | 5.75% | 10/01/2045 | 3500 | &nbsp;&nbsp; 3367449 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**15**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Michigan–(continued)** | **Michigan–(continued)** | **Michigan–(continued)** | **Michigan–(continued)** | **Michigan–(continued)** |
| Ivywood Classical Academy; |  |  |  |  |
| Series 2023, RB | 5.88% | 01/01/2044 | $1970 | &nbsp;&nbsp; $1996377 |
| Series 2023, RB | 6.00% | 01/01/2054 | 3885 | &nbsp;&nbsp; 3811065 |
| Series 2023, RB | 6.25% | 01/01/2059 | 2755 | &nbsp;&nbsp; 2739282 |
| Kalamazoo Economic Development Corp. (Friendship Village of Kalamazoo); |  |  |  |  |
| Series 2021, Ref. RB<sup>(a)</sup> <br>| 5.00% | 08/15/2041 | 1235 | &nbsp;&nbsp; 1227495 |
| Series 2021, Ref. RB<sup>(a)</sup> <br>| 5.00% | 08/15/2051 | 1510 | &nbsp;&nbsp; 1295982 |
| Series 2026, RB<sup>(a)</sup> <br>| 6.25% | 08/15/2056 | 2160 | &nbsp;&nbsp; 2211237 |
| Michigan (State of); Series 2024, RB<sup>(g)</sup> <br>| 5.50% | 11/15/2049 | 15000 | &nbsp;&nbsp; 16319841 |
| Michigan (State of) Finance Authority; Series 2020 B-2, Ref. RB<sup>(e)</sup> <br>| 0.00% | 06/01/2065 | 82350 | &nbsp;&nbsp; 8632635 |
| Michigan (State of) Finance Authority (Madison Academy); Series 2021, Ref. RB | 5.00% | 12/01/2046 | 1295 | &nbsp;&nbsp; 1165997 |
| Michigan (State of) Finance Authority (McLaren Health Care); Series 2019, RB | 4.00% | 02/15/2050 | 14975 | &nbsp;&nbsp; 13309803 |
| Michigan (State of) Housing Development Authority; |  |  |  |  |
| Series 2022, RB<sup>(g)(i)</sup> <br>| 5.10% | 12/01/2037 | 10000 | &nbsp;&nbsp; 10811325 |
| Series 2022, RB<sup>(g)</sup> <br>| 5.20% | 12/01/2040 | 4425 | &nbsp;&nbsp; 4649939 |
| Michigan (State of) Strategic Fund (Evangelical Homes); Series 2013, Ref. RB | 5.50% | 06/01/2047 | 5970 | &nbsp;&nbsp; 4837728 |
| Michigan (State of) Strategic Fund (Friendship Village of Kalamazoo); Series 2021, Ref. RB<sup>(a)</sup> <br>| 5.00% | 08/15/2051 | 2000 | &nbsp;&nbsp; 1716533 |
| Michigan Strategic Fund; |  |  |  |  |
| Series 2016, RB<sup>(e)</sup> <br>| 0.00% | 07/01/2036 | 1970 | &nbsp;&nbsp; 439310 |
| Series 2016, RB | 5.00% | 07/01/2046 | 2000 | &nbsp;&nbsp; 446000 |
| Series 2016, RB | 5.00% | 07/01/2051 | 3080 | &nbsp;&nbsp; 686840 |
| Saline Economic Development Corp. (Evangelical Homes of Michigan); Series 2013, Ref. RB | 5.50% | 06/01/2047 | 6735 | &nbsp;&nbsp; 5457638 |
| Waterford Township Economic Development Corp.; |  |  |  |  |
| Series 2016 A, RB | 5.00% | 07/01/2036 | 4550 | &nbsp;&nbsp; 1014650 |
| Series 2016 A, RB | 5.00% | 07/01/2046 | 4895 | &nbsp;&nbsp; 1091585 |
| Series 2016 A, RB | 5.00% | 07/01/2051 | 2795 | &nbsp;&nbsp; 623285 |
|  |  |  |  | &nbsp;&nbsp; 90247596 |
| **Minnesota–1.14%** | **Minnesota–1.14%** | **Minnesota–1.14%** | **Minnesota–1.14%** | **Minnesota–1.14%** |
| Anoka (City of), MN (The Homestead at Anoka, Inc.); Series 2017, Ref. RB | 5.50% | 11/01/2046 | 3700 | &nbsp;&nbsp; 3634508 |
| Bethel (City of), MN (Ecumen Obligated Group); Series 2024, Ref. RB | 6.25% | 03/01/2054 | 1000 | &nbsp;&nbsp; 988921 |
| Bethel (City of), MN (Spectrum High School); Series 2024, RB | 5.00% | 07/01/2059 | 4500 | &nbsp;&nbsp; 4255596 |
| Brainerd (City of), MN; |  |  |  |  |
| Series 2025, RB | 5.75% | 05/01/2050 | 2565 | &nbsp;&nbsp; 2619726 |
| Series 2025, RB | 6.00% | 05/01/2055 | 2665 | &nbsp;&nbsp; 2742566 |
| Series 2025, RB | 6.00% | 05/01/2060 | 2400 | &nbsp;&nbsp; 2447748 |
| Brooklyn Park (City of), MN (Prairie Seeds Academy); |  |  |  |  |
| Series 2024, Ref. RB | 5.13% | 06/15/2054 | 4420 | &nbsp;&nbsp; 4135850 |
| Series 2024, Ref. RB | 5.25% | 06/15/2064 | 2100 | &nbsp;&nbsp; 1947020 |
| Coon Rapids (City of), MN (Athlos Leadership Academy); Series 2025, Ref. RB | 6.50% | 06/15/2065 | 5000 | &nbsp;&nbsp; 5075724 |
| Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group); <br> Series 2018 A, Ref. RB<br>| 5.00% | 02/15/2053 | 3000 | &nbsp;&nbsp; 3015350 |
| Duluth (City of), MN Housing & Redevelopment Authority (Duluth Public Schools Academy); <br> Series 2018, Ref. RB<br>| 5.00% | 11/01/2048 | 2000 | &nbsp;&nbsp; 1631286 |
| Lakes Area Economic Development Authority; Series 2026, RB | 5.88% | 11/01/2062 | 1250 | &nbsp;&nbsp; 1254865 |
| Minneapolis (City of), MN (Riverton Community Housing); Series 2014, Ref. RB | 5.50% | 08/01/2049 | 5600 | &nbsp;&nbsp; 5599895 |
| Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2013 A, RB | 6.88% | 12/01/2048 | 6000 | &nbsp;&nbsp; 6004027 |
| Shakopee (City of), MN; Series 2025, Ref. RB | 5.75% | 11/01/2055 | 2350 | &nbsp;&nbsp; 2372682 |
| St. Louis Park (City of), MN (Place Via Sol Project); Series 2018, RB (Acquired 12/26/2018; <br> Cost $25,778,941)<sup>(a)(b)(l)(m)</sup> <br>| 6.00% | 07/01/2027 | 25779 | &nbsp;&nbsp; 2577894 |
| St. Paul (City of), MN Housing & Redevelopment Authority (Higher Ground Academy); Series 2018, <br> RB<br>| 5.13% | 12/01/2049 | 7560 | &nbsp;&nbsp; 7367402 |
| St. Paul (City of), MN Housing & Redevelopment Authority (Hmong College Prep Academy); |  |  |  |  |
| Series 2016, Ref. RB | 5.75% | 09/01/2046 | 1000 | &nbsp;&nbsp; 1002906 |
| Series 2016, Ref. RB | 6.00% | 09/01/2051 | 3550 | &nbsp;&nbsp; 3559176 |
| St. Paul (City of), MN Housing & Redevelopment Authority (Hope Community Academy); <br> Series 2020, RB<br>| 5.00% | 12/01/2045 | 3800 | &nbsp;&nbsp; 3059777 |
| St. Paul (City of), MN Housing & Redevelopment Authority (Marian Center); Series 2007 A, Ref. RB | 5.38% | 05/01/2043 | 5000 | &nbsp;&nbsp; 4999548 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**16**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Minnesota–(continued)** | **Minnesota–(continued)** | **Minnesota–(continued)** | **Minnesota–(continued)** | **Minnesota–(continued)** |
| St. Paul (City of), MN Housing & Redevelopment Authority (Rossy & Richard Shaller Family Sholom <br> East Campus);<br>|  |  |  |  |
| Series 2018, Ref. RB | 4.35% | 10/01/2038 | $1185 | &nbsp;&nbsp; $1123495 |
| Series 2018, Ref. RB | 4.65% | 10/01/2048 | 1500 | &nbsp;&nbsp; 1259147 |
| Vadnais Heights (City of), MN (Agriculture & Food Sciences Academy); |  |  |  |  |
| Series 2018 A, Ref. RB | 5.50% | 12/01/2038 | 3210 | &nbsp;&nbsp; 1926000 |
| Series 2018 A, Ref. RB | 5.88% | 12/01/2048 | 4500 | &nbsp;&nbsp; 2700000 |
| Series 2018 A, Ref. RB | 6.50% | 12/01/2053 | 4315 | &nbsp;&nbsp; 2589000 |
| Series 2018 B, Ref. RB | 6.75% | 12/01/2026 | 230 | &nbsp;&nbsp; 138000 |
|  |  |  |  | &nbsp;&nbsp; 80028109 |
| **Mississippi–0.19%** | **Mississippi–0.19%** | **Mississippi–0.19%** | **Mississippi–0.19%** | **Mississippi–0.19%** |
| Mississippi (State of) Development Bank (Hancock County Gomesa) (Green Bonds); Series 2019, <br> RB<sup>(a)</sup> <br>| 4.55% | 11/01/2039 | 1585 | &nbsp;&nbsp; 1619712 |
| Mississippi (State of) Development Bank (Jackson County Gomesa); Series 2021, RB<sup>(a)</sup> <br>| 3.63% | 11/01/2036 | 800 | &nbsp;&nbsp; 789720 |
| Mississippi (State of) Hospital Equipment & Facilities Authority (Ochsner Clinic Foundation); <br> Series 2025, Ref. RB<br>| 5.50% | 05/15/2055 | 10000 | &nbsp;&nbsp; 10683142 |
|  |  |  |  | &nbsp;&nbsp; 13092574 |
| **Missouri–1.39%** | **Missouri–1.39%** | **Missouri–1.39%** | **Missouri–1.39%** | **Missouri–1.39%** |
| Branson Hills Infrastructure Facilities Community Improvement District; Series 2007 A, RB<sup>(f)</sup> <br>| 5.50% | 04/01/2027 | 4906 | &nbsp;&nbsp; 1373672 |
| Dardenne Town Square Transportation Development District; Series 2006 A, RB<sup>(n)</sup> <br>| 5.00% | 05/01/2036 | 5190 | &nbsp;&nbsp; 1764600 |
| Grandview (City of), MO Industrial Development Authority (Grandview Crossing); Series 2006, <br> RB<sup>(f)(n)</sup> <br>| 5.75% | 12/01/2028 | 1250 | &nbsp;&nbsp; 800000 |
| I-470 Western Gateway Transportation Development District; |  |  |  |  |
| Series 2019 A, RB<sup>(a)</sup> <br>| 5.25% | 12/01/2048 | 6415 | &nbsp;&nbsp; 6422432 |
| Series 2019 B, RB<sup>(a)</sup> <br>| 7.75% | 12/15/2048 | 3853 | &nbsp;&nbsp; 3860662 |
| Kansas City (City of), MO Industrial Development Authority (Historic Northeast Redevelopment <br> Plan); Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2054 | 1250 | &nbsp;&nbsp; 1227934 |
| Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport); <br> Series 2020, RB (INS - AGI)<sup>(c)(h)</sup> <br>| 4.00% | 03/01/2057 | 750 | &nbsp;&nbsp; 661369 |
| Kansas City (City of), MO Industrial Development Authority (Northwoods Apartments); Series 2004 <br> A, RB<sup>(c)</sup> <br>| 6.45% | 05/01/2040 | 1572 | &nbsp;&nbsp; 1572171 |
| Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); |  |  |  |  |
| Series 2017 A, Ref. RB | 5.25% | 05/15/2037 | 3285 | &nbsp;&nbsp; 3308258 |
| Series 2017 A, Ref. RB | 5.25% | 05/15/2042 | 2000 | &nbsp;&nbsp; 2002953 |
| Series 2017 A, Ref. RB | 5.25% | 05/15/2050 | 16750 | &nbsp;&nbsp; 15592776 |
| Lee's Summit (City of), MO Industrial Development Authority (John Knox Village Obligated Group); |  |  |  |  |
| Series 2024 A, Ref. RB | 5.25% | 08/15/2044 | 270 | &nbsp;&nbsp; 278293 |
| Series 2024 A, Ref. RB | 5.63% | 08/15/2054 | 960 | &nbsp;&nbsp; 977009 |
| Liberty (City of), MO (Liberty Commons); Series 2015 A, RB<sup>(a)</sup> <br>| 6.00% | 06/01/2046 | 6170 | &nbsp;&nbsp; 6164805 |
| Missouri (State of) Development Finance Board (St. Louis Zoo); Series 2022, RB<sup>(g)</sup> <br>| 5.13% | 05/01/2052 | 10005 | &nbsp;&nbsp; 10418836 |
| Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); <br> Series 2024, Ref. RB<br>| 5.25% | 02/01/2054 | 1250 | &nbsp;&nbsp; 1259283 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health); Series 2025, Ref. RB<sup>(a)</sup> <br>| 6.25% | 10/01/2055 | 3600 | &nbsp;&nbsp; 3655713 |
| Missouri (State of) Health & Educational Facilities Authority (Truman Medical Center, Inc.); <br> Series 2017 B, RB<sup>(a)</sup> <br>| 4.25% | 12/01/2042 | 4870 | &nbsp;&nbsp; 4605996 |
| Missouri Development Finance Board; Series 2025, Ref. VRD RB<sup>(j)</sup> <br>| 0.90% | 12/01/2037 | 15000 | &nbsp;&nbsp; 15000000 |
| St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); |  |  |  |  |
| Series 2018 A, RB | 5.13% | 09/01/2048 | 6720 | &nbsp;&nbsp; 6741354 |
| Series 2018 A, RB | 5.13% | 09/01/2049 | 6475 | &nbsp;&nbsp; 6487337 |
| Series 2018 A, RB | 5.25% | 09/01/2053 | 3900 | &nbsp;&nbsp; 3913695 |
|  |  |  |  | &nbsp;&nbsp; 98089148 |
| **Montana–0.11%** | **Montana–0.11%** | **Montana–0.11%** | **Montana–0.11%** | **Montana–0.11%** |
| Kalispell (City of), MT (Immanuel Living At Buffalo Hill); Series 2025, Ref. RB | 6.00% | 05/15/2060 | 3250 | &nbsp;&nbsp; 3346768 |
| Kalispell (City of), MT (Immanuel Lutheran Corp.); |  |  |  |  |
| Series 2017, Ref. RB | 5.25% | 05/15/2037 | 1000 | &nbsp;&nbsp; 1008829 |
| Series 2017, Ref. RB | 5.25% | 05/15/2047 | 3395 | &nbsp;&nbsp; 3251882 |
|  |  |  |  | &nbsp;&nbsp; 7607479 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**17**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Nebraska–0.27%** | **Nebraska–0.27%** | **Nebraska–0.27%** | **Nebraska–0.27%** | **Nebraska–0.27%** |
| Central Plains Energy Project (No. 3); Series 2017 A, Ref. RB | 5.00% | 09/01/2042 | $2500 | &nbsp;&nbsp; $2723796 |
| Tender Option Bond Trust Receipts/Certificates; Series 2025, RB<sup>(g)</sup> <br>| 5.00% | 02/01/2055 | 15500 | &nbsp;&nbsp; 16346619 |
|  |  |  |  | &nbsp;&nbsp; 19070415 |
| **Nevada–0.16%** | **Nevada–0.16%** | **Nevada–0.16%** | **Nevada–0.16%** | **Nevada–0.16%** |
| Henderson (City of), NV Local Improvement District No. T-22 (Rainbow Canyon Phase II); <br> Series 2023, RB<br>| 5.25% | 03/01/2053 | 485 | &nbsp;&nbsp; 487486 |
| Las Vegas (City of), NV Special Improvement District No. 613; Series 2024, RB | 5.50% | 12/01/2053 | 600 | &nbsp;&nbsp; 611132 |
| Nevada (State of) Department of Business & Industry (Fulcrum Sierra Biofuels, LLC) (Green Bonds); <br> Series 2017, RB<sup>(a)(c)</sup> <br>| 6.25% | 12/15/2037 | 781 | &nbsp;&nbsp; 8 |
| Nevada (State of) Department of Business & Industry (Green Bonds); Series 2025, RB<sup>(a)(b)(c)</sup> <br>| 12.00% | 11/02/2026 | 5575 | &nbsp;&nbsp; 3010500 |
| North Las Vegas (City of), NV Special Improvement District No. 66 (Villages at Tule Springs Village <br> 1);<br>|  |  |  |  |
| Series 2022, RB<sup>(a)</sup> <br>| 5.75% | 06/01/2042 | 340 | &nbsp;&nbsp; 358320 |
| Series 2022, RB<sup>(a)</sup> <br>| 6.00% | 06/01/2052 | 1750 | &nbsp;&nbsp; 1802770 |
| Reno (City of), NV (ReTRAC - Reno Transportation Rail Access Corridor); |  |  |  |  |
| Series 2018 C, Ref. RB<sup>(a)(e)</sup> <br>| 0.00% | 07/01/2058 | 22500 | &nbsp;&nbsp; 3589510 |
| Series 2018 D, Ref. RB<sup>(a)(e)</sup> <br>| 0.00% | 07/01/2058 | 13000 | &nbsp;&nbsp; 1504378 |
|  |  |  |  | &nbsp;&nbsp; 11364104 |
| **New Hampshire–1.85%** | **New Hampshire–1.85%** | **New Hampshire–1.85%** | **New Hampshire–1.85%** | **New Hampshire–1.85%** |
| New Hampshire (State of) Business Finance Authority; |  |  |  |  |
| Series 2025 A, RB<sup>(a)(e)</sup> <br>| 0.00% | 02/01/2035 | 36978 | &nbsp;&nbsp; 20806056 |
| Series 2025 B-1, RB | 5.15% | 09/28/2037 | 1000 | &nbsp;&nbsp; 1036562 |
| Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2032 | 6396 | &nbsp;&nbsp; 4116974 |
| New Hampshire (State of) Business Finance Authority (Covanta); Series 2018 C, Ref. RB<sup>(a)(c)</sup> <br>| 4.88% | 11/01/2042 | 7500 | &nbsp;&nbsp; 7055987 |
| New Hampshire (State of) Business Finance Authority (Grace Christian School); |  |  |  |  |
| Series 2025, RB | 5.75% | 08/01/2055 | 12355 | &nbsp;&nbsp; 12236240 |
| Series 2025, RB | 6.00% | 08/01/2065 | 5905 | &nbsp;&nbsp; 5938141 |
| New Hampshire (State of) Business Finance Authority (Green Bonds); Series 2025, RB | 4.17% | 01/20/2041 | 4960 | &nbsp;&nbsp; 5016904 |
| New Hampshire (State of) Business Finance Authority (Megatel); Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2033 | 10985 | &nbsp;&nbsp; 6940066 |
| New Hampshire (State of) Business Finance Authority (River Ranch); Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/01/2031 | 24331 | &nbsp;&nbsp; 17011400 |
| New Hampshire (State of) Business Finance Authority (Social Certificates); Series 2024-3, <br> Revenue Ctfs.<br>| 4.16% | 10/01/2051 | 9902 | &nbsp;&nbsp; 10216940 |
| New Hampshire (State of) Business Finance Authority (The Attwater); Series 2024, RB<sup>(a)(e)</sup> <br>| 0.00% | 04/01/2032 | 4000 | &nbsp;&nbsp; 2723896 |
| New Hampshire (State of) Business Finance Authority (The Wildflower Project); Series 2025, <br> RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2033 | 4457 | &nbsp;&nbsp; 2748199 |
| New Hampshire (State of) Business Finance Authority (Thomas Ranch); Series 2024, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/01/2034 | 38000 | &nbsp;&nbsp; 21153851 |
| New Hampshire (State of) Housing Finance Authority; Series 2026, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/01/2040 | 17235 | &nbsp;&nbsp; 6112543 |
| New Hampshire (State of) Housing Finance Authority (University Hospitals Home Care Services, <br> Inc.);<br>|  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 5.63% | 12/15/2033 | 4455 | &nbsp;&nbsp; 4624516 |
| Series 2024, RB<sup>(a)</sup> <br>| 6.25% | 12/15/2038 | 2145 | &nbsp;&nbsp; 2288767 |
|  |  |  |  | &nbsp;&nbsp; 130027042 |
| **New Jersey–1.93%** | **New Jersey–1.93%** | **New Jersey–1.93%** | **New Jersey–1.93%** | **New Jersey–1.93%** |
| Camden (County of), NJ Improvement Authority (The) (KIPP Cooper Norcross Academy) (Social <br> Bonds);<br>|  |  |  |  |
| Series 2022, RB | 6.00% | 06/15/2047 | 1425 | &nbsp;&nbsp; 1493146 |
| Series 2022, RB | 6.00% | 06/15/2062 | 4300 | &nbsp;&nbsp; 4449130 |
| New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); |  |  |  |  |
| Series 1999, RB<sup>(c)</sup> <br>| 5.25% | 09/15/2029 | 33235 | &nbsp;&nbsp; 33300220 |
| Series 2000 A, RB<sup>(c)</sup> <br>| 5.63% | 11/15/2030 | 20000 | &nbsp;&nbsp; 20077684 |
| Series 2012, RB<sup>(c)</sup> <br>| 5.75% | 09/15/2027 | 24180 | &nbsp;&nbsp; 24236400 |
| New Jersey (State of) Economic Development Authority (NACT Somerset, Inc.); Series 2024, RB<sup>(a)</sup> <br>| 7.00% | 08/01/2054 | 7265 | &nbsp;&nbsp; 7273253 |
| New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); |  |  |  |  |
| Series 2013, RB<sup>(c)</sup> <br>| 5.38% | 01/01/2043 | 3500 | &nbsp;&nbsp; 3504542 |
| Series 2013, RB<sup>(c)</sup> <br>| 5.63% | 01/01/2052 | 10750 | &nbsp;&nbsp; 10759854 |
| New Jersey (State of) Transportation Trust Fund Authority; |  |  |  |  |
| Series 2010 A, RB<sup>(e)</sup> <br>| 0.00% | 12/15/2037 | 10000 | &nbsp;&nbsp; 6733559 |
| Series 2023, RB<sup>(g)(i)</sup> <br>| 5.25% | 06/15/2050 | 12000 | &nbsp;&nbsp; 12736303 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**18**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Jersey–(continued)** | **New Jersey–(continued)** | **New Jersey–(continued)** | **New Jersey–(continued)** | **New Jersey–(continued)** |
| Tobacco Settlement Financing Corp.; Series 2018 B, Ref. RB | 5.00% | 06/01/2046 | $11255 | &nbsp;&nbsp; $11151738 |
|  |  |  |  | &nbsp;&nbsp; 135715829 |
| **New Mexico–0.09%** | **New Mexico–0.09%** | **New Mexico–0.09%** | **New Mexico–0.09%** | **New Mexico–0.09%** |
| New Mexico (State of) Hospital Equipment Loan Council (La Vida Expansion); Series 2019 A, RB | 5.00% | 07/01/2039 | 1225 | &nbsp;&nbsp; 1234176 |
| Winrock Town Center Tax Increment Development District No. 1; Series 2020, RB<sup>(a)</sup> <br>| 8.00% | 05/01/2040 | 5453 | &nbsp;&nbsp; 5462510 |
|  |  |  |  | &nbsp;&nbsp; 6696686 |
| **New York–12.36%** | **New York–12.36%** | **New York–12.36%** | **New York–12.36%** | **New York–12.36%** |
| Amherst (Town of), NY Industrial Development Agency (Shaary Zedek); Series 2006 A, Ref. RB | 7.00% | 06/15/2036 | 1420 | &nbsp;&nbsp; 1421163 |
| Brooklyn Arena Local Development Corp. (Barclays Center); |  |  |  |  |
| Series 2009, RB<sup>(e)</sup> <br>| 0.00% | 07/15/2034 | 14345 | &nbsp;&nbsp; 10727670 |
| Series 2009, RB<sup>(e)</sup> <br>| 0.00% | 07/15/2044 | 23805 | &nbsp;&nbsp; 10158398 |
| Broome County Local Development Corp. (Good Shepherd Village at Endwell); Series 2021, Ref. RB | 4.00% | 07/01/2047 | 1160 | &nbsp;&nbsp; 1017142 |
| Buffalo & Erie County Industrial Land Development Corp. (Tapestry Charter School); |  |  |  |  |
| Series 2017 A, RB | 5.00% | 08/01/2037 | 1325 | &nbsp;&nbsp; 1340138 |
| Series 2017 A, RB | 5.00% | 08/01/2047 | 4290 | &nbsp;&nbsp; 4280892 |
| Series 2017 A, RB | 5.00% | 08/01/2052 | 790 | &nbsp;&nbsp; 766899 |
| Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB (LOC - Santander Bank <br> N.A.)<sup>(a)(c)(k)</sup> <br>| 5.50% | 12/31/2040 | 13140 | &nbsp;&nbsp; 13229582 |
| Build NYC Resource Corp. (Civic Bronx LLC - Bold Charter School); Series 2025, RB<sup>(a)</sup> <br>| 5.63% | 07/01/2045 | 2000 | &nbsp;&nbsp; 2029376 |
| Build NYC Resource Corp. (Classical Charter Schools); Series 2023, RB | 4.75% | 06/15/2053 | 1240 | &nbsp;&nbsp; 1121982 |
| Build NYC Resource Corp. (NY Preparatory Charter School); Series 2021 A, RB<sup>(a)</sup> <br>| 4.00% | 06/15/2041 | 1310 | &nbsp;&nbsp; 1204005 |
| Build NYC Resource Corp. (Unity Preparatory Charter School of Brooklyn); |  |  |  |  |
| Series 2023, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2033 | 600 | &nbsp;&nbsp; 648688 |
| Series 2023, RB<sup>(a)</sup> <br>| 5.50% | 06/15/2053 | 1150 | &nbsp;&nbsp; 1154988 |
| Dutchess County Local Development Corp. (Health Quest Systems, Inc.); Series 2016 B, RB | 5.00% | 07/01/2046 | 1000 | &nbsp;&nbsp; 1000086 |
| Metropolitan Transportation Authority (Green Bonds); |  |  |  |  |
| Series 2020 A-1, RB | 4.00% | 11/15/2053 | 27500 | &nbsp;&nbsp; 23999220 |
| Series 2020 D-1, RB | 5.00% | 11/15/2045 | 10000 | &nbsp;&nbsp; 10390754 |
| Series 2024 A, Ref. RB | 5.25% | 11/15/2049 | 12000 | &nbsp;&nbsp; 12662321 |
| Monroe County Industrial Development Corp. (Eugenio Maria De Hostos Charter School); |  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2054 | 4235 | &nbsp;&nbsp; 3932767 |
| Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2059 | 2610 | &nbsp;&nbsp; 2396370 |
| Monroe County Industrial Development Corp. (Rochester Regional Health); Series 2020, Ref. RB | 4.00% | 12/01/2046 | 10200 | &nbsp;&nbsp; 9046609 |
| Monroe County Industrial Development Corp. (Social Bonds); Series 2022, RB<sup>(a)</sup> <br>| 6.00% | 07/01/2057 | 2000 | &nbsp;&nbsp; 2011239 |
| Nassau (County of), NY Industrial Development Agency; Series 2021, RB<sup>(e)(f)</sup> <br>| 0.00% | 01/01/2058 | 30886 | &nbsp;&nbsp; 0 |
| Nassau County Tobacco Settlement Corp.; |  |  |  |  |
| Series 2006 A-3, RB | 5.00% | 06/01/2035 | 10390 | &nbsp;&nbsp; 8223052 |
| Series 2006 A-3, RB | 5.13% | 06/01/2046 | 67625 | &nbsp;&nbsp; 49593375 |
| Series 2006 B, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2046 | 105990 | &nbsp;&nbsp; 29952848 |
| New York & New Jersey (States of) Port Authority; Ninety-Third Series 1994, RB | 6.13% | 06/01/2094 | 1500 | &nbsp;&nbsp; 1503049 |
| New York (City of), NY; |  |  |  |  |
| Series 2025, GO Bonds<sup>(g)(i)</sup> <br>| 5.25% | 04/01/2054 | 15000 | &nbsp;&nbsp; 15791007 |
| Subseries 2023 B-1, GO Bonds<sup>(g)</sup> <br>| 5.25% | 10/01/2047 | 10000 | &nbsp;&nbsp; 10594452 |
| New York (City of), NY Municipal Water Finance Authority; |  |  |  |  |
| Series 2024 AA, RB | 5.25% | 06/15/2053 | 4000 | &nbsp;&nbsp; 4256494 |
| Series 2025, RB<sup>(g)</sup> <br>| 5.00% | 06/15/2051 | 25000 | &nbsp;&nbsp; 25950878 |
| Subseries 2023 AA-3, RB<sup>(g)</sup> <br>| 5.00% | 06/15/2047 | 10000 | &nbsp;&nbsp; 10545917 |
| New York (City of), NY Transitional Finance Authority; Series 2022, RB<sup>(g)</sup> <br>| 5.25% | 11/01/2048 | 12500 | &nbsp;&nbsp; 13303776 |
| New York (State of) Dormitory Authority; Series 2018 E, RB<sup>(g)</sup> <br>| 5.00% | 03/15/2046 | 35050 | &nbsp;&nbsp; 39819869 |
| New York (State of) Dormitory Authority (Montefiore Obligated Group); Series 2020 A, Ref. RB (INS <br> - AGI)<sup>(h)</sup> <br>| 3.00% | 09/01/2050 | 14775 | &nbsp;&nbsp; 10601657 |
| New York (State of) Dormitory Authority (New School (The)); Series 2025 A, Ref. RB | 4.25% | 07/01/2050 | 4500 | &nbsp;&nbsp; 4199312 |
| New York (State of) Thruway Authority; Series 2019 B, RB | 4.00% | 01/01/2053 | 15000 | &nbsp;&nbsp; 13481801 |
| New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds); Series 2022 C, RB | 4.13% | 03/15/2057 | 15000 | &nbsp;&nbsp; 14110452 |
| New York (State of) Thruway Authority (Bidding Group 2) (Green Bonds); Series 2022 C, RB | 4.13% | 03/15/2056 | 5000 | &nbsp;&nbsp; 4715904 |
| New York (State of) Thruway Authority (Bidding Group 5); Series 2021 A-1, Ref. RB | 4.00% | 03/15/2059 | 30000 | &nbsp;&nbsp; 27438600 |
| New York Convention Center Development Corp. (Hotel Unit Fee Secured); Series 2016, RB<sup>(e)</sup> <br>| 0.00% | 11/15/2049 | 13390 | &nbsp;&nbsp; 4515567 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**19**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |
| New York Counties Tobacco Trust IV; |  |  |  |  |
| Series 2005 F, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2060 | $50000 | &nbsp;&nbsp; $2444090 |
| Series 2010 A, RB<sup>(a)</sup> <br>| 6.25% | 06/01/2041 | 5992 | &nbsp;&nbsp; 5959829 |
| New York Counties Tobacco Trust V; |  |  |  |  |
| Series 2005 S-2, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2050 | 45500 | &nbsp;&nbsp; 7102354 |
| Series 2005 S-3, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2055 | 268000 | &nbsp;&nbsp; 22899287 |
| New York Liberty Development Corp. (3 World Trade Center); Series 2014-3, Ref. RB<sup>(a)</sup> <br>| 7.25% | 11/15/2044 | 46500 | &nbsp;&nbsp; 46610019 |
| New York Liberty Development Corp. (7 World Trade Center); Series 2022, Ref. RB | 3.13% | 09/15/2050 | 9130 | &nbsp;&nbsp; 6986493 |
| New York Liberty Development Corp. (Green Bonds); Series 2021 A, Ref. RB (INS - AGI)<sup>(h)</sup> <br>| 3.00% | 11/15/2051 | 10000 | &nbsp;&nbsp; 7468721 |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy <br> International Airport);<br>|  |  |  |  |
| Series 2020, Ref. RB<sup>(c)</sup> <br>| 5.25% | 08/01/2031 | 5965 | &nbsp;&nbsp; 6244783 |
| Series 2020, Ref. RB<sup>(c)</sup> <br>| 5.38% | 08/01/2036 | 11505 | &nbsp;&nbsp; 12134105 |
| Series 2021, Ref. RB<sup>(c)</sup> <br>| 3.00% | 08/01/2031 | 2400 | &nbsp;&nbsp; 2315439 |
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment); Series 2020, RB<sup>(c)</sup> <br>| 4.38% | 10/01/2045 | 15920 | &nbsp;&nbsp; 15362697 |
| New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal <br> One) (Green Bonds);<br>|  |  |  |  |
| Series 2023, RB<sup>(c)</sup> <br>| 6.00% | 06/30/2054 | 30745 | &nbsp;&nbsp; 32275065 |
| Series 2023, RB<sup>(c)</sup> <br>| 5.38% | 06/30/2060 | 14230 | &nbsp;&nbsp; 14290618 |
| Series 2024, RB<sup>(c)</sup> <br>| 5.50% | 06/30/2060 | 35000 | &nbsp;&nbsp; 35778915 |
| New York Transportation Development Corp. (John F. Kennedy International Airport) (Green <br> Bonds); Series 2023, RB (INS - BAM)<sup>(c)(h)</sup> <br>| 5.38% | 06/30/2060 | 7500 | &nbsp;&nbsp; 7675142 |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); |  |  |  |  |
| Series 2016 A, RB<sup>(c)</sup> <br>| 5.25% | 01/01/2050 | 13695 | &nbsp;&nbsp; 13699918 |
| Series 2023, RB<sup>(c)</sup> <br>| 5.63% | 04/01/2040 | 18500 | &nbsp;&nbsp; 19809351 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2024, <br> Ref. RB (INS - AGI)<sup>(c)(d)(h)</sup> <br>| 5.00% | 12/31/2054 | 2250 | &nbsp;&nbsp; 1519729 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds); |  |  |  |  |
| Series 2024, Ref. RB (INS - AGI)<sup>(c)(h)</sup> <br>| 5.25% | 12/31/2054 | 3840 | &nbsp;&nbsp; 3944851 |
| Series 2024, Ref. RB<sup>(c)</sup> <br>| 5.50% | 12/31/2060 | 10000 | &nbsp;&nbsp; 10258903 |
| Niagara Area Development Corp. (Covanta); Series 2018 A, Ref. RB<sup>(a)(c)</sup> <br>| 4.75% | 11/01/2042 | 5285 | &nbsp;&nbsp; 4900229 |
| Rockland Tobacco Asset Securitization Corp.; Series 2005 C, RB<sup>(a)(e)</sup> <br>| 0.00% | 08/15/2060 | 368350 | &nbsp;&nbsp; 27657523 |
| Suffolk Regional Off-Track Betting Corp.; Series 2024, RB | 5.75% | 12/01/2044 | 8800 | &nbsp;&nbsp; 9090767 |
| Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.); |  |  |  |  |
| Series 2013 A, RB<sup>(m)</sup> <br>| 5.00% | 07/01/2027 | 1985 | &nbsp;&nbsp; 397000 |
| Series 2013 A, RB<sup>(m)</sup> <br>| 5.00% | 07/01/2038 | 5700 | &nbsp;&nbsp; 1140000 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); |  |  |  |  |
| Series 2021 A, RB | 4.00% | 11/15/2056 | 10000 | &nbsp;&nbsp; 9186535 |
| Series 2022 A, Ref. RB | 5.00% | 05/15/2057 | 11490 | &nbsp;&nbsp; 11884842 |
| Series 2025, RB<sup>(g)(i)</sup> <br>| 5.25% | 05/15/2057 | 20000 | &nbsp;&nbsp; 21118190 |
| TSASC, Inc.; |  |  |  |  |
| Series 2016 B, Ref. RB | 5.00% | 06/01/2045 | 9325 | &nbsp;&nbsp; 8670187 |
| Series 2016 B, Ref. RB | 5.00% | 06/01/2048 | 23395 | &nbsp;&nbsp; 21564124 |
| Ulster County Capital Resource Corp.; Series 2025, RB<sup>(a)</sup> <br>| 5.88% | 09/15/2059 | 2000 | &nbsp;&nbsp; 2022414 |
| Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation <br> Facilities); Series 2017 A, RB<sup>(a)(c)</sup> <br>| 7.00% | 06/01/2046 | 51990 | &nbsp;&nbsp; 54136943 |
| Westchester County Healthcare Corp.; Series 2014 A, RB | 5.00% | 11/01/2044 | 0 | &nbsp;&nbsp; 415 |
| Westchester County Local Development Corp.; |  |  |  |  |
| Series 2025, RB | 7.50% | 11/01/2055 | 6000 | &nbsp;&nbsp; 6746687 |
| Series 2026, RB<sup>(a)</sup> <br>| 6.50% | 12/01/2065 | 1250 | &nbsp;&nbsp; 1288890 |
| Westchester County Local Development Corp. (Purchase Senior Learning Community Inc.); <br> Series 2021, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2041 | 5000 | &nbsp;&nbsp; 5131897 |
| Westchester Tobacco Asset Securitization Corp.; Series 2016 C, Ref. RB | 5.13% | 06/01/2051 | 9405 | &nbsp;&nbsp; 8147018 |
|  |  |  |  | &nbsp;&nbsp; 871002269 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**20**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **North Carolina–0.09%** | **North Carolina–0.09%** | **North Carolina–0.09%** | **North Carolina–0.09%** | **North Carolina–0.09%** |
| North Carolina (State of) Medical Care Commission (Salemtowne Project); |  |  |  |  |
| Series 2018 A, RB | 5.00% | 10/01/2038 | $1485 | &nbsp;&nbsp; $1505827 |
| Series 2018 A, RB | 5.00% | 10/01/2048 | 5055 | &nbsp;&nbsp; 4698384 |
|  |  |  |  | &nbsp;&nbsp; 6204211 |
| **North Dakota–0.28%** | **North Dakota–0.28%** | **North Dakota–0.28%** | **North Dakota–0.28%** | **North Dakota–0.28%** |
| Grand Forks (City of), ND (Altru Health System); |  |  |  |  |
| Series 2021, Ref. RB | 4.00% | 12/01/2046 | 9395 | &nbsp;&nbsp; 8265456 |
| Series 2021, Ref. RB | 4.00% | 12/01/2051 | 11845 | &nbsp;&nbsp; 9868836 |
| Horace (City of), ND; Series 2024 C, Ref. GO Bonds | 5.00% | 05/01/2050 | 1500 | &nbsp;&nbsp; 1507809 |
|  |  |  |  | &nbsp;&nbsp; 19642101 |
| **Ohio–3.43%** | **Ohio–3.43%** | **Ohio–3.43%** | **Ohio–3.43%** | **Ohio–3.43%** |
| Buckeye Tobacco Settlement Financing Authority; |  |  |  |  |
| Series 2020 A-2, Ref. RB | 3.00% | 06/01/2048 | 11000 | &nbsp;&nbsp; 7994561 |
| Series 2020 B-2, Ref. RB | 5.00% | 06/01/2055 | 63005 | &nbsp;&nbsp; 52106584 |
| Series 2020 B-3, Ref. RB<sup>(e)</sup> <br>| 0.00% | 06/01/2057 | 47430 | &nbsp;&nbsp; 3691553 |
| Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); <br> Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.88% | 01/01/2049 | 1350 | &nbsp;&nbsp; 1363595 |
| Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Pinecrest Public Improvement); <br> Series 2017, RB<sup>(a)</sup> <br>| 7.00% | 11/15/2048 | 7360 | &nbsp;&nbsp; 7603279 |
| Cleveland (City of), OH (Continental Airlines, Inc.); Series 1998, RB<sup>(c)</sup> <br>| 5.38% | 09/15/2027 | 4190 | &nbsp;&nbsp; 4198567 |
| Columbus (City of) & Franklin (County of), OH Finance Authority (Easton); Series 2020, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2028 | 2295 | &nbsp;&nbsp; 2341213 |
| Cuyahoga (County of), OH (MetroHealth System); Series 2017, Ref. RB | 5.25% | 02/15/2047 | 5500 | &nbsp;&nbsp; 5481955 |
| Dayton-Montgomery County Port Authority (Dayton Regional Stem Schools, Inc.); |  |  |  |  |
| Series 2024, RB | 5.00% | 12/01/2054 | 800 | &nbsp;&nbsp; 794524 |
| Series 2024, RB | 5.00% | 12/01/2060 | 1100 | &nbsp;&nbsp; 1083766 |
| Franklin (County of), OH (Wesley Communities); |  |  |  |  |
| Series 2020, Ref. RB | 5.25% | 11/15/2040 | 1000 | &nbsp;&nbsp; 1028033 |
| Series 2020, Ref. RB | 5.25% | 11/15/2055 | 7425 | &nbsp;&nbsp; 6991968 |
| Franklin (County of), OH Convention Facilities Authority (Greater Columbus Convention Center); <br> Series 2019, RB<br>| 5.00% | 12/01/2051 | 2500 | &nbsp;&nbsp; 2477489 |
| Greater Cincinnati (Port of), OH Development Authority (Duke Energy Corp.); Series 2024, Ref. RB | 5.00% | 12/01/2063 | 18625 | &nbsp;&nbsp; 19078169 |
| Greene (County of), OH Port Authority (Community First Solutions Obligated Group); |  |  |  |  |
| Series 2024, RB | 5.00% | 05/15/2055 | 2435 | &nbsp;&nbsp; 2390460 |
| Series 2024, RB | 5.00% | 05/15/2059 | 4040 | &nbsp;&nbsp; 3937182 |
| Hamilton (County of), OH (Life Enriching Communities); Series 2025, Ref. RB | 5.50% | 01/01/2050 | 1900 | &nbsp;&nbsp; 1963123 |
| Hamilton (County of), OH (UC Health); |  |  |  |  |
| Series 2020, RB | 4.00% | 09/15/2050 | 19100 | &nbsp;&nbsp; 15929650 |
| Series 2025 A, Ref. RB | 5.50% | 08/01/2051 | 2500 | &nbsp;&nbsp; 2577640 |
| Marion (County of), OH (United Church Homes, Inc.); Series 2019, Ref. RB | 5.13% | 12/01/2049 | 3545 | &nbsp;&nbsp; 2748443 |
| Montgomery (County of), OH (Premier Health Partners Obligated Group); Series 2019 A, Ref. RB | 4.00% | 11/15/2045 | 14245 | &nbsp;&nbsp; 12723701 |
| Montgomery (County of), OH (Trousdale Foundation Properties); |  |  |  |  |
| Series 2018 A, RB (Acquired 08/29/2018-09/14/2020; Cost $4,695,340)<sup>(a)(l)(m)</sup> <br>| 6.00% | 04/01/2038 | 5771 | &nbsp;&nbsp; 72136 |
| Series 2018 A, RB (Acquired 04/01/2020-09/14/2020; Cost $936,226)<sup>(a)(l)(m)</sup> <br>| 6.25% | 04/01/2049 | 1679 | &nbsp;&nbsp; 20986 |
| Muskingum (County of), OH (Genesis Healthcare System); |  |  |  |  |
| Series 2013, RB | 5.00% | 02/15/2044 | 11930 | &nbsp;&nbsp; 11931578 |
| Series 2013, RB | 5.00% | 02/15/2048 | 15710 | &nbsp;&nbsp; 15328759 |
| Ohio (State of) Air Quality Development Authority (AMG Vanadium Project); Series 2019, RB<sup>(a)(c)</sup> <br>| 5.00% | 07/01/2049 | 4900 | &nbsp;&nbsp; 4570672 |
| Ohio (State of) Higher Educational Facility Commission (John Carroll University 2025); |  |  |  |  |
| Series 2025, RB | 5.50% | 10/01/2050 | 1300 | &nbsp;&nbsp; 1304193 |
| Series 2025, RB | 5.50% | 10/01/2057 | 1800 | &nbsp;&nbsp; 1791753 |
| Ohio (State of) Higher Educational Facility Commission (Xavier University); Series 2024, Ref. RB | 5.25% | 05/01/2054 | 1535 | &nbsp;&nbsp; 1515488 |
| Ohio (State of) Housing Finance Agency; |  |  |  |  |
| Series 2025, RB<sup>(a)</sup> <br>| 8.75% | 01/01/2034 | 900 | &nbsp;&nbsp; 910126 |
| Series 2025, RB<sup>(a)</sup> <br>| 8.75% | 01/01/2039 | 1000 | &nbsp;&nbsp; 1013642 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.25% | 01/01/2045 | 2865 | &nbsp;&nbsp; 3014552 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.25% | 01/01/2045 | 2970 | &nbsp;&nbsp; 3125033 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.25% | 01/01/2045 | 2360 | &nbsp;&nbsp; 2483191 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.38% | 01/01/2045 | 2810 | &nbsp;&nbsp; 2976267 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**21**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** |
| Ohio (State of) Housing Finance Agency (Silver Birch of Mansfield); Series 2024, RB<sup>(a)</sup> <br>| 6.00% | 01/01/2045 | $2000 | &nbsp;&nbsp; $2054599 |
| Ohio State University (The) (Green Bonds); Series 2021 A, GO Bonds (INS - AGI)<sup>(g)(h)</sup> <br>| 5.50% | 11/01/2059 | 10000 | &nbsp;&nbsp; 10441260 |
| Tuscarawas (County of), OH Economic Development and Finance Alliance (Ashland University); <br> Series 2015, Ref. RB<br>| 6.00% | 03/01/2045 | 5000 | &nbsp;&nbsp; 4999774 |
| University of Cincinnati; Series 2025, RB<sup>(g)</sup> <br>| 5.25% | 06/01/2054 | 15000 | &nbsp;&nbsp; 15789746 |
|  |  |  |  | &nbsp;&nbsp; 241849210 |
| **Oklahoma–1.69%** | **Oklahoma–1.69%** | **Oklahoma–1.69%** | **Oklahoma–1.69%** | **Oklahoma–1.69%** |
| Atoka (County of), OK Health Care Authority (Atoka Memorial Hospital); Series 2007, RB | 6.63% | 10/01/2037 | 2645 | &nbsp;&nbsp; 2486629 |
| Oklahoma (County of), OK Finance Authority (Astec); |  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 6.25% | 06/15/2054 | 3325 | &nbsp;&nbsp; 3281653 |
| Series 2024, RB<sup>(a)</sup> <br>| 6.50% | 06/15/2064 | 4275 | &nbsp;&nbsp; 4293993 |
| Oklahoma (State of) Capitol Improvement Authority; Series 2025, RB<sup>(g)</sup> <br>| 5.25% | 07/01/2055 | 17500 | &nbsp;&nbsp; 18684906 |
| Oklahoma (State of) Development Finance Authority (Sommerset); Series 2015, RB | 5.00% | 07/01/2035 | 1700 | &nbsp;&nbsp; 1700540 |
| Payne (County of), OK Economic Development Authority (Epworth Living at the Ranch); |  |  |  |  |
| Series 2016 A, RB<sup>(m)</sup> <br>| 6.88% | 11/01/2046 | 2469 | &nbsp;&nbsp; 15060 |
| Series 2016 A, RB<sup>(m)</sup> <br>| 6.63% | 11/30/2049 | 1164 | &nbsp;&nbsp; 7104 |
| Series 2016 A, RB<sup>(m)</sup> <br>| 7.00% | 11/01/2051 | 2429 | &nbsp;&nbsp; 14817 |
| Series 2016 B-1, RB<sup>(m)</sup> <br>| 5.25% | 11/30/2049 | 1664 | &nbsp;&nbsp; 10148 |
| Tulsa (City of), OK Airports Improvement Trust; |  |  |  |  |
| Series 2000 A, Ref. RB<sup>(c)</sup> <br>| 5.50% | 06/01/2035 | 18625 | &nbsp;&nbsp; 18672393 |
| Series 2001 B, Ref. RB<sup>(c)</sup> <br>| 5.50% | 12/01/2035 | 15000 | &nbsp;&nbsp; 15037352 |
| Series 2001 C, Ref. RB<sup>(c)</sup> <br>| 5.50% | 12/01/2035 | 47625 | &nbsp;&nbsp; 47743591 |
| Tulsa Municipal Airport Trust Trustees (American Airlines, Inc.); |  |  |  |  |
| Series 2025, Ref. RB<sup>(c)</sup> <br>| 6.25% | 12/01/2035 | 4000 | &nbsp;&nbsp; 4706123 |
| Series 2025, Ref. RB<sup>(c)</sup> <br>| 6.25% | 12/01/2040 | 2000 | &nbsp;&nbsp; 2277778 |
|  |  |  |  | &nbsp;&nbsp; 118932087 |
| **Oregon–0.66%** | **Oregon–0.66%** | **Oregon–0.66%** | **Oregon–0.66%** | **Oregon–0.66%** |
| Oregon (State of) Facilities Authority (Legacy Health); Series 2016 A, Ref. RB | 4.00% | 06/01/2046 | 16025 | &nbsp;&nbsp; 14783952 |
| Oregon Health & Science University (Green Bonds); Series 2021 A, Ref. RB | 3.00% | 07/01/2051 | 10000 | &nbsp;&nbsp; 7233156 |
| Portland (Port of), OR (Green Bonds); Twenty Ninth Series 2023, RB<sup>(c)</sup> <br>| 5.50% | 07/01/2048 | 10000 | &nbsp;&nbsp; 10652416 |
| Umatilla County School District No. 6R Umatilla; Series 2023 B, GO Bonds (CEP - Oregon School <br> Bond Guaranty)<sup>(e)</sup> <br>| 0.00% | 06/15/2053 | 10000 | &nbsp;&nbsp; 2547388 |
| Washington & Multnomah Counties School District No. 48J Beaverton; |  |  |  |  |
| Series 2025 A, GO Bonds (CEP - Oregon School Bond Guaranty)<sup>(e)</sup> <br>| 0.00% | 06/15/2043 | 5000 | &nbsp;&nbsp; 2279261 |
| Series 2025 A, GO Bonds (CEP - Oregon School Bond Guaranty)<sup>(e)</sup> <br>| 0.00% | 06/15/2045 | 2500 | &nbsp;&nbsp; 993548 |
| Series 2025 A, GO Bonds (CEP - Oregon School Bond Guaranty)<sup>(e)</sup> <br>| 0.00% | 06/15/2047 | 2500 | &nbsp;&nbsp; 865993 |
| Yamhill (County of), OR Hospital Authority (Friendsview Retirement Community); Series 2016 A, <br> Ref. RB<br>| 5.00% | 11/15/2046 | 2035 | &nbsp;&nbsp; 1888777 |
| Yamhill (County of), OR Hospital Authority (Friendsview); |  |  |  |  |
| Series 2021 A, Ref. RB | 5.00% | 11/15/2046 | 2670 | &nbsp;&nbsp; 2478149 |
| Series 2021 A, Ref. RB | 5.00% | 11/15/2051 | 3475 | &nbsp;&nbsp; 3075577 |
|  |  |  |  | &nbsp;&nbsp; 46798217 |
| **Pennsylvania–1.62%** | **Pennsylvania–1.62%** | **Pennsylvania–1.62%** | **Pennsylvania–1.62%** | **Pennsylvania–1.62%** |
| Allegheny (County of), PA Airport Authority (Pittsburgh International Airport); Series 2021 A, RB<sup>(c)</sup> <br>| 5.00% | 01/01/2051 | 10000 | &nbsp;&nbsp; 10123260 |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority (615 <br> Waterfront); Series 2021, RB<sup>(a)</sup> <br>| 6.00% | 05/01/2042 | 4610 | &nbsp;&nbsp; 4899299 |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority (Waterfront-30 E. <br> Allen Street); Series 2024, RB<sup>(a)</sup> <br>| 6.00% | 05/01/2042 | 1320 | &nbsp;&nbsp; 1377061 |
| Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.); |  |  |  |  |
| Series 2018, Ref. RB | 5.00% | 12/01/2038 | 1750 | &nbsp;&nbsp; 1770686 |
| Series 2018, Ref. RB | 5.00% | 12/01/2043 | 4800 | &nbsp;&nbsp; 4794651 |
| Series 2019, RB | 5.00% | 12/01/2054 | 2000 | &nbsp;&nbsp; 1781100 |
| Lehigh (County of), PA (Lehigh Valley Health Network); Series 2019, Ref. RB | 4.00% | 07/01/2049 | 3465 | &nbsp;&nbsp; 3017492 |
| Lehigh (County of), PA General Purpose Authority (Kidspeace Obligation Group); Series 2014 A, RB | 7.50% | 02/01/2044 | 1 | &nbsp;&nbsp; 298 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (National Gypson <br> Co.); Series 2014, Ref. RB<sup>(c)</sup> <br>| 5.50% | 11/01/2044 | 4000 | &nbsp;&nbsp; 4002741 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**22**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major <br> Bridges);<br>|  |  |  |  |
| Series 2022, RB<sup>(c)</sup> <br>| 5.25% | 06/30/2053 | $11000 | &nbsp;&nbsp; $11193783 |
| Series 2022, RB<sup>(c)</sup> <br>| 6.00% | 06/30/2061 | 18500 | &nbsp;&nbsp; 19677862 |
| Series 2022, RB (INS - AGI)<sup>(c)(h)</sup> <br>| 5.75% | 12/31/2062 | 13000 | &nbsp;&nbsp; 13725891 |
| Philadelphia (City of), PA Authority for Industrial Development (Alliance for Progress Charter <br> School, Inc.); Series 2019 A, RB<br>| 5.00% | 06/15/2049 | 3275 | &nbsp;&nbsp; 3019591 |
| Philadelphia (City of), PA Authority for Industrial Development (MaST I Charter School); |  |  |  |  |
| Series 2016 A, Ref. RB | 5.25% | 08/01/2046 | 2560 | &nbsp;&nbsp; 2562760 |
| Series 2016 A, Ref. RB | 5.38% | 08/01/2051 | 3950 | &nbsp;&nbsp; 3951608 |
| Philadelphia (City of), PA Authority for Industrial Development (MaST II Charter School); <br> Series 2016 B, RB<br>| 5.63% | 08/01/2036 | 30 | &nbsp;&nbsp; 30152 |
| Philadelphia (City of), PA Authority for Industrial Development (St. Joseph's University); <br> Series 2022, RB<br>| 5.50% | 11/01/2060 | 18625 | &nbsp;&nbsp; 19467193 |
| Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated <br> Group);<br>|  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 07/01/2037 | 6120 | &nbsp;&nbsp; 6157384 |
| Series 2017, Ref. RB | 5.00% | 07/01/2049 | 2930 | &nbsp;&nbsp; 2714971 |
|  |  |  |  | &nbsp;&nbsp; 114267783 |
| **Puerto Rico–5.42%** | **Puerto Rico–5.42%** | **Puerto Rico–5.42%** | **Puerto Rico–5.42%** | **Puerto Rico–5.42%** |
| Children's Trust Fund; |  |  |  |  |
| Series 2002, RB | 5.50% | 05/15/2039 | 16770 | &nbsp;&nbsp; 17045202 |
| Series 2002, RB | 5.63% | 05/15/2043 | 5415 | &nbsp;&nbsp; 5498048 |
| Series 2005 A, RB<sup>(e)</sup> <br>| 0.00% | 05/15/2050 | 344980 | &nbsp;&nbsp; 72671831 |
| Series 2008 B, RB<sup>(e)</sup> <br>| 0.00% | 05/15/2057 | 784260 | &nbsp;&nbsp; 24526085 |
| Puerto Rico (Commonwealth of); |  |  |  |  |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2041 | 24758 | &nbsp;&nbsp; 24029456 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2046 | 19150 | &nbsp;&nbsp; 17289545 |
| Subseries 2022, RN<sup>(e)</sup> <br>| 0.00% | 11/01/2043 | 2115 | &nbsp;&nbsp; 1446032 |
| Subseries 2022, RN<sup>(e)</sup> <br>| 0.00% | 11/01/2051 | 5926 | &nbsp;&nbsp; 4111486 |
| Puerto Rico (Commonwealth of) Electric Power Authority; |  |  |  |  |
| Series 2007 TT, RB<sup>(m)</sup> <br>| 5.00% | 07/01/2026 | 6685 | &nbsp;&nbsp; 4462237 |
| Series 2007 TT, RB<sup>(m)</sup> <br>| 5.00% | 07/01/2027 | 2350 | &nbsp;&nbsp; 1568625 |
| Series 2007 UU, Ref. RB (3 mo. Term SOFR + 0.68%)<sup>(m)(o)</sup> <br>| 3.93% | 07/01/2026 | 4250 | &nbsp;&nbsp; 2836875 |
| Series 2007 UU, Ref. RB (3 mo. USD LIBOR + 0.70%)<sup>(e)(m)(o)</sup> <br>| 0.00% | 07/01/2031 | 2050 | &nbsp;&nbsp; 1368375 |
| Series 2007 VV, Ref. RB (INS - NATL)<sup>(h)</sup> <br>| 5.25% | 07/01/2030 | 15785 | &nbsp;&nbsp; 16143987 |
| Series 2007 VV, Ref. RB (INS - NATL)<sup>(h)</sup> <br>| 5.25% | 07/01/2032 | 9305 | &nbsp;&nbsp; 9549581 |
| Series 2007 VV, Ref. RB (INS - NATL)<sup>(h)</sup> <br>| 5.25% | 07/01/2033 | 4380 | &nbsp;&nbsp; 4489178 |
| Series 2007 VV, Ref. RB (INS - NATL)<sup>(h)</sup> <br>| 5.25% | 07/01/2035 | 6080 | &nbsp;&nbsp; 6233961 |
| Series 2008 WW, RB<sup>(m)</sup> <br>| 5.25% | 07/01/2033 | 2200 | &nbsp;&nbsp; 1468500 |
| Series 2010 AAA, RB<sup>(m)</sup> <br>| 5.25% | 07/01/2026 | 840 | &nbsp;&nbsp; 560700 |
| Series 2010 AAA, RB<sup>(m)</sup> <br>| 5.25% | 07/01/2031 | 1350 | &nbsp;&nbsp; 901125 |
| Series 2010 CCC, RB<sup>(m)</sup> <br>| 5.00% | 07/01/2026 | 325 | &nbsp;&nbsp; 216938 |
| Series 2010 CCC, RB<sup>(m)</sup> <br>| 5.00% | 07/01/2028 | 960 | &nbsp;&nbsp; 640800 |
| Series 2010 CCC, RB<sup>(m)</sup> <br>| 5.25% | 07/01/2028 | 7600 | &nbsp;&nbsp; 5073000 |
| Series 2010 EEE, RB<sup>(m)</sup> <br>| 6.05% | 07/01/2032 | 895 | &nbsp;&nbsp; 597413 |
| Series 2010 XX, RB<sup>(m)</sup> <br>| 4.63% | 07/01/2026 | 620 | &nbsp;&nbsp; 413850 |
| Series 2010 XX, RB<sup>(m)</sup> <br>| 5.25% | 07/01/2026 | 385 | &nbsp;&nbsp; 256988 |
| Series 2010 XX, RB<sup>(m)</sup> <br>| 5.25% | 07/01/2035 | 6799 | &nbsp;&nbsp; 4538332 |
| Series 2010 YY, RB<sup>(m)</sup> <br>| 6.13% | 07/01/2040 | 1200 | &nbsp;&nbsp; 801000 |
| Series 2010 ZZ, Ref. RB<sup>(m)</sup> <br>| 4.63% | 07/01/2026 | 640 | &nbsp;&nbsp; 427200 |
| Series 2010 ZZ, Ref. RB<sup>(m)</sup> <br>| 5.00% | 07/01/2026 | 340 | &nbsp;&nbsp; 226950 |
| Series 2010 ZZ, Ref. RB<sup>(m)</sup> <br>| 5.00% | 07/01/2026 | 435 | &nbsp;&nbsp; 290363 |
| Series 2010 ZZ, Ref. RB<sup>(m)</sup> <br>| 5.25% | 07/01/2026 | 875 | &nbsp;&nbsp; 584063 |
| Series 2010 ZZ, Ref. RB<sup>(m)</sup> <br>| 5.25% | 07/01/2026 | 65 | &nbsp;&nbsp; 43388 |
| Series 2010 ZZ, Ref. RB<sup>(m)</sup> <br>| 5.00% | 07/01/2028 | 310 | &nbsp;&nbsp; 206925 |
| Series 2012 A, RB<sup>(m)</sup> <br>| 4.80% | 07/01/2029 | 2260 | &nbsp;&nbsp; 1508550 |
| Series 2012 A, RB<sup>(m)</sup> <br>| 5.00% | 07/01/2029 | 3535 | &nbsp;&nbsp; 2359612 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**23**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** |
| Series 2013 A, RB<sup>(m)</sup> <br>| 7.25% | 07/01/2030 | $2120 | &nbsp;&nbsp; $1415100 |
| Series 2013 A, RB<sup>(m)</sup> <br>| 7.00% | 07/01/2033 | 4030 | &nbsp;&nbsp; 2690025 |
| Series 2013 A, RB<sup>(m)</sup> <br>| 7.00% | 07/01/2040 | 2675 | &nbsp;&nbsp; 1785562 |
| Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control <br> Facilities Financing Authority (AES Puerto Rico);<br>|  |  |  |  |
| Series 2023 A, RB (Acquired 04/30/2019-04/01/2025; Cost $1,941,812)<sup>(l)</sup> <br>| 6.63% | 01/01/2027 | 1827 | &nbsp;&nbsp; 1826947 |
| Series 2023 A, RB (Acquired 04/30/2019-01/08/2020; Cost $14,997,024)<sup>(l)</sup> <br>| 6.63% | 01/01/2028 | 13222 | &nbsp;&nbsp; 13245901 |
| Puerto Rico Sales Tax Financing Corp.; |  |  |  |  |
| Series 2018 A-1, RB<sup>(e)</sup> <br>| 0.00% | 07/01/2033 | 11463 | &nbsp;&nbsp; 8913740 |
| Series 2018 A-1, RB<sup>(e)</sup> <br>| 0.00% | 07/01/2046 | 30515 | &nbsp;&nbsp; 10976451 |
| Series 2018 A-1, RB<sup>(e)</sup> <br>| 0.00% | 07/01/2051 | 149221 | &nbsp;&nbsp; 39261149 |
| Series 2018 A-1, RB | 4.75% | 07/01/2053 | 32479 | &nbsp;&nbsp; 31670918 |
| Series 2019 A-2, RB | 4.33% | 07/01/2040 | 31401 | &nbsp;&nbsp; 31465950 |
| Series 2019 A-2, RB | 4.54% | 07/01/2053 | 314 | &nbsp;&nbsp; 294620 |
| Series 2019 A-2, RB | 4.78% | 07/01/2058 | 4223 | &nbsp;&nbsp; 4091717 |
|  |  |  |  | &nbsp;&nbsp; 382024281 |
| **Rhode Island–0.02%** | **Rhode Island–0.02%** | **Rhode Island–0.02%** | **Rhode Island–0.02%** | **Rhode Island–0.02%** |
| Rhode Island Health & Educational Building Corp.; Series 2025 A, RB (INS - AGI)<sup>(h)</sup> <br>| 5.00% | 07/01/2045 | 1500 | &nbsp;&nbsp; 1549949 |
| Tobacco Settlement Financing Corp.; Series 2015 B, Ref. RB | 5.00% | 06/01/2050 | 30 | &nbsp;&nbsp; 29998 |
|  |  |  |  | &nbsp;&nbsp; 1579947 |
| **South Carolina–0.56%** | **South Carolina–0.56%** | **South Carolina–0.56%** | **South Carolina–0.56%** | **South Carolina–0.56%** |
| South Carolina (State of) Jobs-Economic Development Authority (Beaufort Memorial Hospital & <br> South of Broad Healthcare); Series 2024, RB<br>| 5.75% | 11/15/2054 | 9350 | &nbsp;&nbsp; 9583890 |
| South Carolina (State of) Jobs-Economic Development Authority (Bishop Gadsden Episcopal); <br> Series 2025, RB<br>| 5.38% | 04/01/2056 | 1000 | &nbsp;&nbsp; 1011944 |
| South Carolina (State of) Jobs-Economic Development Authority (Greer Preparatory Academy <br> Project); Series 2024, RB<sup>(a)</sup> <br>| 6.50% | 06/15/2054 | 3420 | &nbsp;&nbsp; 3454683 |
| South Carolina (State of) Jobs-Economic Development Authority (High Point Academy Project); <br> Series 2018 A, RB<sup>(a)</sup> <br>| 5.75% | 06/15/2049 | 2000 | &nbsp;&nbsp; 1898365 |
| South Carolina (State of) Jobs-Economic Development Authority (Lutheran Homes); |  |  |  |  |
| Series 2013, RB | 5.00% | 05/01/2043 | 1000 | &nbsp;&nbsp; 919820 |
| Series 2013, RB | 5.13% | 05/01/2048 | 2000 | &nbsp;&nbsp; 1741828 |
| Series 2017, Ref. RB | 5.00% | 05/01/2042 | 250 | &nbsp;&nbsp; 234709 |
| South Carolina (State of) Jobs-Economic Development Authority (Oceanside Collegiate Academy); <br> Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.00% | 06/15/2054 | 2375 | &nbsp;&nbsp; 2196186 |
| South Carolina (State of) Jobs-Economic Development Authority (Rolling Green Village); <br> Series 2025, RB<br>| 5.75% | 12/01/2060 | 1000 | &nbsp;&nbsp; 1006007 |
| South Carolina (State of) Jobs-Economic Development Authority (South Carolina Episcopal Home at <br> Still Hopes); Series 2018 A, Ref. RB<br>| 5.00% | 04/01/2048 | 1085 | &nbsp;&nbsp; 1049703 |
| South Carolina (State of) Jobs-Economic Development Authority (Wesley Commons); |  |  |  |  |
| Series 2025 A, RB | 5.63% | 10/01/2050 | 700 | &nbsp;&nbsp; 708932 |
| Series 2025 A, RB | 5.63% | 10/01/2060 | 500 | &nbsp;&nbsp; 501137 |
| South Carolina (State of) Jobs-Economic Development Authority (Midlands Stem Chartered <br> School); Series 2025, RB<sup>(a)</sup> <br>| 5.25% | 06/15/2034 | 3150 | &nbsp;&nbsp; 3136377 |
| South Carolina (State of) Public Service Authority; Series 2025 A, RB (INS - AGI)<sup>(h)</sup> <br>| 5.00% | 12/01/2055 | 3000 | &nbsp;&nbsp; 3114955 |
| South Carolina (State of) Public Service Authority (Santee Cooper); Series 2024 B, Ref. RB | 5.25% | 12/01/2054 | 7070 | &nbsp;&nbsp; 7473083 |
| South Carolina Jobs-Economic Development Authority (Rolling Green Village); Series 2025, RB | 5.80% | 12/01/2050 | 1150 | &nbsp;&nbsp; 1175837 |
|  |  |  |  | &nbsp;&nbsp; 39207456 |
| **Tennessee–1.19%** | **Tennessee–1.19%** | **Tennessee–1.19%** | **Tennessee–1.19%** | **Tennessee–1.19%** |
| Bristol (City of), TN Industrial Development Board (Pinnacle); Series 2016, RB | 5.63% | 06/01/2035 | 13000 | &nbsp;&nbsp; 11452896 |
| Knox (County of), TN Health, Educational & Housing Facility Board (University of Tennessee); |  |  |  |  |
| Series 2024 A-1, RB (INS - BAM)<sup>(h)</sup> <br>| 5.00% | 07/01/2064 | 4000 | &nbsp;&nbsp; 4063386 |
| Series 2024 B-1, RB (INS - BAM)<sup>(h)</sup> <br>| 5.13% | 07/01/2054 | 2500 | &nbsp;&nbsp; 2578398 |
| Series 2024 B-1, RB (INS - BAM)<sup>(h)</sup> <br>| 5.25% | 07/01/2064 | 6110 | &nbsp;&nbsp; 6358025 |
| Memphis (City of) & Shelby (County of), TN Economic Development Growth Engine Industrial <br> Development Board (Graceland);<br>|  |  |  |  |
| Series 2017 A, Ref. RB | 5.50% | 07/01/2037 | 250 | &nbsp;&nbsp; 190736 |
| Series 2017 A, Ref. RB | 5.63% | 01/01/2046 | 750 | &nbsp;&nbsp; 514115 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**24**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Tennessee–(continued)** | **Tennessee–(continued)** | **Tennessee–(continued)** | **Tennessee–(continued)** | **Tennessee–(continued)** |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational <br> Facilities Board (The) (Trousdale Foundation Properties);<br>|  |  |  |  |
| Series 2018 A, RB (Acquired 08/29/2018; Cost $11,574,346)<sup>(a)(l)(m)</sup> <br>| 6.00% | 04/01/2038 | $11808 | &nbsp;&nbsp; $147596 |
| Series 2018 A, RB (Acquired 08/29/2018-09/14/2020; Cost $10,148,228)<sup>(a)(l)(m)</sup> <br>| 6.25% | 04/01/2049 | 15399 | &nbsp;&nbsp; 192495 |
| Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor); |  |  |  |  |
| Series 2013 A, Ref. RB<sup>(a)</sup> <br>| 5.50% | 09/01/2047 | 15000 | &nbsp;&nbsp; 12934412 |
| Series 2016 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 09/01/2031 | 750 | &nbsp;&nbsp; 711283 |
| Tennessee (State of) School Bond Authority; |  |  |  |  |
| Series 2022 A, RB (CEP - Colorado Higher Education Intercept Program)<sup>(g)</sup> <br>| 5.00% | 11/01/2052 | 30000 | &nbsp;&nbsp; 31420416 |
| Series 2022, RB (CEP - Colorado Higher Education Intercept Program)<sup>(g)</sup> <br>| 5.00% | 11/01/2047 | 12835 | &nbsp;&nbsp; 13624644 |
|  |  |  |  | &nbsp;&nbsp; 84188402 |
| **Texas–8.87%** | **Texas–8.87%** | **Texas–8.87%** | **Texas–8.87%** | **Texas–8.87%** |
| Anna (City of), TX; Series 2025, RB | 5.20% | 09/15/2045 | 1000 | &nbsp;&nbsp; 1017621 |
| Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.); |  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 4.88% | 06/15/2054 | 1100 | &nbsp;&nbsp; 1013838 |
| Series 2024, RB<sup>(a)</sup> <br>| 4.88% | 06/15/2059 | 1000 | &nbsp;&nbsp; 913387 |
| Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2064 | 1200 | &nbsp;&nbsp; 1100822 |
| Series 2025, Ref. RB<sup>(a)</sup> <br>| 5.75% | 06/15/2055 | 2000 | &nbsp;&nbsp; 2035265 |
| Series 2025, Ref. RB<sup>(a)</sup> <br>| 5.88% | 06/15/2065 | 2250 | &nbsp;&nbsp; 2293048 |
| Arlington Higher Education Finance Corp. (Cypress Christian School); |  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 5.75% | 06/01/2043 | 1500 | &nbsp;&nbsp; 1548854 |
| Series 2024, RB<sup>(a)</sup> <br>| 6.00% | 06/01/2053 | 1250 | &nbsp;&nbsp; 1261315 |
| Arlington Higher Education Finance Corp. (Great Hearts America - Texas); |  |  |  |  |
| Series 2024, RB | 4.75% | 08/15/2044 | 1000 | &nbsp;&nbsp; 974401 |
| Series 2024, RB | 5.00% | 08/15/2049 | 1180 | &nbsp;&nbsp; 1140325 |
| Series 2024, RB | 5.00% | 08/15/2054 | 1330 | &nbsp;&nbsp; 1262120 |
| Arlington Higher Education Finance Corp. (Legacy Traditional Schools); |  |  |  |  |
| Series 2021, Ref. RB | 4.38% | 02/15/2051 | 8025 | &nbsp;&nbsp; 5894191 |
| Series 2021, Ref. RB | 4.50% | 02/15/2056 | 3000 | &nbsp;&nbsp; 2178781 |
| Series 2022, RB<sup>(a)</sup> <br>| 6.50% | 02/15/2057 | 6000 | &nbsp;&nbsp; 5889587 |
| Arlington Higher Education Finance Corp. (Newman International Academy); |  |  |  |  |
| Series 2021, RB | 5.00% | 08/15/2041 | 775 | &nbsp;&nbsp; 639788 |
| Series 2021, RB | 5.00% | 08/15/2051 | 5370 | &nbsp;&nbsp; 3764794 |
| Arlington Higher Education Finance Corp. (Odyssey Academy, Inc.); |  |  |  |  |
| Series 2023 A, RB<sup>(a)</sup> <br>| 6.00% | 02/15/2043 | 3825 | &nbsp;&nbsp; 3618466 |
| Series 2023 A, RB<sup>(a)</sup> <br>| 6.13% | 02/15/2053 | 5000 | &nbsp;&nbsp; 4389131 |
| Aubrey (City of), TX (Duck Point Public Improvement Disctrict); Series 2025, RB<sup>(a)</sup> <br>| 5.38% | 12/31/2045 | 1100 | &nbsp;&nbsp; 1112960 |
| Austin (City of), TX; Series 2023, Ref. RB | 5.00% | 11/15/2048 | 3900 | &nbsp;&nbsp; 4113007 |
| Birdville Independent School District; Series 2023, GO Bonds (INS - BAM)<sup>(h)</sup> <br>| 4.00% | 02/15/2048 | 11440 | &nbsp;&nbsp; 11004028 |
| Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC); |  |  |  |  |
| Series 2019 A, RB (Acquired 04/12/2023; Cost $154,557)<sup>(a)(c)(l)(m)</sup> <br>| 9.00% | 03/01/2039 | 152 | &nbsp;&nbsp; 7600 |
| Series 2019, RB (Acquired 11/13/2019; Cost $716,000)<sup>(c)(l)(m)</sup> <br>| 7.00% | 03/01/2039 | 716 | &nbsp;&nbsp; 35800 |
| Series 2019, RB (Acquired 03/16/2020-08/04/2023; Cost $243,819)<sup>(a)(c)(l)(m)</sup> <br>| 9.00% | 03/01/2039 | 235 | &nbsp;&nbsp; 11750 |
| Brooks Development Authority; Series 2025, Ref. RB<sup>(a)</sup> <br>| 5.13% | 08/15/2036 | 3655 | &nbsp;&nbsp; 3698644 |
| Calhoun (County of), TX Navigation Industrial Development Authority (Max Midstream Texas LLC); <br> Series 2021, RN<sup>(a)(c)</sup> <br>| 3.63% | 07/01/2026 | 15120 | &nbsp;&nbsp; 14946088 |
| Celina (City of), TX (The Laskes at Mustang Ranch Public Improvement Phases #8-9); Series 2025, <br> RB<sup>(a)</sup> <br>| 5.50% | 09/01/2045 | 300 | &nbsp;&nbsp; 305057 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport); Series 2024, RB | 5.25% | 11/01/2048 | 10000 | &nbsp;&nbsp; 10833795 |
| El Paso (City of), TX; Series 2022 A, RB (INS - BAM)<sup>(h)</sup> <br>| 4.00% | 03/01/2048 | 9950 | &nbsp;&nbsp; 9525346 |
| Grand Parkway Transportation Corp.; Series 2013 B, RB | 5.85% | 10/01/2048 | 17000 | &nbsp;&nbsp; 17911460 |
| Harris County Cultural Education Facilities Finance Corp. (Brazos Presbyterian Homes, Inc.); <br> Series 2016, Ref. RB<br>| 5.00% | 01/01/2048 | 4280 | &nbsp;&nbsp; 4237470 |
| Harris County Hospital District; Series 2025, GO Bonds<sup>(g)</sup> <br>| 5.50% | 02/15/2050 | 12500 | &nbsp;&nbsp; 13700986 |
| Houston (City of), TX (United Airlines, Inc.); Series 2021 B-1, RB<sup>(c)</sup> <br>| 4.00% | 07/15/2041 | 13745 | &nbsp;&nbsp; 13010225 |
| Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); |  |  |  |  |
| Series 2014, Ref. RB<sup>(c)</sup> <br>| 5.00% | 07/01/2029 | 11985 | &nbsp;&nbsp; 12006235 |
| Series 2021 A, RB<sup>(c)</sup> <br>| 4.00% | 07/01/2041 | 2500 | &nbsp;&nbsp; 2366575 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**25**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| Lamar Consolidated Independent School District; |  |  |  |  |
| Series 2023, GO Bonds | 4.00% | 02/15/2048 | $25000 | &nbsp;&nbsp; $24012792 |
| Series 2025, GO Bonds (INS - AGI)<sup>(g)(h)</sup> <br>| 5.50% | 02/15/2058 | 30000 | &nbsp;&nbsp; 32053008 |
| Lower Colorado River Authority; Series 2025, RB<sup>(a)</sup> <br>| 5.25% | 05/15/2053 | 10000 | &nbsp;&nbsp; 10602514 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2023, Ref. RB (INS - <br> AGI)<sup>(g)(h)</sup> <br>| 5.25% | 05/15/2053 | 10000 | &nbsp;&nbsp; 10602514 |
| Lowry Crossing (City of), TX (Simpson Road Public Improvement); Series 2025, RB<sup>(a)</sup> <br>| 5.75% | 09/15/2045 | 740 | &nbsp;&nbsp; 770377 |
| Mesquite (City of), TX; Series 2025, RB | 5.50% | 09/01/2045 | 1050 | &nbsp;&nbsp; 1070929 |
| New Hope Cultural Education Facilities Finance Corp.; |  |  |  |  |
| Series 2025 A, RB | 6.25% | 10/01/2045 | 3000 | &nbsp;&nbsp; 3155839 |
| Series 2025 A, RB | 6.50% | 10/01/2055 | 7790 | &nbsp;&nbsp; 8084276 |
| Series 2025 A, RB | 6.50% | 10/01/2060 | 8115 | &nbsp;&nbsp; 8400619 |
| New Hope Cultural Education Facilities Finance Corp. (4-K Housing, Inc.-Stoney Brook); <br> Series 2017 C, RB<sup>(m)</sup> <br>| 5.00% | 07/01/2037 | 1610 | &nbsp;&nbsp; 483000 |
| New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community); |  |  |  |  |
| Series 2021 A-1, RB (Acquired 11/24/2021; Cost $285,000)<sup>(l)(m)</sup> <br>| 7.50% | 11/15/2037 | 285 | &nbsp;&nbsp; 285000 |
| Series 2021 A-2, RB (Acquired 11/24/2021; Cost $2,390,000)<sup>(l)(m)</sup> <br>| 7.50% | 11/15/2036 | 2390 | &nbsp;&nbsp; 2390000 |
| Series 2021, RB (Acquired 07/27/2007-11/19/2025; Cost $7,844,246)<sup>(l)(m)</sup> <br>| 2.00% | 11/15/2061 | 7844 | &nbsp;&nbsp; 3373183 |
| New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); Series 2016, <br> Ref. RB<br>| 5.00% | 07/01/2046 | 20530 | &nbsp;&nbsp; 20056940 |
| New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); Series 2017, Ref. RB | 5.00% | 01/01/2047 | 7790 | &nbsp;&nbsp; 7795035 |
| New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford); |  |  |  |  |
| Series 2016 A, RB | 5.38% | 11/15/2036 | 1365 | &nbsp;&nbsp; 1358009 |
| Series 2016 A, RB | 5.50% | 11/15/2046 | 4475 | &nbsp;&nbsp; 4030489 |
| Series 2016 A, RB | 5.50% | 11/15/2052 | 850 | &nbsp;&nbsp; 727771 |
| New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven (The)); Series 2022 A, <br> RB<br>| 6.88% | 10/01/2057 | 500 | &nbsp;&nbsp; 519328 |
| New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); |  |  |  |  |
| Series 2018, Ref. RB | 5.00% | 10/01/2039 | 3000 | &nbsp;&nbsp; 3021570 |
| Series 2018, Ref. RB | 5.25% | 10/01/2049 | 12840 | &nbsp;&nbsp; 12374328 |
| Series 2020, RB | 5.25% | 10/01/2055 | 2105 | &nbsp;&nbsp; 1980084 |
| Newark High Education Finance Corp. (Hughen Center, Inc.); Series 2022 A, RB (CEP - Texas <br> Permanent School Fund)<br>| 5.00% | 08/15/2052 | 500 | &nbsp;&nbsp; 512585 |
| North Texas Tollway Authority; Series 2011 B, RB<sup>(b)(e)(p)</sup> <br>| 0.00% | 09/01/2031 | 15500 | &nbsp;&nbsp; 8542620 |
| Port Beaumont Navigation District (Jefferson Gulf Coast Energy); Series 2024, RB<sup>(a)(c)</sup> <br>| 5.25% | 01/01/2054 | 2000 | &nbsp;&nbsp; 1931005 |
| Princeton (City of), TX (Eastridge Public Improvement District); Series 2025, RB<sup>(a)</sup> <br>| 5.63% | 09/01/2055 | 700 | &nbsp;&nbsp; 705124 |
| Princeton (City of), TX (Westridge Public Improvement District); Series 2025, RB<sup>(a)</sup> <br>| 5.63% | 09/01/2055 | 685 | &nbsp;&nbsp; 691269 |
| San Antonio (City of), TX; Series 2023 A, Ref. RB<sup>(g)</sup> <br>| 5.50% | 02/01/2050 | 10000 | &nbsp;&nbsp; 10887735 |
| San Antonio Education Facilities Corp. (University of the Incarnate Word); |  |  |  |  |
| Series 2025, RB | 5.00% | 10/01/2050 | 1200 | &nbsp;&nbsp; 1156280 |
| Series 2025, RB | 5.50% | 10/01/2055 | 1815 | &nbsp;&nbsp; 1831925 |
| Seagoville (City of), TX; Series 2025, RB<sup>(a)</sup> <br>| 5.75% | 09/15/2045 | 625 | &nbsp;&nbsp; 649072 |
| Tarrant (County of), TX Hospital District; Series 2023, GO Bonds | 4.25% | 08/15/2053 | 5000 | &nbsp;&nbsp; 4766616 |
| Tarrant County Cultural Education Facilities Finance Corp.; |  |  |  |  |
| Series 2008, Ref. VRD RB (LOC - TD Bank, N.A.)<sup>(j)(k)</sup> <br>| 1.05% | 10/01/2041 | 30000 | &nbsp;&nbsp; 30000000 |
| Series 2017, RB | 6.00% | 02/15/2037 | 100 | &nbsp;&nbsp; 81250 |
| Series 2017, RB | 6.13% | 02/15/2048 | 110 | &nbsp;&nbsp; 89375 |
| Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health); <br> Series 2022, RB<sup>(g)</sup> <br>| 5.00% | 11/15/2051 | 15000 | &nbsp;&nbsp; 15495453 |
| Tarrant County Cultural Education Facilities Finance Corp. (Buckner Senior Living - Ventana); |  |  |  |  |
| Series 2017, RB | 6.00% | 11/15/2027 | 1950 | &nbsp;&nbsp; 1990734 |
| Series 2017, RB | 6.75% | 11/15/2047 | 13125 | &nbsp;&nbsp; 13242614 |
| Series 2017, RB | 6.75% | 11/15/2052 | 965 | &nbsp;&nbsp; 972072 |
| Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); |  |  |  |  |
| Series 2007, RB<sup>(m)</sup> <br>| 5.75% | 02/15/2029 | 1600 | &nbsp;&nbsp; 1300000 |
| Series 2009 A, RB<sup>(m)</sup> <br>| 8.00% | 02/15/2038 | 15135 | &nbsp;&nbsp; 12297187 |
| Series 2017 A, RB<sup>(m)</sup> <br>| 6.38% | 02/15/2048 | 27110 | &nbsp;&nbsp; 22026875 |
| Series 2017 A, RB<sup>(m)</sup> <br>| 6.38% | 02/15/2052 | 25055 | &nbsp;&nbsp; 20357187 |
| Series 2017, RB<sup>(m)</sup> <br>| 6.38% | 02/15/2041 | 8755 | &nbsp;&nbsp; 7113438 |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health); Series 2022 A, RB | 4.00% | 07/01/2053 | 4345 | &nbsp;&nbsp; 3859407 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**26**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| Tarrant County Cultural Education Facilities Finance Corp. (Cook Children's Medical Center); <br> Series 2025, Ref. RB<br>| 4.13% | 12/01/2054 | $5800 | &nbsp;&nbsp; $5313128 |
| Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks); |  |  |  |  |
| Series 2020, Ref. RB | 6.63% | 11/15/2041 | 3545 | &nbsp;&nbsp; 3587069 |
| Series 2020, Ref. RB | 6.75% | 11/15/2051 | 13625 | &nbsp;&nbsp; 12984253 |
| Series 2020, Ref. RB | 6.88% | 11/15/2055 | 4000 | &nbsp;&nbsp; 3847063 |
| Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way (The)); <br> Series 2024 A, RB<br>| 5.75% | 12/01/2054 | 13447 | &nbsp;&nbsp; 11802389 |
| Tarrant County Cultural Education Facilities Finance Corp. (Trinity Terrace Project); Series 2024, <br> Ref. RB<br>| 5.00% | 10/01/2049 | 1000 | &nbsp;&nbsp; 1007128 |
| Texas (State of) Transportation Commission; |  |  |  |  |
| Series 2019, RB<sup>(e)</sup> <br>| 0.00% | 08/01/2046 | 1760 | &nbsp;&nbsp; 651084 |
| Series 2019, RB<sup>(e)</sup> <br>| 0.00% | 08/01/2047 | 2625 | &nbsp;&nbsp; 920855 |
| Series 2019, RB<sup>(e)</sup> <br>| 0.00% | 08/01/2048 | 2775 | &nbsp;&nbsp; 922131 |
| Series 2019, RB<sup>(e)</sup> <br>| 0.00% | 08/01/2049 | 2605 | &nbsp;&nbsp; 819875 |
| Series 2019, RB<sup>(e)</sup> <br>| 0.00% | 08/01/2050 | 3740 | &nbsp;&nbsp; 1113258 |
| Series 2019, RB<sup>(e)</sup> <br>| 0.00% | 08/01/2051 | 6000 | &nbsp;&nbsp; 1689181 |
| Series 2019, RB<sup>(e)</sup> <br>| 0.00% | 08/01/2053 | 1000 | &nbsp;&nbsp; 252016 |
| Texas (State of) Water Development Board; |  |  |  |  |
| Series 2022, RB<sup>(g)</sup> <br>| 4.80% | 10/15/2052 | 33000 | &nbsp;&nbsp; 35542523 |
| Series 2022, RB<sup>(g)</sup> <br>| 5.00% | 10/15/2057 | 3500 | &nbsp;&nbsp; 3979472 |
| Series 2023 A, RB | 4.88% | 10/15/2048 | 10000 | &nbsp;&nbsp; 10378819 |
| Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North <br> Tarrant Express Managed Lanes); Series 2023, RB<sup>(c)</sup> <br>| 5.50% | 12/31/2058 | 10000 | &nbsp;&nbsp; 10385135 |
| Texas Transportation Finance Corp.; Series 2025, RB<sup>(g)</sup> <br>| 5.50% | 10/01/2055 | 16250 | &nbsp;&nbsp; 17766838 |
| Travis County Cultural Education Facilities Finance Corp. (Wayside Schools); Series 2012 A, RB | 5.25% | 08/15/2042 | 55 | &nbsp;&nbsp; 55011 |
| Tuloso-Midway Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent <br> School Fund)<sup>(g)</sup> <br>| 5.25% | 08/15/2050 | 12600 | &nbsp;&nbsp; 13521951 |
| Waco (City of), TX; Series 2023 A, Ctfs. Of Obligations | 4.00% | 02/01/2053 | 8660 | &nbsp;&nbsp; 8065266 |
| Walnut Creek Special Utility District; Series 2023, RB (INS - AGI)<sup>(h)</sup> <br>| 4.75% | 01/10/2054 | 2800 | &nbsp;&nbsp; 2802895 |
|  |  |  |  | &nbsp;&nbsp; 624817528 |
| **Utah–2.10%** | **Utah–2.10%** | **Utah–2.10%** | **Utah–2.10%** | **Utah–2.10%** |
| Auto Mall & Retail Public Infrastructure District; Series 2023 B, GO Bonds<sup>(a)</sup> <br>| 9.75% | 03/15/2053 | 2065 | &nbsp;&nbsp; 2100374 |
| Black Desert Public Infrastructure District; |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(a)</sup> <br>| 4.00% | 03/01/2051 | 3900 | &nbsp;&nbsp; 3197199 |
| Series 2021 B, GO Bonds<sup>(a)</sup> <br>| 7.38% | 09/15/2051 | 5500 | &nbsp;&nbsp; 5034880 |
| Black Rock Mountain Resort Public Infrastructure District; Series 2025, RB<sup>(a)</sup> <br>| 5.88% | 12/01/2054 | 4250 | &nbsp;&nbsp; 4406711 |
| Boulder Ridge Public Infrastructure District No. 1; Series 2025, GO Bonds<sup>(a)</sup> <br>| 7.50% | 03/01/2055 | 1800 | &nbsp;&nbsp; 1794035 |
| Downtown East Streetcar Sewer Public Infrastructure District; Series 2022 B, GO Bonds<sup>(a)</sup> <br>| 9.00% | 03/15/2053 | 1239 | &nbsp;&nbsp; 1239473 |
| Downtown Revitalization Public Infrastructure District (SEG Redevelopment); |  |  |  |  |
| Series 2025, RB (INS - AGI)<sup>(h)</sup> <br>| 5.50% | 06/01/2050 | 4500 | &nbsp;&nbsp; 4938853 |
| Series 2025, RB (INS - AGI)<sup>(h)</sup> <br>| 5.50% | 06/01/2055 | 10000 | &nbsp;&nbsp; 10834363 |
| Fiddlers Canyon Infrastructure Financing District (Fiddlers Canyon Assessment Area); <br> Series 2024, RB<sup>(a)</sup> <br>| 5.63% | 12/01/2053 | 2800 | &nbsp;&nbsp; 2705693 |
| Firefly Public Infrastructure District No. 1; Series 2024 A-1, GO Bonds<sup>(a)</sup> <br>| 6.63% | 03/01/2054 | 2375 | &nbsp;&nbsp; 2450246 |
| Firefly Public Infrastructure District No. 1 (Firefly Assessment Area No.1); Series 2024, RB<sup>(a)</sup> <br>| 5.63% | 12/01/2043 | 4625 | &nbsp;&nbsp; 4770347 |
| Jepson Canyon Public Infrastructure District No. 1; |  |  |  |  |
| Series 2022 A, GO Bonds<sup>(a)</sup> <br>| 5.13% | 03/01/2051 | 3280 | &nbsp;&nbsp; 2651130 |
| Series 2022 B, GO Bonds<sup>(a)</sup> <br>| 8.00% | 03/15/2051 | 579 | &nbsp;&nbsp; 536926 |
| Jordanelle Ridge Public Infrastructure District No. 2; Series 2025 B, GO Bonds<sup>(a)</sup> <br>| 7.88% | 03/15/2055 | 2400 | &nbsp;&nbsp; 2452926 |
| Mida Cormont Public Infrastructure District; |  |  |  |  |
| Series 2025 A-1, GO Bonds<sup>(a)</sup> <br>| 6.25% | 06/01/2055 | 1000 | &nbsp;&nbsp; 1054354 |
| Series 2025, GO Bonds<sup>(a)</sup> <br>| 8.50% | 06/15/2055 | 1500 | &nbsp;&nbsp; 1545554 |
| Mida Mountain Village Public Infrastructure District; |  |  |  |  |
| Series 2020 A, RB<sup>(a)</sup> <br>| 4.50% | 08/01/2040 | 1205 | &nbsp;&nbsp; 1225153 |
| Series 2020 A, RB<sup>(a)</sup> <br>| 5.00% | 08/01/2050 | 6500 | &nbsp;&nbsp; 6479614 |
| Series 2024-2, RB<sup>(a)</sup> <br>| 5.75% | 06/15/2044 | 1000 | &nbsp;&nbsp; 1044912 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**27**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Utah–(continued)** | **Utah–(continued)** | **Utah–(continued)** | **Utah–(continued)** | **Utah–(continued)** |
| NS Public Infrastructure No. 2; |  |  |  |  |
| Series 2024 A-1, GO Bonds<sup>(a)</sup> <br>| 6.50% | 03/01/2055 | $2000 | &nbsp;&nbsp; $1997568 |
| Series 2024 A-2, GO Bonds<sup>(d)</sup> <br>| 7.00% | 03/01/2055 | 1060 | &nbsp;&nbsp; 687174 |
| Series 2024 B, GO Bonds<sup>(a)</sup> <br>| 9.00% | 03/15/2055 | 1000 | &nbsp;&nbsp; 1024777 |
| Olympia Public Infrastructure District No. 1; Series 2024 A-1, GO Bonds<sup>(a)</sup> <br>| 6.38% | 03/01/2055 | 1485 | &nbsp;&nbsp; 1533774 |
| Oquirrh Point Public Infrastructure District No. 1; |  |  |  |  |
| Series 2024 A-1, GO Bonds<sup>(a)</sup> <br>| 6.50% | 03/01/2055 | 3380 | &nbsp;&nbsp; 3380801 |
| Series 2024 A-2, GO Bonds<sup>(a)(d)</sup> <br>| 7.00% | 03/01/2055 | 1615 | &nbsp;&nbsp; 982605 |
| Series 2024 B, GO Bonds<sup>(a)</sup> <br>| 9.00% | 03/15/2055 | 881 | &nbsp;&nbsp; 888675 |
| Panorama Public Infrastructure District No. 1; |  |  |  |  |
| Series 2025 A, GO Bonds<sup>(a)</sup> <br>| 6.25% | 03/01/2055 | 2000 | &nbsp;&nbsp; 2028568 |
| Series 2025 B, GO Bonds<sup>(a)</sup> <br>| 8.63% | 03/15/2055 | 621 | &nbsp;&nbsp; 624564 |
| Point Phase 1 Public Infrastructure District No. 1; |  |  |  |  |
| Series 2025 A-1, RB | 6.13% | 03/01/2055 | 5950 | &nbsp;&nbsp; 6215908 |
| Series 2025 A-2, RB | 6.63% | 03/01/2055 | 1000 | &nbsp;&nbsp; 818839 |
| Series 2025, RB | 8.50% | 03/15/2055 | 6600 | &nbsp;&nbsp; 6728144 |
| Red Bridge Public Infrastructure District No. 1; |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(a)</sup> <br>| 4.38% | 02/01/2051 | 1100 | &nbsp;&nbsp; 881473 |
| Series 2021 B, GO Bonds<sup>(a)</sup> <br>| 7.38% | 08/15/2051 | 600 | &nbsp;&nbsp; 515660 |
| Salt Lake City (City of), UT; Series 2017 A, RB<sup>(c)(g)(i)</sup> <br>| 5.00% | 07/01/2047 | 15000 | &nbsp;&nbsp; 15105330 |
| Salt Lake City (City of), UT (Salt Lake City International Airport); Series 2021 A, RB<sup>(c)(g)(i)</sup> <br>| 5.00% | 07/01/2051 | 11675 | &nbsp;&nbsp; 11859605 |
| Soleil Hills Public Infrastructure District No. 1; Series 2025, GO Bonds<sup>(a)</sup> <br>| 8.00% | 03/15/2055 | 835 | &nbsp;&nbsp; 844678 |
| Utah (State of) Charter School Finance Authority (Ascent Academies of Utah); Series 2022, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2052 | 9640 | &nbsp;&nbsp; 8244356 |
| Utah (State of) Charter School Finance Authority (Leadership Learning Academy); Series 2019 A, <br> RB<sup>(a)</sup> <br>| 5.00% | 06/15/2050 | 3000 | &nbsp;&nbsp; 2748943 |
| Utah (State of) Charter School Finance Authority (Scholar Academy); Series 2018 A, RB<sup>(a)(b)</sup> <br>| 6.00% | 10/15/2028 | 4195 | &nbsp;&nbsp; 4119809 |
| Utah (State of) Charter School Finance Authority (Utah County Academy of Sciences); |  |  |  |  |
| Series 2018 A, RB<sup>(a)(b)</sup> <br>| 5.75% | 07/15/2028 | 3720 | &nbsp;&nbsp; 3720594 |
| Series 2018, RB<sup>(a)</sup> <br>| 4.65% | 07/15/2033 | 500 | &nbsp;&nbsp; 500115 |
| Wildwood (Cityof), Reserve Infrastructure Financing District; Series 2025, RB<sup>(a)</sup> <br>| 6.25% | 12/01/2054 | 5612 | &nbsp;&nbsp; 5769077 |
| Wohali Public Infrastructure District No. 1 (Wohali Assessment Area #1); Series 2023, RB<sup>(a)</sup> <br>| 7.00% | 12/01/2042 | 5630 | &nbsp;&nbsp; 4788030 |
| Wood Ranch Public Infrastructure District; Series 2024, RB<sup>(a)</sup> <br>| 5.63% | 12/01/2053 | 1247 | &nbsp;&nbsp; 1265084 |
|  |  |  |  | &nbsp;&nbsp; 147736894 |
| **Virgin Islands–0.14%** | **Virgin Islands–0.14%** | **Virgin Islands–0.14%** | **Virgin Islands–0.14%** | **Virgin Islands–0.14%** |
| Virgin Islands (Government of) Public Finance Authority (Frenchman's Reef Hotel Development); <br> Series 2024 A, RB<sup>(a)</sup> <br>| 6.00% | 04/01/2053 | 7550 | &nbsp;&nbsp; 7620276 |
| Virgin Islands Hotel Development Financing Corp.; Series 2026, RB | 6.00% | 12/01/2055 | 2250 | &nbsp;&nbsp; 2259376 |
|  |  |  |  | &nbsp;&nbsp; 9879652 |
| **Virginia–1.33%** | **Virginia–1.33%** | **Virginia–1.33%** | **Virginia–1.33%** | **Virginia–1.33%** |
| Ballston Quarter Community Development Authority; |  |  |  |  |
| Series 2016 A-1, RB | 5.50% | 03/01/2046 | 4430 | &nbsp;&nbsp; 4434440 |
| Series 2016 A-2, RB<sup>(d)</sup> <br>| 7.13% | 03/01/2059 | 10634 | &nbsp;&nbsp; 9913909 |
| Powhatan County Economic Development Authority; Series 2025, RB<sup>(a)</sup> <br>| 6.13% | 09/01/2060 | 7475 | &nbsp;&nbsp; 7541614 |
| Tobacco Settlement Financing Corp.; |  |  |  |  |
| Series 2007 B-1, RB | 5.00% | 06/01/2047 | 21035 | &nbsp;&nbsp; 17861090 |
| Series 2007 B-2, RB | 5.20% | 06/01/2046 | 3000 | &nbsp;&nbsp; 2659223 |
| Virginia (Commonwealth of) Small Business Financing Authority (Transform 66 P3); |  |  |  |  |
| Series 2017, RB<sup>(c)</sup> <br>| 5.00% | 12/31/2052 | 9150 | &nbsp;&nbsp; 9096651 |
| Series 2017, RB<sup>(c)</sup> <br>| 5.00% | 12/31/2056 | 8000 | &nbsp;&nbsp; 7887399 |
| Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay); |  |  |  |  |
| Series 2018, Ref. RB | 5.00% | 09/01/2044 | 1960 | &nbsp;&nbsp; 1970951 |
| Series 2023, RB | 7.00% | 09/01/2059 | 11000 | &nbsp;&nbsp; 12074682 |
| Virginia Commonwealth University Health System Authority; Series 2024 B, Ref. VRD RB (LOC - TD <br> Bank, N.A.)<sup>(j)(k)</sup> <br>| 1.05% | 07/01/2037 | 20000 | &nbsp;&nbsp; 20000000 |
|  |  |  |  | &nbsp;&nbsp; 93439959 |
| **Washington–1.38%** | **Washington–1.38%** | **Washington–1.38%** | **Washington–1.38%** | **Washington–1.38%** |
| Washington (State of) Convention Center Public Facilities District; Series 2018, RB | 5.00% | 07/01/2058 | 16500 | &nbsp;&nbsp; 16523833 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**28**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington–(continued)** | **Washington–(continued)** | **Washington–(continued)** | **Washington–(continued)** | **Washington–(continued)** |
| Washington (State of) Economic Development Finance Authority (Green Bonds); Series 2020 A, <br> RB<sup>(a)(c)</sup> <br>| 5.63% | 12/01/2040 | $3500 | &nbsp;&nbsp; $3636933 |
| Washington (State of) Housing Finance Commission; |  |  |  |  |
| Series 2025, RB (INS - BAM)<sup>(a)(h)</sup> <br>| 5.25% | 07/01/2055 | 1800 | &nbsp;&nbsp; 1850918 |
| Series 2025, RB (INS - BAM)<sup>(a)(h)</sup> <br>| 5.25% | 07/01/2064 | 22185 | &nbsp;&nbsp; 22658492 |
| Series 2025, Ref. RB | 6.25% | 01/01/2056 | 2000 | &nbsp;&nbsp; 2011656 |
| Series 2025, Ref. RB | 6.25% | 01/01/2061 | 6600 | &nbsp;&nbsp; 6613451 |
| Washington (State of) Housing Finance Commission (Bayview Manor Homes); |  |  |  |  |
| Series 2016 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2046 | 700 | &nbsp;&nbsp; 678738 |
| Series 2016 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2051 | 7100 | &nbsp;&nbsp; 6607911 |
| Series 2024, RB<sup>(a)</sup> <br>| 6.00% | 07/01/2059 | 2750 | &nbsp;&nbsp; 2829463 |
| Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.); |  |  |  |  |
| Series 2016 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 01/01/2031 | 1500 | &nbsp;&nbsp; 1516545 |
| Series 2016 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 01/01/2046 | 8700 | &nbsp;&nbsp; 8455037 |
| Washington (State of) Housing Finance Commission (Presbyterian Retirement Communities <br> Northwest); Series 2016 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 01/01/2051 | 8165 | &nbsp;&nbsp; 7589174 |
| Washington (State of) Housing Finance Commission (Social Certificates); |  |  |  |  |
| Series 2021-1A, Revenue Ctfs. | 3.50% | 12/20/2035 | 5265 | &nbsp;&nbsp; 5229625 |
| Series 2024-2, RB | 4.22% | 03/01/2050 | 8739 | &nbsp;&nbsp; 8843604 |
| Washington (State of) Housing Finance Commission (Spokane International Academy); <br> Series 2021 A, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2056 | 2260 | &nbsp;&nbsp; 1942904 |
|  |  |  |  | &nbsp;&nbsp; 96988284 |
| **West Virginia–1.30%** | **West Virginia–1.30%** | **West Virginia–1.30%** | **West Virginia–1.30%** | **West Virginia–1.30%** |
| Harrison (County of), WV Commission (Charles Pointe No. 2); |  |  |  |  |
| Series 2008 A, Ref. RB | 7.00% | 06/01/2035 | 2950 | &nbsp;&nbsp; 2956905 |
| Series 2013, Ref. RB<sup>(a)(m)</sup> <br>| 7.00% | 06/01/2035 | 1000 | &nbsp;&nbsp; 500000 |
| Harrison (County of), WV County Commission (Charles Pointe Economic Opportunity Development <br> District);<br>|  |  |  |  |
| Series 2019 A, RB<sup>(a)(f)(m)</sup> <br>| 5.75% | 06/01/2042 | 14980 | &nbsp;&nbsp; 11416069 |
| Series 2019 B, Ref. RB<sup>(a)(f)(m)</sup> <br>| 7.50% | 06/01/2042 | 5285 | &nbsp;&nbsp; 3708586 |
| Huntington (City of), WV (Downtown Project No. 3); |  |  |  |  |
| Series 2024 A, Ref. RB | 5.00% | 06/01/2039 | 365 | &nbsp;&nbsp; 376549 |
| Series 2024 A, Ref. RB | 5.50% | 06/01/2049 | 450 | &nbsp;&nbsp; 453188 |
| Huntington (City of), WV (Kinetic Park Project No. 3); |  |  |  |  |
| Series 2024, Ref. RB | 5.13% | 06/01/2039 | 445 | &nbsp;&nbsp; 463152 |
| Series 2024, Ref. RB | 5.63% | 05/01/2050 | 480 | &nbsp;&nbsp; 482885 |
| Monogalia (County of), WV (Development Disctict No. 4 - University Town Centre); Series 2023, <br> Ref. RB<sup>(a)</sup> <br>| 6.00% | 06/01/2053 | 1755 | &nbsp;&nbsp; 1852249 |
| Monongalia (County of), WV Commission Special District (University Town Centre Economic <br> Opportunity Development District);<br>|  |  |  |  |
| Series 2017 A, Ref. RB<sup>(a)</sup> <br>| 5.75% | 06/01/2043 | 7000 | &nbsp;&nbsp; 7095588 |
| Series 2020, Ref. RB<sup>(a)</sup> <br>| 7.50% | 06/01/2043 | 12965 | &nbsp;&nbsp; 13773840 |
| Series 2021 A, Ref. RB<sup>(a)</sup> <br>| 4.13% | 06/01/2043 | 2770 | &nbsp;&nbsp; 2613079 |
| West Virginia (State of) Economic Development Authority (Core Natural Resources, Inc.); <br> Series 2025, Ref. RB<sup>(a)(b)(c)</sup> <br>| 5.45% | 03/27/2035 | 2250 | &nbsp;&nbsp; 2466537 |
| West Virginia (State of) Economic Development Authority (Empire Green Gerenation LLC); |  |  |  |  |
| Series 2023, RB (Acquired 05/17/2023; Cost $20,000,000)<sup>(a)(c)(l)</sup> <br>| 9.50% | 05/01/2043 | 20000 | &nbsp;&nbsp; 18000000 |
| Series 2025, RB (Acquired 02/14/2025; Cost $2,000,000)<sup>(a)(c)(l)</sup> <br>| 9.50% | 05/01/2043 | 2000 | &nbsp;&nbsp; 1800000 |
| West Virginia (State of) Economic Development Authority (Empire South Terminal of West); <br> Series 2023, RB<sup>(a)</sup> <br>| 8.50% | 12/01/2043 | 16000 | &nbsp;&nbsp; 13378184 |
| West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC); |  |  |  |  |
| Series 2016, RB<sup>(a)(c)(m)</sup> <br>| 7.25% | 02/01/2036 | 10965 | &nbsp;&nbsp; 39474 |
| Series 2018, RB<sup>(a)(c)(m)</sup> <br>| 8.75% | 02/01/2036 | 5500 | &nbsp;&nbsp; 1320000 |
| West Virginia (State of) Hospital Finance Authority (Vandalia Health Group); |  |  |  |  |
| Series 2023 B, RB | 6.00% | 09/01/2048 | 3000 | &nbsp;&nbsp; 3276455 |
| Series 2023 B, RB | 6.00% | 09/01/2053 | 5000 | &nbsp;&nbsp; 5393111 |
|  |  |  |  | &nbsp;&nbsp; 91365851 |
| **Wisconsin–6.28%** | **Wisconsin–6.28%** | **Wisconsin–6.28%** | **Wisconsin–6.28%** | **Wisconsin–6.28%** |
| Wisconsin (State of) Center District; Series 2020, RB (INS - AGI)<sup>(e)(h)</sup> <br>| 0.00% | 12/15/2060 | 6005 | &nbsp;&nbsp; 1052060 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**29**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** |
| Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic Health System); <br> Series 2024, RB<br>| 5.50% | 02/15/2054 | $8385 | &nbsp;&nbsp; $8834247 |
| Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the <br> Midwest Obligated Group);<br>|  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 08/01/2037 | 5820 | &nbsp;&nbsp; 3974652 |
| Series 2017, Ref. RB | 5.00% | 08/01/2039 | 2355 | &nbsp;&nbsp; 1541874 |
| Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System); |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 11/01/2039 | 3950 | &nbsp;&nbsp; 4029477 |
| Series 2019, Ref. RB | 5.00% | 11/01/2046 | 2500 | &nbsp;&nbsp; 2389544 |
| Series 2019, Ref. RB | 5.00% | 11/01/2054 | 10000 | &nbsp;&nbsp; 9102934 |
| Wisconsin (State of) Health & Educational Facilities Authority (Capitol Lakes, Inc.); |  |  |  |  |
| Series 2025 A, Ref. RB | 6.00% | 11/15/2045 | 2000 | &nbsp;&nbsp; 2024552 |
| Series 2025 A, Ref. RB | 6.25% | 11/15/2055 | 3265 | &nbsp;&nbsp; 3288919 |
| Wisconsin (State of) Health & Educational Facilities Authority (Mercy Health Corp.); |  |  |  |  |
| Series 2026, Ref. RB | 5.00% | 12/01/2045 | 2555 | &nbsp;&nbsp; 2724215 |
| Series 2026, Ref. RB | 5.00% | 12/01/2046 | 2235 | &nbsp;&nbsp; 2352294 |
| Wisconsin (State of) Health & Educational Facilities Authority (Mile Bluff Medical Center, Inc.); <br> Series 2014, RB<br>| 5.75% | 05/01/2039 | 4260 | &nbsp;&nbsp; 4260565 |
| Wisconsin (State of) Public Finance Authority; |  |  |  |  |
| Series 2019, Ref. RB<sup>(a)</sup> <br>| 5.00% | 09/01/2054 | 1360 | &nbsp;&nbsp; 1262394 |
| Series 2023 A, Ref. RB<sup>(a)</sup> <br>| 6.25% | 10/01/2053 | 1000 | &nbsp;&nbsp; 1026423 |
| Series 2023 B, RB<sup>(a)(e)</sup> <br>| 0.00% | 07/01/2062 | 17585 | &nbsp;&nbsp; 14375737 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.88% | 07/01/2053 | 1350 | &nbsp;&nbsp; 1379571 |
| Series 2023, RB<sup>(a)</sup> <br>| 7.00% | 07/01/2058 | 1000 | &nbsp;&nbsp; 1021864 |
| Series 2023, RB | 5.75% | 07/01/2062 | 17470 | &nbsp;&nbsp; 18190484 |
| Series 2025 A, RB<sup>(a)</sup> <br>| 6.75% | 12/01/2065 | 2135 | &nbsp;&nbsp; 2202849 |
| Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2032 | 5250 | &nbsp;&nbsp; 3461834 |
| Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2039 | 3690 | &nbsp;&nbsp; 1540317 |
| Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2041 | 14000 | &nbsp;&nbsp; 5209739 |
| Series 2025, RB<sup>(a)</sup> <br>| 7.00% | 07/01/2055 | 3000 | &nbsp;&nbsp; 3042533 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.00% | 06/01/2060 | 1000 | &nbsp;&nbsp; 998372 |
| Series 2025, RB<sup>(c)</sup> <br>| 5.75% | 06/30/2060 | 20000 | &nbsp;&nbsp; 20968218 |
| Series 2025, RB<sup>(c)</sup> <br>| 6.50% | 06/30/2060 | 8000 | &nbsp;&nbsp; 8910117 |
| Series 2025, RB<sup>(c)</sup> <br>| 5.75% | 12/31/2065 | 22000 | &nbsp;&nbsp; 23031763 |
| Series 2026, RB<sup>(a)(b)(c)</sup> <br>| 6.00% | 01/01/2031 | 3825 | &nbsp;&nbsp; 3918312 |
| Wisconsin (State of) Public Finance Authority (Adelaide Pointe); Series 2023, RB<sup>(a)</sup> <br>| 6.25% | 06/01/2052 | 7500 | &nbsp;&nbsp; 7530498 |
| Wisconsin (State of) Public Finance Authority (Alabama Proton Therapy Center); |  |  |  |  |
| Series 2017 A, RB (Acquired 12/01/2017-11/16/2020; Cost $3,537,989)<sup>(a)(l)(m)</sup> <br>| 6.25% | 10/01/2031 | 3475 | &nbsp;&nbsp; 347500 |
| Series 2017 A, RB (Acquired 12/01/2017-01/13/2021; Cost $25,904,213)<sup>(a)(l)(m)</sup> <br>| 6.85% | 10/01/2047 | 25735 | &nbsp;&nbsp; 2573500 |
| Series 2017 A, RB (Acquired 12/06/2017-10/08/2019; Cost $1,304,321)<sup>(a)(l)(m)</sup> <br>| 7.00% | 10/01/2047 | 1250 | &nbsp;&nbsp; 125000 |
| Wisconsin (State of) Public Finance Authority (Alpha Ranch); Series 2024, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2038 | 21000 | &nbsp;&nbsp; 9832618 |
| Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); |  |  |  |  |
| Series 2017, RB<sup>(a)(m)</sup> <br>| 6.25% | 08/01/2027 | 1550 | &nbsp;&nbsp; 1131500 |
| Series 2017, RB<sup>(a)(m)</sup> <br>| 6.75% | 08/01/2031 | 15590 | &nbsp;&nbsp; 10913000 |
| Wisconsin (State of) Public Finance Authority (Anthem/Freedom); Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2037 | 3883 | &nbsp;&nbsp; 2017405 |
| Wisconsin (State of) Public Finance Authority (Ascend Leadership Academy); |  |  |  |  |
| Series 2021 A, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2051 | 2000 | &nbsp;&nbsp; 1686631 |
| Series 2021 A, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2056 | 1400 | &nbsp;&nbsp; 1155039 |
| Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth); Series 2016 A, RB<sup>(a)</sup> <br>| 5.13% | 06/01/2048 | 10500 | &nbsp;&nbsp; 9923475 |
| Wisconsin (State of) Public Finance Authority (CABS); Series 2024, RB<sup>(e)</sup> <br>| 0.00% | 02/01/2031 | 13095 | &nbsp;&nbsp; 9340197 |
| Wisconsin (State of) Public Finance Authority (Campo Del Sol); Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2033 | 6917 | &nbsp;&nbsp; 4253676 |
| Wisconsin (State of) Public Finance Authority (Campus Real Estate Holdings); Series 2025, Ref. RB | 5.50% | 06/01/2055 | 600 | &nbsp;&nbsp; 610759 |
| Wisconsin (State of) Public Finance Authority (Cincinnati Classical Academy); Series 2024, RB<sup>(a)</sup> <br>| 5.88% | 06/15/2054 | 750 | &nbsp;&nbsp; 751814 |
| Wisconsin (State of) Public Finance Authority (Coral Academy of Science Reno); Series 2019, Ref. <br> RB<sup>(a)</sup> <br>| 5.00% | 06/01/2050 | 2660 | &nbsp;&nbsp; 2333007 |
| Wisconsin (State of) Public Finance Authority (Cross Creek Public Improvement District); <br> Series 2019, RB<sup>(a)</sup> <br>| 5.75% | 10/01/2053 | 5600 | &nbsp;&nbsp; 5675562 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**30**

**Invesco High Yield Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** |
| Wisconsin (State of) Public Finance Authority (Delray Beach Radiation Therapy Center); |  |  |  |  |  |
| Series 2017 A, RB (Acquired 04/03/2017; Cost $2,525,000)<sup>(a)(l)(m)</sup> <br>| 6.25% | 11/01/2028 |  | $2525 | &nbsp;&nbsp; $883750 |
| Series 2017 A, RB (Acquired 04/03/2017-01/13/2021; Cost $34,467,094)<sup>(a)(l)(m)</sup> <br>| 6.85% | 11/01/2046 |  | 34350 | &nbsp;&nbsp; 12022500 |
| Series 2017 B, RB (Acquired 01/23/2018; Cost $8,349,668)<sup>(a)(l)(m)</sup> <br>| 8.50% | 11/01/2046 |  | 8000 | &nbsp;&nbsp; 4000 |
| Wisconsin (State of) Public Finance Authority (Explore Academy Rio Rancho); Series 2025 A, RB<sup>(a)</sup> <br>| 6.75% | 07/01/2045 |  | 4270 | &nbsp;&nbsp; 4382324 |
| Wisconsin (State of) Public Finance Authority (Explore Academy); |  |  |  |  |  |
| Series 2018 A, RB<sup>(a)</sup> <br>| 6.13% | 02/01/2048 |  | 6595 | &nbsp;&nbsp; 6594788 |
| Series 2020 A, RB<sup>(a)</sup> <br>| 6.13% | 02/01/2050 |  | 3305 | &nbsp;&nbsp; 3304707 |
| Series 2022 A, RB<sup>(a)</sup> <br>| 6.13% | 02/01/2050 |  | 3580 | &nbsp;&nbsp; 3579654 |
| Wisconsin (State of) Public Finance Authority (Goodwill Industries of Southern Nevada, Inc.); |  |  |  |  |  |
| Series 2019 A, RB | 5.50% | 12/01/2038 |  | 3592 | &nbsp;&nbsp; 3591994 |
| Series 2019 A, RB | 5.75% | 12/01/2048 |  | 6863 | &nbsp;&nbsp; 6862511 |
| Wisconsin (State of) Public Finance Authority (Grand Hyatt San Antonio); Series 2022 B, RB<sup>(a)</sup> <br>| 5.63% | 02/01/2046 |  | 3500 | &nbsp;&nbsp; 3624891 |
| Wisconsin (State of) Public Finance Authority (Lariat); Series 2023, RB<sup>(a)(e)</sup> <br>| 0.00% | 09/01/2029 |  | 1875 | &nbsp;&nbsp; 1451855 |
| Wisconsin (State of) Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB<sup>(a)</sup> <br>| 5.25% | 06/15/2049 |  | 5775 | &nbsp;&nbsp; 5432508 |
| Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); |  |  |  |  |  |
| Series 2018 A-1, RB<sup>(a)(m)</sup> <br>| 6.25% | 01/01/2038 |  | 11000 | &nbsp;&nbsp; 4950000 |
| Series 2018 A-1, RB<sup>(a)(m)</sup> <br>| 6.38% | 01/01/2048 |  | 16520 | &nbsp;&nbsp; 7434000 |
| Wisconsin (State of) Public Finance Authority (Mary's Woods at Marylhurst); |  |  |  |  |  |
| Series 2017 A, Ref. RB<sup>(a)</sup> <br>| 5.25% | 05/15/2047 |  | 2240 | &nbsp;&nbsp; 2242111 |
| Series 2017 A, Ref. RB<sup>(a)</sup> <br>| 5.25% | 05/15/2052 |  | 2300 | &nbsp;&nbsp; 2254241 |
| Wisconsin (State of) Public Finance Authority (Mater Academy of Nevada - East Las Vegas Campus); <br> Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 12/15/2054 |  | 8225 | &nbsp;&nbsp; 7717356 |
| Wisconsin (State of) Public Finance Authority (Miami Worldcenter); Series 2024 A, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2041 |  | 3450 | &nbsp;&nbsp; 3531246 |
| Wisconsin (State of) Public Finance Authority (Million Air Two LLC General Aviation Facilities); |  |  |  |  |  |
| Series 2017 A, RB<sup>(c)</sup> <br>| 7.25% | 06/01/2035 |  | 11065 | &nbsp;&nbsp; 11662080 |
| Series 2017, Ref. RB<sup>(a)(c)</sup> <br>| 7.13% | 06/01/2041 |  | 9840 | &nbsp;&nbsp; 10250286 |
| Wisconsin (State of) Public Finance Authority (Milo Farms Project); Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2039 |  | 26132 | &nbsp;&nbsp; 9425695 |
| Wisconsin (State of) Public Finance Authority (New Plan Learning, Inc.); Series 2021 A, Ref. RB | 5.00% | 07/01/2041 |  | 7415 | &nbsp;&nbsp; 7284029 |
| Wisconsin (State of) Public Finance Authority (Oakwood Estates and Stonebrooke); Series 2024, <br> RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2030 |  | 4180 | &nbsp;&nbsp; 3183202 |
| Wisconsin (State of) Public Finance Authority (Pinecrest Academy of Nevada - Sloan Canyon <br> Campus); Series 2024, Ref. RB<sup>(a)</sup> <br>| 4.50% | 07/15/2053 |  | 1000 | &nbsp;&nbsp; 885495 |
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 A, <br> RB<br>| 5.35% | 12/01/2045 |  | 33765 | &nbsp;&nbsp; 34184625 |
| Wisconsin (State of) Public Finance Authority (Proton International); |  |  |  |  |  |
| Series 2021 A, RB<sup>(a)</sup> <br>| 6.50% | 01/01/2041 |  | 10000 | &nbsp;&nbsp; 7353919 |
| Series 2021 A, RB<sup>(a)</sup> <br>| 6.85% | 01/01/2051 |  | 11110 | &nbsp;&nbsp; 7607603 |
| Wisconsin (State of) Public Finance Authority (Quality Education Academy); |  |  |  |  |  |
| Series 2023, RB<sup>(a)</sup> <br>| 6.25% | 07/15/2053 |  | 160 | &nbsp;&nbsp; 165643 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.50% | 07/15/2063 |  | 1675 | &nbsp;&nbsp; 1745325 |
| Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); <br> Series 2015, Ref. RB<br>| 5.88% | 04/01/2045 |  | 5000 | &nbsp;&nbsp; 5001159 |
| Wisconsin (State of) Public Finance Authority (Southminster); Series 2018, RB<sup>(a)</sup> <br>| 5.00% | 10/01/2053 |  | 8350 | &nbsp;&nbsp; 7954423 |
| Wisconsin (State of) Public Finance Authority (Two Step); Series 2024, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2034 |  | 4250 | &nbsp;&nbsp; 2528959 |
| Wisconsin (State of) Public Finance Authority (Uwharrie Charter Academy); |  |  |  |  |  |
| Series 2022 A, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2052 |  | 2790 | &nbsp;&nbsp; 2534813 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2062 |  | 9000 | &nbsp;&nbsp; 7925388 |
| Wisconsin (State of) Public Finance Authority (Wakemed Hospital); Series 2019 A, Ref. RB | 4.00% | 10/01/2049 |  | 1250 | &nbsp;&nbsp; 1096101 |
| Wisconsin (State of) Public Finance Authority (WFCS Portfolio); |  |  |  |  |  |
| Series 2021 A-1, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2056 |  | 5020 | &nbsp;&nbsp; 4339648 |
| Series 2021, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2061 |  | 42310 | &nbsp;&nbsp; 3637238 |
| Wisconsin (State of) Public Finance Authority (WhiteStone); |  |  |  |  |  |
| Series 2017, Ref. RB<sup>(a)</sup> <br>| 5.00% | 03/01/2052 |  | 2300 | &nbsp;&nbsp; 2051819 |
| Series 2020, RB<sup>(a)</sup> <br>| 5.25% | 03/01/2055 |  | 6000 | &nbsp;&nbsp; 5509318 |
|  |  |  |  |  | &nbsp;&nbsp; 442508245 |
| Total Municipal Obligations (Cost $7,668,273,459) | Total Municipal Obligations (Cost $7,668,273,459) | Total Municipal Obligations (Cost $7,668,273,459) | Total Municipal Obligations (Cost $7,668,273,459) |  | &nbsp;&nbsp; 7391705039 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**31**

**Invesco High Yield Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Shares** | **Shares** | **Value** |
| **Exchange-Traded Funds–0.67%** | **Exchange-Traded Funds–0.67%** | **Exchange-Traded Funds–0.67%** | **Exchange-Traded Funds–0.67%** | **Exchange-Traded Funds–0.67%** | **Exchange-Traded Funds–0.67%** |
| Invesco Intermediate Municipal ETF<sup>(q)</sup> <br>|  |  |  | 407600 | &nbsp;&nbsp; $21417342 |
| Invesco Rochester High Yield Municipal ETF<sup>(q)</sup> <br>|  |  |  | 503177 | &nbsp;&nbsp; 25898520 |
| Total Exchange-Traded Funds (Cost $46,568,857) | Total Exchange-Traded Funds (Cost $46,568,857) | Total Exchange-Traded Funds (Cost $46,568,857) | Total Exchange-Traded Funds (Cost $46,568,857) |  | &nbsp;&nbsp; 47315862 |
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** |  |
| **U.S. Dollar Denominated Bonds & Notes–0.21%** | **U.S. Dollar Denominated Bonds & Notes–0.21%** | **U.S. Dollar Denominated Bonds & Notes–0.21%** | **U.S. Dollar Denominated Bonds & Notes–0.21%** | **U.S. Dollar Denominated Bonds & Notes–0.21%** | **U.S. Dollar Denominated Bonds & Notes–0.21%** |
| **Texas–0.21%** | **Texas–0.21%** | **Texas–0.21%** | **Texas–0.21%** | **Texas–0.21%** | **Texas–0.21%** |
| AM BidCo Holdings LLC<sup>(f)</sup> <br>| 3.65% | 10/21/2027 |  | $14552 | &nbsp;&nbsp; 14551682 |
| Buckingham Senior Living Community, Inc. Class 2025<sup>(a)(f)</sup> <br>| 12.00% | 03/31/2026 |  | 300 | &nbsp;&nbsp; 300000 |
| Total U.S. Dollar Denominated Bonds & Notes (Cost $14,851,681) | Total U.S. Dollar Denominated Bonds & Notes (Cost $14,851,681) | Total U.S. Dollar Denominated Bonds & Notes (Cost $14,851,681) | Total U.S. Dollar Denominated Bonds & Notes (Cost $14,851,681) |  | &nbsp;&nbsp; 14851682 |
|  |  |  | **Shares** | **Shares** |  |
| **Common Stocks & Other Equity Interests–0.12%** | **Common Stocks & Other Equity Interests–0.12%** | **Common Stocks & Other Equity Interests–0.12%** | **Common Stocks & Other Equity Interests–0.12%** | **Common Stocks & Other Equity Interests–0.12%** | **Common Stocks & Other Equity Interests–0.12%** |
| AM BidCo Holdings LLC<sup>(f)</sup> <br>|  |  |  | 799 | &nbsp;&nbsp; 8031412 |
| BL Train Holdings West LLC; Wts. expiring 12/01/2025<sup>(f)</sup> <br>|  |  |  | 294270 | &nbsp;&nbsp; 441405 |
| Total Common Stocks & Other Equity Interests (Cost $7,988,100) | Total Common Stocks & Other Equity Interests (Cost $7,988,100) | Total Common Stocks & Other Equity Interests (Cost $7,988,100) | Total Common Stocks & Other Equity Interests (Cost $7,988,100) |  | &nbsp;&nbsp; 8472817 |
| **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** |
| AES Puerto Rico, Inc.; Pfd. <br>(Cost $16)<sup>(f)</sup> <br>|  |  |  | 323055 | &nbsp;&nbsp; 0 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(r)</sup>–105.92% (Cost $7,737,682,113) | TOTAL INVESTMENTS IN SECURITIES<sup>(r)</sup>–105.92% (Cost $7,737,682,113) | TOTAL INVESTMENTS IN SECURITIES<sup>(r)</sup>–105.92% (Cost $7,737,682,113) | TOTAL INVESTMENTS IN SECURITIES<sup>(r)</sup>–105.92% (Cost $7,737,682,113) |  | &nbsp;&nbsp; 7462345400 |
| FLOATING RATE NOTE OBLIGATIONS–(8.78)% | FLOATING RATE NOTE OBLIGATIONS–(8.78)% | FLOATING RATE NOTE OBLIGATIONS–(8.78)% | FLOATING RATE NOTE OBLIGATIONS–(8.78)% |  |  |
| Notes with interest and fee rates ranging from 2.27% to 2.55% at 02/28/2026 and <br>contractual maturities of collateral ranging from 07/01/2032 to 11/01/2059 (See <br> Note 1K)<sup>(s)</sup> <br>|  |  |  |  | &nbsp;&nbsp; (618745000)<br>|
| OTHER ASSETS LESS LIABILITIES–2.86% | OTHER ASSETS LESS LIABILITIES–2.86% | OTHER ASSETS LESS LIABILITIES–2.86% | OTHER ASSETS LESS LIABILITIES–2.86% |  | &nbsp;&nbsp; 201633895 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $7045234295 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| AGI | – Assured Guaranty, Inc. |
| BAM | – Build America Mutual Assurance Co. |
| CEP | – Credit Enhancement Provider |
| COP | – Certificates of Participation |
| Ctfs. | – Certificates |
| ETF | – Exchange-Traded Fund |
| 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. |
| Pfd. | – Preferred |
| RAC | – Revenue Anticipation Certificates |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| RN | – Revenue Notes |
| SOFR | – Secured Overnight Financing Rate |
| USD | – U.S. Dollar |
| VRD | – Variable Rate Demand |
| Wts. | – Warrants |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**32**

**Invesco High Yield Municipal Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> 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 February 28, 2026 was $1,806,330,606, which represented 25.64% of the Fund's Net Assets. 

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

<sup>(c)</sup> Security subject to the alternative minimum tax.

<sup>(d)</sup> Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(e)</sup> Zero coupon bond issued at a discount.

<sup>(f)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(g)</sup> Underlying security related to TOB Trusts entered into by the Fund. See Note 1L.

<sup>(h)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

<sup>(i)</sup> 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 $235,280,495. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. 

<sup>(j)</sup> 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 February 28, 2026. 

<sup>(k)</sup> Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

<sup>(l)</sup> Restricted security. The aggregate value of these securities at February 28, 2026 was $117,619,416, which represented 1.67% of the Fund's Net Assets.

<sup>(m)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2026 was $215,971,338, which represented 3.07% of the Fund's Net Assets. 

<sup>(n)</sup> The issuer is paying less than stated interest, but is not in default on principal because scheduled principal payments have not yet begun.

<sup>(o)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2026.

<sup>(p)</sup> Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

<sup>(q)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended February 28, 2026. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**February 28, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Intermediate Municipal ETF | $- | &nbsp;&nbsp; $21032821 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $384521 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $21417342 | &nbsp;&nbsp; $234040 |
| Invesco Rochester High Yield Municipal ETF\* | 877166 | &nbsp;&nbsp; 24665018 | &nbsp;&nbsp; - | &nbsp;&nbsp; 357928 | &nbsp;&nbsp; - | &nbsp;&nbsp; 25898520 | &nbsp;&nbsp; 480977 |
| Total | $877166 | &nbsp;&nbsp; $45697839 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $742449 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $47315862 | &nbsp;&nbsp; $715017 |

---

\* Includes return of capital distribution.

<sup>(r)</sup> 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. 

<sup>(s)</sup> Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2026. At February 28, 2026, the Fund's investments with a value of $870,535,276 are held by TOB Trusts and serve as collateral for the $618,745,000 in the floating rate note obligations outstanding at that date. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Short Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 1600 | June-2026 | &nbsp;&nbsp;&nbsp; $(182100000)<br>| &nbsp;&nbsp;&nbsp; $(200114)<br>| &nbsp;&nbsp;&nbsp; $(200114)<br>|

---

<sup>(a)</sup> Futures contracts collateralized by $3,000,000 cash held with Goldman Sachs International, the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**33**

**Invesco High Yield Municipal Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $7,691,113,256)<br>| &nbsp;&nbsp; $7415029538 |
| Investments in affiliates, at value <br>(Cost $46,568,857)<br>| &nbsp;&nbsp; 47315862 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 3000000 |
| Cash | &nbsp;&nbsp; 140583478 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 44055372 |
| Fund shares sold | &nbsp;&nbsp; 2130388 |
| Interest | &nbsp;&nbsp; 189829283 |
| Investments matured, at value (Cost $59,526,553) | &nbsp;&nbsp; 46061722 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 712560 |
| Other assets | &nbsp;&nbsp; 2962525 |
| Total assets | &nbsp;&nbsp; 7891680728 |
| **Liabilities:** |  |
| Floating rate note obligations | &nbsp;&nbsp; 618745000 |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 3200150 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 202270358 |
| Dividends | &nbsp;&nbsp; 14459279 |
| Fund shares reacquired | &nbsp;&nbsp; 4830496 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1839578 |
| Accrued interest expense | &nbsp;&nbsp; 61601 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 6394 |
| Accrued other operating expenses | &nbsp;&nbsp; 295931 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 737646 |
| Total liabilities | &nbsp;&nbsp; 846446433 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $7045234295 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $8713463948 |
| Distributable earnings (loss) | &nbsp;&nbsp; (1668229653)<br>|
|  | &nbsp;&nbsp; $7045234295 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $4295475119 |
| Class C | &nbsp;&nbsp; $172246364 |
| Class Y | &nbsp;&nbsp; $1814907192 |
| Class R5 | &nbsp;&nbsp; $28424 |
| Class R6 | &nbsp;&nbsp; $762577196 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 512835117 |
| Class C | &nbsp;&nbsp; 20625064 |
| Class Y | &nbsp;&nbsp; 216387789 |
| Class R5 | &nbsp;&nbsp; 3392 |
| Class R6 | &nbsp;&nbsp; 91135754 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $8.38 |
| Maximum offering price per share <br>(Net asset value of $8.38 ÷ 95.75%)<br>| &nbsp;&nbsp; $8.75 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.35 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.39 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.38 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.37 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**34**

**Invesco High Yield Municipal Fund**

------

**Statement of Operations**

*For the year ended February 28, 2026* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $448818748 |
| Dividends from affiliates | &nbsp;&nbsp; 715017 |
| Total investment income | &nbsp;&nbsp; 449533765 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 35748290 |
| Administrative services fees | &nbsp;&nbsp; 1002758 |
| Custodian fees | &nbsp;&nbsp; 43782 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 10892883 |
| Class C | &nbsp;&nbsp; 1930149 |
| Interest, facilities and maintenance fees | &nbsp;&nbsp; 30878508 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 4014671 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 4 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 113839 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 76770 |
| Registration and filing fees | &nbsp;&nbsp; 250199 |
| Reports to shareholders | &nbsp;&nbsp; 262833 |
| Professional services fees | &nbsp;&nbsp; 1008699 |
| Other | &nbsp;&nbsp; 99002 |
| Total expenses | &nbsp;&nbsp; 86322387 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (29640)<br>|
| Net expenses | &nbsp;&nbsp; 86292747 |
| Net investment income | &nbsp;&nbsp; 363241018 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(16421195)) | &nbsp;&nbsp; (117315066)<br>|
| Futures contracts | &nbsp;&nbsp; 1344584 |
|  | &nbsp;&nbsp; (115970482)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (75645802)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 742449 |
| Futures contracts | &nbsp;&nbsp; (200114)<br>|
|  | &nbsp;&nbsp; (75103467)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (191073949)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $172167069 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**35**

**Invesco High Yield Municipal Fund**

------

**Statement of Changes in Net Assets**

*For the years ended February 28, 2026 and 2025* 

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $363241018 | &nbsp;&nbsp; $368787987 |
| Net realized gain (loss) | &nbsp;&nbsp; (115970482)<br>| &nbsp;&nbsp; (114131436)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (75103467)<br>| &nbsp;&nbsp; 219265023 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 172167069 | &nbsp;&nbsp; 473921574 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (234160991)<br>| &nbsp;&nbsp; (250780685)<br>|
| Class C | &nbsp;&nbsp; (8994446)<br>| &nbsp;&nbsp; (11641634)<br>|
| Class Y | &nbsp;&nbsp; (99738990)<br>| &nbsp;&nbsp; (103183150)<br>|
| Class R5 | &nbsp;&nbsp; (1548)<br>| &nbsp;&nbsp; (1055)<br>|
| Class R6 | &nbsp;&nbsp; (41898707)<br>| &nbsp;&nbsp; (42208729)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (384794682)<br>| &nbsp;&nbsp; (407815253)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (409979088)<br>| &nbsp;&nbsp; (141245343)<br>|
| Class C | &nbsp;&nbsp; (53634752)<br>| &nbsp;&nbsp; (57993939)<br>|
| Class Y | &nbsp;&nbsp; (227749)<br>| &nbsp;&nbsp; (57994307)<br>|
| Class R5 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; (21825)<br>|
| Class R6 | &nbsp;&nbsp; (37698930)<br>| &nbsp;&nbsp; 58401767 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (501530519)<br>| &nbsp;&nbsp; (198853647)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (714158132)<br>| &nbsp;&nbsp; (132747326)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 7759392427 | &nbsp;&nbsp; 7892139753 |
| End of year | &nbsp;&nbsp; $7045234295 | &nbsp;&nbsp; $7759392427 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**36**

**Invesco High Yield Municipal Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total Return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Supplemental** <br>**ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee** <br>**waivers** <br>**(excluding** <br>**interest,** <br>**facilities and** <br>**maintenance** <br>**fees)**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 02/28/26 | $8.61 | $0.42 | $(0.21)<br>| $0.21 | $(0.44)<br>| $8.38 | 2.70<br> %<br>| $4295475 | 1.28<br> %<br>| 1.28<br> %<br>| 0.85<br> %<br>| 5.09<br> %<br>| 26<br> %<br>|
| Year ended 02/28/25 | 8.54 | 0.40 | 0.11 | 0.51 | (0.44)<br>| 8.61 | 6.16 | 4836462 | 1.38 | 1.38 | 0.89 | 4.67 | 20 |
| Year ended 02/29/24 | 8.55 | 0.40 | 0.02 | 0.42 | (0.43)<br>| 8.54 | 5.15 | 4933882 | 1.54 | 1.54 | 0.91 | 4.70 | 25 |
| Year ended 02/28/23 | 9.94 | 0.41 | (1.39)<br>| (0.98)<br>| (0.41)<br>| 8.55 | (9.91)<br>| 4873987 | 1.39 | 1.39 | 0.86 | 4.63 | 27 |
| Year ended 02/28/22 | 10.19 | 0.39 | (0.23)<br>| 0.16 | (0.41)<br>| 9.94 | 1.44 | 6253279 | 0.98 | 0.98 | 0.86 | 3.76 | 17 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 02/28/26 | 8.58 | 0.36 | (0.21)<br>| 0.15 | (0.38)<br>| 8.35 | 1.94 <br><sup>(d)</sup><br>| 172246 | 2.02 <br><sup>(d)</sup><br>| 2.02 <br><sup>(d)</sup><br>| 1.59 <br><sup>(d)</sup><br>| 4.35 <br><sup>(d)</sup><br>| 26 |
| Year ended 02/28/25 | 8.51 | 0.34 | 0.11 | 0.45 | (0.38)<br>| 8.58 | 5.38 <br><sup>(d)</sup><br>| 233044 | 2.12 <br><sup>(d)</sup><br>| 2.12 <br><sup>(d)</sup><br>| 1.63 <br><sup>(d)</sup><br>| 3.93 <br><sup>(d)</sup><br>| 20 |
| Year ended 02/29/24 | 8.52 | 0.33 | 0.03 | 0.36 | (0.37)<br>| 8.51 | 4.37 | 288720 | 2.29 | 2.29 | 1.66 | 3.95 | 25 |
| Year ended 02/28/23 | 9.91 | 0.35 | (1.40)<br>| (1.05)<br>| (0.34)<br>| 8.52 | (10.60 )<sup>(d)</sup><br>| 346859 | 2.13 <br><sup>(d)</sup><br>| 2.13 <br><sup>(d)</sup><br>| 1.59 <br><sup>(d)</sup><br>| 3.89 <br><sup>(d)</sup><br>| 27 |
| Year ended 02/28/22 | 10.15 | 0.31 | (0.22)<br>| 0.09 | (0.33)<br>| 9.91 | 0.78 <br><sup>(d)</sup><br>| 530125 | 1.71 <br><sup>(d)</sup><br>| 1.71 <br><sup>(d)</sup><br>| 1.59 <br><sup>(d)</sup><br>| 3.03 <br><sup>(d)</sup><br>| 17 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 02/28/26 | 8.62 | 0.44 | (0.20)<br>| 0.24 | (0.47)<br>| 8.39 | 2.96 | 1814907 | 1.03 | 1.03 | 0.60 | 5.34 | 26 |
| Year ended 02/28/25 | 8.55 | 0.42 | 0.12 | 0.54 | (0.47)<br>| 8.62 | 6.43 | 1865782 | 1.13 | 1.13 | 0.64 | 4.92 | 20 |
| Year ended 02/29/24 | 8.56 | 0.42 | 0.02 | 0.44 | (0.45)<br>| 8.55 | 5.41 | 1909686 | 1.29 | 1.29 | 0.66 | 4.95 | 25 |
| Year ended 02/28/23 | 9.96 | 0.44 | (1.41)<br>| (0.97)<br>| (0.43)<br>| 8.56 | (9.75)<br>| 2023124 | 1.14 | 1.14 | 0.61 | 4.88 | 27 |
| Year ended 02/28/22 | 10.21 | 0.42 | (0.24)<br>| 0.18 | (0.43)<br>| 9.96 | 1.70 | 2780042 | 0.73 | 0.73 | 0.61 | 4.01 | 17 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 02/28/26 | 8.61 | 0.44 | (0.20)<br>| 0.24 | (0.47)<br>| 8.38 | 3.00 | 28 | 0.99 | 0.99 | 0.56 | 5.38 | 26 |
| Year ended 02/28/25 | 8.54 | 0.43 | 0.11 | 0.54 | (0.47)<br>| 8.61 | 6.45 | 19 | 1.10 | 1.10 | 0.61 | 4.95 | 20 |
| Year ended 02/29/24 | 8.55 | 0.42 | 0.02 | 0.44 | (0.45)<br>| 8.54 | 5.40 | 40 | 1.28 | 1.28 | 0.65 | 4.96 | 25 |
| Year ended 02/28/23 | 9.93 | 0.44 | (1.39)<br>| (0.95)<br>| (0.43)<br>| 8.55 | (9.61)<br>| 46 | 1.17 | 1.17 | 0.63 | 4.85 | 27 |
| Year ended 02/28/22 | 10.18 | 0.41 | (0.23)<br>| 0.18 | (0.43)<br>| 9.93 | 1.67 | 158 | 0.76 | 0.76 | 0.64 | 3.98 | 17 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 02/28/26 | 8.60 | 0.44 | (0.20)<br>| 0.24 | (0.47)<br>| 8.37 | 3.00 | 762577 | 0.99 | 0.99 | 0.56 | 5.38 | 26 |
| Year ended 02/28/25 | 8.53 | 0.43 | 0.11 | 0.54 | (0.47)<br>| 8.60 | 6.48 | 824085 | 1.07 | 1.07 | 0.58 | 4.98 | 20 |
| Year ended 02/29/24 | 8.54 | 0.42 | 0.03 | 0.45 | (0.46)<br>| 8.53 | 5.46 | 759812 | 1.25 | 1.25 | 0.62 | 4.99 | 25 |
| Year ended 02/28/23 | 9.93 | 0.44 | (1.39)<br>| (0.95)<br>| (0.44)<br>| 8.54 | (9.65)<br>| 659186 | 1.09 | 1.09 | 0.56 | 4.93 | 27 |
| Year ended 02/28/22 | 10.18 | 0.42 | (0.23)<br>| 0.19 | (0.44)<br>| 9.93 | 1.75 | 800984 | 0.68 | 0.68 | 0.56 | 4.06 | 17 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.99%, 0.99%, 0.99% and 0.98% for the years ended February 28, 2026, 2025, 2023 and 2022, respectively. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**37**

**Invesco High Yield Municipal Fund**

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**Notes to Financial Statements**

*February 28, 2026*

**NOTE 1—Significant Accounting Policies**

Invesco High Yield Municipal Fund (the "Fund") is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek federal tax-exempt current income and taxable capital appreciation.

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following policy.

Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is not representative of market value in the Adviser's judgment ("unreliable"), the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

**38**

**Invesco High Yield Municipal Fund**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes** – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt-interest dividends", as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the period.

**F.** **Expenses –** Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.

**G.** **Interest, Facilities and Maintenance Fees** – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**K.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

**L.** **Floating Rate Note Obligations** – The Fund invests in inverse floating rate securities, such as Tender Option Bonds ("TOBs"), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund ("TOB Trusts") in exchange for cash and residual interests in the TOB Trusts' assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

**39**

**Invesco High Yield Municipal Fund**

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transactions in connection with certain residuals held by the Fund. These agreements commit a Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event ("liquidity shortfall"). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund's investment assets, and the related floating rate notes reflected as Fund liabilities under the caption *Floating rate note obligations* on the Statement of Assets and Liabilities. The carrying amount of the Fund's floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of *Interest, facilities and maintenance fees* on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule") prohibit banking entities and their affiliates from sponsoring and/or providing certain services for existing TOB Trusts, which constitute "covered funds" under the Volcker Rule. As a result of the Volcker Rule, the Fund, as holder of inverse floating rate securities, is required to perform certain duties in connection with TOB financing transactions previously performed by banking entities. These duties may alternatively be performed by a non-bank third-party service provider. The Fund's expanded role may increase its operational and regulatory risk.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"), which apply to TOB financing transactions and TOB Trusts. The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying security held by the TOB Trust. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund's ability to engage in TOB financing transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that TOB financing transactions will continue to be a viable or cost-effective form of leverage. The unavailability of TOB financing transactions or an increase in the cost of financing provided by TOB transactions may adversely affect the Fund's net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

**M.** **Futures Contracts** — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

**N.** **Leverage Risk** — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

**O.** **Other Risks** - Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile. The values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Fund's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

**40**

**Invesco High Yield Municipal Fund**

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**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $300 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $300 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |
| Over $600 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |

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For the year ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.51%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended February 28, 2026, the Adviser waived advisory fees of $23,349.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted distribution and service plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A and Class C shares (collectively, the "Plans"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2026, IDI advised the Fund that IDI retained $199,911 in front-end sales commissions from the sale of Class A shares and $333,691 and $14,672 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser'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 February 28, 2026. 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.

**41**

**Invesco High Yield Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7369086865 | &nbsp;&nbsp;&nbsp;&nbsp; $22618174 | &nbsp;&nbsp;&nbsp;&nbsp; $7391705039 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 47315862 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47315862 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14851682 | &nbsp;&nbsp;&nbsp;&nbsp; 14851682 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8472817 | &nbsp;&nbsp;&nbsp;&nbsp; 8472817 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 47315862 | &nbsp;&nbsp;&nbsp;&nbsp; 7369086865 | &nbsp;&nbsp;&nbsp;&nbsp; 45942673 | &nbsp;&nbsp;&nbsp;&nbsp; 7462345400 |
| **Other Investments - Assets\*** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44963259 | &nbsp;&nbsp;&nbsp;&nbsp; 1098463 | &nbsp;&nbsp;&nbsp;&nbsp; 46061722 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (200114)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (200114)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (200114)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44963259 | &nbsp;&nbsp;&nbsp;&nbsp; 1098463 | &nbsp;&nbsp;&nbsp;&nbsp; 45861608 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $47115748 | &nbsp;&nbsp;&nbsp;&nbsp; $7414050124 | &nbsp;&nbsp;&nbsp;&nbsp; $47041136 | &nbsp;&nbsp;&nbsp;&nbsp; $7508207008 |

---

\* Futures contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of February 28, 2026:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(200114)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 200114 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

**Effect of Derivative Investments for the year ended February 28, 2026**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1344584 |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (200114)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $1144470 |

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $105515270 |

---

**NOTE 5—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended February 28, 2026, the Fund engaged in securities purchases of $552,661,939 and securities sales of $729,378,103, which resulted in net realized gains (losses) of $(16,421,195).

**42**

**Invesco High Yield Municipal Fund**

------

**NOTE 6—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $6,291.

**NOTE 7—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Fund may have certain former Trustees who participated in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 8—Cash Balances and Borrowings**

The Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.5 billion, collectively by certain Invesco Funds, and which will expire on February 18, 2027. The revolving credit and security agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

During the year ended February 28, 2026, the Fund's average daily balance of borrowing under the revolving credit and security agreement was $1,620,822 with an average interest rate of 4.39%. The carrying amount of the Fund's payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as *Interest, facilities and maintenance fees*. At February 28, 2026, the Fund had no borrowings outstanding under this agreement.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2026 were $721,089,615 and 3.67%, respectively.

**NOTE 9—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** |
|  | **2026** | **2025** |
| Ordinary income\* | &nbsp;&nbsp; $12465890 | &nbsp;&nbsp;&nbsp;&nbsp; $6811837 |
| Ordinary income-tax-exempt | &nbsp;&nbsp; 372328792 | &nbsp;&nbsp;&nbsp;&nbsp; 401003416 |
| Total distributions | &nbsp;&nbsp; $384794682 | &nbsp;&nbsp;&nbsp;&nbsp; $407815253 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2026** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp; $57386930 |
| Net unrealized appreciation (depreciation) — investments | &nbsp;&nbsp;&nbsp;&nbsp; (353288121)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (381129)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (1371947333)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 8713463948 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $7045234295 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, amortization and accretion on debt securities and defaulted bonds.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of February 28, 2026, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $513616537 | &nbsp;&nbsp;&nbsp;&nbsp; $858330796 | &nbsp;&nbsp;&nbsp;&nbsp; $1371947333 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**43**

**Invesco High Yield Municipal Fund**

------

**NOTE 10—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2026 was $1,914,273,268 and $2,858,532,721, respectively. As of February 28, 2026, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $306380035 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (659668156)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(353288121)<br>|

---

Cost of investments for tax purposes is $7,861,495,129.

**NOTE 11—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of market discounts, defaulted bonds and amortization and accretion on debt securities, on February 28, 2026, undistributed net investment income was increased by $27,462,766 and undistributed net realized gain (loss) was decreased by $27,462,766. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**NOTE 12—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 174806517 | &nbsp;&nbsp;&nbsp; $1441312676 | &nbsp;&nbsp;&nbsp; 156277325 | &nbsp;&nbsp;&nbsp; $1336564249 |
| Class C | &nbsp;&nbsp;&nbsp; 5433540 | &nbsp;&nbsp;&nbsp; 44674543 | &nbsp;&nbsp;&nbsp; 4363345 | &nbsp;&nbsp;&nbsp; 37382710 |
| Class Y | &nbsp;&nbsp;&nbsp; 106928686 | &nbsp;&nbsp;&nbsp; 879503487 | &nbsp;&nbsp;&nbsp; 68965308 | &nbsp;&nbsp;&nbsp; 592910368 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1201 | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R6 | &nbsp;&nbsp;&nbsp; 32561241 | &nbsp;&nbsp;&nbsp; 268577813 | &nbsp;&nbsp;&nbsp; 38083775 | &nbsp;&nbsp;&nbsp; 327069333 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 16340702 | &nbsp;&nbsp;&nbsp; 134881206 | &nbsp;&nbsp;&nbsp; 15999582 | &nbsp;&nbsp;&nbsp; 137333193 |
| Class C | &nbsp;&nbsp;&nbsp; 739857 | &nbsp;&nbsp;&nbsp; 6090318 | &nbsp;&nbsp;&nbsp; 918330 | &nbsp;&nbsp;&nbsp; 7849962 |
| Class Y | &nbsp;&nbsp;&nbsp; 6175479 | &nbsp;&nbsp;&nbsp; 51055078 | &nbsp;&nbsp;&nbsp; 6130673 | &nbsp;&nbsp;&nbsp; 52674851 |
| Class R6 | &nbsp;&nbsp;&nbsp; 3278470 | &nbsp;&nbsp;&nbsp; 27029457 | &nbsp;&nbsp;&nbsp; 3360337 | &nbsp;&nbsp;&nbsp; 28795681 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5492800 | &nbsp;&nbsp;&nbsp; 45194488 | &nbsp;&nbsp;&nbsp; 5616825 | &nbsp;&nbsp;&nbsp; 48438376 |
| Class C | &nbsp;&nbsp;&nbsp; (5508208)<br>| &nbsp;&nbsp;&nbsp; (45194488)<br>| &nbsp;&nbsp;&nbsp; (5635697)<br>| &nbsp;&nbsp;&nbsp; (48438376)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (245604100)<br>| &nbsp;&nbsp;&nbsp; (2031367458)<br>| &nbsp;&nbsp;&nbsp; (193801712)<br>| &nbsp;&nbsp;&nbsp; (1663581161)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (7192360)<br>| &nbsp;&nbsp;&nbsp; (59205125)<br>| &nbsp;&nbsp;&nbsp; (6412258)<br>| &nbsp;&nbsp;&nbsp; (54788235)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (113145179)<br>| &nbsp;&nbsp;&nbsp; (930786314)<br>| &nbsp;&nbsp;&nbsp; (81959667)<br>| &nbsp;&nbsp;&nbsp; (703579526)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (2544)<br>| &nbsp;&nbsp;&nbsp; (21825)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (40538435)<br>| &nbsp;&nbsp;&nbsp; (333306200)<br>| &nbsp;&nbsp;&nbsp; (34693498)<br>| &nbsp;&nbsp;&nbsp; (297463247)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (60229789)<br>| &nbsp;&nbsp;&nbsp; $(501530519)<br>| &nbsp;&nbsp;&nbsp; (22789876)<br>| &nbsp;&nbsp;&nbsp; $(198853647)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 62% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**44**

**Invesco High Yield Municipal Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco High Yield Municipal Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco High Yield Municipal Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the "Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, agent banks and brokers; when replies were not received from agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2026

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**45**

**Invesco High Yield Municipal Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |
| Tax-Exempt Interest Dividends\* | &nbsp;&nbsp; 96.76% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**46**

**Invesco High Yield Municipal Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**47**

**Invesco High Yield Municipal Fund**

------

![](imgb0c895261.jpg)

SEC file number(s): 811-07890 and 033-66242

Invesco Distributors, Inc.

VK-HYM-NCSR

------

![](img3d27a8c51.jpg)

------

**Annual Financial Statements and Other Information**

**February 28, 2026**

**Invesco Intermediate Term Municipal Income Fund**

Nasdaq:

A: VKLMX ■ C: VKLCX ■ Y: VKLIX ■ R6: VKLSX

------

---

| | |
|:---|:---|
| [2](#xx_42727472-c230-446d-9471-b6c24b715404_SOI-Continued-109_1) | Schedule of Investments |
| [25](#xx_42727472-c230-446d-9471-b6c24b715404_FS-Continued-109_1) | Financial Statements |
| [28](#xx_42727472-c230-446d-9471-b6c24b715404_FS-Continued-109_4) | Financial Highlights |
| [29](#xx_42727472-c230-446d-9471-b6c24b715404_NTF-Continued-109_1) | Notes to Financial Statements |
| [35](#xx_42727472-c230-446d-9471-b6c24b715404_ARS-Continued-109_1) | Report of Independent Registered Public Accounting Firm |
| [36](#xx_42727472-c230-446d-9471-b6c24b715404_TI-Continued-109_1) | Tax Information |
| [37](#xx_42727472-c230-446d-9471-b6c24b715404_OIRSR-Continued-109_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*February 28, 2026* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–98.75%** | **Municipal Obligations–98.75%** | **Municipal Obligations–98.75%** | **Municipal Obligations–98.75%** | **Municipal Obligations–98.75%** |
| **Alabama–2.52%** | **Alabama–2.52%** | **Alabama–2.52%** | **Alabama–2.52%** | **Alabama–2.52%** |
| Alabama (State of) Port Authority; Series 2017 A, Ref. RB (INS - AGI)<sup>(a)(b)</sup> <br>| 5.00% | 10/01/2033 | $3500 | &nbsp;&nbsp; $3589990 |
| Baldwin (County of), AL Industrial Development Authority; Series 2025, RB<sup>(a)(c)(d)</sup> <br>| 5.00% | 06/01/2032 | 3000 | &nbsp;&nbsp; 3142384 |
| Baldwin (County of), AL Industrial Development Authority; Series 2025, RB<sup>(a)(c)(d)</sup> <br>| 4.63% | 06/01/2032 | 4500 | &nbsp;&nbsp; 4624482 |
| Birmingham (City of) & Jefferson (County of), AL Civic Center Authority; Series 2018 B, RB | 5.00% | 07/01/2035 | 2345 | &nbsp;&nbsp; 2453810 |
| Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the <br> Aging); Series 2016, RB<br>| 5.50% | 06/01/2030 | 2000 | &nbsp;&nbsp; 2005650 |
| Black Belt Energy Gas District (Gas); Series 2025 G, RB | 5.00% | 10/01/2035 | 10000 | &nbsp;&nbsp; 10935023 |
| Black Belt Energy Gas District (The); |  |  |  |  |
| Series 2023 A, RB<sup>(d)</sup> <br>| 5.25% | 10/01/2030 | 5000 | &nbsp;&nbsp; 5418926 |
| Series 2023 B, RB<sup>(d)</sup> <br>| 5.25% | 12/01/2030 | 3000 | &nbsp;&nbsp; 3286317 |
| Series 2024 B, RB<sup>(d)</sup> <br>| 5.00% | 09/01/2032 | 5000 | &nbsp;&nbsp; 5458107 |
| Southeast Energy Authority A Cooperative District (No. 1); Series 2021 A, RB<sup>(d)</sup> <br>| 4.00% | 10/01/2028 | 1700 | &nbsp;&nbsp; 1752119 |
| Southeast Energy Authority, A Cooperative District (No. 2); Series 2024 A, RB | 5.00% | 11/01/2035 | 10000 | &nbsp;&nbsp; 10763462 |
| Southeast Energy Authority, A Cooperative District (No. 3); Series 2022 A-1, RB<sup>(d)</sup> <br>| 5.50% | 12/01/2029 | 2000 | &nbsp;&nbsp; 2176946 |
|  |  |  |  | &nbsp;&nbsp; 55607216 |
| **Alaska–0.77%** | **Alaska–0.77%** | **Alaska–0.77%** | **Alaska–0.77%** | **Alaska–0.77%** |
| Alaska (State of) Municipal Bond Bank Authority; Series 2015-3, Ref. RB | 5.25% | 10/01/2036 | 150 | &nbsp;&nbsp; 150300 |
| Alaska Housing Finance Corp.; Series 2009 D, VRD RB<sup>(e)</sup> <br>| 1.83% | 12/01/2040 | 10000 | &nbsp;&nbsp; 10000000 |
| Alaska Housing Finance Corp. (General Mortgage); Series 2025, RB | 6.00% | 12/01/2054 | 4825 | &nbsp;&nbsp; 5382146 |
| Alaska Housing Finance Corp. (Veterans Mortgage); First Series 2025, RB (CEP - GNMA) | 4.65% | 12/01/2042 | 1350 | &nbsp;&nbsp; 1411883 |
|  |  |  |  | &nbsp;&nbsp; 16944329 |
| **Arizona–2.63%** | **Arizona–2.63%** | **Arizona–2.63%** | **Arizona–2.63%** | **Arizona–2.63%** |
| Arizona (State of) Industrial Development Authority; Series 2019-2A, Revenue Ctfs. | 3.63% | 05/20/2033 | 2535 | &nbsp;&nbsp; 2588605 |
| Arizona (State of) Industrial Development Authority (Academies of Math & Science); |  |  |  |  |
| Series 2018 B, RB<sup>(c)</sup> <br>| 5.63% | 07/01/2048 | 2000 | &nbsp;&nbsp; 2002300 |
| Series 2019, RB<sup>(c)</sup> <br>| 5.00% | 07/01/2039 | 1000 | &nbsp;&nbsp; 1013571 |
| Arizona (State of) Industrial Development Authority (Basis Schools); Series 2017 D, Ref. RB<sup>(c)</sup> <br>| 5.00% | 07/01/2037 | 630 | &nbsp;&nbsp; 634577 |
| Arizona (State of) Industrial Development Authority (Linder Village); Series 2020, RB<sup>(c)</sup> <br>| 5.00% | 06/01/2031 | 8535 | &nbsp;&nbsp; 8783668 |
| Arizona (State of) Industrial Development Authority (Pinecrest Academy of Nevada-Horizon, <br> Inspirada and St. Rose Campus Projects); Series 2018 A, RB<sup>(c)</sup> <br>| 5.75% | 07/15/2038 | 1810 | &nbsp;&nbsp; 1818562 |
| Chandler (City of), AZ Industrial Development Authority (Intel Corp.); |  |  |  |  |
| Series 2007, RB<sup>(a)(d)</sup> <br>| 4.10% | 06/15/2028 | 7500 | &nbsp;&nbsp; 7645814 |
| Series 2019, RB<sup>(a)(d)</sup> <br>| 4.00% | 06/01/2029 | 2250 | &nbsp;&nbsp; 2315389 |
| Series 2022, RB<sup>(a)(d)</sup> <br>| 5.00% | 09/01/2027 | 4945 | &nbsp;&nbsp; 5050345 |
| Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); Series 2017, <br> Ref. RB<br>| 5.00% | 11/15/2028 | 2105 | &nbsp;&nbsp; 2059117 |
| La Paz (County of), AZ Industrial Development Authority (Charter School Solutions- Harmony Public <br> Schools); Series 2018 A, RB<br>| 5.00% | 02/15/2038 | 1200 | &nbsp;&nbsp; 1223602 |
| Maricopa (County of), AZ Industrial Development Authority (Commercial Metals Co.); Series 2022, <br> RB<sup>(a)(c)</sup> <br>| 4.00% | 10/15/2047 | 10000 | &nbsp;&nbsp; 8868264 |
| Maricopa (County of), AZ Industrial Development Authority (GreatHearts Arizona); Series 2017 C, <br> RB (CEP - Ohio School District)<br>| 5.00% | 07/01/2037 | 315 | &nbsp;&nbsp; 320567 |
| Maricopa (County of), AZ Industrial Development Authority (Valley Christian Schools); <br> Series 2023, RB<sup>(c)</sup> <br>| 5.25% | 07/01/2033 | 1450 | &nbsp;&nbsp; 1483054 |
| Maricopa County Pollution Control Corp. (Southern California Edison); Series 2000, Ref. RB | 2.40% | 06/01/2035 | 2000 | &nbsp;&nbsp; 1786674 |
| Navajo (Nation of); Series 2015 A-144A, Ref. RB<sup>(c)</sup> <br>| 5.50% | 12/01/2030 | 725 | &nbsp;&nbsp; 726070 |
| Phoenix (City of), AZ Industrial Development Authority (The) (Great Hearts Academies); |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 07/01/2036 | 2000 | &nbsp;&nbsp; 2004509 |
| Series 2016, Ref. RB | 5.00% | 07/01/2046 | 1225 | &nbsp;&nbsp; 1225121 |
| Phoenix-Mesa Gateway Airport Authority (Mesa); Series 2012, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2038 | 145 | &nbsp;&nbsp; 145188 |
| Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); <br> Series 2016, Ref. RB<sup>(c)</sup> <br>| 5.00% | 09/01/2026 | 25 | &nbsp;&nbsp; 25087 |
| Pima (County of), AZ Industrial Development Authority (The) (American Leadership Academy); |  |  |  |  |
| Series 2015, Ref. RB<sup>(c)</sup> <br>| 5.38% | 06/15/2035 | 1360 | &nbsp;&nbsp; 1360963 |
| Series 2021, RB<sup>(c)</sup> <br>| 4.00% | 06/15/2041 | 740 | &nbsp;&nbsp; 657805 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** |
| Pima (County of), AZ Industrial Development Authority (The) (Grande Innovations Academy); <br> Series 2018, RB<sup>(c)</sup> <br>| 5.00% | 07/01/2033 | $2245 | &nbsp;&nbsp; $2246023 |
| University of Arizona Board of Regents (Arizona Biomedical Research Collaborative Building); <br> Series 2006, COP (INS - AMBAC)<sup>(b)</sup> <br>| 4.50% | 06/01/2031 | 20 | &nbsp;&nbsp; 20027 |
| Westpark Community Facility District; Series 2016, Ref. GO Bonds | 5.00% | 07/15/2032 | 2000 | &nbsp;&nbsp; 2013683 |
|  |  |  |  | &nbsp;&nbsp; 58018585 |
| **Arkansas–0.14%** | **Arkansas–0.14%** | **Arkansas–0.14%** | **Arkansas–0.14%** | **Arkansas–0.14%** |
| Arkansas (State of) Development Finance Authority (U.S. Steel Corp.) (Green Bonds); Series 2023, <br> RB<sup>(a)</sup> <br>| 5.70% | 05/01/2053 | 2500 | &nbsp;&nbsp; 2556460 |
| Pulaski (County of), AR Public Facilities Board; Series 2014, RB | 5.00% | 12/01/2028 | 530 | &nbsp;&nbsp; 530905 |
|  |  |  |  | &nbsp;&nbsp; 3087365 |
| **California–5.50%** | **California–5.50%** | **California–5.50%** | **California–5.50%** | **California–5.50%** |
| Adelanto Public Utility Authority (Utility System); |  |  |  |  |
| Series 2017 A, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 07/01/2028 | 315 | &nbsp;&nbsp; 327610 |
| Series 2017 A, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 07/01/2029 | 300 | &nbsp;&nbsp; 312003 |
| Series 2017 A, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 07/01/2030 | 325 | &nbsp;&nbsp; 337896 |
| Series 2017 A, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 07/01/2031 | 310 | &nbsp;&nbsp; 322101 |
| Series 2017 A, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 07/01/2032 | 310 | &nbsp;&nbsp; 321853 |
| Atwater (City of), CA; Series 2017 A, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 05/01/2033 | 100 | &nbsp;&nbsp; 102873 |
| California (State of); |  |  |  |  |
| Series 2020, GO Bonds | 4.00% | 03/01/2036 | 4190 | &nbsp;&nbsp; 4419185 |
| Series 2020, Ref. GO Bonds<sup>(d)(f)</sup> <br>| 4.00% | 03/01/2030 | 195 | &nbsp;&nbsp; 210723 |
| California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds); <br> Series 2023, RB<sup>(d)</sup> <br>| 5.25% | 04/01/2030 | 1275 | &nbsp;&nbsp; 1375592 |
| California (State of) Community Choice Financing Authority (Green Bonds); Series 2023 C, RB<sup>(d)</sup> <br>| 5.25% | 10/01/2031 | 4250 | &nbsp;&nbsp; 4569705 |
| California (State of) County Tobacco Securitization Agency; |  |  |  |  |
| Series 2020 A, Ref. RB | 5.00% | 06/01/2032 | 385 | &nbsp;&nbsp; 409639 |
| Series 2020 A, Ref. RB | 5.00% | 06/01/2033 | 900 | &nbsp;&nbsp; 952714 |
| California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset <br> Securitization Corp.); Series 2002, RB<br>| 6.00% | 06/01/2042 | 2220 | &nbsp;&nbsp; 2236915 |
| California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization <br> Corp.); Series 2020 A, Ref. RB<br>| 4.00% | 06/01/2049 | 2000 | &nbsp;&nbsp; 1783651 |
| California (State of) County Tobacco Securitization Agency (Sonoma County Securitization Corp.); <br> Series 2020, Ref. RB<br>| 4.00% | 06/01/2049 | 1380 | &nbsp;&nbsp; 1230060 |
| California (State of) Health Facilities Financing Authority (Episcopal Communities & Services); <br> Series 2024 A, RB<br>| 3.85% | 11/15/2027 | 1850 | &nbsp;&nbsp; 1850823 |
| California (State of) Health Facilities Financing Authority (Providence Health & Services); <br> Series 2014 B, RB<br>| 5.00% | 10/01/2044 | 10100 | &nbsp;&nbsp; 10107945 |
| California (State of) Health Facilities Financing Authority (Providence ST. Joseph Health); <br> Series 2025, RB<sup>(d)</sup> <br>| 5.25% | 10/01/2035 | 3000 | &nbsp;&nbsp; 3521286 |
| California (State of) Housing Finance Agency (Social Certificates); Series 2023-1, RB | 4.38% | 09/20/2036 | 4868 | &nbsp;&nbsp; 5178028 |
| California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail) <br> (Green Bonds); Series 2025 B, Ref. RB<sup>(a)(c)(d)</sup> <br>| 12.00% | 11/02/2026 | 2885 | &nbsp;&nbsp; 1557900 |
| California (State of) Municipal Finance Authority (American Heritage Education Foundation); <br> Series 2016 A, Ref. RB<br>| 5.00% | 06/01/2046 | 875 | &nbsp;&nbsp; 875229 |
| California (State of) Municipal Finance Authority (Harbor Regional Center); Series 2015, Ref. RB | 5.00% | 11/01/2032 | 1000 | &nbsp;&nbsp; 1001612 |
| California (State of) Pollution Control Financing Authority (Plant Bonds); |  |  |  |  |
| Series 2012, RB<sup>(a)(c)</sup> <br>| 5.00% | 07/01/2027 | 2765 | &nbsp;&nbsp; 2780691 |
| Series 2012, RB<sup>(a)(c)</sup> <br>| 5.00% | 07/01/2037 | 1825 | &nbsp;&nbsp; 1831976 |
| Series 2012, RB<sup>(a)(c)</sup> <br>| 5.00% | 11/21/2045 | 5000 | &nbsp;&nbsp; 5006477 |
| California (State of) Pollution Control Financing Authority (San Diego County Water Authority); <br> Series 2019, Ref. RB<sup>(c)</sup> <br>| 5.00% | 11/21/2045 | 4750 | &nbsp;&nbsp; 4848426 |
| California (State of) Public Finance Authority (Enso Village) (Green Bonds); Series 2021, RB<sup>(c)</sup> <br>| 5.00% | 11/15/2036 | 1660 | &nbsp;&nbsp; 1712377 |
| California (State of) Public Finance Authority (Henry Mayo Newhall Hospital); Series 2017, Ref. RB | 5.00% | 10/15/2033 | 1000 | &nbsp;&nbsp; 1009025 |
| California (State of) School Finance Authority (KIPP LA); Series 2017 A, RB<sup>(c)</sup> <br>| 5.00% | 07/01/2037 | 350 | &nbsp;&nbsp; 355593 |
| California (State of) Statewide Communities Development Authority (California Baptist University); <br> Series 2017 A, Ref. RB<sup>(c)</sup> <br>| 5.00% | 11/01/2032 | 1135 | &nbsp;&nbsp; 1159398 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| California (State of) Statewide Communities Development Authority (Loma Linda University Medical <br> Center);<br>|  |  |  |  |
| Series 2014, RB | 5.25% | 12/01/2029 | $3525 | &nbsp;&nbsp; $3529696 |
| Series 2016 A, RB<sup>(c)</sup> <br>| 5.00% | 12/01/2046 | 9175 | &nbsp;&nbsp; 9182174 |
| Series 2018 A, RB<sup>(c)</sup> <br>| 5.25% | 12/01/2038 | 1000 | &nbsp;&nbsp; 1034662 |
| California (State of) Statewide Communities Development Authority (Southern California Edison <br> Company); Series 2006 D, Ref. RB<br>| 4.50% | 11/01/2033 | 2730 | &nbsp;&nbsp; 2927637 |
| Central Valley Energy Authority; Series 2026, RB | 5.00% | 08/01/2034 | 1000 | &nbsp;&nbsp; 1100393 |
| Golden State Tobacco Securitization Corp.; Series 2005 A, RB<sup>(f)(g)</sup> <br>| 0.00% | 06/01/2028 | 55 | &nbsp;&nbsp; 52435 |
| Inglewood Unified School District; Series 2019 C, GO Bonds (INS - BAM)<sup>(b)</sup> <br>| 4.00% | 08/01/2039 | 1000 | &nbsp;&nbsp; 1009673 |
| Lancaster (City of), CA Redevelopment Agency Successor Agency (Redevelopment Areas); <br> Series 2017, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 4.00% | 08/01/2039 | 3400 | &nbsp;&nbsp; 3408547 |
| Los Angeles (City of), CA Department of Airports (Green Bonds); Series 2025, Ref. RB<sup>(a)</sup> <br>| 5.25% | 05/15/2040 | 5000 | &nbsp;&nbsp; 5753272 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); Series 2018 <br> A, RB<sup>(a)</sup> <br>| 5.25% | 05/15/2038 | 3565 | &nbsp;&nbsp; 3722468 |
| M-S-R Energy Authority; Series 2009 C, RB | 7.00% | 11/01/2034 | 1500 | &nbsp;&nbsp; 1863962 |
| Northern California Tobacco Securitization Authority; Series 2021 B-1, Ref. RB | 4.00% | 06/01/2049 | 1140 | &nbsp;&nbsp; 1124437 |
| Oakland Unified School District (County of Alameda); Series 2015 A, GO Bonds | 5.00% | 08/01/2028 | 1000 | &nbsp;&nbsp; 1001445 |
| Palomar Health; |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 11/01/2029 | 4605 | &nbsp;&nbsp; 4613887 |
| Series 2016, Ref. RB | 5.00% | 11/01/2031 | 545 | &nbsp;&nbsp; 545436 |
| Series 2016, Ref. RB | 5.00% | 11/01/2036 | 1250 | &nbsp;&nbsp; 1250924 |
| Series 2016, Ref. RB | 5.00% | 11/01/2039 | 1525 | &nbsp;&nbsp; 1511374 |
| Redwood City (City of), CA (Redwood Shores Community Facilities District No. 99-1 - Shores <br> Transportation Improvement); Series 2012, Ref. RB<br>| 5.00% | 09/01/2026 | 495 | &nbsp;&nbsp; 495805 |
| Riverside (City of), CA (Riverwalk Assessment District); Series 2011, Ref. RB | 5.25% | 09/02/2026 | 400 | &nbsp;&nbsp; 405386 |
| Roseville Joint Union High School District; Series 2018, GO Bonds (INS - BAM)<sup>(b)(g)</sup> <br>| 0.00% | 08/01/2043 | 1360 | &nbsp;&nbsp; 617506 |
| San Diego (County of), CA Regional Airport Authority; |  |  |  |  |
| Series 2017 B, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2042 | 475 | &nbsp;&nbsp; 482364 |
| Series 2021 B, RB<sup>(a)</sup> <br>| 4.00% | 07/01/2040 | 3000 | &nbsp;&nbsp; 3056284 |
| Series 2021 B, RB<sup>(a)</sup> <br>| 4.00% | 07/01/2046 | 1970 | &nbsp;&nbsp; 1859239 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); <br> Series 2019 A, Ref. RB<sup>(a)(d)(f)</sup> <br>| 5.00% | 01/02/2029 | 1000 | &nbsp;&nbsp; 1059698 |
| San Luis Obispo (County of), CA Financing Authority (Lopez Dam Improvement); Series 2011 A, <br> Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 5.50% | 08/01/2026 | 865 | &nbsp;&nbsp; 867183 |
| South Tahoe Joint Powers Financing Authority (South Tahoe Redevelopment Project Area No. 1); <br> Series 2015 A, Ref. RB (INS - NATL)<sup>(b)</sup> <br>| 5.00% | 10/01/2028 | 2080 | &nbsp;&nbsp; 2083316 |
| Southern California Tobacco Securitization Authority (San Diego County Asset Securitization <br> Corp.);<br>|  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 06/01/2036 | 950 | &nbsp;&nbsp; 1015365 |
| Series 2019, Ref. RB | 5.00% | 06/01/2048 | 65 | &nbsp;&nbsp; 64952 |
| Series 2019, Ref. RB<sup>(g)</sup> <br>| 0.00% | 06/01/2054 | 20800 | &nbsp;&nbsp; 3937438 |
|  |  |  |  | &nbsp;&nbsp; 121286264 |
| **Colorado–1.87%** | **Colorado–1.87%** | **Colorado–1.87%** | **Colorado–1.87%** | **Colorado–1.87%** |
| Baseline Metropolitan District No. 1; Series 2024 A, Ref. GO Bonds (INS - AGI)<sup>(b)</sup> <br>| 4.00% | 12/01/2046 | 2500 | &nbsp;&nbsp; 2423759 |
| BNC Metropolitan District No. 1; Series 2017 A, Ref. GO Bonds (INS - BAM)<sup>(b)</sup> <br>| 5.00% | 12/01/2032 | 360 | &nbsp;&nbsp; 373721 |
| Broadway Park North Metropolitan District No. 2; Series 2020, GO Bonds<sup>(c)</sup> <br>| 5.00% | 12/01/2040 | 1325 | &nbsp;&nbsp; 1338980 |
| Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2017, RB<sup>(c)</sup> <br>| 5.00% | 12/01/2029 | 2622 | &nbsp;&nbsp; 2625965 |
| Clear Creek Transit Metropolitan District No. 2; Series 2021 A, GO Bonds | 4.00% | 12/01/2031 | 423 | &nbsp;&nbsp; 386300 |
| Colorado (State of) Health Facilities Authority (Aberdeen Ridge); Series 2021 B, RB (Acquired <br> 12/15/2021; Cost $970,000)<sup>(h)</sup> <br>| 2.63% | 05/15/2029 | 970 | &nbsp;&nbsp; 970013 |
| Colorado (State of) Health Facilities Authority (Christian Living Neighborhoods); Series 2016, Ref. <br> RB<br>| 5.00% | 01/01/2031 | 2475 | &nbsp;&nbsp; 2477147 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health); |  |  |  |  |
| Series 2019 A, Ref. RB | 4.00% | 08/01/2039 | 2040 | &nbsp;&nbsp; 2059241 |
| Series 2019 A-1, Ref. RB | 4.00% | 08/01/2037 | 4730 | &nbsp;&nbsp; 4815643 |
| Colorado (State of) Health Facilities Authority (Covenant Living Communinities and Services); <br> Series 2025, Ref. RB<br>| 5.13% | 12/01/2045 | 3000 | &nbsp;&nbsp; 3101882 |
| Colorado (State of) High Performance Transportation Enterprise; Series 2014, RB<sup>(a)</sup> <br>| 5.75% | 01/01/2044 | 1110 | &nbsp;&nbsp; 1111008 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** |
| Colorado Housing and Finance Authority (Social Bonds); Series 2025, Ref. RB (CEP - GNMA) | 6.50% | 05/01/2055 | $4695 | &nbsp;&nbsp; $5433249 |
| Denver (City & County of), CO; |  |  |  |  |
| Series 2018 A-2, RB<sup>(g)</sup> <br>| 0.00% | 08/01/2030 | 800 | &nbsp;&nbsp; 677335 |
| Series 2018 A-2, RB<sup>(g)</sup> <br>| 0.00% | 08/01/2031 | 1000 | &nbsp;&nbsp; 811301 |
| Series 2022 D, Ref. RB<sup>(a)</sup> <br>| 5.50% | 11/15/2032 | 2250 | &nbsp;&nbsp; 2641315 |
| Evan's Place Metropolitan District; Series 2020 A, GO Bonds | 5.00% | 12/01/2040 | 1050 | &nbsp;&nbsp; 1060269 |
| Grand River Hospital District; Series 2026, GO Bonds (INS - AGI)<sup>(b)</sup> <br>| 6.00% | 12/01/2045 | 1000 | &nbsp;&nbsp; 1157687 |
| Interquest South Business Improvement District; Series 2017, GO Bonds | 4.50% | 12/01/2030 | 125 | &nbsp;&nbsp; 125028 |
| Jefferson (County of), CO Center Metropolitan District No. 1; Series 2020 A-2, RB | 4.13% | 12/01/2040 | 575 | &nbsp;&nbsp; 563811 |
| Park Creek Metropolitan District; Series 2025, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 12/01/2041 | 705 | &nbsp;&nbsp; 773232 |
| Raindance Metropolitan District No. 2; Series 2024, Ref. GO Bonds (INS - BAM)<sup>(b)</sup> <br>| 5.00% | 12/01/2039 | 355 | &nbsp;&nbsp; 386623 |
| Redtail Ridge Metropolitan District; Series 2025, GO Bonds<sup>(g)</sup> <br>| 0.00% | 12/01/2032 | 4000 | &nbsp;&nbsp; 2584588 |
| Transport Metropolitan District No. 3; Series 2021 A-1, GO Bonds | 4.13% | 12/01/2031 | 805 | &nbsp;&nbsp; 762235 |
| Vauxmont Metropolitan District; |  |  |  |  |
| Series 2019, Ref. GO Bonds (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 12/15/2031 | 135 | &nbsp;&nbsp; 137848 |
| Series 2019, Ref. GO Bonds (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 12/15/2032 | 160 | &nbsp;&nbsp; 163360 |
| Series 2020, Ref. GO Bonds (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 12/01/2031 | 230 | &nbsp;&nbsp; 249854 |
| Series 2020, Ref. GO Bonds (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 12/01/2032 | 250 | &nbsp;&nbsp; 270619 |
| Series 2020, Ref. GO Bonds (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 12/01/2033 | 255 | &nbsp;&nbsp; 275151 |
| Series 2020, Ref. GO Bonds (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 12/01/2034 | 285 | &nbsp;&nbsp; 306595 |
| Series 2020, Ref. GO Bonds (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 12/01/2035 | 100 | &nbsp;&nbsp; 107162 |
| Windler Public Improvement Authority; Series 2021 A-1, RB | 4.00% | 12/01/2031 | 1065 | &nbsp;&nbsp; 1033248 |
|  |  |  |  | &nbsp;&nbsp; 41204169 |
| **Connecticut–0.78%** | **Connecticut–0.78%** | **Connecticut–0.78%** | **Connecticut–0.78%** | **Connecticut–0.78%** |
| Connecticut (State of); Series 2019 A, GO Bonds | 5.00% | 04/15/2034 | 4150 | &nbsp;&nbsp; 4468973 |
| Connecticut (State of) Health & Educational Facilities Authority; |  |  |  |  |
| Series 2020 G-1, Ref. RB<sup>(c)</sup> <br>| 5.00% | 07/01/2030 | 285 | &nbsp;&nbsp; 296388 |
| Series 2020 G-1, Ref. RB<sup>(c)</sup> <br>| 5.00% | 07/01/2031 | 540 | &nbsp;&nbsp; 560752 |
| Series 2020 G-1, Ref. RB<sup>(c)</sup> <br>| 5.00% | 07/01/2033 | 600 | &nbsp;&nbsp; 620444 |
| Connecticut (State of) Health and Education Facilities Authority (Convenant Home, Inc.); <br> Series 2018 B, RB<br>| 5.00% | 12/01/2040 | 2000 | &nbsp;&nbsp; 2040121 |
| Hamden (Town of), CT (Whitney Center); Series 2019, Ref. RB | 5.00% | 01/01/2040 | 6190 | &nbsp;&nbsp; 6231053 |
| University of Connecticut; Series 2016 A, RB | 5.00% | 03/15/2032 | 2940 | &nbsp;&nbsp; 2945068 |
|  |  |  |  | &nbsp;&nbsp; 17162799 |
| **Delaware–0.10%** | **Delaware–0.10%** | **Delaware–0.10%** | **Delaware–0.10%** | **Delaware–0.10%** |
| Delaware (State of) Economic Development Authority (NRG Energy); Series 2020 B, Ref. RB<sup>(d)</sup> <br>| 4.00% | 10/01/2035 | 2100 | &nbsp;&nbsp; 2168673 |
| **District of Columbia–1.24%** | **District of Columbia–1.24%** | **District of Columbia–1.24%** | **District of Columbia–1.24%** | **District of Columbia–1.24%** |
| District of Columbia; |  |  |  |  |
| Series 2015, Ref. RB | 5.00% | 07/15/2033 | 125 | &nbsp;&nbsp; 125144 |
| Series 2025, Ref. RB | 5.25% | 10/01/2036 | 2800 | &nbsp;&nbsp; 3247577 |
| Series 2025, Ref. RB | 5.25% | 10/01/2037 | 2955 | &nbsp;&nbsp; 3399522 |
| District of Columbia (Provident Group - Howard Properties LLC); Series 2013, RB | 5.00% | 10/01/2030 | 1910 | &nbsp;&nbsp; 1910511 |
| District of Columbia (The Catholic University of America); Series 2018, Ref. RB | 5.00% | 10/01/2043 | 2275 | &nbsp;&nbsp; 2312055 |
| Metropolitan Washington Airports Authority; |  |  |  |  |
| Series 2010 A, RB<sup>(g)</sup> <br>| 0.00% | 10/01/2037 | 5000 | &nbsp;&nbsp; 3014573 |
| Series 2010 A, RB (INS - AGI)<sup>(b)(g)</sup> <br>| 0.00% | 10/01/2037 | 40 | &nbsp;&nbsp; 24373 |
| Series 2019 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 10/01/2039 | 3775 | &nbsp;&nbsp; 3967365 |
| Series 2021 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 10/01/2033 | 6000 | &nbsp;&nbsp; 6685653 |
| Series 2023 A, Ref. RB<sup>(a)</sup> <br>| 5.25% | 10/01/2043 | 2435 | &nbsp;&nbsp; 2628535 |
|  |  |  |  | &nbsp;&nbsp; 27315308 |
| **Florida–10.35%** | **Florida–10.35%** | **Florida–10.35%** | **Florida–10.35%** | **Florida–10.35%** |
| Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.); |  |  |  |  |
| Series 2014 A, RB | 5.00% | 12/01/2044 | 6870 | &nbsp;&nbsp; 6874499 |
| Series 2019, Ref. RB | 5.00% | 12/01/2037 | 2570 | &nbsp;&nbsp; 2706275 |
| Babcock Ranch Community Independent Special District; Series 2024, RB<sup>(c)</sup> <br>| 5.00% | 05/01/2044 | 875 | &nbsp;&nbsp; 899068 |
| Boggy Creek Improvement District; Series 2023, Ref. RB | 4.50% | 05/01/2033 | 935 | &nbsp;&nbsp; 972600 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** |
| Broward (County of), FL; Series 2015 A, RB<sup>(a)</sup> <br>| 4.10% | 10/01/2037 | $5000 | &nbsp;&nbsp; $5001694 |
| Broward (County of), FL (Convention Center Expansion); Series 2021, RB | 4.00% | 09/01/2037 | 13000 | &nbsp;&nbsp; 13569016 |
| Canaveral Port Authority; |  |  |  |  |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2045 | 7525 | &nbsp;&nbsp; 7640252 |
| Series 2018 B, RB | 5.00% | 06/01/2048 | 4000 | &nbsp;&nbsp; 4056763 |
| Cape Coral (City of), FL; Series 2017, Ref. RB (INS - BAM)<sup>(b)</sup> <br>| 4.00% | 10/01/2042 | 14000 | &nbsp;&nbsp; 14006605 |
| Capital Projects Finance Authority (Navigator Academy of Leadership Obligated Group); <br> Series 2024, Ref. RB<sup>(c)</sup> <br>| 5.00% | 06/15/2034 | 785 | &nbsp;&nbsp; 805157 |
| Capital Trust Agency, Inc. (Franklin Academy); |  |  |  |  |
| Series 2020, RB<sup>(c)</sup> <br>| 5.00% | 12/15/2035 | 1085 | &nbsp;&nbsp; 1087351 |
| Series 2020, RB<sup>(c)</sup> <br>| 5.00% | 12/15/2040 | 4860 | &nbsp;&nbsp; 4862814 |
| Capital Trust Agency, Inc. (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. <br> RB<sup>(c)</sup> <br>| 5.00% | 07/01/2032 | 2645 | &nbsp;&nbsp; 2533607 |
| Capital Trust Agency, Inc. (Viera Charter Schools, Inc.); Series 2017 A, RB<sup>(c)</sup> <br>| 5.00% | 10/15/2037 | 510 | &nbsp;&nbsp; 513742 |
| Capital Trust Authority (Central Florida Preparatory School Project); Series 2024, RB<sup>(c)</sup> <br>| 6.25% | 06/15/2040 | 2695 | &nbsp;&nbsp; 2835593 |
| Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities); |  |  |  |  |
| Series 2019, RB<sup>(a)(c)</sup> <br>| 5.00% | 10/01/2034 | 1000 | &nbsp;&nbsp; 1022327 |
| Series 2025, RB<sup>(a)</sup> <br>| 5.13% | 10/01/2035 | 350 | &nbsp;&nbsp; 367541 |
| Florida (State of) Higher Educational Facilities Financial Authority (Florida Institute of Technology); <br> Series 2019, RB<br>| 5.00% | 10/01/2032 | 2590 | &nbsp;&nbsp; 2736587 |
| Florida (State of) Higher Educational Facilities Financial Authority (Rollins College); Series 2020, <br> Ref. RB<br>| 4.00% | 12/01/2037 | 1300 | &nbsp;&nbsp; 1330173 |
| Florida (State of) Municipal Power Agency (All-Requirements Power Supply); Series 2025, Ref. RB | 5.00% | 10/01/2035 | 1000 | &nbsp;&nbsp; 1156755 |
| Florida (State of) North Broward Hospital District; Series 2017 B, Ref. RB | 5.00% | 01/01/2034 | 5000 | &nbsp;&nbsp; 5212896 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion); |  |  |  |  |
| Series 2024, Ref. RB (INS - AGI)<sup>(a)(b)</sup> <br>| 5.00% | 07/01/2044 | 10000 | &nbsp;&nbsp; 9928837 |
| Series 2024, Ref. RB (INS - AGI)<sup>(a)(b)</sup> <br>| 5.25% | 07/01/2047 | 8730 | &nbsp;&nbsp; 8678555 |
| Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2020 C, Ref. RB<sup>(c)</sup> <br>| 4.00% | 09/15/2030 | 425 | &nbsp;&nbsp; 421196 |
| Florida Development Finance Corp. (Tampa General Hospital); |  |  |  |  |
| Series 2026 A, RB | 5.00% | 08/01/2044 | 2400 | &nbsp;&nbsp; 2597893 |
| Series 2026 A, RB | 5.00% | 08/01/2045 | 1600 | &nbsp;&nbsp; 1711610 |
| Florida Housing Finance Corp.; Series 2024 3, RB (CEP - GNMA) | 6.25% | 01/01/2055 | 1975 | &nbsp;&nbsp; 2189183 |
| Greater Orlando Aviation Authority; |  |  |  |  |
| Series 2015 A, RB<sup>(a)</sup> <br>| 5.00% | 10/01/2034 | 2755 | &nbsp;&nbsp; 2760393 |
| Series 2019 A, RB<sup>(a)</sup> <br>| 5.00% | 10/01/2034 | 5000 | &nbsp;&nbsp; 5362066 |
| Series 2024, RB<sup>(a)</sup> <br>| 5.25% | 10/01/2042 | 5000 | &nbsp;&nbsp; 5565129 |
| Series 2025, RB<sup>(a)</sup> <br>| 5.25% | 11/01/2034 | 3500 | &nbsp;&nbsp; 3845389 |
| Series 2025, RB<sup>(a)</sup> <br>| 5.25% | 11/01/2035 | 1000 | &nbsp;&nbsp; 1090020 |
| Series 2025, RB<sup>(a)</sup> <br>| 5.50% | 11/01/2036 | 5000 | &nbsp;&nbsp; 5504867 |
| Greater Orlando Aviation Authority (Jetblue Airways Corp.); Series 2013, Ref. RB<sup>(a)</sup> <br>| 5.00% | 11/15/2036 | 1250 | &nbsp;&nbsp; 1251626 |
| Highlands (County of), FL Health Facilities Authority (Trousdale Foundation Properties); <br> Series 2018 A, RB (Acquired 08/29/2018; Cost $1,979,776)<sup>(h)(i)</sup> <br>| 5.25% | 04/01/2028 | 1984 | &nbsp;&nbsp; 24806 |
| Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2015 A, RB | 5.00% | 10/01/2044 | 1485 | &nbsp;&nbsp; 1485681 |
| Hyde Park Community Development District No. 1; Series 2024 B, RB | 5.25% | 05/01/2034 | 1600 | &nbsp;&nbsp; 1684326 |
| Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); Series 2018 A, RB<sup>(c)</sup> <br>| 5.00% | 07/15/2028 | 270 | &nbsp;&nbsp; 274049 |
| Lee (County of), FL; |  |  |  |  |
| Series 2021 B, RB<sup>(a)</sup> <br>| 5.00% | 10/01/2035 | 5000 | &nbsp;&nbsp; 5463651 |
| Series 2024, RB<sup>(a)</sup> <br>| 5.25% | 10/01/2039 | 5000 | &nbsp;&nbsp; 5642269 |
| Series 2024, RB (INS - AGI)<sup>(a)(b)</sup> <br>| 5.25% | 10/01/2043 | 1375 | &nbsp;&nbsp; 1512408 |
| Series 2024, RB<sup>(a)</sup> <br>| 5.25% | 10/01/2044 | 4065 | &nbsp;&nbsp; 4421787 |
| Lee (County of), FL Industrial Development Authority (Preserve (The)); Series 2017 A, RB<sup>(c)</sup> <br>| 5.38% | 12/01/2032 | 1000 | &nbsp;&nbsp; 829621 |
| Manatee (County of), FL School District; |  |  |  |  |
| Series 2017, RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 10/01/2031 | 3000 | &nbsp;&nbsp; 3069002 |
| Series 2017, RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 10/01/2032 | 1250 | &nbsp;&nbsp; 1276947 |
| Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center); Series 2014, Ref. <br> RB<br>| 5.00% | 11/15/2044 | 1000 | &nbsp;&nbsp; 1000621 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** |
| Miami-Dade (County of), FL; |  |  |  |  |
| Series 2017 B, Ref. RB | 4.00% | 10/01/2036 | $10000 | &nbsp;&nbsp; $10150163 |
| Series 2017 B, Ref. RB<sup>(a)</sup> <br>| 5.00% | 10/01/2040 | 9740 | &nbsp;&nbsp; 9940250 |
| Series 2021, RB (INS - AGI)<sup>(b)</sup> <br>| 4.00% | 10/01/2042 | 5120 | &nbsp;&nbsp; 5200000 |
| Series 2022, RB | 5.00% | 07/01/2044 | 5000 | &nbsp;&nbsp; 5328657 |
| Series 2023 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 10/01/2033 | 3865 | &nbsp;&nbsp; 4316835 |
| Subseries 2021 A-1, Ref. RB (INS - AGI)<sup>(a)(b)</sup> <br>| 4.00% | 10/01/2040 | 2000 | &nbsp;&nbsp; 2012133 |
| Subseries 2021 A-1, Ref. RB (INS - AGI)<sup>(a)(b)</sup> <br>| 4.00% | 10/01/2041 | 2750 | &nbsp;&nbsp; 2772004 |
| Miami-Dade (County of), FL Expressway Authority; |  |  |  |  |
| Series 2010 A, RB | 5.00% | 07/01/2040 | 925 | &nbsp;&nbsp; 926352 |
| Series 2013 A, RB | 5.00% | 07/01/2033 | 600 | &nbsp;&nbsp; 600739 |
| Okaloosa (County of), FL (Air Force Enlisted Village); Series 2025, RB<sup>(c)</sup> <br>| 4.38% | 05/15/2035 | 500 | &nbsp;&nbsp; 513947 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group); Series 2025, <br> Ref. RB<br>| 5.00% | 10/01/2043 | 5000 | &nbsp;&nbsp; 5472827 |
| Osceola (County of), FL; |  |  |  |  |
| Series 2020 A-1, Ref. RB | 5.00% | 10/01/2033 | 355 | &nbsp;&nbsp; 375030 |
| Series 2020 A-1, Ref. RB | 5.00% | 10/01/2034 | 300 | &nbsp;&nbsp; 316073 |
| Series 2020 A-1, Ref. RB | 5.00% | 10/01/2035 | 500 | &nbsp;&nbsp; 524965 |
| Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities, Inc.); |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 11/15/2032 | 3750 | &nbsp;&nbsp; 3801936 |
| Series 2018, RB | 5.00% | 11/15/2045 | 6000 | &nbsp;&nbsp; 6074976 |
| Series 2020 B, RB | 4.00% | 11/15/2041 | 250 | &nbsp;&nbsp; 250880 |
| Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center); |  |  |  |  |
| Series 2025, RB | 5.00% | 11/01/2035 | 1295 | &nbsp;&nbsp; 1458374 |
| Series 2025, RB | 5.00% | 11/01/2036 | 1000 | &nbsp;&nbsp; 1114641 |
| Series 2025, RB | 5.25% | 11/01/2037 | 1150 | &nbsp;&nbsp; 1292651 |
| Palm Beach (County of), FL Health Facilities Authority (Lifespace Communities, Inc.); |  |  |  |  |
| Series 2018 B, RB | 5.00% | 05/15/2031 | 410 | &nbsp;&nbsp; 417606 |
| Series 2018 B, RB | 5.00% | 05/15/2033 | 2085 | &nbsp;&nbsp; 2120410 |
| Peace River Manasota Regional Water Supply Authority; Series 2025 A, RB | 5.00% | 10/01/2040 | 1000 | &nbsp;&nbsp; 1146819 |
| Port Orange (City of), FL; Series 2025, Ref. RB | 5.00% | 10/01/2038 | 360 | &nbsp;&nbsp; 413368 |
| Tampa (City of), FL; |  |  |  |  |
| Series 2020 A, RB<sup>(g)</sup> <br>| 0.00% | 09/01/2041 | 3030 | &nbsp;&nbsp; 1643914 |
| Series 2020 A, RB<sup>(g)</sup> <br>| 0.00% | 09/01/2049 | 3795 | &nbsp;&nbsp; 1214303 |
| Wildwood (City of), FL Village Community Development Disctrict No. 15; Series 2023, RB<sup>(c)</sup> <br>| 4.85% | 05/01/2038 | 980 | &nbsp;&nbsp; 1029941 |
|  |  |  |  | &nbsp;&nbsp; 228213041 |
| **Georgia–1.25%** | **Georgia–1.25%** | **Georgia–1.25%** | **Georgia–1.25%** | **Georgia–1.25%** |
| Atlanta (City of), GA; Series 2019, RB<sup>(a)</sup> <br>| 4.00% | 07/01/2038 | 1540 | &nbsp;&nbsp; 1554385 |
| Atlanta (City of), GA (Green Bonds); Series 2023, RB<sup>(a)</sup> <br>| 5.25% | 07/01/2041 | 1600 | &nbsp;&nbsp; 1779184 |
| Burke (County of), GA Development Authority (The) (Georgia Power Co. Plant Vogtle); Series 1995, <br> RB<br>| 2.20% | 10/01/2032 | 2000 | &nbsp;&nbsp; 1836559 |
| Floyd (County of), GA Development Authority (The Spires at Berry College); |  |  |  |  |
| Series 2018 A, RB | 5.50% | 12/01/2028 | 595 | &nbsp;&nbsp; 596097 |
| Series 2018 A, RB | 5.75% | 12/01/2033 | 1500 | &nbsp;&nbsp; 1503147 |
| Fulton (County of), GA Development Authority (Robert W. Woodruff Arts Center); Series 2019, Ref. <br> RB<br>| 4.00% | 03/15/2044 | 1915 | &nbsp;&nbsp; 1850530 |
| Fulton (County of), GA Development Authority (Wellstar Health System, Inc.); Series 2017, RAC | 5.00% | 04/01/2033 | 1870 | &nbsp;&nbsp; 1916615 |
| George L Smith II Congress Center Authority (Convention Center Hotel); Series 2021, RB | 2.38% | 01/01/2031 | 525 | &nbsp;&nbsp; 501624 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4); |  |  |  |  |
| Series 2021 A, Ref. RB | 4.00% | 01/01/2041 | 480 | &nbsp;&nbsp; 480932 |
| Series 2021 A, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 4.00% | 01/01/2041 | 185 | &nbsp;&nbsp; 187198 |
| Macon-Bibb (County of), GA Urban Development Authority (Academy for Classical Education, Inc.); <br> Series 2017 A, RB<sup>(c)</sup> <br>| 5.75% | 06/15/2037 | 1540 | &nbsp;&nbsp; 1566339 |
| Main Street Natural Gas, Inc.; |  |  |  |  |
| Series 2022 B, RB<sup>(d)</sup> <br>| 5.00% | 06/01/2029 | 5000 | &nbsp;&nbsp; 5301341 |
| Series 2023 B, RB<sup>(d)</sup> <br>| 5.00% | 03/01/2030 | 5000 | &nbsp;&nbsp; 5369085 |
| Savannah (City of), GA Hospital Authority (St. Josephs Candler Health System); Series 2019 A, <br> Ref. RB<br>| 4.00% | 07/01/2043 | 3000 | &nbsp;&nbsp; 2893785 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Georgia–(continued)** | **Georgia–(continued)** | **Georgia–(continued)** | **Georgia–(continued)** | **Georgia–(continued)** |
| Savannah Georgia Convention Center Authority; Series 2025, RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 06/01/2037 | $225 | &nbsp;&nbsp; $258802 |
|  |  |  |  | &nbsp;&nbsp; 27595623 |
| **Guam–0.23%** | **Guam–0.23%** | **Guam–0.23%** | **Guam–0.23%** | **Guam–0.23%** |
| Guam (Territory of); Series 2021 A, Ref. RB | 5.00% | 11/01/2040 | 4000 | &nbsp;&nbsp; 4237608 |
| Guam (Territory of) Waterworks Authority; |  |  |  |  |
| Series 2025 A, RB | 5.00% | 07/01/2035 | 310 | &nbsp;&nbsp; 358549 |
| Series 2025 A, RB | 5.00% | 07/01/2036 | 350 | &nbsp;&nbsp; 398126 |
|  |  |  |  | &nbsp;&nbsp; 4994283 |
| **Hawaii–0.34%** | **Hawaii–0.34%** | **Hawaii–0.34%** | **Hawaii–0.34%** | **Hawaii–0.34%** |
| Hawaii (State of); |  |  |  |  |
| Series 2015, Ref. RB<sup>(c)</sup> <br>| 5.00% | 01/01/2035 | 1000 | &nbsp;&nbsp; 1000015 |
| Series 2020 A, Ref. RB<sup>(a)</sup> <br>| 4.00% | 07/01/2035 | 665 | &nbsp;&nbsp; 684937 |
| Honolulu (City & County of), HI; Series 2023, RB<sup>(d)</sup> <br>| 5.00% | 06/01/2026 | 5750 | &nbsp;&nbsp; 5785634 |
|  |  |  |  | &nbsp;&nbsp; 7470586 |
| **Idaho–0.16%** | **Idaho–0.16%** | **Idaho–0.16%** | **Idaho–0.16%** | **Idaho–0.16%** |
| Idaho (State of) Housing & Finance Association; |  |  |  |  |
| Series 2022 A, RB<sup>(c)</sup> <br>| 4.00% | 05/01/2032 | 1000 | &nbsp;&nbsp; 967669 |
| Series 2025 C, RB (CEP - GNMA) | 6.25% | 01/01/2056 | 2140 | &nbsp;&nbsp; 2479849 |
|  |  |  |  | &nbsp;&nbsp; 3447518 |
| **Illinois–7.07%** | **Illinois–7.07%** | **Illinois–7.07%** | **Illinois–7.07%** | **Illinois–7.07%** |
| Bolingbrook (Village of), IL Special Service Area No. 2005-1; Series 2019, Ref. RB | 5.00% | 03/01/2033 | 1645 | &nbsp;&nbsp; 1680584 |
| Chicago (City of), IL; |  |  |  |  |
| Series 2017 A, Ref. GO Bonds | 5.75% | 01/01/2034 | 2750 | &nbsp;&nbsp; 2792118 |
| Series 2017 B, Ref. RB | 5.00% | 01/01/2033 | 3000 | &nbsp;&nbsp; 3063942 |
| Series 2019 A, GO Bonds | 5.50% | 01/01/2035 | 3000 | &nbsp;&nbsp; 3125789 |
| Series 2021 A, Ref. GO Bonds | 5.00% | 01/01/2033 | 8830 | &nbsp;&nbsp; 9333525 |
| Series 2021 A, Ref. GO Bonds | 4.00% | 01/01/2035 | 2500 | &nbsp;&nbsp; 2508800 |
| Series 2024 A, GO Bonds | 5.00% | 01/01/2044 | 2650 | &nbsp;&nbsp; 2687619 |
| Chicago (City of), IL (83rd/Stewart Redevelopment); Series 2013, COP<sup>(c)</sup> <br>| 7.00% | 01/15/2029 | 457 | &nbsp;&nbsp; 456854 |
| Chicago (City of), IL (O'Hare International Airport); |  |  |  |  |
| Series 2017 D, RB | 5.25% | 01/01/2042 | 2000 | &nbsp;&nbsp; 2031267 |
| Series 2018, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2048 | 3750 | &nbsp;&nbsp; 3771339 |
| Series 2020 A, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 4.00% | 01/01/2037 | 2250 | &nbsp;&nbsp; 2323677 |
| Series 2020 C, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 4.00% | 01/01/2039 | 1590 | &nbsp;&nbsp; 1625945 |
| Series 2024 A, RB<sup>(a)</sup> <br>| 5.25% | 01/01/2041 | 2150 | &nbsp;&nbsp; 2374088 |
| Series 2024 C, Ref. RB<sup>(a)</sup> <br>| 5.25% | 01/01/2043 | 3250 | &nbsp;&nbsp; 3552150 |
| Chicago (City of), IL Board of Education; |  |  |  |  |
| Series 2012 A, GO Bonds | 5.00% | 12/01/2042 | 6730 | &nbsp;&nbsp; 6713153 |
| Series 2015 C, GO Bonds | 5.25% | 12/01/2039 | 8410 | &nbsp;&nbsp; 8404406 |
| Series 2017, RB | 5.75% | 04/01/2035 | 1000 | &nbsp;&nbsp; 1020462 |
| Series 2018 A, Ref. GO Bonds (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 12/01/2030 | 1000 | &nbsp;&nbsp; 1054083 |
| Series 2018 A, Ref. GO Bonds (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 12/01/2031 | 1250 | &nbsp;&nbsp; 1315567 |
| Series 2021 A, GO Bonds | 5.00% | 12/01/2035 | 20 | &nbsp;&nbsp; 20551 |
| Series 2021 A, GO Bonds | 5.00% | 12/01/2038 | 1240 | &nbsp;&nbsp; 1257430 |
| Series 2021 B, Ref. GO Bonds | 5.00% | 12/01/2036 | 2500 | &nbsp;&nbsp; 2554516 |
| Series 2025 B, Ref. GO Bonds | 5.00% | 12/01/2040 | 2500 | &nbsp;&nbsp; 2539526 |
| Cook (County of), IL; Series 2018, Ref. RB | 5.25% | 11/15/2036 | 1520 | &nbsp;&nbsp; 1578591 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** |
| Illinois (State of); |  |  |  |  |
| First Series 2001, GO Bonds (INS - NATL)<sup>(b)</sup> <br>| 6.00% | 11/01/2026 | $135 | &nbsp;&nbsp; $137503 |
| Series 2016, GO Bonds | 5.00% | 11/01/2030 | 1040 | &nbsp;&nbsp; 1057033 |
| Series 2016, GO Bonds | 4.00% | 06/01/2032 | 3155 | &nbsp;&nbsp; 3161816 |
| Series 2016, GO Bonds | 4.00% | 06/01/2033 | 2250 | &nbsp;&nbsp; 2254287 |
| Series 2016, GO Bonds | 4.00% | 06/01/2035 | 340 | &nbsp;&nbsp; 340386 |
| Series 2016, GO Bonds | 5.00% | 11/01/2041 | 5400 | &nbsp;&nbsp; 5441619 |
| Series 2017 C, GO Bonds | 5.00% | 11/01/2029 | 2000 | &nbsp;&nbsp; 2082422 |
| Series 2018 A, Ref. GO Bonds | 5.00% | 10/01/2028 | 8375 | &nbsp;&nbsp; 8925017 |
| Series 2018 B, Ref. GO Bonds | 5.00% | 10/01/2027 | 1405 | &nbsp;&nbsp; 1462493 |
| Series 2020, GO Bonds | 5.50% | 05/01/2030 | 3000 | &nbsp;&nbsp; 3235305 |
| Series 2020, GO Bonds | 5.50% | 05/01/2039 | 2455 | &nbsp;&nbsp; 2656542 |
| Series 2021 A, GO Bonds | 5.00% | 03/01/2046 | 300 | &nbsp;&nbsp; 307614 |
| Series 2023 B, GO Bonds | 5.25% | 05/01/2039 | 4000 | &nbsp;&nbsp; 4392089 |
| Series 2024 B, GO Bonds | 5.25% | 05/01/2043 | 6085 | &nbsp;&nbsp; 6597346 |
| Series 2024 B, GO Bonds | 5.25% | 05/01/2044 | 5000 | &nbsp;&nbsp; 5366053 |
| Series 2024, Ref. GO Bonds | 5.00% | 02/01/2037 | 2250 | &nbsp;&nbsp; 2549868 |
| Illinois (State of) (Rebuild Illinois Program); |  |  |  |  |
| Series 2019 B, GO Bonds | 4.00% | 11/01/2035 | 4450 | &nbsp;&nbsp; 4532492 |
| Series 2019 B, GO Bonds | 4.00% | 11/01/2037 | 5000 | &nbsp;&nbsp; 5046727 |
| Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB<sup>(a)</sup> <br>| 8.00% | 06/01/2032 | 710 | &nbsp;&nbsp; 711201 |
| Illinois (State of) Finance Authority (DePaul College Prep Foundation); Series 2023, Ref. RB<sup>(c)</sup> <br>| 4.50% | 08/01/2033 | 1275 | &nbsp;&nbsp; 1343043 |
| Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB | 5.13% | 05/15/2060 | 1028 | &nbsp;&nbsp; 755945 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); |  |  |  |  |
| Series 2002, RB (INS - NATL)<sup>(b)(g)</sup> <br>| 0.00% | 12/15/2033 | 10000 | &nbsp;&nbsp; 7858272 |
| Series 2002, RB (INS - NATL)<sup>(b)(g)</sup> <br>| 0.00% | 12/15/2034 | 5000 | &nbsp;&nbsp; 3781008 |
| Illinois (State of) Toll Highway Authority; Series 2025 A, RB | 5.00% | 01/01/2044 | 5000 | &nbsp;&nbsp; 5504774 |
| Kane County School District No. 131 Aurora East Side; Series 2020 A, GO Bonds (INS - AGI)<sup>(b)</sup> <br>| 4.00% | 12/01/2036 | 745 | &nbsp;&nbsp; 761786 |
| Marion (City of), IL (Star Bond District Project Area No. 1); Series 2025, RB | 6.38% | 06/01/2045 | 1000 | &nbsp;&nbsp; 1018051 |
| Matteson (Village of), IL; Series 2015, RB | 6.50% | 12/01/2035 | 1710 | &nbsp;&nbsp; 1741913 |
| Southwestern Illinois Development Authority (US Steel Corp.); Series 2012, RB<sup>(a)</sup> <br>| 5.75% | 08/01/2042 | 4050 | &nbsp;&nbsp; 4053104 |
| Stephenson County School District No. 145 Freeport; |  |  |  |  |
| Series 2018 A, GO Bonds<sup>(d)(f)</sup> <br>| 5.00% | 02/01/2028 | 40 | &nbsp;&nbsp; 42135 |
| Series 2018 A, Ref. GO Bonds<sup>(d)(f)</sup> <br>| 5.00% | 02/01/2028 | 195 | &nbsp;&nbsp; 205409 |
| Series 2018 A, Ref. GO Bonds (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 02/01/2031 | 660 | &nbsp;&nbsp; 695700 |
|  |  |  |  | &nbsp;&nbsp; 155804935 |
| **Indiana–1.29%** | **Indiana–1.29%** | **Indiana–1.29%** | **Indiana–1.29%** | **Indiana–1.29%** |
| Indiana (State of) Finance Authority (KIPP Indianapolis, Inc.); Series 2020 A, RB | 4.00% | 07/01/2030 | 191 | &nbsp;&nbsp; 190824 |
| Indiana (State of) Finance Authority (Southern Indiana Gas and Electric Co.); |  |  |  |  |
| Series 2013, Ref. RB<sup>(a)(d)</sup> <br>| 4.00% | 08/01/2028 | 10000 | &nbsp;&nbsp; 10091789 |
| Series 2013, Ref. RB<sup>(a)(d)</sup> <br>| 4.00% | 08/01/2028 | 5315 | &nbsp;&nbsp; 5402622 |
| Indiana (State of) Finance Authority (U.S. Steel Corp.); |  |  |  |  |
| Series 2012, RB<sup>(a)</sup> <br>| 5.75% | 08/01/2042 | 30 | &nbsp;&nbsp; 30023 |
| Series 2021 A, Ref. RB | 4.13% | 12/01/2026 | 1000 | &nbsp;&nbsp; 1004067 |
| Indiana University; Series 2015 A, Ref. RB | 4.00% | 06/01/2042 | 3000 | &nbsp;&nbsp; 3000466 |
| Jeffersonville (City of), IN (Vivera Senior Living); |  |  |  |  |
| Series 2020 A, RB<sup>(c)</sup> <br>| 4.75% | 11/01/2030 | 415 | &nbsp;&nbsp; 399870 |
| Series 2020 A, RB<sup>(c)</sup> <br>| 5.25% | 11/01/2040 | 4710 | &nbsp;&nbsp; 4140569 |
| Kokomo (City of), IN (Silver Birch at KOKOMO); |  |  |  |  |
| Series 2017, RB | 5.75% | 01/01/2034 | 725 | &nbsp;&nbsp; 715468 |
| Series 2017, RB | 5.88% | 01/01/2037 | 2900 | &nbsp;&nbsp; 2901574 |
| Terre Haute (City of), IN (Silver Birch of Terre Haute); Series 2017, RB | 5.10% | 01/01/2032 | 450 | &nbsp;&nbsp; 450352 |
|  |  |  |  | &nbsp;&nbsp; 28327624 |
| **Iowa–1.02%** | **Iowa–1.02%** | **Iowa–1.02%** | **Iowa–1.02%** | **Iowa–1.02%** |
| Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB | 4.75% | 08/01/2042 | 6545 | &nbsp;&nbsp; 6547268 |
| Iowa (State of) Finance Authority (Green Bonds); Series 2024, RB (CEP - GNMA) | 4.50% | 07/01/2044 | 5000 | &nbsp;&nbsp; 5050494 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Iowa–(continued)** | **Iowa–(continued)** | **Iowa–(continued)** | **Iowa–(continued)** | **Iowa–(continued)** |
| Iowa (State of) Finance Authority (Lifespace Communities, Inc.); |  |  |  |  |
| Series 2016 A, RB | 5.00% | 05/15/2036 | $1050 | &nbsp;&nbsp; $1052330 |
| Series 2021, Ref. RB | 4.00% | 05/15/2029 | 1490 | &nbsp;&nbsp; 1520526 |
| Iowa (State of) Finance Authority (PHS Council Bluffs, Inc.); Series 2018, RB | 4.45% | 08/01/2028 | 125 | &nbsp;&nbsp; 125013 |
| Iowa (State of) Tobacco Settlement Authority; Series 2021 A-2, Ref. RB | 5.00% | 06/01/2029 | 2325 | &nbsp;&nbsp; 2487844 |
| PEFA, Inc.; Series 2019, RB<sup>(d)</sup> <br>| 5.00% | 09/01/2026 | 5635 | &nbsp;&nbsp; 5700569 |
|  |  |  |  | &nbsp;&nbsp; 22484044 |
| **Kansas–0.61%** | **Kansas–0.61%** | **Kansas–0.61%** | **Kansas–0.61%** | **Kansas–0.61%** |
| Lenexa (City of), KS (Lakeview Village, Inc.); |  |  |  |  |
| Series 2018 A, Ref. RB | 5.00% | 05/15/2029 | 1210 | &nbsp;&nbsp; 1237274 |
| Series 2018 A, Ref. RB | 5.00% | 05/15/2031 | 1335 | &nbsp;&nbsp; 1362853 |
| Series 2018 A, Ref. RB | 5.00% | 05/15/2039 | 1500 | &nbsp;&nbsp; 1518869 |
| Merriam (City of), KS; Series 2025 A, GO Bonds | 4.50% | 08/01/2040 | 5000 | &nbsp;&nbsp; 5257617 |
| Wichita (City of), KS (Presbyterian Manors, Inc.); |  |  |  |  |
| Series 2018 I, Ref. RB | 5.00% | 05/15/2028 | 590 | &nbsp;&nbsp; 597473 |
| Series 2018 I, Ref. RB | 5.00% | 05/15/2033 | 1140 | &nbsp;&nbsp; 1153642 |
| Series 2019, Ref. RB | 5.00% | 05/15/2027 | 1165 | &nbsp;&nbsp; 1173411 |
| Series 2019, Ref. RB | 5.00% | 05/15/2028 | 1220 | &nbsp;&nbsp; 1235453 |
|  |  |  |  | &nbsp;&nbsp; 13536592 |
| **Kentucky–2.34%** | **Kentucky–2.34%** | **Kentucky–2.34%** | **Kentucky–2.34%** | **Kentucky–2.34%** |
| Ashland (City of), KY (King's Daughters Medical Center); |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 02/01/2030 | 370 | &nbsp;&nbsp; 399335 |
| Series 2019, Ref. RB | 5.00% | 02/01/2032 | 450 | &nbsp;&nbsp; 485138 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Masonic Home <br> Independent Living II, Inc.); Series 2016 A, Ref. RB<br>| 5.00% | 05/15/2036 | 2000 | &nbsp;&nbsp; 1974715 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky <br> Information Highway);<br>|  |  |  |  |
| Series 2015 A, RB | 5.00% | 07/01/2028 | 1500 | &nbsp;&nbsp; 1502541 |
| Series 2015 A, RB | 5.00% | 07/01/2030 | 2000 | &nbsp;&nbsp; 2003358 |
| Series 2015 A, RB | 5.00% | 07/01/2032 | 1000 | &nbsp;&nbsp; 1001553 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); |  |  |  |  |
| Series 2017 A, Ref. RB | 5.00% | 06/01/2032 | 1435 | &nbsp;&nbsp; 1458988 |
| Series 2017 B, Ref. RB | 5.00% | 06/01/2040 | 2000 | &nbsp;&nbsp; 2010180 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Rosedale Green); <br> Series 2015, Ref. RB<br>| 5.50% | 11/15/2035 | 3100 | &nbsp;&nbsp; 3100336 |
| Kentucky (Commonwealth of) Municipal Power Agency; Series 2015 A, Ref. RB (INS - NATL)<sup>(b)</sup> <br>| 5.00% | 09/01/2028 | 1260 | &nbsp;&nbsp; 1262293 |
| Kentucky (Commonwealth of) Municipal Power Agency (Prairie State); Series 2016 A, Ref. RB (INS - <br> NATL)<sup>(b)</sup> <br>| 5.00% | 09/01/2032 | 5480 | &nbsp;&nbsp; 5530385 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 119); |  |  |  |  |
| Series 2018, RB (INS - BAM)<sup>(b)</sup> <br>| 5.00% | 05/01/2031 | 100 | &nbsp;&nbsp; 105815 |
| Series 2018, RB (INS - BAM)<sup>(b)</sup> <br>| 5.00% | 05/01/2032 | 100 | &nbsp;&nbsp; 105692 |
| Series 2018, RB (INS - BAM)<sup>(b)</sup> <br>| 5.00% | 05/01/2033 | 100 | &nbsp;&nbsp; 105496 |
| Series 2018, RB (INS - BAM)<sup>(b)</sup> <br>| 5.00% | 05/01/2034 | 100 | &nbsp;&nbsp; 105318 |
| Kentucky (Commonwealth of) Public Energy Authority; |  |  |  |  |
| Series 2019 C, RB<sup>(d)</sup> <br>| 4.00% | 02/01/2028 | 5000 | &nbsp;&nbsp; 5122649 |
| Series 2023 A-1, Ref. RB<sup>(d)</sup> <br>| 5.25% | 02/01/2032 | 9000 | &nbsp;&nbsp; 9905538 |
| Series 2025 B, RB | 5.00% | 12/01/2033 | 9500 | &nbsp;&nbsp; 10129982 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.); <br> Series 2020 A, RB<br>| 4.00% | 10/01/2040 | 1500 | &nbsp;&nbsp; 1500283 |
| University of Kentucky; Series 2015 A, RB (CEP - Colorado Higher Education Intercept Program) | 4.00% | 04/01/2037 | 3665 | &nbsp;&nbsp; 3667038 |
|  |  |  |  | &nbsp;&nbsp; 51476633 |
| **Louisiana–0.42%** | **Louisiana–0.42%** | **Louisiana–0.42%** | **Louisiana–0.42%** | **Louisiana–0.42%** |
| Louisiana (State of) Public Facilities Authority (Archdiocese of New Orleans); |  |  |  |  |
| Series 2017, Ref. RB<sup>(i)</sup> <br>| 5.00% | 07/01/2028 | 250 | &nbsp;&nbsp; 103750 |
| Series 2017, Ref. RB<sup>(i)</sup> <br>| 5.00% | 07/01/2029 | 400 | &nbsp;&nbsp; 166000 |
| Series 2017, Ref. RB<sup>(i)</sup> <br>| 5.00% | 07/01/2030 | 500 | &nbsp;&nbsp; 207500 |
| New Orleans (City of), LA; Series 2014, Ref. RB | 5.00% | 12/01/2026 | 1250 | &nbsp;&nbsp; 1252174 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**10**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Louisiana–(continued)** | **Louisiana–(continued)** | **Louisiana–(continued)** | **Louisiana–(continued)** | **Louisiana–(continued)** |
| New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System); |  |  |  |  |
| Series 2018 A, RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 10/01/2036 | $220 | &nbsp;&nbsp; $229923 |
| Series 2018 A, RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 10/01/2037 | 145 | &nbsp;&nbsp; 151137 |
| Series 2018 A, RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 10/01/2038 | 100 | &nbsp;&nbsp; 103965 |
| Series 2018 B, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 10/01/2030 | 350 | &nbsp;&nbsp; 372597 |
| Series 2018 B, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 10/01/2032 | 200 | &nbsp;&nbsp; 211306 |
| Series 2018 B, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 10/01/2033 | 135 | &nbsp;&nbsp; 142269 |
| Series 2018 B, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 10/01/2034 | 100 | &nbsp;&nbsp; 105190 |
| St. James (Parish of), LA (Nustar Logistics, L.P.); |  |  |  |  |
| Series 2008, RB<sup>(c)(d)</sup> <br>| 6.10% | 06/01/2030 | 2700 | &nbsp;&nbsp; 3009304 |
| Series 2010 2, RB<sup>(c)</sup> <br>| 6.35% | 07/01/2040 | 500 | &nbsp;&nbsp; 553204 |
| Series 2011, RB<sup>(d)</sup> <br>| 3.70% | 06/01/2030 | 2600 | &nbsp;&nbsp; 2676111 |
|  |  |  |  | &nbsp;&nbsp; 9284430 |
| **Maine–0.15%** | **Maine–0.15%** | **Maine–0.15%** | **Maine–0.15%** | **Maine–0.15%** |
| Maine (State of) Finance Authority (Casella Waste Systems, Inc.); |  |  |  |  |
| Series 2015, RB<sup>(a)(c)</sup> <br>| 5.00% | 08/01/2035 | 2000 | &nbsp;&nbsp; 2167286 |
| Series 2024, Ref. RB<sup>(a)(c)(d)</sup> <br>| 4.63% | 06/01/2035 | 1000 | &nbsp;&nbsp; 1046006 |
|  |  |  |  | &nbsp;&nbsp; 3213292 |
| **Maryland–0.43%** | **Maryland–0.43%** | **Maryland–0.43%** | **Maryland–0.43%** | **Maryland–0.43%** |
| Baltimore (City of), MD (East Baltimore Research Park); Series 2017, Ref. RB | 5.00% | 09/01/2038 | 1275 | &nbsp;&nbsp; 1291891 |
| Brunswick (City of), MD (Brunswick Crossing); Series 2019, RB | 5.00% | 07/01/2036 | 1546 | &nbsp;&nbsp; 1586610 |
| Gaithersburg (City of), MD (Asbury Maryland Obligated Group); Series 2018 A, Ref. RB | 5.00% | 01/01/2036 | 2000 | &nbsp;&nbsp; 2041618 |
| Howard (County of), MD (Downtown Columbia); Series 2017 A, RB<sup>(c)</sup> <br>| 4.13% | 02/15/2034 | 1000 | &nbsp;&nbsp; 1000136 |
| Maryland (State of) Health & Higher Educational Facilities Authority (Stevenson University); <br> Series 2021, Ref. RB<br>| 4.00% | 06/01/2036 | 450 | &nbsp;&nbsp; 454584 |
| Maryland Economic Development Corp. (Port Covington); |  |  |  |  |
| Series 2020, RB | 3.25% | 09/01/2030 | 785 | &nbsp;&nbsp; 773196 |
| Series 2020, RB | 4.00% | 09/01/2040 | 2500 | &nbsp;&nbsp; 2413640 |
|  |  |  |  | &nbsp;&nbsp; 9561675 |
| **Massachusetts–2.27%** | **Massachusetts–2.27%** | **Massachusetts–2.27%** | **Massachusetts–2.27%** | **Massachusetts–2.27%** |
| Massachusetts (Commonwealth of); |  |  |  |  |
| Series 2016 G, GO Bonds | 4.00% | 09/01/2037 | 3000 | &nbsp;&nbsp; 3009799 |
| Series 2025 F, GO Bonds | 5.00% | 08/01/2047 | 10000 | &nbsp;&nbsp; 10797397 |
| Massachusetts (Commonwealth of) Development Finance Agency (Ascentria Care Alliance); <br> Series 2021, Ref. RB<sup>(c)</sup> <br>| 5.00% | 07/01/2041 | 2050 | &nbsp;&nbsp; 1963530 |
| Massachusetts (Commonwealth of) Development Finance Agency (Newbridge Charles, Inc.); |  |  |  |  |
| Series 2017, Ref. RB<sup>(c)</sup> <br>| 5.00% | 10/01/2037 | 3500 | &nbsp;&nbsp; 3553677 |
| Series 2017, Ref. RB<sup>(c)</sup> <br>| 5.00% | 10/01/2047 | 5755 | &nbsp;&nbsp; 5764483 |
| Massachusetts (Commonwealth of) Development Finance Agency (Seven Hills Foundation); |  |  |  |  |
| Series 2021, Ref. RB | 4.00% | 09/01/2041 | 1300 | &nbsp;&nbsp; 1297970 |
| Series 2021, Ref. RB | 4.00% | 09/01/2048 | 1380 | &nbsp;&nbsp; 1227721 |
| Series 2025, Ref. RB | 5.50% | 09/01/2040 | 250 | &nbsp;&nbsp; 282911 |
| Series 2025, Ref. RB | 6.00% | 09/01/2045 | 1900 | &nbsp;&nbsp; 2121255 |
| Massachusetts (Commonwealth of) Development Finance Agency (Suffolk University); <br> Series 2017, Ref. RB<br>| 5.00% | 07/01/2034 | 1000 | &nbsp;&nbsp; 1011810 |
| Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Boston College); <br> Series 2000, RB<br>| 5.50% | 06/01/2035 | 5400 | &nbsp;&nbsp; 6493564 |
| Massachusetts (Commonwealth of) School Building Authority; |  |  |  |  |
| Series 2018 B, RB | 4.00% | 02/15/2039 | 10735 | &nbsp;&nbsp; 10739544 |
| Series 2018 B, RB | 4.00% | 02/15/2041 | 1685 | &nbsp;&nbsp; 1685465 |
|  |  |  |  | &nbsp;&nbsp; 49949126 |
| **Michigan–0.59%** | **Michigan–0.59%** | **Michigan–0.59%** | **Michigan–0.59%** | **Michigan–0.59%** |
| Kalamazoo Economic Development Corp. (Heritage Community of Kalamazoo); |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 05/15/2032 | 650 | &nbsp;&nbsp; 670694 |
| Series 2019, Ref. RB | 5.00% | 05/15/2042 | 2710 | &nbsp;&nbsp; 2742969 |
| Michigan (State of) Finance Authority; Series 2020 B-1, Ref. RB | 5.00% | 06/01/2049 | 545 | &nbsp;&nbsp; 546831 |
| Michigan (State of) Finance Authority (Bronson Healthcare Group); Series 2020 A, Ref. RB<sup>(d)(f)</sup> <br>| 5.00% | 05/15/2026 | 3000 | &nbsp;&nbsp; 3016071 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**11**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Michigan–(continued)** | **Michigan–(continued)** | **Michigan–(continued)** | **Michigan–(continued)** | **Michigan–(continued)** |
| Michigan (State of) Finance Authority (Henry Ford Health System) (Green Bonds); Series 2024, RB | 5.25% | 02/28/2042 | $1000 | &nbsp;&nbsp; $1087463 |
| Michigan (State of) Housing Development Authority (Social Bonds); |  |  |  |  |
| Series 2024 A, RB | 6.00% | 06/01/2054 | 1360 | &nbsp;&nbsp; 1494409 |
| Series 2024 D, RB | 6.25% | 06/01/2055 | 2700 | &nbsp;&nbsp; 3008881 |
| Michigan Strategic Fund; Series 2016, RB | 5.00% | 07/01/2031 | 1530 | &nbsp;&nbsp; 341190 |
|  |  |  |  | &nbsp;&nbsp; 12908508 |
| **Minnesota–0.39%** | **Minnesota–0.39%** | **Minnesota–0.39%** | **Minnesota–0.39%** | **Minnesota–0.39%** |
| Dakota (County of), MN Community Development Agency (Sanctuary at West St. Paul); <br> Series 2015, RB<br>| 5.75% | 08/01/2030 | 235 | &nbsp;&nbsp; 226585 |
| Duluth (City of), MN Housing & Redevelopment Authority (Duluth Public Schools Academy); |  |  |  |  |
| Series 2018 A, Ref. RB | 4.25% | 11/01/2028 | 200 | &nbsp;&nbsp; 196200 |
| Series 2018 A, Ref. RB | 5.00% | 11/01/2033 | 205 | &nbsp;&nbsp; 203601 |
| Maple Grove (City of), MN (Maple Grove Hospital Corp.); |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 05/01/2031 | 500 | &nbsp;&nbsp; 508160 |
| Series 2017, Ref. RB | 5.00% | 05/01/2032 | 1600 | &nbsp;&nbsp; 1625126 |
| Minnesota (State of) Housing Finance Agency (Social Bonds); Series 2024 A, RB (CEP - GNMA) | 6.25% | 01/01/2054 | 2710 | &nbsp;&nbsp; 2982277 |
| St. Cloud (City of), MN (CentraCare Health System); Series 2016 A, Ref. RB | 5.00% | 05/01/2046 | 2000 | &nbsp;&nbsp; 2002479 |
| St. Louis Park (City of), MN (Place Via Sol Project); Series 2018, RB (Acquired 12/26/2018; <br> Cost $1,204,623)<sup>(c)(d)(h)(i)</sup> <br>| 6.00% | 07/01/2027 | 1205 | &nbsp;&nbsp; 120462 |
| Woodbury (City of), MN Housing & Redevelopment Authority (St. Therese of Woodbury); <br> Series 2014, RB<br>| 5.00% | 12/01/2029 | 820 | &nbsp;&nbsp; 820804 |
|  |  |  |  | &nbsp;&nbsp; 8685694 |
| **Mississippi–0.13%** | **Mississippi–0.13%** | **Mississippi–0.13%** | **Mississippi–0.13%** | **Mississippi–0.13%** |
| Mississippi Business Finance Corp. (System Energy Resources, Inc.); Series 2021, RB | 2.38% | 06/01/2044 | 4390 | &nbsp;&nbsp; 2971595 |
| **Missouri–1.03%** | **Missouri–1.03%** | **Missouri–1.03%** | **Missouri–1.03%** | **Missouri–1.03%** |
| Cape Girardeau (County of), MO Industrial Development Authority (South Eastern Health); |  |  |  |  |
| Series 2017 A, Ref. RB | 5.00% | 03/01/2036 | 3000 | &nbsp;&nbsp; 3056969 |
| Series 2017, Ref. RB | 5.00% | 03/01/2029 | 100 | &nbsp;&nbsp; 102463 |
| Kansas (City of), MO; Series 2017 C, Ref. RB | 5.00% | 09/01/2032 | 1850 | &nbsp;&nbsp; 1914282 |
| Kansas City (City of), MO Industrial Development Authority (Downtown Redevelopment District); <br> Series 2011 A, Ref. RB<br>| 5.50% | 09/01/2028 | 2000 | &nbsp;&nbsp; 2008425 |
| Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community <br> Improvement District); Series 2016 A, Ref. RB<sup>(c)</sup> <br>| 4.25% | 04/01/2026 | 10 | &nbsp;&nbsp; 10000 |
| Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); Series 2017 A, Ref. <br> RB<br>| 5.25% | 05/15/2032 | 2685 | &nbsp;&nbsp; 2717831 |
| Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); |  |  |  |  |
| Series 2016 B, Ref. RB | 5.00% | 02/01/2032 | 1000 | &nbsp;&nbsp; 1001284 |
| Series 2016, Ref. RB | 5.00% | 02/01/2033 | 1305 | &nbsp;&nbsp; 1306582 |
| Series 2019 A, RB | 5.00% | 02/01/2029 | 875 | &nbsp;&nbsp; 893240 |
| St. Louis (City of), MO; Series 2017 C, RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 07/01/2047 | 7500 | &nbsp;&nbsp; 7571021 |
| St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills); <br> Series 2012, RB<br>| 5.00% | 09/01/2032 | 1215 | &nbsp;&nbsp; 1216452 |
| St. Louis Municipal Finance Corp.; Series 2015, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 07/15/2030 | 1000 | &nbsp;&nbsp; 1001851 |
|  |  |  |  | &nbsp;&nbsp; 22800400 |
| **Nebraska–0.94%** | **Nebraska–0.94%** | **Nebraska–0.94%** | **Nebraska–0.94%** | **Nebraska–0.94%** |
| Central Plains Energy Project (No. 5); Series 2022-1, RB<sup>(d)</sup> <br>| 5.00% | 10/01/2029 | 5000 | &nbsp;&nbsp; 5322527 |
| Omaha (City of), NE Public Power District; |  |  |  |  |
| Series 2022 A, RB | 5.00% | 02/01/2047 | 7000 | &nbsp;&nbsp; 7380622 |
| Series 2023 A, RB | 5.25% | 02/01/2053 | 6315 | &nbsp;&nbsp; 6689366 |
| Omaha Public Power District Nebraska City Station Unit 2; Series 2026 A, Ref. RB | 5.00% | 02/01/2044 | 1150 | &nbsp;&nbsp; 1268354 |
|  |  |  |  | &nbsp;&nbsp; 20660869 |
| **Nevada–0.79%** | **Nevada–0.79%** | **Nevada–0.79%** | **Nevada–0.79%** | **Nevada–0.79%** |
| Carson (City Of), NV (Carson Tahoe Regional Healthcare); Series 2017, Ref. RB | 5.00% | 09/01/2042 | 4585 | &nbsp;&nbsp; 4631605 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**12**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Nevada–(continued)** | **Nevada–(continued)** | **Nevada–(continued)** | **Nevada–(continued)** | **Nevada–(continued)** |
| Clark (County of), NV (Special Improvement District No. 159); |  |  |  |  |
| Series 2015, RB | 5.00% | 08/01/2026 | $115 | &nbsp;&nbsp; $115099 |
| Series 2015, RB | 5.00% | 08/01/2029 | 1050 | &nbsp;&nbsp; 1050952 |
| Series 2015, RB | 5.00% | 08/01/2031 | 1155 | &nbsp;&nbsp; 1156001 |
| Series 2015, RB | 5.00% | 08/01/2032 | 285 | &nbsp;&nbsp; 285241 |
| Clark County School District; Series 2025 A, GO Bonds (INS - AGI)<sup>(b)</sup> <br>| 3.00% | 06/15/2045 | 10000 | &nbsp;&nbsp; 8294638 |
| Las Vegas (City of), NV Special Improvement District No. 815; Series 2020, RB | 4.00% | 12/01/2030 | 230 | &nbsp;&nbsp; 234125 |
| Reno-Tahoe Airport Authority (Tahoe International Airport); Series 2024, RB<sup>(a)</sup> <br>| 5.25% | 07/01/2041 | 1500 | &nbsp;&nbsp; 1669431 |
|  |  |  |  | &nbsp;&nbsp; 17437092 |
| **New Hampshire–1.26%** | **New Hampshire–1.26%** | **New Hampshire–1.26%** | **New Hampshire–1.26%** | **New Hampshire–1.26%** |
| New Hampshire (State of) Business Finance Authority; |  |  |  |  |
| Series 2020-1A, RB | 4.13% | 01/20/2034 | 6487 | &nbsp;&nbsp; 6774283 |
| Series 2025-2A, RB | 4.22% | 11/20/2042 | 4975 | &nbsp;&nbsp; 5007686 |
| New Hampshire (State of) Business Finance Authority (Covanta Green Bonds); Series 2020 B, Ref. <br> RB<sup>(a)(c)(d)</sup> <br>| 3.75% | 07/02/2040 | 3230 | &nbsp;&nbsp; 2700750 |
| New Hampshire (State of) Business Finance Authority (Covanta); Series 2020 A, Ref. RB<sup>(c)(d)</sup> <br>| 3.63% | 07/02/2040 | 370 | &nbsp;&nbsp; 310006 |
| New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB | 4.00% | 10/20/2036 | 1907 | &nbsp;&nbsp; 1947646 |
| New Hampshire (State of) Health and Education Facilities Authority; Series 2025, Ref. RB | 5.00% | 08/01/2045 | 2500 | &nbsp;&nbsp; 2660321 |
| New Hampshire (State of) Housing Finance Authority (Social Bonds); |  |  |  |  |
| Series 2024 A, RB (CEP - GNMA) | 6.25% | 01/01/2055 | 4900 | &nbsp;&nbsp; 5419415 |
| Series 2025 A, RB (CEP - GNMA) | 4.50% | 07/01/2045 | 3000 | &nbsp;&nbsp; 3031583 |
|  |  |  |  | &nbsp;&nbsp; 27851690 |
| **New Jersey–4.56%** | **New Jersey–4.56%** | **New Jersey–4.56%** | **New Jersey–4.56%** | **New Jersey–4.56%** |
| Atlantic City (City of), NJ; Series 2017 A, Ref. GO Bonds (INS - BAM)<sup>(b)</sup> <br>| 5.00% | 03/01/2032 | 150 | &nbsp;&nbsp; 153622 |
| Garden State Preservation Trust; Series 2005 A, RB (INS - AGI)<sup>(b)</sup> <br>| 5.75% | 11/01/2028 | 3465 | &nbsp;&nbsp; 3670265 |
| New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); Series 2012, <br> RB<sup>(a)</sup> <br>| 5.75% | 09/15/2027 | 9670 | &nbsp;&nbsp; 9692555 |
| New Jersey (State of) Economic Development Authority (Leap Academy University Charter School, <br> Inc.); Series 2014 A, RB<sup>(c)</sup> <br>| 6.20% | 10/01/2044 | 200 | &nbsp;&nbsp; 200138 |
| New Jersey (State of) Economic Development Authority (Port Newark Container Terminal LLC); <br> Series 2017, Ref. RB<sup>(a)</sup> <br>| 5.00% | 10/01/2047 | 7500 | &nbsp;&nbsp; 7512358 |
| New Jersey (State of) Economic Development Authority (Social Bonds); |  |  |  |  |
| Series 2021 QQQ, RB | 4.00% | 06/15/2038 | 1000 | &nbsp;&nbsp; 1022602 |
| Series 2021 QQQ, RB | 4.00% | 06/15/2039 | 1000 | &nbsp;&nbsp; 1019132 |
| New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); |  |  |  |  |
| Series 2013, RB<sup>(a)</sup> <br>| 5.50% | 01/01/2027 | 2130 | &nbsp;&nbsp; 2135546 |
| Series 2013, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2028 | 1000 | &nbsp;&nbsp; 1002187 |
| Series 2013, RB<sup>(a)</sup> <br>| 5.38% | 01/01/2043 | 5740 | &nbsp;&nbsp; 5747449 |
| New Jersey (State of) Economic Development Authority (Transit Transportation); Series 2020, RB | 5.00% | 11/01/2044 | 3000 | &nbsp;&nbsp; 3121422 |
| New Jersey (State of) Health Care Facilities Financing Authority (University Hospital); Series 2015 <br> A, RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 07/01/2046 | 3000 | &nbsp;&nbsp; 3004975 |
| New Jersey (State of) Housing & Mortgage Finance Agency (Social Bonds); Series 2024 K, RB | 6.00% | 10/01/2055 | 2150 | &nbsp;&nbsp; 2356660 |
| New Jersey (State of) Transportation Trust Fund Authority; |  |  |  |  |
| Series 2008 A, RB<sup>(g)</sup> <br>| 0.00% | 12/15/2028 | 255 | &nbsp;&nbsp; 238180 |
| Series 2009 A, RB<sup>(g)</sup> <br>| 0.00% | 12/15/2039 | 5000 | &nbsp;&nbsp; 3035904 |
| Series 2018 A, Ref. RB | 5.00% | 12/15/2028 | 5000 | &nbsp;&nbsp; 5381525 |
| Series 2018 A, Ref. RB | 5.00% | 12/15/2032 | 2000 | &nbsp;&nbsp; 2140791 |
| Series 2020 AA, RB | 4.00% | 06/15/2037 | 2000 | &nbsp;&nbsp; 2068206 |
| Series 2021 A, Ref. RB | 4.00% | 06/15/2035 | 245 | &nbsp;&nbsp; 258304 |
| Series 2021 A, Ref. RB | 4.00% | 06/15/2036 | 2000 | &nbsp;&nbsp; 2094876 |
| Series 2022, RB | 5.25% | 06/15/2046 | 3100 | &nbsp;&nbsp; 3318672 |
| Series 2023 AA, Ref. RB | 5.00% | 06/15/2039 | 1955 | &nbsp;&nbsp; 2189996 |
| Series 2025 AA, RB | 5.00% | 06/15/2041 | 3000 | &nbsp;&nbsp; 3414363 |
| Newark (City of), NJ; Series 2016, GO Bonds | 4.50% | 03/15/2036 | 3000 | &nbsp;&nbsp; 3017706 |
| South Jersey Port Corp.; Series 2017 B, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2037 | 1145 | &nbsp;&nbsp; 1178100 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**13**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Jersey–(continued)** | **New Jersey–(continued)** | **New Jersey–(continued)** | **New Jersey–(continued)** | **New Jersey–(continued)** |
| Tobacco Settlement Financing Corp.; |  |  |  |  |
| Series 2018 A, Ref. RB | 5.00% | 06/01/2031 | $2500 | &nbsp;&nbsp; $2623825 |
| Series 2018 A, Ref. RB | 5.00% | 06/01/2032 | 4965 | &nbsp;&nbsp; 5202795 |
| Series 2018 A, Ref. RB | 5.00% | 06/01/2033 | 5000 | &nbsp;&nbsp; 5230321 |
| Series 2018 A, Ref. RB | 5.00% | 06/01/2046 | 5000 | &nbsp;&nbsp; 5009086 |
| Series 2018 A, Ref. RB | 5.25% | 06/01/2046 | 2730 | &nbsp;&nbsp; 2749883 |
| Series 2018 B, Ref. RB | 5.00% | 06/01/2046 | 10780 | &nbsp;&nbsp; 10681096 |
|  |  |  |  | &nbsp;&nbsp; 100472540 |
| **New Mexico–0.12%** | **New Mexico–0.12%** | **New Mexico–0.12%** | **New Mexico–0.12%** | **New Mexico–0.12%** |
| Santa Fe (City of), NM (El Castillo Retirement); |  |  |  |  |
| Series 2019 A, RB | 5.00% | 05/15/2034 | 665 | &nbsp;&nbsp; 686166 |
| Series 2019 A, RB | 5.00% | 05/15/2039 | 1960 | &nbsp;&nbsp; 1988711 |
|  |  |  |  | &nbsp;&nbsp; 2674877 |
| **New York–12.08%** | **New York–12.08%** | **New York–12.08%** | **New York–12.08%** | **New York–12.08%** |
| Brookhaven Local Development Corp. (Jefferson's Ferry); Series 2016, Ref. RB | 5.25% | 11/01/2036 | 1500 | &nbsp;&nbsp; 1517675 |
| Buffalo & Erie County Industrial Land Development Corp. (Medaille College); Series 2018, Ref. RB <br> (Acquired 08/16/2018; Cost $287,084)<sup>(c)(h)(i)</sup> <br>| 5.00% | 10/01/2038 | 284 | &nbsp;&nbsp; 3834 |
| Build NYC Resource Corp. (261 walton Facility LLC - Zeta Charter Schools, Inc.); Series 2026, RB<sup>(c)</sup> <br>| 5.00% | 06/01/2036 | 2500 | &nbsp;&nbsp; 2662112 |
| Build NYC Resource Corp. (Brooklyn Navy Yard); |  |  |  |  |
| Series 2019, Ref. RB (LOC - Santander Bank N.A.)<sup>(a)(c)(j)</sup> <br>| 5.25% | 12/31/2033 | 4950 | &nbsp;&nbsp; 5058957 |
| Series 2019, Ref. RB (LOC - Santander Bank N.A.)<sup>(a)(c)(j)</sup> <br>| 5.50% | 12/31/2040 | 2500 | &nbsp;&nbsp; 2517044 |
| Build NYC Resource Corp. (East Harlem Scholars Academy Charter School) (Social Bonds); <br> Series 2022, RB<sup>(c)</sup> <br>| 5.00% | 06/01/2032 | 375 | &nbsp;&nbsp; 389555 |
| Build NYC Resource Corp. (Shefa School); Series 2021 A, RB<sup>(c)</sup> <br>| 2.50% | 06/15/2031 | 375 | &nbsp;&nbsp; 355572 |
| Clinton County Capital Resource Corp. (CVES BOCES); |  |  |  |  |
| Series 2025, RB<sup>(c)</sup> <br>| 5.00% | 07/01/2035 | 1325 | &nbsp;&nbsp; 1530885 |
| Series 2025, RB<sup>(c)</sup> <br>| 5.00% | 07/01/2037 | 1285 | &nbsp;&nbsp; 1459259 |
| Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB | 5.00% | 06/01/2045 | 1000 | &nbsp;&nbsp; 836102 |
| Metropolitan Transportation Authority; Series 2024 A, Ref. RB | 5.00% | 11/15/2045 | 5000 | &nbsp;&nbsp; 5293677 |
| Monroe County Industrial Development Corp. (St. Ann's Community); Series 2019, Ref. RB | 4.00% | 01/01/2030 | 990 | &nbsp;&nbsp; 992741 |
| MTA Hudson Rail Yards Trust Obligations; Series 2016 A, RB | 5.00% | 11/15/2051 | 160 | &nbsp;&nbsp; 160002 |
| Nassau County Tobacco Settlement Corp.; Series 2006 A-2, RB | 5.25% | 06/01/2026 | 402 | &nbsp;&nbsp; 353683 |
| New York & New Jersey (States of) Port Authority; |  |  |  |  |
| Two Hundred Thirty Third Series 2021, Ref. RB<sup>(a)</sup> <br>| 4.00% | 07/15/2036 | 1625 | &nbsp;&nbsp; 1675331 |
| Two Hundred Twenty First Series 2020, RB<sup>(a)</sup> <br>| 4.00% | 07/15/2040 | 1710 | &nbsp;&nbsp; 1715811 |
| New York (City of), NY; |  |  |  |  |
| Series 2020 C, GO Bonds | 4.00% | 08/01/2039 | 5000 | &nbsp;&nbsp; 5111941 |
| Series 2020 C, GO Bonds | 4.00% | 08/01/2040 | 5000 | &nbsp;&nbsp; 5087247 |
| Subseries 2024 C-1, GO Bonds | 5.25% | 09/01/2046 | 2560 | &nbsp;&nbsp; 2774844 |
| New York (City of), NY Transitional Finance Authority; |  |  |  |  |
| Series 2019 A-3, RB | 4.00% | 05/01/2043 | 8600 | &nbsp;&nbsp; 8546916 |
| Series 2025 A, RB | 5.00% | 05/01/2043 | 5000 | &nbsp;&nbsp; 5575606 |
| New York (State of) Dormitory Authority; |  |  |  |  |
| Series 2020 A, Ref. RB | 4.00% | 03/15/2046 | 5000 | &nbsp;&nbsp; 4802737 |
| Series 2022 A, Ref. RB | 4.00% | 03/15/2040 | 5000 | &nbsp;&nbsp; 5100697 |
| Series 2025 C, Ref. RB | 5.00% | 03/15/2044 | 6000 | &nbsp;&nbsp; 6617096 |
| New York (State of) Dormitory Authority (Montefiore Obligated Group); |  |  |  |  |
| Series 2018 A, Ref. RB | 5.00% | 08/01/2029 | 1910 | &nbsp;&nbsp; 2000604 |
| Series 2018 A, Ref. RB | 5.00% | 08/01/2031 | 3195 | &nbsp;&nbsp; 3334003 |
| Series 2024, RB | 5.25% | 11/01/2042 | 2000 | &nbsp;&nbsp; 2161624 |
| New York (State of) Dormitory Authority (New York University); Series 2021 A, Ref. RB | 3.00% | 07/01/2041 | 5000 | &nbsp;&nbsp; 4626271 |
| New York (State of) Dormitory Authority (White Plains Hospital Obligated Group); |  |  |  |  |
| Series 2024, RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 10/01/2039 | 2285 | &nbsp;&nbsp; 2554455 |
| Series 2024, RB (INS - AGI)<sup>(b)</sup> <br>| 5.25% | 10/01/2043 | 1600 | &nbsp;&nbsp; 1740399 |
| Series 2024, RB (INS - AGI)<sup>(b)</sup> <br>| 5.25% | 10/01/2044 | 1225 | &nbsp;&nbsp; 1321454 |
| New York (State of) Power Authority (Green Bonds); Series 2020 A, Ref. RB | 4.00% | 11/15/2045 | 5000 | &nbsp;&nbsp; 4948134 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**14**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |
| New York (State of) Thruway Authority; |  |  |  |  |
| Series 2025 A, RB | 5.00% | 03/15/2046 | $10190 | &nbsp;&nbsp; $10964597 |
| Series 2025 A, RB | 5.00% | 03/15/2047 | 5000 | &nbsp;&nbsp; 5337569 |
| New York Counties Tobacco Trust II; Series 2001, RB | 5.75% | 06/01/2043 | 3745 | &nbsp;&nbsp; 3816183 |
| New York Counties Tobacco Trust IV; |  |  |  |  |
| Series 2005 A, RB | 5.00% | 06/01/2042 | 5020 | &nbsp;&nbsp; 4394204 |
| Series 2010 A, RB<sup>(c)</sup> <br>| 6.25% | 06/01/2041 | 982 | &nbsp;&nbsp; 976728 |
| New York Counties Tobacco Trust VI; |  |  |  |  |
| Series 2016 A, Ref. RB | 5.63% | 06/01/2035 | 3020 | &nbsp;&nbsp; 3083499 |
| Series 2016 A, Ref. RB | 6.45% | 06/01/2040 | 1505 | &nbsp;&nbsp; 1509373 |
| Series 2016 A, Ref. RB | 6.00% | 06/01/2043 | 1865 | &nbsp;&nbsp; 1868812 |
| Series 2016 A-1, Ref. RB | 5.75% | 06/01/2043 | 3050 | &nbsp;&nbsp; 3003824 |
| Series 2016 A-2B, Ref. RB | 5.00% | 06/01/2045 | 3240 | &nbsp;&nbsp; 2866022 |
| Series 2016 B, Ref. RB | 5.00% | 06/01/2027 | 280 | &nbsp;&nbsp; 281502 |
| Series 2016 B, Ref. RB | 5.00% | 06/01/2030 | 270 | &nbsp;&nbsp; 271419 |
| Series 2016 B, Ref. RB | 5.00% | 06/01/2031 | 465 | &nbsp;&nbsp; 467388 |
| New York Liberty Development Corp. (Goldman Sachs Headquarters); |  |  |  |  |
| Series 2005, Ref. RB | 5.25% | 10/01/2035 | 10000 | &nbsp;&nbsp; 11996535 |
| Series 2007, RB | 5.50% | 10/01/2037 | 9330 | &nbsp;&nbsp; 11503732 |
| New York Liberty Development Corp. (Green Bonds); Series 2021 A, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 2.75% | 11/15/2041 | 9000 | &nbsp;&nbsp; 7526834 |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy <br> International Airport);<br>|  |  |  |  |
| Series 2016, Ref. RB<sup>(a)</sup> <br>| 5.00% | 08/01/2026 | 400 | &nbsp;&nbsp; 400463 |
| Series 2016, Ref. RB<sup>(a)</sup> <br>| 5.00% | 08/01/2031 | 25500 | &nbsp;&nbsp; 25539726 |
| Series 2020, Ref. RB<sup>(a)</sup> <br>| 5.25% | 08/01/2031 | 3455 | &nbsp;&nbsp; 3617054 |
| Series 2020, Ref. RB<sup>(a)</sup> <br>| 5.38% | 08/01/2036 | 1000 | &nbsp;&nbsp; 1054681 |
| Series 2021, Ref. RB<sup>(a)</sup> <br>| 3.00% | 08/01/2031 | 5000 | &nbsp;&nbsp; 4823831 |
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment);<br>|  |  |  |  |
| Series 2018, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2034 | 3090 | &nbsp;&nbsp; 3190008 |
| Series 2018, RB<sup>(a)</sup> <br>| 4.00% | 01/01/2036 | 5000 | &nbsp;&nbsp; 5015511 |
| Series 2020, RB<sup>(a)</sup> <br>| 4.00% | 10/01/2030 | 3000 | &nbsp;&nbsp; 3080056 |
| Series 2020, RB<sup>(a)</sup> <br>| 5.00% | 10/01/2035 | 2000 | &nbsp;&nbsp; 2122865 |
| Series 2020, RB<sup>(a)</sup> <br>| 4.38% | 10/01/2045 | 500 | &nbsp;&nbsp; 482497 |
| New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal <br> One) (Green Bonds); Series 2023, RB<sup>(a)</sup> <br>| 5.50% | 06/30/2041 | 1700 | &nbsp;&nbsp; 1825923 |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); |  |  |  |  |
| Series 2016 A, RB (INS - AGI)<sup>(a)(b)</sup> <br>| 4.00% | 07/01/2036 | 3500 | &nbsp;&nbsp; 3500152 |
| Series 2016 A, RB (INS - AGI)<sup>(a)(b)</sup> <br>| 4.00% | 07/01/2041 | 1000 | &nbsp;&nbsp; 998404 |
| Series 2016 A, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2041 | 200 | &nbsp;&nbsp; 200190 |
| Series 2016 A, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2046 | 10000 | &nbsp;&nbsp; 10003971 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.00% | 04/01/2035 | 6000 | &nbsp;&nbsp; 6698353 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2022, <br> RB<sup>(a)</sup> <br>| 5.00% | 12/01/2029 | 2900 | &nbsp;&nbsp; 3135813 |
| Oneida County Local Development Corp. (Utica College); Series 2019, Ref. RB | 5.00% | 07/01/2032 | 500 | &nbsp;&nbsp; 509955 |
| Otsego County Capital Resource Corp. (Hartwick College); Series 2015 A, Ref. RB | 5.00% | 10/01/2030 | 630 | &nbsp;&nbsp; 562648 |
| State of New York Mortgage Agency Homeowner Mortgage Revenue; Series 2025-270, VRD RB<sup>(e)</sup> <br>| 1.75% | 10/01/2055 | 5000 | &nbsp;&nbsp; 5000000 |
| Suffolk (County of), NY Water Authority; Series 2018 A, RB | 4.00% | 06/01/2041 | 1500 | &nbsp;&nbsp; 1519599 |
| Suffolk Regional Off-Track Betting Corp.; Series 2024, RB | 5.00% | 12/01/2034 | 2400 | &nbsp;&nbsp; 2500482 |
| Suffolk Tobacco Asset Securitization Corp.; Series 2021, Ref. RB | 4.00% | 06/01/2050 | 795 | &nbsp;&nbsp; 729386 |
| Triborough Bridge & Tunnel Authority; Series 2022 C, RB | 5.00% | 05/15/2043 | 5200 | &nbsp;&nbsp; 5605834 |
| TSASC, Inc.; |  |  |  |  |
| Series 2017 A, Ref. RB | 5.00% | 06/01/2032 | 2000 | &nbsp;&nbsp; 2038396 |
| Series 2017 A, Ref. RB | 5.00% | 06/01/2033 | 1500 | &nbsp;&nbsp; 1527983 |
| Series 2017 A, Ref. RB | 5.00% | 06/01/2034 | 1000 | &nbsp;&nbsp; 1016731 |
| Westchester (County of), NY Industrial Development Agency (Crescent Manor Ossining); |  |  |  |  |
| Series 2025 A-1, RB<sup>(c)</sup> <br>| 6.20% | 12/01/2042 | 1250 | &nbsp;&nbsp; 1281006 |
| Series 2025 A-2, RB<sup>(c)</sup> <br>| 6.00% | 06/01/2028 | 5300 | &nbsp;&nbsp; 5371596 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**15**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |
| Westchester Tobacco Asset Securitization Corp.; Series 2016 B, Ref. RB | 5.00% | 06/01/2041 | $195 | &nbsp;&nbsp; $197196 |
|  |  |  |  | &nbsp;&nbsp; 266244799 |
| **North Carolina–1.11%** | **North Carolina–1.11%** | **North Carolina–1.11%** | **North Carolina–1.11%** | **North Carolina–1.11%** |
| North Carolina (State of) Department of Transportation (I-77 HOT Lanes); |  |  |  |  |
| Series 2015, RB<sup>(a)</sup> <br>| 5.00% | 06/30/2027 | 1215 | &nbsp;&nbsp; 1217009 |
| Series 2015, RB<sup>(a)</sup> <br>| 5.00% | 06/30/2029 | 1340 | &nbsp;&nbsp; 1342165 |
| Series 2015, RB<sup>(a)</sup> <br>| 5.00% | 06/30/2030 | 1405 | &nbsp;&nbsp; 1407254 |
| Series 2015, RB<sup>(a)</sup> <br>| 5.00% | 12/31/2037 | 905 | &nbsp;&nbsp; 905973 |
| North Carolina (State of) Housing Finance Agency (Social Bonds); Series 2024, RB (CEP - GNMA) | 6.25% | 01/01/2055 | 3750 | &nbsp;&nbsp; 4117946 |
| North Carolina (State of) Medical Care Commission; |  |  |  |  |
| Series 2025, RB | 4.05% | 01/01/2030 | 810 | &nbsp;&nbsp; 810568 |
| Series 2025, Ref. RB | 5.00% | 10/01/2034 | 170 | &nbsp;&nbsp; 184730 |
| North Carolina (State of) Medical Care Commission (Forest at Duke (The)); Series 2021, RB | 4.00% | 09/01/2041 | 2255 | &nbsp;&nbsp; 2195571 |
| North Carolina (State of) Medical Care Commission (Lutheran Services for the Aging); |  |  |  |  |
| Series 2021, RB | 4.00% | 03/01/2029 | 275 | &nbsp;&nbsp; 282395 |
| Series 2021, RB | 4.00% | 03/01/2030 | 285 | &nbsp;&nbsp; 294724 |
| Series 2021, RB | 4.00% | 03/01/2031 | 290 | &nbsp;&nbsp; 301530 |
| Series 2021, RB | 4.00% | 03/01/2036 | 900 | &nbsp;&nbsp; 919140 |
| Series 2021, RB | 4.00% | 03/01/2041 | 1050 | &nbsp;&nbsp; 1043512 |
| North Carolina (State of) Medical Care Commission (Rex Healthcare); Series 2020 A, RB | 5.00% | 07/01/2033 | 1250 | &nbsp;&nbsp; 1362915 |
| North Carolina (State of) Medical Care Commission (Vidant Health); Series 2015, Ref. RB | 5.00% | 06/01/2040 | 5000 | &nbsp;&nbsp; 5005007 |
| North Carolina (State of) Turnpike Authority; Series 2019, RB<sup>(g)</sup> <br>| 0.00% | 01/01/2041 | 1540 | &nbsp;&nbsp; 852976 |
| North Carolina (State of) Turnpike Authority (Triangle Expressway System); Series 2019, RB<sup>(g)</sup> <br>| 0.00% | 01/01/2044 | 5000 | &nbsp;&nbsp; 2273424 |
|  |  |  |  | &nbsp;&nbsp; 24516839 |
| **North Dakota–0.46%** | **North Dakota–0.46%** | **North Dakota–0.46%** | **North Dakota–0.46%** | **North Dakota–0.46%** |
| Burleigh (County of), ND (University of Mary); |  |  |  |  |
| Series 2016, RB | 4.38% | 04/15/2026 | 130 | &nbsp;&nbsp; 130027 |
| Series 2016, RB | 5.10% | 04/15/2036 | 2815 | &nbsp;&nbsp; 2817298 |
| North Dakota (State of) Housing Finance Agency (Social Bonds); Series 2025, RB | 4.50% | 07/01/2037 | 6755 | &nbsp;&nbsp; 7125366 |
|  |  |  |  | &nbsp;&nbsp; 10072691 |
| **Ohio–2.22%** | **Ohio–2.22%** | **Ohio–2.22%** | **Ohio–2.22%** | **Ohio–2.22%** |
| American Municipal Power, Inc. (Combined Hydroelectric); Series 2025, Ref. RB | 5.00% | 02/15/2043 | 240 | &nbsp;&nbsp; 262536 |
| Buckeye Tobacco Settlement Financing Authority; Series 2020 A-2, Ref. RB | 4.00% | 06/01/2038 | 8310 | &nbsp;&nbsp; 8380794 |
| Centerville (City of), OH (Graceworks Lutheran Services); Series 2017, Ref. RB | 5.25% | 11/01/2037 | 1195 | &nbsp;&nbsp; 1213412 |
| Columbus (City of) & Franklin (County of), OH Finance Authority (Easton); Series 2020, RB<sup>(c)</sup> <br>| 5.00% | 06/01/2028 | 2860 | &nbsp;&nbsp; 2917590 |
| Cuyahoga (County of), OH (MetroHealth System); |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 02/15/2031 | 5750 | &nbsp;&nbsp; 5827751 |
| Series 2017, Ref. RB | 5.00% | 02/15/2032 | 2500 | &nbsp;&nbsp; 2532682 |
| Series 2017, Ref. RB | 5.00% | 02/15/2042 | 2415 | &nbsp;&nbsp; 2423397 |
| Dayton (City of), OH (James M. Cox); Series 2014 A, Ref. RB (INS - AGI)<sup>(a)(b)</sup> <br>| 4.00% | 12/01/2032 | 5000 | &nbsp;&nbsp; 5002485 |
| Hamilton (County of), OH (Life Enriching Communities); Series 2023, RB | 5.25% | 01/01/2038 | 775 | &nbsp;&nbsp; 832279 |
| Hamilton (County of), OH (Life Enriching Communities); Series 2012, RB | 5.00% | 01/01/2032 | 495 | &nbsp;&nbsp; 495618 |
| Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB | 5.00% | 02/15/2033 | 1240 | &nbsp;&nbsp; 1241400 |
| Ohio (State of) (Portsmouth Bypass); Series 2015, RB (INS - AGI)<sup>(a)(b)</sup> <br>| 5.00% | 12/31/2035 | 4000 | &nbsp;&nbsp; 4004388 |
| Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.); |  |  |  |  |
| Series 2014, RB<sup>(a)(d)</sup> <br>| 2.60% | 10/01/2029 | 4000 | &nbsp;&nbsp; 3895486 |
| Series 2026, RB<sup>(a)</sup> <br>| 4.13% | 01/01/2036 | 1740 | &nbsp;&nbsp; 1774603 |
| Ohio (State of) Housing Finance Agency; Series 2025, Ref. RB (CEP - GNMA) | 6.50% | 03/01/2056 | 4990 | &nbsp;&nbsp; 5849103 |
| Ohio (State of) Housing Finance Agency (Haven's Edge Apartments); Series 2025, RB<sup>(c)</sup> <br>| 5.70% | 08/01/2043 | 1800 | &nbsp;&nbsp; 1914630 |
| Southeastern Ohio (State of) Port Authority (Memorial Health Systems); Series 2015, Ref. RB | 5.50% | 12/01/2029 | 350 | &nbsp;&nbsp; 350124 |
|  |  |  |  | &nbsp;&nbsp; 48918278 |
| **Oklahoma–0.78%** | **Oklahoma–0.78%** | **Oklahoma–0.78%** | **Oklahoma–0.78%** | **Oklahoma–0.78%** |
| Edmond Public Works Authority; Series 2017, RB | 5.00% | 07/01/2047 | 4495 | &nbsp;&nbsp; 4546991 |
| Oklahoma (State of) Development Finance Authority (OU Medicine); Series 2018 B, RB | 5.00% | 08/15/2033 | 1000 | &nbsp;&nbsp; 1034324 |
| Oklahoma (State of) Municipal Power Authority; Series 2025 A, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 01/01/2043 | 625 | &nbsp;&nbsp; 686568 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**16**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Oklahoma–(continued)** | **Oklahoma–(continued)** | **Oklahoma–(continued)** | **Oklahoma–(continued)** | **Oklahoma–(continued)** |
| Tulsa (City of), OK Airports Improvement Trust; |  |  |  |  |
| Series 2001 B, Ref. RB<sup>(a)</sup> <br>| 5.50% | 12/01/2035 | $3250 | &nbsp;&nbsp; $3258093 |
| Series 2001 C, Ref. RB<sup>(a)</sup> <br>| 5.50% | 12/01/2035 | 1650 | &nbsp;&nbsp; 1654109 |
| Tulsa Municipal Airport Trust Trustees (American Airlines, Inc.); |  |  |  |  |
| Series 2025, Ref. RB<sup>(a)</sup> <br>| 6.25% | 12/01/2035 | 3500 | &nbsp;&nbsp; 4117857 |
| Series 2025, Ref. RB<sup>(a)</sup> <br>| 6.25% | 12/01/2040 | 1600 | &nbsp;&nbsp; 1822223 |
|  |  |  |  | &nbsp;&nbsp; 17120165 |
| **Oregon–0.72%** | **Oregon–0.72%** | **Oregon–0.72%** | **Oregon–0.72%** | **Oregon–0.72%** |
| Clackamas (County of), OR Hospital Facility Authority (Rose Villa); Series 2020 A, Ref. RB | 5.13% | 11/15/2040 | 500 | &nbsp;&nbsp; 507254 |
| Forest Grove (City of), OR (Pacific University); Series 2015 A, Ref. RB | 5.00% | 05/01/2036 | 250 | &nbsp;&nbsp; 250171 |
| Morrow (Port of), OR; Series 2024 A, GO Bonds<sup>(c)</sup> <br>| 5.15% | 10/01/2026 | 5000 | &nbsp;&nbsp; 5001542 |
| Multnomah (County of), OR Hospital Facilities Authority (Terwilliger Plaza, Inc.); Series 2016, Ref. <br> RB<br>| 5.00% | 12/01/2030 | 1305 | &nbsp;&nbsp; 1318233 |
| Oregon (State of) Tri-County Metropolitan Transportation District; Series 2018 A, RB | 4.00% | 09/01/2048 | 5000 | &nbsp;&nbsp; 4975815 |
| Salem-Keizer School District No. 24J; Series 2020 A, GO Bonds (CEP - Oregon School Bond <br> Guaranty)<sup>(g)</sup> <br>| 0.00% | 06/15/2039 | 6100 | &nbsp;&nbsp; 3720158 |
|  |  |  |  | &nbsp;&nbsp; 15773173 |
| **Pennsylvania–3.83%** | **Pennsylvania–3.83%** | **Pennsylvania–3.83%** | **Pennsylvania–3.83%** | **Pennsylvania–3.83%** |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority; Series 2022, <br> Ref. RB<br>| 5.00% | 05/01/2036 | 1500 | &nbsp;&nbsp; 1625914 |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center); <br> Series 2017, RB<sup>(c)</sup> <br>| 5.00% | 05/01/2042 | 1000 | &nbsp;&nbsp; 1006580 |
| Chester (County of), PA Health & Education Facilities Authority (Simpson Senior Services); |  |  |  |  |
| Series 2015 A, Ref. RB (Acquired 12/10/2015; Cost $1,000,000)<sup>(h)</sup> <br>| 5.00% | 12/01/2030 | 1000 | &nbsp;&nbsp; 946094 |
| Series 2015 A, Ref. RB (Acquired 08/24/2021; Cost $1,400,000)<sup>(h)</sup> <br>| 5.25% | 12/01/2045 | 1400 | &nbsp;&nbsp; 1157308 |
| Coatesville Area School District Building Authority; |  |  |  |  |
| Series 2018, RB (INS - BAM)<sup>(b)</sup> <br>| 5.00% | 12/01/2026 | 335 | &nbsp;&nbsp; 335481 |
| Series 2018, RB (INS - BAM)<sup>(b)</sup> <br>| 5.00% | 12/01/2027 | 360 | &nbsp;&nbsp; 360596 |
| Coatesville School District; Series 2020 A, GO Bonds (INS - BAM)<sup>(b)(g)</sup> <br>| 0.00% | 10/01/2036 | 1300 | &nbsp;&nbsp; 854078 |
| Commonwealth Financing Authority; Series 2018, RB | 5.00% | 06/01/2033 | 4000 | &nbsp;&nbsp; 4200777 |
| Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.); |  |  |  |  |
| Series 2018, Ref. RB | 5.00% | 12/01/2029 | 1000 | &nbsp;&nbsp; 1022623 |
| Series 2018, Ref. RB | 5.00% | 12/01/2031 | 1005 | &nbsp;&nbsp; 1027818 |
| Series 2018, Ref. RB | 5.00% | 12/01/2033 | 750 | &nbsp;&nbsp; 766063 |
| Lancaster (County of), PA Hospital Authority (Moravian Manors, Inc.); Series 2019 A, RB | 5.00% | 06/15/2038 | 1110 | &nbsp;&nbsp; 1118033 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University); <br> Series 2018 A, Ref. RB<br>| 5.00% | 09/01/2034 | 3600 | &nbsp;&nbsp; 3780421 |
| Northampton (County of), PA General Purpose Authority (St. Luke's University Health Network); <br> Series 2016, Ref. RB<br>| 5.00% | 08/15/2046 | 1000 | &nbsp;&nbsp; 1002726 |
| Pennsylvania (Commonwealth of); |  |  |  |  |
| First Series 2026, GO Bonds | 5.00% | 04/01/2043 | 5000 | &nbsp;&nbsp; 5623397 |
| Series 2018 A, Ref. COP | 5.00% | 07/01/2029 | 300 | &nbsp;&nbsp; 315048 |
| Series 2018 A, Ref. COP | 5.00% | 07/01/2030 | 375 | &nbsp;&nbsp; 393491 |
| Series 2018 A, Ref. COP | 5.00% | 07/01/2031 | 425 | &nbsp;&nbsp; 445347 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority; |  |  |  |  |
| Series 2019, Ref. RB | 3.00% | 04/01/2039 | 2000 | &nbsp;&nbsp; 1882033 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.25% | 06/30/2036 | 2500 | &nbsp;&nbsp; 2787062 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Eastern University); |  |  |  |  |
| Series 2026, RB | 5.25% | 10/01/2040 | 1000 | &nbsp;&nbsp; 1076636 |
| Series 2026, RB | 5.00% | 10/01/2045 | 1125 | &nbsp;&nbsp; 1136917 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (PPL Energy Supply, <br> LLC);<br>|  |  |  |  |
| Series 2009, Ref. RB<sup>(d)</sup> <br>| 5.25% | 06/01/2027 | 5225 | &nbsp;&nbsp; 5247247 |
| Series 2009, Ref. RB<sup>(d)</sup> <br>| 5.25% | 06/01/2027 | 1860 | &nbsp;&nbsp; 1867837 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Presbyterian Senior <br> Living); Series 2021, Ref. RB<br>| 4.00% | 07/01/2030 | 1600 | &nbsp;&nbsp; 1643867 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC); |  |  |  |  |
| Series 2021 A, Ref. RB | 4.00% | 10/15/2039 | 1325 | &nbsp;&nbsp; 1339368 |
| Series 2021 A, Ref. RB | 4.00% | 10/15/2040 | 1200 | &nbsp;&nbsp; 1203647 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**17**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** |
| Pennsylvania (Commonwealth of) Higher Education Assistance Agency; Series 2023 A, RB<sup>(a)</sup> <br>| 4.00% | 06/01/2044 | $3670 | &nbsp;&nbsp; $3672281 |
| Pennsylvania (Commonwealth of) Housing Finance Agency; Series 2018-127B, RB | 3.55% | 10/01/2033 | 2200 | &nbsp;&nbsp; 2204616 |
| Pennsylvania (Commonwealth of) Housing Finance Agency (Social Bonds); |  |  |  |  |
| Series 2023, RB | 5.38% | 10/01/2046 | 2000 | &nbsp;&nbsp; 2110279 |
| Series 2025, RB | 6.50% | 10/01/2055 | 5000 | &nbsp;&nbsp; 5850386 |
| Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District); <br> Series 2016 A, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 06/01/2031 | 120 | &nbsp;&nbsp; 122300 |
| Pennsylvania (Commonwealth of) Turnpike Commission; |  |  |  |  |
| Series 2021 B, RB | 4.00% | 12/01/2040 | 1500 | &nbsp;&nbsp; 1537977 |
| Series 2021 B, RB | 4.00% | 12/01/2041 | 1750 | &nbsp;&nbsp; 1794910 |
| Philadelphia (City of), PA Authority for Industrial Development; |  |  |  |  |
| Series 2017, RB | 5.00% | 12/01/2035 | 1000 | &nbsp;&nbsp; 1026794 |
| Series 2017, RB | 5.00% | 12/01/2037 | 1310 | &nbsp;&nbsp; 1341342 |
| Philadelphia (City of), PA Authority for Industrial Development (Kipp Philadelphia Charter School); <br> Series 2016 A, RB<br>| 5.00% | 04/01/2036 | 1500 | &nbsp;&nbsp; 1446613 |
| Philadelphia (City of), PA Authority for Industrial Development (La Salle University); |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 05/01/2034 | 1000 | &nbsp;&nbsp; 826160 |
| Series 2017, Ref. RB | 5.00% | 05/01/2036 | 1000 | &nbsp;&nbsp; 778898 |
| Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University); <br> Series 2017 A, Ref. RB<br>| 5.00% | 09/01/2035 | 3000 | &nbsp;&nbsp; 3055284 |
| Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated <br> Group); Series 2017, Ref. RB<br>| 5.00% | 07/01/2042 | 4355 | &nbsp;&nbsp; 4361633 |
| Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (The) (Temple University <br> Health System);<br>|  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 07/01/2028 | 3480 | &nbsp;&nbsp; 3555055 |
| Series 2017, Ref. RB | 5.00% | 07/01/2029 | 2295 | &nbsp;&nbsp; 2343546 |
| Philadelphia (City of), PA Housing Authority (PHADC Acquition Program); Series 2025, RB | 5.00% | 03/01/2036 | 3000 | &nbsp;&nbsp; 3396242 |
| Philadelphia School District (The); Series 2018 A, GO Bonds | 5.00% | 09/01/2032 | 510 | &nbsp;&nbsp; 539937 |
| Scranton School District; Series 2017 E, Ref. GO Bonds (INS - BAM)<sup>(b)</sup> <br>| 5.00% | 12/01/2033 | 90 | &nbsp;&nbsp; 93640 |
| Washington (County of), PA Redevelopment Authority (Victory Centre); Series 2018, Ref. RB | 5.00% | 07/01/2028 | 115 | &nbsp;&nbsp; 115935 |
|  |  |  |  | &nbsp;&nbsp; 84340237 |
| **Puerto Rico–3.96%** | **Puerto Rico–3.96%** | **Puerto Rico–3.96%** | **Puerto Rico–3.96%** | **Puerto Rico–3.96%** |
| Children's Trust Fund; |  |  |  |  |
| Series 2002, RB | 5.50% | 05/15/2039 | 560 | &nbsp;&nbsp; 569190 |
| Series 2002, RB | 5.63% | 05/15/2043 | 4655 | &nbsp;&nbsp; 4726392 |
| Series 2005 A, RB<sup>(g)</sup> <br>| 0.00% | 05/15/2050 | 52200 | &nbsp;&nbsp; 10996201 |
| Puerto Rico (Commonwealth of); |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(g)</sup> <br>| 0.00% | 07/01/2033 | 8152 | &nbsp;&nbsp; 6036085 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2027 | 1442 | &nbsp;&nbsp; 1476311 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2029 | 6419 | &nbsp;&nbsp; 6859043 |
| Series 2021 A-1, GO Bonds | 5.75% | 07/01/2031 | 8667 | &nbsp;&nbsp; 9631415 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2033 | 6307 | &nbsp;&nbsp; 6459547 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2035 | 1175 | &nbsp;&nbsp; 1195029 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2037 | 2209 | &nbsp;&nbsp; 2213101 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2041 | 10294 | &nbsp;&nbsp; 9991180 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2046 | 2001 | &nbsp;&nbsp; 1806400 |
| Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control <br> Facilities Financing Authority (University Plaza); Series 2000 A, RB (Acquired 04/27/2020; <br> Cost $1,030,863) (INS - NATL)<sup>(b)(h)</sup> <br>| 5.00% | 07/01/2033 | 1040 | &nbsp;&nbsp; 1042486 |
| Puerto Rico Sales Tax Financing Corp.; |  |  |  |  |
| Series 2018 A-1, RB<sup>(g)</sup> <br>| 0.00% | 07/01/2029 | 17000 | &nbsp;&nbsp; 15330328 |
| Series 2018 A-1, RB<sup>(g)</sup> <br>| 0.00% | 07/01/2031 | 650 | &nbsp;&nbsp; 547173 |
| Series 2018 A-1, RB<sup>(g)</sup> <br>| 0.00% | 07/01/2033 | 5000 | &nbsp;&nbsp; 3888049 |
| Series 2018 A-1, RB<sup>(g)</sup> <br>| 0.00% | 07/01/2046 | 4850 | &nbsp;&nbsp; 1744596 |
| Series 2019 A-2, RB | 4.33% | 07/01/2040 | 2874 | &nbsp;&nbsp; 2879945 |
|  |  |  |  | &nbsp;&nbsp; 87392471 |
| **Rhode Island–0.98%** | **Rhode Island–0.98%** | **Rhode Island–0.98%** | **Rhode Island–0.98%** | **Rhode Island–0.98%** |
| Providence (City of), RI Public Building Authority (Various Capital); Series 2011 A, RB (INS - AGI)<sup>(b)</sup> <br>| 5.88% | 06/15/2026 | 110 | &nbsp;&nbsp; 110268 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**18**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Rhode Island–(continued)** | **Rhode Island–(continued)** | **Rhode Island–(continued)** | **Rhode Island–(continued)** | **Rhode Island–(continued)** |
| Tobacco Settlement Financing Corp.; |  |  |  |  |
| Series 2015 A, Ref. RB | 5.00% | 06/01/2026 | $1375 | &nbsp;&nbsp; $1377482 |
| Series 2015 A, Ref. RB | 5.00% | 06/01/2027 | 900 | &nbsp;&nbsp; 901667 |
| Series 2015 A, Ref. RB | 5.00% | 06/01/2028 | 1080 | &nbsp;&nbsp; 1084157 |
| Series 2015 A, Ref. RB | 5.00% | 06/01/2035 | 12500 | &nbsp;&nbsp; 12508576 |
| Series 2015 A, Ref. RB | 5.00% | 06/01/2040 | 5650 | &nbsp;&nbsp; 5651112 |
|  |  |  |  | &nbsp;&nbsp; 21633262 |
| **South Carolina–1.16%** | **South Carolina–1.16%** | **South Carolina–1.16%** | **South Carolina–1.16%** | **South Carolina–1.16%** |
| South Carolina (State of) Housing Finance & Development Authority; |  |  |  |  |
| Series 2023 B, RB | 6.00% | 01/01/2054 | 2225 | &nbsp;&nbsp; 2483575 |
| Series 2025 A, RB (CEP - GNMA) | 6.50% | 07/01/2055 | 985 | &nbsp;&nbsp; 1141239 |
| Series 2025 B, RB (CEP - GNMA) | 6.50% | 07/01/2055 | 9930 | &nbsp;&nbsp; 11567783 |
| South Carolina (State of) Jobs-Economic Development Authority (Beaufort Memorial Hospital & <br> South of Broad Healthcare); Series 2024, RB<br>| 5.25% | 11/15/2039 | 900 | &nbsp;&nbsp; 964533 |
| South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health); <br> Series 2025, Ref. RB<sup>(d)</sup> <br>| 5.00% | 11/01/2032 | 1500 | &nbsp;&nbsp; 1699650 |
| South Carolina (State of) Jobs-Economic Development Authority (Lutheran Homes); Series 2013, <br> RB<br>| 5.00% | 05/01/2028 | 785 | &nbsp;&nbsp; 785206 |
| South Carolina (State of) Public Service Authority; |  |  |  |  |
| Series 2016 A, Ref. RB | 5.00% | 12/01/2038 | 560 | &nbsp;&nbsp; 562560 |
| Series 2016 B, Ref. RB | 5.00% | 12/01/2046 | 6250 | &nbsp;&nbsp; 6285005 |
|  |  |  |  | &nbsp;&nbsp; 25489551 |
| **South Dakota–0.21%** | **South Dakota–0.21%** | **South Dakota–0.21%** | **South Dakota–0.21%** | **South Dakota–0.21%** |
| South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group); <br> Series 2014 B, RB<br>| 5.00% | 11/01/2044 | 15 | &nbsp;&nbsp; 15009 |
| South Dakota (State of) Housing Development Authority; Series 2025 A, Ref. RB (CEP - GNMA) | 6.50% | 11/01/2055 | 3980 | &nbsp;&nbsp; 4615950 |
|  |  |  |  | &nbsp;&nbsp; 4630959 |
| **Tennessee–0.63%** | **Tennessee–0.63%** | **Tennessee–0.63%** | **Tennessee–0.63%** | **Tennessee–0.63%** |
| Knoxville (City of), TN Industrial Development Board (Maplehurst Park Apartments); Series 2025, <br> RB<sup>(c)</sup> <br>| 4.25% | 11/01/2030 | 1500 | &nbsp;&nbsp; 1505308 |
| Nashville (City of), TN Metropolitan Development and Housing Agency (Fifth + Broadway <br> Development); Series 2018, RB<sup>(c)</sup> <br>| 4.50% | 06/01/2028 | 1110 | &nbsp;&nbsp; 1123710 |
| New Memphis Arena Public Building Authority (City of Memphis) (Social Bonds); |  |  |  |  |
| Series 2021, RB<sup>(g)</sup> <br>| 0.00% | 04/01/2036 | 1200 | &nbsp;&nbsp; 796896 |
| Series 2021, RB<sup>(g)</sup> <br>| 0.00% | 04/01/2037 | 1375 | &nbsp;&nbsp; 865086 |
| Shelby (County of), TN Health, Educational & Housing Facilities Board (The Village at Germantown, <br> Inc.); Series 2014, RB<br>| 5.00% | 12/01/2029 | 525 | &nbsp;&nbsp; 525332 |
| Tennergy Corp.; Series 2022 A, RB<sup>(d)</sup> <br>| 5.50% | 12/01/2030 | 8300 | &nbsp;&nbsp; 9046777 |
| Tennessee Energy Acquisition Corp.; Series 2006 C, RB | 5.00% | 02/01/2027 | 95 | &nbsp;&nbsp; 96178 |
|  |  |  |  | &nbsp;&nbsp; 13959287 |
| **Texas–10.17%** | **Texas–10.17%** | **Texas–10.17%** | **Texas–10.17%** | **Texas–10.17%** |
| Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.); Series 2025, Ref. <br> RB<sup>(c)</sup> <br>| 5.00% | 06/15/2035 | 1085 | &nbsp;&nbsp; 1164823 |
| Arlington Higher Education Finance Corp. (UME Preparatory Academy); |  |  |  |  |
| Series 2017 A, RB | 4.55% | 08/15/2028 | 60 | &nbsp;&nbsp; 60470 |
| Series 2017 A, RB | 5.00% | 08/15/2038 | 115 | &nbsp;&nbsp; 115646 |
| Arlington Higher Education Finance Corp. (Universal Academy); Series 2014 A, RB | 6.63% | 03/01/2029 | 635 | &nbsp;&nbsp; 635678 |
| Arlington Higher Education Finance Corp. (Winfree Academy Charter School); Series 2019, Ref. RB | 5.75% | 08/15/2043 | 1000 | &nbsp;&nbsp; 1011512 |
| Austin (City of), TX; Series 2025, Ref. GO Bonds | 5.00% | 09/01/2039 | 1500 | &nbsp;&nbsp; 1734440 |
| Austin Convention Enterprises, Inc.; Series 2017, Ref. RB | 5.00% | 01/01/2033 | 1200 | &nbsp;&nbsp; 1210044 |
| Board of Regents of the University of Texas System; Series 2026 A, Ref. RB | 5.00% | 08/15/2043 | 2000 | &nbsp;&nbsp; 2266374 |
| Brooks Development Authority; |  |  |  |  |
| Series 2025 B, Ref. RB<sup>(c)(d)</sup> <br>| 5.00% | 08/15/2032 | 1000 | &nbsp;&nbsp; 1064538 |
| Series 2025 C, Ref. RB<sup>(c)(d)</sup> <br>| 5.00% | 08/15/2028 | 1000 | &nbsp;&nbsp; 1030094 |
| Cleburne Independent School District; Series 2016, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 02/15/2035 | 4480 | &nbsp;&nbsp; 4486656 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**19**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| Clifton Higher Education Finance Corp. (Idea Public Schools); |  |  |  |  |
| Series 2022 A, RB | 4.00% | 08/15/2033 | $535 | &nbsp;&nbsp; $557354 |
| Series 2022 A, RB | 4.00% | 08/15/2034 | 555 | &nbsp;&nbsp; 574602 |
| Series 2022 A, RB | 4.00% | 08/15/2035 | 410 | &nbsp;&nbsp; 422257 |
| Conroe Independent School District; Series 2024, GO Bonds (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2049 | 750 | &nbsp;&nbsp; 713374 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport); Series 2025 A-1, RB<sup>(a)</sup> <br>| 5.25% | 11/01/2039 | 1000 | &nbsp;&nbsp; 1136907 |
| Dallas (City of), TX Independent School District; Series 2026 A, GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 02/15/2040 | 5000 | &nbsp;&nbsp; 5764074 |
| Dallas (County of), TX Flood Control District No. 1; Series 2015, Ref. GO Bonds<sup>(c)</sup> <br>| 5.00% | 04/01/2028 | 760 | &nbsp;&nbsp; 760424 |
| Far North Fort Worth Municipal Utility District No. 1; |  |  |  |  |
| Series 2025, GO Bonds (INS - AGI)<sup>(b)</sup> <br>| 4.13% | 09/01/2043 | 380 | &nbsp;&nbsp; 381086 |
| Series 2025, GO Bonds (INS - AGI)<sup>(b)</sup> <br>| 4.13% | 09/01/2044 | 450 | &nbsp;&nbsp; 444995 |
| Godley Independent School District; Series 2016, GO Bonds (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2035 | 2640 | &nbsp;&nbsp; 2641713 |
| Grand Parkway Transportation Corp. (TELA Supported); Series 2018 A, RB | 5.00% | 10/01/2037 | 2000 | &nbsp;&nbsp; 2084224 |
| Harris (County of), TX Flood Control District (Green Bonds); Series 2022 A, GO Bonds | 4.25% | 10/01/2047 | 5000 | &nbsp;&nbsp; 5005333 |
| Harris County Cultural Education Facilities Finance Corp. (Brazos Presbyterian Homes, Inc.); <br> Series 2013 A, RB<br>| 5.00% | 01/01/2033 | 65 | &nbsp;&nbsp; 65044 |
| Harris County Cultural Education Facilities Finance Corp. (Houston Methodist Hospital); <br> Series 2026 A, Ref. RB<br>| 5.00% | 12/01/2036 | 2000 | &nbsp;&nbsp; 2380119 |
| Harris County Cultural Education Facilities Finance Corp. (YMCA of the Greater Houston Area); <br> Series 2013 A, Ref. RB<br>| 5.00% | 06/01/2028 | 955 | &nbsp;&nbsp; 953937 |
| Houston (City of), TX; |  |  |  |  |
| Series 2023 A, Ref. RB (INS - AGI)<sup>(a)(b)</sup> <br>| 5.25% | 07/01/2039 | 2000 | &nbsp;&nbsp; 2238095 |
| Series 2024 B, RB<sup>(a)</sup> <br>| 5.50% | 07/15/2036 | 2790 | &nbsp;&nbsp; 3100953 |
| Series 2025, GO Bonds | 5.00% | 03/01/2043 | 2650 | &nbsp;&nbsp; 2927189 |
| Series 2025, GO Bonds | 5.00% | 03/01/2044 | 3390 | &nbsp;&nbsp; 3706783 |
| Houston (City of), TX (United Airlines, Inc.); Series 2021 B-1, RB<sup>(a)</sup> <br>| 4.00% | 07/15/2041 | 15000 | &nbsp;&nbsp; 14198136 |
| Houston (City of), TX Airport System (United Airlines, Inc. Terminal E); Series 2021 A, RB<sup>(a)</sup> <br>| 4.00% | 07/01/2041 | 3500 | &nbsp;&nbsp; 3313204 |
| Houston (City of), TX Airport System (United Airlines, Inc.); |  |  |  |  |
| Series 2024 B, RB<sup>(a)</sup> <br>| 5.50% | 07/15/2035 | 12000 | &nbsp;&nbsp; 13421730 |
| Series 2024 B, RB<sup>(a)</sup> <br>| 5.50% | 07/15/2039 | 10615 | &nbsp;&nbsp; 11636879 |
| Houston Higher Education Finance Corp. (KIPP, Inc.); Series 2015, Ref. RB (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 08/15/2029 | 250 | &nbsp;&nbsp; 250429 |
| La Salle (County of), TX; Series 2018, Ref. GO Bonds<sup>(d)(f)</sup> <br>| 5.00% | 03/01/2027 | 4110 | &nbsp;&nbsp; 4221180 |
| Leander (City of), TX; |  |  |  |  |
| Series 2025, GO Bonds | 5.00% | 08/15/2039 | 750 | &nbsp;&nbsp; 863743 |
| Series 2025, GO Bonds | 5.00% | 08/15/2040 | 600 | &nbsp;&nbsp; 685041 |
| Lewisville Independent School District; Series 2024, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 4.00% | 08/15/2041 | 2500 | &nbsp;&nbsp; 2565565 |
| Love Field Airport Modernization Corp.; Series 2021, Ref. RB (INS - AGI)<sup>(a)(b)</sup> <br>| 4.00% | 11/01/2039 | 2935 | &nbsp;&nbsp; 2953992 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2024, RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 05/15/2049 | 5750 | &nbsp;&nbsp; 6095269 |
| Midland Independent School District; Series 2024, GO Bonds (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2041 | 3500 | &nbsp;&nbsp; 3585258 |
| Mission Economic Development Corp. (Green Bonds); Series 2025, RB<sup>(a)(d)</sup> <br>| 5.00% | 06/01/2030 | 2125 | &nbsp;&nbsp; 2228233 |
| Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB<sup>(a)(c)</sup> <br>| 4.63% | 10/01/2031 | 10060 | &nbsp;&nbsp; 10101524 |
| New Hope Cultural Education Facilities Finance Corp.; Series 2025 A, RB | 5.50% | 10/01/2035 | 4695 | &nbsp;&nbsp; 5051276 |
| New Hope Cultural Education Facilities Finance Corp. (Carillon Lifecare Community); |  |  |  |  |
| Series 2016, Ref. RB | 4.00% | 07/01/2028 | 1630 | &nbsp;&nbsp; 1632359 |
| Series 2016, Ref. RB | 5.00% | 07/01/2036 | 2760 | &nbsp;&nbsp; 2768817 |
| Series 2016, Ref. RB | 5.00% | 07/01/2046 | 40 | &nbsp;&nbsp; 39078 |
| New Hope Cultural Education Facilities Finance Corp. (CHF-Collegiate Housing College Station I, LLC <br> - Texas A&M University); Series 2014 A, RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 04/01/2046 | 140 | &nbsp;&nbsp; 140018 |
| New Hope Cultural Education Facilities Finance Corp. (Children Health System); Series 2025, RB | 5.00% | 08/15/2037 | 2275 | &nbsp;&nbsp; 2631419 |
| New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center); |  |  |  |  |
| Series 2021, Ref. RB<sup>(c)</sup> <br>| 4.00% | 08/15/2028 | 540 | &nbsp;&nbsp; 540005 |
| Series 2021, Ref. RB<sup>(c)</sup> <br>| 4.00% | 08/15/2030 | 1405 | &nbsp;&nbsp; 1401466 |
| New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford); <br> Series 2016 A, RB<br>| 5.00% | 11/15/2026 | 85 | &nbsp;&nbsp; 84985 |
| New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); |  |  |  |  |
| Series 2018, Ref. RB | 5.00% | 10/01/2029 | 2105 | &nbsp;&nbsp; 2136640 |
| Series 2018, Ref. RB | 5.00% | 10/01/2030 | 2210 | &nbsp;&nbsp; 2243994 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**20**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| New Hope Cultural Education Facilities Finance Corp. (Wesleyan Homes, Inc.); |  |  |  |  |
| Series 2014, RB | 5.25% | 01/01/2029 | $945 | &nbsp;&nbsp; $946371 |
| Series 2014, RB | 5.50% | 01/01/2035 | 1400 | &nbsp;&nbsp; 1402019 |
| North Texas Tollway Authority; Series 2017 B, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 4.00% | 01/01/2034 | 750 | &nbsp;&nbsp; 756974 |
| Port Arthur (Port of), TX Navigation District; Subseries 2010 D, VRD RB<sup>(e)</sup> <br>| 1.70% | 11/01/2040 | 10000 | &nbsp;&nbsp; 10000000 |
| Port Beaumont Navigation District (Jefferson Gulf Coast Energy); |  |  |  |  |
| Series 2021, RB<sup>(a)(c)</sup> <br>| 2.13% | 01/01/2028 | 575 | &nbsp;&nbsp; 556628 |
| Series 2021, RB<sup>(a)(c)</sup> <br>| 2.25% | 01/01/2029 | 800 | &nbsp;&nbsp; 763971 |
| Pottsboro Higher Education Finance Corp. (Imagine International Academy of North Texas LLC); <br> Series 2016 A, RB<br>| 5.00% | 08/15/2036 | 1960 | &nbsp;&nbsp; 1963612 |
| San Antonio (City of), TX; |  |  |  |  |
| Series 2015, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2045 | 5000 | &nbsp;&nbsp; 5002571 |
| Series 2019 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2032 | 2380 | &nbsp;&nbsp; 2549271 |
| Series 2022, RB | 4.00% | 02/01/2041 | 1330 | &nbsp;&nbsp; 1365203 |
| San Antonio Education Facilities Corp. (University of the Incarnate Word); Series 2025, RB | 5.25% | 10/01/2038 | 4705 | &nbsp;&nbsp; 5114795 |
| Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); <br> Series 2016, Ref. RB<br>| 5.00% | 05/15/2045 | 5605 | &nbsp;&nbsp; 5523907 |
| Texas (State of); |  |  |  |  |
| Series 2012 B, VRD GO Bonds<sup>(e)</sup> <br>| 1.75% | 12/01/2042 | 1610 | &nbsp;&nbsp; 1610000 |
| Series 2018, VRD GO Bonds<sup>(e)</sup> <br>| 1.75% | 12/01/2049 | 3930 | &nbsp;&nbsp; 3930000 |
| Series 2023 A, GO Bonds<sup>(a)</sup> <br>| 4.00% | 08/01/2040 | 1865 | &nbsp;&nbsp; 1901112 |
| Texas (State of) Department of Housing & Community Affairs; Series 2023 B, RB (CEP - GNMA) | 4.80% | 07/01/2043 | 2550 | &nbsp;&nbsp; 2655735 |
| Texas (State of) Transportation Commission; |  |  |  |  |
| Series 2019, RB<sup>(g)</sup> <br>| 0.00% | 08/01/2034 | 1400 | &nbsp;&nbsp; 1021951 |
| Series 2019, RB<sup>(g)</sup> <br>| 0.00% | 08/01/2035 | 2050 | &nbsp;&nbsp; 1417554 |
| Series 2019, RB<sup>(g)</sup> <br>| 0.00% | 08/01/2036 | 1500 | &nbsp;&nbsp; 983032 |
| Texas (State of) Water Development Board; |  |  |  |  |
| Series 2017 A, RB | 4.00% | 10/15/2042 | 5000 | &nbsp;&nbsp; 5020067 |
| Series 2024 A, RB | 4.13% | 10/15/2047 | 10000 | &nbsp;&nbsp; 9829764 |
| Texas (State of) Water Development Board (Master Trust); Series 2022, RB | 5.00% | 10/15/2047 | 5720 | &nbsp;&nbsp; 6045937 |
| Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, RB | 6.25% | 12/15/2026 | 1585 | &nbsp;&nbsp; 1631784 |
| Texas Municipal Gas Acquisition & Supply Corp. III; Series 2021, Ref. RB | 5.00% | 12/15/2031 | 3250 | &nbsp;&nbsp; 3565299 |
| Texas Private Activity Bond Surface Transportation Corp.; Series 2023, Ref. RB<sup>(a)</sup> <br>| 5.38% | 06/30/2039 | 3115 | &nbsp;&nbsp; 3315209 |
|  |  |  |  | &nbsp;&nbsp; 224301744 |
| **Utah–1.28%** | **Utah–1.28%** | **Utah–1.28%** | **Utah–1.28%** | **Utah–1.28%** |
| Black Desert Public Infrastructure District; Series 2021 A, GO Bonds<sup>(c)</sup> <br>| 3.50% | 03/01/2036 | 2000 | &nbsp;&nbsp; 1870779 |
| Mida Mountain Village Public Infrastructure District; |  |  |  |  |
| Series 2025-1, RB<sup>(c)</sup> <br>| 5.25% | 06/01/2045 | 1000 | &nbsp;&nbsp; 1026085 |
| Series 2025-2, RB<sup>(c)(k)</sup> <br>| 5.00% | 06/01/2035 | 475 | &nbsp;&nbsp; 378632 |
| Military Installation Development Authority; |  |  |  |  |
| Series 2021 A-1, RB | 4.00% | 06/01/2036 | 500 | &nbsp;&nbsp; 500068 |
| Series 2021 A-1, RB | 4.00% | 06/01/2041 | 1000 | &nbsp;&nbsp; 967247 |
| Series 2021 A-2, RB | 4.00% | 06/01/2036 | 5250 | &nbsp;&nbsp; 5225387 |
| Salt Lake City (City of), UT; |  |  |  |  |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2033 | 3500 | &nbsp;&nbsp; 3671012 |
| Series 2018 B, RB | 5.00% | 07/01/2038 | 1000 | &nbsp;&nbsp; 1046771 |
| Utah Housing Corp.; |  |  |  |  |
| Series 2024 E, RB (CEP - GNMA) | 6.00% | 07/01/2054 | 4760 | &nbsp;&nbsp; 5360928 |
| Series 2025 A, RB (CEP - GNMA) | 6.50% | 07/01/2055 | 1950 | &nbsp;&nbsp; 2211682 |
| West Jordan (City of), UT Municipal Building Authority; Series 2016, RB | 4.00% | 10/01/2038 | 6020 | &nbsp;&nbsp; 6043925 |
|  |  |  |  | &nbsp;&nbsp; 28302516 |
| **Vermont–0.04%** | **Vermont–0.04%** | **Vermont–0.04%** | **Vermont–0.04%** | **Vermont–0.04%** |
| Burlington (City of), VT; Series 2014 A, Ref. RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 07/01/2030 | 855 | &nbsp;&nbsp; 856175 |
| University of Vermont and State Agricultural College; Series 2015, Ref. RB | 5.00% | 10/01/2045 | 50 | &nbsp;&nbsp; 50020 |
|  |  |  |  | &nbsp;&nbsp; 906195 |
| **Virgin Islands–0.08%** | **Virgin Islands–0.08%** | **Virgin Islands–0.08%** | **Virgin Islands–0.08%** | **Virgin Islands–0.08%** |
| Virgin Islands Transportation & Infrastructure Corp. (Garvee); Series 2025, Ref. RB | 5.00% | 09/01/2035 | 1600 | &nbsp;&nbsp; 1862246 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**21**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Virginia–0.95%** | **Virginia–0.95%** | **Virginia–0.95%** | **Virginia–0.95%** | **Virginia–0.95%** |
| Farmville (Town of), VA Industrial Development Authority (Longwood University Student Housing); <br> Series 2018 A, Ref. RB<br>| 5.00% | 01/01/2038 | $1000 | &nbsp;&nbsp; $1016891 |
| Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community, Inc. <br> - Harbor's Edge); Series 2019 A, RB<br>| 5.00% | 01/01/2034 | 750 | &nbsp;&nbsp; 765649 |
| Virginia (Commonwealth of) Housing Development Authority; Series 2013 F, RB | 5.35% | 10/01/2043 | 730 | &nbsp;&nbsp; 730471 |
| Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC); |  |  |  |  |
| Series 2022, Ref. RB<sup>(a)</sup> <br>| 5.00% | 01/01/2033 | 2295 | &nbsp;&nbsp; 2533534 |
| Series 2022, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2036 | 4000 | &nbsp;&nbsp; 4308628 |
| Virginia (Commonwealth of) Small Business Financing Authority (I-495 Hot Lanes); |  |  |  |  |
| Series 2022, Ref. RB<sup>(a)</sup> <br>| 5.00% | 06/30/2042 | 2395 | &nbsp;&nbsp; 2496006 |
| Series 2022, Ref. RB<sup>(a)</sup> <br>| 5.00% | 12/31/2047 | 1820 | &nbsp;&nbsp; 1848712 |
| Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay); |  |  |  |  |
| Series 2018, Ref. RB | 5.00% | 09/01/2028 | 150 | &nbsp;&nbsp; 154662 |
| Series 2018, Ref. RB | 5.00% | 09/01/2030 | 455 | &nbsp;&nbsp; 469118 |
| Series 2023, RB | 6.25% | 09/01/2030 | 4000 | &nbsp;&nbsp; 4041198 |
| Virginia Small Business Financing Authority (Transform 66 P3 Project); Series 2017, RB<sup>(a)</sup> <br>| 5.00% | 12/31/2047 | 2585 | &nbsp;&nbsp; 2588574 |
|  |  |  |  | &nbsp;&nbsp; 20953443 |
| **Washington–1.86%** | **Washington–1.86%** | **Washington–1.86%** | **Washington–1.86%** | **Washington–1.86%** |
| Kalispel Tribe of Indians; |  |  |  |  |
| Series 2018 A, RB<sup>(c)</sup> <br>| 5.00% | 01/01/2032 | 70 | &nbsp;&nbsp; 71642 |
| Series 2018 B, RB<sup>(c)</sup> <br>| 5.00% | 01/01/2032 | 100 | &nbsp;&nbsp; 102346 |
| Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB | 5.60% | 03/01/2028 | 5 | &nbsp;&nbsp; 5003 |
| Seattle (Port of), WA; |  |  |  |  |
| Series 2015 C, RB<sup>(a)</sup> <br>| 5.00% | 04/01/2040 | 1465 | &nbsp;&nbsp; 1466053 |
| Series 2017 C, RB<sup>(a)</sup> <br>| 5.25% | 05/01/2042 | 2000 | &nbsp;&nbsp; 2034414 |
| Series 2022 B, Ref. RB<sup>(a)</sup> <br>| 5.00% | 08/01/2037 | 3000 | &nbsp;&nbsp; 3315024 |
| Tacoma (City of), WA; Series 2013 A, Ref. RB | 4.00% | 01/01/2042 | 2160 | &nbsp;&nbsp; 2160231 |
| Vancouver (City of), WA Downtown Redevelopment Authority (Conference Center); Series 2013, <br> Ref. RB<br>| 4.50% | 01/01/2044 | 60 | &nbsp;&nbsp; 60035 |
| Washington (State of); Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2034 | 1000 | &nbsp;&nbsp; 1107890 |
| Washington (State of) (Bid Group 3); Series 2022 C, GO Bonds | 5.00% | 02/01/2046 | 5000 | &nbsp;&nbsp; 5309174 |
| Washington (State of) Convention Center Public Facilities District; Series 2018, RB | 4.00% | 07/01/2031 | 2365 | &nbsp;&nbsp; 2469139 |
| Washington (State of) Health Care Facilities Authority (Central Washington Health Services <br> Association); Series 2015, Ref. RB<br>| 5.00% | 07/01/2030 | 500 | &nbsp;&nbsp; 500394 |
| Washington (State of) Health Care Facilities Authority (Multicare Health System); Series 2015 A, <br> RB<br>| 5.00% | 08/15/2045 | 1195 | &nbsp;&nbsp; 1195296 |
| Washington (State of) Health Care Facilities Authority (Providence Health & Services); |  |  |  |  |
| Series 2012 A, RB | 5.00% | 10/01/2028 | 120 | &nbsp;&nbsp; 120375 |
| Series 2014 D, Ref. RB | 5.00% | 10/01/2038 | 100 | &nbsp;&nbsp; 100131 |
| Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center); |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 08/15/2032 | 1500 | &nbsp;&nbsp; 1550452 |
| Series 2017, Ref. RB | 5.00% | 08/15/2037 | 1360 | &nbsp;&nbsp; 1394332 |
| Washington (State of) Housing Finance Commission; |  |  |  |  |
| Series 2025, RB (INS - BAM)<sup>(b)(c)</sup> <br>| 5.00% | 07/01/2040 | 1000 | &nbsp;&nbsp; 1090268 |
| Series 2025, RB (INS - BAM)<sup>(b)(c)</sup> <br>| 5.00% | 07/01/2045 | 2750 | &nbsp;&nbsp; 2867064 |
| Series 2025, Ref. RB | 4.88% | 01/01/2036 | 4000 | &nbsp;&nbsp; 4083818 |
| Washington (State of) Housing Finance Commission (Bayview Manor Homes); |  |  |  |  |
| Series 2016 A, Ref. RB<sup>(c)</sup> <br>| 5.00% | 07/01/2031 | 1350 | &nbsp;&nbsp; 1354002 |
| Series 2016 A, Ref. RB<sup>(c)</sup> <br>| 5.00% | 07/01/2036 | 1450 | &nbsp;&nbsp; 1452291 |
| Washington (State of) Housing Finance Commission (The Hearthstone); Series 2018 A, Ref. RB<sup>(c)</sup> <br>| 5.00% | 07/01/2038 | 830 | &nbsp;&nbsp; 714557 |
| Washington (State of) Housing Finance Commission (Transforming Age); |  |  |  |  |
| Series 2019 A, RB<sup>(c)</sup> <br>| 5.00% | 01/01/2034 | 745 | &nbsp;&nbsp; 770037 |
| Series 2019 A, RB<sup>(c)</sup> <br>| 5.00% | 01/01/2039 | 2895 | &nbsp;&nbsp; 2957683 |
| Series 2019, RB<sup>(c)</sup> <br>| 5.00% | 01/01/2044 | 2780 | &nbsp;&nbsp; 2783774 |
|  |  |  |  | &nbsp;&nbsp; 41035425 |
| **West Virginia–0.24%** | **West Virginia–0.24%** | **West Virginia–0.24%** | **West Virginia–0.24%** | **West Virginia–0.24%** |
| Monongalia (County of), WV Commission Special District (University Town Centre Economic <br> Opportunity Development District); Series 2017 A, Ref. RB<sup>(c)</sup> <br>| 5.50% | 06/01/2037 | 5000 | &nbsp;&nbsp; 5079234 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**22**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **West Virginia–(continued)** | **West Virginia–(continued)** | **West Virginia–(continued)** | **West Virginia–(continued)** | **West Virginia–(continued)** | **West Virginia–(continued)** |
| West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC); <br> Series 2018, RB<sup>(a)(c)(i)</sup> <br>| 8.75% | 02/01/2036 |  | $640 | &nbsp;&nbsp; $153600 |
|  |  |  |  |  | &nbsp;&nbsp; 5232834 |
| **Wisconsin–2.70%** | **Wisconsin–2.70%** | **Wisconsin–2.70%** | **Wisconsin–2.70%** | **Wisconsin–2.70%** | **Wisconsin–2.70%** |
| Appleton Redevelopment Authority; Series 2001, VRD RB (LOC - Thrivent Finl Lutherans)<sup>(e)(j)</sup> <br>| 1.70% | 06/01/2036 |  | 5500 | &nbsp;&nbsp; 5500000 |
| Washington (City of), WI; Series 2025, GO Bonds (INS - BAM)<sup>(b)</sup> <br>| 5.00% | 03/01/2037 |  | 1365 | &nbsp;&nbsp; 1578069 |
| Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the <br> Midwest Obligated Group); Series 2017, Ref. RB<br>| 5.00% | 08/01/2032 |  | 5100 | &nbsp;&nbsp; 3836065 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group); <br> Series 2016 A, Ref. RB<br>| 4.00% | 11/15/2036 |  | 2000 | &nbsp;&nbsp; 2002391 |
| Wisconsin (State of) Health & Educational Facilities Authority (Benevolent Corp. Cedar Community); |  |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 06/01/2030 |  | 1560 | &nbsp;&nbsp; 1603064 |
| Series 2017, Ref. RB | 5.00% | 06/01/2032 |  | 1720 | &nbsp;&nbsp; 1762642 |
| Wisconsin (State of) Health & Educational Facilities Authority (Mercy Health Coporation Obligated <br> Group); Series 2026, Ref. RB<br>| 5.00% | 12/01/2041 |  | 1115 | &nbsp;&nbsp; 1247416 |
| Wisconsin (State of) Public Finance Authority; |  |  |  |  |  |
| Series 2012 B, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2042 |  | 3500 | &nbsp;&nbsp; 3501763 |
| Series 2012 C, Ref. RB<sup>(a)</sup> <br>| 5.00% | 07/01/2042 |  | 1000 | &nbsp;&nbsp; 1000504 |
| Series 2016, RB<sup>(c)</sup> <br>| 5.13% | 02/01/2046 |  | 5195 | &nbsp;&nbsp; 5194729 |
| Series 2020, Ref. RB | 5.00% | 06/01/2036 |  | 2410 | &nbsp;&nbsp; 2584010 |
| Series 2026, RB<sup>(a)(c)(d)</sup> <br>| 6.00% | 01/01/2031 |  | 1500 | &nbsp;&nbsp; 1536593 |
| Wisconsin (State of) Public Finance Authority (21st Century Public Academy); Series 2020 A, RB<sup>(c)</sup> <br>| 3.75% | 06/01/2030 |  | 335 | &nbsp;&nbsp; 324037 |
| Wisconsin (State of) Public Finance Authority (ACTS Retirement-Life Community); Series 2020 A, <br> RB<br>| 4.00% | 11/15/2037 |  | 600 | &nbsp;&nbsp; 613613 |
| Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth); Series 2016 A, RB<sup>(c)</sup> <br>| 4.63% | 06/01/2036 |  | 160 | &nbsp;&nbsp; 160070 |
| Wisconsin (State of) Public Finance Authority (Beyond Boone, LLC - Appalachian State University); <br> Series 2019 A, RB (INS - AGI)<sup>(b)</sup> <br>| 5.00% | 07/01/2034 |  | 800 | &nbsp;&nbsp; 838954 |
| Wisconsin (State of) Public Finance Authority (CABS); Series 2024, RB<sup>(g)</sup> <br>| 0.00% | 02/01/2031 |  | 3357 | &nbsp;&nbsp; 2394429 |
| Wisconsin (State of) Public Finance Authority (City of Boynton Beach, Florida Municipal <br> Improvements); Series 2018, RB<br>| 5.00% | 07/01/2035 |  | 2000 | &nbsp;&nbsp; 2101575 |
| Wisconsin (State of) Public Finance Authority (Community School of Davidson); Series 2018, RB | 5.00% | 10/01/2033 |  | 1945 | &nbsp;&nbsp; 1993570 |
| Wisconsin (State of) Public Finance Authority (Explore Academy); |  |  |  |  |  |
| Series 2020 A, RB<sup>(c)</sup> <br>| 6.13% | 02/01/2039 |  | 465 | &nbsp;&nbsp; 465162 |
| Series 2022 A, RB<sup>(c)</sup> <br>| 6.13% | 02/01/2039 |  | 485 | &nbsp;&nbsp; 485169 |
| Wisconsin (State of) Public Finance Authority (Goodwill Industries of Southern Nevada, Inc.); <br> Series 2019 A, RB<br>| 5.50% | 12/01/2038 |  | 1684 | &nbsp;&nbsp; 1683747 |
| Wisconsin (State of) Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, RB<sup>(c)</sup> <br>| 4.38% | 06/15/2029 |  | 2155 | &nbsp;&nbsp; 2156841 |
| Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 <br> A-1, RB<sup>(c)(i)</sup> <br>| 6.25% | 01/01/2038 |  | 3250 | &nbsp;&nbsp; 1462500 |
| Wisconsin (State of) Public Finance Authority (Miami Worldcenter); Series 2024 A, RB<sup>(c)</sup> <br>| 5.00% | 06/01/2041 |  | 2000 | &nbsp;&nbsp; 2047099 |
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 A, <br> RB<br>| 5.20% | 12/01/2037 |  | 4000 | &nbsp;&nbsp; 4104522 |
| Wisconsin (State of) Public Finance Authority (Rans-Bridgewater); Series 2024, RB<sup>(c)</sup> <br>| 5.63% | 12/15/2030 |  | 3099 | &nbsp;&nbsp; 3112317 |
| Wisconsin (State of) Public Finance Authority (Southminster); Series 2018, RB<sup>(c)</sup> <br>| 5.00% | 10/01/2043 |  | 500 | &nbsp;&nbsp; 505030 |
| Wisconsin (State of) Public Finance Authority (Wakemed Hospital); Series 2019 A, Ref. RB | 5.00% | 10/01/2044 |  | 3655 | &nbsp;&nbsp; 3744150 |
|  |  |  |  |  | &nbsp;&nbsp; 59540031 |
| Total Municipal Obligations (Cost $2,135,582,896) | Total Municipal Obligations (Cost $2,135,582,896) | Total Municipal Obligations (Cost $2,135,582,896) | Total Municipal Obligations (Cost $2,135,582,896) |  | &nbsp;&nbsp; 2176843521 |
|  |  |  | **Shares** | **Shares** |  |
| **Exchange-Traded Funds–1.36%** | **Exchange-Traded Funds–1.36%** | **Exchange-Traded Funds–1.36%** | **Exchange-Traded Funds–1.36%** | **Exchange-Traded Funds–1.36%** | **Exchange-Traded Funds–1.36%** |
| Invesco Intermediate Municipal ETF<sup>(l)</sup> <br>|  |  |  | 540019 | &nbsp;&nbsp; 28375299 |
| Invesco Rochester High Yield Municipal ETF<sup>(l)</sup> <br>|  |  |  | 32505 | &nbsp;&nbsp; 1673032 |
| Total Exchange-Traded Funds (Cost $29,446,902) | Total Exchange-Traded Funds (Cost $29,446,902) | Total Exchange-Traded Funds (Cost $29,446,902) | Total Exchange-Traded Funds (Cost $29,446,902) |  | &nbsp;&nbsp; 30048331 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**23**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** |
| BL Train Holdings West LLC; Wts. expiring 12/01/2025 <br>(Cost $0)<sup>(m)</sup> <br>|  | 24000 | &nbsp;&nbsp; $36000 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(n)</sup>–100.11% (Cost $2,165,029,798) | TOTAL INVESTMENTS IN SECURITIES<sup>(n)</sup>–100.11% (Cost $2,165,029,798) |  | &nbsp;&nbsp; 2206927852 |
| OTHER ASSETS LESS LIABILITIES–(0.11)% | OTHER ASSETS LESS LIABILITIES–(0.11)% |  | &nbsp;&nbsp; (2414118)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $2204513734 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| AGI | – Assured Guaranty, Inc. |
| AMBAC | – American Municipal Bond Assurance Corp. |
| BAM | – Build America Mutual Assurance Co. |
| CEP | – Credit Enhancement Provider |
| COP | – Certificates of Participation |
| Ctfs. | – Certificates |
| ETF | – Exchange-Traded Fund |
| GNMA | – Government National Mortgage Association |
| GO | – General Obligation |
| INS | – Insurer |
| LOC | – Letter of Credit |
| NATL | – National Public Finance Guarantee Corp. |
| RAC | – Revenue Anticipation Certificates |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| VRD | – Variable Rate Demand |
| Wts. | – Warrants |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Security subject to the alternative minimum tax.

<sup>(b)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

<sup>(c)</sup> 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 February 28, 2026 was $214,781,689, which represented 9.74% of the Fund's Net Assets. 

<sup>(d)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(e)</sup> 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 February 28, 2026. 

<sup>(f)</sup> Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

<sup>(g)</sup> Zero coupon bond issued at a discount.

<sup>(h)</sup> Restricted security. The aggregate value of these securities at February 28, 2026 was $4,265,003, which represented less than 1% of the Fund's Net Assets.

<sup>(i)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2026 was $2,242,452, which represented less than 1% of the Fund's Net Assets. 

<sup>(j)</sup> Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

<sup>(k)</sup> Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(l)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended February 28, 2026. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**February 28, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Intermediate Municipal ETF | $- | &nbsp;&nbsp; $27790021 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $585278 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $28375299 | &nbsp;&nbsp; $372404 |
| Invesco Rochester High Yield Municipal ETF\* | 877166 | &nbsp;&nbsp; 784864 | &nbsp;&nbsp; - | &nbsp;&nbsp; 11595 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1673032 | &nbsp;&nbsp; 59171 |
| Total | $877166 | &nbsp;&nbsp; $28574885 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $596873 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $30048331 | &nbsp;&nbsp; $431575 |

---

\* Includes return of capital distribution.

<sup>(m)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(n)</sup> This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer's obligations but may be called upon to satisfy the issuer's obligations. 

---

| | |
|:---|:---|
| **Entity** | **Percent** |
| Assured Guaranty Inc. | 5.68<br> %<br>|

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**24**

**Invesco Intermediate Term Municipal Income Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,135,582,896)<br>| &nbsp;&nbsp; $2176879521 |
| Investments in affiliates, at value <br>(Cost $29,446,902)<br>| &nbsp;&nbsp; 30048331 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 3932576 |
| Fund shares sold | &nbsp;&nbsp; 1330936 |
| Interest | &nbsp;&nbsp; 26547305 |
| Investments matured, at value (Cost $2,925,272) | &nbsp;&nbsp; 13124 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 117014 |
| Other assets | &nbsp;&nbsp; 541119 |
| Total assets | &nbsp;&nbsp; 2239409926 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1186650 |
| Dividends | &nbsp;&nbsp; 2432072 |
| Fund shares reacquired | &nbsp;&nbsp; 1202284 |
| Amount due to custodian | &nbsp;&nbsp; 29237967 |
| Accrued fees to affiliates | &nbsp;&nbsp; 527212 |
| Accrued interest expense | &nbsp;&nbsp; 28845 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 3610 |
| Accrued other operating expenses | &nbsp;&nbsp; 154268 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 123284 |
| Total liabilities | &nbsp;&nbsp; 34896192 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2204513734 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2313082811 |
| Distributable earnings (loss) | &nbsp;&nbsp; (108569077)<br>|
|  | &nbsp;&nbsp; $2204513734 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1239850890 |
| Class C | &nbsp;&nbsp; $23562222 |
| Class Y | &nbsp;&nbsp; $699904205 |
| Class R6 | &nbsp;&nbsp; $241196417 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 117001028 |
| Class C | &nbsp;&nbsp; 2229507 |
| Class Y | &nbsp;&nbsp; 66098764 |
| Class R6 | &nbsp;&nbsp; 22784665 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $10.60 |
| Maximum offering price per share <br>(Net asset value of $10.60 ÷ 97.50%)<br>| &nbsp;&nbsp; $10.87 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.57 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.59 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.59 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**25**

**Invesco Intermediate Term Municipal Income Fund**

------

**Statement of Operations**

*For the year ended February 28, 2026* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $93269824 |
| Dividends from affiliates | &nbsp;&nbsp; 431575 |
| Total investment income | &nbsp;&nbsp; 93701399 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 8375810 |
| Administrative services fees | &nbsp;&nbsp; 294220 |
| Custodian fees | &nbsp;&nbsp; 13306 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 3074515 |
| Class C | &nbsp;&nbsp; 266115 |
| Interest, facilities and maintenance fees | &nbsp;&nbsp; 717901 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 1244124 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 35590 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 38554 |
| Registration and filing fees | &nbsp;&nbsp; 154644 |
| Reports to shareholders | &nbsp;&nbsp; 95758 |
| Professional services fees | &nbsp;&nbsp; 102884 |
| Other | &nbsp;&nbsp; 31742 |
| Total expenses | &nbsp;&nbsp; 14445163 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (38613)<br>|
| Net expenses | &nbsp;&nbsp; 14406550 |
| Net investment income | &nbsp;&nbsp; 79294849 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(669701)) | &nbsp;&nbsp; (5816515)<br>|
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 28458637 |
| Affiliated investment securities | &nbsp;&nbsp; 596873 |
|  | &nbsp;&nbsp; 29055510 |
| Net realized and unrealized gain | &nbsp;&nbsp; 23238995 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $102533844 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**26**

**Invesco Intermediate Term Municipal Income Fund**

------

**Statement of Changes in Net Assets**

*For the years ended February 28, 2026 and 2025* 

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $79294849 | &nbsp;&nbsp; $72296973 |
| Net realized gain (loss) | &nbsp;&nbsp; (5816515)<br>| &nbsp;&nbsp; (10514882)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 29055510 | &nbsp;&nbsp; 19999112 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 102533844 | &nbsp;&nbsp; 81781203 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (43461523)<br>| &nbsp;&nbsp; (44665028)<br>|
| Class C | &nbsp;&nbsp; (740278)<br>| &nbsp;&nbsp; (1123633)<br>|
| Class Y | &nbsp;&nbsp; (23482570)<br>| &nbsp;&nbsp; (16107159)<br>|
| Class R6 | &nbsp;&nbsp; (9004363)<br>| &nbsp;&nbsp; (9295544)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (76688734)<br>| &nbsp;&nbsp; (71191364)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (78469559)<br>| &nbsp;&nbsp; (12427884)<br>|
| Class C | &nbsp;&nbsp; (8853056)<br>| &nbsp;&nbsp; (18200334)<br>|
| Class Y | &nbsp;&nbsp; 207996569 | &nbsp;&nbsp; 75676140 |
| Class R6 | &nbsp;&nbsp; (22049919)<br>| &nbsp;&nbsp; 22641230 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 98624035 | &nbsp;&nbsp; 67689152 |
| Net increase in net assets | &nbsp;&nbsp; 124469145 | &nbsp;&nbsp; 78278991 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 2080044589 | &nbsp;&nbsp; 2001765598 |
| End of year | &nbsp;&nbsp; $2204513734 | &nbsp;&nbsp; $2080044589 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**27**

**Invesco Intermediate Term Municipal Income Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Supplemental** <br>**ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee** <br>**waivers** <br>**(excluding** <br>**interest,** <br>**facilities and** <br>**maintenance** <br>**fees)**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 02/28/26 | $10.48 | $0.38 | $0.11 | $0.49 | $(0.37)<br>| $10.60 | 4.78<br> %<br>| $1239851 | 0.78<br> %<br>| 0.78<br> %<br>| 0.75<br> %<br>| 3.66<br> %<br>| 31<br> %<br>|
| Year ended 02/28/25 | 10.42 | 0.36 | 0.05 | 0.41 | (0.35)<br>| 10.48 | 4.05 | 1306365 | 0.82 | 0.82 | 0.75 | 3.45 | 24 |
| Year ended 02/29/24 | 10.25 | 0.34 | 0.18 | 0.52 | (0.35)<br>| 10.42 | 5.18 | 1312160 | 0.85 | 0.85 | 0.77 | 3.29 | 23 |
| Year ended 02/28/23 | 11.12 | 0.30 | (0.90)<br>| (0.60)<br>| (0.27)<br>| 10.25 | (5.37)<br>| 1313246 | 0.83 | 0.83 | 0.76 | 2.86 | 37 |
| Year ended 02/28/22 | 11.41 | 0.25 | (0.28)<br>| (0.03)<br>| (0.26)<br>| 11.12 | (0.33)<br>| 1588653 | 0.79 | 0.79 | 0.74 | 2.21 | 11 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 02/28/26 | 10.45 | 0.30 | 0.11 | 0.41 | (0.29)<br>| 10.57 | 4.01 | 23562 | 1.53 | 1.53 | 1.50 | 2.91 | 31 |
| Year ended 02/28/25 | 10.39 | 0.28 | 0.06 | 0.34 | (0.28)<br>| 10.45 | 3.28 | 32286 | 1.57 | 1.57 | 1.50 | 2.70 | 24 |
| Year ended 02/29/24 | 10.22 | 0.26 | 0.19 | 0.45 | (0.28)<br>| 10.39 | 4.44 | 50309 | 1.60 | 1.60 | 1.52 | 2.54 | 23 |
| Year ended 02/28/23 | 11.09 | 0.22 | (0.90)<br>| (0.68)<br>| (0.19)<br>| 10.22 | (6.11)<br>| 63378 | 1.58 | 1.58 | 1.51 | 2.11 | 37 |
| Year ended 02/28/22 | 11.38 | 0.17 | (0.29)<br>| (0.12)<br>| (0.17)<br>| 11.09 | (1.08)<br>| 90660 | 1.54 | 1.54 | 1.49 | 1.46 | 11 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 02/28/26 | 10.47 | 0.40 | 0.11 | 0.51 | (0.39)<br>| 10.59 | 5.04 | 699904 | 0.53 | 0.53 | 0.50 | 3.91 | 31 |
| Year ended 02/28/25 | 10.41 | 0.39 | 0.05 | 0.44 | (0.38)<br>| 10.47 | 4.32 | 480167 | 0.57 | 0.57 | 0.50 | 3.70 | 24 |
| Year ended 02/29/24 | 10.24 | 0.36 | 0.19 | 0.55 | (0.38)<br>| 10.41 | 5.44 | 402064 | 0.60 | 0.60 | 0.52 | 3.54 | 23 |
| Year ended 02/28/23 | 11.11 | 0.32 | (0.89)<br>| (0.57)<br>| (0.30)<br>| 10.24 | (5.14)<br>| 528911 | 0.58 | 0.58 | 0.51 | 3.11 | 37 |
| Year ended 02/28/22 | 11.40 | 0.28 | (0.28)<br>| 0.00 | (0.29)<br>| 11.11 | (0.08)<br>| 677149 | 0.54 | 0.54 | 0.49 | 2.46 | 11 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 02/28/26 | 10.47 | 0.41 | 0.11 | 0.52 | (0.40)<br>| 10.59 | 5.09 | 241196 | 0.48 | 0.48 | 0.45 | 3.96 | 31 |
| Year ended 02/28/25 | 10.41 | 0.39 | 0.06 | 0.45 | (0.39)<br>| 10.47 | 4.36 | 261227 | 0.52 | 0.52 | 0.45 | 3.75 | 24 |
| Year ended 02/29/24 | 10.24 | 0.37 | 0.18 | 0.55 | (0.38)<br>| 10.41 | 5.51 | 237232 | 0.54 | 0.54 | 0.46 | 3.60 | 23 |
| Year ended 02/28/23 | 11.11 | 0.35 | (0.92)<br>| (0.57)<br>| (0.30)<br>| 10.24 | (5.07)<br>| 481 | 0.51 | 0.51 | 0.44 | 3.18 | 37 |
| Year ended 02/28/22 | 11.40 | 0.29 | (0.29)<br>| 0.00 | (0.29)<br>| 11.11 | (0.01)<br>| 4187 | 0.47 | 0.47 | 0.42 | 2.53 | 11 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**28**

**Invesco Intermediate Term Municipal Income Fund**

------

**Notes to Financial Statements**

*February 28, 2026*

**NOTE 1—Significant Accounting Policies**

Invesco Intermediate Term Municipal Income Fund (the "Fund") is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to provide investors with a high level of current income exempt from federal income tax, consistent with preservation of capital.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following policy.

Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is not representative of market value in the Adviser's judgment ("unreliable"), the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under

**29**

**Invesco Intermediate Term Municipal Income Fund**

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which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes** – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt-interest dividends", as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.

**G.** **Interest, Facilities and Maintenance Fees** – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**K.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

**L.** **Other Risks** - The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Fund's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

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**Invesco Intermediate Term Municipal Income Fund**

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**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.425% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.333% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.310% |

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For the year ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.40%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended February 28, 2026, the Adviser waived advisory fees of $36,736.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A and Class C shares (collectively, the "Plans"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2026, IDI advised the Fund that IDI retained $35,459 in front-end sales commissions from the sale of Class A shares and $128,580 and $831 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

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**Invesco Intermediate Term Municipal Income Fund**

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The following is a summary of the tiered valuation input levels, as of February 28, 2026. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2176843521 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2176843521 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 30048331 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30048331 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 36000 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 30048331 | &nbsp;&nbsp;&nbsp;&nbsp; 2176843521 | &nbsp;&nbsp;&nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 2206927852 |
| **Other Investments - Assets** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13124 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13124 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $30048331 | &nbsp;&nbsp;&nbsp;&nbsp; $2176856645 | &nbsp;&nbsp;&nbsp;&nbsp; $36000 | &nbsp;&nbsp;&nbsp;&nbsp; $2206940976 |

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**NOTE 4—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended February 28, 2026, the Fund engaged in securities purchases of $46,102,364 and securities sales of $28,024,423, which resulted in net realized gains (losses) of $(669,701).

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $1,877.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Fund may have certain former Trustees who participated in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances and Borrowings**

The Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.5 billion, collectively by certain Invesco Funds, and which will expire on February 18, 2027. The revolving credit and security agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement. During the year ended February 28, 2026, the Fund did not borrow under this agreement.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

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| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** |
|  | **2026** | **2025** |
| Ordinary income\* | &nbsp;&nbsp; $472956 | &nbsp;&nbsp;&nbsp;&nbsp; $196485 |
| Ordinary income-tax-exempt | &nbsp;&nbsp; 76215778 | &nbsp;&nbsp;&nbsp;&nbsp; 70994879 |
| Total distributions | &nbsp;&nbsp; $76688734 | &nbsp;&nbsp;&nbsp;&nbsp; $71191364 |

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\* Includes short-term capital gain distributions, if any.

**32**

**Invesco Intermediate Term Municipal Income Fund**

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| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2026** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp; $4384976 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 41797546 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (70701)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (154680898)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 2313082811 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $2204513734 |

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The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, amortization and accretion on debt securities and defaulted bonds.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of February 28, 2026, as follows:

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| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $77965570 | &nbsp;&nbsp;&nbsp;&nbsp; $76715328 | &nbsp;&nbsp;&nbsp;&nbsp; $154680898 |

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\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2026 was $737,919,718 and $643,288,344, respectively. As of February 28, 2026, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $66724627 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (24927081)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $41797546 |

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Cost of investments for tax purposes is $2,165,143,430.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of market discounts, defaulted bonds and amortization and accretion on debt securities, on February 28, 2026, undistributed net investment income was decreased by $26,658 and undistributed net realized gain (loss) was increased by $26,658. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 24401171 | &nbsp;&nbsp;&nbsp; $252575945 | &nbsp;&nbsp;&nbsp; 30922544 | &nbsp;&nbsp;&nbsp; $322796522 |
| Class C | &nbsp;&nbsp;&nbsp; 497590 | &nbsp;&nbsp;&nbsp; 5142712 | &nbsp;&nbsp;&nbsp; 389128 | &nbsp;&nbsp;&nbsp; 4053031 |
| Class Y | &nbsp;&nbsp;&nbsp; 39499898 | &nbsp;&nbsp;&nbsp; 407333015 | &nbsp;&nbsp;&nbsp; 19733906 | &nbsp;&nbsp;&nbsp; 205598463 |
| Class R6 | &nbsp;&nbsp;&nbsp; 5950784 | &nbsp;&nbsp;&nbsp; 61508524 | &nbsp;&nbsp;&nbsp; 7646424 | &nbsp;&nbsp;&nbsp; 79661432 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3057135 | &nbsp;&nbsp;&nbsp; 31651147 | &nbsp;&nbsp;&nbsp; 3057105 | &nbsp;&nbsp;&nbsp; 31858731 |
| Class C | &nbsp;&nbsp;&nbsp; 57811 | &nbsp;&nbsp;&nbsp; 596584 | &nbsp;&nbsp;&nbsp; 86219 | &nbsp;&nbsp;&nbsp; 895841 |
| Class Y | &nbsp;&nbsp;&nbsp; 1224423 | &nbsp;&nbsp;&nbsp; 12683999 | &nbsp;&nbsp;&nbsp; 929372 | &nbsp;&nbsp;&nbsp; 9680768 |
| Class R6 | &nbsp;&nbsp;&nbsp; 717399 | &nbsp;&nbsp;&nbsp; 7419681 | &nbsp;&nbsp;&nbsp; 750173 | &nbsp;&nbsp;&nbsp; 7810289 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 648282 | &nbsp;&nbsp;&nbsp; 6703752 | &nbsp;&nbsp;&nbsp; 1053918 | &nbsp;&nbsp;&nbsp; 11004094 |
| Class C | &nbsp;&nbsp;&nbsp; (649879)<br>| &nbsp;&nbsp;&nbsp; (6703752)<br>| &nbsp;&nbsp;&nbsp; (1056742)<br>| &nbsp;&nbsp;&nbsp; (11004094)<br>|

---

**33**

**Invesco Intermediate Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **February 28, 2026**<sup>(a)</sup> | **Year ended**<br> **February 28, 2026**<sup>(a)</sup> | **Year ended**<br> **February 28, 2025** | **Year ended**<br> **February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (35796084)<br>| &nbsp;&nbsp;&nbsp; $(369400403)<br>| &nbsp;&nbsp;&nbsp; (36256460)<br>| &nbsp;&nbsp;&nbsp; $(378087231)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (765623)<br>| &nbsp;&nbsp;&nbsp; (7888600)<br>| &nbsp;&nbsp;&nbsp; (1169330)<br>| &nbsp;&nbsp;&nbsp; (12145112)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (20492398)<br>| &nbsp;&nbsp;&nbsp; (212020445)<br>| &nbsp;&nbsp;&nbsp; (13406591)<br>| &nbsp;&nbsp;&nbsp; (139603091)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (8844767)<br>| &nbsp;&nbsp;&nbsp; (90978124)<br>| &nbsp;&nbsp;&nbsp; (6226401)<br>| &nbsp;&nbsp;&nbsp; (64830491)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 9505742 | &nbsp;&nbsp;&nbsp; $98624035 | &nbsp;&nbsp;&nbsp; 6453265 | &nbsp;&nbsp;&nbsp; $67689152 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 70% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**34**

**Invesco Intermediate Term Municipal Income Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco Intermediate Term Municipal Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Intermediate Term Municipal Income Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the "Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2026

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**35**

**Invesco Intermediate Term Municipal Income Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |
| Tax-Exempt Interest Dividends\* | &nbsp;&nbsp; 99.38% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**36**

**Invesco Intermediate Term Municipal Income Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**37**

**Invesco Intermediate Term Municipal Income Fund**

------

![](img3d27a8c51.jpg)

SEC file number(s): 811-07890 and 033-66242

Invesco Distributors, Inc.

VK-ITMI-NCSR

------

![](img1f0d4c931.jpg)

------

**Annual Financial Statements and Other Information**

**February 28, 2026**

**Invesco Limited Term California Municipal Fund**

Nasdaq:

A: OLCAX ■ C: OLCCX ■ Y: OLCYX ■ R6: IORLX

------

---

| | |
|:---|:---|
| [2](#xx_c77cda8e-dd76-45f5-891d-5acbf9139431_SOI-Continued-747_1) | Schedule of Investments |
| [13](#xx_c77cda8e-dd76-45f5-891d-5acbf9139431_FS-Continued-747_1) | Financial Statements |
| [16](#xx_c77cda8e-dd76-45f5-891d-5acbf9139431_FS-Continued-747_4) | Financial Highlights |
| [17](#xx_c77cda8e-dd76-45f5-891d-5acbf9139431_NTF-Continued-747_1) | Notes to Financial Statements |
| [23](#xx_c77cda8e-dd76-45f5-891d-5acbf9139431_ARS-Continued-747_1) | Report of Independent Registered Public Accounting Firm |
| [24](#xx_c77cda8e-dd76-45f5-891d-5acbf9139431_TI-Continued-747_1) | Tax Information |
| [25](#xx_c77cda8e-dd76-45f5-891d-5acbf9139431_OIRSR-Continued-747_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*February 28, 2026* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–100.51%** | **Municipal Obligations–100.51%** | **Municipal Obligations–100.51%** | **Municipal Obligations–100.51%** | **Municipal Obligations–100.51%** | **Municipal Obligations–100.51%** |
| **California–99.10%** | **California–99.10%** | **California–99.10%** | **California–99.10%** |  |  |
| Adelanto (City of), CA Public Financing Authority; Series 1996 B, RB | 6.30% | 09/01/2028 |  | $700 | &nbsp;&nbsp; $711541 |
| Alameda (County of), CA Redevelopment Successor Agency (Eden Area Redevelopment); Series 2006 <br> A, RB (INS - NATL)<sup>(a)</sup> <br>| 4.38% | 08/01/2030 |  | 10 | &nbsp;&nbsp; 10014 |
| Anaheim (City of), CA Housing & Public Improvements Authority (Water System); Series 2024, RB, VRD <br> (LOC - Bank of America, N.A.)<sup>(b)(c)</sup> <br>| 0.63% | 10/01/2054 |  | 10000 | &nbsp;&nbsp; 10000000 |
| Blythe (City of), CA Financing Authority (City Hall & County Courthouse); Series 1997, RB (INS - <br> NATL)<sup>(a)</sup> <br>| 5.50% | 09/01/2027 |  | 25 | &nbsp;&nbsp; 25122 |
| Burbank-Glendale-Pasadena Airport Authority; Series 2024 B, RB<sup>(d)</sup> <br>| 5.25% | 07/01/2040 |  | 2250 | &nbsp;&nbsp; 2551568 |
| California (State of); |  |  |  |  |  |
| Series 1996, GO Bonds (INS - FGIC)<sup>(a)</sup> <br>| 5.38% | 06/01/2026 |  | 20 | &nbsp;&nbsp; 20168 |
| Series 1996, GO Bonds (INS - NATL)<sup>(a)</sup> <br>| 5.38% | 06/01/2026 |  | 5 | &nbsp;&nbsp; 5042 |
| Series 1997, GO Bonds (INS - NATL)<sup>(a)</sup> <br>| 5.63% | 10/01/2026 |  | 5 | &nbsp;&nbsp; 5014 |
| Series 1997, GO Bonds | 5.13% | 10/01/2027 |  | 10 | &nbsp;&nbsp; 10024 |
| Series 2000, GO Bonds | 5.63% | 05/01/2026 |  | 10 | &nbsp;&nbsp; 10044 |
| Series 2001, GO Bonds | 5.20% | 11/01/2031 |  | 5 | &nbsp;&nbsp; 5012 |
| Series 2002, GO Bonds (INS - SGI)<sup>(a)</sup> <br>| 5.00% | 10/01/2028 |  | 5 | &nbsp;&nbsp; 5012 |
| Series 2021, Ref. GO Bonds | 5.00% | 09/01/2041 |  | 7200 | &nbsp;&nbsp; 7954104 |
| Series 2023, GO Bonds | 5.00% | 10/01/2045 |  | 5000 | &nbsp;&nbsp; 5467587 |
| Series 2025, GO Bonds | 5.00% | 08/01/2045 |  | 3000 | &nbsp;&nbsp; 3358931 |
| Series 2025, GO Bonds | 5.00% | 11/01/2045 |  | 5000 | &nbsp;&nbsp; 5557289 |
| Series 2025, Ref. GO Bonds | 5.00% | 08/01/2045 |  | 9750 | &nbsp;&nbsp; 10916525 |
| California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds); |  |  |  |  |  |
| Series 2023, RB<sup>(e)</sup> <br>| 5.25% | 04/01/2030 |  | 1930 | &nbsp;&nbsp; 2082268 |
| Series 2024 F, RB<sup>(e)</sup> <br>| 5.00% | 11/01/2032 |  | 15000 | &nbsp;&nbsp; 16477227 |
| Series 2024, RB<sup>(e)</sup> <br>| 5.00% | 04/01/2032 |  | 5000 | &nbsp;&nbsp; 5454475 |
| Series 2024, RB<sup>(e)</sup> <br>| 5.00% | 08/01/2032 |  | 2500 | &nbsp;&nbsp; 2636732 |
| Series 2024, RB<sup>(e)</sup> <br>| 5.00% | 10/01/2032 |  | 10000 | &nbsp;&nbsp; 10825886 |
| Series 2025 E, RB<sup>(e)</sup> <br>| 5.00% | 05/01/2035 |  | 5000 | &nbsp;&nbsp; 5604740 |
| California (State of) Community Choice Financing Authority (Green Bonds); |  |  |  |  |  |
| Series 2023 C, RB<sup>(e)</sup> <br>| 5.25% | 10/01/2031 |  | 5000 | &nbsp;&nbsp; 5376123 |
| Series 2023 D, RB<sup>(e)</sup> <br>| 5.50% | 11/01/2028 |  | 5000 | &nbsp;&nbsp; 5328323 |
| Series 2025, RB<sup>(e)</sup> <br>| 5.00% | 07/01/2034 |  | 10000 | &nbsp;&nbsp; 10662683 |
| Series 2026, RB | 5.00% | 03/01/2036 |  | 10000 | &nbsp;&nbsp; 10908514 |
| California (State of) Community College Financing Authority (Grossmont-Cuyamaca Community College <br> District, Palomar Community College District & Shasta-Tehama-Trinity Joint Community College <br> District); Series 2001 A, RB (INS - NATL)<sup>(a)</sup> <br>| 5.63% | 04/01/2026 |  | 150 | &nbsp;&nbsp; 150348 |
| California (State of) Community College Financing Authority (NCCD - Orange Coast Properties LLC - <br> Orange Coast College); Series 2018, RB<br>| 5.00% | 05/01/2033 |  | 600 | &nbsp;&nbsp; 625504 |
| California (State of) County Tobacco Securitization Agency; Series 2007 A, RB | 5.00% | 06/01/2036 |  | 3780 | &nbsp;&nbsp; 3761743 |
| California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset <br> Securitization Corp.); Series 2002, RB<br>| 6.00% | 06/01/2042 |  | 4110 | &nbsp;&nbsp; 4141316 |
| California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding Corp.); <br> Series 2002, RB<br>| 6.00% | 06/01/2035 |  | 660 | &nbsp;&nbsp; 661209 |
| California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.); <br> Series 2020 A, Ref. RB<br>| 4.00% | 06/01/2049 |  | 5205 | &nbsp;&nbsp; 4641951 |
| California (State of) County Tobacco Securitization Agency (Sonoma County Securitization Corp.); <br> Series 2020, Ref. RB<br>| 5.00% | 06/01/2049 |  | 345 | &nbsp;&nbsp; 345551 |
| California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); <br> Series 2002 A, RB<br>| 5.88% | 06/01/2043 |  | 165 | &nbsp;&nbsp; 165206 |
| California (State of) Educational Facilities Authority (Art Center College of Design); Series 2018 A, Ref. <br> RB<br>| 5.00% | 12/01/2044 |  | 6000 | &nbsp;&nbsp; 6076388 |
| California (State of) Educational Facilities Authority (Loma Linda University); |  |  |  |  |  |
| Series 2017 A, Ref. RB | 5.00% | 04/01/2030 |  | 710 | &nbsp;&nbsp; 726573 |
| Series 2017 A, Ref. RB | 5.00% | 04/01/2047 |  | 1000 | &nbsp;&nbsp; 1005013 |
| California (State of) Enterprise Development Authority (Heights Christian Schools); Series 2023 A, <br> RB<sup>(f)</sup> <br>| 6.00% | 06/01/2043 |  | 4690 | &nbsp;&nbsp; 4730565 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco Limited Term California Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |  |  |
| California (State of) Enterprise Development Authority (Real Journey Academies Obligated Group); |  |  |  |  |  |
| Series 2024 A, RB<sup>(f)</sup> <br>| 5.00% | 06/01/2034 |  | $1000 | &nbsp;&nbsp; $1069001 |
| Series 2024 A, RB<sup>(f)</sup> <br>| 5.00% | 06/01/2044 |  | 2300 | &nbsp;&nbsp; 2345473 |
| California (State of) Enterprise Development Authority (Rocklin Academy (The)); |  |  |  |  |  |
| Series 2024, RB<sup>(f)</sup> <br>| 5.00% | 06/01/2034 |  | 500 | &nbsp;&nbsp; 534902 |
| Series 2024, RB<sup>(f)</sup> <br>| 5.00% | 06/01/2044 |  | 750 | &nbsp;&nbsp; 764468 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System); Series 2021 A, <br> Ref. RB<br>| 4.00% | 08/15/2040 |  | 1900 | &nbsp;&nbsp; 1958841 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center); Series 2015, <br> Ref. RB<br>| 5.00% | 11/15/2032 |  | 1750 | &nbsp;&nbsp; 1758421 |
| California (State of) Health Facilities Financing Authority (Children's Hospital Los Angeles); <br> Series 2017 A, Ref. RB<br>| 5.00% | 08/15/2047 |  | 4960 | &nbsp;&nbsp; 4930285 |
| California (State of) Health Facilities Financing Authority (CommonSpirit Health); |  |  |  |  |  |
| Series 2020 A, Ref. RB | 4.00% | 04/01/2040 |  | 2500 | &nbsp;&nbsp; 2545981 |
| Series 2020, Ref. RB<sup>(e)(g)</sup> <br>| 4.00% | 04/01/2030 |  | 35 | &nbsp;&nbsp; 37873 |
| California (State of) Health Facilities Financing Authority (On Lok Senior Health Services) (Social <br> Bonds); Series 2020, Ref. RB<br>| 5.00% | 08/01/2040 |  | 700 | &nbsp;&nbsp; 739392 |
| California (State of) Health Facilities Financing Authority (Providence Health & Services); |  |  |  |  |  |
| Series 2014 A, RB | 5.00% | 10/01/2029 |  | 500 | &nbsp;&nbsp; 501069 |
| Series 2014 A, RB | 5.00% | 10/01/2030 |  | 700 | &nbsp;&nbsp; 701478 |
| Series 2014 A, RB | 5.00% | 10/01/2038 |  | 3420 | &nbsp;&nbsp; 3424913 |
| Series 2014 B, RB | 5.00% | 10/01/2044 |  | 5000 | &nbsp;&nbsp; 5003933 |
| California (State of) Health Facilities Financing Authority (Sutter Health); |  |  |  |  |  |
| Series 2016 B, Ref. RB | 5.00% | 11/15/2046 |  | 8000 | &nbsp;&nbsp; 8076086 |
| Series 2017 A, Ref. RB | 5.00% | 11/15/2035 |  | 1500 | &nbsp;&nbsp; 1561839 |
| California (State of) Housing Finance Agency; Series 2019 A-2, RB | 4.00% | 03/20/2033 |  | 7613 | &nbsp;&nbsp; 7930517 |
| California (State of) Housing Finance Agency (Social Certificates); Series 2021-1A, Revenue Ctfs. | 3.50% | 11/20/2035 |  | 5196 | &nbsp;&nbsp; 5319090 |
| California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail) <br> (Green Bonds); Series 2025 B, Ref. RB<sup>(d)(e)(f)</sup> <br>| 12.00% | 11/02/2026 |  | 1445 | &nbsp;&nbsp; 780300 |
| California (State of) Infrastructure & Economic Development Bank (California Science Center Phase II); |  |  |  |  |  |
| Series 2016 A, Ref. RB | 5.00% | 05/01/2027 |  | 1505 | &nbsp;&nbsp; 1530762 |
| Series 2016 A, Ref. RB | 5.00% | 05/01/2029 |  | 910 | &nbsp;&nbsp; 927005 |
| Series 2016 A, Ref. RB | 5.00% | 05/01/2030 |  | 740 | &nbsp;&nbsp; 753936 |
| Series 2016 A, Ref. RB | 5.00% | 05/01/2031 |  | 910 | &nbsp;&nbsp; 927088 |
| California (State of) Infrastructure & Economic Development Bank (Segerstrom Center for the Arts); <br> Series 2016, Ref. RB<br>| 5.00% | 07/01/2026 |  | 5000 | &nbsp;&nbsp; 5041252 |
| California (State of) Infrastructure & Economic Development Bank(Brightline West Passenger Rail); <br> Series 2025, RB<sup>(d)(e)(f)</sup> <br>| 3.50% | 11/02/2026 |  | 10000 | &nbsp;&nbsp; 10003450 |
| California (State of) Municipal Finance Authority; Series 2026 A-1, RB | 4.05% | 07/20/2041 |  | 10000 | &nbsp;&nbsp; 10123263 |
| California (State of) Municipal Finance Authority (American Heritage Education Foundation); <br> Series 2016 A, Ref. RB<br>| 5.00% | 06/01/2036 |  | 1000 | &nbsp;&nbsp; 1003062 |
| California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); Series 2018 A, <br> RB<sup>(f)</sup> <br>| 5.00% | 06/01/2048 |  | 1500 | &nbsp;&nbsp; 1461110 |
| California (State of) Municipal Finance Authority (Bold Program); |  |  |  |  |  |
| Series 2021 A, RB | 4.00% | 09/01/2051 |  | 1500 | &nbsp;&nbsp; 1338744 |
| Series 2021 B, RB | 4.00% | 09/01/2041 |  | 915 | &nbsp;&nbsp; 905238 |
| California (State of) Municipal Finance Authority (California Baptist University); |  |  |  |  |  |
| Series 2016 A, RB<sup>(f)</sup> <br>| 5.00% | 11/01/2046 |  | 5500 | &nbsp;&nbsp; 5474724 |
| Series 2025 A, Ref. RB<sup>(f)</sup> <br>| 5.00% | 11/01/2035 |  | 2165 | &nbsp;&nbsp; 2337266 |
| Series 2025 A, Ref. RB<sup>(f)</sup> <br>| 5.13% | 11/01/2040 |  | 2700 | &nbsp;&nbsp; 2884965 |
| California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing); |  |  |  |  |  |
| Series 2018, RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 05/15/2033 |  | 6385 | &nbsp;&nbsp; 6773881 |
| Series 2018, RB | 5.00% | 05/15/2037 |  | 2500 | &nbsp;&nbsp; 2604993 |
| California (State of) Municipal Finance Authority (CHF-Riverside I, LLC - UCR Dundee-Glasgow Student <br> Housing);<br>|  |  |  |  |  |
| Series 2018, RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 05/15/2032 |  | 2120 | &nbsp;&nbsp; 2255940 |
| Series 2018, RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 05/15/2033 |  | 2000 | &nbsp;&nbsp; 2122887 |
| Series 2018, RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 05/15/2034 |  | 1260 | &nbsp;&nbsp; 1335227 |
| Series 2018, RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 05/15/2036 |  | 1900 | &nbsp;&nbsp; 2001010 |
| California (State of) Municipal Finance Authority (CHF-Riverside II, LLC - UCR North District Phase I <br> Student Housing); Series 2019, RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 05/15/2049 |  | 2660 | &nbsp;&nbsp; 2711188 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco Limited Term California Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |  |  |
| California (State of) Municipal Finance Authority (Community Medical Centers); |  |  |  |  |  |
| Series 2017 A, Ref. RB | 5.00% | 02/01/2028 |  | $3000 | &nbsp;&nbsp; $3058864 |
| Series 2017 A, Ref. RB | 5.00% | 02/01/2029 |  | 3400 | &nbsp;&nbsp; 3464775 |
| Series 2017 A, Ref. RB | 5.00% | 02/01/2030 |  | 3500 | &nbsp;&nbsp; 3563499 |
| Series 2017 A, Ref. RB | 5.00% | 02/01/2031 |  | 2000 | &nbsp;&nbsp; 2035236 |
| Series 2017 A, Ref. RB | 5.00% | 02/01/2032 |  | 1500 | &nbsp;&nbsp; 1525767 |
| Series 2017 A, Ref. RB | 5.00% | 02/01/2034 |  | 3750 | &nbsp;&nbsp; 3809272 |
| Series 2017 A, Ref. RB | 5.00% | 02/01/2035 |  | 4000 | &nbsp;&nbsp; 4060367 |
| Series 2017 A, Ref. RB | 5.00% | 02/01/2036 |  | 2000 | &nbsp;&nbsp; 2028472 |
| Series 2017 A, Ref. RB | 5.00% | 02/01/2047 |  | 4180 | &nbsp;&nbsp; 4196150 |
| California (State of) Municipal Finance Authority (Eisenhower Medical Centers); Series 2017 A, Ref. RB | 5.00% | 07/01/2030 |  | 2155 | &nbsp;&nbsp; 2210380 |
| California (State of) Municipal Finance Authority (Eskaton Properties, Inc.); |  |  |  |  |  |
| Series 2024, Ref. RB | 5.00% | 11/15/2036 |  | 1410 | &nbsp;&nbsp; 1564193 |
| Series 2024, Ref. RB | 5.00% | 11/15/2037 |  | 10 | &nbsp;&nbsp; 11025 |
| Series 2024, Ref. RB | 5.00% | 11/15/2040 |  | 2790 | &nbsp;&nbsp; 3030760 |
| California (State of) Municipal Finance Authority (Humangood - California Obligated Group); <br> Series 2019 A, Ref. RB<br>| 5.00% | 10/01/2044 |  | 5000 | &nbsp;&nbsp; 5021120 |
| California (State of) Municipal Finance Authority (Linxs APM); |  |  |  |  |  |
| Series 2018 A, RB<sup>(d)</sup> <br>| 5.00% | 12/31/2033 |  | 8385 | &nbsp;&nbsp; 8722025 |
| Series 2018 A, RB<sup>(d)</sup> <br>| 5.00% | 12/31/2034 |  | 6500 | &nbsp;&nbsp; 6748324 |
| Series 2018 A, RB<sup>(d)</sup> <br>| 5.00% | 12/31/2043 |  | 5000 | &nbsp;&nbsp; 5084238 |
| Series 2018, RB<sup>(d)</sup> <br>| 5.00% | 12/31/2035 |  | 2700 | &nbsp;&nbsp; 2796242 |
| California (State of) Municipal Finance Authority (Mt. San Antonio Gardens); Series 2019, Ref. RB | 5.00% | 11/15/2049 |  | 1825 | &nbsp;&nbsp; 1828376 |
| California (State of) Municipal Finance Authority (NCROC-Paradise Valley Estates); Series 2019, RB <br> (INS - Cal-Mortgage)<sup>(a)</sup> <br>| 5.00% | 01/01/2049 |  | 3000 | &nbsp;&nbsp; 3080000 |
| California (State of) Municipal Finance Authority (NorthBay Healthcare Group); |  |  |  |  |  |
| Series 2015, RB | 5.00% | 11/01/2030 |  | 440 | &nbsp;&nbsp; 440295 |
| Series 2015, RB | 5.00% | 11/01/2035 |  | 1100 | &nbsp;&nbsp; 1100520 |
| Series 2017 A, RB | 5.00% | 11/01/2028 |  | 1000 | &nbsp;&nbsp; 1009484 |
| Series 2017 A, RB | 5.25% | 11/01/2029 |  | 750 | &nbsp;&nbsp; 758297 |
| California (State of) Municipal Finance Authority (Palmdale Aerospace Academy (The)); Series 2018, <br> RB<sup>(f)</sup> <br>| 5.00% | 07/01/2038 |  | 600 | &nbsp;&nbsp; 607571 |
| California (State of) Municipal Finance Authority (St. Mary's School - Aliso Viejo); Series 2024, RB | 4.65% | 05/01/2030 |  | 400 | &nbsp;&nbsp; 414847 |
| California (State of) Municipal Finance Authority (Turning Point Schools); Series 2024, Ref. RB<sup>(f)</sup> <br>| 5.00% | 06/01/2034 |  | 500 | &nbsp;&nbsp; 522239 |
| California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, RB<sup>(d)</sup> <br>| 4.00% | 07/15/2029 |  | 15430 | &nbsp;&nbsp; 15735560 |
| California (State of) Municipal Finance Authority (University of La Verne); Series 2017 A, Ref. RB | 5.00% | 06/01/2043 |  | 3150 | &nbsp;&nbsp; 3178591 |
| California (State of) Pollution Control Financing Authority (Air Products & Chemicals, Inc.); <br> Series 1997, VRD RB<sup>(b)</sup> <br>| 0.68% | 03/01/2042 |  | 5000 | &nbsp;&nbsp; 5000000 |
| California (State of) Pollution Control Financing Authority (CalPlant I) (Green Bonds); |  |  |  |  |  |
| Series 2017, RB (Acquired 11/09/2018-02/12/2019; Cost $4,096,042)<sup>(d)(f)(h)(i)</sup> <br>| 7.50% | 07/01/2032 |  | 4000 | &nbsp;&nbsp; 45000 |
| Series 2020, RB (Acquired 10/06/2020; Cost $601,778)<sup>(d)(f)(h)(i)</sup> <br>| 7.50% | 07/01/2032 |  | 630 | &nbsp;&nbsp; 7088 |
| California (State of) Pollution Control Financing Authority (Plant Bonds); |  |  |  |  |  |
| Series 2012, RB<sup>(d)(f)</sup> <br>| 5.00% | 07/01/2030 |  | 5000 | &nbsp;&nbsp; 5029290 |
| Series 2012, RB<sup>(d)(f)</sup> <br>| 5.00% | 07/01/2037 |  | 1000 | &nbsp;&nbsp; 1003823 |
| Series 2012, RB<sup>(d)(f)</sup> <br>| 5.00% | 11/21/2045 |  | 10000 | &nbsp;&nbsp; 10012954 |
| California (State of) Pollution Control Financing Authority (Poseidon Resources L.P.); |  |  |  |  |  |
| Series 2023, RB<sup>(d)(f)</sup> <br>| 5.00% | 07/01/2036 |  | 1000 | &nbsp;&nbsp; 1107991 |
| Series 2023, RB<sup>(d)(f)</sup> <br>| 5.00% | 07/01/2037 |  | 2500 | &nbsp;&nbsp; 2756316 |
| Series 2023, RB<sup>(d)(f)</sup> <br>| 5.00% | 07/01/2038 |  | 2500 | &nbsp;&nbsp; 2736870 |
| California (State of) Pollution Control Financing Authority (San Diego County Water Authority); <br> Series 2019, Ref. RB<sup>(f)</sup> <br>| 5.00% | 07/01/2039 |  | 1500 | &nbsp;&nbsp; 1555381 |
| California (State of) Pollution Control Financing Authority (Southern California Water Co.); Series 1996 <br> A, RB (INS - NATL)<sup>(a)(d)</sup> <br>| 5.50% | 12/01/2026 |  | 1030 | &nbsp;&nbsp; 1050821 |
| California (State of) Pollution Control Financing Authority (Waste Management, Inc.); Series 2002 C, <br> RB<sup>(d)</sup> <br>| 4.25% | 12/01/2027 |  | 3000 | &nbsp;&nbsp; 3064470 |
| California (State of) Public Finance Authority (California Crosspoint Academy); Series 2020 A, RB<sup>(f)</sup> <br>| 4.25% | 07/01/2030 |  | 1155 | &nbsp;&nbsp; 1151679 |
| California (State of) Public Finance Authority (California University of Science and Medicine); <br> Series 2019 A, RB<sup>(f)</sup> <br>| 6.25% | 07/01/2054 |  | 7900 | &nbsp;&nbsp; 8167669 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco Limited Term California Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |  |  |
| California (State of) Public Finance Authority (Enso Village) (Green Bonds); |  |  |  |  |  |
| Series 2021, RB<sup>(f)</sup> <br>| 5.00% | 11/15/2036 |  | $500 | &nbsp;&nbsp; $515776 |
| Series 2021, RB<sup>(f)</sup> <br>| 5.00% | 11/15/2051 |  | 1400 | &nbsp;&nbsp; 1278839 |
| California (State of) Public Finance Authority (Excelsior Charter Schools); Series 2020 A, RB<sup>(f)</sup> <br>| 5.00% | 06/15/2040 |  | 1060 | &nbsp;&nbsp; 1063883 |
| California (State of) Public Finance Authority (Trinity Classical Academy); Series 2019 A, RB<sup>(f)</sup> <br>| 5.00% | 07/01/2036 |  | 600 | &nbsp;&nbsp; 604219 |
| California (State of) Public Works Board (California Community Colleges); |  |  |  |  |  |
| Series 2004 B, RB | 5.13% | 06/01/2029 |  | 45 | &nbsp;&nbsp; 45177 |
| Series 2007 B, RB (INS - NATL)<sup>(a)</sup> <br>| 4.25% | 03/01/2026 |  | 5 | &nbsp;&nbsp; 5000 |
| Series 2007 B, RB (INS - NATL)<sup>(a)</sup> <br>| 5.00% | 03/01/2027 |  | 25 | &nbsp;&nbsp; 25060 |
| California (State of) Public Works Board (Various Capital); Series 2024, Ref. RB | 5.00% | 09/01/2038 |  | 1500 | &nbsp;&nbsp; 1767417 |
| California (State of) School Finance Authority; Series 2024 A, RB<sup>(f)</sup> <br>| 5.50% | 06/01/2043 |  | 2165 | &nbsp;&nbsp; 2204840 |
| California (State of) School Finance Authority (Aspire Public Schools Obligated Group); Series 2020 A, <br> RB<sup>(f)</sup> <br>| 5.00% | 08/01/2040 |  | 3000 | &nbsp;&nbsp; 3046961 |
| California (State of) School Finance Authority (Classical Academies Oceanside); |  |  |  |  |  |
| Series 2017 A, Ref. RB<sup>(f)</sup> <br>| 4.00% | 10/01/2027 |  | 800 | &nbsp;&nbsp; 806116 |
| Series 2017, Ref. RB<sup>(f)</sup> <br>| 5.00% | 10/01/2037 |  | 1485 | &nbsp;&nbsp; 1509734 |
| Series 2020 A, RB<sup>(f)</sup> <br>| 5.00% | 10/01/2050 |  | 2000 | &nbsp;&nbsp; 1962276 |
| California (State of) School Finance Authority (Escuela Popular); |  |  |  |  |  |
| Series 2017, RB<sup>(f)(g)</sup> <br>| 5.50% | 07/01/2027 |  | 220 | &nbsp;&nbsp; 223523 |
| Series 2017, RB<sup>(f)</sup> <br>| 5.50% | 07/01/2027 |  | 150 | &nbsp;&nbsp; 151528 |
| Series 2017, RB<sup>(f)</sup> <br>| 6.25% | 07/01/2037 |  | 1295 | &nbsp;&nbsp; 1318369 |
| California (State of) School Finance Authority (Granada Hills Charter Obligated Group); |  |  |  |  |  |
| Series 2019, RB<sup>(f)</sup> <br>| 5.00% | 07/01/2043 |  | 2000 | &nbsp;&nbsp; 2001761 |
| Series 2024, RB<sup>(f)</sup> <br>| 5.00% | 07/01/2031 |  | 295 | &nbsp;&nbsp; 322485 |
| Series 2024, RB<sup>(f)</sup> <br>| 5.00% | 07/01/2032 |  | 310 | &nbsp;&nbsp; 337777 |
| Series 2024, RB<sup>(f)</sup> <br>| 5.00% | 07/01/2033 |  | 325 | &nbsp;&nbsp; 352494 |
| California (State of) School Finance Authority (HTH Learning); Series 2017 A, Ref. RB<sup>(f)</sup> <br>| 5.00% | 07/01/2032 |  | 1705 | &nbsp;&nbsp; 1732703 |
| California (State of) School Finance Authority (KIPP LA); |  |  |  |  |  |
| Series 2015 A, RB<sup>(f)</sup> <br>| 5.00% | 07/01/2035 |  | 500 | &nbsp;&nbsp; 500504 |
| Series 2019 A, RB<sup>(f)</sup> <br>| 5.00% | 07/01/2054 |  | 3150 | &nbsp;&nbsp; 3123910 |
| California (State of) School Finance Authority (KIPP SoCal Public Schools); Series 2019 A, RB<sup>(f)</sup> <br>| 5.00% | 07/01/2039 |  | 1325 | &nbsp;&nbsp; 1373784 |
| California (State of) School Finance Authority (Magnolia Public Schools); Series 2025, RN<sup>(f)</sup> <br>| 4.40% | 12/01/2026 |  | 2500 | &nbsp;&nbsp; 2513531 |
| California (State of) School Finance Authority (TEACH Public Schools); Series 2019 A, RB<sup>(f)</sup> <br>| 5.00% | 06/01/2039 |  | 740 | &nbsp;&nbsp; 741121 |
| California (State of) Statewide Communities Development Authority; Series 2020 B, RB | 4.00% | 09/02/2026 |  | 115 | &nbsp;&nbsp; 115423 |
| California (State of) Statewide Communities Development Authority (Community Facilities District); <br> Series 2024, RB<br>| 5.00% | 09/01/2044 |  | 400 | &nbsp;&nbsp; 418321 |
| California (State of) Statewide Communities Development Authority (Emanate Health); Series 2020 A, <br> RB<br>| 4.00% | 04/01/2039 |  | 5420 | &nbsp;&nbsp; 5540927 |
| California (State of) Statewide Communities Development Authority (Front Porch Communities & <br> Services);<br>|  |  |  |  |  |
| Series 2017 A, Ref. RB | 5.00% | 04/01/2031 |  | 175 | &nbsp;&nbsp; 178806 |
| Series 2017 A, Ref. RB | 5.00% | 04/01/2047 |  | 3390 | &nbsp;&nbsp; 3400608 |
| California (State of) Statewide Communities Development Authority (Heritage Park at Cathedral City <br> Apartments); Series 2002 NN-1, RB (INS - AMBAC)<sup>(a)(d)</sup> <br>| 5.20% | 06/01/2036 |  | 670 | &nbsp;&nbsp; 671069 |
| California (State of) Statewide Communities Development Authority (John Muir Health); |  |  |  |  |  |
| Series 2016 A, Ref. RB | 5.00% | 08/15/2051 |  | 3000 | &nbsp;&nbsp; 3007667 |
| Series 2018 A, Ref. RB | 5.00% | 12/01/2053 |  | 2000 | &nbsp;&nbsp; 2010831 |
| Series 2018 A, Ref. RB | 5.00% | 12/01/2057 |  | 4635 | &nbsp;&nbsp; 4653832 |
| Series 2024 A, Ref. RB | 5.00% | 12/01/2039 |  | 2345 | &nbsp;&nbsp; 2696375 |
| Series 2024 A, Ref. RB | 5.25% | 12/01/2042 |  | 3650 | &nbsp;&nbsp; 4169134 |
| California (State of) Statewide Communities Development Authority (Lancer Educational Student <br> Housing); Series 2016, Ref. RB<sup>(f)</sup> <br>| 5.00% | 06/01/2036 |  | 5000 | &nbsp;&nbsp; 5011301 |
| California (State of) Statewide Communities Development Authority (Loma Linda University Medical <br> Center); Series 2014, RB<br>| 5.25% | 12/01/2034 |  | 3000 | &nbsp;&nbsp; 3003936 |
| California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC-<br> California College of the Arts); Series 2019, RB<sup>(f)</sup> <br>| 5.00% | 07/01/2029 |  | 1495 | &nbsp;&nbsp; 1533378 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco Limited Term California Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |  |  |
| California (State of) Statewide Communities Development Authority (Statewide Community <br> Infrastructure Program);<br>|  |  |  |  |  |
| Series 2015, Ref. RB | 5.00% | 09/02/2035 |  | $3515 | &nbsp;&nbsp; $3519685 |
| Series 2021 C-1, RB | 2.25% | 09/02/2026 |  | 460 | &nbsp;&nbsp; 454908 |
| Series 2021 C-1, RB | 4.00% | 09/02/2051 |  | 2505 | &nbsp;&nbsp; 2146142 |
| California (State of) Statewide Communities Development Authority (University of California - Irvine <br> East Campus Apartments - CHF-Irvine, LLC);<br>|  |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 05/15/2030 |  | 1500 | &nbsp;&nbsp; 1506849 |
| Series 2016, Ref. RB | 5.00% | 05/15/2040 |  | 1200 | &nbsp;&nbsp; 1203020 |
| California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program); |  |  |  |  |  |
| Series 2002 A, RB | 6.00% | 05/01/2037 |  | 1300 | &nbsp;&nbsp; 1327490 |
| Series 2002 B, RB | 6.00% | 05/01/2043 |  | 750 | &nbsp;&nbsp; 751763 |
| Series 2002, RB | 6.00% | 05/01/2043 |  | 750 | &nbsp;&nbsp; 765847 |
| Cathedral (City of), CA Redevelopment Agency Successor Agency (Merged Redevelopment); <br> Series 2021 A, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 4.00% | 08/01/2035 |  | 200 | &nbsp;&nbsp; 212502 |
| Central Valley Energy Authority; |  |  |  |  |  |
| Series 2025, RB<sup>(e)</sup> <br>| 5.00% | 08/01/2035 |  | 5000 | &nbsp;&nbsp; 5553579 |
| Series 2026, RB | 5.00% | 08/01/2034 |  | 4000 | &nbsp;&nbsp; 4401571 |
| Chula Vista (City of), CA Municipal Financing Authority; Series 2015 B, Ref. RB | 5.00% | 09/01/2026 |  | 1500 | &nbsp;&nbsp; 1505805 |
| Colton (City of), CA Public Financing Authority; Series 2007 A, RB (INS - AMBAC)<sup>(a)</sup> <br>| 4.70% | 04/01/2032 |  | 15 | &nbsp;&nbsp; 15020 |
| Dixon (City of), CA Improvement Area No. 1 (Community Facilities District No. 2013-1); Series 2019, <br> RB<br>| 5.00% | 09/01/2044 |  | 2645 | &nbsp;&nbsp; 2708021 |
| Downey (City of), CA Community Development Commission (Downey Redevelopment); Series 1997, <br> Ref. RB (INS - NATL)<sup>(a)</sup> <br>| 5.13% | 08/01/2028 |  | 20 | &nbsp;&nbsp; 20180 |
| El Dorado (County of), CA (Community Facilities District No. 1992-1 - El Dorado Hills Development); |  |  |  |  |  |
| Series 2012, Ref. RB | 5.00% | 09/01/2026 |  | 620 | &nbsp;&nbsp; 621088 |
| Series 2012, Ref. RB | 5.00% | 09/01/2027 |  | 790 | &nbsp;&nbsp; 791658 |
| Fontana (City of), CA (Community Facilities District No. 80); |  |  |  |  |  |
| Series 2017, RB | 5.00% | 09/01/2026 |  | 290 | &nbsp;&nbsp; 293656 |
| Series 2017, RB | 5.00% | 09/01/2029 |  | 175 | &nbsp;&nbsp; 180608 |
| Fontana (City of), CA (The Gardens Phase One); |  |  |  |  |  |
| Series 2024, RB | 5.00% | 09/01/2039 |  | 1000 | &nbsp;&nbsp; 1082076 |
| Series 2024, RB | 5.00% | 09/01/2044 |  | 2210 | &nbsp;&nbsp; 2306437 |
| Fresno (City of), CA; Series 2023 A, Ref. RB (INS - BAM)<sup>(a)(d)</sup> <br>| 5.00% | 07/01/2053 |  | 6570 | &nbsp;&nbsp; 6702202 |
| Fresno (City of), CA Joint Powers Financing Authority (Master Lease); Series 2017 A, Ref. RB (INS - <br> AGI)<sup>(a)</sup> <br>| 5.00% | 04/01/2032 |  | 500 | &nbsp;&nbsp; 515023 |
| Golden State Tobacco Securitization Corp.; Series 2017 A-1, Ref. RB<sup>(g)</sup> <br>| 5.00% | 06/01/2027 |  | 1850 | &nbsp;&nbsp; 1922392 |
| Hemet Unified School District; |  |  |  |  |  |
| Series 2021, Ref. RB | 4.00% | 09/01/2026 |  | 225 | &nbsp;&nbsp; 226265 |
| Series 2021, Ref. RB | 4.00% | 09/01/2028 |  | 255 | &nbsp;&nbsp; 262422 |
| Series 2021, Ref. RB | 4.00% | 09/01/2032 |  | 335 | &nbsp;&nbsp; 350423 |
| Series 2021, Ref. RB | 4.00% | 09/01/2035 |  | 400 | &nbsp;&nbsp; 412073 |
| Series 2021, Ref. RB | 4.00% | 09/01/2036 |  | 200 | &nbsp;&nbsp; 204816 |
| Hollister (City of), CA Redevelopment Agency Successor Agency (Hollister Community Development); |  |  |  |  |  |
| Series 2014, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 10/01/2031 |  | 1675 | &nbsp;&nbsp; 1688411 |
| Series 2014, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 10/01/2032 |  | 1305 | &nbsp;&nbsp; 1315387 |
| Huntington Beach (City of), CA (Community Facilities District No. 2002-1 - Improvement Area A - <br> McDonnell Centre Business Park); Series 2002 A, RB<br>| 6.25% | 09/01/2027 |  | 10 | &nbsp;&nbsp; 10155 |
| Huntington Beach (City of), CA (Community Facilities District No. 2003-1 - Huntington Center); |  |  |  |  |  |
| Series 2013, Ref. RB | 5.25% | 09/01/2026 |  | 1115 | &nbsp;&nbsp; 1117152 |
| Series 2013, Ref. RB | 5.38% | 09/01/2033 |  | 1200 | &nbsp;&nbsp; 1201949 |
| Imperial (City of), CA Public Financing Authority (Water Facility); Series 2012, RB | 5.00% | 10/15/2026 |  | 735 | &nbsp;&nbsp; 736077 |
| Imperial Irrigation District; |  |  |  |  |  |
| Series 2016 B-2, Ref. RB | 5.00% | 11/01/2041 |  | 5455 | &nbsp;&nbsp; 5520134 |
| Series 2017, Ref. RB | 4.00% | 11/01/2037 |  | 6070 | &nbsp;&nbsp; 6150804 |
| Independent Cities Finance Authority; Series 2014 A, Ref. RB | 5.25% | 05/15/2049 |  | 100 | &nbsp;&nbsp; 100050 |
| Inland Valley Development Agency; Series 2014 A, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 09/01/2044 |  | 5000 | &nbsp;&nbsp; 5046445 |
| Irvine Ranch Water District; Series 2009 A, VRD RB (LOC - Bank of America, N.A.)<sup>(b)(c)</sup> <br>| 0.65% | 10/01/2041 |  | 10000 | &nbsp;&nbsp; 10000000 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco Limited Term California Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |  |  |
| Jurupa Community Services District; |  |  |  |  |  |
| Series 2021 A, RB | 4.00% | 09/01/2031 |  | $100 | &nbsp;&nbsp; $103888 |
| Series 2021 A, RB | 4.00% | 09/01/2033 |  | 100 | &nbsp;&nbsp; 103160 |
| Series 2021 A, RB | 4.00% | 09/01/2034 |  | 165 | &nbsp;&nbsp; 170071 |
| Series 2021 A, RB | 4.00% | 09/01/2036 |  | 180 | &nbsp;&nbsp; 184209 |
| Series 2021 A, RB | 4.00% | 09/01/2039 |  | 135 | &nbsp;&nbsp; 136241 |
| Series 2021 A, RB | 4.00% | 09/01/2040 |  | 140 | &nbsp;&nbsp; 140583 |
| Lake Elsinore (City of), CA (Nichols Ranch); Series 2024, RB | 5.00% | 09/01/2039 |  | 500 | &nbsp;&nbsp; 538440 |
| Long Beach (City of), CA; Series 2017 A, RB<sup>(d)</sup> <br>| 5.00% | 05/15/2040 |  | 16080 | &nbsp;&nbsp; 16428254 |
| Long Beach (City of), CA (Community Facilities District No. 6); Series 2002, RB | 6.25% | 10/01/2026 |  | 10 | &nbsp;&nbsp; 10027 |
| Long Beach (City of), CA Bond Finance Authority; Series 2007 A, RB | 5.50% | 11/15/2037 |  | 100 | &nbsp;&nbsp; 122028 |
| Long Beach Unified School District (Election of 2008); Series 2009, GO Bonds | 5.75% | 08/01/2033 |  | 30 | &nbsp;&nbsp; 30197 |
| Los Angeles (City of), CA Department of Airports; |  |  |  |  |  |
| Series 2017 A, RB<sup>(d)</sup> <br>| 5.00% | 05/15/2047 |  | 2000 | &nbsp;&nbsp; 2014809 |
| Series 2017, Sub. RB<sup>(d)</sup> <br>| 5.00% | 05/15/2041 |  | 16580 | &nbsp;&nbsp; 16627535 |
| Series 2018 C, RB<sup>(d)</sup> <br>| 5.00% | 05/15/2038 |  | 1770 | &nbsp;&nbsp; 1823611 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); |  |  |  |  |  |
| Series 2018, Ref. RB<sup>(d)</sup> <br>| 5.00% | 05/15/2048 |  | 1625 | &nbsp;&nbsp; 1652451 |
| Series 2020 C, RB<sup>(d)</sup> <br>| 5.00% | 05/15/2045 |  | 5000 | &nbsp;&nbsp; 5189990 |
| Los Angeles (City of), CA Department of Water & Power; |  |  |  |  |  |
| Series 2017 A, RB | 5.00% | 07/01/2042 |  | 4000 | &nbsp;&nbsp; 4050142 |
| Series 2017 C, RB | 5.00% | 07/01/2042 |  | 5525 | &nbsp;&nbsp; 5635168 |
| Series 2017 C, RB | 5.00% | 07/01/2047 |  | 8000 | &nbsp;&nbsp; 8089189 |
| Los Angeles Unified School District (Election of 2004); Series 2025 A-1, GO Bonds | 5.00% | 07/01/2043 |  | 5000 | &nbsp;&nbsp; 5738336 |
| Madera (County of), CA (Valley Children's Hospital); Series 1995, COP (INS - NATL)<sup>(a)</sup> <br>| 5.75% | 03/15/2028 |  | 200 | &nbsp;&nbsp; 206651 |
| Manteca (City of), CA (Community Facilities District No. 2023-1); Series 2024, RB | 5.00% | 09/01/2038 |  | 610 | &nbsp;&nbsp; 663962 |
| Manteca Unified School District (Community Facilities District No. 1989-2); Series 2013 F, RB (INS - <br> AGI)<sup>(a)</sup> <br>| 5.00% | 09/01/2027 |  | 1285 | &nbsp;&nbsp; 1287636 |
| Marina (City of), CA Redevelopment Agency Successor Agency; |  |  |  |  |  |
| Series 2018 A, RB | 5.00% | 09/01/2033 |  | 340 | &nbsp;&nbsp; 350532 |
| Series 2018 B, RB | 5.00% | 09/01/2033 |  | 250 | &nbsp;&nbsp; 257744 |
| Mountain House Public Financing Authority (Green Bonds); |  |  |  |  |  |
| Series 2020 A, RB (INS - BAM)<sup>(a)</sup> <br>| 4.00% | 12/01/2036 |  | 310 | &nbsp;&nbsp; 324891 |
| Series 2020 A, RB (INS - BAM)<sup>(a)</sup> <br>| 4.00% | 12/01/2037 |  | 495 | &nbsp;&nbsp; 515739 |
| Series 2020 A, RB (INS - BAM)<sup>(a)</sup> <br>| 4.00% | 12/01/2039 |  | 470 | &nbsp;&nbsp; 486244 |
| Series 2020 A, RB (INS - BAM)<sup>(a)</sup> <br>| 4.00% | 12/01/2040 |  | 600 | &nbsp;&nbsp; 617523 |
| Mountain View (City of), CA; Series 2004 A, RB (INS - NATL)<sup>(a)</sup> <br>| 4.50% | 06/01/2026 |  | 10 | &nbsp;&nbsp; 10017 |
| Napa Valley Unified School District; Series 2016 C, Ref. GO Bonds | 5.00% | 08/01/2041 |  | 300 | &nbsp;&nbsp; 302808 |
| Natomas Unified School District; Series 2020 A, GO Bonds (INS - AGI)<sup>(a)</sup> <br>| 4.00% | 08/01/2045 |  | 4000 | &nbsp;&nbsp; 3996108 |
| Northern California Tobacco Securitization Authority; Series 2021 B-1, Ref. RB | 4.00% | 06/01/2049 |  | 655 | &nbsp;&nbsp; 646058 |
| Oceanside (City of), CA (Community Facilities District No. 200-1 - Ocean Ranch Corporate Centre); |  |  |  |  |  |
| Series 2013 A, Ref. RB | 5.00% | 09/01/2026 |  | 660 | &nbsp;&nbsp; 661205 |
| Series 2013 A, Ref. RB | 5.00% | 09/01/2027 |  | 720 | &nbsp;&nbsp; 721305 |
| Series 2013 A, Ref. RB | 5.00% | 09/01/2028 |  | 780 | &nbsp;&nbsp; 781367 |
| Ontario (City of), CA (Countryside Phase 2 South-Facilities); |  |  |  |  |  |
| Series 2024, RB | 5.00% | 09/01/2031 |  | 230 | &nbsp;&nbsp; 251107 |
| Series 2024, RB | 5.00% | 09/01/2032 |  | 240 | &nbsp;&nbsp; 263933 |
| Series 2024, RB | 5.00% | 09/01/2033 |  | 250 | &nbsp;&nbsp; 277349 |
| Series 2024, RB | 5.00% | 09/01/2034 |  | 265 | &nbsp;&nbsp; 292140 |
| Series 2024, RB | 5.00% | 09/01/2039 |  | 525 | &nbsp;&nbsp; 566179 |
| Ontario Public Financing Authority; |  |  |  |  |  |
| Series 2026 B, RB | 5.00% | 10/01/2042 |  | 810 | &nbsp;&nbsp; 946300 |
| Series 2026 B, RB | 5.00% | 10/01/2043 |  | 750 | &nbsp;&nbsp; 863815 |
| Orange (County of), CA Community Facilities District No. 2016-1 (Esencia Village); Series 2016 A, RB | 5.00% | 08/15/2046 |  | 1000 | &nbsp;&nbsp; 1002655 |
| Orange (County of), CA Community Facilities District No. 2016-1 (Village of Esencia); Series 2016 A, <br> RB<br>| 5.00% | 08/15/2031 |  | 1350 | &nbsp;&nbsp; 1363448 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco Limited Term California Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |  |  |
| Palm Desert (City of), CA; |  |  |  |  |  |
| Series 2021 A, Ref. RB | 4.00% | 09/01/2026 |  | $300 | &nbsp;&nbsp; $301612 |
| Series 2021 A, Ref. RB | 4.00% | 09/01/2027 |  | 315 | &nbsp;&nbsp; 319997 |
| Series 2021 A, Ref. RB | 4.00% | 09/01/2030 |  | 250 | &nbsp;&nbsp; 260659 |
| Series 2021 A, Ref. RB | 4.00% | 09/01/2033 |  | 275 | &nbsp;&nbsp; 285881 |
| Series 2021 A, Ref. RB | 4.00% | 09/01/2036 |  | 300 | &nbsp;&nbsp; 307224 |
| Palm Springs Unified School District; Series 2014, Ref. GO Bonds | 4.00% | 08/01/2033 |  | 1155 | &nbsp;&nbsp; 1155848 |
| Palomar Health; |  |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 11/01/2031 |  | 1625 | &nbsp;&nbsp; 1626300 |
| Series 2016, Ref. RB | 5.00% | 11/01/2036 |  | 1845 | &nbsp;&nbsp; 1846363 |
| Series 2016, Ref. RB | 5.00% | 11/01/2039 |  | 6320 | &nbsp;&nbsp; 6263530 |
| Peninsula Corridor Joint Powers Board; Series 2019 A, Ref. RB | 5.00% | 10/01/2044 |  | 4000 | &nbsp;&nbsp; 4033860 |
| Perris (City of), CA Joint Powers Authority; Series 2014 B, Ref. RB | 5.00% | 09/01/2038 |  | 1025 | &nbsp;&nbsp; 1026131 |
| Rancho Cucamonga (City of), CA (Community Facilities District No. 2003-01 - Improvement Area No. <br> 1);<br>|  |  |  |  |  |
| Series 2013, Ref. RB | 5.75% | 09/01/2028 |  | 1800 | &nbsp;&nbsp; 1822645 |
| Series 2013, Ref. RB | 5.25% | 09/01/2033 |  | 200 | &nbsp;&nbsp; 202912 |
| Rancho Mirage (City of), CA (Reassessment District No. R22-85); Series 2002, Ref. RB | 5.75% | 09/02/2026 |  | 5 | &nbsp;&nbsp; 5075 |
| Redlands (City of), CA (Community Facilities District No. 2003-1 - Redlands Business Center); <br> Series 2004, RB<br>| 5.85% | 09/01/2033 |  | 10 | &nbsp;&nbsp; 10140 |
| Redwood City (City of), CA (Community Facilities District No. 99-1); Series 2012, Ref. RB | 5.00% | 09/01/2029 |  | 690 | &nbsp;&nbsp; 691147 |
| Richmond (City of), CA Joint Powers Financing Authority; Series 2016, RB | 5.50% | 11/01/2029 |  | 3315 | &nbsp;&nbsp; 3319657 |
| Riverside (City of), CA (Community Facilities District No. 2006-1); Series 2013, RB | 5.25% | 09/01/2043 |  | 500 | &nbsp;&nbsp; 502703 |
| Riverside (City of), CA (Community Facilities District No. 92-1); Series 2005 A, RB | 5.30% | 09/01/2034 |  | 1050 | &nbsp;&nbsp; 1061466 |
| Riverside (City of), CA (Riverwalk Business Center Assessment District); Series 2004, RB | 6.25% | 09/02/2029 |  | 165 | &nbsp;&nbsp; 166583 |
| Riverside (County of), CA Public Financing Authority (Redevelopment Project Area No. 1, Desert <br> Communities Development);<br>|  |  |  |  |  |
| Series 2024, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 10/01/2035 |  | 1000 | &nbsp;&nbsp; 1199386 |
| Series 2024, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 10/01/2036 |  | 1000 | &nbsp;&nbsp; 1193609 |
| Series 2024, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 10/01/2037 |  | 1000 | &nbsp;&nbsp; 1178699 |
| Riverside Unified School District (Community Facilities District No. 32); |  |  |  |  |  |
| Series 2020, RB | 4.00% | 09/01/2034 |  | 500 | &nbsp;&nbsp; 514733 |
| Series 2020, RB | 4.00% | 09/01/2037 |  | 500 | &nbsp;&nbsp; 507574 |
| Series 2020, RB | 4.00% | 09/01/2040 |  | 350 | &nbsp;&nbsp; 350599 |
| Riverside Unified School District (Community Facilities District No. 33); |  |  |  |  |  |
| Series 2021, RB | 4.00% | 09/01/2035 |  | 295 | &nbsp;&nbsp; 300922 |
| Series 2021, RB | 4.00% | 09/01/2036 |  | 305 | &nbsp;&nbsp; 310602 |
| Series 2021, RB | 4.00% | 09/01/2037 |  | 320 | &nbsp;&nbsp; 324582 |
| Series 2021, RB | 4.00% | 09/01/2038 |  | 330 | &nbsp;&nbsp; 332927 |
| Series 2021, RB | 4.00% | 09/01/2039 |  | 345 | &nbsp;&nbsp; 346328 |
| Series 2021, RB | 4.00% | 09/01/2040 |  | 190 | &nbsp;&nbsp; 190558 |
| Riverside Unified School District (Election of 2016); |  |  |  |  |  |
| Series 2019 B, GO Bonds | 3.00% | 08/01/2038 |  | 1740 | &nbsp;&nbsp; 1701780 |
| Series 2019 B, GO Bonds | 3.00% | 08/01/2039 |  | 4250 | &nbsp;&nbsp; 4067901 |
| Series 2019 B, GO Bonds | 3.00% | 08/01/2040 |  | 2770 | &nbsp;&nbsp; 2587809 |
| Romoland School District Community Facilities No. 2004-1; |  |  |  |  |  |
| Series 2013, RB | 5.00% | 09/01/2026 |  | 440 | &nbsp;&nbsp; 440754 |
| Series 2013, RB | 5.00% | 09/01/2027 |  | 405 | &nbsp;&nbsp; 405680 |
| Series 2013, RB | 5.00% | 09/01/2028 |  | 500 | &nbsp;&nbsp; 500829 |
| Romoland School District Community Facilities No. 2022-2; Series 2024, RB | 5.00% | 09/01/2039 |  | 315 | &nbsp;&nbsp; 342996 |
| Roseville (City of), CA (Amoruso Ranch Community Facilities District No. 1); Series 2024, RB | 5.00% | 09/01/2044 |  | 700 | &nbsp;&nbsp; 724517 |
| Roseville (City of), CA (Villages at Sierra Vista Community Facilities District No. 1 - Public Facilities); |  |  |  |  |  |
| Series 2020, RB | 4.00% | 09/01/2033 |  | 235 | &nbsp;&nbsp; 243224 |
| Series 2020, RB | 4.00% | 09/01/2035 |  | 275 | &nbsp;&nbsp; 282480 |
| Series 2020, RB | 4.00% | 09/01/2037 |  | 320 | &nbsp;&nbsp; 325513 |
| Roseville Joint Union High School District (Election of 2016); Series 2017 A, GO Bonds | 4.00% | 08/01/2045 |  | 10000 | &nbsp;&nbsp; 9923573 |
| Sacramento (City of), CA (2019 Sacramento Tourism Infrastructure District - Convention Center <br> Ballroom); Series 2019, RB<br>| 4.00% | 06/01/2037 |  | 1760 | &nbsp;&nbsp; 1798427 |
| Sacramento (City of), CA (Convention Center Complex); Series 2018, RB | 5.00% | 06/01/2048 |  | 3000 | &nbsp;&nbsp; 3083360 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco Limited Term California Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |  |  |
| Sacramento (City of), CA Area Flood Control Agency (Natomas Basin Local Assessment District); <br> Series 2014, RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 10/01/2039 |  | $1900 | &nbsp;&nbsp; $1902717 |
| Sacramento (City of), CA Financing Authority (Westlake and Regency Park); |  |  |  |  |  |
| Series 2013 A, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 09/01/2026 |  | 455 | &nbsp;&nbsp; 455610 |
| Series 2013 A, Ref. RB | 5.00% | 09/01/2027 |  | 455 | &nbsp;&nbsp; 455539 |
| Sacramento (County of), CA; Series 2018 C, Ref. RB<sup>(d)</sup> <br>| 5.00% | 07/01/2037 |  | 6000 | &nbsp;&nbsp; 6230362 |
| Sacramento (County of), CA (Community Facilities District No. 2014-2); Series 2021, RB | 4.00% | 09/01/2046 |  | 650 | &nbsp;&nbsp; 596027 |
| Sacramento (County of), CA Public Financing Authority; Series 2003 A, RB (INS - NATL)<sup>(a)</sup> <br>| 5.13% | 12/01/2028 |  | 10 | &nbsp;&nbsp; 10024 |
| San Bernardino (County of), CA Redevelopment Agency Successor Agency (San Sevaine <br> Redevelopment); Series 2016 B, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 09/01/2028 |  | 285 | &nbsp;&nbsp; 285671 |
| San Clemente (City of), CA; |  |  |  |  |  |
| Series 2021, Ref. RB | 4.00% | 09/01/2026 |  | 100 | &nbsp;&nbsp; 100562 |
| Series 2021, Ref. RB | 4.00% | 09/01/2027 |  | 100 | &nbsp;&nbsp; 101689 |
| Series 2021, Ref. RB | 4.00% | 09/01/2028 |  | 100 | &nbsp;&nbsp; 102716 |
| Series 2021, Ref. RB | 4.00% | 09/01/2029 |  | 100 | &nbsp;&nbsp; 103365 |
| Series 2021, Ref. RB | 4.00% | 09/01/2030 |  | 100 | &nbsp;&nbsp; 103666 |
| San Diego (City of), CA (Assessment District No. 4096); |  |  |  |  |  |
| Series 2013, Ref. RB | 5.13% | 09/02/2026 |  | 205 | &nbsp;&nbsp; 207429 |
| Series 2013, Ref. RB | 5.13% | 09/02/2027 |  | 215 | &nbsp;&nbsp; 217594 |
| Series 2013, Ref. RB | 5.25% | 09/02/2028 |  | 225 | &nbsp;&nbsp; 227847 |
| Series 2013, Ref. RB | 5.38% | 09/02/2029 |  | 230 | &nbsp;&nbsp; 233059 |
| Series 2013, Ref. RB | 5.38% | 09/02/2030 |  | 240 | &nbsp;&nbsp; 242987 |
| Series 2013, Ref. RB | 5.50% | 09/02/2031 |  | 250 | &nbsp;&nbsp; 253181 |
| Series 2013, Ref. RB | 5.50% | 09/02/2032 |  | 270 | &nbsp;&nbsp; 273347 |
| San Diego (City of), CA Community Facilities District No. 3; |  |  |  |  |  |
| Series 2013, Ref. RB | 5.00% | 09/01/2027 |  | 610 | &nbsp;&nbsp; 611125 |
| Series 2013, Ref. RB | 5.00% | 09/01/2028 |  | 640 | &nbsp;&nbsp; 641152 |
| Series 2013, Ref. RB | 5.00% | 09/01/2030 |  | 720 | &nbsp;&nbsp; 721191 |
| San Diego (City of), CA Public Facilities Financing Authority; Series 2018 A, RB | 5.00% | 08/01/2043 |  | 1880 | &nbsp;&nbsp; 1963763 |
| San Diego (City of), CA Redevelopment Agency (Centre City Redevelopment); Series 2003 B, RB | 5.25% | 09/01/2026 |  | 20 | &nbsp;&nbsp; 20039 |
| San Francisco (City & County of), CA (Bayshore Hester Assessment District No. 95-1); Series 1996, RB | 6.85% | 09/02/2026 |  | 5 | &nbsp;&nbsp; 5150 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); |  |  |  |  |  |
| Second Series 2018 D, RB<sup>(d)</sup> <br>| 5.00% | 05/01/2048 |  | 5000 | &nbsp;&nbsp; 5058280 |
| Second Series 2024, Ref. RB<sup>(d)</sup> <br>| 5.25% | 05/01/2044 |  | 4250 | &nbsp;&nbsp; 4654034 |
| Series 2016, RB<sup>(d)</sup> <br>| 5.00% | 05/01/2046 |  | 10000 | &nbsp;&nbsp; 10010850 |
| Series 2017 A, RB<sup>(d)</sup> <br>| 5.00% | 05/01/2047 |  | 3630 | &nbsp;&nbsp; 3656044 |
| Series 2018 D, RB<sup>(d)</sup> <br>| 5.00% | 05/01/2043 |  | 13015 | &nbsp;&nbsp; 13357719 |
| Series 2019 A, RB<sup>(d)</sup> <br>| 5.00% | 05/01/2036 |  | 5000 | &nbsp;&nbsp; 5317739 |
| Series 2019 A, Ref. RB<sup>(d)(e)(g)</sup> <br>| 5.00% | 01/02/2029 |  | 1335 | &nbsp;&nbsp; 1412001 |
| Series 2019 E, RB<sup>(d)</sup> <br>| 5.00% | 05/01/2045 |  | 3000 | &nbsp;&nbsp; 3077662 |
| Series 2019, Ref. RB<sup>(d)(e)(g)</sup> <br>| 5.00% | 01/02/2029 |  | 1875 | &nbsp;&nbsp; 1900245 |
| San Francisco (City & County of), CA Infrastructure & Revitalization Financing District No. 1; |  |  |  |  |  |
| Series 2022 A, RB<sup>(f)</sup> <br>| 5.00% | 09/01/2027 |  | 150 | &nbsp;&nbsp; 155053 |
| Series 2022 A, RB<sup>(f)</sup> <br>| 5.00% | 09/01/2032 |  | 400 | &nbsp;&nbsp; 441119 |
| Series 2022 B, RB<sup>(f)</sup> <br>| 5.00% | 09/01/2032 |  | 315 | &nbsp;&nbsp; 347381 |
| San Jacinto (City of), CA Community Facilities District No. 2002-1; Series 2016, Ref. RB | 5.00% | 09/01/2026 |  | 925 | &nbsp;&nbsp; 935605 |
| San Jose (City of), CA; |  |  |  |  |  |
| Series 2017 A, Ref. RB<sup>(d)</sup> <br>| 5.00% | 03/01/2035 |  | 500 | &nbsp;&nbsp; 509677 |
| Series 2017 A, Ref. RB<sup>(d)</sup> <br>| 5.00% | 03/01/2036 |  | 2670 | &nbsp;&nbsp; 2718595 |
| Series 2017 A, Ref. RB<sup>(d)</sup> <br>| 5.00% | 03/01/2037 |  | 3765 | &nbsp;&nbsp; 3828884 |
| Series 2017 A, Ref. RB<sup>(d)</sup> <br>| 5.00% | 03/01/2047 |  | 15000 | &nbsp;&nbsp; 15062767 |
| San Jose (City of), CA (El Parador Apartments); Series 2000 A, RB<sup>(d)</sup> <br>| 6.10% | 01/01/2031 |  | 25 | &nbsp;&nbsp; 25018 |
| San Jose (City of), CA (Fallen Leaves Apartments); Series 2002 J-1, RB (INS - AMBAC)<sup>(a)(d)</sup> <br>| 5.10% | 12/01/2032 |  | 3000 | &nbsp;&nbsp; 3002023 |
| San Jose (City of), CA (Orvieto Family Apartments); Series 2010 B-1, RB | 4.75% | 08/01/2029 |  | 6455 | &nbsp;&nbsp; 6466411 |
| San Luis Obispo (County of), CA (Paso Robles Courthouse); Series 2007, COP (INS - AGI)<sup>(a)</sup> <br>| 4.25% | 10/15/2026 |  | 5 | &nbsp;&nbsp; 5008 |
| San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program); Series 2019, RB | 4.00% | 08/01/2044 |  | 4475 | &nbsp;&nbsp; 4489133 |
| Santa Barbara (County of), CA; Series 2018 B, COP<sup>(d)</sup> <br>| 5.00% | 12/01/2037 |  | 7695 | &nbsp;&nbsp; 8049574 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**Invesco Limited Term California Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |  |  |
| Santa Clara (County of), CA Housing Authority; |  |  |  |  |  |
| Series 2001 A, RB<sup>(d)</sup> <br>| 5.85% | 08/01/2031 |  | $1065 | &nbsp;&nbsp; $1068225 |
| Series 2010 A-1, RB (CEP - FHLMC) | 4.75% | 11/01/2027 |  | 3240 | &nbsp;&nbsp; 3241756 |
| Santa Clarita (City of), CA Community Facilities District No. 2002-1 (Valencia Town Center); |  |  |  |  |  |
| Series 2012, Ref. RB | 5.00% | 11/15/2027 |  | 785 | &nbsp;&nbsp; 786380 |
| Series 2012, Ref. RB | 5.00% | 11/15/2028 |  | 1170 | &nbsp;&nbsp; 1172079 |
| Santa Nella (County of), CA Water District; Series 1998, Ref. RB | 6.25% | 09/02/2028 |  | 10 | &nbsp;&nbsp; 9606 |
| Saugus Union School District Financing Authority; Series 2021 A, RB (INS - BAM)<sup>(a)</sup> <br>| 4.00% | 09/01/2041 |  | 260 | &nbsp;&nbsp; 264951 |
| Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, RB<sup>(j)</sup> <br>| 0.00% | 06/01/2036 |  | 6000 | &nbsp;&nbsp; 3398638 |
| Simi Valley (City of), CA Community Development Agency (Merged Tapo Canyon & West End Community <br> Development); Series 2003, Ref. RB (INS - NATL)<sup>(a)</sup> <br>| 5.00% | 09/01/2030 |  | 25 | &nbsp;&nbsp; 25063 |
| Sonora Union High School District (Election of 2012); Series 2013 A, GO Bonds (INS - AGI)<sup>(a)</sup> <br>| 5.63% | 08/01/2029 |  | 770 | &nbsp;&nbsp; 771954 |
| South Pasadena (City of), CA; Series 2016, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 10/01/2036 |  | 1115 | &nbsp;&nbsp; 1130265 |
| South San Francisco (City of), CA Public Facilities Financing Authority; Series 2021 A, RB | 4.00% | 06/01/2040 |  | 3305 | &nbsp;&nbsp; 3425239 |
| South Tahoe Joint Powers Financing Authority (South Tahoe Redevelopment Project Area No. 1); <br> Series 2014, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 4.00% | 10/01/2034 |  | 500 | &nbsp;&nbsp; 500415 |
| Southern California Public Power Authority (Clean Energy); Series 2024 A, RB<sup>(e)</sup> <br>| 5.00% | 09/01/2030 |  | 8140 | &nbsp;&nbsp; 8761963 |
| Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.); |  |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 06/01/2037 |  | 1170 | &nbsp;&nbsp; 1245016 |
| Series 2019, Ref. RB | 5.00% | 06/01/2038 |  | 2000 | &nbsp;&nbsp; 2120778 |
| Series 2019, Ref. RB | 5.00% | 06/01/2039 |  | 1810 | &nbsp;&nbsp; 1913798 |
| Series 2019, Ref. RB | 5.00% | 06/01/2048 |  | 12605 | &nbsp;&nbsp; 12595643 |
| Susanville (City of), CA (Natural Gas Enterprise Ref.); Series 2019, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 4.00% | 06/01/2045 |  | 1000 | &nbsp;&nbsp; 1003592 |
| Tahoe-Truckee Unified School District; Series 2016 B, GO Bonds | 5.00% | 08/01/2039 |  | 3000 | &nbsp;&nbsp; 3027954 |
| Three Rivers Levee Improvement Authority (Community Facilities District No. 2006-1); |  |  |  |  |  |
| Series 2021, Ref. RB | 4.00% | 09/01/2026 |  | 220 | &nbsp;&nbsp; 221117 |
| Series 2021, Ref. RB | 4.00% | 09/01/2028 |  | 260 | &nbsp;&nbsp; 266492 |
| Series 2021, Ref. RB | 4.00% | 09/01/2030 |  | 300 | &nbsp;&nbsp; 309852 |
| Series 2021, Ref. RB | 4.00% | 09/01/2032 |  | 100 | &nbsp;&nbsp; 102465 |
| Series 2021, Ref. RB | 4.00% | 09/01/2036 |  | 1075 | &nbsp;&nbsp; 1088002 |
| Series 2021, Ref. RB | 4.00% | 09/01/2041 |  | 2840 | &nbsp;&nbsp; 2768300 |
| Tracy (City of), CA Community Facilities District No. 93-1 (I-205 Parcel GL-17); |  |  |  |  |  |
| Series 1996 A, RB | 6.30% | 09/01/2026 |  | 5 | &nbsp;&nbsp; 5079 |
| Series 2002, RB | 6.25% | 09/01/2032 |  | 25 | &nbsp;&nbsp; 25063 |
| Truckee (Town of), CA Donner Public Utility District (Community Facilities District No. 04-1); <br> Series 2004, RB<br>| 5.80% | 09/01/2035 |  | 30 | &nbsp;&nbsp; 29253 |
| Tustin (City of), CA Community Facilities District (Tustin Legacy/John Laing Homes); |  |  |  |  |  |
| Series 2013, Ref. RB | 5.00% | 09/01/2026 |  | 470 | &nbsp;&nbsp; 475786 |
| Series 2013, Ref. RB | 5.00% | 09/01/2027 |  | 490 | &nbsp;&nbsp; 496066 |
| Series 2013, Ref. RB | 5.00% | 09/01/2028 |  | 515 | &nbsp;&nbsp; 521616 |
| Tustin Unified School District (Community Facilities District No. 97-1); Series 2015 A, Ref. RB (INS - <br> BAM)<sup>(a)</sup> <br>| 5.00% | 09/01/2038 |  | 4155 | &nbsp;&nbsp; 4161958 |
| University of California; |  |  |  |  |  |
| Series 2016 AR, Ref. RB | 5.00% | 05/15/2041 |  | 4500 | &nbsp;&nbsp; 4510616 |
| Series 2018 AZ, Ref. RB | 5.00% | 05/15/2048 |  | 6500 | &nbsp;&nbsp; 6687066 |
| Series 2025 BZ, Ref. RB | 5.25% | 05/15/2040 |  | 5000 | &nbsp;&nbsp; 5918595 |
| Series 2026 CE, Ref. RB | 5.00% | 11/15/2041 |  | 5000 | &nbsp;&nbsp; 5817097 |
| Vallejo (City of), CA; |  |  |  |  |  |
| Series 2003 A, RB | 6.00% | 09/01/2026 |  | 5 | &nbsp;&nbsp; 5070 |
| Series 2003 A, RB | 6.13% | 09/01/2034 |  | 30 | &nbsp;&nbsp; 30431 |
| Valley (City of), CA Sanitary District; Series 2005, RB | 5.20% | 09/02/2030 |  | 1320 | &nbsp;&nbsp; 1335686 |
| Victor Elementary School District; Series 2015 B, GO Bonds | 5.00% | 08/01/2042 |  | 2925 | &nbsp;&nbsp; 2927301 |
| Victorville (City of), CA Redevelopment Agency; Series 2002 A, RB (INS - AGI)<sup>(a)</sup> <br>| 5.13% | 12/01/2031 |  | 20 | &nbsp;&nbsp; 20052 |
|  |  |  |  |  | &nbsp;&nbsp; 878155562 |
| **Puerto Rico–0.77%** | **Puerto Rico–0.77%** | **Puerto Rico–0.77%** | **Puerto Rico–0.77%** |  |  |
| Children's Trust Fund; |  |  |  |  |  |
| Series 2002, RB | 5.50% | 05/15/2039 |  | 2595 | &nbsp;&nbsp; 2637585 |
| Series 2002, RB | 5.63% | 05/15/2043 |  | 335 | &nbsp;&nbsp; 340138 |
| PR Custodial Trust; Series 2003 A, GO<sup>(j)</sup> <br>| 0.00% | 03/15/2049 |  | 144 | &nbsp;&nbsp; 14398 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**10**

**Invesco Limited Term California Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** |  |  |
| PRHTA Custodial Trust; |  |  |  |  |  |
| Series 2022 G, RB<sup>(h)(j)</sup> <br>| 0.00% | 12/06/2049 |  | $19 | &nbsp;&nbsp; $4008 |
| Series 2022 L, RB<sup>(h)(j)</sup> <br>| 0.00% | 12/06/2049 |  | 265 | &nbsp;&nbsp; 58140 |
| Puerto Rico (Commonwealth of); |  |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(j)</sup> <br>| 0.00% | 07/01/2033 |  | 215 | &nbsp;&nbsp; 159114 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2027 |  | 184 | &nbsp;&nbsp; 188605 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2029 |  | 181 | &nbsp;&nbsp; 193720 |
| Series 2021 A-1, GO Bonds | 5.75% | 07/01/2031 |  | 1 | &nbsp;&nbsp; 101 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2033 |  | 347 | &nbsp;&nbsp; 355371 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2035 |  | 150 | &nbsp;&nbsp; 152669 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2037 |  | 129 | &nbsp;&nbsp; 129085 |
| Subseries 2022, RN<sup>(j)</sup> <br>| 0.00% | 11/01/2043 |  | 110 | &nbsp;&nbsp; 75034 |
| Puerto Rico (Commonwealth of) GDB Debt Recovery Authority; Series 2023, RB | 7.50% | 08/20/2040 |  | 197 | &nbsp;&nbsp; 192727 |
| Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control <br> Facilities Financing Authority (AES Puerto Rico);<br>|  |  |  |  |  |
| Series 2023 A, RB (Acquired 09/30/2008-03/25/2024; Cost $208,689)<sup>(i)</sup> <br>| 6.63% | 01/01/2027 |  | 193 | &nbsp;&nbsp; 192978 |
| Series 2023 A, RB (Acquired 09/30/2008; Cost $1,669,820)<sup>(i)</sup> <br>| 6.63% | 01/01/2028 |  | 1472 | &nbsp;&nbsp; 1474844 |
| Puerto Rico Sales Tax Financing Corp.; |  |  |  |  |  |
| Series 2018 A-1, RB | 4.55% | 07/01/2040 |  | 4 | &nbsp;&nbsp; 4027 |
| Series 2018 A-1, RB<sup>(j)</sup> <br>| 0.00% | 07/01/2046 |  | 5 | &nbsp;&nbsp; 1799 |
| Series 2018 A-1, RB<sup>(j)</sup> <br>| 0.00% | 07/01/2051 |  | 5 | &nbsp;&nbsp; 1316 |
| Series 2018 A-1, RB | 4.75% | 07/01/2053 |  | 4 | &nbsp;&nbsp; 3900 |
| Series 2018 A-1, RB | 5.00% | 07/01/2058 |  | 5 | &nbsp;&nbsp; 4908 |
| Series 2019 A-2, RB | 4.54% | 07/01/2053 |  | 46 | &nbsp;&nbsp; 43161 |
| Series 2019 A-2, RB | 4.78% | 07/01/2058 |  | 620 | &nbsp;&nbsp; 600726 |
|  |  |  |  |  | &nbsp;&nbsp; 6828354 |
| **Guam–0.53%** | **Guam–0.53%** | **Guam–0.53%** | **Guam–0.53%** |  |  |
| Guam (Territory of); Series 2021 F, Ref. RB | 4.00% | 01/01/2042 |  | 1120 | &nbsp;&nbsp; 1115295 |
| Guam (Territory of) Waterworks Authority; Series 2020 A, RB | 5.00% | 01/01/2050 |  | 3460 | &nbsp;&nbsp; 3531487 |
|  |  |  |  |  | &nbsp;&nbsp; 4646782 |
| **Northern Mariana Islands–0.10%** | **Northern Mariana Islands–0.10%** | **Northern Mariana Islands–0.10%** | **Northern Mariana Islands–0.10%** |  |  |
| Northern Mariana Islands (Commonwealth of); Series 2007 A, Ref. GO Bonds<sup>(f)</sup> <br>| 5.00% | 06/01/2030 |  | 860 | &nbsp;&nbsp; 860001 |
| **Virgin Islands–0.01%** | **Virgin Islands–0.01%** | **Virgin Islands–0.01%** | **Virgin Islands–0.01%** |  |  |
| Virgin Islands (Government of) Public Finance Authority (Virgin Islands Gross Receipts Taxes Loan <br> Note); Series 2006, RN (INS - NATL)<sup>(a)</sup> <br>| 5.00% | 10/01/2026 |  | 125 | &nbsp;&nbsp; 125392 |
| Total Municipal Obligations (Cost $881,626,004) | Total Municipal Obligations (Cost $881,626,004) | Total Municipal Obligations (Cost $881,626,004) | Total Municipal Obligations (Cost $881,626,004) |  | &nbsp;&nbsp; 890616091 |
| **U.S. Dollar Denominated Bonds & Notes–0.01%** | **U.S. Dollar Denominated Bonds & Notes–0.01%** | **U.S. Dollar Denominated Bonds & Notes–0.01%** | **U.S. Dollar Denominated Bonds & Notes–0.01%** | **U.S. Dollar Denominated Bonds & Notes–0.01%** | **U.S. Dollar Denominated Bonds & Notes–0.01%** |
| **California–0.01%** | **California–0.01%** | **California–0.01%** | **California–0.01%** |  |  |
| CalPlant I LLC; Exit Facility (Cost $725,000)<sup>(f)(k)</sup> <br>| 15.00% | 02/28/2027 |  | 725 | &nbsp;&nbsp; 142257 |
|  |  |  | **Shares** | **Shares** |  |
| **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** |
| **Nevada–0.00%** | **Nevada–0.00%** | **Nevada–0.00%** | **Nevada–0.00%** |  |  |
| BL Train Holdings West LLC; Wts. expiring 12/01/2025 <br>(Cost $0)<sup>(k)</sup> <br>|  |  |  | 12000 | &nbsp;&nbsp; 18000 |
| **Preferred Stocks–0.00%** |  |  |  |  |  |
| AES Puerto Rico, Inc., Pfd. <br>(Cost $0)<sup>(k)</sup> <br>|  |  |  | 34124 | &nbsp;&nbsp; 0 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(l)</sup>–100.52% (Cost $882,351,004) | TOTAL INVESTMENTS IN SECURITIES<sup>(l)</sup>–100.52% (Cost $882,351,004) | TOTAL INVESTMENTS IN SECURITIES<sup>(l)</sup>–100.52% (Cost $882,351,004) | TOTAL INVESTMENTS IN SECURITIES<sup>(l)</sup>–100.52% (Cost $882,351,004) |  | &nbsp;&nbsp; 890776348 |
| OTHER ASSETS LESS LIABILITIES–(0.52)% | OTHER ASSETS LESS LIABILITIES–(0.52)% | OTHER ASSETS LESS LIABILITIES–(0.52)% | OTHER ASSETS LESS LIABILITIES–(0.52)% |  | &nbsp;&nbsp; (4651594)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $886124754 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**11**

**Invesco Limited Term California Municipal Fund**

------

Investment Abbreviations:

---

| | |
|:---|:---|
| AGI | – Assured Guaranty, Inc. |
| AMBAC | – American Municipal Bond Assurance Corp. |
| BAM | – Build America Mutual Assurance Co. |
| CEP | – Credit Enhancement Provider |
| COP | – Certificates of Participation |
| Ctfs. | – Certificates |
| FGIC | – Financial Guaranty Insurance Company |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| GO | – General Obligation |
| INS | – Insurer |
| LOC | – Letter of Credit |
| NATL | – National Public Finance Guarantee Corp. |
| Pfd. | – Preferred |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| RN | – Revenue Notes |
| SGI | – Syncora Guarantee, Inc. |
| Sub. | – Subordinated |
| VRD | – Variable Rate Demand |
| Wts. | – Warrants |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

<sup>(b)</sup> 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 February 28, 2026. 

<sup>(c)</sup> Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

<sup>(d)</sup> Security subject to the alternative minimum tax.

<sup>(e)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(f)</sup> 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 February 28, 2026 was $103,266,719, which represented 11.65% of the Fund's Net Assets. 

<sup>(g)</sup> Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

<sup>(h)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2026 was $114,236, which represented less than 1% of the Fund's Net Assets. 

<sup>(i)</sup> Restricted security. The aggregate value of these securities at February 28, 2026 was $1,719,910, which represented less than 1% of the Fund's Net Assets.

<sup>(j)</sup> Zero coupon bond issued at a discount.

<sup>(k)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

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

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**12**

**Invesco Limited Term California Municipal Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $882,351,004)<br>| &nbsp;&nbsp; $890776348 |
| Cash | &nbsp;&nbsp; 1899252 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 130000 |
| Fund shares sold | &nbsp;&nbsp; 985156 |
| Interest | &nbsp;&nbsp; 11326798 |
| Investments matured, at value (Cost $4,552,842) | &nbsp;&nbsp; 58342 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 51581 |
| Other assets | &nbsp;&nbsp; 155309 |
| Total assets | &nbsp;&nbsp; 905382786 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 15751950 |
| Dividends | &nbsp;&nbsp; 821673 |
| Fund shares reacquired | &nbsp;&nbsp; 2351684 |
| Accrued fees to affiliates | &nbsp;&nbsp; 168129 |
| Accrued interest expense | &nbsp;&nbsp; 7481 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 6029 |
| Accrued other operating expenses | &nbsp;&nbsp; 99505 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 51581 |
| Total liabilities | &nbsp;&nbsp; 19258032 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $886124754 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $968017088 |
| Distributable earnings (loss) | &nbsp;&nbsp; (81892334)<br>|
|  | &nbsp;&nbsp; $886124754 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $264256348 |
| Class C | &nbsp;&nbsp; $9532194 |
| Class Y | &nbsp;&nbsp; $508563747 |
| Class R6 | &nbsp;&nbsp; $103772465 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 83777483 |
| Class C | &nbsp;&nbsp; 3036251 |
| Class Y | &nbsp;&nbsp; 160891943 |
| Class R6 | &nbsp;&nbsp; 32943426 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $3.15 |
| Maximum offering price per share <br>(Net asset value of $3.15 ÷ 97.50%)<br>| &nbsp;&nbsp; $3.23 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.14 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.16 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $3.15 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**13**

**Invesco Limited Term California Municipal Fund**

------

**Statement of Operations**

*For the year ended February 28, 2026* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $33969932 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3336677 |
| Administrative services fees | &nbsp;&nbsp; 116319 |
| Custodian fees | &nbsp;&nbsp; 7471 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 625607 |
| Class C | &nbsp;&nbsp; 115573 |
| Interest, facilities and maintenance fees | &nbsp;&nbsp; 186154 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 506315 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 11768 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 28093 |
| Registration and filing fees | &nbsp;&nbsp; 64534 |
| Reports to shareholders | &nbsp;&nbsp; 34495 |
| Professional services fees | &nbsp;&nbsp; 98993 |
| Other | &nbsp;&nbsp; 15804 |
| Total expenses | &nbsp;&nbsp; 5147803 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (958)<br>|
| Net expenses | &nbsp;&nbsp; 5146845 |
| Net investment income | &nbsp;&nbsp; 28823087 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(1038197)) | &nbsp;&nbsp; (1983427)<br>|
| Change in net unrealized appreciation of unaffiliated investment securities | &nbsp;&nbsp; 13219359 |
| Net realized and unrealized gain | &nbsp;&nbsp; 11235932 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $40059019 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**14**

**Invesco Limited Term California Municipal Fund**

------

**Statement of Changes in Net Assets**

*For the years ended February 28, 2026 and 2025* 

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $28823087 | &nbsp;&nbsp; $23075701 |
| Net realized gain (loss) | &nbsp;&nbsp; (1983427)<br>| &nbsp;&nbsp; (1785742)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 13219359 | &nbsp;&nbsp; (1650154)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 40059019 | &nbsp;&nbsp; 19639805 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (8169613)<br>| &nbsp;&nbsp; (7580156)<br>|
| Class C | &nbsp;&nbsp; (290807)<br>| &nbsp;&nbsp; (375303)<br>|
| Class Y | &nbsp;&nbsp; (16793520)<br>| &nbsp;&nbsp; (13506620)<br>|
| Class R6 | &nbsp;&nbsp; (2901535)<br>| &nbsp;&nbsp; (254521)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (28155475)<br>| &nbsp;&nbsp; (21716600)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 8896449 | &nbsp;&nbsp; (1201016)<br>|
| Class C | &nbsp;&nbsp; (4917052)<br>| &nbsp;&nbsp; (4380821)<br>|
| Class Y | &nbsp;&nbsp; 47128143 | &nbsp;&nbsp; 73152014 |
| Class R6 | &nbsp;&nbsp; 90357387 | &nbsp;&nbsp; 4483258 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 141464927 | &nbsp;&nbsp; 72053435 |
| Net increase in net assets | &nbsp;&nbsp; 153368471 | &nbsp;&nbsp; 69976640 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 732756283 | &nbsp;&nbsp; 662779643 |
| End of year | &nbsp;&nbsp; $886124754 | &nbsp;&nbsp; $732756283 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**15**

**Invesco Limited Term California Municipal Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Supplemental** <br>**ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee** <br>**waivers** <br>**(excluding** <br>**interest,** <br>**facilities and** <br>**maintenance** <br>**fees)**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 02/28/26 | $3.12 | $0.10 | $0.03 | $0.13 | $(0.10)<br>| $3.15 | 4.30<br> %<br>| $264256 | 0.79<br> %<br>| 0.79<br> %<br>| 0.77<br> %<br>| 3.36<br> %<br>| 40<br> %<br>|
| Year ended 02/28/25 | 3.13 | 0.10 | (0.02)<br>| 0.08 | (0.09)<br>| 3.12 | 2.71 | 252437 | 0.81 | 0.81 | 0.78 | 3.21 | 25 |
| Year ended 02/29/24 | 3.09 | 0.09 | 0.04 | 0.13 | (0.09)<br>| 3.13 | 4.20 | 254397 | 0.93 | 0.93 | 0.78 | 3.02 | 26 |
| Year ended 02/28/23 | 3.27 | 0.07 | (0.19)<br>| (0.12)<br>| (0.06)<br>| 3.09 | (3.52)<br>| 290093 | 0.83 | 0.83 | 0.77 | 2.30 | 59 |
| Year ended 02/28/22 | 3.34 | 0.06 | (0.06)<br>| 0.00 | (0.07)<br>| 3.27 | 0.04 | 344777 | 0.80 | 0.80 | 0.76 | 1.66 | 29 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 02/28/26 | 3.10 | 0.08 | 0.04 | 0.12 | (0.08)<br>| 3.14 | 3.87 | 9532 | 1.54 | 1.54 | 1.52 | 2.61 | 40 |
| Year ended 02/28/25 | 3.11 | 0.08 | (0.02)<br>| 0.06 | (0.07)<br>| 3.10 | 1.94 | 14388 | 1.56 | 1.56 | 1.53 | 2.46 | 25 |
| Year ended 02/29/24 | 3.08 | 0.07 | 0.02 | 0.09 | (0.06)<br>| 3.11 | 3.11 | 18816 | 1.68 | 1.68 | 1.53 | 2.27 | 26 |
| Year ended 02/28/23 | 3.25 | 0.05 | (0.18)<br>| (0.13)<br>| (0.04)<br>| 3.08 | (3.96)<br>| 26082 | 1.58 | 1.58 | 1.52 | 1.55 | 59 |
| Year ended 02/28/22 | 3.32 | 0.03 | (0.05)<br>| (0.02)<br>| (0.05)<br>| 3.25 | (0.71)<br>| 35663 | 1.55 | 1.55 | 1.51 | 0.91 | 29 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 02/28/26 | 3.13 | 0.11 | 0.03 | 0.14 | (0.11)<br>| 3.16 | 4.57 | 508564 | 0.54 | 0.54 | 0.52 | 3.61 | 40 |
| Year ended 02/28/25 | 3.13 | 0.11 | (0.01)<br>| 0.10 | (0.10)<br>| 3.13 | 3.30 | 455283 | 0.56 | 0.56 | 0.53 | 3.46 | 25 |
| Year ended 02/29/24 | 3.10 | 0.10 | 0.03 | 0.13 | (0.10)<br>| 3.13 | 4.14 | 383361 | 0.68 | 0.68 | 0.53 | 3.27 | 26 |
| Year ended 02/28/23 | 3.28 | 0.08 | (0.19)<br>| (0.11)<br>| (0.07)<br>| 3.10 | (3.24)<br>| 382868 | 0.58 | 0.58 | 0.52 | 2.55 | 59 |
| Year ended 02/28/22 | 3.35 | 0.06 | (0.05)<br>| 0.01 | (0.08)<br>| 3.28 | 0.30 | 412391 | 0.55 | 0.55 | 0.51 | 1.91 | 29 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 02/28/26 | 3.12 | 0.11 | 0.03 | 0.14 | (0.11)<br>| 3.15 | 4.62 | 103772 | 0.48 | 0.48 | 0.46 | 3.67 | 40 |
| Year ended 02/28/25 | 3.12 | 0.11 | (0.01)<br>| 0.10 | (0.10)<br>| 3.12 | 3.36 | 10649 | 0.50 | 0.50 | 0.47 | 3.52 | 25 |
| Year ended 02/29/24 | 3.09 | 0.10 | 0.03 | 0.13 | (0.10)<br>| 3.12 | 4.19 | 6206 | 0.62 | 0.62 | 0.47 | 3.33 | 26 |
| Year ended 02/28/23 | 3.27 | 0.08 | (0.19)<br>| (0.11)<br>| (0.07)<br>| 3.09 | (3.21)<br>| 4570 | 0.52 | 0.52 | 0.46 | 2.61 | 59 |
| Year ended 02/28/22 | 3.34 | 0.07 | (0.06)<br>| 0.01 | (0.08)<br>| 3.27 | 0.37 | 6483 | 0.49 | 0.49 | 0.45 | 1.97 | 29 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**16**

**Invesco Limited Term California Municipal Fund**

------

**Notes to Financial Statements**

*February 28, 2026*

**NOTE 1—Significant Accounting Policies**

Invesco Limited Term California Municipal Fund (the "Fund") is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek tax-free income.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following policy.

Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is not representative of market value in the Adviser's judgment ("unreliable"), the Adviser will fair value the security using the Valuation Procedures. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are

**17**

**Invesco Limited Term California Municipal Fund**

------

generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes** – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt-interest dividends", as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.

**G.** **Interest, Facilities and Maintenance Fees** – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**K.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

**L.** **Other Risks** - The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Fund's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile. The values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.

**18**

**Invesco Limited Term California Municipal Fund**

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**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $100 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $150 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $1.75 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Over $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.390% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.41%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A and Class C shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2026, IDI advised the Fund that IDI retained $3,918 in front-end sales commissions from the sale of Class A shares and $16,060 and $6,519 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

**19**

**Invesco Limited Term California Municipal Fund**

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The following is a summary of the tiered valuation input levels, as of February 28, 2026. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $890616091 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $890616091 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 142257 | &nbsp;&nbsp;&nbsp;&nbsp; 142257 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 890616091 | &nbsp;&nbsp;&nbsp;&nbsp; 160257 | &nbsp;&nbsp;&nbsp;&nbsp; 890776348 |
| **Other Investments - Assets** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11250 | &nbsp;&nbsp;&nbsp;&nbsp; 47092 | &nbsp;&nbsp;&nbsp;&nbsp; 58342 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $890627341 | &nbsp;&nbsp;&nbsp;&nbsp; $207349 | &nbsp;&nbsp;&nbsp;&nbsp; $890834690 |

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**NOTE 4—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended February 28, 2026, the Fund engaged in securities purchases of $228,054,692 and securities sales of $74,951,670, which resulted in net realized gains (losses) of $(1,038,197).

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $958.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Fund may have certain former Trustees who participated in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances and Borrowings**

The Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.5 billion, collectively by certain Invesco Funds, and which will expire on February 18, 2027. The revolving credit and security agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

During the year ended February 28, 2026, the Fund's average daily balance of borrowing under the revolving credit and security agreement was $5,753 with an average interest rate of 3.98%. The carrying amount of the Fund's payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as *Interest, facilities and maintenance fees*. At February 28, 2026, the Fund had no borrowings outstanding under this agreement.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

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| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** |
|  | **2026** | **2025** |
| Ordinary income\* | &nbsp;&nbsp; $175574 | &nbsp;&nbsp;&nbsp;&nbsp; $313802 |
| Ordinary income-tax-exempt | &nbsp;&nbsp; 27979901 | &nbsp;&nbsp;&nbsp;&nbsp; 21402798 |
| Total distributions | &nbsp;&nbsp; $28155475 | &nbsp;&nbsp;&nbsp;&nbsp; $21716600 |

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\* Includes short-term capital gain distributions, if any.

**20**

**Invesco Limited Term California Municipal Fund**

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| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2026** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp; $5541271 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 3667321 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (40615)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (91060311)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 968017088 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $886124754 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and amortization and accretion on debt securities.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of February 28, 2026, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $24504317 | &nbsp;&nbsp;&nbsp;&nbsp; $66555994 | &nbsp;&nbsp;&nbsp;&nbsp; $91060311 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2026 was $452,585,788 and $308,760,031, respectively. As of February 28, 2026, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $16249712 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (12582391)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3667321 |

---

Cost of investments for tax purposes is $887,167,369.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of market discounts and amortization and accretion on debt securities, on February 28, 2026, undistributed net investment income was decreased by $24,084 and undistributed net realized gain (loss) was increased by $24,084. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 29358715 | &nbsp;&nbsp;&nbsp; $90817291 | &nbsp;&nbsp;&nbsp; 24362991 | &nbsp;&nbsp;&nbsp; $76063002 |
| Class C | &nbsp;&nbsp;&nbsp; 933260 | &nbsp;&nbsp;&nbsp; 2873980 | &nbsp;&nbsp;&nbsp; 461074 | &nbsp;&nbsp;&nbsp; 1433152 |
| Class Y | &nbsp;&nbsp;&nbsp; 79822227 | &nbsp;&nbsp;&nbsp; 247073477 | &nbsp;&nbsp;&nbsp; 68306796 | &nbsp;&nbsp;&nbsp; 213688252 |
| Class R6 | &nbsp;&nbsp;&nbsp; 31455186 | &nbsp;&nbsp;&nbsp; 96282800 | &nbsp;&nbsp;&nbsp; 2210742 | &nbsp;&nbsp;&nbsp; 6911418 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1785969 | &nbsp;&nbsp;&nbsp; 5530584 | &nbsp;&nbsp;&nbsp; 1544962 | &nbsp;&nbsp;&nbsp; 4823758 |
| Class C | &nbsp;&nbsp;&nbsp; 63762 | &nbsp;&nbsp;&nbsp; 196307 | &nbsp;&nbsp;&nbsp; 77231 | &nbsp;&nbsp;&nbsp; 239970 |
| Class Y | &nbsp;&nbsp;&nbsp; 3258594 | &nbsp;&nbsp;&nbsp; 10109339 | &nbsp;&nbsp;&nbsp; 2445774 | &nbsp;&nbsp;&nbsp; 7654158 |
| Class R6 | &nbsp;&nbsp;&nbsp; 813750 | &nbsp;&nbsp;&nbsp; 2519059 | &nbsp;&nbsp;&nbsp; 58478 | &nbsp;&nbsp;&nbsp; 182430 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 922854 | &nbsp;&nbsp;&nbsp; 2847196 | &nbsp;&nbsp;&nbsp; 906844 | &nbsp;&nbsp;&nbsp; 2829837 |
| Class C | &nbsp;&nbsp;&nbsp; (926935)<br>| &nbsp;&nbsp;&nbsp; (2847196)<br>| &nbsp;&nbsp;&nbsp; (911292)<br>| &nbsp;&nbsp;&nbsp; (2829837)<br>|

---

**21**

**Invesco Limited Term California Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **February 28, 2026**<sup>(a)</sup> | **Year ended**<br> **February 28, 2026**<sup>(a)</sup> | **Year ended**<br> **February 28, 2025** | **Year ended**<br> **February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (29241352)<br>| &nbsp;&nbsp;&nbsp; $(90298622)<br>| &nbsp;&nbsp;&nbsp; (27203193)<br>| &nbsp;&nbsp;&nbsp; $(84917613)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1670091)<br>| &nbsp;&nbsp;&nbsp; (5140143)<br>| &nbsp;&nbsp;&nbsp; (1037871)<br>| &nbsp;&nbsp;&nbsp; (3224106)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (67860646)<br>| &nbsp;&nbsp;&nbsp; (210054673)<br>| &nbsp;&nbsp;&nbsp; (47366907)<br>| &nbsp;&nbsp;&nbsp; (148190396)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2743433)<br>| &nbsp;&nbsp;&nbsp; (8444472)<br>| &nbsp;&nbsp;&nbsp; (837613)<br>| &nbsp;&nbsp;&nbsp; (2610590)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 45971860 | &nbsp;&nbsp;&nbsp; $141464927 | &nbsp;&nbsp;&nbsp; 23018016 | &nbsp;&nbsp;&nbsp; $72053435 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 75% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**22**

**Invesco Limited Term California Municipal Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco Limited Term California Municipal Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Limited Term California Municipal Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the "Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, agent bank and broker; when replies were not received from the agent bank, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2026

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**23**

**Invesco Limited Term California Municipal Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |
| Tax-Exempt Interest Dividends\* | &nbsp;&nbsp; 99.38% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**24**

**Invesco Limited Term California Municipal Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**25**

**Invesco Limited Term California Municipal Fund**

------

![](img1f0d4c931.jpg)

SEC file number(s): 811-07890 and 033-66242

Invesco Distributors, Inc.

O-ROLTCAM-NCSR

------

![](img9a51c24d1.jpg)

------

**Annual Financial Statements and Other Information**

**February 28, 2026**

**Invesco Limited Term Municipal Income Fund**

Nasdaq:

A: ATFAX ■ A2: AITFX ■ C: ATFCX ■ Y: ATFYX ■ R5: ATFIX ■ R6: ATFSX

------

---

| | |
|:---|:---|
| [2](#xx_e8842412-91fe-433d-8cb5-d7016ca3a755_SOI-Continued-110_1) | Schedule of Investments |
| [24](#xx_e8842412-91fe-433d-8cb5-d7016ca3a755_FS-Continued-110_1) | Financial Statements |
| [27](#xx_e8842412-91fe-433d-8cb5-d7016ca3a755_FS-Continued-110_4) | Financial Highlights |
| [28](#xx_e8842412-91fe-433d-8cb5-d7016ca3a755_NTF-Continued-110_1) | Notes to Financial Statements |
| [33](#xx_e8842412-91fe-433d-8cb5-d7016ca3a755_ARS-Continued-110_1) | Report of Independent Registered Public Accounting Firm |
| [34](#xx_e8842412-91fe-433d-8cb5-d7016ca3a755_TI-Continued-110_1) | Tax Information |
| [35](#xx_e8842412-91fe-433d-8cb5-d7016ca3a755_OIRSR-Continued-110_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*February 28, 2026* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–96.32%** | **Municipal Obligations–96.32%** | **Municipal Obligations–96.32%** | **Municipal Obligations–96.32%** | **Municipal Obligations–96.32%** |
| **Alabama–3.80%** | **Alabama–3.80%** | **Alabama–3.80%** | **Alabama–3.80%** | **Alabama–3.80%** |
| Alabama (State of) Economic Settlement Authority; Series 2016 A, RB | 4.00% | 09/15/2033 | $2150 | &nbsp;&nbsp; $2155663 |
| Alabama Highway Authority; |  |  |  |  |
| Series 2025, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 09/01/2042 | 3500 | &nbsp;&nbsp; 3978629 |
| Series 2025, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 09/01/2043 | 2805 | &nbsp;&nbsp; 3154614 |
| Black Belt Energy Gas District (The); |  |  |  |  |
| Series 2022 B-1, RB<sup>(b)</sup> <br>| 4.00% | 10/01/2027 | 12950 | &nbsp;&nbsp; 13196122 |
| Series 2023 B, RB<sup>(b)</sup> <br>| 5.25% | 12/01/2030 | 5000 | &nbsp;&nbsp; 5477195 |
| Series 2024 A, RB<sup>(b)</sup> <br>| 5.25% | 09/01/2032 | 2815 | &nbsp;&nbsp; 3056421 |
| Series 2025 D, Ref. RB<sup>(b)</sup> <br>| 5.00% | 08/01/2035 | 4000 | &nbsp;&nbsp; 4444422 |
| Black Belt Energy Gas District (The) (No. 5); Series 2020 A-1, RB<sup>(b)</sup> <br>| 4.00% | 10/01/2026 | 12530 | &nbsp;&nbsp; 12628848 |
| Black Belt Energy Gas District (The) (No. 6); Series 2021 B, RB<sup>(b)</sup> <br>| 4.00% | 12/01/2026 | 4000 | &nbsp;&nbsp; 4036908 |
| Black Belt Energy Gas District (The) (No. 7); Series 2021, RB<sup>(b)</sup> <br>| 4.00% | 12/01/2026 | 22905 | &nbsp;&nbsp; 23116347 |
| Jefferson (County of), AL; |  |  |  |  |
| Series 2024, Ref. RB | 5.00% | 10/01/2037 | 2345 | &nbsp;&nbsp; 2634296 |
| Series 2024, Ref. Revenue Wts. | 5.25% | 10/01/2040 | 2500 | &nbsp;&nbsp; 2797231 |
| Series 2024, Ref. Revenue Wts. | 5.25% | 10/01/2043 | 3500 | &nbsp;&nbsp; 3826468 |
| Mobile (City of), AL Industrial Development Board (Alabama Power Co. Barry Plant); <br> Series 2008, RB<sup>(b)</sup> <br>| 3.30% | 03/12/2026 | 3500 | &nbsp;&nbsp; 3500674 |
| Southeast Energy Authority, A Cooperative District; Series 2025 D, RB | 5.00% | 09/01/2035 | 10000 | &nbsp;&nbsp; 11209567 |
| Southeast Energy Authority, A Cooperative District (No. 3); Series 2022 A-1, RB<sup>(b)</sup> <br>| 5.50% | 12/01/2029 | 3000 | &nbsp;&nbsp; 3265419 |
| UAB Medicine Finance Authority; Series 2016 B, Ref. RB | 5.00% | 09/01/2035 | 3500 | &nbsp;&nbsp; 3537346 |
|  |  |  |  | &nbsp;&nbsp; 106016170 |
| **Alaska–0.24%** | **Alaska–0.24%** | **Alaska–0.24%** | **Alaska–0.24%** | **Alaska–0.24%** |
| Alaska (State of) Municipal Bond Bank Authority; Series 2015-3, Ref. RB | 5.25% | 10/01/2036 | 60 | &nbsp;&nbsp; 60120 |
| Alaska Housing Finance Corp.; Series 2025 A, Ref. RB | 5.00% | 12/01/2030 | 2500 | &nbsp;&nbsp; 2775441 |
| Northern Tobacco Securitization Corp.; |  |  |  |  |
| Series 2021 A-1, Ref. RB | 4.00% | 06/01/2034 | 2000 | &nbsp;&nbsp; 2070404 |
| Series 2021 B-1, Ref. RB | 4.00% | 06/01/2050 | 1835 | &nbsp;&nbsp; 1801895 |
|  |  |  |  | &nbsp;&nbsp; 6707860 |
| **Arizona–2.64%** | **Arizona–2.64%** | **Arizona–2.64%** | **Arizona–2.64%** | **Arizona–2.64%** |
| Arizona (State of) Industrial Development Authority (Leman Academy of Excellence); <br> Series 2022, Ref. RB<br>| 4.00% | 07/01/2030 | 1405 | &nbsp;&nbsp; 1404833 |
| Arizona (State of) Industrial Development Authority (Pinecrest Academy of Northern Nevada); <br> Series 2022 A, RB<sup>(c)</sup> <br>| 4.50% | 07/15/2029 | 1250 | &nbsp;&nbsp; 1232250 |
| Arizona (State of) Industrial Development Authority (Social Bonds); |  |  |  |  |
| Series 2023, RB | 5.00% | 11/01/2028 | 2000 | &nbsp;&nbsp; 2107445 |
| Series 2023, RB | 5.00% | 11/01/2040 | 1000 | &nbsp;&nbsp; 1087370 |
| Glendale (City of), AZ; Series 2025, Ref. RB | 5.00% | 07/01/2032 | 2580 | &nbsp;&nbsp; 2993164 |
| Glendale (City of), AZ Industrial Development Authority (Midwestern University); |  |  |  |  |
| Series 2025, RB | 5.00% | 05/15/2042 | 1350 | &nbsp;&nbsp; 1483534 |
| Series 2025, RB | 5.00% | 05/15/2043 | 1500 | &nbsp;&nbsp; 1631348 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group); |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 01/01/2034 | 3215 | &nbsp;&nbsp; 3285258 |
| Series 2016, Ref. RB | 5.00% | 01/01/2035 | 2795 | &nbsp;&nbsp; 2854280 |
| Series 2023 A-1, RB<sup>(b)</sup> <br>| 5.00% | 05/15/2026 | 5000 | &nbsp;&nbsp; 5018961 |
| Maricopa (County of), AZ Industrial Development Authority (Legacy Traditional Schools); <br> Series 2021, RB<sup>(c)</sup> <br>| 3.00% | 07/01/2031 | 625 | &nbsp;&nbsp; 606646 |
| Mesa (City of), AZ; |  |  |  |  |
| Series 2014, RB | 4.00% | 07/01/2038 | 13350 | &nbsp;&nbsp; 13356373 |
| Series 2018, RB | 5.00% | 07/01/2042 | 4500 | &nbsp;&nbsp; 4681854 |
| Series 2023, RB | 5.00% | 07/01/2040 | 2390 | &nbsp;&nbsp; 2670252 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** |
| Phoenix Civic Improvement Corp.; |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 07/01/2039 | $7125 | &nbsp;&nbsp; $7180725 |
| Series 2019 A, RB | 5.00% | 07/01/2045 | 2225 | &nbsp;&nbsp; 2301556 |
| Series 2025 C, Ref. RB | 5.00% | 07/01/2031 | 2000 | &nbsp;&nbsp; 2285579 |
| Pima (County of), AZ Industrial Development Authority (The) (Tucson Country Day School); <br> Series 2007, Ref. RB<br>| 5.00% | 06/01/2037 | 645 | &nbsp;&nbsp; 603914 |
| Pinal (County of), AZ; Series 2025, RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 08/01/2032 | 1000 | &nbsp;&nbsp; 1157791 |
| Pinal County Electric District No. 3; Series 2016, Ref. RB | 5.00% | 07/01/2035 | 1000 | &nbsp;&nbsp; 1006158 |
| Queen Creek (Town of), AZ; |  |  |  |  |
| Series 2026, COP | 5.00% | 10/01/2043 | 1000 | &nbsp;&nbsp; 1115165 |
| Series 2026, COP | 5.00% | 10/01/2044 | 700 | &nbsp;&nbsp; 771077 |
| Tempe (City of), AZ; Series 2025, Ref. GO Bonds | 5.00% | 07/01/2029 | 1880 | &nbsp;&nbsp; 2055231 |
| University of Arizona Board of Regents; |  |  |  |  |
| Series 2017 B, Ref. RB | 5.00% | 07/01/2043 | 2000 | &nbsp;&nbsp; 2044741 |
| Series 2025 A, Ref. RB | 5.00% | 06/01/2029 | 1000 | &nbsp;&nbsp; 1088023 |
| Series 2026, RB | 5.00% | 08/01/2044 | 1465 | &nbsp;&nbsp; 1633751 |
| Series 2026, RB | 5.00% | 08/01/2045 | 1000 | &nbsp;&nbsp; 1101741 |
| Series 2026, RB | 5.00% | 08/01/2045 | 1000 | &nbsp;&nbsp; 1091682 |
| Series 2026, Ref. RB | 5.00% | 06/01/2045 | 1000 | &nbsp;&nbsp; 1100337 |
| University of Arizona Board of Regents (Green Bonds); Series 2016 B, RB<sup>(b)(d)</sup> <br>| 5.00% | 06/01/2026 | 2515 | &nbsp;&nbsp; 2532098 |
|  |  |  |  | &nbsp;&nbsp; 73483137 |
| **California–2.92%** | **California–2.92%** | **California–2.92%** | **California–2.92%** | **California–2.92%** |
| California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds); |  |  |  |  |
| Series 2023, RB<sup>(b)</sup> <br>| 5.25% | 04/01/2030 | 6000 | &nbsp;&nbsp; 6473372 |
| Series 2024 E, RB<sup>(b)</sup> <br>| 5.00% | 09/01/2032 | 3750 | &nbsp;&nbsp; 4104517 |
| Series 2024, RB<sup>(b)</sup> <br>| 5.00% | 04/01/2032 | 5250 | &nbsp;&nbsp; 5727199 |
| Series 2025 C, RB<sup>(b)</sup> <br>| 5.00% | 10/01/2033 | 5000 | &nbsp;&nbsp; 5428783 |
| California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization <br> Corp.); Series 2020 B-1, Ref. RB<br>| 5.00% | 06/01/2049 | 350 | &nbsp;&nbsp; 350624 |
| California (State of) County Tobacco Securitization Agency (Sonoma County Securitization <br> Corp.); Series 2020, Ref. RB<br>| 5.00% | 06/01/2049 | 315 | &nbsp;&nbsp; 315503 |
| California (State of) Health Facilities Financing Authority (Adventist Health System); <br> Series 2013 A, RB<br>| 4.00% | 03/01/2033 | 240 | &nbsp;&nbsp; 240088 |
| California (State of) Health Facilities Financing Authority (Sutter Health); Series 2018 A, RB | 5.00% | 11/15/2048 | 10000 | &nbsp;&nbsp; 10115268 |
| California (State of) Housing Finance Agency (Social Certificates); |  |  |  |  |
| Series 2021 A, RB | 3.25% | 08/20/2036 | 5 | &nbsp;&nbsp; 4648 |
| Series 2023-1, RB | 4.38% | 09/20/2036 | 2920 | &nbsp;&nbsp; 3106817 |
| California (State of) Municipal Finance Authority (American Heritage Education Foundation); <br> Series 2016 A, Ref. RB<br>| 4.00% | 06/01/2026 | 315 | &nbsp;&nbsp; 315119 |
| California State University; Series 2016 A, Ref. RB | 5.00% | 11/01/2041 | 6000 | &nbsp;&nbsp; 6019659 |
| East Side Union High School District (Election of 2016); Series 2025 D, GO Bonds | 5.00% | 08/01/2029 | 1000 | &nbsp;&nbsp; 1106933 |
| Imperial Irrigation District; Series 2016 B-2, Ref. RB | 5.00% | 11/01/2041 | 1680 | &nbsp;&nbsp; 1700060 |
| Northern California Energy Authority; Series 2024, Ref. RB<sup>(b)</sup> <br>| 5.00% | 08/01/2030 | 6400 | &nbsp;&nbsp; 6898992 |
| Northern California Tobacco Securitization Authority; Series 2021 B-1, Ref. RB | 4.00% | 06/01/2049 | 740 | &nbsp;&nbsp; 729898 |
| Regents of the University of California Medical Center; Series 2007 B-2, VRD Ref. RB<sup>(e)</sup> <br>| 0.70% | 05/15/2032 | 1765 | &nbsp;&nbsp; 1765000 |
| San Diego (City of), CA Public Facilities Financing Authority; Series 2016 B, Ref. RB | 5.00% | 08/01/2038 | 8735 | &nbsp;&nbsp; 8813133 |
| San Jose (City of), CA; Series 2017 B, Ref. RB | 5.00% | 03/01/2042 | 5720 | &nbsp;&nbsp; 5827597 |
| Sonoma (County of), CA Junior College District (Election of 2014); Series 2016 A, GO Bonds | 5.00% | 08/01/2041 | 1750 | &nbsp;&nbsp; 1764783 |
| Southern California Tobacco Securitization Authority (San Diego County Asset Securitization <br> Corp.);<br>|  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 06/01/2037 | 2000 | &nbsp;&nbsp; 2128233 |
| Series 2019, Ref. RB | 5.00% | 06/01/2048 | 4950 | &nbsp;&nbsp; 4946326 |
| Tender Option Bond Trust Receipts/Certificates; Series 2021, VRD RB<sup>(c)(e)</sup> <br>| 1.98% | 10/01/2049 | 2600 | &nbsp;&nbsp; 2600000 |
| West Contra Costa Unified School District (Election of 2005); Series 2008 B, GO Bonds | 6.00% | 08/01/2027 | 1000 | &nbsp;&nbsp; 1052883 |
|  |  |  |  | &nbsp;&nbsp; 81535435 |
| **Colorado–2.54%** | **Colorado–2.54%** | **Colorado–2.54%** | **Colorado–2.54%** | **Colorado–2.54%** |
| Adams & Arapahoe Joint School District No. 28J Aurora; Series 2025, GO Bonds | 5.50% | 12/01/2035 | 2000 | &nbsp;&nbsp; 2515577 |
| Adams & Weld Counties School District No. 27J Brighton; Series 2015, GO Bonds | 5.00% | 12/01/2040 | 1040 | &nbsp;&nbsp; 1041446 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** |
| Arapahoe County School District No. 1 Englewood; Series 2017, GO Bonds | 5.00% | 12/01/2037 | $1790 | &nbsp;&nbsp; $1817752 |
| Arapahoe County School District No. 5 Cherry Creek; Series 2024, GO Bonds | 5.25% | 12/15/2041 | 1700 | &nbsp;&nbsp; 1980708 |
| Broomfield (City & County of), CO; |  |  |  |  |
| Series 2026, COP | 5.00% | 02/01/2043 | 1000 | &nbsp;&nbsp; 1119398 |
| Series 2026, COP | 5.00% | 02/01/2044 | 1000 | &nbsp;&nbsp; 1104464 |
| Series 2026, RB | 5.00% | 12/01/2043 | 1500 | &nbsp;&nbsp; 1698996 |
| Series 2026, Ref. RB | 5.00% | 12/01/2043 | 1000 | &nbsp;&nbsp; 1133552 |
| Series 2026, Ref. RB | 5.00% | 12/01/2044 | 1000 | &nbsp;&nbsp; 1118590 |
| Colorado (State of); |  |  |  |  |
| Series 2017 J, COP | 5.25% | 03/15/2042 | 1250 | &nbsp;&nbsp; 1274464 |
| Series 2025, COP | 5.00% | 03/15/2042 | 1655 | &nbsp;&nbsp; 1859491 |
| Series 2025, COP | 5.00% | 03/15/2043 | 1250 | &nbsp;&nbsp; 1391119 |
| Colorado (State of) Bridge & Tunnel Enterprise; Series 2025 A, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 12/01/2029 | 1000 | &nbsp;&nbsp; 1098923 |
| Colorado (State of) Department of Transportation; Series 2017, COP | 5.00% | 06/15/2041 | 3730 | &nbsp;&nbsp; 3748977 |
| Colorado (State of) Health Facilities Authority (Aberdeen Ridge); Series 2021 B, RB (Acquired <br> 12/15/2021; Cost $45,000)<sup>(f)</sup> <br>| 2.13% | 05/15/2028 | 45 | &nbsp;&nbsp; 44997 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health); Series 2019 B-2, RB<sup>(b)</sup> <br>| 5.00% | 08/01/2026 | 2000 | &nbsp;&nbsp; 2002169 |
| Colorado (State of) Health Facilities Authority (Vail Valley Medical Center); Series 2015, RB | 5.00% | 01/15/2035 | 2000 | &nbsp;&nbsp; 2003573 |
| Colorado Springs (City of), CO; |  |  |  |  |
| Series 2025 A, RB | 5.00% | 11/15/2032 | 1500 | &nbsp;&nbsp; 1758308 |
| Series 2025 A, RB | 5.00% | 11/15/2042 | 2000 | &nbsp;&nbsp; 2294532 |
| Colorado State University Research Foundation; Series 2025 A, RB<sup>(c)</sup> <br>| 5.00% | 03/01/2040 | 2750 | &nbsp;&nbsp; 2902497 |
| Denver (City & County of), CO; |  |  |  |  |
| Series 2012 B, RB | 4.00% | 11/15/2031 | 1125 | &nbsp;&nbsp; 1126070 |
| Series 2012 B, RB | 5.00% | 11/15/2043 | 2590 | &nbsp;&nbsp; 2592825 |
| El Paso (County of), CO School District No. 20; Series 2017, GO Bonds | 5.00% | 12/15/2033 | 2900 | &nbsp;&nbsp; 2961888 |
| El Paso County School District No. 3 Widefield; Series 2025 B, GO Bonds | 5.25% | 12/01/2044 | 975 | &nbsp;&nbsp; 1085320 |
| Elbert & Highway 86 Commercial Metropolitan District; Series 2021 A, Ref. GO Bonds<sup>(c)</sup> <br>| 3.75% | 12/01/2029 | 385 | &nbsp;&nbsp; 380501 |
| Fort Collins (City of), CO Urban Renewal Authority (North College Urban Renewal Area); |  |  |  |  |
| Series 2025, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 12/01/2029 | 1345 | &nbsp;&nbsp; 1461091 |
| Series 2025, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 12/01/2030 | 2720 | &nbsp;&nbsp; 3010327 |
| Fort Collins-Loveland Water District; Series 2025, RB | 5.00% | 12/01/2042 | 1000 | &nbsp;&nbsp; 1140651 |
| Grand River Hospital District; Series 2026, GO Bonds (INS - AGI)<sup>(a)</sup> <br>| 6.00% | 12/01/2044 | 1000 | &nbsp;&nbsp; 1170679 |
| Larimer Weld & Boulder County School District R-2J Thompson; Series 2026, GO Bonds | 5.50% | 12/15/2044 | 2000 | &nbsp;&nbsp; 2350885 |
| Midtown Clear Creek Metropolitan District; Series 2023 A, Ref. GO Bonds (INS - BAM)<sup>(a)</sup> <br>| 5.50% | 12/01/2038 | 1200 | &nbsp;&nbsp; 1387355 |
| Mulberry Metropolitan District No. 2; Series 2022, RB | 7.00% | 12/01/2034 | 1447 | &nbsp;&nbsp; 1514623 |
| Public Authority for Colorado Energy; Series 2008, RB | 6.25% | 11/15/2028 | 1305 | &nbsp;&nbsp; 1381205 |
| Raindance Metropolitan District No. 2; Series 2024, Ref. GO Bonds (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 12/01/2039 | 470 | &nbsp;&nbsp; 511867 |
| Ritoro Metropolitan District; Series 2025 A, Ref. GO Bonds (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 12/01/2040 | 500 | &nbsp;&nbsp; 540531 |
| Sheridan (City of), CO; Series 2017, GO Bonds | 5.00% | 12/01/2037 | 2370 | &nbsp;&nbsp; 2373634 |
| Summit County School District No. RE-1; Series 2017, GO Bonds | 5.00% | 12/01/2036 | 1715 | &nbsp;&nbsp; 1745430 |
| University of Colorado; |  |  |  |  |
| Series 2025 C-2, Ref. RB | 5.00% | 06/01/2040 | 1000 | &nbsp;&nbsp; 1149126 |
| Series 2025 C-2, Ref. RB | 5.00% | 06/01/2041 | 650 | &nbsp;&nbsp; 742221 |
| Series 2025 C-2, Ref. RB | 5.00% | 06/01/2042 | 1000 | &nbsp;&nbsp; 1130218 |
| Weld County School District No. RE-4; Series 2016, GO Bonds | 5.25% | 12/01/2041 | 5895 | &nbsp;&nbsp; 5984464 |
| West Meadow Metropolitan District (Senior Bonds); Series 2023 A, Ref. GO Bonds<sup>(c)</sup> <br>| 6.00% | 12/01/2038 | 1000 | &nbsp;&nbsp; 1055331 |
|  |  |  |  | &nbsp;&nbsp; 70705775 |
| **Connecticut–1.04%** | **Connecticut–1.04%** | **Connecticut–1.04%** | **Connecticut–1.04%** | **Connecticut–1.04%** |
| Connecticut (State of); |  |  |  |  |
| Series 2025 A, GO Bonds | 5.00% | 03/15/2028 | 2000 | &nbsp;&nbsp; 2118000 |
| Series 2025 A, GO Bonds | 5.00% | 03/15/2029 | 1500 | &nbsp;&nbsp; 1627563 |
| Series 2025 A, GO Bonds | 5.00% | 03/15/2030 | 750 | &nbsp;&nbsp; 832888 |
| Series 2025, Ref. RB | 5.00% | 07/01/2043 | 4000 | &nbsp;&nbsp; 4520222 |
| Connecticut (State of) (Transportation Infrastructure); Series 2016 A, RB | 5.00% | 09/01/2036 | 4000 | &nbsp;&nbsp; 4044250 |
| Connecticut (State of) Health & Educational Facilities Authority (Quinnipiac University); |  |  |  |  |
| Series 2025 O, Ref. RB | 5.00% | 07/01/2031 | 1000 | &nbsp;&nbsp; 1129340 |
| Series 2025 O, Ref. RB | 5.00% | 07/01/2032 | 3000 | &nbsp;&nbsp; 3444186 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Connecticut–(continued)** | **Connecticut–(continued)** | **Connecticut–(continued)** | **Connecticut–(continued)** | **Connecticut–(continued)** |
| Connecticut (State of) Health & Educational Facilities Authority (Yale University); Series 2025 <br> B-1, RB<sup>(b)</sup> <br>| 5.00% | 07/01/2030 | $5000 | &nbsp;&nbsp; $5563775 |
| Connecticut (State of) Housing Finance Authority; Series 2020 E-1, Ref. RB | 3.00% | 11/15/2050 | 805 | &nbsp;&nbsp; 800661 |
| Connecticut (State of) Housing Finance Authority (Social Bonds); Series 2022, RB (CEP - GNMA) | 5.50% | 11/15/2052 | 4745 | &nbsp;&nbsp; 5026358 |
|  |  |  |  | &nbsp;&nbsp; 29107243 |
| **Delaware–0.34%** | **Delaware–0.34%** | **Delaware–0.34%** | **Delaware–0.34%** | **Delaware–0.34%** |
| Delaware (State of) Economic Development Authority (Delmarva Power & Light); Series 2020, <br> Ref. RB<br>| 3.60% | 01/01/2031 | 4000 | &nbsp;&nbsp; 4157123 |
| Delaware (State of) Economic Development Authority (NRG Energy); |  |  |  |  |
| Series 2020 A, Ref. RB<sup>(b)</sup> <br>| 4.00% | 10/01/2035 | 3000 | &nbsp;&nbsp; 3098104 |
| Series 2020 B, Ref. RB<sup>(b)</sup> <br>| 4.00% | 10/01/2035 | 2100 | &nbsp;&nbsp; 2168673 |
|  |  |  |  | &nbsp;&nbsp; 9423900 |
| **District of Columbia–1.47%** | **District of Columbia–1.47%** | **District of Columbia–1.47%** | **District of Columbia–1.47%** | **District of Columbia–1.47%** |
| District of Columbia; |  |  |  |  |
| Series 2017 A, Ref. GO Bonds | 5.00% | 06/01/2032 | 1000 | &nbsp;&nbsp; 1032816 |
| Series 2025 A, Ref. RB | 5.00% | 06/01/2028 | 3000 | &nbsp;&nbsp; 3194244 |
| District of Columbia (Children's Hospital Obligated Group); Series 2015, Ref. RB | 5.00% | 07/15/2040 | 5310 | &nbsp;&nbsp; 5313991 |
| District of Columbia Tobacco Settlement Financing Corp.; Series 2001, RB | 6.75% | 05/15/2040 | 1625 | &nbsp;&nbsp; 1675307 |
| District of Columbia Water & Sewer Authority; |  |  |  |  |
| Series 2016 A, Ref. RB | 5.00% | 10/01/2039 | 3085 | &nbsp;&nbsp; 3089697 |
| Series 2024 B, Ref. VRD RB<sup>(e)</sup> <br>| 1.15% | 10/01/2054 | 13100 | &nbsp;&nbsp; 13100000 |
| Washington Metropolitan Area Transit Authority; |  |  |  |  |
| Series 2017 B, RB | 5.00% | 07/01/2042 | 1250 | &nbsp;&nbsp; 1273265 |
| Series 2018, RB | 5.00% | 07/01/2037 | 1000 | &nbsp;&nbsp; 1026251 |
| Series 2018, RB | 5.00% | 07/01/2043 | 11000 | &nbsp;&nbsp; 11184198 |
|  |  |  |  | &nbsp;&nbsp; 40889769 |
| **Florida–6.24%** | **Florida–6.24%** | **Florida–6.24%** | **Florida–6.24%** | **Florida–6.24%** |
| Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.); <br> Series 2014 B, RB<br>| 5.00% | 12/01/2034 | 3815 | &nbsp;&nbsp; 3821308 |
| Ave Maria Stewardship Community District (Phase 5); |  |  |  |  |
| Series 2025, RB | 4.00% | 05/01/2030 | 470 | &nbsp;&nbsp; 474203 |
| Series 2025, RB | 4.38% | 05/01/2035 | 565 | &nbsp;&nbsp; 578322 |
| Brevard (County of), FL Health Facilities Authority (Health First Obligated Group); Series 2024, <br> Ref. RB<br>| 5.00% | 04/01/2037 | 3565 | &nbsp;&nbsp; 4030323 |
| Broward (County of), FL School District; Series 2025, Ref. GO Bonds (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 07/01/2030 | 1000 | &nbsp;&nbsp; 1114505 |
| Cape Coral (City of), FL; Series 2017, Ref. RB | 5.00% | 10/01/2033 | 1740 | &nbsp;&nbsp; 1804416 |
| Capital Trust Authority (Classical Academy of Sarasota (The)); |  |  |  |  |
| Series 2024, RB<sup>(c)</sup> <br>| 5.00% | 07/01/2039 | 1480 | &nbsp;&nbsp; 1497553 |
| Series 2025, RB<sup>(c)</sup> <br>| 5.00% | 07/01/2036 | 855 | &nbsp;&nbsp; 896660 |
| Capital Trust Authority (Plato Academy Schools); Series 2024, RB | 5.00% | 12/15/2044 | 1155 | &nbsp;&nbsp; 1144397 |
| Capital Trust Authority (UF Health); |  |  |  |  |
| Series 2025 A, Ref. RB | 5.00% | 12/01/2030 | 2000 | &nbsp;&nbsp; 2214686 |
| Series 2025 A, Ref. RB | 5.00% | 12/01/2032 | 3000 | &nbsp;&nbsp; 3414241 |
| Connerton East Community Development District; |  |  |  |  |
| Series 2025, RB | 4.00% | 06/15/2030 | 250 | &nbsp;&nbsp; 253430 |
| Series 2025, RB | 4.25% | 06/15/2035 | 350 | &nbsp;&nbsp; 358844 |
| Series 2025, RB | 5.25% | 06/15/2045 | 670 | &nbsp;&nbsp; 685345 |
| Creekview Community Development District (Phase 2); Series 2024, RB | 4.60% | 05/01/2031 | 750 | &nbsp;&nbsp; 765646 |
| Delray Beach (City of), FL; Series 2025, RB | 5.00% | 10/01/2041 | 1500 | &nbsp;&nbsp; 1708796 |
| Duval County (County of), FL School Board; |  |  |  |  |
| Series 2025 A, Ref. COP (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 07/01/2029 | 1400 | &nbsp;&nbsp; 1524829 |
| Series 2025 A, Ref. COP (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 07/01/2030 | 1000 | &nbsp;&nbsp; 1113630 |
| East Central Regional Wastewater Treatment Facilities Operation Board; Series 2017, Ref. RB | 5.00% | 10/01/2037 | 2000 | &nbsp;&nbsp; 2065163 |
| Escambia (County of), FL School Board; Series 2025 A, COP (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 02/01/2032 | 885 | &nbsp;&nbsp; 1012833 |
| Florida (State of) Municipal Power Agency (All-Requirements Power Supply); Series 2025 A, <br> Ref. RB<br>| 5.00% | 10/01/2031 | 2000 | &nbsp;&nbsp; 2278803 |
| Florida Development Finance Corp. (IPS Florida LLC-Idea); Series 2022, RB<sup>(c)</sup> <br>| 5.25% | 06/15/2029 | 1200 | &nbsp;&nbsp; 1208573 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** |
| Florida Housing Finance Corp.; Series 2018 2, RB (CEP - GNMA) | 4.25% | 01/01/2050 | $805 | &nbsp;&nbsp; $812784 |
| Greater Orlando Aviation Authority; |  |  |  |  |
| Series 2016 B, RB | 5.00% | 10/01/2039 | 2165 | &nbsp;&nbsp; 2189391 |
| Series 2016 B, RB | 5.00% | 10/01/2042 | 3630 | &nbsp;&nbsp; 3663631 |
| Hialeah (City of), FL; |  |  |  |  |
| Series 2022, Ref. RB | 5.00% | 10/01/2039 | 2640 | &nbsp;&nbsp; 2885611 |
| Series 2022, Ref. RB | 5.00% | 10/01/2040 | 2770 | &nbsp;&nbsp; 3010658 |
| Hillsborough (County of), FL Aviation Authority (Tampa International Airport); Series 2015 A, <br> RB<br>| 5.00% | 10/01/2044 | 10000 | &nbsp;&nbsp; 10004583 |
| Lee (County of), FL Industrial Development Authority (Shell Point Obligated Group); Series 2024 <br> B-3, RB<br>| 4.13% | 11/15/2029 | 2145 | &nbsp;&nbsp; 2160905 |
| Lee (County of), FL School Board (The); Series 2025 A, COP | 5.00% | 08/01/2043 | 5000 | &nbsp;&nbsp; 5546273 |
| Miami (City of) & Dade (County of), FL School Board (The); |  |  |  |  |
| Series 2015 D, Ref. COP | 5.00% | 02/01/2034 | 1000 | &nbsp;&nbsp; 1001803 |
| Series 2016 C, Ref. COP | 3.25% | 02/01/2033 | 540 | &nbsp;&nbsp; 540150 |
| Series 2016, GO Bonds<sup>(b)(d)</sup> <br>| 5.00% | 03/17/2026 | 2000 | &nbsp;&nbsp; 2002275 |
| Series 2022 A, GO Bonds (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 03/15/2041 | 1865 | &nbsp;&nbsp; 2047734 |
| Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center); Series 2014, <br> Ref. RB<br>| 5.00% | 11/15/2039 | 2490 | &nbsp;&nbsp; 2492683 |
| Miami-Dade (County of), FL; |  |  |  |  |
| Series 2016 A, Ref. GO Bonds | 5.00% | 07/01/2037 | 4260 | &nbsp;&nbsp; 4289632 |
| Series 2016 A, Ref. RB | 5.00% | 10/01/2041 | 10135 | &nbsp;&nbsp; 10236871 |
| Series 2023 A, RB | 6.00% | 04/01/2029 | 1525 | &nbsp;&nbsp; 1690665 |
| Series 2024, Ref. GO Bonds | 5.00% | 07/01/2042 | 4450 | &nbsp;&nbsp; 4962179 |
| Series 2025 A, RB | 5.00% | 10/01/2042 | 2000 | &nbsp;&nbsp; 2271973 |
| Series 2025 A, RB | 5.00% | 10/01/2043 | 1000 | &nbsp;&nbsp; 1122933 |
| Miami-Dade (County of), FL Expressway Authority; |  |  |  |  |
| Series 2010 A, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 07/01/2035 | 4135 | &nbsp;&nbsp; 4140323 |
| Series 2010 A, RB | 5.00% | 07/01/2040 | 10140 | &nbsp;&nbsp; 10154823 |
| Series 2013 A, RB | 5.00% | 07/01/2033 | 1000 | &nbsp;&nbsp; 1001232 |
| New Port Corners Community Development District; Series 2025, RB<sup>(c)</sup> <br>| 4.25% | 06/15/2035 | 500 | &nbsp;&nbsp; 511994 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group); |  |  |  |  |
| Series 2016 A, Ref. RB | 5.00% | 10/01/2033 | 2535 | &nbsp;&nbsp; 2569174 |
| Series 2016 A, Ref. RB | 5.00% | 10/01/2035 | 1210 | &nbsp;&nbsp; 1224669 |
| Series 2016 A, Ref. RB | 5.00% | 10/01/2036 | 2685 | &nbsp;&nbsp; 2715288 |
| Orange (County of), FL School Board; Series 2016 C, Ref. COP<sup>(b)(d)</sup> <br>| 5.00% | 08/01/2026 | 4475 | &nbsp;&nbsp; 4527748 |
| Orlando (City of), FL Utilities Commission; |  |  |  |  |
| Series 2025 A, RB | 5.00% | 10/01/2041 | 1700 | &nbsp;&nbsp; 1921621 |
| Series 2025 A, RB | 5.00% | 10/01/2042 | 1000 | &nbsp;&nbsp; 1115427 |
| Palm Beach County School District; Series 2025 A, Ref. COP | 5.00% | 08/01/2030 | 1625 | &nbsp;&nbsp; 1812034 |
| Parrish Lakes Community Development District; Series 2024, RB | 5.00% | 05/01/2031 | 365 | &nbsp;&nbsp; 374441 |
| PBR Community Development District; Series 2026 A-1, Ref. RB<sup>(c)</sup> <br>| 5.00% | 03/01/2048 | 1250 | &nbsp;&nbsp; 1257174 |
| Pinellas (County of), FL Housing Finance Authority (Social Bonds); Series 2021 A, RB (CEP - <br> GNMA)<br>| 3.00% | 03/01/2052 | 1875 | &nbsp;&nbsp; 1865553 |
| Pinellas (County of), FL School Board; Series 2017 A, COP | 5.00% | 07/01/2037 | 3000 | &nbsp;&nbsp; 3070574 |
| Port St. Lucie (City of), FL; Series 2025, Ref. GO Bonds | 5.00% | 07/01/2032 | 1560 | &nbsp;&nbsp; 1806829 |
| Sarasota (County of), FL; Series 2025, RB | 5.00% | 10/01/2041 | 1500 | &nbsp;&nbsp; 1703516 |
| Seminole (County of), FL; |  |  |  |  |
| Series 2025 A, Ref. RB | 5.00% | 10/01/2031 | 1050 | &nbsp;&nbsp; 1205258 |
| Series 2025 A, Ref. RB | 5.00% | 10/01/2032 | 1700 | &nbsp;&nbsp; 1985575 |
| Seminole (County of), FL School Board; |  |  |  |  |
| Series 2016 C, COP | 5.00% | 07/01/2036 | 1000 | &nbsp;&nbsp; 1007455 |
| Series 2025, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 10/01/2029 | 1450 | &nbsp;&nbsp; 1589006 |
| Series 2025, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 10/01/2030 | 1100 | &nbsp;&nbsp; 1231759 |
| South Florida Water Management District; |  |  |  |  |
| Series 2016, Ref. COP | 5.00% | 10/01/2034 | 5000 | &nbsp;&nbsp; 5008023 |
| Series 2016, Ref. COP | 5.00% | 10/01/2035 | 3275 | &nbsp;&nbsp; 3279932 |
| South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group); |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 08/15/2042 | 6270 | &nbsp;&nbsp; 6411805 |
| Series 2025 B, RB<sup>(b)</sup> <br>| 5.00% | 08/15/2030 | 3000 | &nbsp;&nbsp; 3296021 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** |
| St. Johns (County of), FL Industrial Development Authority (Vicar's Landing); |  |  |  |  |
| Series 2021, Ref. RB | 4.00% | 12/15/2026 | $185 | &nbsp;&nbsp; $185403 |
| Series 2021, Ref. RB | 4.00% | 12/15/2027 | 215 | &nbsp;&nbsp; 216065 |
| Series 2021, Ref. RB | 4.00% | 12/15/2028 | 200 | &nbsp;&nbsp; 201596 |
| Series 2021, Ref. RB | 4.00% | 12/15/2029 | 220 | &nbsp;&nbsp; 222216 |
| Series 2021, Ref. RB | 4.00% | 12/15/2030 | 200 | &nbsp;&nbsp; 202268 |
| Series 2021, Ref. RB | 4.00% | 12/15/2031 | 205 | &nbsp;&nbsp; 206879 |
| Volusia (County of), FL Educational Facility Authority (Embry–Riddle Aeronautical University); <br> Series 2025, RB<br>| 5.00% | 10/15/2032 | 3000 | &nbsp;&nbsp; 3454219 |
| Wildwood (City of), FL Village Community Development District No. 15; |  |  |  |  |
| Series 2023, RB<sup>(c)</sup> <br>| 4.25% | 05/01/2028 | 535 | &nbsp;&nbsp; 543158 |
| Series 2023, RB<sup>(c)</sup> <br>| 4.38% | 05/01/2033 | 970 | &nbsp;&nbsp; 1022046 |
| Series 2024, RB<sup>(c)</sup> <br>| 3.75% | 05/01/2029 | 995 | &nbsp;&nbsp; 1006721 |
| Series 2024, RB<sup>(c)</sup> <br>| 4.00% | 05/01/2034 | 1245 | &nbsp;&nbsp; 1286783 |
| Wildwood (City of), FL Village Community Development District No. 16; Series 2025, RB | 4.50% | 05/01/2040 | 1750 | &nbsp;&nbsp; 1811458 |
|  |  |  |  | &nbsp;&nbsp; 174045306 |
| **Georgia–4.48%** | **Georgia–4.48%** | **Georgia–4.48%** | **Georgia–4.48%** | **Georgia–4.48%** |
| Atlanta (City of), GA; Series 2015, Ref. RB | 5.00% | 11/01/2040 | 25385 | &nbsp;&nbsp; 25463559 |
| Atlanta (City of), GA (Green Bonds); Series 2024, RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 11/01/2041 | 1250 | &nbsp;&nbsp; 1419666 |
| Atlanta Development Authority (The) (Westside Gulch Area); Series 2024 A, RB<sup>(c)</sup> <br>| 5.00% | 04/01/2034 | 1500 | &nbsp;&nbsp; 1563688 |
| Burke (County of), GA Development Authority (Georgia Power Company); |  |  |  |  |
| Series 2009, VRD RB<sup>(e)</sup> <br>| 1.10% | 07/01/2049 | 9000 | &nbsp;&nbsp; 9000000 |
| Series 2018, Ref. VRD RB<sup>(e)</sup> <br>| 1.05% | 11/01/2052 | 2500 | &nbsp;&nbsp; 2500000 |
| Cartersville (City of), GA; Series 2026, RB | 5.00% | 06/01/2034 | 1150 | &nbsp;&nbsp; 1371796 |
| Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.); Series 2017 <br> A, Ref. RAC<br>| 5.00% | 04/01/2042 | 5560 | &nbsp;&nbsp; 5631381 |
| DeKalb (County of), GA Housing Authority (Park at 500); Series 2024, RB | 4.00% | 03/01/2034 | 6000 | &nbsp;&nbsp; 6137890 |
| Douglas (County of), GA School District; |  |  |  |  |
| Series 2025, GO Bonds | 5.00% | 04/01/2033 | 1000 | &nbsp;&nbsp; 1177630 |
| Series 2025, GO Bonds | 5.00% | 04/01/2041 | 1000 | &nbsp;&nbsp; 1162107 |
| Series 2025, GO Bonds | 5.00% | 04/01/2042 | 3000 | &nbsp;&nbsp; 3462039 |
| Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, <br> Inc.); Series 2017, Ref. RB<br>| 5.00% | 02/15/2045 | 6315 | &nbsp;&nbsp; 6367877 |
| George L Smith II Congress Center Authority (Convention Center Hotel); Series 2021, RB | 2.38% | 01/01/2031 | 725 | &nbsp;&nbsp; 692719 |
| Jackson (County of), GA School District; Series 2025, GO Bonds | 5.00% | 03/01/2030 | 500 | &nbsp;&nbsp; 555400 |
| Macon-Bibb (County of), GA; Series 2025, GO Bonds | 5.00% | 06/01/2031 | 1000 | &nbsp;&nbsp; 1136631 |
| Main Street Natural Gas, Inc.; |  |  |  |  |
| Series 2021 A, RB<sup>(b)</sup> <br>| 4.00% | 09/01/2027 | 20880 | &nbsp;&nbsp; 21299761 |
| Series 2021 C, RB<sup>(b)</sup> <br>| 4.00% | 12/01/2028 | 5000 | &nbsp;&nbsp; 5149476 |
| Series 2022 C, RB<sup>(b)(c)</sup> <br>| 4.00% | 11/01/2027 | 16250 | &nbsp;&nbsp; 16390249 |
| Series 2023 C, RB<sup>(b)</sup> <br>| 5.00% | 09/01/2030 | 2000 | &nbsp;&nbsp; 2160058 |
| Series 2024 B, RB<sup>(b)</sup> <br>| 5.00% | 03/01/2032 | 10000 | &nbsp;&nbsp; 10960216 |
| Savannah-Georgia Convention Center Authority (HMT Pledge); |  |  |  |  |
| Series 2025 C, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 06/01/2034 | 325 | &nbsp;&nbsp; 377842 |
| Series 2025 C, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 06/01/2035 | 300 | &nbsp;&nbsp; 351377 |
| Series 2025 C, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 06/01/2039 | 550 | &nbsp;&nbsp; 623225 |
|  |  |  |  | &nbsp;&nbsp; 124954587 |
| **Guam–0.04%** | **Guam–0.04%** | **Guam–0.04%** | **Guam–0.04%** | **Guam–0.04%** |
| Guam (Territory of) Waterworks Authority; |  |  |  |  |
| Series 2025 A, RB | 5.00% | 07/01/2031 | 270 | &nbsp;&nbsp; 299400 |
| Series 2025 A, RB | 5.00% | 07/01/2032 | 650 | &nbsp;&nbsp; 731086 |
|  |  |  |  | &nbsp;&nbsp; 1030486 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Hawaii–0.27%** | **Hawaii–0.27%** | **Hawaii–0.27%** | **Hawaii–0.27%** | **Hawaii–0.27%** |
| Honolulu (City & County of), HI; |  |  |  |  |
| Series 2017 A, GO Bonds | 5.00% | 09/01/2041 | $1770 | &nbsp;&nbsp; $1817014 |
| Series 2018 A, GO Bonds | 5.00% | 09/01/2041 | 2000 | &nbsp;&nbsp; 2092674 |
| Series 2023, RB<sup>(b)</sup> <br>| 5.00% | 06/01/2026 | 3625 | &nbsp;&nbsp; 3647465 |
|  |  |  |  | &nbsp;&nbsp; 7557153 |
| **Idaho–0.11%** | **Idaho–0.11%** | **Idaho–0.11%** | **Idaho–0.11%** | **Idaho–0.11%** |
| Idaho (State of) Housing & Finance Association; Series 2024 A, RB (CEP - GNMA) | 6.00% | 07/01/2054 | 2780 | &nbsp;&nbsp; 3123918 |
| **Illinois–4.78%** | **Illinois–4.78%** | **Illinois–4.78%** | **Illinois–4.78%** | **Illinois–4.78%** |
| Chicago (City of), IL; Series 2023 B, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 11/01/2039 | 1250 | &nbsp;&nbsp; 1372884 |
| Chicago (City of), IL (O'Hare International Airport); |  |  |  |  |
| Series 2017 D, RB | 5.25% | 01/01/2029 | 1665 | &nbsp;&nbsp; 1706041 |
| Series 2017 D, RB | 5.25% | 01/01/2042 | 2395 | &nbsp;&nbsp; 2432442 |
| Series 2024 B, RB | 5.00% | 01/01/2040 | 1000 | &nbsp;&nbsp; 1122593 |
| Series 2025 B, RB | 5.00% | 01/01/2042 | 1500 | &nbsp;&nbsp; 1674395 |
| Series 2025 C, Ref. RB | 5.00% | 01/01/2041 | 1000 | &nbsp;&nbsp; 1139556 |
| Series 2026 A, RB | 5.00% | 01/01/2045 | 2500 | &nbsp;&nbsp; 2711691 |
| Chicago (City of), IL Midway International Airport; |  |  |  |  |
| Series 2025 B, Ref. RB | 5.00% | 01/01/2041 | 3500 | &nbsp;&nbsp; 3945661 |
| Series 2025 B, Ref. RB | 5.00% | 01/01/2042 | 2500 | &nbsp;&nbsp; 2786631 |
| Cook & DuPage (Counties of), IL (Elmhurst Park District); |  |  |  |  |
| Series 2025, GO Bonds | 5.00% | 12/15/2041 | 500 | &nbsp;&nbsp; 555919 |
| Series 2025, GO Bonds | 5.00% | 12/15/2042 | 1000 | &nbsp;&nbsp; 1100797 |
| Cook & DuPage (Counties of), IL Combined School District No. 113A (Lemont-Bromberek); |  |  |  |  |
| Series 2025, GO Bonds | 5.00% | 12/01/2031 | 1175 | &nbsp;&nbsp; 1336712 |
| Series 2025, GO Bonds | 5.00% | 12/01/2032 | 1235 | &nbsp;&nbsp; 1421949 |
| Cook (County of), IL; |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 11/15/2037 | 1900 | &nbsp;&nbsp; 1961976 |
| Series 2018, Ref. GO Bonds | 5.00% | 11/15/2034 | 1000 | &nbsp;&nbsp; 1012072 |
| Series 2018, Ref. RB | 5.25% | 11/15/2035 | 1000 | &nbsp;&nbsp; 1040409 |
| Series 2021 A, Ref. RB | 5.00% | 11/15/2030 | 1600 | &nbsp;&nbsp; 1787680 |
| Series 2025, Ref. RB | 5.00% | 11/15/2041 | 600 | &nbsp;&nbsp; 676439 |
| Series 2025, Ref. RB | 5.00% | 11/15/2042 | 1000 | &nbsp;&nbsp; 1112002 |
| Cook (County of), IL School District No. 102 (La Grange); |  |  |  |  |
| Series 2025, GO Bonds (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 12/15/2041 | 100 | &nbsp;&nbsp; 110388 |
| Series 2025, GO Bonds (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 12/15/2042 | 1000 | &nbsp;&nbsp; 1089805 |
| Grundy, Kendall & Will Counties Community High School District No. 111 (Minooka); <br> Series 2022, GO Bonds<br>| 5.00% | 10/15/2028 | 1480 | &nbsp;&nbsp; 1567997 |
| Illinois (State of); |  |  |  |  |
| Series 2013, RB | 5.00% | 06/15/2026 | 500 | &nbsp;&nbsp; 500884 |
| Series 2016, GO Bonds | 5.00% | 06/01/2027 | 1010 | &nbsp;&nbsp; 1016436 |
| Series 2017 D, GO Bonds | 5.00% | 11/01/2027 | 1065 | &nbsp;&nbsp; 1111181 |
| Series 2020, GO Bonds | 5.50% | 05/01/2026 | 6750 | &nbsp;&nbsp; 6784823 |
| Illinois (State of) Finance Authority; |  |  |  |  |
| Series 2016 A, Ref. RB | 5.00% | 10/01/2035 | 3750 | &nbsp;&nbsp; 3792642 |
| Series 2019, Ref. RB | 5.00% | 09/01/2038 | 1000 | &nbsp;&nbsp; 1003216 |
| Series 2019, Ref. RB | 4.00% | 09/01/2039 | 1000 | &nbsp;&nbsp; 893532 |
| Illinois (State of) Finance Authority (Advocate Health Care Network); Series 2008 A, Ref. RB | 5.00% | 11/01/2030 | 1480 | &nbsp;&nbsp; 1555966 |
| Illinois (State of) Finance Authority (Ascension Health); |  |  |  |  |
| Series 2016 C, Ref. RB<sup>(b)(d)</sup> <br>| 5.00% | 02/15/2027 | 425 | &nbsp;&nbsp; 436379 |
| Series 2016 C, Ref. RB | 5.00% | 02/15/2036 | 2075 | &nbsp;&nbsp; 2117060 |
| Illinois (State of) Finance Authority (DePaul College Prep Foundation); |  |  |  |  |
| Series 2023, Ref. RB<sup>(c)</sup> <br>| 4.30% | 08/01/2028 | 935 | &nbsp;&nbsp; 947686 |
| Series 2023, Ref. RB<sup>(c)</sup> <br>| 5.25% | 08/01/2038 | 1300 | &nbsp;&nbsp; 1411996 |
| Illinois (State of) Finance Authority (DePaul University); Series 2016, RB | 5.00% | 10/01/2041 | 2500 | &nbsp;&nbsp; 2516058 |
| Illinois (State of) Finance Authority (OSF Healthcare System); Series 2015 A, Ref. RB | 5.00% | 11/15/2034 | 1650 | &nbsp;&nbsp; 1656580 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** |
| Illinois (State of) Finance Authority (Rosalind Franklin University); |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 08/01/2030 | $380 | &nbsp;&nbsp; $389128 |
| Series 2017, Ref. RB | 5.00% | 08/01/2031 | 375 | &nbsp;&nbsp; 383548 |
| Series 2017, Ref. RB | 5.00% | 08/01/2033 | 470 | &nbsp;&nbsp; 479477 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); <br> Series 2002, RB (INS - NATL)<sup>(a)(g)</sup> <br>| 0.00% | 12/15/2032 | 15000 | &nbsp;&nbsp; 12217173 |
| Illinois (State of) Regional Transportation Authority; Series 2004 A, RB (INS - AGI)<sup>(a)</sup> <br>| 5.75% | 06/01/2029 | 2050 | &nbsp;&nbsp; 2227367 |
| Illinois (State of) Toll Highway Authority; |  |  |  |  |
| Series 2014 C, RB | 5.00% | 01/01/2036 | 8170 | &nbsp;&nbsp; 8184662 |
| Series 2015 A, RB | 5.00% | 01/01/2037 | 5550 | &nbsp;&nbsp; 5559459 |
| Series 2015 A, RB | 5.00% | 01/01/2040 | 6610 | &nbsp;&nbsp; 6619124 |
| Series 2015 B, RB | 5.00% | 01/01/2036 | 4000 | &nbsp;&nbsp; 4007178 |
| Series 2017 A, RB | 5.00% | 01/01/2042 | 5825 | &nbsp;&nbsp; 6014932 |
| Joliet (City of), IL; Series 2025, RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 01/01/2043 | 750 | &nbsp;&nbsp; 817333 |
| Long Grove (Village of), IL (Sunset Grove); |  |  |  |  |
| Series 2020, Ref. RB | 3.10% | 01/01/2027 | 290 | &nbsp;&nbsp; 289885 |
| Series 2020, Ref. RB | 3.25% | 01/01/2028 | 305 | &nbsp;&nbsp; 305668 |
| Series 2020, Ref. RB | 3.35% | 01/01/2029 | 320 | &nbsp;&nbsp; 320961 |
| Series 2020, Ref. RB | 3.50% | 01/01/2030 | 330 | &nbsp;&nbsp; 330941 |
| Series 2020, Ref. RB | 3.60% | 01/01/2031 | 345 | &nbsp;&nbsp; 346144 |
| Series 2020, Ref. RB | 3.70% | 01/01/2032 | 490 | &nbsp;&nbsp; 491712 |
| Morton Grove-Niles Water Commission; Series 2018 A, GO Bonds | 5.00% | 12/01/2041 | 3635 | &nbsp;&nbsp; 3733914 |
| Peoria (City of), IL Public Building Commission; Series 2019 A, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 12/01/2029 | 3430 | &nbsp;&nbsp; 3578572 |
| Railsplitter Tobacco Settlement Authority; Series 2017, RB<sup>(d)</sup> <br>| 5.00% | 06/01/2026 | 5135 | &nbsp;&nbsp; 5171198 |
| Sales Tax Securitization Corp.; Series 2017, Ref. RB | 5.00% | 01/01/2028 | 1120 | &nbsp;&nbsp; 1175148 |
| University of Illinois Auxiliary Facilities System; Series 2026 A, Ref. RB | 5.00% | 04/01/2033 | 5000 | &nbsp;&nbsp; 5825030 |
| Winnebago, Ogle, Boone, Stephenson, DeKalb & McHenry (Counties of), IL Community College <br> District No. 511 (Rock Valley College); Series 2025 B, Ref. GO Bonds<br>| 5.00% | 01/01/2030 | 4820 | &nbsp;&nbsp; 5284497 |
|  |  |  |  | &nbsp;&nbsp; 133163529 |
| **Indiana–1.84%** | **Indiana–1.84%** | **Indiana–1.84%** | **Indiana–1.84%** | **Indiana–1.84%** |
| Columbus (City of), IN; Series 2016, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 1.99% | 02/15/2027 | 2070 | &nbsp;&nbsp; 2058210 |
| Indiana (State of) Finance Authority (Citizens Energy Group); Series 2016, RB | 5.00% | 10/01/2041 | 750 | &nbsp;&nbsp; 757460 |
| Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.); Series 2010 A, RB | 3.00% | 11/01/2030 | 4350 | &nbsp;&nbsp; 4331455 |
| Indiana (State of) Finance Authority (U.S. Steel Corp.); Series 2021 A, Ref. RB | 4.13% | 12/01/2026 | 7000 | &nbsp;&nbsp; 7028471 |
| Indiana (State of) Municipal Power Agency; Series 2016 A, Ref. RB | 5.00% | 01/01/2042 | 10000 | &nbsp;&nbsp; 10053954 |
| Northern Indiana Commuter Transportation District; Series 2016, RB | 5.00% | 07/01/2041 | 7140 | &nbsp;&nbsp; 7155637 |
| Purdue University; Series 2025 B, Ref. RB | 5.00% | 07/01/2042 | 1270 | &nbsp;&nbsp; 1436070 |
| Rockport (City of), IN (Indiana Michigan Power Co.); Series 2025 A, Ref. RB<sup>(b)</sup> <br>| 3.70% | 06/01/2029 | 5000 | &nbsp;&nbsp; 5123597 |
| Whiting (City of), IN (BP Products North America, Inc.); Series 2008, RB<sup>(b)</sup> <br>| 4.20% | 06/21/2035 | 12400 | &nbsp;&nbsp; 13436620 |
|  |  |  |  | &nbsp;&nbsp; 51381474 |
| **Iowa–1.59%** | **Iowa–1.59%** | **Iowa–1.59%** | **Iowa–1.59%** | **Iowa–1.59%** |
| Iowa (State of) Finance Authority; Series 2021, RB (CEP - GNMA) | 3.00% | 07/01/2051 | 4045 | &nbsp;&nbsp; 4021776 |
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB<sup>(b)(d)</sup> <br>| 4.00% | 12/01/2032 | 10000 | &nbsp;&nbsp; 11054193 |
| Muscatine Power and Water Electric Revenue; |  |  |  |  |
| Series 2026 A, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 12/01/2043 | 800 | &nbsp;&nbsp; 873863 |
| Series 2026 A, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 12/01/2044 | 1100 | &nbsp;&nbsp; 1190429 |
| PEFA, Inc.; Series 2019, RB<sup>(b)</sup> <br>| 5.00% | 09/01/2026 | 25105 | &nbsp;&nbsp; 25397122 |
| Waterloo (City of), IA; Series 2024 D, GO Bonds | 4.50% | 06/01/2027 | 1700 | &nbsp;&nbsp; 1708488 |
|  |  |  |  | &nbsp;&nbsp; 44245871 |
| **Kansas–1.75%** | **Kansas–1.75%** | **Kansas–1.75%** | **Kansas–1.75%** | **Kansas–1.75%** |
| Douglas (County of), KS; Series 2025 A, GO Bonds | 5.00% | 09/01/2042 | 1810 | &nbsp;&nbsp; 1991289 |
| Finney (County of), KS; Series 2026 A, GO Bonds (INS - BAM)<sup>(a)</sup> <br>| 5.25% | 10/01/2045 | 1350 | &nbsp;&nbsp; 1480983 |
| Garden (City of), KS (Sports of the World Star Bond – Phase II); |  |  |  |  |
| Series 2025, RB<sup>(c)</sup> <br>| 4.00% | 06/01/2029 | 700 | &nbsp;&nbsp; 702671 |
| Series 2025, RB<sup>(c)</sup> <br>| 4.25% | 06/01/2033 | 1000 | &nbsp;&nbsp; 1011801 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Kansas–(continued)** | **Kansas–(continued)** | **Kansas–(continued)** | **Kansas–(continued)** | **Kansas–(continued)** |
| Kansas (State of) Department of Transportation; |  |  |  |  |
| Series 2025 A, Ref. RB | 5.00% | 09/01/2029 | $3000 | &nbsp;&nbsp; $3289804 |
| Series 2025 A, Ref. RB | 5.00% | 09/01/2030 | 4000 | &nbsp;&nbsp; 4486204 |
| Kansas (State of) Development Finance Authority; Series 2021, Ref. RB<sup>(b)</sup> <br>| 5.00% | 11/15/2031 | 17450 | &nbsp;&nbsp; 19618508 |
| Manhattan (City of), KS; |  |  |  |  |
| Series 2025 A, Ref. GO Bonds | 5.00% | 11/01/2028 | 2275 | &nbsp;&nbsp; 2427614 |
| Series 2025 A, Ref. GO Bonds | 5.00% | 11/01/2029 | 2240 | &nbsp;&nbsp; 2442091 |
| Shawnee County Unified School District No. 437 Auburn - Washburn; Series 2015, Ref. GO <br> Bonds<br>| 4.00% | 09/01/2026 | 1690 | &nbsp;&nbsp; 1692028 |
| University of Kansas Hospital Authority (KU Health System); Series 2015, Ref. RB | 5.00% | 09/01/2045 | 5245 | &nbsp;&nbsp; 5247379 |
| Wichita (City of), KS (Presbyterian Manors, Inc.); Series 2024 VIII, Ref. RB | 5.25% | 05/15/2039 | 2000 | &nbsp;&nbsp; 2058715 |
| Wyandotte (County of) & Kansas City (City of), KS Unified Government; Series 2016 C, RB | 5.00% | 09/01/2041 | 2450 | &nbsp;&nbsp; 2466367 |
|  |  |  |  | &nbsp;&nbsp; 48915454 |
| **Kentucky–2.31%** | **Kentucky–2.31%** | **Kentucky–2.31%** | **Kentucky–2.31%** | **Kentucky–2.31%** |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation <br> Kentucky Information Highway); Series 2015 A, RB<br>| 5.00% | 07/01/2037 | 4400 | &nbsp;&nbsp; 4405234 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 115); Series 2017, RB | 5.00% | 04/01/2028 | 1000 | &nbsp;&nbsp; 1031047 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131); Series 2024 A, RB | 5.00% | 10/01/2041 | 2880 | &nbsp;&nbsp; 3263065 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 133); |  |  |  |  |
| Series 2025 A, RB | 5.00% | 09/01/2042 | 3500 | &nbsp;&nbsp; 3954269 |
| Series 2025 A, RB | 5.00% | 09/01/2045 | 3390 | &nbsp;&nbsp; 3692858 |
| Kentucky (Commonwealth of) Public Energy Authority; |  |  |  |  |
| Series 2019 C, RB<sup>(b)</sup> <br>| 4.00% | 02/01/2028 | 5075 | &nbsp;&nbsp; 5199489 |
| Series 2023 A-1, Ref. RB<sup>(b)</sup> <br>| 5.25% | 02/01/2032 | 15000 | &nbsp;&nbsp; 16509231 |
| Series 2025 A, Ref. RB<sup>(b)</sup> <br>| 5.25% | 12/01/2029 | 11500 | &nbsp;&nbsp; 12433132 |
| Series 2025 B, RB | 5.00% | 12/01/2033 | 5275 | &nbsp;&nbsp; 5624806 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, <br> Inc.); Series 2016 A, Ref. RB<br>| 5.00% | 10/01/2033 | 1740 | &nbsp;&nbsp; 1762245 |
| Trimble (County of), KY (Louisville Gas & Electric); Series 2002 A, Ref. RB | 0.63% | 09/01/2026 | 3375 | &nbsp;&nbsp; 3336502 |
| University of Kentucky; Series 2018 A, RB (CEP - Colorado Higher Education Intercept Program) | 4.00% | 10/01/2032 | 3250 | &nbsp;&nbsp; 3252619 |
|  |  |  |  | &nbsp;&nbsp; 64464497 |
| **Louisiana–0.85%** | **Louisiana–0.85%** | **Louisiana–0.85%** | **Louisiana–0.85%** | **Louisiana–0.85%** |
| East Baton Rouge (Parish of), LA School Board; Series 2025, GO Bonds (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 03/01/2042 | 1000 | &nbsp;&nbsp; 1093903 |
| Louisiana (State of); |  |  |  |  |
| Series 2016 A, GO Bonds | 5.00% | 09/01/2036 | 3000 | &nbsp;&nbsp; 3031889 |
| Series 2023 A-1, Ref. VRD RB (LOC - Toronto-dominion Bank)<sup>(e)(h)</sup> <br>| 1.05% | 05/01/2043 | 7000 | &nbsp;&nbsp; 7000000 |
| Series 2024 A, GO Bonds | 5.00% | 05/01/2031 | 2190 | &nbsp;&nbsp; 2487490 |
| Series 2025 B, RB | 5.00% | 05/01/2032 | 5000 | &nbsp;&nbsp; 5779083 |
| Louisiana Housing Corp. (Home Ownership Program); Series 2022 B, RB (CEP - GNMA) | 6.00% | 12/01/2052 | 3580 | &nbsp;&nbsp; 3896508 |
| New Orleans (City of), LA; Series 2015, RB | 5.00% | 06/01/2027 | 350 | &nbsp;&nbsp; 350612 |
|  |  |  |  | &nbsp;&nbsp; 23639485 |
| **Maryland–1.17%** | **Maryland–1.17%** | **Maryland–1.17%** | **Maryland–1.17%** | **Maryland–1.17%** |
| Anne Arundel (County of), MD; Series 2018, GO Bonds | 5.00% | 10/01/2035 | 5125 | &nbsp;&nbsp; 5326036 |
| Baltimore (City of), MD (Water); Series 2014 A, RB | 5.00% | 07/01/2034 | 3635 | &nbsp;&nbsp; 3640968 |
| Howard (County of), MD Housing Commission (Social Bonds); |  |  |  |  |
| Series 2021 A, Ref. RB | 1.20% | 06/01/2027 | 3000 | &nbsp;&nbsp; 2931800 |
| Series 2021 A, Ref. RB | 1.60% | 06/01/2029 | 2000 | &nbsp;&nbsp; 1897689 |
| Series 2024, RB | 4.13% | 12/01/2043 | 1000 | &nbsp;&nbsp; 999815 |
| Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health); <br> Series 2013 A, RB<br>| 5.00% | 08/15/2027 | 2000 | &nbsp;&nbsp; 2002656 |
| Maryland Economic Development Corp. (Core Natural Resources, Inc.); Series 2025, Ref. <br> RB<sup>(b)(c)</sup> <br>| 5.00% | 03/27/2035 | 3845 | &nbsp;&nbsp; 4164785 |
| Washington (State of) Suburban Sanitary Commission; Series 2015 B, VRD RB<sup>(e)</sup> <br>| 1.15% | 06/01/2027 | 11755 | &nbsp;&nbsp; 11755000 |
|  |  |  |  | &nbsp;&nbsp; 32718749 |
| **Massachusetts–1.10%** | **Massachusetts–1.10%** | **Massachusetts–1.10%** | **Massachusetts–1.10%** | **Massachusetts–1.10%** |
| Boston (City of), MA; Series 2025 A, GO Bonds | 5.00% | 02/01/2030 | 1100 | &nbsp;&nbsp; 1234012 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**10**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Massachusetts–(continued)** | **Massachusetts–(continued)** | **Massachusetts–(continued)** | **Massachusetts–(continued)** | **Massachusetts–(continued)** |
| Massachusetts (Commonwealth of); |  |  |  |  |
| Series 2025 E, GO Bonds | 5.00% | 08/01/2032 | $2500 | &nbsp;&nbsp; $2925315 |
| Series 2025 E, GO Bonds | 5.00% | 08/01/2042 | 2000 | &nbsp;&nbsp; 2287054 |
| Series 2025 G, GO Bonds | 5.00% | 12/01/2043 | 1800 | &nbsp;&nbsp; 2041994 |
| Massachusetts (Commonwealth of) Bay Transportation Authority; |  |  |  |  |
| Series 2016 A, Ref. RB<sup>(g)</sup> <br>| 0.00% | 07/01/2031 | 13000 | &nbsp;&nbsp; 11209178 |
| Series 2025 B, RB | 5.00% | 07/01/2031 | 2320 | &nbsp;&nbsp; 2668936 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center); <br> Series 2016, Ref. RB<br>| 5.00% | 07/01/2035 | 1905 | &nbsp;&nbsp; 1912867 |
| Massachusetts (Commonwealth of) Development Finance Agency (Lasell Village, Inc.); <br> Series 2025, RB<br>| 5.00% | 07/01/2029 | 3200 | &nbsp;&nbsp; 3404611 |
| Massachusetts (Commonwealth of) Development Finance Agency (University Health Obligated <br> Group); Series 2025, RB<sup>(b)</sup> <br>| 5.00% | 08/15/2031 | 2750 | &nbsp;&nbsp; 3019210 |
|  |  |  |  | &nbsp;&nbsp; 30703177 |
| **Michigan–3.35%** | **Michigan–3.35%** | **Michigan–3.35%** | **Michigan–3.35%** | **Michigan–3.35%** |
| Byron Center Public Schools; Series 2017 I, GO Bonds | 5.00% | 05/01/2039 | 2290 | &nbsp;&nbsp; 2342289 |
| Chippewa Valley Schools; Series 2025, Ref. GO Bonds | 5.00% | 05/01/2032 | 1000 | &nbsp;&nbsp; 1153330 |
| Clarkston Community Schools; Series 2025, GO Bonds | 5.00% | 05/01/2031 | 1000 | &nbsp;&nbsp; 1133228 |
| Great Lakes Water Authority; |  |  |  |  |
| Series 2016 C, Ref. RB | 5.00% | 07/01/2036 | 1345 | &nbsp;&nbsp; 1355227 |
| Series 2025 A, Ref. RB | 5.00% | 07/01/2032 | 3000 | &nbsp;&nbsp; 3472757 |
| Grosse Pointe Public School System; Series 2025, GO Bonds | 5.00% | 05/01/2043 | 1000 | &nbsp;&nbsp; 1098600 |
| Hudsonville Public Schools; Series 2017, Ref. GO Bonds | 5.00% | 05/01/2039 | 1500 | &nbsp;&nbsp; 1532000 |
| Kalamazoo Economic Development Corp. (Friendship Village of Kalamazoo); Series 2026, RB<sup>(c)</sup> <br>| 3.90% | 08/15/2031 | 2580 | &nbsp;&nbsp; 2588819 |
| Lansing (City of), MI Board of Water & Light; Series 2026 A, Ref. RB<sup>(b)</sup> <br>| 5.00% | 07/01/2031 | 2520 | &nbsp;&nbsp; 2802449 |
| Livonia Public Schools; Series 2016, GO Bonds<sup>(b)(d)</sup> <br>| 5.00% | 05/01/2026 | 4365 | &nbsp;&nbsp; 4384612 |
| Michigan (State of) Building Authority (Facilities Program); |  |  |  |  |
| Series 2016 I, Ref. RB | 5.00% | 04/15/2036 | 1540 | &nbsp;&nbsp; 1562926 |
| Series 2016 I, Ref. RB | 5.00% | 04/15/2041 | 3450 | &nbsp;&nbsp; 3489715 |
| Series 2023 I-M, VRD RB<sup>(e)</sup> <br>| 1.98% | 04/15/2058 | 5000 | &nbsp;&nbsp; 5000000 |
| Series 2025 I, Ref. RB | 5.00% | 04/15/2042 | 1000 | &nbsp;&nbsp; 1132925 |
| Michigan (State of) Finance Authority; Series 2020 B-1, Ref. RB | 5.00% | 06/01/2049 | 2435 | &nbsp;&nbsp; 2443178 |
| Michigan (State of) Finance Authority (Bronson Healthcare Group); Series 2020 A, Ref. RB<sup>(b)(d)</sup> <br>| 5.00% | 05/15/2026 | 3000 | &nbsp;&nbsp; 3016071 |
| Michigan (State of) Finance Authority (Henry Ford Health System); |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 11/15/2032 | 2725 | &nbsp;&nbsp; 2770389 |
| Series 2016, Ref. RB | 5.00% | 11/15/2037 | 4235 | &nbsp;&nbsp; 4288566 |
| Michigan (State of) Finance Authority (McLaren Health Care); Series 2015, Ref. RB | 5.00% | 05/15/2038 | 5000 | &nbsp;&nbsp; 5016932 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group); Series 2017, Ref. RB | 5.00% | 12/01/2035 | 1785 | &nbsp;&nbsp; 1853446 |
| Michigan (State of) Housing Development Authority (Social Bonds); Series 2024 A, RB | 6.00% | 06/01/2054 | 6330 | &nbsp;&nbsp; 6955595 |
| Michigan State University; |  |  |  |  |
| Series 2025 A, Ref. RB | 5.00% | 02/15/2030 | 1680 | &nbsp;&nbsp; 1864185 |
| Series 2025 A, Ref. RB | 5.00% | 08/15/2030 | 1250 | &nbsp;&nbsp; 1402306 |
| Portage Public Schools; Series 2016, Ref. GO Bonds | 5.00% | 11/01/2035 | 1300 | &nbsp;&nbsp; 1304259 |
| Rib Floater Trust; Series 2022-047, VRD RB<sup>(c)(e)</sup> <br>| 1.08% | 12/01/2045 | 10000 | &nbsp;&nbsp; 10000000 |
| Rochester Community School District; Series 2016 I, GO Bonds<sup>(b)(d)</sup> <br>| 5.00% | 05/01/2026 | 1500 | &nbsp;&nbsp; 1506739 |
| Trenton Public Schools School District; Series 2018, GO Bonds | 5.00% | 05/01/2042 | 5000 | &nbsp;&nbsp; 5176053 |
| Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport); |  |  |  |  |
| Series 2018, RB | 5.00% | 12/01/2037 | 1250 | &nbsp;&nbsp; 1320500 |
| Series 2025 A, RB | 5.00% | 12/01/2029 | 1000 | &nbsp;&nbsp; 1100438 |
| Series 2025 A, RB | 5.00% | 12/01/2030 | 1000 | &nbsp;&nbsp; 1122075 |
| Series 2025 A, RB | 5.25% | 12/01/2043 | 1000 | &nbsp;&nbsp; 1138127 |
| Series 2025 C, Ref. RB | 5.00% | 12/01/2029 | 1140 | &nbsp;&nbsp; 1254499 |
| Series 2025 C, Ref. RB | 5.00% | 12/01/2030 | 1000 | &nbsp;&nbsp; 1122075 |
| Series 2025 E, Ref. RB | 5.00% | 12/01/2042 | 2500 | &nbsp;&nbsp; 2813882 |
| Wayne State University; Series 2016 A, Ref. RB | 5.00% | 11/15/2026 | 2750 | &nbsp;&nbsp; 2764489 |
|  |  |  |  | &nbsp;&nbsp; 93282681 |
| **Minnesota–0.54%** | **Minnesota–0.54%** | **Minnesota–0.54%** | **Minnesota–0.54%** | **Minnesota–0.54%** |
| Bethal (City of), MN (Spectrum High School); Series 2017, Ref. RB | 4.00% | 07/01/2032 | 1690 | &nbsp;&nbsp; 1696828 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**11**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Minnesota–(continued)** | **Minnesota–(continued)** | **Minnesota–(continued)** | **Minnesota–(continued)** | **Minnesota–(continued)** |
| Brainerd (City of), MN; Series 2025, RB | 5.00% | 05/01/2035 | $2010 | &nbsp;&nbsp; $2141186 |
| Brooklyn Park (City of), MN (Prairie Seeds Academy); Series 2024, Ref. RB | 5.00% | 06/15/2034 | 2195 | &nbsp;&nbsp; 2300395 |
| Hennepin (County of), MN; Series 2017 C, GO Bonds | 5.00% | 12/01/2037 | 2750 | &nbsp;&nbsp; 2791407 |
| Minnesota (State of) Health & Education Facilities Authority (ST. OLAF College); Series 2025, <br> Ref. RB<br>| 5.00% | 12/01/2032 | 500 | &nbsp;&nbsp; 571357 |
| Minnesota (State of) Municipal Power Agency; Series 2016, RB | 5.00% | 10/01/2032 | 1500 | &nbsp;&nbsp; 1520301 |
| Minnesota Agricultural & Economic Development Board (HealthPartners Obligated Group); <br> Series 2024, RB<br>| 5.00% | 01/01/2038 | 1000 | &nbsp;&nbsp; 1127679 |
| Oakdale (City of), MN; Series 2025, Ref. RB | 4.38% | 12/01/2035 | 2725 | &nbsp;&nbsp; 2765176 |
|  |  |  |  | &nbsp;&nbsp; 14914329 |
| **Mississippi–0.69%** | **Mississippi–0.69%** | **Mississippi–0.69%** | **Mississippi–0.69%** | **Mississippi–0.69%** |
| Mississippi (State of); Series 2015 E, RB | 5.00% | 10/15/2035 | 5430 | &nbsp;&nbsp; 5439203 |
| Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care); <br> Series 2016, RB<br>| 5.00% | 09/01/2036 | 7000 | &nbsp;&nbsp; 7054594 |
| Mississippi (State of) University Educational Building Corp. (New Residence Hall and Facilities); <br> Series 2024, Ref. RB<br>| 5.00% | 08/01/2041 | 1195 | &nbsp;&nbsp; 1333802 |
| Warren (County of), MS; Series 2018, Ref. RB | 4.00% | 09/01/2032 | 5000 | &nbsp;&nbsp; 5287654 |
|  |  |  |  | &nbsp;&nbsp; 19115253 |
| **Missouri–1.56%** | **Missouri–1.56%** | **Missouri–1.56%** | **Missouri–1.56%** | **Missouri–1.56%** |
| Cape Girardeau (County of), MO Industrial Development Authority (South Eastern Health); <br> Series 2017 A, Ref. RB<br>| 5.00% | 03/01/2036 | 3525 | &nbsp;&nbsp; 3591939 |
| Jackson County Consolidated School District No. 4; Series 2022, GO Bonds | 5.00% | 03/01/2037 | 3550 | &nbsp;&nbsp; 3619349 |
| Maryland Heights (City of), MO (Westport Plaza Redevelopment); Series 2020, RB | 4.13% | 11/01/2038 | 1045 | &nbsp;&nbsp; 983322 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health); |  |  |  |  |
| Series 2012, RB | 4.00% | 11/15/2042 | 690 | &nbsp;&nbsp; 673020 |
| Series 2018 A, Ref. RB | 5.00% | 06/01/2026 | 120 | &nbsp;&nbsp; 120738 |
| Missouri (State of) Health & Educational Facilities Authority (Missouri Baptist University); <br> Series 2025, Ref. RB<sup>(c)</sup> <br>| 6.00% | 10/01/2045 | 1635 | &nbsp;&nbsp; 1668604 |
| Missouri (State of) Health & Educational Facilities Authority (St. Louis University); Series 2015 <br> A, RB<br>| 5.00% | 10/01/2038 | 9180 | &nbsp;&nbsp; 9189269 |
| Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.); <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2031 | 2740 | &nbsp;&nbsp; 2754473 |
| North Kansas City School District No. 74 (Missouri Direct Deposit Program); Series 2025, GO <br> Bonds<br>| 6.00% | 03/01/2030 | 2430 | &nbsp;&nbsp; 2772906 |
| Pattonville R-3 School District; |  |  |  |  |
| Series 2018 A, GO Bonds<sup>(b)(d)</sup> <br>| 5.00% | 03/01/2026 | 2095 | &nbsp;&nbsp; 2095000 |
| Series 2018 A, GO Bonds<sup>(b)(d)</sup> <br>| 5.00% | 03/01/2026 | 1700 | &nbsp;&nbsp; 1700000 |
| Series 2018 A, GO Bonds<sup>(b)(d)</sup> <br>| 5.00% | 03/01/2026 | 1000 | &nbsp;&nbsp; 1000000 |
| St. Charles (City of), MO; Series 2024 A, GO Bonds | 5.00% | 03/01/2041 | 2500 | &nbsp;&nbsp; 2819933 |
| St. Louis (City of), MO; Series 2005, RB (INS - NATL)<sup>(a)</sup> <br>| 5.50% | 07/01/2029 | 4000 | &nbsp;&nbsp; 4416455 |
| St. Louis (City of), MO Land Clearance for Redevelopment Authority (Scottrade Center); <br> Series 2018 A, RB<br>| 5.00% | 04/01/2038 | 4000 | &nbsp;&nbsp; 4064902 |
| St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills); <br> Series 2012, RB<br>| 5.00% | 09/01/2032 | 830 | &nbsp;&nbsp; 830992 |
| Taney (County of), MO Industrial Development Authority (Big Cedar Infrastructure); <br> Series 2023, RB<sup>(c)</sup> <br>| 5.00% | 10/01/2033 | 1105 | &nbsp;&nbsp; 1130310 |
|  |  |  |  | &nbsp;&nbsp; 43431212 |
| **Nebraska–1.37%** | **Nebraska–1.37%** | **Nebraska–1.37%** | **Nebraska–1.37%** | **Nebraska–1.37%** |
| Central Plains Energy Project; Subseries 2025 A-1, RB<sup>(b)</sup> <br>| 5.00% | 08/01/2031 | 3000 | &nbsp;&nbsp; 3270809 |
| Central Plains Energy Project (No. 3); Series 2017 A, Ref. RB | 5.00% | 09/01/2034 | 830 | &nbsp;&nbsp; 940403 |
| Douglas (County of), NE (Creighton University); |  |  |  |  |
| Series 2025, Ref. RB | 5.00% | 07/01/2028 | 1000 | &nbsp;&nbsp; 1059587 |
| Series 2025, Ref. RB | 5.00% | 07/01/2029 | 1000 | &nbsp;&nbsp; 1083131 |
| Nebraska (State of) Public Power District; Series 2016 C, RB | 5.00% | 01/01/2036 | 2355 | &nbsp;&nbsp; 2358461 |
| Omaha (City of), NE Public Power District; Series 2017 A, Ref. RB | 5.00% | 02/01/2042 | 22000 | &nbsp;&nbsp; 22617116 |
| Omaha Public Facilities Corp.; Series 2025 C, RB | 5.00% | 04/15/2043 | 1565 | &nbsp;&nbsp; 1735297 |
| Public Power Generation Agency (Whelan Energy Center Unit 2); Series 2016, Ref. RB | 5.00% | 01/01/2032 | 5180 | &nbsp;&nbsp; 5224139 |
|  |  |  |  | &nbsp;&nbsp; 38288943 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**12**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Nevada–1.00%** | **Nevada–1.00%** | **Nevada–1.00%** | **Nevada–1.00%** | **Nevada–1.00%** |
| Clark (County of), NV Department of Aviation; Series 2015 A, Ref. RB | 5.00% | 07/01/2040 | $7150 | &nbsp;&nbsp; $7165633 |
| Clark County School District; Series 2026 A, Ref. GO Bonds (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 06/15/2043 | 5000 | &nbsp;&nbsp; 5568592 |
| Humboldt (County of), NV; |  |  |  |  |
| Series 2016, Ref. RB | 3.55% | 10/01/2029 | 2760 | &nbsp;&nbsp; 2849959 |
| Series 2016, Ref. RB | 3.55% | 10/01/2029 | 3500 | &nbsp;&nbsp; 3576798 |
| Las Vegas Valley Water District; |  |  |  |  |
| Series 2016 A, Ref. GO Bonds<sup>(b)(d)</sup> <br>| 5.00% | 06/01/2026 | 1280 | &nbsp;&nbsp; 1288702 |
| Series 2016 A, Ref. GO Bonds<sup>(b)(d)</sup> <br>| 5.00% | 06/01/2026 | 1340 | &nbsp;&nbsp; 1349110 |
| Series 2016 B, Ref. GO Bonds<sup>(b)(d)</sup> <br>| 5.00% | 06/01/2026 | 3750 | &nbsp;&nbsp; 3775494 |
| Nevada (State of); Series 2024 A, GO Bonds | 6.00% | 12/01/2028 | 2190 | &nbsp;&nbsp; 2405395 |
|  |  |  |  | &nbsp;&nbsp; 27979683 |
| **New Hampshire–1.82%** | **New Hampshire–1.82%** | **New Hampshire–1.82%** | **New Hampshire–1.82%** | **New Hampshire–1.82%** |
| New Hampshire (State of) Business Finance Authority; |  |  |  |  |
| Series 2020-1A, RB | 4.13% | 01/20/2034 | 1711 | &nbsp;&nbsp; 1786432 |
| Series 2025-2A, RB | 4.22% | 11/20/2042 | 4975 | &nbsp;&nbsp; 5007686 |
| New Hampshire (State of) Business Finance Authority (Grace Christian School); Series 2025, RB | 5.13% | 08/01/2040 | 2700 | &nbsp;&nbsp; 2786667 |
| New Hampshire (State of) Business Finance Authority (Social Bonds); |  |  |  |  |
| Series 2022-1A, RB | 4.38% | 09/20/2036 | 8084 | &nbsp;&nbsp; 8430616 |
| Series 2022-2A, RB | 4.00% | 10/20/2036 | 6555 | &nbsp;&nbsp; 6695312 |
| New Hampshire (State of) Business Finance Authority (Social Certificates); |  |  |  |  |
| Series 2024-1A, RB<sup>(b)</sup> <br>| 4.15% | 10/01/2034 | 1970 | &nbsp;&nbsp; 2011218 |
| Series 2024-1A, RB | 4.25% | 07/20/2041 | 6898 | &nbsp;&nbsp; 7096162 |
| Series 2024-3, Revenue Ctfs. | 4.16% | 10/01/2051 | 9901 | &nbsp;&nbsp; 10216940 |
| New Hampshire (State of) Business Finance Authority (The Attwater); Series 2024, RB<sup>(c)(g)</sup> <br>| 0.00% | 04/01/2032 | 5000 | &nbsp;&nbsp; 3404871 |
| New Hampshire (State of) Health and Education Facilities Authority; Series 2016, Ref. RB | 5.50% | 06/01/2036 | 3250 | &nbsp;&nbsp; 3269478 |
|  |  |  |  | &nbsp;&nbsp; 50705382 |
| **New Jersey–2.73%** | **New Jersey–2.73%** | **New Jersey–2.73%** | **New Jersey–2.73%** | **New Jersey–2.73%** |
| New Jersey (State of) Economic Development Authority; |  |  |  |  |
| Series 2016 AAA, RB<sup>(b)(d)</sup> <br>| 5.00% | 12/15/2026 | 1450 | &nbsp;&nbsp; 1483690 |
| Series 2017 A, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 07/01/2027 | 2600 | &nbsp;&nbsp; 2679609 |
| New Jersey (State of) Economic Development Authority (Leap Academy University Charter <br> School, Inc.); Series 2013, RB<br>| 6.00% | 10/01/2043 | 1540 | &nbsp;&nbsp; 1541753 |
| New Jersey (State of) Educational Facilities Authority (Princeton University); Series 2025 A-1, <br> RB<sup>(b)</sup> <br>| 5.00% | 07/01/2031 | 3000 | &nbsp;&nbsp; 3374661 |
| New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health <br> Obligated Group); Series 2017, Ref. RB<br>| 5.00% | 07/01/2029 | 1120 | &nbsp;&nbsp; 1161151 |
| New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated <br> Group); Series 2016, Ref. RB<br>| 5.00% | 07/01/2033 | 1000 | &nbsp;&nbsp; 1007657 |
| New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated <br> Group); Series 2016 A, Ref. RB<br>| 5.00% | 07/01/2031 | 5195 | &nbsp;&nbsp; 5238318 |
| New Jersey (State of) Housing & Mortgage Finance Agency (Social Bonds); |  |  |  |  |
| Series 2022 I, RB | 5.00% | 10/01/2053 | 9070 | &nbsp;&nbsp; 9481584 |
| Series 2024 K, RB | 6.00% | 10/01/2055 | 3110 | &nbsp;&nbsp; 3408936 |
| New Jersey (State of) Transportation Trust Fund Authority; |  |  |  |  |
| Series 2018 A, Ref. RN | 5.00% | 06/15/2029 | 5000 | &nbsp;&nbsp; 5037563 |
| Series 2019, Ref. RB | 5.00% | 12/15/2027 | 10250 | &nbsp;&nbsp; 10757365 |
| Series 2024 AA, Ref. RB | 5.00% | 06/15/2040 | 4515 | &nbsp;&nbsp; 5108244 |
| Series 2025 AA, RB | 5.00% | 06/15/2043 | 6000 | &nbsp;&nbsp; 6677040 |
| New Jersey (State of) Turnpike Authority; |  |  |  |  |
| Series 2025 B, RB | 5.00% | 01/01/2030 | 5000 | &nbsp;&nbsp; 5528245 |
| Series 2027 A, Ref. RB | 5.00% | 01/01/2034 | 3500 | &nbsp;&nbsp; 3959546 |
| Passaic (County of), NJ Improvement Authority (The) (Community Charter School of Paterson); <br> Series 2024, RB<br>| 5.00% | 01/01/2034 | 280 | &nbsp;&nbsp; 296363 |
| Rutgers The State University of New Jersey; Series 2009 G, VRD RB<sup>(e)</sup> <br>| 0.35% | 05/01/2039 | 2600 | &nbsp;&nbsp; 2600000 |
| Tobacco Settlement Financing Corp.; Series 2018 A, Ref. RB | 5.00% | 06/01/2033 | 6500 | &nbsp;&nbsp; 6799417 |
|  |  |  |  | &nbsp;&nbsp; 76141142 |
| **New Mexico–0.71%** | **New Mexico–0.71%** | **New Mexico–0.71%** | **New Mexico–0.71%** | **New Mexico–0.71%** |
| Farmington (City of), NM (Public Service Co. of New Mexico San Juan); Series 2010, Ref. RB<sup>(b)</sup> <br>| 3.90% | 06/01/2028 | 6300 | &nbsp;&nbsp; 6437786 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**13**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Mexico–(continued)** | **New Mexico–(continued)** | **New Mexico–(continued)** | **New Mexico–(continued)** | **New Mexico–(continued)** |
| Farmington (City of), NM (Southern California Edison); Series 2005 B, Ref. RB | 1.80% | 04/01/2029 | $8000 | &nbsp;&nbsp; $7601457 |
| New Mexico (State of) Finance Authority; |  |  |  |  |
| Series 2023 A-2, RB | 5.00% | 06/01/2038 | 1320 | &nbsp;&nbsp; 1322340 |
| Series 2023 A-2, RB | 5.00% | 06/01/2048 | 4300 | &nbsp;&nbsp; 4303368 |
|  |  |  |  | &nbsp;&nbsp; 19664951 |
| **New York–7.59%** | **New York–7.59%** | **New York–7.59%** | **New York–7.59%** | **New York–7.59%** |
| Build NYC Resource Corp. (261 walton Facility LLC - Zeta Charter Schools, Inc.); Series 2026, <br> RB<sup>(c)</sup> <br>| 5.00% | 06/01/2036 | 5000 | &nbsp;&nbsp; 5324224 |
| Metropolitan Transportation Authority; Series 2016 A, Ref. RB | 5.25% | 11/15/2034 | 5600 | &nbsp;&nbsp; 5703696 |
| Metropolitan Transportation Authority (Green Bonds); |  |  |  |  |
| Series 2016 A2, Ref. RB | 5.00% | 11/15/2027 | 9000 | &nbsp;&nbsp; 9156174 |
| Series 2020 E, Ref. RB | 5.00% | 11/15/2027 | 3750 | &nbsp;&nbsp; 3928378 |
| Series 2020 E, Ref. RB | 5.00% | 11/15/2028 | 4000 | &nbsp;&nbsp; 4300439 |
| Monroe County Industrial Development Corp. (St. Ann's Community); Series 2019, Ref. RB | 5.00% | 01/01/2040 | 1500 | &nbsp;&nbsp; 1506400 |
| Nassau (County of), NY; Series 2016 C, GO Bonds | 5.00% | 04/01/2034 | 5335 | &nbsp;&nbsp; 5345052 |
| New York (City of), NY; |  |  |  |  |
| Series 2012, VRD GO Bonds<sup>(e)</sup> <br>| 1.05% | 04/01/2042 | 15000 | &nbsp;&nbsp; 15000000 |
| Series 2018 E-1, GO Bonds | 5.00% | 03/01/2039 | 3625 | &nbsp;&nbsp; 3773075 |
| Series 2021-3, VRD GO Bonds<sup>(e)</sup> <br>| 1.05% | 04/01/2042 | 13000 | &nbsp;&nbsp; 13000000 |
| Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2040 | 2270 | &nbsp;&nbsp; 2360821 |
| Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2040 | 4500 | &nbsp;&nbsp; 5032748 |
| New York (City of), NY Industrial Development Agency (Yankee Stadium); |  |  |  |  |
| Series 2006, RB (INS - FGIC) (CPI Rate + 0.88%)<sup>(a)(i)</sup> <br>| 3.62% | 03/01/2026 | 2725 | &nbsp;&nbsp; 2725000 |
| Series 2006, RB (INS - FGIC) (CPI Rate + 0.89%)<sup>(a)(i)</sup> <br>| 3.28% | 03/01/2027 | 5500 | &nbsp;&nbsp; 5534509 |
| New York (City of), NY Municipal Water Finance Authority; |  |  |  |  |
| Series 2010, VRD RB<sup>(e)</sup> <br>| 1.05% | 06/15/2043 | 6000 | &nbsp;&nbsp; 6000000 |
| Series 2014, VRD RB<sup>(e)</sup> <br>| 0.02% | 06/15/2049 | 6000 | &nbsp;&nbsp; 6000000 |
| Series 2016 CC, Ref. RB | 5.00% | 06/15/2046 | 4000 | &nbsp;&nbsp; 4014254 |
| New York (City of), NY Transitional Finance Authority; |  |  |  |  |
| Series 2018, VRD RB<sup>(e)</sup> <br>| 1.10% | 08/01/2042 | 2000 | &nbsp;&nbsp; 2000000 |
| Series 2024 C, GO Bonds | 5.00% | 05/01/2039 | 5000 | &nbsp;&nbsp; 5690019 |
| Series 2024, RB | 5.00% | 05/01/2041 | 1000 | &nbsp;&nbsp; 1117117 |
| Subseries 2010 A-4, VRD RB<sup>(e)</sup> <br>| 1.05% | 08/01/2039 | 5000 | &nbsp;&nbsp; 5000000 |
| Subseries 2016 B-1, RB | 5.00% | 08/01/2038 | 5000 | &nbsp;&nbsp; 5039754 |
| Subseries 2016 B-1, RB | 5.00% | 08/01/2040 | 5000 | &nbsp;&nbsp; 5035414 |
| New York (State of) (Green Bonds); Series 2021, Ref. RB | 3.00% | 04/01/2050 | 1865 | &nbsp;&nbsp; 1849842 |
| New York (State of) Dormitory Authority; Series 2024 A, Ref. RB | 5.00% | 03/15/2043 | 5250 | &nbsp;&nbsp; 5789798 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group); Series 2025 A, <br> Ref. RB<br>| 5.00% | 05/01/2043 | 2615 | &nbsp;&nbsp; 2821608 |
| New York (State of) Dormitory Authority (St. John's University); |  |  |  |  |
| Series 2025, Ref. RB | 5.00% | 07/01/2031 | 1500 | &nbsp;&nbsp; 1701240 |
| Series 2025, Ref. RB | 5.00% | 07/01/2032 | 1350 | &nbsp;&nbsp; 1557583 |
| New York (State of) Dormitory Authority (White Plains Hospital Obligated Group); |  |  |  |  |
| Series 2024, RB | 5.00% | 10/01/2032 | 1125 | &nbsp;&nbsp; 1247801 |
| Series 2024, RB | 5.00% | 10/01/2033 | 1445 | &nbsp;&nbsp; 1614174 |
| Series 2024, RB | 5.00% | 10/01/2035 | 1250 | &nbsp;&nbsp; 1392491 |
| Series 2024, RB | 5.00% | 10/01/2036 | 3100 | &nbsp;&nbsp; 3423903 |
| New York (State of) Housing Finance Agency (Green Bonds); Series 2024, RB<sup>(b)</sup> <br>| 3.45% | 11/01/2029 | 12800 | &nbsp;&nbsp; 12823187 |
| New York (State of) Power Authority (Green Bonds); Series 2024 A, RB | 5.00% | 11/15/2042 | 1000 | &nbsp;&nbsp; 1118417 |
| New York City Housing Development Corp. (Green Bonds); Series 2022 B-2, RB (CEP - Federal <br> Housing Administration)<sup>(b)</sup> <br>| 3.40% | 12/22/2026 | 18005 | &nbsp;&nbsp; 18011728 |
| New York Convention Center Development Corp. (Hotel Unit Fee Secured); Series 2015, Ref. RB | 5.00% | 11/15/2040 | 3465 | &nbsp;&nbsp; 3468012 |
| New York Liberty Development Corp. (Green Bonds) (4 World Trade Center); |  |  |  |  |
| Series 2021 A, Ref. RB | 0.95% | 11/15/2027 | 3000 | &nbsp;&nbsp; 2870577 |
| Series 2021 A, Ref. RB | 1.20% | 11/15/2028 | 1000 | &nbsp;&nbsp; 937903 |
| New York State Urban Development Corp.; Series 2017 A, Ref. RB | 5.00% | 03/15/2030 | 1450 | &nbsp;&nbsp; 1490036 |
| Rockland Tobacco Asset Securitization Corp.; Series 2001, RB | 5.75% | 08/15/2043 | 1020 | &nbsp;&nbsp; 1032445 |
| Suffolk Tobacco Asset Securitization Corp.; Series 2021, Ref. RB | 4.00% | 06/01/2050 | 12515 | &nbsp;&nbsp; 11482095 |
| Tender Option Bond Trust Receipts/Certificates; Series 2025, VRD RB (INS - BAM)<sup>(a)(c)(e)</sup> <br>| 1.05% | 11/15/2047 | 13460 | &nbsp;&nbsp; 13460000 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**14**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |
| Yonkers (City of), NY; Series 2026 A, GO Bonds (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 02/01/2044 | $1000 | &nbsp;&nbsp; $1087887 |
|  |  |  |  | &nbsp;&nbsp; 211767801 |
| **North Carolina–2.03%** | **North Carolina–2.03%** | **North Carolina–2.03%** | **North Carolina–2.03%** | **North Carolina–2.03%** |
| Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); |  |  |  |  |
| Series 2013 A, Ref. RB | 5.00% | 01/15/2039 | 9540 | &nbsp;&nbsp; 9563818 |
| Series 2016, Ref. RB | 5.00% | 01/15/2040 | 6000 | &nbsp;&nbsp; 6007882 |
| North Carolina (State of) (Garvee); |  |  |  |  |
| Series 2025, Ref. RB | 5.00% | 03/01/2029 | 13000 | &nbsp;&nbsp; 14096056 |
| Series 2025, Ref. RB | 5.00% | 03/01/2030 | 4000 | &nbsp;&nbsp; 4443202 |
| North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 2016 B, <br> Ref. RB<br>| 5.00% | 07/01/2042 | 4900 | &nbsp;&nbsp; 4951003 |
| North Carolina (State of) Housing Finance Agency; Series 2020, Ref. RB (CEP - GNMA) | 3.00% | 07/01/2051 | 3180 | &nbsp;&nbsp; 3178946 |
| North Carolina (State of) Medical Care Commission; Series 2026, RB | 5.00% | 11/01/2040 | 2900 | &nbsp;&nbsp; 3180851 |
| North Carolina (State of) Medical Care Commission (Novant Health Obligated Group); <br> Series 2013, Ref. RB<br>| 5.00% | 11/01/2046 | 4260 | &nbsp;&nbsp; 4262499 |
| North Carolina (State of) Medical Care Commission (Wake Forest Baptist Obligated Group); <br> Series 2012 A, RB<br>| 4.00% | 12/01/2045 | 230 | &nbsp;&nbsp; 225007 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba); Series 2015 A, Ref. RB | 5.00% | 01/01/2027 | 1615 | &nbsp;&nbsp; 1618943 |
| Raleigh (City of), NC; |  |  |  |  |
| Series 2025, RB | 5.25% | 10/01/2041 | 350 | &nbsp;&nbsp; 411519 |
| Series 2025, RB | 5.25% | 10/01/2042 | 675 | &nbsp;&nbsp; 783540 |
| Raleigh (City of), NC Housing Authority (Tryon Flats); Series 2025, RB<sup>(b)</sup> <br>| 2.95% | 03/01/2029 | 3910 | &nbsp;&nbsp; 3936880 |
|  |  |  |  | &nbsp;&nbsp; 56660146 |
| **North Dakota–0.41%** | **North Dakota–0.41%** | **North Dakota–0.41%** | **North Dakota–0.41%** | **North Dakota–0.41%** |
| Horace (City of), ND; Series 2024 C, Ref. GO Bonds | 4.50% | 05/01/2039 | 2250 | &nbsp;&nbsp; 2346798 |
| North Dakota (State of) Housing Finance Agency; Series 2016, Ref. RB | 3.50% | 07/01/2046 | 5335 | &nbsp;&nbsp; 5331165 |
| North Dakota (State of) Housing Finance Agency (Social Bonds); |  |  |  |  |
| Series 2023, RB | 5.75% | 01/01/2054 | 2100 | &nbsp;&nbsp; 2268933 |
| Series 2024 C, RB | 6.25% | 01/01/2055 | 1395 | &nbsp;&nbsp; 1584709 |
|  |  |  |  | &nbsp;&nbsp; 11531605 |
| **Ohio–3.81%** | **Ohio–3.81%** | **Ohio–3.81%** | **Ohio–3.81%** | **Ohio–3.81%** |
| American Municipal Power, Inc. (Combined Hydroelectric); Series 2025 A, Ref. RB | 5.00% | 02/15/2042 | 1000 | &nbsp;&nbsp; 1101020 |
| American Municipal Power, Inc. (Prairie State Energy Campus); Series 2023, Ref. RB | 5.00% | 02/15/2038 | 4800 | &nbsp;&nbsp; 5444798 |
| Bowling Green State University; Series 2017 B, Ref. RB | 5.00% | 06/01/2042 | 2205 | &nbsp;&nbsp; 2242562 |
| Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Pinecrest Public Improvement); <br> Series 2017, RB<sup>(c)</sup> <br>| 7.00% | 11/15/2048 | 2950 | &nbsp;&nbsp; 3047510 |
| Columbus Regional Airport Authority (John Glenn Columbus International Airport); <br> Series 2025, Ref. RB<br>| 5.00% | 01/01/2041 | 1550 | &nbsp;&nbsp; 1743576 |
| Dayton-Montgomery County Port Authority (Liberty Assisted Living - Springfield); Series 2025 <br> A, RB<sup>(c)</sup> <br>| 6.63% | 01/01/2045 | 2640 | &nbsp;&nbsp; 2819020 |
| Franklin (County of), OH (Nationwide Children's Hospital); Series 2016, Ref. RB | 5.00% | 11/01/2033 | 2610 | &nbsp;&nbsp; 2684678 |
| Greater Cincinnati (Port of), OH Development Authority (Duke Energy Corp.); Series 2024, Ref. <br> RB<br>| 5.00% | 12/01/2041 | 965 | &nbsp;&nbsp; 1069855 |
| Greater Cincinnati (Port of), OH Development Authority (IPS Cincinnati LLC); Series 2021, RB<sup>(b)</sup> <br>| 4.38% | 06/15/2026 | 5080 | &nbsp;&nbsp; 5062583 |
| Hilliard School District; Series 2025 B, GO Bonds | 5.00% | 12/01/2041 | 325 | &nbsp;&nbsp; 369161 |
| North Royalton City School District; Series 2025, Ref. GO Bonds | 5.00% | 12/01/2043 | 1000 | &nbsp;&nbsp; 1114203 |
| Ohio (State of); |  |  |  |  |
| Series 2018 A, GO Bonds<sup>(b)(d)</sup> <br>| 5.00% | 03/15/2026 | 3195 | &nbsp;&nbsp; 3198149 |
| Series 2019 A, GO Bonds | 5.00% | 05/01/2036 | 5000 | &nbsp;&nbsp; 5134145 |
| Series 2026 A, GO Bonds | 5.00% | 03/01/2045 | 2200 | &nbsp;&nbsp; 2445537 |
| Ohio (State of) Air Quality Development Authority (Duke Energy Corp.); Series 2022 B, Ref. <br> RB<sup>(b)</sup> <br>| 4.00% | 06/01/2027 | 10000 | &nbsp;&nbsp; 10165392 |
| Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.); |  |  |  |  |
| Series 2014 A, RB<sup>(b)</sup> <br>| 2.40% | 10/01/2029 | 4500 | &nbsp;&nbsp; 4344938 |
| Series 2019 A, Ref. PCR | 3.25% | 09/01/2029 | 7500 | &nbsp;&nbsp; 7554314 |
| Series 2026, RB | 4.35% | 06/30/2040 | 3355 | &nbsp;&nbsp; 3416947 |
| Ohio (State of) Higher Educational Facility Commission (Case Western Reserve University); <br> Series 2016, Ref. RB<br>| 5.00% | 12/01/2040 | 2045 | &nbsp;&nbsp; 2066387 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**15**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** |
| Ohio (State of) Higher Educational Facility Commission (John Carroll University); Series 2025, <br> RB<br>| 5.00% | 10/01/2040 | $4000 | &nbsp;&nbsp; $4170721 |
| Ohio (State of) Higher Educational Facility Commission (Kenyon College); |  |  |  |  |
| Series 2015, Ref. RB | 5.00% | 07/01/2041 | 3180 | &nbsp;&nbsp; 3180871 |
| Series 2017, RB | 5.00% | 07/01/2042 | 4605 | &nbsp;&nbsp; 4682503 |
| Ohio (State of) Higher Educational Facility Commission (University of Dayton); Series 2025, Ref. <br> RB<br>| 5.00% | 02/01/2042 | 2975 | &nbsp;&nbsp; 3299952 |
| Ohio (State of) Housing Finance Agency; |  |  |  |  |
| Series 2017 A, RB (CEP - GNMA) | 4.10% | 03/01/2042 | 535 | &nbsp;&nbsp; 535255 |
| Series 2018 A, RB (CEP - GNMA) | 4.00% | 09/01/2048 | 785 | &nbsp;&nbsp; 726105 |
| Ohio State University (The); Series 2023, Ref. VRD RB<sup>(e)</sup> <br>| 1.50% | 06/01/2035 | 15840 | &nbsp;&nbsp; 15840000 |
| Pickerington Local School District; Series 2025, Ref. GO Bonds | 5.00% | 12/01/2033 | 1420 | &nbsp;&nbsp; 1659124 |
| University of Cincinnati; Series 2016 C, RB | 5.00% | 06/01/2041 | 1400 | &nbsp;&nbsp; 1403665 |
| Warren (County of), OH Port Authority (Corridor 75 Park); Series 2022 B, RB | 4.75% | 12/01/2034 | 910 | &nbsp;&nbsp; 958400 |
| Warren (County of), OH Port Authority (District at Deerfield Parking Facility); Series 2023, RB | 5.25% | 12/01/2034 | 3205 | &nbsp;&nbsp; 3368064 |
| West Central Ohio Port Authority; Series 2025, RB | 5.00% | 12/01/2035 | 1170 | &nbsp;&nbsp; 1278773 |
|  |  |  |  | &nbsp;&nbsp; 106128208 |
| **Oklahoma–0.37%** | **Oklahoma–0.37%** | **Oklahoma–0.37%** | **Oklahoma–0.37%** | **Oklahoma–0.37%** |
| Oklahoma (County of), OK Finance Authority (Midwest-City Del City Public Schools); |  |  |  |  |
| Series 2024, RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 10/01/2039 | 1000 | &nbsp;&nbsp; 1137858 |
| Series 2024, RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 10/01/2040 | 1500 | &nbsp;&nbsp; 1691850 |
| Oklahoma (State of) Development Finance Authority; |  |  |  |  |
| Series 2025 B, Ref. RB | 5.00% | 06/01/2031 | 475 | &nbsp;&nbsp; 535882 |
| Series 2025 B, Ref. RB | 5.00% | 06/01/2032 | 500 | &nbsp;&nbsp; 572716 |
| Oklahoma (State of) Municipal Power Authority; |  |  |  |  |
| Series 2025 A, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 01/01/2041 | 250 | &nbsp;&nbsp; 280872 |
| Series 2025 A, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 01/01/2042 | 730 | &nbsp;&nbsp; 811386 |
| Oklahoma (State of) Water Resources Board (2019 Master Trust); Series 2025, RB | 5.00% | 04/01/2042 | 1315 | &nbsp;&nbsp; 1481429 |
| Oklahoma Water Resources Board; Series 2025, RB | 5.00% | 10/01/2043 | 1310 | &nbsp;&nbsp; 1420586 |
| Tulsa County Independent School District No. 4 Bixby; Series 2025, GO Bonds | 5.00% | 06/01/2027 | 1000 | &nbsp;&nbsp; 1032467 |
| University of Oklahoma (The); |  |  |  |  |
| Series 2025 A, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 07/01/2042 | 400 | &nbsp;&nbsp; 450441 |
| Series 2025 A, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 07/01/2043 | 800 | &nbsp;&nbsp; 891432 |
|  |  |  |  | &nbsp;&nbsp; 10306919 |
| **Ontario–0.09%** | **Ontario–0.09%** | **Ontario–0.09%** | **Ontario–0.09%** | **Ontario–0.09%** |
| Affordable Housing Tax-Exempt Bond Pass-Thru Trust; Series 2023-1, RB<sup>(c)</sup> <br>| 6.00% | 10/05/2040 | 2455 | &nbsp;&nbsp; 2509868 |
| **Oregon–0.78%** | **Oregon–0.78%** | **Oregon–0.78%** | **Oregon–0.78%** | **Oregon–0.78%** |
| Columbia County School District No. 502; Series 2017, GO Bonds (CEP - Oregon School Bond <br> Guaranty)<br>| 5.00% | 06/15/2038 | 1310 | &nbsp;&nbsp; 1346768 |
| Morrow (Port of), OR; Series 2024 A, GO Bonds<sup>(c)</sup> <br>| 5.15% | 10/01/2026 | 9000 | &nbsp;&nbsp; 9002776 |
| Oregon (State of) (Article XI-M); Series 2023 D, GO Bonds | 5.00% | 06/01/2041 | 2000 | &nbsp;&nbsp; 2241488 |
| Oregon (State of) (Article XI-Q State); Series 2016 D, GO Bonds | 5.00% | 05/01/2041 | 3670 | &nbsp;&nbsp; 3681597 |
| Portland (Port of), OR (Portland International Airport); Series 2025 A, Ref. RB | 5.00% | 07/01/2038 | 1750 | &nbsp;&nbsp; 2044106 |
| State of Oregon Department of Transportation; Series 2026 A, RB | 5.00% | 11/15/2044 | 1075 | &nbsp;&nbsp; 1193607 |
| Washington & Multnomah Counties School District No. 48J Beaverton; Series 2017 D, GO Bonds <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2035 | 2170 | &nbsp;&nbsp; 2241226 |
|  |  |  |  | &nbsp;&nbsp; 21751568 |
| **Pennsylvania–2.15%** | **Pennsylvania–2.15%** | **Pennsylvania–2.15%** | **Pennsylvania–2.15%** | **Pennsylvania–2.15%** |
| Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University); <br> Series 2022, Ref. RB (SOFR + 0.29%)<sup>(b)(i)</sup> <br>| 2.88% | 08/01/2027 | 1000 | &nbsp;&nbsp; 998288 |
| Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated <br> Group Issue); Series 2018, Ref. RB<br>| 5.00% | 04/01/2035 | 2150 | &nbsp;&nbsp; 2244601 |
| Allegheny (County of), PA Industrial Development Authority (United States Steel Corp.); <br> Series 2019, Ref. RB<br>| 5.13% | 05/01/2030 | 4350 | &nbsp;&nbsp; 4633771 |
| Allegheny (County of), PA Sanitary Authority; Series 2018, RB | 5.00% | 06/01/2043 | 5000 | &nbsp;&nbsp; 5166591 |
| Commonwealth Financing Authority; Series 2018, RB | 5.00% | 06/01/2026 | 2000 | &nbsp;&nbsp; 2012695 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**16**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** |
| Montgomery (County of), PA Industrial Development Authority (Constellation Energy Generation, <br> LLC);<br>|  |  |  |  |
| Series 2023 A, Ref. RB<sup>(b)</sup> <br>| 4.10% | 04/03/2028 | $7000 | &nbsp;&nbsp; $7181171 |
| Series 2023 B, Ref. RB | 4.10% | 06/01/2029 | 1550 | &nbsp;&nbsp; 1626730 |
| Pennsylvania (Commonwealth of); Series 2018 A, Ref. COP | 5.00% | 07/01/2037 | 1600 | &nbsp;&nbsp; 1658150 |
| Pennsylvania (Commonwealth of) Housing Finance Agency (Social Bonds); Series 2021-136, <br> Ref. RB<br>| 3.00% | 10/01/2051 | 5804 | &nbsp;&nbsp; 5784156 |
| Pennsylvania (Commonwealth of) Public School Building Authority (Delaware County Community <br> College); Series 2023, RB (INS - BAM)<sup>(a)</sup> <br>| 4.13% | 10/01/2048 | 5005 | &nbsp;&nbsp; 4767981 |
| Pennsylvania (Commonwealth of) Turnpike Commission; |  |  |  |  |
| First series 2025, Ref. RB | 5.00% | 12/01/2041 | 1150 | &nbsp;&nbsp; 1319744 |
| First series 2025, Ref. RB | 5.00% | 12/01/2042 | 1000 | &nbsp;&nbsp; 1131822 |
| Series 2016, Ref. RB | 5.00% | 12/01/2033 | 2000 | &nbsp;&nbsp; 2038442 |
| Series 2016, Ref. RB | 5.00% | 12/01/2034 | 2525 | &nbsp;&nbsp; 2571914 |
| Series 2019 A, RB | 5.00% | 12/01/2028 | 2000 | &nbsp;&nbsp; 2140996 |
| Series 2025 B, RB | 5.00% | 12/01/2040 | 1000 | &nbsp;&nbsp; 1155413 |
| Series 2025 B, RB | 5.00% | 12/01/2041 | 1250 | &nbsp;&nbsp; 1441184 |
| Philadelphia (City of), PA; |  |  |  |  |
| Series 2024 C, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 09/01/2040 | 1000 | &nbsp;&nbsp; 1142723 |
| Series 2025 A, RB | 5.00% | 07/01/2031 | 635 | &nbsp;&nbsp; 721557 |
| Series 2025 C, Ref. GO Bonds | 5.00% | 08/01/2030 | 1000 | &nbsp;&nbsp; 1112428 |
| Philadelphia (City of), PA Housing Authority (PHADC Acquition Program); Series 2025 A, RB | 5.00% | 03/01/2032 | 2500 | &nbsp;&nbsp; 2798463 |
| State College Area School District; Series 2015, GO Bonds | 5.00% | 03/15/2040 | 6400 | &nbsp;&nbsp; 6403318 |
|  |  |  |  | &nbsp;&nbsp; 60052138 |
| **Puerto Rico–0.93%** | **Puerto Rico–0.93%** | **Puerto Rico–0.93%** | **Puerto Rico–0.93%** | **Puerto Rico–0.93%** |
| Children's Trust Fund; |  |  |  |  |
| Series 2002, RB | 5.50% | 05/15/2039 | 4250 | &nbsp;&nbsp; 4319744 |
| Series 2002, RB | 5.63% | 05/15/2043 | 900 | &nbsp;&nbsp; 913803 |
| Puerto Rico (Commonwealth of); |  |  |  |  |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2027 | 4240 | &nbsp;&nbsp; 4339374 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2029 | 3632 | &nbsp;&nbsp; 3880470 |
| Series 2021 A-1, GO Bonds | 5.75% | 07/01/2031 | 1000 | &nbsp;&nbsp; 1111228 |
| Puerto Rico (Commonwealth of) Electric Power Authority; |  |  |  |  |
| Series 2005 RR, RB (INS - SGI)<sup>(a)</sup> <br>| 5.00% | 07/01/2026 | 4000 | &nbsp;&nbsp; 4016376 |
| Series 2007 TT, RB (INS - NATL)<sup>(a)</sup> <br>| 5.00% | 07/01/2026 | 270 | &nbsp;&nbsp; 270110 |
| Puerto Rico Sales Tax Financing Corp.; |  |  |  |  |
| Series 2018 A-1, RB<sup>(g)</sup> <br>| 0.00% | 07/01/2033 | 2755 | &nbsp;&nbsp; 2142315 |
| Series 2019 A-2, RB | 4.33% | 07/01/2040 | 5000 | &nbsp;&nbsp; 5010342 |
|  |  |  |  | &nbsp;&nbsp; 26003762 |
| **Rhode Island–1.60%** | **Rhode Island–1.60%** | **Rhode Island–1.60%** | **Rhode Island–1.60%** | **Rhode Island–1.60%** |
| Rhode Island Health & Educational Building Corp. (Brown University); |  |  |  |  |
| Series 2023, Ref. RB | 5.00% | 09/01/2041 | 4030 | &nbsp;&nbsp; 4514804 |
| Series 2023, Ref. RB | 5.00% | 09/01/2042 | 4155 | &nbsp;&nbsp; 4608620 |
| Rhode Island Health & Educational Building Corp. (Higher Education Facilities- Brown); <br> Series 2005 A, VRD RB<sup>(e)</sup> <br>| 1.90% | 05/01/2035 | 7500 | &nbsp;&nbsp; 7500000 |
| Rhode Island Health & Educational Building Corp. (University of Rhode Island - Auxiliary <br> Enterprise); Series 2009 B, RB (INS - AGI)<sup>(a)</sup> <br>| 5.25% | 09/15/2029 | 750 | &nbsp;&nbsp; 751974 |
| Tobacco Settlement Financing Corp.; |  |  |  |  |
| Series 2015 A, Ref. RB | 5.00% | 06/01/2027 | 6810 | &nbsp;&nbsp; 6822616 |
| Series 2015 B, Ref. RB | 4.50% | 06/01/2045 | 10135 | &nbsp;&nbsp; 10134728 |
| Series 2015 B, Ref. RB | 5.00% | 06/01/2050 | 10325 | &nbsp;&nbsp; 10324237 |
|  |  |  |  | &nbsp;&nbsp; 44656979 |
| **South Carolina–1.18%** | **South Carolina–1.18%** | **South Carolina–1.18%** | **South Carolina–1.18%** | **South Carolina–1.18%** |
| Charleston County Airport District; Series 2019, RB | 5.00% | 07/01/2043 | 3050 | &nbsp;&nbsp; 3190578 |
| Coastal Carolina University; Series 2014, RB | 5.00% | 06/01/2034 | 1355 | &nbsp;&nbsp; 1357448 |
| Corp ForGreer (City Improvement); |  |  |  |  |
| Series 2025, RB | 5.00% | 09/01/2031 | 250 | &nbsp;&nbsp; 283731 |
| Series 2025, RB | 5.00% | 09/01/2032 | 250 | &nbsp;&nbsp; 288026 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**17**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **South Carolina–(continued)** | **South Carolina–(continued)** | **South Carolina–(continued)** | **South Carolina–(continued)** | **South Carolina–(continued)** |
| Dorchester (County of), SC; Series 2023, RB | 5.25% | 10/01/2043 | $1590 | &nbsp;&nbsp; $1611350 |
| South Carolina (State of) Housing Finance & Development Authority; |  |  |  |  |
| Series 2020 B, RB | 3.25% | 01/01/2052 | 1240 | &nbsp;&nbsp; 1239172 |
| Series 2021 A, RB | 3.00% | 01/01/2052 | 1720 | &nbsp;&nbsp; 1719348 |
| South Carolina (State of) Jobs-Economic Development Authority (Beaufort Memorial Hospital & <br> South of Broad Healthcare);<br>|  |  |  |  |
| Series 2024, RB | 5.00% | 11/15/2032 | 450 | &nbsp;&nbsp; 489990 |
| Series 2024, RB | 5.00% | 11/15/2033 | 400 | &nbsp;&nbsp; 438097 |
| Series 2024, RB | 5.00% | 11/15/2034 | 350 | &nbsp;&nbsp; 384706 |
| Series 2024, RB | 5.00% | 11/15/2035 | 375 | &nbsp;&nbsp; 408995 |
| South Carolina (State of) Jobs-Economic Development Authority (Carolina Voyager); <br> Series 2024 A, RB<sup>(c)</sup> <br>| 5.00% | 06/15/2034 | 2215 | &nbsp;&nbsp; 2393624 |
| South Carolina (State of) Jobs-Economic Development Authority (High Point Academy); <br> Series 2018 A, RB<sup>(c)</sup> <br>| 5.75% | 06/15/2039 | 870 | &nbsp;&nbsp; 868315 |
| South Carolina (State of) Jobs-Economic Development Authority (Oceanside Collegiate <br> Academy); Series 2024, Ref. RB<sup>(c)</sup> <br>| 5.00% | 06/15/2034 | 1355 | &nbsp;&nbsp; 1443215 |
| South Carolina (State of) Jobs-Economic Development Authority (Wesley Commons); |  |  |  |  |
| Series 2025 A, RB | 5.00% | 10/01/2035 | 1000 | &nbsp;&nbsp; 1068311 |
| Series 2025 A, RB | 5.00% | 10/01/2040 | 1300 | &nbsp;&nbsp; 1339870 |
| South Carolina (State of) Jobs-Economic Development Authority (Midlands Stem Chartered <br> School); Series 2025, RB<sup>(c)</sup> <br>| 5.25% | 06/15/2034 | 2000 | &nbsp;&nbsp; 1991350 |
| South Carolina (State of) Public Service Authority; |  |  |  |  |
| Series 2016 B, Ref. RB | 5.00% | 12/01/2041 | 2000 | &nbsp;&nbsp; 2023107 |
| Series 2026 A, RB | 5.00% | 12/01/2044 | 1650 | &nbsp;&nbsp; 1822576 |
| South Carolina (State of) Public Service Authority (Santee Cooper); Series 2024 B, Ref. RB (INS - <br> AGI)<sup>(a)</sup> <br>| 5.00% | 12/01/2042 | 7730 | &nbsp;&nbsp; 8652357 |
|  |  |  |  | &nbsp;&nbsp; 33014166 |
| **Tennessee–1.82%** | **Tennessee–1.82%** | **Tennessee–1.82%** | **Tennessee–1.82%** | **Tennessee–1.82%** |
| Clarksville (City of), TN; Series 2025, Ref. RB | 5.00% | 09/01/2031 | 1000 | &nbsp;&nbsp; 1138241 |
| Knoxville (City of), TN Industrial Development Board (Maplehurst Park Apartments); <br> Series 2025, RB<sup>(c)</sup> <br>| 4.25% | 11/01/2030 | 2500 | &nbsp;&nbsp; 2508847 |
| Memphis (City of), TN; Series 2025, RB | 5.00% | 12/01/2041 | 2000 | &nbsp;&nbsp; 2302270 |
| Metropolitan Nashville Airport Authority (The); |  |  |  |  |
| Series 2026 A, RB | 5.00% | 07/01/2043 | 2000 | &nbsp;&nbsp; 2235320 |
| Series 2026 A, RB | 5.00% | 07/01/2044 | 2200 | &nbsp;&nbsp; 2424368 |
| Series 2026 C, Ref. RB | 5.00% | 07/01/2043 | 2295 | &nbsp;&nbsp; 2563012 |
| Series 2026 C, Ref. RB | 5.00% | 07/01/2044 | 1430 | &nbsp;&nbsp; 1575839 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational <br> Facilities Board (The) (Vanderbilt University Medical Center); Series 2016 A, RB<br>| 5.00% | 07/01/2035 | 20330 | &nbsp;&nbsp; 20468083 |
| Tennessee (State of); Series 2023 A, GO Bonds | 5.00% | 05/01/2039 | 11410 | &nbsp;&nbsp; 12976644 |
| Tennessee Housing Development Agency; Series 2015-2B, RB | 3.45% | 07/01/2029 | 2580 | &nbsp;&nbsp; 2581211 |
|  |  |  |  | &nbsp;&nbsp; 50773835 |
| **Texas–10.74%** | **Texas–10.74%** | **Texas–10.74%** | **Texas–10.74%** | **Texas–10.74%** |
| Allen Independent School District; Series 2016, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2039 | 80 | &nbsp;&nbsp; 80076 |
| Alvin College; Series 2025, Ref. GO Bonds | 5.00% | 02/15/2043 | 1750 | &nbsp;&nbsp; 1897962 |
| Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.); |  |  |  |  |
| Series 2024, RB<sup>(c)</sup> <br>| 4.13% | 06/15/2034 | 770 | &nbsp;&nbsp; 772942 |
| Series 2024, RB<sup>(c)</sup> <br>| 4.25% | 06/15/2039 | 1075 | &nbsp;&nbsp; 1068470 |
| Series 2025, Ref. RB<sup>(c)</sup> <br>| 5.00% | 06/15/2035 | 1440 | &nbsp;&nbsp; 1545940 |
| Austin (City of), TX; |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 11/15/2042 | 2500 | &nbsp;&nbsp; 2563918 |
| Series 2023, Ref. RB | 5.00% | 11/15/2041 | 2630 | &nbsp;&nbsp; 2918842 |
| Series 2025, Ref. GO Bonds | 5.00% | 09/01/2033 | 3245 | &nbsp;&nbsp; 3833001 |
| Series 2025, Ref. RB | 5.00% | 11/15/2043 | 5000 | &nbsp;&nbsp; 5580044 |
| Austin Independent School District; Series 2022 B, Ref. GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 08/01/2032 | 2080 | &nbsp;&nbsp; 2370408 |
| Bexar (County of), TX; Series 2018, Ctfs. of Obligations | 5.00% | 06/15/2042 | 1000 | &nbsp;&nbsp; 1018184 |
| Bexar County Health Facilities Development Corp. (Army Retirement Residence Foundation); <br> Series 2016, Ref. RB<br>| 4.00% | 07/15/2031 | 1500 | &nbsp;&nbsp; 1501152 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**18**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| Boerne Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School <br> Fund)<sup>(b)</sup> <br>| 3.85% | 12/01/2027 | $4145 | &nbsp;&nbsp; $4236509 |
| Brooks Development Authority; |  |  |  |  |
| Series 2025 B, Ref. RB<sup>(b)(c)</sup> <br>| 5.00% | 08/15/2032 | 2000 | &nbsp;&nbsp; 2129076 |
| Series 2025 C, Ref. RB<sup>(b)(c)</sup> <br>| 5.00% | 08/15/2028 | 1750 | &nbsp;&nbsp; 1802664 |
| Cedar Park (City of), TX; Series 2025, Ref. RB | 5.00% | 08/15/2043 | 1805 | &nbsp;&nbsp; 2001859 |
| Clifton Higher Education Finance Corp. (Idea Public Schools); |  |  |  |  |
| Series 2025, Ref. RB (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2029 | 1850 | &nbsp;&nbsp; 2009154 |
| Series 2025, Ref. RB (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2030 | 2000 | &nbsp;&nbsp; 2214071 |
| Clifton Higher Education Finance Corp. (International Leadership of Texas, Inc.); Series 2025, <br> Ref. RB (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2029 | 1800 | &nbsp;&nbsp; 1926044 |
| Comal Independent School District; Series 2025, Ref. GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 02/01/2042 | 1000 | &nbsp;&nbsp; 1120478 |
| Corpus Christi (City of), TX; Series 2025, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 07/15/2032 | 1000 | &nbsp;&nbsp; 1149706 |
| Dallas & Fort Worth (Cities of), TX; Series 2023 B, Ref. RB | 5.00% | 11/01/2031 | 2645 | &nbsp;&nbsp; 3022768 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport); |  |  |  |  |
| Series 2022 B, Ref. RB | 5.00% | 11/01/2038 | 4500 | &nbsp;&nbsp; 5025561 |
| Series 2024, RB | 5.00% | 11/01/2041 | 1500 | &nbsp;&nbsp; 1692700 |
| Series 2025 B, RB | 5.00% | 11/01/2041 | 2000 | &nbsp;&nbsp; 2256934 |
| Series 2025 B, RB | 5.00% | 11/01/2042 | 2300 | &nbsp;&nbsp; 2570374 |
| Dallas (City of), TX (Dallas, Denton, Collin and Rockwall Counties); Series 2016 A, Ref. RB | 5.00% | 10/01/2041 | 1000 | &nbsp;&nbsp; 1009428 |
| Dallas (City of), TX Independent School District; Series 2026 A, GO Bonds (CEP - Texas <br> Permanent School Fund)<br>| 5.00% | 02/15/2044 | 5000 | &nbsp;&nbsp; 5543935 |
| Dallas College; |  |  |  |  |
| Series 2022, GO Bonds | 5.00% | 02/15/2035 | 1000 | &nbsp;&nbsp; 1001763 |
| Series 2022,GO Bonds | 5.00% | 02/15/2037 | 2660 | &nbsp;&nbsp; 2664247 |
| Denton (City of), TX; |  |  |  |  |
| Series 2017, RB | 5.00% | 12/01/2032 | 3000 | &nbsp;&nbsp; 3060660 |
| Series 2017, RB | 5.00% | 12/01/2036 | 6850 | &nbsp;&nbsp; 6969412 |
| Denton (County of), TX; |  |  |  |  |
| Series 2025, GO Bonds | 5.00% | 07/15/2029 | 1000 | &nbsp;&nbsp; 1091300 |
| Series 2025, Ref. GO Bonds | 5.00% | 07/15/2033 | 1000 | &nbsp;&nbsp; 1172596 |
| El Paso (City of), TX; Series 2016, GO Bonds | 5.00% | 08/15/2028 | 3000 | &nbsp;&nbsp; 3037949 |
| El Paso Independent School District; Series 2017, GO Bonds<sup>(d)</sup> <br>| 5.00% | 08/15/2042 | 3750 | &nbsp;&nbsp; 3796678 |
| Forney Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 08/15/2041 | 3800 | &nbsp;&nbsp; 4166268 |
| Garland (City of), TX; |  |  |  |  |
| Series 2026, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 03/01/2043 | 500 | &nbsp;&nbsp; 558025 |
| Series 2026, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 03/01/2044 | 575 | &nbsp;&nbsp; 636190 |
| Georgetown (City of), TX; |  |  |  |  |
| Series 2025, RB | 5.00% | 08/15/2028 | 1200 | &nbsp;&nbsp; 1278960 |
| Series 2025, RB | 5.00% | 08/15/2030 | 725 | &nbsp;&nbsp; 806297 |
| Greenville Independent School District; |  |  |  |  |
| Series 2026, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2043 | 1710 | &nbsp;&nbsp; 1914860 |
| Series 2026, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2044 | 1500 | &nbsp;&nbsp; 1662489 |
| Harris (County of), TX; Series 2007 C, Ref. GO Bonds (INS - AGI)<sup>(a)</sup> <br>| 5.25% | 08/15/2031 | 3395 | &nbsp;&nbsp; 3930773 |
| Harris County Cultural Education Facilities Finance Corp. (Houston Methodist Hospital); <br> Series 2026 A, Ref. RB<br>| 5.00% | 12/01/2036 | 2000 | &nbsp;&nbsp; 2380119 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System); <br> Series 2016, RB<br>| 5.00% | 07/01/2038 | 2675 | &nbsp;&nbsp; 2691507 |
| Houston (City of), TX; |  |  |  |  |
| Series 2015 A, Ref. RB | 5.00% | 11/15/2036 | 19740 | &nbsp;&nbsp; 19760309 |
| Series 2016 B, Ref. RB | 5.00% | 11/15/2036 | 12000 | &nbsp;&nbsp; 12191183 |
| Series 2017 A, Ref. GO Bonds | 5.00% | 03/01/2029 | 6000 | &nbsp;&nbsp; 6166510 |
| Series 2018 B, Ref. RB | 5.00% | 07/01/2043 | 2000 | &nbsp;&nbsp; 2067860 |
| Jarrell Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 02/15/2042 | 1055 | &nbsp;&nbsp; 1169712 |
| Joshua Farms Municipal Management District No 1; Series 2026, RB<sup>(c)</sup> <br>| 4.35% | 09/01/2036 | 1355 | &nbsp;&nbsp; 1373040 |
| Lamar Consolidated Independent School District; Series 2018, GO Bonds (CEP - Texas <br> Permanent School Fund)<br>| 5.00% | 02/15/2043 | 11000 | &nbsp;&nbsp; 11153575 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**19**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| Leander (City of), TX; |  |  |  |  |
| Series 2025, GO Bonds | 5.00% | 08/15/2041 | $700 | &nbsp;&nbsp; $792120 |
| Series 2025, GO Bonds | 5.00% | 08/15/2042 | 1350 | &nbsp;&nbsp; 1513687 |
| Lewisville Independent School District; |  |  |  |  |
| Series 2025, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2029 | 1750 | &nbsp;&nbsp; 1916994 |
| Series 2025, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2030 | 1750 | &nbsp;&nbsp; 1963229 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.); |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 05/15/2039 | 1210 | &nbsp;&nbsp; 1235802 |
| Series 2019, Ref. RB | 5.00% | 05/15/2044 | 375 | &nbsp;&nbsp; 380737 |
| Series 2023, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 05/15/2042 | 1250 | &nbsp;&nbsp; 1377714 |
| Lowry Crossing (City of), TX (Simpson Road Public Improvement District); |  |  |  |  |
| Series 2025, RB<sup>(c)</sup> <br>| 4.25% | 09/15/2030 | 289 | &nbsp;&nbsp; 294594 |
| Series 2025, RB<sup>(c)</sup> <br>| 4.75% | 09/15/2035 | 320 | &nbsp;&nbsp; 338596 |
| Lubbock Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 02/15/2032 | 1160 | &nbsp;&nbsp; 1331211 |
| Medina Valley Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 5.00% | 02/15/2042 | 1445 | &nbsp;&nbsp; 1607971 |
| Montgomery (County of), TX; Series 2018, RB | 5.00% | 09/15/2043 | 4000 | &nbsp;&nbsp; 4002745 |
| New Hope Cultural Education Facilities Finance Corp. (Bella Vida Forefront Living); Series 2025, <br> Ref. RB<br>| 4.25% | 10/01/2030 | 7000 | &nbsp;&nbsp; 7009276 |
| New Hope Cultural Education Facilities Finance Corp. (Jubilee Academic Center); Series 2021, <br> Ref. RB<sup>(c)</sup> <br>| 4.00% | 08/15/2036 | 2000 | &nbsp;&nbsp; 1908665 |
| North East Texas Regional Mobility Authority; Series 2025 A, Ref. RB | 5.00% | 01/01/2042 | 700 | &nbsp;&nbsp; 763569 |
| North Harris (County of), TX Regional Water Authority; Series 2016, Ref. RB | 5.00% | 12/15/2032 | 1290 | &nbsp;&nbsp; 1315217 |
| North Texas Tollway Authority; |  |  |  |  |
| Series 2017 A, Ref. RB | 5.00% | 01/01/2039 | 8090 | &nbsp;&nbsp; 8365107 |
| Series 2017 B, Ref. RB | 5.00% | 01/01/2043 | 8165 | &nbsp;&nbsp; 8272699 |
| Pasadena Independent School District; |  |  |  |  |
| Series 2018, GO Bonds<sup>(b)(d)</sup> <br>| 5.00% | 02/15/2028 | 590 | &nbsp;&nbsp; 622126 |
| Series 2018, GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2039 | 485 | &nbsp;&nbsp; 504691 |
| Pearland Independent School District; |  |  |  |  |
| Series 2025, Ref. GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2041 | 1000 | &nbsp;&nbsp; 1123932 |
| Series 2025, Ref. GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2042 | 275 | &nbsp;&nbsp; 306015 |
| Series 2025, Ref. GO Bonds (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2043 | 250 | &nbsp;&nbsp; 275178 |
| Port Arthur (Port of), TX Navigation District; Subseries 2010, VRD RB<sup>(e)</sup> <br>| 1.73% | 11/01/2040 | 11825 | &nbsp;&nbsp; 11825000 |
| Red Oak Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 02/15/2032 | 1000 | &nbsp;&nbsp; 1147596 |
| San Antonio (City of), TX; |  |  |  |  |
| Series 2016 C, Ref. RB | 5.00% | 05/15/2041 | 5750 | &nbsp;&nbsp; 5819658 |
| Series 2016, Ref. RB | 5.00% | 02/01/2031 | 2145 | &nbsp;&nbsp; 2167669 |
| Series 2024 A, RB | 5.00% | 02/01/2041 | 1000 | &nbsp;&nbsp; 1122620 |
| Series 2025, VRD RB<sup>(e)</sup> <br>| 1.00% | 05/01/2055 | 5790 | &nbsp;&nbsp; 5790000 |
| Sienna Management District; Series 2021, GO Bonds (INS - BAM)<sup>(a)</sup> <br>| 2.00% | 10/15/2030 | 555 | &nbsp;&nbsp; 516637 |
| Socorro Independent School District; Series 2018, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 08/15/2041 | 2555 | &nbsp;&nbsp; 2597370 |
| Tarrant County Cultural Education Facilities Finance Corp.; Series 2026, Ref. RB | 5.00% | 11/15/2044 | 3625 | &nbsp;&nbsp; 3983611 |
| Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); <br> Series 2016, Ref. RB<br>| 5.00% | 05/15/2037 | 4105 | &nbsp;&nbsp; 4109731 |
| Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System); <br> Series 2016 A, Ref. RB<br>| 5.00% | 02/15/2041 | 19835 | &nbsp;&nbsp; 19982918 |
| Temple (City of), TX; |  |  |  |  |
| Series 2025, Ref. GO Bonds | 5.00% | 08/01/2028 | 2145 | &nbsp;&nbsp; 2287090 |
| Series 2025, Ref. GO Bonds | 5.00% | 08/01/2029 | 1000 | &nbsp;&nbsp; 1092072 |
| Texas (State of); |  |  |  |  |
| Series 2022 B, Ref. GO Bonds | 5.00% | 08/01/2041 | 5000 | &nbsp;&nbsp; 5007785 |
| Series 2025, Ref. GO Bonds | 5.00% | 10/01/2042 | 5020 | &nbsp;&nbsp; 5685042 |
| Texas (State of) Water Development Board; |  |  |  |  |
| Series 2015 A, RB | 5.00% | 10/15/2040 | 6195 | &nbsp;&nbsp; 6200715 |
| Series 2017 A, RB | 5.00% | 10/15/2042 | 5000 | &nbsp;&nbsp; 5129489 |
| Series 2025, RB | 5.00% | 10/15/2032 | 1250 | &nbsp;&nbsp; 1459174 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**20**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| Tomball Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 02/15/2040 | $2450 | &nbsp;&nbsp; $2781218 |
| Trophy Club (Town of), TX (Public Improvement District No. 1); Series 2025, Ref. RB | 5.00% | 09/01/2028 | 1000 | &nbsp;&nbsp; 1027210 |
| West Travis County Public Utility Agency; Series 2017, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 08/15/2030 | 1000 | &nbsp;&nbsp; 1040193 |
|  |  |  |  | &nbsp;&nbsp; 299559155 |
| **Utah–0.62%** | **Utah–0.62%** | **Utah–0.62%** | **Utah–0.62%** | **Utah–0.62%** |
| Downtown Revitalization Public Infrastructure District (SEG Redevelopment); Series 2025, RB <br> (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 06/01/2029 | 1100 | &nbsp;&nbsp; 1191066 |
| Local Building Authority of Alpine School District (West School District); |  |  |  |  |
| Series 2025, RB | 5.00% | 03/15/2031 | 2000 | &nbsp;&nbsp; 2262919 |
| Series 2025, RB | 5.00% | 03/15/2032 | 1800 | &nbsp;&nbsp; 2075121 |
| Salt Lake City (City of), UT; |  |  |  |  |
| Series 2017 B, RB | 5.00% | 07/01/2042 | 7100 | &nbsp;&nbsp; 7249013 |
| Series 2025 B, RB | 5.25% | 07/01/2042 | 1305 | &nbsp;&nbsp; 1499947 |
| Utah (State of) Transit Authority; Series 2025, Ref. RB | 5.00% | 12/15/2032 | 2500 | &nbsp;&nbsp; 2922309 |
|  |  |  |  | &nbsp;&nbsp; 17200375 |
| **Vermont–0.40%** | **Vermont–0.40%** | **Vermont–0.40%** | **Vermont–0.40%** | **Vermont–0.40%** |
| University of Vermont and State Agricultural College; Series 2015, Ref. RB | 5.00% | 10/01/2040 | 10000 | &nbsp;&nbsp; 10007878 |
| Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont <br> Medical Center (The)); Series 2016 A, Ref. RB<br>| 5.00% | 12/01/2032 | 1120 | &nbsp;&nbsp; 1125473 |
|  |  |  |  | &nbsp;&nbsp; 11133351 |
| **Virginia–0.84%** | **Virginia–0.84%** | **Virginia–0.84%** | **Virginia–0.84%** | **Virginia–0.84%** |
| Chesapeake Bay Bridge & Tunnel District; Series 2016, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 07/01/2041 | 4910 | &nbsp;&nbsp; 4929147 |
| Hampton (City of), VA Roads Transportation Accountability Commission; Series 2021 A, RB<sup>(d)</sup> <br>| 5.00% | 07/01/2026 | 5000 | &nbsp;&nbsp; 5047259 |
| Virginia (Commonwealth of) Housing Development Authority; Subseries 2012 C-2, RB | 3.45% | 04/01/2038 | 825 | &nbsp;&nbsp; 825920 |
| Virginia (Commonwealth of) Port Authority; |  |  |  |  |
| Series 2025, RB | 5.00% | 07/01/2031 | 1000 | &nbsp;&nbsp; 1132551 |
| Series 2025, RB | 5.00% | 07/01/2032 | 1000 | &nbsp;&nbsp; 1152495 |
| Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay); |  |  |  |  |
| Series 2023 B-3, RB | 5.38% | 09/01/2029 | 3150 | &nbsp;&nbsp; 3183678 |
| Series 2023, RB | 6.50% | 09/01/2043 | 3250 | &nbsp;&nbsp; 3626266 |
| Wise County Industrial Development Authority; Series 2009, RB<sup>(b)</sup> <br>| 3.13% | 10/01/2030 | 3500 | &nbsp;&nbsp; 3567587 |
|  |  |  |  | &nbsp;&nbsp; 23464903 |
| **Washington–3.41%** | **Washington–3.41%** | **Washington–3.41%** | **Washington–3.41%** | **Washington–3.41%** |
| Island County Consolidated School District No. 206 South Whidbey; |  |  |  |  |
| Series 2025, GO Bonds (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2039 | 1000 | &nbsp;&nbsp; 1151613 |
| Series 2025, GO Bonds (CEP - Oregon School Bond Guaranty) | 5.00% | 12/01/2041 | 1000 | &nbsp;&nbsp; 1133203 |
| King (County of), WA; Series 2025, VRD RB<sup>(e)</sup> <br>| 1.00% | 01/01/2065 | 5000 | &nbsp;&nbsp; 5000000 |
| Lewis & Thurston (Counties of), WA Centralia School District No. 401; Series 2017, GO Bonds <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2039 | 3795 | &nbsp;&nbsp; 3853555 |
| North Thurston Public Schools; Series 2024, Ref. GO Bonds (CEP - Oregon School Bond <br> Guaranty)<br>| 5.00% | 12/01/2029 | 1160 | &nbsp;&nbsp; 1278707 |
| Pierce County School District No. 403 Bethel; Series 2024, GO Bonds (CEP - Oregon School <br> Bond Guaranty)<br>| 5.00% | 12/01/2042 | 1585 | &nbsp;&nbsp; 1771534 |
| Seattle (City of), WA; Series 2023 A, Ref. RB | 5.00% | 03/01/2039 | 4260 | &nbsp;&nbsp; 4808282 |
| Seattle (Port of), WA; |  |  |  |  |
| Series 2017, GO Bonds | 5.00% | 01/01/2037 | 3500 | &nbsp;&nbsp; 3568693 |
| Series 2017, GO Bonds | 5.00% | 01/01/2042 | 3375 | &nbsp;&nbsp; 3424483 |
| Snohomish (County of), WA Public Utility District No. 1; |  |  |  |  |
| Series 2025 B, Ref. RB | 5.00% | 12/01/2032 | 1065 | &nbsp;&nbsp; 1243464 |
| Series 2025 B, Ref. RB | 5.00% | 12/01/2039 | 1670 | &nbsp;&nbsp; 1941443 |
| Series 2025 B, Ref. RB | 5.00% | 12/01/2040 | 1775 | &nbsp;&nbsp; 2046024 |
| University of Washington; Series 2016 A, Ref. RB | 5.25% | 12/01/2046 | 10850 | &nbsp;&nbsp; 10949080 |
| Vancouver Housing Authority; Series 2026, RB | 4.63% | 02/01/2044 | 1100 | &nbsp;&nbsp; 1095839 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**21**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington–(continued)** | **Washington–(continued)** | **Washington–(continued)** | **Washington–(continued)** | **Washington–(continued)** | **Washington–(continued)** |
| Washington (State of); |  |  |  |  |  |
| Series 2016 B, GO Bonds | 5.00% | 08/01/2040 |  | $2500 | &nbsp;&nbsp; $2521222 |
| Series 2017 A, COP | 5.00% | 07/01/2033 |  | 2100 | &nbsp;&nbsp; 2176057 |
| Series 2017 A, GO Bonds | 5.00% | 08/01/2036 |  | 1230 | &nbsp;&nbsp; 1242585 |
| Washington (State of) Health Care Facilities Authority (Providence Health & Services); |  |  |  |  |  |
| Series 2012 A, RB | 5.00% | 10/01/2032 |  | 1940 | &nbsp;&nbsp; 1944195 |
| Series 2012 A, RB | 5.00% | 10/01/2042 |  | 21650 | &nbsp;&nbsp; 21664716 |
| Series 2014 D, Ref. RB | 5.00% | 10/01/2041 |  | 5000 | &nbsp;&nbsp; 5005670 |
| Washington (State of) Housing Finance Commission; Series 2025-1, RB | 4.08% | 11/20/2041 |  | 2289 | &nbsp;&nbsp; 2264666 |
| Washington (State of) Housing Finance Commission (Horizon House); Series 2025 B-3, Ref. RB | 4.38% | 01/01/2033 |  | 5000 | &nbsp;&nbsp; 5020367 |
| Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.); <br> Series 2016, Ref. RB<sup>(c)</sup> <br>| 5.00% | 01/01/2036 |  | 1755 | &nbsp;&nbsp; 1769661 |
| Washington (State of) Housing Finance Commission (Social Certificates); |  |  |  |  |  |
| Series 2021-1A, Revenue Ctfs. | 3.50% | 12/20/2035 |  | 2224 | &nbsp;&nbsp; 2208501 |
| Series 2024-2, RB | 4.22% | 03/01/2050 |  | 5941 | &nbsp;&nbsp; 6012649 |
|  |  |  |  |  | &nbsp;&nbsp; 95096209 |
| **Wisconsin–2.26%** | **Wisconsin–2.26%** | **Wisconsin–2.26%** | **Wisconsin–2.26%** | **Wisconsin–2.26%** | **Wisconsin–2.26%** |
| Fox Valley Technical College District; Series 2025 B, GO Bonds | 5.00% | 12/01/2032 |  | 1705 | &nbsp;&nbsp; 1976846 |
| Rice Lake Area School District; Series 2014, GO Bonds | 3.00% | 04/01/2026 |  | 1025 | &nbsp;&nbsp; 1025247 |
| University of Wisconsin Hospitals & Clinics; Series 2024 C, Ref. VRD RB<sup>(e)</sup> <br>| 1.05% | 04/01/2054 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group); <br> Series 2016 A, Ref. RB<br>| 5.00% | 11/15/2039 |  | 3745 | &nbsp;&nbsp; 3756672 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group); <br> Series 2016, Ref. RB<br>| 5.00% | 11/15/2036 |  | 6650 | &nbsp;&nbsp; 6677022 |
| Wisconsin (State of) Health & Educational Facilities Authority (Capitol Lakes, Inc.); Series 2025 <br> A, Ref. RB<br>| 5.00% | 11/15/2035 |  | 2000 | &nbsp;&nbsp; 2031827 |
| Wisconsin (State of) Health & Educational Facilities Authority (Dickson Hollow Phase II); <br> Series 2024, RB<br>| 5.45% | 10/01/2039 |  | 500 | &nbsp;&nbsp; 540514 |
| Wisconsin (State of) Health & Educational Facilities Authority (Forensic Science and Protective <br> Medicine Facility); Series 2024, RB<sup>(c)</sup> <br>| 5.00% | 08/01/2027 |  | 13230 | &nbsp;&nbsp; 13319472 |
| Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Thedacare Health Inc.); <br> Series 2025, Ref. RB<br>| 5.00% | 04/01/2041 |  | 1000 | &nbsp;&nbsp; 1100785 |
| Wisconsin (State of) Health & Educational Facilities Authority (Mercy Health Corp.); Series 2026, <br> Ref. RB<br>| 5.00% | 12/01/2043 |  | 1925 | &nbsp;&nbsp; 2099100 |
| Wisconsin (State of) Public Finance Authority; |  |  |  |  |  |
| Series 2023, RB<sup>(c)</sup> <br>| 5.75% | 07/01/2033 |  | 485 | &nbsp;&nbsp; 511293 |
| Series 2023, RB<sup>(c)</sup> <br>| 6.63% | 07/01/2043 |  | 650 | &nbsp;&nbsp; 674278 |
| Series 2025, RB<sup>(c)</sup> <br>| 4.00% | 07/15/2033 |  | 3250 | &nbsp;&nbsp; 3284195 |
| Wisconsin (State of) Public Finance Authority (Alpha Ranch); Series 2024, RB<sup>(c)(g)</sup> <br>| 0.00% | 12/15/2038 |  | 5000 | &nbsp;&nbsp; 2341099 |
| Wisconsin (State of) Public Finance Authority (Barton College); Series 2018 A, RB | 5.00% | 03/01/2028 |  | 575 | &nbsp;&nbsp; 577298 |
| Wisconsin (State of) Public Finance Authority (Campo Del Sol); Series 2025, RB<sup>(c)(g)</sup> <br>| 0.00% | 12/15/2033 |  | 3072 | &nbsp;&nbsp; 1889156 |
| Wisconsin (State of) Public Finance Authority (Campus Real Estate Holdings); |  |  |  |  |  |
| Series 2025, Ref. RB | 5.00% | 06/01/2030 |  | 750 | &nbsp;&nbsp; 788055 |
| Series 2025, Ref. RB | 5.00% | 06/01/2035 |  | 1115 | &nbsp;&nbsp; 1220943 |
| Wisconsin (State of) Public Finance Authority (City of Boynton Beach, Florida Municipal <br> Improvements); Series 2018, RB<br>| 5.00% | 07/01/2041 |  | 2000 | &nbsp;&nbsp; 2069023 |
| Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. - Central District <br> Development); Series 2016, RB<br>| 5.00% | 03/01/2041 |  | 4400 | &nbsp;&nbsp; 4403920 |
| Wisconsin (State of) Public Finance Authority (Legacy Hills); Series 2025, Ref. RB<sup>(c)</sup> <br>| 6.00% | 11/15/2045 |  | 3000 | &nbsp;&nbsp; 2991705 |
| Wisconsin (State of) Public Finance Authority (Milo Farms Project); Series 2025, RB<sup>(c)(g)</sup> <br>| 0.00% | 12/15/2039 |  | 5000 | &nbsp;&nbsp; 1803477 |
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); Series 2018 <br> A, RB<br>| 5.00% | 12/01/2027 |  | 765 | &nbsp;&nbsp; 777940 |
| Wisconsin (State of) Public Finance Authority (Rans-Bridgewater); Series 2024, RB<sup>(c)</sup> <br>| 5.63% | 12/15/2030 |  | 1240 | &nbsp;&nbsp; 1244927 |
| Wisconsin (State of) Public Finance Authority (Rans-Elevon); Series 2024, RB<sup>(c)</sup> <br>| 5.00% | 07/15/2030 |  | 881 | &nbsp;&nbsp; 883114 |
|  |  |  |  |  | &nbsp;&nbsp; 62987908 |
| Total Municipal Obligations (Cost $2,629,983,958) | Total Municipal Obligations (Cost $2,629,983,958) | Total Municipal Obligations (Cost $2,629,983,958) | Total Municipal Obligations (Cost $2,629,983,958) |  | &nbsp;&nbsp; 2685935447 |
|  |  |  | **Shares** | **Shares** |  |
| **MuniFund Preferred Shares–1.20%** | **MuniFund Preferred Shares–1.20%** | **MuniFund Preferred Shares–1.20%** | **MuniFund Preferred Shares–1.20%** | **MuniFund Preferred Shares–1.20%** | **MuniFund Preferred Shares–1.20%** |
| Nuveen AMT-Free Municipal Credit Income Fund; Series B, VRD<sup>(e)</sup> <br>| 2.33% |  |  | 7500000 | &nbsp;&nbsp; 7500000 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**22**

**Invesco Limited Term Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Shares** | **Value** |
| Nuveen AMT-Free Quality Municipal Income Fund; MFP, Series D | 2.33% |  | 12000000 | &nbsp;&nbsp; $12000000 |
| Nuveen California AMT-Free Quality Municipal Income Fund; VRD<sup>(c)(e)</sup> <br>| 2.33% |  | 13800000 | &nbsp;&nbsp; 13800000 |
| Total MuniFund Preferred Shares (Cost $33,300,000) | Total MuniFund Preferred Shares (Cost $33,300,000) | Total MuniFund Preferred Shares (Cost $33,300,000) |  | &nbsp;&nbsp; 33300000 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(j)</sup>–97.52% (Cost $2,663,283,958) | TOTAL INVESTMENTS IN SECURITIES<sup>(j)</sup>–97.52% (Cost $2,663,283,958) | TOTAL INVESTMENTS IN SECURITIES<sup>(j)</sup>–97.52% (Cost $2,663,283,958) |  | &nbsp;&nbsp; 2719235447 |
| OTHER ASSETS LESS LIABILITIES–2.48% | OTHER ASSETS LESS LIABILITIES–2.48% | OTHER ASSETS LESS LIABILITIES–2.48% |  | &nbsp;&nbsp; 69197909 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $2788433356 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| AGI | – Assured Guaranty, Inc. |
| BAM | – Build America Mutual Assurance Co. |
| CEP | – Credit Enhancement Provider |
| COP | – Certificates of Participation |
| CPI | – Consumer Price Index |
| Ctfs. | – Certificates |
| FGIC | – Financial Guaranty Insurance Company |
| GNMA | – Government National Mortgage Association |
| GO | – General Obligation |
| INS | – Insurer |
| LOC | – Letter of Credit |
| MFP | – MuniFund Preferred Shares |
| NATL | – National Public Finance Guarantee Corp. |
| PCR | – Pollution Control Revenue Bonds |
| RAC | – Revenue Anticipation Certificates |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| RN | – Revenue Notes |
| SGI | – Syncora Guarantee, Inc. |
| SOFR | – Secured Overnight Financing Rate |
| VRD | – Variable Rate Demand |
| Wts. | – Warrants |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

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

<sup>(c)</sup> 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 February 28, 2026 was $164,108,480, which represented 5.89% of the Fund's Net Assets. 

<sup>(d)</sup> Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

<sup>(e)</sup> 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 February 28, 2026. 

<sup>(f)</sup> Restricted security. The value of this security at February 28, 2026 represented less than 1% of the Fund's Net Assets.

<sup>(g)</sup> Zero coupon bond issued at a discount.

<sup>(h)</sup> Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

<sup>(i)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2026.

<sup>(j)</sup> 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. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**23**

**Invesco Limited Term Municipal Income Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,663,283,958)<br>| &nbsp;&nbsp; $2719235447 |
| Cash | &nbsp;&nbsp; 67423447 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1781343 |
| Fund shares sold | &nbsp;&nbsp; 3721012 |
| Interest | &nbsp;&nbsp; 30739207 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 237871 |
| Other assets | &nbsp;&nbsp; 117878 |
| Total assets | &nbsp;&nbsp; 2823256205 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 28198034 |
| Dividends | &nbsp;&nbsp; 2890653 |
| Fund shares reacquired | &nbsp;&nbsp; 2734037 |
| Accrued fees to affiliates | &nbsp;&nbsp; 591828 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 4188 |
| Accrued other operating expenses | &nbsp;&nbsp; 156156 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 247953 |
| Total liabilities | &nbsp;&nbsp; 34822849 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2788433356 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2873744247 |
| Distributable earnings (loss) | &nbsp;&nbsp; (85310891)<br>|
|  | &nbsp;&nbsp; $2788433356 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1035913538 |
| Class A2 | &nbsp;&nbsp; $23071339 |
| Class C | &nbsp;&nbsp; $19105387 |
| Class Y | &nbsp;&nbsp; $1233135870 |
| Class R5 | &nbsp;&nbsp; $602926 |
| Class R6 | &nbsp;&nbsp; $476604296 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 93408212 |
| Class A2 | &nbsp;&nbsp; 2079256 |
| Class C | &nbsp;&nbsp; 1723237 |
| Class Y | &nbsp;&nbsp; 111244007 |
| Class R5 | &nbsp;&nbsp; 54362 |
| Class R6 | &nbsp;&nbsp; 42994205 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $11.09 |
| Maximum offering price per share <br>(Net asset value of $11.09 ÷ 97.50%)<br>| &nbsp;&nbsp; $11.37 |
| Class A2: |  |
| Net asset value per share | &nbsp;&nbsp; $11.10 |
| Maximum offering price per share <br>(Net asset value of $11.10 ÷ 99.00%)<br>| &nbsp;&nbsp; $11.21 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.09 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.08 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.09 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.09 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**24**

**Invesco Limited Term Municipal Income Fund**

------

**Statement of Operations**

*For the year ended February 28, 2026* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $108397371 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 6243522 |
| Administrative services fees | &nbsp;&nbsp; 384201 |
| Custodian fees | &nbsp;&nbsp; 15653 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 2598303 |
| Class C | &nbsp;&nbsp; 226553 |
| Transfer agent fees — A, A2, C and Y | &nbsp;&nbsp; 1812774 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 581 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 73312 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 43780 |
| Registration and filing fees | &nbsp;&nbsp; 183389 |
| Reports to shareholders | &nbsp;&nbsp; 140050 |
| Professional services fees | &nbsp;&nbsp; 111446 |
| Other | &nbsp;&nbsp; 42963 |
| Total expenses | &nbsp;&nbsp; 11876527 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (1461)<br>|
| Net expenses | &nbsp;&nbsp; 11875066 |
| Net investment income | &nbsp;&nbsp; 96522305 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(547379)) | &nbsp;&nbsp; (3814502)<br>|
| Change in net unrealized appreciation of unaffiliated investment securities | &nbsp;&nbsp; 28473451 |
| Net realized and unrealized gain | &nbsp;&nbsp; 24658949 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $121181254 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**25**

**Invesco Limited Term Municipal Income Fund**

------

**Statement of Changes in Net Assets**

*For the years ended February 28, 2026 and 2025* 

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $96522305 | &nbsp;&nbsp; $100747740 |
| Net realized gain (loss) | &nbsp;&nbsp; (3814502)<br>| &nbsp;&nbsp; 89565 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 28473451 | &nbsp;&nbsp; (6328880)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 121181254 | &nbsp;&nbsp; 94508425 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (35241375)<br>| &nbsp;&nbsp; (37726982)<br>|
| Class A2 | &nbsp;&nbsp; (904471)<br>| &nbsp;&nbsp; (997115)<br>|
| Class C | &nbsp;&nbsp; (597274)<br>| &nbsp;&nbsp; (952219)<br>|
| Class Y | &nbsp;&nbsp; (42754110)<br>| &nbsp;&nbsp; (41435163)<br>|
| Class R5 | &nbsp;&nbsp; (21029)<br>| &nbsp;&nbsp; (24899)<br>|
| Class R6 | &nbsp;&nbsp; (18059982)<br>| &nbsp;&nbsp; (21219121)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (97578241)<br>| &nbsp;&nbsp; (102355499)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (50010941)<br>| &nbsp;&nbsp; (91600249)<br>|
| Class A2 | &nbsp;&nbsp; (4422742)<br>| &nbsp;&nbsp; (409267)<br>|
| Class C | &nbsp;&nbsp; (7949888)<br>| &nbsp;&nbsp; (17552467)<br>|
| Class Y | &nbsp;&nbsp; 87930683 | &nbsp;&nbsp; 9993128 |
| Class R5 | &nbsp;&nbsp; (74965)<br>| &nbsp;&nbsp; (38811)<br>|
| Class R6 | &nbsp;&nbsp; (90107224)<br>| &nbsp;&nbsp; (20788153)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (64635077)<br>| &nbsp;&nbsp; (120395819)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (41032064)<br>| &nbsp;&nbsp; (128242893)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 2829465420 | &nbsp;&nbsp; 2957708313 |
| End of year | &nbsp;&nbsp; $2788433356 | &nbsp;&nbsp; $2829465420 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**26**

**Invesco Limited Term Municipal Income Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Supplemental** <br>**ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee** <br>**waivers** <br>**(excluding** <br>**interest,** <br>**facilities and** <br>**maintenance** <br>**fees)**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 02/28/26 | $10.99 | $0.37 | $0.10 | $0.47 | $(0.37)<br>| $11.09 | 4.39<br> %<br>| $1035914 | 0.59<br> %<br>| 0.59<br> %<br>| —<br> %<br>| 3.36<br> %<br>| 42<br> %<br>|
| Year ended 02/28/25 | 11.02 | 0.36 | (0.02)<br>| 0.34 | (0.37)<br>| 10.99 | 3.15 | 1077419 | 0.59 | 0.59 |  | 3.32 | 27 |
| Year ended 02/29/24 | 10.94 | 0.34 | 0.08 | 0.42 | (0.34)<br>| 11.02 | 3.94 | 1172249 | 0.59 | 0.59 |  | 3.15 | 60 |
| Year ended 02/28/23 | 11.28 | 0.23 | (0.37)<br>| (0.14)<br>| (0.20)<br>| 10.94 | (1.21)<br>| 1370337 | 0.58 | 0.58 |  | 2.12 | 96 |
| Year ended 02/28/22 | 11.52 | 0.12 | (0.23)<br>| (0.11)<br>| (0.13)<br>| 11.28 | (1.00)<br>| 1505388 | 0.62 | 0.62 | 0.58 | 1.05 | 23 |
| **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** | **Class A2** |
| Year ended 02/28/26 | 11.00 | 0.39 | 0.11 | 0.50 | (0.40)<br>| 11.10 | 4.64 | 23071 | 0.34 | 0.34 |  | 3.61 | 42 |
| Year ended 02/28/25 | 11.03 | 0.39 | (0.02)<br>| 0.37 | (0.40)<br>| 11.00 | 3.41 | 27330 | 0.34 | 0.34 |  | 3.57 | 27 |
| Year ended 02/29/24 | 10.95 | 0.37 | 0.08 | 0.45 | (0.37)<br>| 11.03 | 4.20 | 27807 | 0.34 | 0.34 |  | 3.40 | 60 |
| Year ended 02/28/23 | 11.28 | 0.26 | (0.36)<br>| (0.10)<br>| (0.23)<br>| 10.95 | (0.87)<br>| 31001 | 0.33 | 0.33 |  | 2.37 | 96 |
| Year ended 02/28/22 | 11.53 | 0.15 | (0.25)<br>| (0.10)<br>| (0.15)<br>| 11.28 | (0.84)<br>| 32980 | 0.37 | 0.37 | 0.33 | 1.30 | 23 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 02/28/26 | 10.99 | 0.28 | 0.11 | 0.39 | (0.29)<br>| 11.09 | 3.61 | 19105 | 1.34 | 1.34 |  | 2.61 | 42 |
| Year ended 02/28/25 | 11.02 | 0.28 | (0.02)<br>| 0.26 | (0.29)<br>| 10.99 | 2.38 | 26938 | 1.34 | 1.34 |  | 2.57 | 27 |
| Year ended 02/29/24 | 10.94 | 0.26 | 0.08 | 0.34 | (0.26)<br>| 11.02 | 3.17 | 44610 | 1.34 | 1.34 |  | 2.40 | 60 |
| Year ended 02/28/23 | 11.27 | 0.15 | (0.36)<br>| (0.21)<br>| (0.12)<br>| 10.94 | (1.86)<br>| 59567 | 1.33 | 1.33 |  | 1.37 | 96 |
| Year ended 02/28/22 | 11.52 | 0.04 | (0.25)<br>| (0.21)<br>| (0.04)<br>| 11.27 | (1.84)<br>| 75669 | 1.37 | 1.37 | 1.33 | 0.30 | 23 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 02/28/26 | 10.99 | 0.39 | 0.10 | 0.49 | (0.40)<br>| 11.08 | 4.56 | 1233136 | 0.34 | 0.34 |  | 3.61 | 42 |
| Year ended 02/28/25 | 11.02 | 0.39 | (0.02)<br>| 0.37 | (0.40)<br>| 10.99 | 3.41 | 1133847 | 0.34 | 0.34 |  | 3.57 | 27 |
| Year ended 02/29/24 | 10.94 | 0.37 | 0.08 | 0.45 | (0.37)<br>| 11.02 | 4.20 | 1126813 | 0.34 | 0.34 |  | 3.40 | 60 |
| Year ended 02/28/23 | 11.27 | 0.26 | (0.36)<br>| (0.10)<br>| (0.23)<br>| 10.94 | (0.87)<br>| 1272667 | 0.33 | 0.33 |  | 2.37 | 96 |
| Year ended 02/28/22 | 11.52 | 0.15 | (0.25)<br>| (0.10)<br>| (0.15)<br>| 11.27 | (0.85)<br>| 1162937 | 0.37 | 0.37 | 0.33 | 1.30 | 23 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 02/28/26 | 11.00 | 0.39 | 0.10 | 0.49 | (0.40)<br>| 11.09 | 4.53 | 603 | 0.36 | 0.36 |  | 3.59 | 42 |
| Year ended 02/28/25 | 11.02 | 0.39 | (0.01)<br>| 0.38 | (0.40)<br>| 11.00 | 3.47 | 675 | 0.36 | 0.36 |  | 3.55 | 27 |
| Year ended 02/29/24 | 10.94 | 0.37 | 0.08 | 0.45 | (0.37)<br>| 11.02 | 4.18 | 716 | 0.36 | 0.36 |  | 3.38 | 60 |
| Year ended 02/28/23 | 11.28 | 0.26 | (0.37)<br>| (0.11)<br>| (0.23)<br>| 10.94 | (0.96)<br>| 774 | 0.33 | 0.33 |  | 2.37 | 96 |
| Year ended 02/28/22 | 11.52 | 0.15 | (0.24)<br>| (0.09)<br>| (0.15)<br>| 11.28 | (0.75)<br>| 1836 | 0.36 | 0.36 | 0.32 | 1.31 | 23 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 02/28/26 | 10.99 | 0.40 | 0.11 | 0.51 | (0.41)<br>| 11.09 | 4.71 | 476604 | 0.28 | 0.28 |  | 3.67 | 42 |
| Year ended 02/28/25 | 11.02 | 0.40 | (0.02)<br>| 0.38 | (0.41)<br>| 10.99 | 3.47 | 563257 | 0.28 | 0.28 |  | 3.63 | 27 |
| Year ended 02/29/24 | 10.94 | 0.38 | 0.08 | 0.46 | (0.38)<br>| 11.02 | 4.26 | 585514 | 0.28 | 0.28 |  | 3.46 | 60 |
| Year ended 02/28/23 | 11.27 | 0.27 | (0.36)<br>| (0.09)<br>| (0.24)<br>| 10.94 | (0.81)<br>| 627516 | 0.27 | 0.27 |  | 2.43 | 96 |
| Year ended 02/28/22 | 11.51 | 0.16 | (0.24)<br>| (0.08)<br>| (0.16)<br>| 11.27 | (0.70)<br>| 519924 | 0.31 | 0.31 | 0.27 | 1.36 | 23 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**27**

**Invesco Limited Term Municipal Income Fund**

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**Notes to Financial Statements**

*February 28, 2026*

**NOTE 1—Significant Accounting Policies**

Invesco Limited Term Municipal Income Fund (the "Fund") is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is federal tax-exempt current income.

The Fund currently consists of six different classes of shares: Class A, Class A2, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A and Class A2 shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Class A2 and Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following policy.

Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is not representative of market value in the Adviser's judgment ("unreliable"), the Adviser will fair value the security using the Valuation Procedures. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**28**

**Invesco Limited Term Municipal Income Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**D.** **Distributions** – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes** – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt-interest dividends", as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the period.

**F.** **Expenses –** Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.

**G.** **Interest, Facilities and Maintenance Fees** — Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts and other expenses associated with establishing and maintaining a line of credit.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**K.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

**L.** **Other Risks** - The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Fund's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

**29**

**Invesco Limited Term Municipal Income Fund**

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**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.300% |
| Over $500 million up to and including $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.250% |
| Over $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.200% |

---

For the year ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.23%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class A2, Class C, Class Y, Class R5 and Class R6 shares to 1.50%, 1.25%, 2.25%, 1.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class A2, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A and Class C shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of the Class A and Class C shares may be paid to furnish continuing personal shareholder services to customers who purchase and own Class A and Class C shares of the Fund. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") also impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A and Class A2 shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2026, IDI advised the Fund that IDI retained $35,776 and $72 in front-end sales commissions from the sale of Class A and Class A2 shares, respectively, and $103,019, $0 and $1,259 from Class A, Class A2 and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

As of February 28, 2026, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). 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.

**30**

**Invesco Limited Term Municipal Income Fund**

------

**NOTE 4—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended February 28, 2026, the Fund engaged in securities purchases of $124,595,778 and securities sales of $45,647,580, which resulted in net realized gains (losses) of $(547,379).

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $1,461.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Fund may have certain former Trustees who participated in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances**

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** |
|  | **2026** | **2025** |
| Ordinary income\* | &nbsp;&nbsp; $577571 | &nbsp;&nbsp;&nbsp;&nbsp; $726145 |
| Ordinary income-tax-exempt | &nbsp;&nbsp; 97000670 | &nbsp;&nbsp;&nbsp;&nbsp; 101629354 |
| Total distributions | &nbsp;&nbsp; $97578241 | &nbsp;&nbsp;&nbsp;&nbsp; $102355499 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2026** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp; $6860124 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 55897134 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (130191)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (147937958)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 2873744247 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $2788433356 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and amortization and accretion on debt securities.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of February 28, 2026, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $101163162 | &nbsp;&nbsp;&nbsp;&nbsp; $46774796 | &nbsp;&nbsp;&nbsp;&nbsp; $147937958 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2026 was $1,037,128,180 and $1,097,597,441, respectively. As of February 28, 2026, the aggregate cost of

**31**

**Invesco Limited Term Municipal Income Fund**

------

investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $60421634 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (4524500)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $55897134 |

---

Cost of investments for tax purposes is $2,663,338,313.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of market discounts and amortization and accretion on debt securities, on February 28, 2026, undistributed net investment income was decreased by $9,334 and undistributed net realized gain (loss) was increased by $9,334. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 21157476 | &nbsp;&nbsp;&nbsp; $231301237 | &nbsp;&nbsp;&nbsp; 23336656 | &nbsp;&nbsp;&nbsp; $256539564 |
| Class A2 | &nbsp;&nbsp;&nbsp; 143659 | &nbsp;&nbsp;&nbsp; 1574476 | &nbsp;&nbsp;&nbsp; 167685 | &nbsp;&nbsp;&nbsp; 1842540 |
| Class C | &nbsp;&nbsp;&nbsp; 308141 | &nbsp;&nbsp;&nbsp; 3363142 | &nbsp;&nbsp;&nbsp; 299752 | &nbsp;&nbsp;&nbsp; 3287571 |
| Class Y | &nbsp;&nbsp;&nbsp; 46836434 | &nbsp;&nbsp;&nbsp; 510964098 | &nbsp;&nbsp;&nbsp; 38513942 | &nbsp;&nbsp;&nbsp; 422803624 |
| Class R5 | &nbsp;&nbsp;&nbsp; 9205 | &nbsp;&nbsp;&nbsp; 102090 | &nbsp;&nbsp;&nbsp; 5951 | &nbsp;&nbsp;&nbsp; 65700 |
| Class R6 | &nbsp;&nbsp;&nbsp; 9476865 | &nbsp;&nbsp;&nbsp; 103489272 | &nbsp;&nbsp;&nbsp; 15015161 | &nbsp;&nbsp;&nbsp; 164833616 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2333302 | &nbsp;&nbsp;&nbsp; 25520930 | &nbsp;&nbsp;&nbsp; 2475832 | &nbsp;&nbsp;&nbsp; 27170960 |
| Class A2 | &nbsp;&nbsp;&nbsp; 39689 | &nbsp;&nbsp;&nbsp; 434334 | &nbsp;&nbsp;&nbsp; 39911 | &nbsp;&nbsp;&nbsp; 438329 |
| Class C | &nbsp;&nbsp;&nbsp; 43329 | &nbsp;&nbsp;&nbsp; 473427 | &nbsp;&nbsp;&nbsp; 68464 | &nbsp;&nbsp;&nbsp; 751135 |
| Class Y | &nbsp;&nbsp;&nbsp; 2186772 | &nbsp;&nbsp;&nbsp; 23912385 | &nbsp;&nbsp;&nbsp; 2090254 | &nbsp;&nbsp;&nbsp; 22935534 |
| Class R5 | &nbsp;&nbsp;&nbsp; 953 | &nbsp;&nbsp;&nbsp; 10411 | &nbsp;&nbsp;&nbsp; 1252 | &nbsp;&nbsp;&nbsp; 13740 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1330250 | &nbsp;&nbsp;&nbsp; 14542611 | &nbsp;&nbsp;&nbsp; 1601464 | &nbsp;&nbsp;&nbsp; 17573139 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 453393 | &nbsp;&nbsp;&nbsp; 4956359 | &nbsp;&nbsp;&nbsp; 1086064 | &nbsp;&nbsp;&nbsp; 11932925 |
| Class C | &nbsp;&nbsp;&nbsp; (453513)<br>| &nbsp;&nbsp;&nbsp; (4956359)<br>| &nbsp;&nbsp;&nbsp; (1086567)<br>| &nbsp;&nbsp;&nbsp; (11932925)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (28528359)<br>| &nbsp;&nbsp;&nbsp; (311789467)<br>| &nbsp;&nbsp;&nbsp; (35257686)<br>| &nbsp;&nbsp;&nbsp; (387243698)<br>|
| Class A2 | &nbsp;&nbsp;&nbsp; (588430)<br>| &nbsp;&nbsp;&nbsp; (6431552)<br>| &nbsp;&nbsp;&nbsp; (244635)<br>| &nbsp;&nbsp;&nbsp; (2690136)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (625535)<br>| &nbsp;&nbsp;&nbsp; (6830098)<br>| &nbsp;&nbsp;&nbsp; (879351)<br>| &nbsp;&nbsp;&nbsp; (9658248)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (40950003)<br>| &nbsp;&nbsp;&nbsp; (446945800)<br>| &nbsp;&nbsp;&nbsp; (39710488)<br>| &nbsp;&nbsp;&nbsp; (435746030)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (17141)<br>| &nbsp;&nbsp;&nbsp; (187466)<br>| &nbsp;&nbsp;&nbsp; (10813)<br>| &nbsp;&nbsp;&nbsp; (118251)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (19063560)<br>| &nbsp;&nbsp;&nbsp; (208139107)<br>| &nbsp;&nbsp;&nbsp; (18512128)<br>| &nbsp;&nbsp;&nbsp; (203194908)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (5907073)<br>| &nbsp;&nbsp;&nbsp; $(64635077)<br>| &nbsp;&nbsp;&nbsp; (10999280)<br>| &nbsp;&nbsp;&nbsp; $(120395819)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 82% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**32**

**Invesco Limited Term Municipal Income Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco Limited Term Municipal Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Limited Term Municipal Income Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the "Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2026

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**33**

**Invesco Limited Term Municipal Income Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |
| Tax-Exempt Interest Dividends\* | &nbsp;&nbsp; 99.41% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**34**

**Invesco Limited Term Municipal Income Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**35**

**Invesco Limited Term Municipal Income Fund**

------

![](img9a51c24d1.jpg)

SEC file number(s): 811-07890 and 033-66242

Invesco Distributors, Inc.

LTMI-NCSR

------

![](imgfb1c5d5d1.jpg)

------

**Annual Financial Statements and Other Information**

**February 28, 2026**

**Invesco Municipal Income Fund**

Nasdaq:

A: VKMMX ■ C: VMICX ■ Y: VMIIX ■ Investor: VMINX ■ R6: VKMSX

------

---

| | |
|:---|:---|
| [2](#xx_f7396dcf-83c5-4a5b-a445-9de566a17017_SOI-Continued-111_1) | Schedule of Investments |
| [19](#xx_f7396dcf-83c5-4a5b-a445-9de566a17017_FS-Continued-111_1) | Financial Statements |
| [22](#xx_f7396dcf-83c5-4a5b-a445-9de566a17017_FS-Continued-111_4) | Financial Highlights |
| [23](#xx_f7396dcf-83c5-4a5b-a445-9de566a17017_NTF-Continued-111_1) | Notes to Financial Statements |
| [30](#xx_f7396dcf-83c5-4a5b-a445-9de566a17017_ARS-Continued-111_1) | Report of Independent Registered Public Accounting Firm |
| [31](#xx_f7396dcf-83c5-4a5b-a445-9de566a17017_TI-Continued-111_1) | Tax Information |
| [32](#xx_f7396dcf-83c5-4a5b-a445-9de566a17017_OIRSR-Continued-111_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*February 28, 2026* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–105.50%** | **Municipal Obligations–105.50%** | **Municipal Obligations–105.50%** | **Municipal Obligations–105.50%** | **Municipal Obligations–105.50%** |
| **Alabama–3.13%** | **Alabama–3.13%** | **Alabama–3.13%** | **Alabama–3.13%** | **Alabama–3.13%** |
| Birmingham (City of), AL Special Care Facilities Financing Authority (Methodist Home for the <br> Aging); Series 2016, RB<br>| 5.75% | 06/01/2035 | $4200 | &nbsp;&nbsp; $4210630 |
| Black Belt Energy Gas District (The); Series 2024 A, RB<sup>(a)</sup> <br>| 5.25% | 09/01/2032 | 3895 | &nbsp;&nbsp; 4229044 |
| Energy Southeast, A Cooperative District; Series 2024 B, RB<sup>(a)</sup> <br>| 5.25% | 06/01/2032 | 4500 | &nbsp;&nbsp; 4971924 |
| Hoover (City of), AL Industrial Development Board (United States Steel Corp.); Series 2019, RB<sup>(b)</sup> <br>| 5.75% | 10/01/2049 | 5000 | &nbsp;&nbsp; 5072798 |
| Huntsville-Redstone Village Special Care Facilities Financing Authority; |  |  |  |  |
| Series 2007, Ref. RB | 6.00% | 01/01/2060 | 900 | &nbsp;&nbsp; 750840 |
| Series 2008, RB<sup>(c)</sup> <br>| 2.00% | 01/01/2060 | 189 | &nbsp;&nbsp; 9924 |
| Jefferson (County of), AL; |  |  |  |  |
| Series 2024, Ref. RB | 5.25% | 10/01/2045 | 5000 | &nbsp;&nbsp; 5393858 |
| Series 2024, Ref. Revenue Wts. | 5.25% | 10/01/2049 | 6460 | &nbsp;&nbsp; 6811875 |
| Series 2024, Ref. Revenue Wts. | 5.50% | 10/01/2053 | 5000 | &nbsp;&nbsp; 5304931 |
| Lower Alabama Gas District (The); Series 2016 A, RB | 5.00% | 09/01/2046 | 21000 | &nbsp;&nbsp; 22923862 |
| Mobile (County of), AL Industrial Development Authority (AM/NS Calvert LLC); Series 2024, RB<sup>(b)</sup> <br>| 4.75% | 12/01/2054 | 7500 | &nbsp;&nbsp; 7187528 |
| Southeast Energy Authority, A Cooperative District (No. 2); Series 2024 A, RB | 5.00% | 11/01/2035 | 8765 | &nbsp;&nbsp; 9434174 |
| Southeast Energy Authority, A Cooperative District (No. 3); Series 2022 A-1, RB<sup>(a)</sup> <br>| 5.50% | 12/01/2029 | 5445 | &nbsp;&nbsp; 5926735 |
| Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. <br> IDR<sup>(d)</sup> <br>| 5.25% | 05/01/2044 | 5000 | &nbsp;&nbsp; 5066815 |
|  |  |  |  | &nbsp;&nbsp; 87294938 |
| **Alaska–0.53%** | **Alaska–0.53%** | **Alaska–0.53%** | **Alaska–0.53%** | **Alaska–0.53%** |
| Municipality of Anchorage; Series 2025, RB (INS - AGI)<sup>(b)(e)(f)</sup> <br>| 5.25% | 02/01/2050 | 14120 | &nbsp;&nbsp; 14890643 |
| **Arizona–2.83%** | **Arizona–2.83%** | **Arizona–2.83%** | **Arizona–2.83%** | **Arizona–2.83%** |
| Arizona (State of) Industrial Development Authority (Academies of Math & Science); |  |  |  |  |
| Series 2017 A, Ref. RB (CEP - Ohio School District) | 5.00% | 07/01/2042 | 675 | &nbsp;&nbsp; 679182 |
| Series 2017 A, Ref. RB (CEP - Ohio School District) | 5.00% | 07/01/2047 | 925 | &nbsp;&nbsp; 925221 |
| Series 2017 A, Ref. RB (CEP - Ohio School District) | 5.00% | 07/01/2051 | 1000 | &nbsp;&nbsp; 978809 |
| Series 2018 A, Ref. RB (CEP - Ohio School District) | 5.00% | 07/01/2038 | 500 | &nbsp;&nbsp; 508997 |
| Series 2018 A, Ref. RB (CEP - Ohio School District) | 5.00% | 07/01/2048 | 1800 | &nbsp;&nbsp; 1793580 |
| Series 2018 A, Ref. RB (CEP - Ohio School District) | 5.00% | 07/01/2052 | 2125 | &nbsp;&nbsp; 2070396 |
| Arizona (State of) Industrial Development Authority (Basis Schools); Series 2017 A, Ref. RB<sup>(d)</sup> <br>| 5.25% | 07/01/2047 | 4500 | &nbsp;&nbsp; 4442769 |
| Arizona (State of) Industrial Development Authority (Kaizen Education Foundation); Series 2016, <br> RB<sup>(d)</sup> <br>| 5.50% | 07/01/2036 | 5265 | &nbsp;&nbsp; 5287565 |
| Arizona (State of) Industrial Development Authority (Pinecrest Academy of Nevada-Horizon, <br> Inspirada and St. Rose Campus Projects); Series 2018 A, RB<sup>(d)</sup> <br>| 5.75% | 07/15/2048 | 3150 | &nbsp;&nbsp; 3152465 |
| Arizona (State of) Industrial Development Authority (Social Bonds); Series 2020 A, RB | 4.00% | 11/01/2045 | 2500 | &nbsp;&nbsp; 2354391 |
| Chandler (City of), AZ Industrial Development Authority (Intel Corp.); Series 2007, RB<sup>(a)(b)</sup> <br>| 4.10% | 06/15/2028 | 10000 | &nbsp;&nbsp; 10194418 |
| Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); Series 2017, <br> Ref. RB<br>| 5.00% | 11/15/2031 | 2440 | &nbsp;&nbsp; 2336766 |
| Maricopa (County of), AZ Industrial Development Authority (Paradise Schools); Series 2016, Ref. <br> RB<sup>(d)</sup> <br>| 5.00% | 07/01/2036 | 2500 | &nbsp;&nbsp; 2505431 |
| Phoenix Civic Improvement Corp.; Series 2019, RB | 5.00% | 07/01/2049 | 11425 | &nbsp;&nbsp; 11684689 |
| Pima (County of), AZ Industrial Development Authority (The) (Grande Innovations Academy); <br> Series 2018, RB<sup>(d)</sup> <br>| 5.25% | 07/01/2048 | 5000 | &nbsp;&nbsp; 4796013 |
| Salt River Project Agricultural Improvement & Power District; Series 2025, RB<sup>(f)</sup> <br>| 5.25% | 01/01/2053 | 12280 | &nbsp;&nbsp; 13107060 |
| Salt Verde Financial Corp.; Series 2007, RB | 5.00% | 12/01/2037 | 3180 | &nbsp;&nbsp; 3545299 |
| Sierra (City of), AZ Vista Industrial Development Authority (American Leadership Academy Project); <br> Series 2024, RB<sup>(d)</sup> <br>| 5.00% | 06/15/2059 | 3860 | &nbsp;&nbsp; 3340588 |
| Yuma (City of), AZ Industrial Development Authority (Yuma Regional Medical Center); Series 2024, <br> Ref. RB<br>| 5.25% | 08/01/2054 | 5000 | &nbsp;&nbsp; 5179845 |
|  |  |  |  | &nbsp;&nbsp; 78883484 |
| **Arkansas–0.36%** | **Arkansas–0.36%** | **Arkansas–0.36%** | **Arkansas–0.36%** | **Arkansas–0.36%** |
| Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB<sup>(b)</sup> <br>| 5.45% | 09/01/2052 | 5000 | &nbsp;&nbsp; 5042447 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Arkansas–(continued)** | **Arkansas–(continued)** | **Arkansas–(continued)** | **Arkansas–(continued)** | **Arkansas–(continued)** |
| Arkansas (State of) Development Finance Authority (U.S. Steel Corp.) (Green Bonds); Series 2023, <br> RB<sup>(b)</sup> <br>| 5.70% | 05/01/2053 | $5000 | &nbsp;&nbsp; $5112920 |
|  |  |  |  | &nbsp;&nbsp; 10155367 |
| **California–9.17%** | **California–9.17%** | **California–9.17%** | **California–9.17%** | **California–9.17%** |
| Beverly Hills Unified School District (Election of 2008); Series 2009, GO Bonds<sup>(g)</sup> <br>| 0.00% | 08/01/2031 | 40 | &nbsp;&nbsp; 35625 |
| California (State of); Series 2020, Ref. GO Bonds | 4.00% | 03/01/2040 | 5000 | &nbsp;&nbsp; 5163918 |
| California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds); <br> Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 04/01/2032 | 7500 | &nbsp;&nbsp; 8181712 |
| California (State of) Community Choice Financing Authority (Green Bonds); Series 2023, RB<sup>(a)</sup> <br>| 5.00% | 08/01/2029 | 5000 | &nbsp;&nbsp; 5321817 |
| California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization <br> Corp.);<br>|  |  |  |  |
| Series 2020 A, Ref. RB | 4.00% | 06/01/2049 | 1500 | &nbsp;&nbsp; 1337738 |
| Series 2020 B-2, Ref. RB<sup>(g)</sup> <br>| 0.00% | 06/01/2055 | 27695 | &nbsp;&nbsp; 5382700 |
| California (State of) County Tobacco Securitization Agency (Sonoma County Securitization Corp.); <br> Series 2020, Ref. RB<sup>(g)</sup> <br>| 0.00% | 06/01/2055 | 10000 | &nbsp;&nbsp; 2039822 |
| California (State of) Housing Finance Agency (Social Certificates); Series 2023-1, RB | 4.38% | 09/20/2036 | 3407 | &nbsp;&nbsp; 3624620 |
| California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail) <br> (Green Bonds); Series 2025 B, Ref. RB<sup>(a)(b)(d)</sup> <br>| 12.00% | 11/02/2026 | 8260 | &nbsp;&nbsp; 4460400 |
| California (State of) Municipal Finance Authority; Series 2026 A-1, RB | 4.05% | 07/20/2041 | 5145 | &nbsp;&nbsp; 5208419 |
| California (State of) Municipal Finance Authority (Linxs APM); Series 2018 A, RB<sup>(b)</sup> <br>| 5.00% | 12/31/2043 | 5000 | &nbsp;&nbsp; 5084238 |
| California (State of) Pollution Control Financing Authority (Plant Bonds); |  |  |  |  |
| Series 2012, RB<sup>(b)(d)</sup> <br>| 5.00% | 07/01/2030 | 3160 | &nbsp;&nbsp; 3178511 |
| Series 2012, RB<sup>(b)(d)</sup> <br>| 5.00% | 11/21/2045 | 6705 | &nbsp;&nbsp; 6713686 |
| California (State of) Pollution Control Financing Authority (San Diego County Water Authority); <br> Series 2019, Ref. RB<sup>(d)</sup> <br>| 5.00% | 11/21/2045 | 5250 | &nbsp;&nbsp; 5358787 |
| California (State of) Statewide Communities Development Authority (Lancer Educational Student <br> Housing); Series 2016, Ref. RB<sup>(d)</sup> <br>| 5.00% | 06/01/2046 | 3000 | &nbsp;&nbsp; 2974766 |
| California (State of) Statewide Communities Development Authority (Loma Linda University Medical <br> Center);<br>|  |  |  |  |
| Series 2016 A, RB<sup>(d)</sup> <br>| 5.00% | 12/01/2041 | 6475 | &nbsp;&nbsp; 6491922 |
| Series 2016 A, RB<sup>(d)</sup> <br>| 5.25% | 12/01/2056 | 6150 | &nbsp;&nbsp; 6153360 |
| California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program); <br> Series 2006 C, RB<sup>(d)(g)</sup> <br>| 0.00% | 06/01/2055 | 45000 | &nbsp;&nbsp; 2816500 |
| Clovis Unified School District (Election of 2004); Series 2004 A, GO Bonds (INS - NATL)<sup>(e)(g)</sup> <br>| 0.00% | 08/01/2029 | 1585 | &nbsp;&nbsp; 1462218 |
| Corona-Norco Unified School District (Election of 2006); Series 2009 C, GO Bonds (INS - AGI)<sup>(e)(g)</sup> <br>| 0.00% | 08/01/2039 | 1000 | &nbsp;&nbsp; 601435 |
| El Segundo Unified School District (Election of 2008); |  |  |  |  |
| Series 2009 A, GO Bonds<sup>(g)</sup> <br>| 0.00% | 08/01/2032 | 5030 | &nbsp;&nbsp; 4274564 |
| Series 2009 A, GO Bonds<sup>(g)</sup> <br>| 0.00% | 08/01/2033 | 4185 | &nbsp;&nbsp; 3442215 |
| Golden State Tobacco Securitization Corp.; Series 2021 B-2, Ref. RB<sup>(g)</sup> <br>| 0.00% | 06/01/2066 | 52850 | &nbsp;&nbsp; 5656731 |
| Hacienda La Puente Unified School District Facilities Financing Authority (Unified School District GO <br> Bond Program); Series 2007, RB (INS - AGI)<sup>(e)</sup> <br>| 5.00% | 08/01/2026 | 2000 | &nbsp;&nbsp; 2024826 |
| Hayward Unified School District (Election of 2008); Series 2010 A, GO Bonds (INS - AGI)<sup>(e)(g)</sup> <br>| 0.00% | 08/01/2034 | 1500 | &nbsp;&nbsp; 1190794 |
| Long Beach Unified School District (Election of 2008); Series 2009, GO Bonds | 5.75% | 08/01/2033 | 305 | &nbsp;&nbsp; 307002 |
| Los Angeles (City of), CA Department of Airports; Series 2021 A, Ref. RB<sup>(b)</sup> <br>| 5.00% | 05/15/2046 | 10000 | &nbsp;&nbsp; 10364250 |
| Los Angeles (City of), CA Department of Airports (Green Bonds); Series 2022 G, RB<sup>(b)</sup> <br>| 5.50% | 05/15/2037 | 10810 | &nbsp;&nbsp; 12216625 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); Series 2018 <br> A, RB<sup>(b)</sup> <br>| 5.00% | 05/15/2044 | 5515 | &nbsp;&nbsp; 5633428 |
| Los Angeles Unified School District (Green Bonds); Series 2022 QRR, GO Bonds | 5.25% | 07/01/2047 | 5000 | &nbsp;&nbsp; 5430472 |
| Menifee Union School District (Election of 2008); Series 2009 C, GO Bonds (INS - AGI)<sup>(e)(g)</sup> <br>| 0.00% | 08/01/2035 | 3260 | &nbsp;&nbsp; 2481637 |
| Morongo Band of Mission Indians (The); Series 2018 A, RB<sup>(d)</sup> <br>| 5.00% | 10/01/2042 | 4800 | &nbsp;&nbsp; 4899300 |
| M-S-R Energy Authority; Series 2009 B, RB | 6.50% | 11/01/2039 | 9015 | &nbsp;&nbsp; 11293051 |
| Patterson Joint Unified School District (Election of 2008); |  |  |  |  |
| Series 2009 B, GO Bonds (INS - AGI)<sup>(e)(g)</sup> <br>| 0.00% | 08/01/2037 | 1170 | &nbsp;&nbsp; 818938 |
| Series 2009 B, GO Bonds (INS - AGI)<sup>(e)(g)</sup> <br>| 0.00% | 08/01/2038 | 4770 | &nbsp;&nbsp; 3187739 |
| Series 2009 B, GO Bonds (INS - AGI)<sup>(e)(g)</sup> <br>| 0.00% | 08/01/2039 | 5010 | &nbsp;&nbsp; 3193417 |
| Series 2009 B, GO Bonds (INS - AGI)<sup>(e)(g)</sup> <br>| 0.00% | 08/01/2040 | 5260 | &nbsp;&nbsp; 3192412 |
| Series 2009 B, GO Bonds (INS - AGI)<sup>(e)(g)</sup> <br>| 0.00% | 08/01/2041 | 5520 | &nbsp;&nbsp; 3180588 |
| Placentia-Yorba Linda Unified School District (Election of 2008); Series 2011 D, GO Bonds<sup>(g)</sup> <br>| 0.00% | 08/01/2035 | 1500 | &nbsp;&nbsp; 1138684 |
| San Diego (City of), CA Public Facilities Financing Authority; Series 2023 A, RB | 4.00% | 08/01/2052 | 10000 | &nbsp;&nbsp; 9761353 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| San Diego (County of), CA Regional Airport Authority; Series 2021 B, RB<sup>(b)</sup> <br>| 5.00% | 07/01/2046 | $10000 | &nbsp;&nbsp; $10319279 |
| San Diego Unified School District (Election of 2018) (Green Bonds); Series 2023, GO Bonds | 4.00% | 07/01/2053 | 10000 | &nbsp;&nbsp; 9673703 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); |  |  |  |  |
| Second Series 2025 A, RB<sup>(b)(f)(h)</sup> <br>| 5.25% | 05/01/2055 | 10000 | &nbsp;&nbsp; 10551196 |
| Series 2019 E, RB<sup>(b)</sup> <br>| 5.00% | 05/01/2050 | 15000 | &nbsp;&nbsp; 15193405 |
| San Joaquin Hills Transportation Corridor Agency; Series 2014 B, Ref. RB | 5.25% | 01/15/2044 | 795 | &nbsp;&nbsp; 795590 |
| San Mateo Foster City School District (Election of 2008); Series 2010, GO Bonds<sup>(c)</sup> <br>| 6.63% | 08/01/2042 | 4915 | &nbsp;&nbsp; 5615415 |
| Silicon Valley Tobacco Securitization Authority (Santa Clara); |  |  |  |  |
| Series 2007 A, RB<sup>(g)</sup> <br>| 0.00% | 06/01/2036 | 22000 | &nbsp;&nbsp; 12461671 |
| Series 2007 A, RB<sup>(g)</sup> <br>| 0.00% | 06/01/2041 | 5000 | &nbsp;&nbsp; 1904980 |
| Southern California Tobacco Securitization Authority (San Diego County Asset Securitization <br> Corp.); Series 2019, Ref. RB<br>| 5.00% | 06/01/2048 | 3900 | &nbsp;&nbsp; 3897105 |
| Torrance Unified School District (Election of 2008-Measure Z); Series 2009 B-1, GO Bonds<sup>(g)</sup> <br>| 0.00% | 08/01/2026 | 1250 | &nbsp;&nbsp; 1238369 |
| Transbay Joint Powers Authority (Green Bonds); Series 2020 A, RB | 5.00% | 10/01/2045 | 1000 | &nbsp;&nbsp; 1012944 |
| West Contra Costa Unified School District; Series 2005, GO Bonds (INS - NATL)<sup>(e)(g)</sup> <br>| 0.00% | 08/01/2027 | 7865 | &nbsp;&nbsp; 7588894 |
|  |  |  |  | &nbsp;&nbsp; 255532771 |
| **Colorado–3.40%** | **Colorado–3.40%** | **Colorado–3.40%** | **Colorado–3.40%** | **Colorado–3.40%** |
| Broadway Park North Metropolitan District No. 2; Series 2020, GO Bonds<sup>(d)</sup> <br>| 5.00% | 12/01/2049 | 1600 | &nbsp;&nbsp; 1538699 |
| Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2017, RB<sup>(d)</sup> <br>| 5.00% | 12/01/2037 | 3500 | &nbsp;&nbsp; 3502105 |
| Colliers Hill Metropolitan District No. 2; Series 2022 B-1, Ref. GO Bonds | 5.75% | 12/15/2047 | 4302 | &nbsp;&nbsp; 4283891 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health); |  |  |  |  |
| Series 2019 A-2, Ref. RB | 4.00% | 08/01/2049 | 15000 | &nbsp;&nbsp; 13361070 |
| Series 2024 A, Ref. RB | 5.25% | 12/01/2054 | 13345 | &nbsp;&nbsp; 13871175 |
| Colorado (State of) Health Facilities Authority (Covenant Living Communinities and Services); <br> Series 2025, Ref. RB<br>| 5.13% | 12/01/2050 | 4000 | &nbsp;&nbsp; 4024717 |
| Colorado State University Research Foundation; Series 2025 A, RB<sup>(d)</sup> <br>| 5.38% | 03/01/2055 | 5900 | &nbsp;&nbsp; 5907516 |
| Crowfoot Valley Ranch Metropolitan District No. 2; Series 2024 A, Ref. GO Bonds (INS - BAM)<sup>(e)</sup> <br>| 4.25% | 12/01/2049 | 2250 | &nbsp;&nbsp; 2129190 |
| Denver (City & County of), CO; |  |  |  |  |
| Series 2018 A, Ref. RB<sup>(b)</sup> <br>| 5.00% | 12/01/2048 | 15800 | &nbsp;&nbsp; 15969900 |
| Series 2021 A, RB | 4.00% | 08/01/2051 | 9000 | &nbsp;&nbsp; 8552549 |
| Series 2022 A, RB<sup>(b)</sup> <br>| 5.50% | 11/15/2042 | 7500 | &nbsp;&nbsp; 8336743 |
| Denver (City & County of), CO Convention Center Hotel Authority; Series 2016, Ref. RB | 5.00% | 12/01/2035 | 2500 | &nbsp;&nbsp; 2524510 |
| Public Authority for Colorado Energy; Series 2008, RB | 6.50% | 11/15/2038 | 7015 | &nbsp;&nbsp; 8689692 |
| St. Vrain Lakes Metropolitan District No. 2; Series 2024 B, Ref. GO Bonds | 6.38% | 11/15/2054 | 1000 | &nbsp;&nbsp; 1003416 |
| West Point Metropolitan District Park Ridge Subdistrict; Series 2024, GO Bonds<sup>(d)</sup> <br>| 6.50% | 12/01/2048 | 1200 | &nbsp;&nbsp; 1212964 |
|  |  |  |  | &nbsp;&nbsp; 94908137 |
| **Connecticut–0.65%** | **Connecticut–0.65%** | **Connecticut–0.65%** | **Connecticut–0.65%** | **Connecticut–0.65%** |
| Connecticut (State of) Health & Educational Facilities Authority (Church Home of Hartford, Inc.); <br> Series 2016 A, RB<sup>(d)</sup> <br>| 5.00% | 09/01/2046 | 3990 | &nbsp;&nbsp; 3954736 |
| Connecticut (State of) Health & Educational Facilities Authority (Duncaster, Inc.); |  |  |  |  |
| Series 2014 A, RB | 5.00% | 08/01/2035 | 1000 | &nbsp;&nbsp; 1000648 |
| Series 2014 A, RB | 5.00% | 08/01/2044 | 5000 | &nbsp;&nbsp; 5000237 |
| Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare); <br> Series 2026, Ref. RB<br>| 5.50% | 07/01/2055 | 7595 | &nbsp;&nbsp; 8165986 |
|  |  |  |  | &nbsp;&nbsp; 18121607 |
| **District of Columbia–3.96%** | **District of Columbia–3.96%** | **District of Columbia–3.96%** | **District of Columbia–3.96%** | **District of Columbia–3.96%** |
| District of Columbia; |  |  |  |  |
| Series 2020 A, RB | 4.00% | 03/01/2045 | 6665 | &nbsp;&nbsp; 6596245 |
| Series 2025, GO Bonds<sup>(f)(h)</sup> <br>| 5.25% | 01/01/2048 | 6820 | &nbsp;&nbsp; 7293749 |
| District of Columbia (Georgetown University); Series 2017, Ref. RB<sup>(a)(i)</sup> <br>| 5.00% | 04/01/2027 | 1180 | &nbsp;&nbsp; 1215821 |
| District of Columbia (Ingleside at Rock Creek); Series 2017 A, RB | 5.00% | 07/01/2052 | 2250 | &nbsp;&nbsp; 2102119 |
| District of Columbia Income Tax Revenue; Series 2025, RB<sup>(f)</sup> <br>| 5.00% | 07/01/2047 | 11675 | &nbsp;&nbsp; 12288207 |
| District of Columbia Tobacco Settlement Financing Corp.; |  |  |  |  |
| Series 2006 A, RB<sup>(g)</sup> <br>| 0.00% | 06/15/2046 | 25000 | &nbsp;&nbsp; 6023705 |
| Series 2006 C, RB<sup>(g)</sup> <br>| 0.00% | 06/15/2055 | 34000 | &nbsp;&nbsp; 3545700 |
| District of Columbia Water & Sewer Authority; Series 2024 B, Ref. VRD RB<sup>(j)</sup> <br>| 1.15% | 10/01/2054 | 5000 | &nbsp;&nbsp; 5000000 |
| District of Columbia Water & Sewer Authority (Green Bonds); Series 2022 C-1, RB | 4.00% | 10/01/2051 | 10000 | &nbsp;&nbsp; 9392791 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **District of Columbia–(continued)** | **District of Columbia–(continued)** | **District of Columbia–(continued)** | **District of Columbia–(continued)** | **District of Columbia–(continued)** |
| Metropolitan Washington Airports Authority; |  |  |  |  |
| Series 2010 A, RB (INS - AGI)<sup>(e)(g)</sup> <br>| 0.00% | 10/01/2037 | $17565 | &nbsp;&nbsp; $10702697 |
| Series 2019 B, Ref. RB | 4.00% | 10/01/2049 | 26045 | &nbsp;&nbsp; 23295104 |
| Washington Metropolitan Area Transit Authority; |  |  |  |  |
| Series 2020 A, RB | 4.00% | 07/15/2045 | 5000 | &nbsp;&nbsp; 4949898 |
| Series 2025, RB<sup>(f)(h)</sup> <br>| 5.50% | 07/15/2060 | 9350 | &nbsp;&nbsp; 10072310 |
| Washington Metropolitan Area Transit Authority (Green Bonds); Series 2023 A, RB | 5.50% | 07/15/2051 | 7500 | &nbsp;&nbsp; 8034718 |
|  |  |  |  | &nbsp;&nbsp; 110513064 |
| **Florida–10.36%** | **Florida–10.36%** | **Florida–10.36%** | **Florida–10.36%** | **Florida–10.36%** |
| Broward (County of), FL; |  |  |  |  |
| Series 2017, RB<sup>(b)</sup> <br>| 5.00% | 10/01/2047 | 13945 | &nbsp;&nbsp; 14052713 |
| Series 2019 A, RB<sup>(b)</sup> <br>| 4.00% | 10/01/2049 | 5530 | &nbsp;&nbsp; 4960617 |
| Series 2022 A, RB | 4.00% | 10/01/2047 | 5005 | &nbsp;&nbsp; 4845892 |
| Broward (County of), FL (Convention Center Expansion); Series 2021, RB | 4.00% | 09/01/2047 | 15000 | &nbsp;&nbsp; 14049124 |
| Capital Trust Agency, Inc. (Franklin Academy); Series 2020, RB<sup>(d)</sup> <br>| 5.00% | 12/15/2055 | 2000 | &nbsp;&nbsp; 1806057 |
| Capital Trust Agency, Inc. (Sarasota-Manatee Jewish Housing Council, Inc.); Series 2017, Ref. <br> RB<sup>(d)</sup> <br>| 5.00% | 07/01/2046 | 2500 | &nbsp;&nbsp; 1905371 |
| Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities); Series 2025, <br> RB<sup>(b)</sup> <br>| 6.13% | 10/01/2055 | 1375 | &nbsp;&nbsp; 1434054 |
| County of Miami-Dade FL Water & Sewer System Revenue; Series 2025, RB<sup>(f)</sup> <br>| 5.00% | 10/01/2055 | 9815 | &nbsp;&nbsp; 10248962 |
| Davie (Town of), FL (Nova Southeastern University); Series 2018, Ref. RB | 5.00% | 04/01/2048 | 5000 | &nbsp;&nbsp; 5067751 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion); |  |  |  |  |
| Series 2024, Ref. RB<sup>(a)(b)(d)(k)</sup> <br>| 12.00% | 07/15/2028 | 6000 | &nbsp;&nbsp; 2100000 |
| Series 2024, Ref. RB (INS - AGI)<sup>(b)(e)</sup> <br>| 5.25% | 07/01/2053 | 20725 | &nbsp;&nbsp; 20658945 |
| Series 2024, Ref. RB<sup>(b)</sup> <br>| 5.50% | 07/01/2053 | 10900 | &nbsp;&nbsp; 8120500 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail); Series 2024, RB<sup>(a)(b)(d)(k)</sup> <br>| 10.00% | 07/15/2028 | 5000 | &nbsp;&nbsp; 1750000 |
| Florida Development Finance Corp. (Brightline West Passenger Rail); Series 2025, RB<sup>(a)(b)(d)(k)</sup> <br>| 10.00% | 06/15/2026 | 2500 | &nbsp;&nbsp; 1725000 |
| Florida Development Finance Corp. (Mater Academy); Series 2020 A, RB | 5.00% | 06/15/2050 | 9405 | &nbsp;&nbsp; 9089061 |
| Florida Development Finance Corp. (Renaissance Charter School, Inc.); Series 2020 C, Ref. RB<sup>(d)</sup> <br>| 5.00% | 09/15/2050 | 4400 | &nbsp;&nbsp; 3934442 |
| Greater Orlando Aviation Authority; |  |  |  |  |
| Series 2017 A, RB<sup>(b)</sup> <br>| 5.00% | 10/01/2047 | 10000 | &nbsp;&nbsp; 10090917 |
| Series 2019 A, RB<sup>(b)</sup> <br>| 4.00% | 10/01/2044 | 10000 | &nbsp;&nbsp; 9656502 |
| Series 2024, RB<sup>(b)</sup> <br>| 5.25% | 10/01/2051 | 10000 | &nbsp;&nbsp; 10448797 |
| Highlands (County of), FL Health Facilities Authority (Trousdale Foundation Properties); <br> Series 2018 A, RB (Acquired 08/29/2018-12/26/2018; Cost $4,672,453)<sup>(k)(l)</sup> <br>| 6.00% | 04/01/2038 | 4763 | &nbsp;&nbsp; 59535 |
| Hillsborough (County of), FL Industrial Development Authority (Baycare Health System); <br> Series 2024 C, Ref. RB<br>| 5.25% | 11/15/2049 | 5000 | &nbsp;&nbsp; 5329328 |
| Lake (County of), FL (Lakeside at Waterman Village); |  |  |  |  |
| Series 2020 A, Ref. RB | 5.50% | 08/15/2030 | 3050 | &nbsp;&nbsp; 3209542 |
| Series 2020 A, Ref. RB | 5.50% | 08/15/2040 | 4000 | &nbsp;&nbsp; 4138830 |
| Series 2020 A, Ref. RB | 5.75% | 08/15/2050 | 1500 | &nbsp;&nbsp; 1503922 |
| Series 2020 A, Ref. RB | 5.75% | 08/15/2055 | 3000 | &nbsp;&nbsp; 2964655 |
| Lee (County of), FL; |  |  |  |  |
| Series 2024, RB<sup>(b)</sup> <br>| 5.25% | 10/01/2049 | 11470 | &nbsp;&nbsp; 12093977 |
| Series 2024, RB<sup>(b)</sup> <br>| 5.25% | 10/01/2054 | 5000 | &nbsp;&nbsp; 5204746 |
| Series 2026 A-1, RB<sup>(b)</sup> <br>| 5.25% | 10/01/2044 | 1000 | &nbsp;&nbsp; 1104057 |
| Manatee (County of), FL; Series 2023, Ref. RB | 4.00% | 10/01/2048 | 5000 | &nbsp;&nbsp; 4743121 |
| Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center); |  |  |  |  |
| Series 2014, Ref. RB | 5.00% | 11/15/2039 | 1010 | &nbsp;&nbsp; 1011088 |
| Series 2014, Ref. RB | 5.00% | 11/15/2044 | 1045 | &nbsp;&nbsp; 1045648 |
| Miami-Dade (County of), FL; |  |  |  |  |
| Series 2019 B, RB | 4.00% | 10/01/2049 | 15000 | &nbsp;&nbsp; 13870140 |
| Series 2020 A, RB | 4.00% | 07/01/2050 | 5000 | &nbsp;&nbsp; 4605834 |
| Series 2021, RB | 4.00% | 10/01/2051 | 5000 | &nbsp;&nbsp; 4639726 |
| Subseries 2021 A-1, Ref. RB (INS - AGI)<sup>(b)(e)</sup> <br>| 4.00% | 10/01/2045 | 28000 | &nbsp;&nbsp; 26962642 |
| Subseries 2021 A-2, Ref. RB (INS - AGI)<sup>(e)</sup> <br>| 4.00% | 10/01/2049 | 11290 | &nbsp;&nbsp; 10510284 |
| Miami-Dade (County of), FL Expressway Authority; Series 2010 A, RB (INS - AGI)<sup>(e)</sup> <br>| 5.00% | 07/01/2035 | 3350 | &nbsp;&nbsp; 3354312 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group); Series 2025, <br> Ref. RB<br>| 5.25% | 10/01/2056 | 10000 | &nbsp;&nbsp; 10492418 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** |
| Osceola (County of), FL; Series 2020 A-1, Ref. RB | 5.00% | 10/01/2049 | $2080 | &nbsp;&nbsp; $2096934 |
| Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center); |  |  |  |  |
| Series 2025, RB | 5.75% | 11/01/2050 | 1950 | &nbsp;&nbsp; 2070738 |
| Series 2025, RB | 5.25% | 11/01/2055 | 1950 | &nbsp;&nbsp; 1987131 |
| Peace River Manasota Regional Water Supply Authority; Series 2025, RB<sup>(f)(h)</sup> <br>| 5.50% | 10/01/2055 | 11685 | &nbsp;&nbsp; 12663250 |
| Reunion East Community Development District; Series 2005, RB<sup>(k)</sup> <br>| 5.80% | 05/01/2036 | 197 | &nbsp;&nbsp; 2 |
| Tampa (City of), FL; |  |  |  |  |
| Series 2020 A, RB<sup>(g)</sup> <br>| 0.00% | 09/01/2040 | 1000 | &nbsp;&nbsp; 568130 |
| Series 2020 A, RB<sup>(g)</sup> <br>| 0.00% | 09/01/2041 | 1000 | &nbsp;&nbsp; 542546 |
| Series 2020 A, RB<sup>(g)</sup> <br>| 0.00% | 09/01/2042 | 1025 | &nbsp;&nbsp; 528133 |
| Series 2020 A, RB<sup>(g)</sup> <br>| 0.00% | 09/01/2045 | 1950 | &nbsp;&nbsp; 816220 |
| Series 2020 A, RB<sup>(g)</sup> <br>| 0.00% | 09/01/2049 | 2600 | &nbsp;&nbsp; 831933 |
| Series 2020 A, RB<sup>(g)</sup> <br>| 0.00% | 09/01/2053 | 2300 | &nbsp;&nbsp; 604101 |
| Tampa Bay (City of), FL Water; Series 2001 A, Ref. RB<sup>(i)</sup> <br>| 6.00% | 10/01/2029 | 3000 | &nbsp;&nbsp; 3373146 |
| Wildwood (City of), FL Village Community Development Disctrict No. 15; Series 2023, RB<sup>(d)</sup> <br>| 5.25% | 05/01/2054 | 6000 | &nbsp;&nbsp; 6046139 |
| Wildwood (City of), FL Village Community Development Disctrict No. 16; Series 2025, RB | 5.13% | 05/01/2056 | 3780 | &nbsp;&nbsp; 3800999 |
|  |  |  |  | &nbsp;&nbsp; 288717912 |
| **Georgia–2.87%** | **Georgia–2.87%** | **Georgia–2.87%** | **Georgia–2.87%** | **Georgia–2.87%** |
| Atlanta (City of), GA; Series 2022 B, RB<sup>(b)</sup> <br>| 5.00% | 07/01/2047 | 10215 | &nbsp;&nbsp; 10523753 |
| Atlanta Development Authority (The); Series 2024, Revenue Ctfs.<sup>(d)</sup> <br>| 5.56% | 12/15/2048 | 6000 | &nbsp;&nbsp; 5469148 |
| City of Atlanta GA Department of Aviation (Green Bonds) ; Series 2025 B-1, RB<sup>(b)(f)</sup> <br>| 5.50% | 07/01/2055 | 9000 | &nbsp;&nbsp; 9555827 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4); Series 2019, RB | 5.00% | 01/01/2048 | 10530 | &nbsp;&nbsp; 10589920 |
| Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health <br> System); Series 2017, RAC<br>| 5.00% | 08/01/2047 | 7750 | &nbsp;&nbsp; 7750096 |
| Macon-Bibb (County of), GA Urban Development Authority (Academy for Classical Education, Inc.); |  |  |  |  |
| Series 2017 A, RB<sup>(d)</sup> <br>| 5.88% | 06/15/2047 | 1680 | &nbsp;&nbsp; 1689065 |
| Series 2017 A, RB<sup>(d)</sup> <br>| 6.00% | 06/15/2052 | 1530 | &nbsp;&nbsp; 1536904 |
| Main Street Natural Gas, Inc.; |  |  |  |  |
| Series 2023 B, RB<sup>(a)</sup> <br>| 5.00% | 03/01/2030 | 5000 | &nbsp;&nbsp; 5369086 |
| Series 2023 C, RB<sup>(a)</sup> <br>| 5.00% | 09/01/2030 | 6000 | &nbsp;&nbsp; 6480173 |
| Series 2023 E-1, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2031 | 5000 | &nbsp;&nbsp; 5439793 |
| Series 2024 B, RB<sup>(a)</sup> <br>| 5.00% | 03/01/2032 | 7565 | &nbsp;&nbsp; 8291403 |
| Rockdale (County of), GA Development Authority (Pratt Paper (GA), LLC); Series 2018, Ref. RB<sup>(b)(d)</sup> <br>| 4.00% | 01/01/2038 | 7210 | &nbsp;&nbsp; 7235348 |
|  |  |  |  | &nbsp;&nbsp; 79930516 |
| **Guam–0.07%** | **Guam–0.07%** | **Guam–0.07%** | **Guam–0.07%** | **Guam–0.07%** |
| Guam (Territory of) Waterworks Authority; Series 2020 A, RB | 5.00% | 01/01/2050 | 2000 | &nbsp;&nbsp; 2041322 |
| **Idaho–0.20%** | **Idaho–0.20%** | **Idaho–0.20%** | **Idaho–0.20%** | **Idaho–0.20%** |
| Idaho (State of) Health Facilities Authority (St. Luke's Health ystem); Series 2025, Ref. RB | 5.25% | 03/01/2053 | 5265 | &nbsp;&nbsp; 5510177 |
| **Illinois–5.29%** | **Illinois–5.29%** | **Illinois–5.29%** | **Illinois–5.29%** | **Illinois–5.29%** |
| Chicago (City of), IL; |  |  |  |  |
| Series 2017 A, Ref. GO Bonds | 6.00% | 01/01/2038 | 6965 | &nbsp;&nbsp; 7068260 |
| Series 2019 A, GO Bonds | 5.00% | 01/01/2044 | 2880 | &nbsp;&nbsp; 2890121 |
| Series 2025 A, GO Bonds | 6.00% | 01/01/2050 | 2150 | &nbsp;&nbsp; 2263770 |
| Chicago (City of), IL (83rd/Stewart Redevelopment); Series 2013, COP<sup>(d)</sup> <br>| 7.00% | 01/15/2029 | 1226 | &nbsp;&nbsp; 1226500 |
| Chicago (City of), IL (Cottage View Terrace Apartments); Series 2000 A, RB (CEP - GNMA)<sup>(b)</sup> <br>| 6.13% | 02/20/2042 | 1075 | &nbsp;&nbsp; 1075769 |
| Chicago (City of), IL (O'Hare International Airport); |  |  |  |  |
| Series 2022 A, RB<sup>(b)(f)(h)</sup> <br>| 5.25% | 01/01/2053 | 15000 | &nbsp;&nbsp; 15298827 |
| Series 2022, RB<sup>(b)</sup> <br>| 5.00% | 01/01/2048 | 5000 | &nbsp;&nbsp; 5091677 |
| Series 2024 A, RB<sup>(b)</sup> <br>| 5.50% | 01/01/2059 | 10750 | &nbsp;&nbsp; 11235238 |
| Chicago (City of), IL Board of Education; |  |  |  |  |
| Series 2017 G, Ref. GO Bonds | 5.00% | 12/01/2034 | 5000 | &nbsp;&nbsp; 5033695 |
| Series 2018 D, GO Bonds | 5.00% | 12/01/2046 | 3000 | &nbsp;&nbsp; 2853484 |
| Series 2023 A, GO Bonds | 6.00% | 12/01/2049 | 6500 | &nbsp;&nbsp; 6737589 |
| Series 2025 C, Ref. GO Bonds | 5.50% | 12/01/2045 | 4870 | &nbsp;&nbsp; 4932919 |
| Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Subseries 2014 A, RB | 5.38% | 03/01/2034 | 460 | &nbsp;&nbsp; 455620 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** |
| Illinois (State of); |  |  |  |  |
| Series 2017 C, GO Bonds | 5.00% | 11/01/2029 | $5000 | &nbsp;&nbsp; $5206055 |
| Series 2018 A, GO Bonds | 6.00% | 05/01/2028 | 10235 | &nbsp;&nbsp; 11018309 |
| Series 2018 A, GO Bonds | 5.00% | 05/01/2030 | 2775 | &nbsp;&nbsp; 2923786 |
| Series 2020 B, GO Bonds | 4.00% | 10/01/2034 | 2900 | &nbsp;&nbsp; 2978900 |
| Series 2020, GO Bonds | 5.50% | 05/01/2039 | 6250 | &nbsp;&nbsp; 6763090 |
| Series 2024 B, GO Bonds | 5.25% | 05/01/2044 | 4500 | &nbsp;&nbsp; 4829448 |
| Series 2024 C, GO Bonds | 4.00% | 10/01/2048 | 7590 | &nbsp;&nbsp; 6824504 |
| Illinois (State of) (Rebuild Illinois Program); Series 2019 B, GO Bonds | 4.00% | 11/01/2035 | 4450 | &nbsp;&nbsp; 4532492 |
| Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB<sup>(b)</sup> <br>| 8.00% | 06/01/2032 | 1270 | &nbsp;&nbsp; 1272149 |
| Illinois (State of) Finance Authority; Series 2025, Ref. RB<sup>(d)</sup> <br>| 5.88% | 09/01/2046 | 2500 | &nbsp;&nbsp; 2505085 |
| Illinois (State of) Finance Authority (Ascension Health); |  |  |  |  |
| Series 2016 C, Ref. RB<sup>(a)(i)</sup> <br>| 5.00% | 02/15/2027 | 4790 | &nbsp;&nbsp; 4918251 |
| Series 2016 C, Ref. RB | 5.00% | 02/15/2041 | 5210 | &nbsp;&nbsp; 5288373 |
| Illinois (State of) Finance Authority (Institute of Technology); Series 2019, Ref. RB | 5.00% | 09/01/2040 | 3085 | &nbsp;&nbsp; 3083994 |
| Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); |  |  |  |  |
| Series 2019 A, Ref. RB (Acquired 11/27/2019; Cost $3,552,940)<sup>(l)</sup> <br>| 5.00% | 11/01/2035 | 3430 | &nbsp;&nbsp; 2375275 |
| Series 2019 A, Ref. RB (Acquired 11/27/2019; Cost $2,321,400)<sup>(l)</sup> <br>| 5.00% | 11/01/2040 | 2245 | &nbsp;&nbsp; 1554663 |
| Illinois (State of) Finance Authority (Park Place of Elmhurst); Series 2016, RB | 5.13% | 05/15/2060 | 772 | &nbsp;&nbsp; 567482 |
| Illinois (State of) Finance Authority (Rosalind Franklin University); |  |  |  |  |
| Series 2017, RB | 5.00% | 08/01/2049 | 2450 | &nbsp;&nbsp; 2387595 |
| Series 2017, Ref. RB | 5.00% | 08/01/2047 | 1025 | &nbsp;&nbsp; 1013557 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); <br> Series 2020, Ref. RB<br>| 4.00% | 06/15/2050 | 6645 | &nbsp;&nbsp; 5829823 |
| Illinois (State of) Sports Facilities Authority (The); Series 2014, Ref. RB (INS - AGI)<sup>(e)</sup> <br>| 5.25% | 06/15/2031 | 2630 | &nbsp;&nbsp; 2671030 |
| Marion (City of), IL (Star Bond District Area No. 1); Series 2025, RB | 6.63% | 06/01/2055 | 2500 | &nbsp;&nbsp; 2519164 |
| Plano (City of), IL Special Service Area No. 10 (Lakewood Springs Club); Series 2007, RB<sup>(k)</sup> <br>| 5.80% | 03/01/2037 | 1500 | &nbsp;&nbsp; 165000 |
|  |  |  |  | &nbsp;&nbsp; 147391494 |
| **Indiana–0.61%** | **Indiana–0.61%** | **Indiana–0.61%** | **Indiana–0.61%** | **Indiana–0.61%** |
| Indiana Finance Authority; Series 2025, RB<sup>(f)</sup> <br>| 5.00% | 10/01/2053 | 11820 | &nbsp;&nbsp; 12131796 |
| Northern Indiana Commuter Transportation District; Series 2016, RB | 5.00% | 07/01/2035 | 1700 | &nbsp;&nbsp; 1709003 |
| Valparaiso (City of), IN (Pratt Paper, LLC); Series 2024, Ref. RB<sup>(b)(d)</sup> <br>| 4.88% | 01/01/2044 | 3000 | &nbsp;&nbsp; 3084739 |
|  |  |  |  | &nbsp;&nbsp; 16925538 |
| **Iowa–0.74%** | **Iowa–0.74%** | **Iowa–0.74%** | **Iowa–0.74%** | **Iowa–0.74%** |
| Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB | 4.75% | 08/01/2042 | 5000 | &nbsp;&nbsp; 5001732 |
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2022, Ref. RB<sup>(a)(i)</sup> <br>| 5.00% | 12/01/2032 | 10215 | &nbsp;&nbsp; 11926748 |
| Iowa (State of) Tobacco Settlement Authority; Series 2021 A-2, Ref. RB | 4.00% | 06/01/2036 | 1000 | &nbsp;&nbsp; 1009387 |
| Muscatine Power and Water Electric Revenue; Series 2026 A, RB (INS - AGI)<sup>(e)</sup> <br>| 5.25% | 12/01/2051 | 2500 | &nbsp;&nbsp; 2661177 |
|  |  |  |  | &nbsp;&nbsp; 20599044 |
| **Kansas–0.05%** | **Kansas–0.05%** | **Kansas–0.05%** | **Kansas–0.05%** | **Kansas–0.05%** |
| Wichita (City of), KS (Presbyterian Manors, Inc.); Series 2024 VIII, Ref. RB | 5.75% | 05/15/2045 | 1500 | &nbsp;&nbsp; 1510709 |
| **Kentucky–1.90%** | **Kentucky–1.90%** | **Kentucky–1.90%** | **Kentucky–1.90%** | **Kentucky–1.90%** |
| Ashland (City of), KY (King's Daughters Medical Center); |  |  |  |  |
| Series 2019, Ref. RB | 4.00% | 02/01/2035 | 465 | &nbsp;&nbsp; 470604 |
| Series 2019, Ref. RB | 4.00% | 02/01/2036 | 380 | &nbsp;&nbsp; 383272 |
| Series 2019, Ref. RB | 4.00% | 02/01/2037 | 375 | &nbsp;&nbsp; 377615 |
| Christian (County of), KY (Jennie Stuart Medical Center, Inc.); |  |  |  |  |
| Series 2016, Ref. RB | 5.38% | 02/01/2036 | 3000 | &nbsp;&nbsp; 3003792 |
| Series 2016, Ref. RB | 5.50% | 02/01/2044 | 5000 | &nbsp;&nbsp; 5002719 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky <br> Information Highway);<br>|  |  |  |  |
| Series 2015 A, RB | 5.00% | 07/01/2040 | 11135 | &nbsp;&nbsp; 11145319 |
| Series 2015 A, RB | 5.00% | 01/01/2045 | 4175 | &nbsp;&nbsp; 4177007 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.); <br> Series 2017 A, Ref. RB<br>| 5.00% | 06/01/2045 | 8950 | &nbsp;&nbsp; 8975374 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Kentucky–(continued)** | **Kentucky–(continued)** | **Kentucky–(continued)** | **Kentucky–(continued)** | **Kentucky–(continued)** |
| Kentucky (Commonwealth of) Public Energy Authority; |  |  |  |  |
| Series 2020 A, RB<sup>(a)(i)</sup> <br>| 4.00% | 03/02/2026 | $6000 | &nbsp;&nbsp; $6038040 |
| Series 2023 A-1, Ref. RB<sup>(a)</sup> <br>| 5.25% | 02/01/2032 | 5000 | &nbsp;&nbsp; 5503077 |
| Series 2024 A, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2030 | 3575 | &nbsp;&nbsp; 3832037 |
| Series 2025 B, RB | 5.00% | 12/01/2033 | 3840 | &nbsp;&nbsp; 4094645 |
|  |  |  |  | &nbsp;&nbsp; 53003501 |
| **Louisiana–0.83%** | **Louisiana–0.83%** | **Louisiana–0.83%** | **Louisiana–0.83%** | **Louisiana–0.83%** |
| Jefferson (Parish of), LA Sales Tax District; Series 2019 B, RB (INS - AGI)<sup>(e)</sup> <br>| 4.00% | 12/01/2038 | 6000 | &nbsp;&nbsp; 6110081 |
| Louisiana (State of) Public Facilities Authority (I-10 Calcasieu River Bridge); Series 2024, RB<sup>(b)</sup> <br>| 5.50% | 09/01/2059 | 15470 | &nbsp;&nbsp; 15902575 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2002 B, RB<sup>(a)(i)</sup> <br>| 5.50% | 05/15/2026 | 1010 | &nbsp;&nbsp; 1016736 |
|  |  |  |  | &nbsp;&nbsp; 23029392 |
| **Maryland–1.76%** | **Maryland–1.76%** | **Maryland–1.76%** | **Maryland–1.76%** | **Maryland–1.76%** |
| Baltimore (City of), MD (Convention Center Hotel); Series 2017, Ref. RB | 5.00% | 09/01/2039 | 7100 | &nbsp;&nbsp; 7167124 |
| Baltimore (City of), MD (East Baltimore Research Park); Series 2017, Ref. RB | 5.00% | 09/01/2038 | 1650 | &nbsp;&nbsp; 1671859 |
| Maryland (State of) Health & Higher Educational Facilities Authority (Green Street Academy); |  |  |  |  |
| Series 2017 A, RB<sup>(d)</sup> <br>| 5.13% | 07/01/2037 | 1265 | &nbsp;&nbsp; 1271012 |
| Series 2017 A, RB<sup>(d)</sup> <br>| 5.25% | 07/01/2047 | 4295 | &nbsp;&nbsp; 4165996 |
| Series 2017 A, RB<sup>(d)</sup> <br>| 5.38% | 07/01/2052 | 1530 | &nbsp;&nbsp; 1461773 |
| Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health); Series 2017 <br> A, RB<br>| 5.00% | 05/15/2042 | 5000 | &nbsp;&nbsp; 5077244 |
| Maryland Economic Development Corp. (Purple Line) (Green Bonds); |  |  |  |  |
| Series 2022 B, RB<sup>(b)</sup> <br>| 5.25% | 06/30/2047 | 14465 | &nbsp;&nbsp; 14684828 |
| Series 2022 B, RB<sup>(b)</sup> <br>| 5.25% | 06/30/2055 | 4315 | &nbsp;&nbsp; 4324287 |
| Prince George's (County of), MD (Collington Episcopal Life Care Community, Inc.); |  |  |  |  |
| Series 2017, Ref. RB | 5.25% | 04/01/2037 | 2000 | &nbsp;&nbsp; 2013327 |
| Series 2017, Ref. RB | 5.25% | 04/01/2047 | 4035 | &nbsp;&nbsp; 3751757 |
| Rockville (City of), MD (Ingleside at King Farm); Series 2017 B, RB | 5.00% | 11/01/2042 | 3500 | &nbsp;&nbsp; 3514821 |
|  |  |  |  | &nbsp;&nbsp; 49104028 |
| **Massachusetts–1.07%** | **Massachusetts–1.07%** | **Massachusetts–1.07%** | **Massachusetts–1.07%** | **Massachusetts–1.07%** |
| Massachusetts (Commonwealth of) Development Finance Agency (Brown University); Series 2025, <br> RB<br>| 5.50% | 08/15/2050 | 1500 | &nbsp;&nbsp; 1581840 |
| Massachusetts (Commonwealth of) Development Finance Agency (Caregroup); |  |  |  |  |
| Series 2016 I, Ref. RB | 5.00% | 07/01/2036 | 3000 | &nbsp;&nbsp; 3019319 |
| Series 2018 J-2, RB | 5.00% | 07/01/2043 | 4100 | &nbsp;&nbsp; 4209939 |
| Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute); <br> Series 2016, RB<br>| 5.00% | 12/01/2041 | 2000 | &nbsp;&nbsp; 2022901 |
| Massachusetts (Commonwealth of) Development Finance Agency (International Charter School); <br> Series 2015, Ref. RB<br>| 5.00% | 04/15/2040 | 2000 | &nbsp;&nbsp; 2000209 |
| Massachusetts (Commonwealth of) Port Authority (Bosfuel); Series 2019 A, Ref. RB<sup>(b)</sup> <br>| 4.00% | 07/01/2044 | 7500 | &nbsp;&nbsp; 7291035 |
| Massachusetts (Commonwealth of) Transportation Fund (Rail Enhancement Program); Series 2021 <br> A, RB<sup>(f)</sup> <br>| 4.00% | 06/01/2050 | 10000 | &nbsp;&nbsp; 9644484 |
|  |  |  |  | &nbsp;&nbsp; 29769727 |
| **Michigan–0.42%** | **Michigan–0.42%** | **Michigan–0.42%** | **Michigan–0.42%** | **Michigan–0.42%** |
| Kalamazoo Economic Development Corp. (Heritage Community of Kalamazoo); |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 05/15/2037 | 1230 | &nbsp;&nbsp; 1260172 |
| Series 2019, Ref. RB | 5.00% | 05/15/2042 | 1310 | &nbsp;&nbsp; 1325937 |
| Series 2020, RB | 5.00% | 05/15/2055 | 2520 | &nbsp;&nbsp; 2344277 |
| Michigan (State of) Building Authority (Facilities Program); Series 2021 I, RB | 4.00% | 10/15/2046 | 7000 | &nbsp;&nbsp; 6771476 |
|  |  |  |  | &nbsp;&nbsp; 11701862 |
| **Minnesota–0.07%** | **Minnesota–0.07%** | **Minnesota–0.07%** | **Minnesota–0.07%** | **Minnesota–0.07%** |
| St. Paul (City of), MN Housing & Redevelopment Authority (Hmong College Prep Academy); <br> Series 2016, Ref. RB<br>| 5.75% | 09/01/2046 | 2000 | &nbsp;&nbsp; 2005811 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Missouri–2.26%** | **Missouri–2.26%** | **Missouri–2.26%** | **Missouri–2.26%** | **Missouri–2.26%** |
| Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport); |  |  |  |  |
| Series 2019 B, RB (INS - AGI)<sup>(b)(e)</sup> <br>| 5.00% | 03/01/2049 | $11975 | &nbsp;&nbsp; $12088040 |
| Series 2019 B, RB<sup>(b)</sup> <br>| 5.00% | 03/01/2054 | 10000 | &nbsp;&nbsp; 10037258 |
| Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community <br> Improvement District); Series 2016 A, Ref. RB<sup>(d)</sup> <br>| 5.00% | 04/01/2046 | 1150 | &nbsp;&nbsp; 1107542 |
| Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); |  |  |  |  |
| Series 2017 A, Ref. RB | 5.25% | 05/15/2042 | 1675 | &nbsp;&nbsp; 1677473 |
| Series 2017 A, Ref. RB | 5.25% | 05/15/2050 | 2900 | &nbsp;&nbsp; 2699645 |
| Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); |  |  |  |  |
| Series 2016 B, Ref. RB | 5.00% | 02/01/2046 | 4035 | &nbsp;&nbsp; 4035209 |
| Series 2019 A, RB | 5.00% | 02/01/2042 | 3105 | &nbsp;&nbsp; 3168614 |
| Missouri (State of) Health & Educational Facilities Authority (Medical Research Lutheran Services); <br> Series 2016 A, RB<br>| 5.00% | 02/01/2036 | 3200 | &nbsp;&nbsp; 3203206 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health); Series 2017 C, Ref. <br> RB<sup>(f)</sup> <br>| 5.00% | 11/15/2047 | 15540 | &nbsp;&nbsp; 15707214 |
| St. Louis (County of), MO Industrial Development Authority (Friendship Village of Sunset Hills); <br> Series 2013 A, RB<br>| 5.88% | 09/01/2043 | 1750 | &nbsp;&nbsp; 1751941 |
| St. Louis (County of), MO Industrial Development Authority (Friendship Village West County); <br> Series 2018 A, RB<br>| 5.13% | 09/01/2048 | 7500 | &nbsp;&nbsp; 7523832 |
|  |  |  |  | &nbsp;&nbsp; 62999974 |
| **Nebraska–1.29%** | **Nebraska–1.29%** | **Nebraska–1.29%** | **Nebraska–1.29%** | **Nebraska–1.29%** |
| Central Plains Energy Project (No. 3); Series 2017 A, Ref. RB | 5.00% | 09/01/2035 | 8140 | &nbsp;&nbsp; 9257855 |
| Omaha (City of), NE Airport Authority; Series 2024, RB (INS - AGI)<sup>(b)(e)</sup> <br>| 5.25% | 12/15/2054 | 11480 | &nbsp;&nbsp; 11975683 |
| Omaha (City of), NE Public Power District; |  |  |  |  |
| Series 2021 A, RB | 4.00% | 02/01/2051 | 5000 | &nbsp;&nbsp; 4728584 |
| Series 2021 A, RB (INS - AGI)<sup>(e)</sup> <br>| 4.00% | 02/01/2051 | 5000 | &nbsp;&nbsp; 4728584 |
| Series 2023 A, RB | 5.25% | 02/01/2053 | 5000 | &nbsp;&nbsp; 5296410 |
|  |  |  |  | &nbsp;&nbsp; 35987116 |
| **Nevada–0.29%** | **Nevada–0.29%** | **Nevada–0.29%** | **Nevada–0.29%** | **Nevada–0.29%** |
| Las Vegas Valley Water District; Series 2025, GO Bonds<sup>(f)</sup> <br>| 5.25% | 06/01/2055 | 5000 | &nbsp;&nbsp; 5347830 |
| Nevada (State of) Department of Business & Industry (Doral Academy of Nevada); Series 2017 A, <br> RB<br>| 5.00% | 07/15/2047 | 2900 | &nbsp;&nbsp; 2727252 |
|  |  |  |  | &nbsp;&nbsp; 8075082 |
| **New Hampshire–0.92%** | **New Hampshire–0.92%** | **New Hampshire–0.92%** | **New Hampshire–0.92%** | **New Hampshire–0.92%** |
| New Hampshire (State of) Business Finance Authority; Series 2020-1A, RB | 4.13% | 01/20/2034 | 4514 | &nbsp;&nbsp; 4713540 |
| New Hampshire (State of) Business Finance Authority (Covanta); Series 2020 A, Ref. RB<sup>(a)(d)</sup> <br>| 3.63% | 07/02/2040 | 740 | &nbsp;&nbsp; 620012 |
| New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB | 4.00% | 10/20/2036 | 6402 | &nbsp;&nbsp; 6539221 |
| New Hampshire (State of) Business Finance Authority (Social Certificates); |  |  |  |  |
| Series 2024-1A, RB<sup>(a)</sup> <br>| 4.15% | 10/01/2034 | 998 | &nbsp;&nbsp; 1019301 |
| Series 2024-3, Revenue Ctfs. | 4.16% | 10/01/2051 | 4951 | &nbsp;&nbsp; 5108470 |
| New Hampshire (State of) Business Finance Authority (Thomas Ranch); Series 2024, RB<sup>(d)(g)</sup> <br>| 0.00% | 12/01/2034 | 10235 | &nbsp;&nbsp; 5697623 |
| New Hampshire (State of) Housing Finance Authority (University Hospitals Home Care Services, <br> Inc.); Series 2024, RB<sup>(d)</sup> <br>| 5.63% | 12/15/2033 | 1930 | &nbsp;&nbsp; 2003438 |
|  |  |  |  | &nbsp;&nbsp; 25701605 |
| **New Jersey–3.80%** | **New Jersey–3.80%** | **New Jersey–3.80%** | **New Jersey–3.80%** | **New Jersey–3.80%** |
| Garden State Preservation Trust; Series 2005 A, RB (INS - AGI)<sup>(e)</sup> <br>| 5.75% | 11/01/2028 | 3580 | &nbsp;&nbsp; 3792077 |
| Hudson (County of), NJ Improvement Authority (Hudson County Courhouse); Series 2020, RB | 4.00% | 10/01/2046 | 10000 | &nbsp;&nbsp; 9914200 |
| Middlesex (County of), NJ Improvement Authority (Rutgers University) (New Jersey Health & Life <br> Science Exchange); Series 2023 A, RB<sup>(f)(h)</sup> <br>| 5.00% | 08/15/2053 | 10000 | &nbsp;&nbsp; 10511675 |
| New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); <br> Series 2013, RB<sup>(b)</sup> <br>| 5.38% | 01/01/2043 | 1500 | &nbsp;&nbsp; 1501947 |
| New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); <br> Series 2024 A, Ref. RB<br>| 5.25% | 07/01/2054 | 5000 | &nbsp;&nbsp; 5323569 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**Invesco Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Jersey–(continued)** | **New Jersey–(continued)** | **New Jersey–(continued)** | **New Jersey–(continued)** | **New Jersey–(continued)** |
| New Jersey (State of) Transportation Trust Fund Authority; |  |  |  |  |
| Series 2006 C, RB (INS - AGI)<sup>(e)(g)</sup> <br>| 0.00% | 12/15/2026 | $10000 | &nbsp;&nbsp; $9830199 |
| Series 2006 C, RB (INS - NATL)<sup>(e)(g)</sup> <br>| 0.00% | 12/15/2031 | 7410 | &nbsp;&nbsp; 6362405 |
| Series 2014, RN | 5.00% | 06/15/2032 | 3000 | &nbsp;&nbsp; 3213677 |
| Series 2019 BB, RB | 5.00% | 06/15/2044 | 5000 | &nbsp;&nbsp; 5165248 |
| Series 2019 BB, RB | 4.00% | 06/15/2050 | 6930 | &nbsp;&nbsp; 6456994 |
| Series 2020 AA, RB | 4.00% | 06/15/2050 | 10000 | &nbsp;&nbsp; 9317452 |
| Series 2022, RB<sup>(a)(i)</sup> <br>| 5.50% | 12/15/2032 | 5000 | &nbsp;&nbsp; 6043933 |
| New Jersey (State of) Turnpike Authority; Series 2022 B, RB | 5.25% | 01/01/2052 | 12000 | &nbsp;&nbsp; 12750721 |
| New Jersey Turnpike Authority; Series 2025, RB<sup>(f)(h)</sup> <br>| 5.25% | 01/01/2055 | 8050 | &nbsp;&nbsp; 8653903 |
| Tobacco Settlement Financing Corp.; |  |  |  |  |
| Series 2018 A, Ref. RB | 5.00% | 06/01/2046 | 1605 | &nbsp;&nbsp; 1607917 |
| Series 2018 A, Ref. RB | 5.25% | 06/01/2046 | 5350 | &nbsp;&nbsp; 5388966 |
|  |  |  |  | &nbsp;&nbsp; 105834883 |
| **New York–11.24%** | **New York–11.24%** | **New York–11.24%** | **New York–11.24%** | **New York–11.24%** |
| Brooklyn Arena Local Development Corp. (Barclays Center); Series 2009, RB<sup>(g)</sup> <br>| 0.00% | 07/15/2035 | 5000 | &nbsp;&nbsp; 3584921 |
| Build NYC Resource Corp. (ERE425, LLC - Zeta Charter Schools, Inc.); Series 2025, RB<sup>(d)</sup> <br>| 5.25% | 10/15/2050 | 2630 | &nbsp;&nbsp; 2566806 |
| Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB | 5.00% | 06/01/2045 | 5850 | &nbsp;&nbsp; 4891199 |
| Metropolitan Transportation Authority (Green Bonds); |  |  |  |  |
| Series 2020 D-3, RB | 4.00% | 11/15/2050 | 10000 | &nbsp;&nbsp; 8988672 |
| Series 2020 E, Ref. RB | 4.00% | 11/15/2045 | 5000 | &nbsp;&nbsp; 4696807 |
| Monroe County Industrial Development Corp. (St. Ann's Community); Series 2019, Ref. RB | 5.00% | 01/01/2050 | 2015 | &nbsp;&nbsp; 1810849 |
| New York & New Jersey (States of) Port Authority; |  |  |  |  |
| Ninety-Third Series 1994, RB | 6.13% | 06/01/2094 | 5250 | &nbsp;&nbsp; 5260673 |
| Series 2019, RB<sup>(b)</sup> <br>| 5.00% | 11/01/2049 | 6500 | &nbsp;&nbsp; 6645585 |
| New York (City of), NY; |  |  |  |  |
| Series 2021 F-1, GO Bonds | 5.00% | 03/01/2050 | 10000 | &nbsp;&nbsp; 10291087 |
| Series 2022 A-1, GO Bonds | 5.25% | 09/01/2043 | 7500 | &nbsp;&nbsp; 8193214 |
| New York (City of), NY Municipal Water Finance Authority; Series 2024 AA, RB | 5.25% | 06/15/2053 | 5000 | &nbsp;&nbsp; 5320618 |
| New York (City of), NY Transitional Finance Authority; |  |  |  |  |
| Series 2019, RB | 4.00% | 11/01/2042 | 10000 | &nbsp;&nbsp; 10017759 |
| Series 2022 C-1, RB | 4.00% | 02/01/2051 | 6000 | &nbsp;&nbsp; 5505709 |
| New York (State of) Dormitory Authority; |  |  |  |  |
| Series 2021, RB<sup>(a)(i)</sup> <br>| 4.00% | 03/15/2032 | 630 | &nbsp;&nbsp; 690700 |
| Series 2021, RB | 4.00% | 03/15/2040 | 10225 | &nbsp;&nbsp; 10430926 |
| New York (State of) Thruway Authority; |  |  |  |  |
| Series 2019 B, RB | 4.00% | 01/01/2050 | 10000 | &nbsp;&nbsp; 9124474 |
| Series 2025 A, RB | 5.00% | 03/15/2051 | 7000 | &nbsp;&nbsp; 7346260 |
| New York City Housing Development Corp. (Green Bonds); Series 2023, RB | 4.80% | 02/01/2053 | 10000 | &nbsp;&nbsp; 10065573 |
| New York Counties Tobacco Trust VI; Series 2016 A-1, Ref. RB | 5.75% | 06/01/2043 | 10000 | &nbsp;&nbsp; 9848604 |
| New York Liberty Development Corp. (3 World Trade Center); Series 2014-1, Ref. RB<sup>(d)</sup> <br>| 5.00% | 11/15/2044 | 10905 | &nbsp;&nbsp; 10922977 |
| New York State Urban Development Corp.; Series 2020 A, RB | 4.00% | 03/15/2049 | 10045 | &nbsp;&nbsp; 9620917 |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy <br> International Airport); Series 2016, Ref. RB<sup>(b)</sup> <br>| 5.00% | 08/01/2026 | 4615 | &nbsp;&nbsp; 4620344 |
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment);<br>|  |  |  |  |
| Series 2018, RB<sup>(b)</sup> <br>| 5.00% | 01/01/2034 | 6970 | &nbsp;&nbsp; 7195584 |
| Series 2020, RB<sup>(b)</sup> <br>| 4.38% | 10/01/2045 | 4165 | &nbsp;&nbsp; 4019198 |
| New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal <br> One) (Green Bonds);<br>|  |  |  |  |
| Series 2023, RB<sup>(b)</sup> <br>| 6.00% | 06/30/2054 | 6020 | &nbsp;&nbsp; 6319593 |
| Series 2023, RB<sup>(b)</sup> <br>| 5.38% | 06/30/2060 | 8215 | &nbsp;&nbsp; 8249995 |
| Series 2024, RB<sup>(b)</sup> <br>| 5.50% | 06/30/2054 | 2875 | &nbsp;&nbsp; 2941742 |
| Series 2024, RB<sup>(b)</sup> <br>| 5.50% | 06/30/2060 | 10000 | &nbsp;&nbsp; 10222547 |
| New York Transportation Development Corp. (John F. Kennedy International Airport) (Green <br> Bonds);<br>|  |  |  |  |
| Series 2025, RB<sup>(b)</sup> <br>| 6.00% | 06/30/2055 | 10000 | &nbsp;&nbsp; 10681825 |
| Series 2025, RB (INS - AGI)<sup>(b)(e)</sup> <br>| 5.50% | 06/30/2059 | 6000 | &nbsp;&nbsp; 6289081 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**10**

**Invesco Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); |  |  |  |  |
| Series 2016 A, RB<sup>(b)</sup> <br>| 5.25% | 01/01/2050 | $10000 | &nbsp;&nbsp; $10003591 |
| Series 2023, RB<sup>(b)</sup> <br>| 6.00% | 04/01/2035 | 10000 | &nbsp;&nbsp; 11163921 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport); |  |  |  |  |
| Series 2022, RB<sup>(b)</sup> <br>| 5.00% | 12/01/2036 | 1275 | &nbsp;&nbsp; 1393336 |
| Series 2022, RB<sup>(b)</sup> <br>| 5.00% | 12/01/2037 | 2700 | &nbsp;&nbsp; 2931348 |
| Series 2024, Ref. RB (INS - AGI)<sup>(b)(c)(e)</sup> <br>| 5.00% | 12/31/2054 | 1500 | &nbsp;&nbsp; 1013153 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds); |  |  |  |  |
| Series 2024, Ref. RB (INS - AGI)<sup>(b)(e)</sup> <br>| 5.25% | 12/31/2054 | 9305 | &nbsp;&nbsp; 9559071 |
| Series 2024, Ref. RB<sup>(b)</sup> <br>| 5.50% | 12/31/2060 | 10000 | &nbsp;&nbsp; 10258903 |
| New York Transportation Development Corp. (Terminal 4 John F. Kennedy International Airport); <br> Series 2022, RB<sup>(b)</sup> <br>| 5.00% | 12/01/2038 | 5000 | &nbsp;&nbsp; 5397974 |
| Onondaga Civic Development Corp.; Series 2025, RB | 5.50% | 12/01/2056 | 5000 | &nbsp;&nbsp; 5501357 |
| Rockland Tobacco Asset Securitization Corp.; Series 2005 A, RB<sup>(d)(g)</sup> <br>| 0.00% | 08/15/2045 | 52470 | &nbsp;&nbsp; 15348210 |
| Suffolk Regional Off-Track Betting Corp.; Series 2024, RB | 6.00% | 12/01/2053 | 5170 | &nbsp;&nbsp; 5291368 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); Series 2022 A, RB | 5.25% | 05/15/2057 | 5000 | &nbsp;&nbsp; 5279547 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund); |  |  |  |  |
| Series 2025, RB | 5.25% | 12/01/2054 | 1500 | &nbsp;&nbsp; 1601189 |
| Series 2025, RB (INS - AGI)<sup>(e)</sup> <br>| 4.50% | 12/01/2056 | 1500 | &nbsp;&nbsp; 1500974 |
| TSASC, Inc.; Series 2016 B, Ref. RB | 5.00% | 06/01/2045 | 19905 | &nbsp;&nbsp; 18507247 |
| Westchester County Local Development Corp.; Series 2025, RB | 7.50% | 11/01/2055 | 2000 | &nbsp;&nbsp; 2248896 |
|  |  |  |  | &nbsp;&nbsp; 313364324 |
| **North Carolina–0.26%** | **North Carolina–0.26%** | **North Carolina–0.26%** | **North Carolina–0.26%** | **North Carolina–0.26%** |
| North Carolina (State of) Medical Care Commission (Pennybyrn at Maryfield); |  |  |  |  |
| Series 2020, RB | 5.00% | 10/01/2040 | 1050 | &nbsp;&nbsp; 1067846 |
| Series 2020, RB | 5.00% | 10/01/2045 | 1000 | &nbsp;&nbsp; 982434 |
| North Carolina (State of) Turnpike Authority; Series 2018, Ref. RB (INS - AGI)<sup>(e)</sup> <br>| 5.00% | 01/01/2038 | 5000 | &nbsp;&nbsp; 5234784 |
|  |  |  |  | &nbsp;&nbsp; 7285064 |
| **North Dakota–0.37%** | **North Dakota–0.37%** | **North Dakota–0.37%** | **North Dakota–0.37%** | **North Dakota–0.37%** |
| Burleigh (County of), ND (University of Mary); Series 2016, RB | 5.20% | 04/15/2046 | 1520 | &nbsp;&nbsp; 1489357 |
| North Dakota (State of) Housing Finance Agency (Social Bonds); Series 2024 C, RB | 6.25% | 01/01/2055 | 2895 | &nbsp;&nbsp; 3288697 |
| Ward (County of), ND (Trinity Obligated Group); Series 2017 C, RB | 5.00% | 06/01/2048 | 6065 | &nbsp;&nbsp; 5479031 |
|  |  |  |  | &nbsp;&nbsp; 10257085 |
| **Ohio–4.12%** | **Ohio–4.12%** | **Ohio–4.12%** | **Ohio–4.12%** | **Ohio–4.12%** |
| Akron, Bath & Copley Joint Township Hospital District (Summa Health Obligated Group); <br> Series 2016, Ref. RB<sup>(a)(i)</sup> <br>| 5.25% | 11/15/2026 | 5000 | &nbsp;&nbsp; 5105371 |
| Buckeye Tobacco Settlement Financing Authority; |  |  |  |  |
| Series 2020 A-2, Ref. RB | 4.00% | 06/01/2048 | 4040 | &nbsp;&nbsp; 3511953 |
| Series 2020 B-2, Ref. RB | 5.00% | 06/01/2055 | 20240 | &nbsp;&nbsp; 16738945 |
| Series 2020 B-3, Ref. RB<sup>(g)</sup> <br>| 0.00% | 06/01/2057 | 17975 | &nbsp;&nbsp; 1399023 |
| Centerville (City of), OH (Graceworks Lutheran Services); Series 2017, Ref. RB | 5.25% | 11/01/2047 | 5400 | &nbsp;&nbsp; 5280992 |
| Columbus Regional Airport Authority (John Glenn Columbus International Airport); |  |  |  |  |
| Series 2025, Ref. RB<sup>(b)</sup> <br>| 5.50% | 01/01/2050 | 10000 | &nbsp;&nbsp; 10664632 |
| Series 2025, Ref. RB<sup>(b)</sup> <br>| 5.50% | 01/01/2055 | 15750 | &nbsp;&nbsp; 16699824 |
| County of Franklin OH; Series 2025, RB<sup>(f)</sup> <br>| 5.25% | 11/01/2055 | 8835 | &nbsp;&nbsp; 9343280 |
| Cuyahoga (County of), OH (MetroHealth System); |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 02/15/2037 | 5600 | &nbsp;&nbsp; 5647966 |
| Series 2017, Ref. RB | 5.50% | 02/15/2057 | 7000 | &nbsp;&nbsp; 6907015 |
| Hamilton (County of), OH (Life Enriching Communities); Series 2016, Ref. RB | 5.00% | 01/01/2051 | 1695 | &nbsp;&nbsp; 1660682 |
| Lucas (County of), OH (ProMedica Healthcare System); Series 2018 A, Ref. RB | 5.25% | 11/15/2048 | 1500 | &nbsp;&nbsp; 1498645 |
| Montgomery (County of), OH (Dayton Children's Hospital); Series 2021, Ref. RB | 4.00% | 08/01/2046 | 2500 | &nbsp;&nbsp; 2345768 |
| Muskingum (County of), OH (Genesis Healthcare System); Series 2013, RB | 5.00% | 02/15/2044 | 7740 | &nbsp;&nbsp; 7741024 |
| Ohio (State of); Series 2019, VRD RB<sup>(j)</sup> <br>| 0.90% | 01/01/2052 | 5000 | &nbsp;&nbsp; 5000000 |
| Ohio (State of) Air Quality Development Authority (Pratt Paper LLC); Series 2017, RB<sup>(b)(d)</sup> <br>| 4.50% | 01/15/2048 | 2000 | &nbsp;&nbsp; 1906660 |
| Ohio (State of) Higher Educational Facility Commission (Xavier University); Series 2024, Ref. RB | 5.25% | 05/01/2054 | 1215 | &nbsp;&nbsp; 1199556 |
| Ohio (State of) Housing Finance Agency (Covenant House Apartments); Series 2008 C, RB (CEP - <br> GNMA)<sup>(b)</sup> <br>| 6.10% | 09/20/2049 | 2845 | &nbsp;&nbsp; 2846417 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**11**

**Invesco Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds); <br> Series 2021 A, RB<br>| 4.00% | 12/01/2046 | $6540 | &nbsp;&nbsp; $6443721 |
| Tuscarawas (County of), OH Economic Development and Finance Alliance (Ashland University); <br> Series 2015, Ref. RB<br>| 6.00% | 03/01/2045 | 3000 | &nbsp;&nbsp; 2999864 |
|  |  |  |  | &nbsp;&nbsp; 114941338 |
| **Oklahoma–1.96%** | **Oklahoma–1.96%** | **Oklahoma–1.96%** | **Oklahoma–1.96%** | **Oklahoma–1.96%** |
| Oklahoma (State of) Development Finance Authority (OU Medicine); |  |  |  |  |
| Series 2018 B, RB | 5.25% | 08/15/2043 | 8500 | &nbsp;&nbsp; 8622682 |
| Series 2018 B, RB | 5.50% | 08/15/2052 | 6000 | &nbsp;&nbsp; 6018965 |
| Oklahoma (State of) Turnpike Authority (Senior Bonds); Series 2025 A, RB | 5.50% | 01/01/2054 | 13000 | &nbsp;&nbsp; 14130527 |
| Oklahoma (State of) Water Resources Board (2019 Master Trust); Series 2023, RB | 4.13% | 04/01/2053 | 3700 | &nbsp;&nbsp; 3550025 |
| Oklahoma Municipal Power Authority; Series 2025, RB (INS - AGI)<sup>(e)(f)(h)</sup> <br>| 5.25% | 01/01/2056 | 8850 | &nbsp;&nbsp; 9451475 |
| Tulsa (City of), OK Airports Improvement Trust; Series 2001 C, Ref. RB<sup>(b)</sup> <br>| 5.50% | 12/01/2035 | 7500 | &nbsp;&nbsp; 7518676 |
| Tulsa Municipal Airport Trust Trustees (American Airlines, Inc.); Series 2025, Ref. RB<sup>(b)</sup> <br>| 6.25% | 12/01/2035 | 4500 | &nbsp;&nbsp; 5294388 |
|  |  |  |  | &nbsp;&nbsp; 54586738 |
| **Oregon–0.90%** | **Oregon–0.90%** | **Oregon–0.90%** | **Oregon–0.90%** | **Oregon–0.90%** |
| Clackamas (County of), OR Hospital Facility Authority (Mary's Woods at Marylhurst, Inc.); |  |  |  |  |
| Series 2018 A, RB | 5.00% | 05/15/2048 | 1090 | &nbsp;&nbsp; 1055055 |
| Series 2018 A, RB | 5.00% | 05/15/2052 | 500 | &nbsp;&nbsp; 469291 |
| Clackamas (County of), OR Hospital Facility Authority (Rose Villa); |  |  |  |  |
| Series 2020 A, Ref. RB | 5.13% | 11/15/2040 | 1000 | &nbsp;&nbsp; 1014509 |
| Series 2020 A, Ref. RB | 5.25% | 11/15/2050 | 1250 | &nbsp;&nbsp; 1251096 |
| Clackamas (County of), OR Hospital Facility Authority (Willamette View); |  |  |  |  |
| Series 2017 A, Ref. RB | 5.00% | 11/15/2047 | 2415 | &nbsp;&nbsp; 2362716 |
| Series 2017 A, Ref. RB | 5.00% | 11/15/2052 | 2960 | &nbsp;&nbsp; 2798072 |
| Portland (Port of), OR (Green Bonds); |  |  |  |  |
| Series 2024, RB<sup>(b)</sup> <br>| 5.25% | 07/01/2054 | 10500 | &nbsp;&nbsp; 10926758 |
| Twenty Ninth Series 2023, RB<sup>(b)</sup> <br>| 5.50% | 07/01/2053 | 5000 | &nbsp;&nbsp; 5276480 |
|  |  |  |  | &nbsp;&nbsp; 25153977 |
| **Pennsylvania–4.67%** | **Pennsylvania–4.67%** | **Pennsylvania–4.67%** | **Pennsylvania–4.67%** | **Pennsylvania–4.67%** |
| Allegheny (County of), PA Airport Authority; Series 2021 A, RB<sup>(b)</sup> <br>| 5.00% | 01/01/2056 | 15000 | &nbsp;&nbsp; 15152423 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University); |  |  |  |  |
| Series 2019, Ref. RB | 4.00% | 09/01/2049 | 5535 | &nbsp;&nbsp; 4949227 |
| Series 2022, Ref. RB | 5.00% | 05/01/2057 | 5345 | &nbsp;&nbsp; 5383951 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (National Gypson <br> Co.); Series 2014, Ref. RB<sup>(b)</sup> <br>| 5.50% | 11/01/2044 | 3300 | &nbsp;&nbsp; 3302261 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major <br> Bridges); Series 2022, RB<sup>(b)</sup> <br>| 5.25% | 06/30/2053 | 12000 | &nbsp;&nbsp; 12211399 |
| Pennsylvania (Commonwealth of) Housing Finance Agency (Social Bonds); |  |  |  |  |
| Series 2024-145A, RB | 6.00% | 10/01/2054 | 3865 | &nbsp;&nbsp; 4248768 |
| Series 2025-149A, RB<sup>(f)</sup> <br>| 5.15% | 10/01/2050 | 12000 | &nbsp;&nbsp; 12251396 |
| Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District); <br> Series 2016 A, Ref. RB (INS - AGI)<sup>(e)</sup> <br>| 5.00% | 06/01/2032 | 5000 | &nbsp;&nbsp; 5093207 |
| Pennsylvania (Commonwealth of) Turnpike Commission; |  |  |  |  |
| Series 2014 A-2, RB | 5.13% | 12/01/2040 | 5500 | &nbsp;&nbsp; 5832728 |
| Series 2017 A, RB | 5.50% | 12/01/2046 | 10000 | &nbsp;&nbsp; 10104738 |
| Series 2017 B-1, RB | 5.25% | 06/01/2047 | 9875 | &nbsp;&nbsp; 10035524 |
| Series 2020 B, RB | 5.00% | 12/01/2045 | 2000 | &nbsp;&nbsp; 2112175 |
| Series 2021 A, Ref. RB | 4.00% | 12/01/2051 | 8500 | &nbsp;&nbsp; 7819183 |
| Series 2021 B, Ref. RB | 4.00% | 12/01/2053 | 5995 | &nbsp;&nbsp; 5456771 |
| Philadelphia (City of), PA Authority for Industrial Development; Series 2025, RB<sup>(f)</sup> <br>| 5.50% | 07/01/2053 | 11000 | &nbsp;&nbsp; 11905166 |
| Philadelphia (City of), PA Authority for Industrial Development (St. Joseph's University); <br> Series 2022, RB<br>| 5.25% | 11/01/2047 | 8000 | &nbsp;&nbsp; 8344665 |
| Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University); <br> Series 2017 A, Ref. RB<br>| 5.00% | 09/01/2047 | 3500 | &nbsp;&nbsp; 3516640 |
| Philadelphia School District (The); Series 2007 A, Ref. GO Bonds (INS - NATL)<sup>(e)</sup> <br>| 5.00% | 06/01/2026 | 2360 | &nbsp;&nbsp; 2375926 |
|  |  |  |  | &nbsp;&nbsp; 130096148 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**12**

**Invesco Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Puerto Rico–1.33%** | **Puerto Rico–1.33%** | **Puerto Rico–1.33%** | **Puerto Rico–1.33%** | **Puerto Rico–1.33%** |
| Children's Trust Fund; |  |  |  |  |
| Series 2002, RB | 5.50% | 05/15/2039 | $3920 | &nbsp;&nbsp; $3984329 |
| Series 2002, RB | 5.63% | 05/15/2043 | 1250 | &nbsp;&nbsp; 1269171 |
| Series 2008 A, RB<sup>(g)</sup> <br>| 0.00% | 05/15/2057 | 54915 | &nbsp;&nbsp; 2704273 |
| Series 2008 B, RB<sup>(g)</sup> <br>| 0.00% | 05/15/2057 | 260000 | &nbsp;&nbsp; 8130954 |
| Puerto Rico (Commonwealth of); Series 2021 A-1, GO Bonds | 4.00% | 07/01/2046 | 5000 | &nbsp;&nbsp; 4514241 |
| Puerto Rico (Commonwealth of) Electric Power Authority; Series 2007 VV, Ref. RB (INS - AGI)<sup>(e)</sup> <br>| 5.25% | 07/01/2031 | 2700 | &nbsp;&nbsp; 2795266 |
| Puerto Rico Sales Tax Financing Corp.; |  |  |  |  |
| Series 2018 A-1, RB | 4.55% | 07/01/2040 | 1583 | &nbsp;&nbsp; 1593275 |
| Series 2018 A-1, RB<sup>(g)</sup> <br>| 0.00% | 07/01/2046 | 21000 | &nbsp;&nbsp; 7553923 |
| Series 2018 A-1, RB | 5.00% | 07/01/2058 | 4500 | &nbsp;&nbsp; 4416878 |
|  |  |  |  | &nbsp;&nbsp; 36962310 |
| **Rhode Island–0.31%** | **Rhode Island–0.31%** | **Rhode Island–0.31%** | **Rhode Island–0.31%** | **Rhode Island–0.31%** |
| Rhode Island Health & Educational Building Corp. (Lifespan Obligated Group); |  |  |  |  |
| Series 2024, RB | 5.25% | 05/15/2049 | 1825 | &nbsp;&nbsp; 1887660 |
| Series 2024, RB | 5.25% | 05/15/2054 | 6555 | &nbsp;&nbsp; 6719139 |
|  |  |  |  | &nbsp;&nbsp; 8606799 |
| **South Carolina–1.49%** | **South Carolina–1.49%** | **South Carolina–1.49%** | **South Carolina–1.49%** | **South Carolina–1.49%** |
| Patriots Energy Group Financing Agency; Series 2023 A-1, RB<sup>(a)</sup> <br>| 5.25% | 08/01/2031 | 7250 | &nbsp;&nbsp; 7972426 |
| South Carolina (State of) Jobs-Economic Development Authority (Lutheran Homes); |  |  |  |  |
| Series 2013, RB | 5.00% | 05/01/2028 | 1255 | &nbsp;&nbsp; 1255329 |
| Series 2017, Ref. RB | 5.00% | 05/01/2037 | 2860 | &nbsp;&nbsp; 2826845 |
| South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group); <br> Series 2018 A, Ref. RB<br>| 5.00% | 05/01/2043 | 5000 | &nbsp;&nbsp; 5116140 |
| South Carolina (State of) Jobs-Economic Development Authority (Rolling Green Village); <br> Series 2025, RB<br>| 5.75% | 12/01/2060 | 915 | &nbsp;&nbsp; 920497 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group); |  |  |  |  |
| Series 2024, RB | 5.50% | 11/01/2048 | 2500 | &nbsp;&nbsp; 2691792 |
| Series 2024, RB | 5.50% | 11/01/2050 | 10000 | &nbsp;&nbsp; 10695801 |
| South Carolina (State of) Public Service Authority; Series 2021 B, RB | 5.00% | 12/01/2040 | 3300 | &nbsp;&nbsp; 3581178 |
| South Carolina (State of) Public Service Authority (Santee Cooper); Series 2024 B, Ref. RB | 5.25% | 12/01/2054 | 6250 | &nbsp;&nbsp; 6606332 |
|  |  |  |  | &nbsp;&nbsp; 41666340 |
| **Tennessee–0.93%** | **Tennessee–0.93%** | **Tennessee–0.93%** | **Tennessee–0.93%** | **Tennessee–0.93%** |
| Knox (County of), TN Health, Educational & Housing Facility Board (University of Tennessee); <br> Series 2024 A-1, RB (INS - BAM)<sup>(e)</sup> <br>| 5.25% | 07/01/2049 | 1250 | &nbsp;&nbsp; 1315174 |
| Metropolitan Nashville Airport Authority (The); |  |  |  |  |
| Series 2019 B, RB<sup>(b)</sup> <br>| 5.00% | 07/01/2044 | 5000 | &nbsp;&nbsp; 5156708 |
| Series 2022 B, RB<sup>(b)</sup> <br>| 5.50% | 07/01/2052 | 11250 | &nbsp;&nbsp; 11838086 |
| Shelby (County of), TN Health, Educational & Housing Facilities Board (The Village at Germantown, <br> Inc.);<br>|  |  |  |  |
| Series 2014, RB | 5.00% | 12/01/2034 | 1000 | &nbsp;&nbsp; 1000393 |
| Series 2014, RB | 5.25% | 12/01/2044 | 1165 | &nbsp;&nbsp; 1147235 |
| Tennessee Energy Acquisition Corp.; Series 2021 A, RB<sup>(a)</sup> <br>| 5.00% | 11/01/2031 | 5000 | &nbsp;&nbsp; 5451979 |
|  |  |  |  | &nbsp;&nbsp; 25909575 |
| **Texas–12.58%** | **Texas–12.58%** | **Texas–12.58%** | **Texas–12.58%** | **Texas–12.58%** |
| Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.); Series 2025, Ref. <br> RB<sup>(d)</sup> <br>| 5.75% | 06/15/2055 | 1000 | &nbsp;&nbsp; 1017632 |
| Arlington Higher Education Finance Corp. (Universal Academy); Series 2014 A, RB | 7.00% | 03/01/2034 | 1000 | &nbsp;&nbsp; 1001128 |
| Board of Regents of the University of Texas System; |  |  |  |  |
| Series 2019 B, RB | 5.00% | 08/15/2049 | 15000 | &nbsp;&nbsp; 16926580 |
| Series 2025 B, RB | 5.00% | 08/15/2051 | 5000 | &nbsp;&nbsp; 5305237 |
| Canutillo Independent School District/TX; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<sup>(f)</sup> <br>| 5.25% | 02/15/2060 | 6500 | &nbsp;&nbsp; 6919433 |
| Cypress-Fairbanks Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent <br> School Fund)<br>| 4.00% | 02/15/2048 | 6750 | &nbsp;&nbsp; 6378016 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport); Series 2022 B, Ref. RB | 4.00% | 11/01/2045 | 5000 | &nbsp;&nbsp; 4928044 |
| El Paso (City of), TX; Series 2022 A, RB | 4.00% | 03/01/2048 | 10000 | &nbsp;&nbsp; 9504876 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**13**

**Invesco Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| Forney Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2053 | $16110 | &nbsp;&nbsp; $14983837 |
| Grand Parkway Transportation Corp.; Series 2020, Ref. RB | 4.00% | 10/01/2049 | 10300 | &nbsp;&nbsp; 9605698 |
| Greater Texoma Utility Authority (City of Sherman); Series 2023 A, RB (INS - BAM)<sup>(e)</sup> <br>| 5.25% | 10/01/2048 | 10750 | &nbsp;&nbsp; 11309090 |
| Harris (County of), TX; Series 2007 C, Ref. GO Bonds (INS - AGI)<sup>(e)</sup> <br>| 5.25% | 08/15/2031 | 6665 | &nbsp;&nbsp; 7716819 |
| Harris (County of), TX Port Authority of Houston; Series 2021, RB | 4.00% | 10/01/2046 | 7065 | &nbsp;&nbsp; 6872294 |
| Harris (County of), TX Toll Road Authority (The); Series 2021, Ref. RB | 4.00% | 08/15/2050 | 7725 | &nbsp;&nbsp; 7288294 |
| Harris County Cultural Education Facilities Finance Corp. (Houston Methodist Hospital); <br> Series 2025 A, VRD RB<sup>(j)</sup> <br>| 1.10% | 12/01/2060 | 20000 | &nbsp;&nbsp; 20000000 |
| Harris County Hospital District; Series 2025, GO Bonds<sup>(f)</sup> <br>| 5.50% | 02/15/2050 | 7000 | &nbsp;&nbsp; 7672552 |
| Houston (City of), TX (United Airlines, Inc.); Series 2021 B-1, RB<sup>(b)</sup> <br>| 4.00% | 07/15/2041 | 5550 | &nbsp;&nbsp; 5253310 |
| Houston (City of), TX Airport System (United Airlines, Inc.); |  |  |  |  |
| Series 2018, RB<sup>(b)</sup> <br>| 5.00% | 07/15/2028 | 8250 | &nbsp;&nbsp; 8560709 |
| Series 2020 B-2, Ref. RB<sup>(b)</sup> <br>| 5.00% | 07/15/2027 | 1500 | &nbsp;&nbsp; 1532627 |
| Series 2020 C, Ref. RB<sup>(b)</sup> <br>| 5.00% | 07/15/2027 | 3875 | &nbsp;&nbsp; 3959285 |
| Series 2024 B, RB<sup>(b)</sup> <br>| 5.50% | 07/15/2039 | 10000 | &nbsp;&nbsp; 10962674 |
| Houston (City of), TX Convention & Entertainment Facilities Department; |  |  |  |  |
| Series 2001 B, RB (INS - AGI)<sup>(e)(g)</sup> <br>| 0.00% | 09/01/2026 | 8750 | &nbsp;&nbsp; 8636491 |
| Series 2001 B, RB (INS - AGI)<sup>(e)(g)</sup> <br>| 0.00% | 09/01/2027 | 3600 | &nbsp;&nbsp; 3457316 |
| Jarrell Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) | 4.25% | 02/15/2053 | 9460 | &nbsp;&nbsp; 9234827 |
| Katy Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2053 | 6025 | &nbsp;&nbsp; 5609226 |
| Lamar Consolidated Independent School District; Series 2023, GO Bonds | 4.00% | 02/15/2053 | 5000 | &nbsp;&nbsp; 4618227 |
| Love Field Airport Modernization Corp. (Southwest Airlines Co.); Series 2012, RB<sup>(b)</sup> <br>| 5.00% | 11/01/2028 | 1070 | &nbsp;&nbsp; 1071895 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.); Series 2022, Ref. RB | 6.00% | 05/15/2052 | 4265 | &nbsp;&nbsp; 4622118 |
| Magnolia Independent School District; |  |  |  |  |
| Series 2023, GO Bonds<sup>(a)(i)</sup> <br>| 4.00% | 08/15/2032 | 330 | &nbsp;&nbsp; 362914 |
| Series 2023, GO Bonds | 4.00% | 08/15/2047 | 5825 | &nbsp;&nbsp; 5604418 |
| Mansfield Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<sup>(f)</sup> <br>| 5.25% | 02/15/2055 | 5000 | &nbsp;&nbsp; 5346628 |
| Medina Valley Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 4.00% | 02/15/2053 | 5500 | &nbsp;&nbsp; 4999752 |
| Mesquite Health Facilities Development Corp. (Christian Care Centers, Inc.); |  |  |  |  |
| Series 2014, Ref. RB<sup>(k)</sup> <br>| 5.13% | 02/15/2030 | 592 | &nbsp;&nbsp; 5922 |
| Series 2014, Ref. RB<sup>(k)</sup> <br>| 5.13% | 02/15/2042 | 723 | &nbsp;&nbsp; 7225 |
| Series 2016, Ref. RB<sup>(k)</sup> <br>| 5.00% | 02/15/2030 | 95 | &nbsp;&nbsp; 948 |
| Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB<sup>(b)(d)</sup> <br>| 4.63% | 10/01/2031 | 9335 | &nbsp;&nbsp; 9373531 |
| New Hope Cultural Education Facilities Finance Corp.; |  |  |  |  |
| Series 2025 A, RB | 6.50% | 10/01/2055 | 3600 | &nbsp;&nbsp; 3735994 |
| Series 2025 A, RB | 6.50% | 10/01/2060 | 2500 | &nbsp;&nbsp; 2587991 |
| Series 2025, VRD RB<sup>(j)</sup> <br>| 1.05% | 08/01/2055 | 10000 | &nbsp;&nbsp; 10000000 |
| New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community); |  |  |  |  |
| Series 2021 A-1, RB (Acquired 11/24/2021; Cost $15,000)<sup>(k)(l)</sup> <br>| 7.50% | 11/15/2037 | 15 | &nbsp;&nbsp; 15000 |
| Series 2021, RB (Acquired 07/27/2007-11/19/2025; Cost $361,288)<sup>(k)(l)</sup> <br>| 2.00% | 11/15/2061 | 373 | &nbsp;&nbsp; 160515 |
| New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); Series 2017, Ref. RB | 5.00% | 01/01/2047 | 3000 | &nbsp;&nbsp; 3001939 |
| New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford); |  |  |  |  |
| Series 2016 A, RB | 5.00% | 11/15/2026 | 305 | &nbsp;&nbsp; 304947 |
| Series 2016 A, RB | 5.38% | 11/15/2036 | 865 | &nbsp;&nbsp; 860570 |
| Series 2016 A, RB | 5.50% | 11/15/2046 | 1250 | &nbsp;&nbsp; 1125835 |
| New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); |  |  |  |  |
| Series 2018, Ref. RB | 5.00% | 10/01/2035 | 1820 | &nbsp;&nbsp; 1843234 |
| Series 2018, Ref. RB | 5.00% | 10/01/2039 | 3260 | &nbsp;&nbsp; 3283439 |
| Series 2020, RB | 5.25% | 10/01/2055 | 4995 | &nbsp;&nbsp; 4698583 |
| North Texas Tollway Authority; |  |  |  |  |
| Series 2008 D, Ref. RB (INS - AGI)<sup>(e)(g)</sup> <br>| 0.00% | 01/01/2028 | 12800 | &nbsp;&nbsp; 12251277 |
| Series 2008 D, Ref. RB (INS - AGI)<sup>(e)(g)</sup> <br>| 0.00% | 01/01/2029 | 2165 | &nbsp;&nbsp; 2020570 |
| Series 2008 D, Ref. RB (INS - AGI)<sup>(e)(g)</sup> <br>| 0.00% | 01/01/2031 | 4710 | &nbsp;&nbsp; 4160233 |
| Northwest Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<sup>(f)</sup> <br>| 5.25% | 02/15/2055 | 4000 | &nbsp;&nbsp; 4280370 |
| Pottsboro Higher Education Finance Corp. (Imagine International Academy of North Texas LLC); <br> Series 2016 A, RB<br>| 5.00% | 08/15/2046 | 3000 | &nbsp;&nbsp; 2846811 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**14**

**Invesco Municipal Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area); Series 2016, <br> RB<br>| 5.75% | 09/15/2036 | $145 | &nbsp;&nbsp; $145245 |
| San Antonio (City of), TX; |  |  |  |  |
| Series 2025, RB<sup>(f)</sup> <br>| 5.25% | 02/01/2046 | 5250 | &nbsp;&nbsp; 5710070 |
| Series 2025, RB<sup>(f)(h)</sup> <br>| 5.50% | 02/01/2050 | 5000 | &nbsp;&nbsp; 5443868 |
| San Jacinto River Authority (Groundwater Reduction Plan Division); |  |  |  |  |
| Series 2011, RB (INS - AGI)<sup>(e)</sup> <br>| 5.00% | 10/01/2032 | 1250 | &nbsp;&nbsp; 1251837 |
| Series 2011, RB (INS - AGI)<sup>(e)</sup> <br>| 5.00% | 10/01/2037 | 1000 | &nbsp;&nbsp; 1001279 |
| Spring Independent School District; Series 2023, GO Bonds | 4.00% | 08/15/2052 | 5000 | &nbsp;&nbsp; 4613529 |
| Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); |  |  |  |  |
| Series 2007, RB<sup>(k)</sup> <br>| 5.75% | 02/15/2029 | 1500 | &nbsp;&nbsp; 1218750 |
| Series 2017 A, RB<sup>(k)</sup> <br>| 6.38% | 02/15/2048 | 1000 | &nbsp;&nbsp; 812500 |
| Series 2017 A, RB<sup>(k)</sup> <br>| 6.38% | 02/15/2052 | 5000 | &nbsp;&nbsp; 4062500 |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health); Series 2018 B, RB | 5.00% | 07/01/2048 | 4080 | &nbsp;&nbsp; 4151748 |
| Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks); |  |  |  |  |
| Series 2020, Ref. RB | 6.63% | 11/15/2041 | 500 | &nbsp;&nbsp; 505934 |
| Series 2020, Ref. RB | 6.75% | 11/15/2051 | 500 | &nbsp;&nbsp; 476486 |
| Series 2020, Ref. RB | 6.88% | 11/15/2055 | 500 | &nbsp;&nbsp; 480883 |
| Texas (State of) Transportation Commission; |  |  |  |  |
| Series 2019, RB<sup>(g)</sup> <br>| 0.00% | 08/01/2045 | 4000 | &nbsp;&nbsp; 1563924 |
| Series 2019, RB<sup>(g)</sup> <br>| 0.00% | 08/01/2046 | 3180 | &nbsp;&nbsp; 1176390 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System); |  |  |  |  |
| Series 2002 A, RB (INS - BHAC)<sup>(e)(g)</sup> <br>| 0.00% | 08/15/2027 | 970 | &nbsp;&nbsp; 936021 |
| Series 2002, RB<sup>(g)(i)</sup> <br>| 0.00% | 08/15/2027 | 30 | &nbsp;&nbsp; 28932 |
| Texas Municipal Gas Acquisition & Supply Corp. III; Series 2021, Ref. RB | 5.00% | 12/15/2032 | 5000 | &nbsp;&nbsp; 5491442 |
| Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North <br> Tarrant Express Managed Lanes);<br>|  |  |  |  |
| Series 2019 A, Ref. RB | 4.00% | 12/31/2038 | 2000 | &nbsp;&nbsp; 2015106 |
| Series 2023, RB<sup>(b)</sup> <br>| 5.50% | 12/31/2058 | 5000 | &nbsp;&nbsp; 5192568 |
| Texas Transportation Finance Corp.; Series 2025, RB<sup>(f)</sup> <br>| 5.50% | 10/01/2055 | 9590 | &nbsp;&nbsp; 10485168 |
| Wylie Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School Fund)<sup>(f)</sup> <br>| 5.25% | 08/15/2054 | 5740 | &nbsp;&nbsp; 6084031 |
|  |  |  |  | &nbsp;&nbsp; 350675092 |
| **Utah–0.80%** | **Utah–0.80%** | **Utah–0.80%** | **Utah–0.80%** | **Utah–0.80%** |
| Black Desert Public Infrastructure District; Series 2024, RB<sup>(d)</sup> <br>| 5.63% | 12/01/2053 | 5000 | &nbsp;&nbsp; 5066004 |
| Downtown Revitalization Public Infrastructure District; Series 2025, RB (INS - AGI)<sup>(e)(f)(h)</sup> <br>| 5.50% | 06/01/2050 | 6250 | &nbsp;&nbsp; 6859518 |
| Salt Lake City (City of), UT; Series 2021 A, RB<sup>(b)</sup> <br>| 5.00% | 07/01/2046 | 10000 | &nbsp;&nbsp; 10309674 |
|  |  |  |  | &nbsp;&nbsp; 22235196 |
| **Virginia–0.61%** | **Virginia–0.61%** | **Virginia–0.61%** | **Virginia–0.61%** | **Virginia–0.61%** |
| Ballston Quarter Community Development Authority; |  |  |  |  |
| Series 2016 A-1, RB | 5.50% | 03/01/2046 | 955 | &nbsp;&nbsp; 955957 |
| Series 2016 A-2, RB<sup>(c)</sup> <br>| 7.13% | 03/01/2059 | 2293 | &nbsp;&nbsp; 2137728 |
| Tobacco Settlement Financing Corp.; Series 2007 B-2, RB | 5.20% | 06/01/2046 | 4000 | &nbsp;&nbsp; 3545618 |
| Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC); <br> Series 2022, Ref. RB<sup>(b)</sup> <br>| 4.00% | 07/01/2039 | 5250 | &nbsp;&nbsp; 5265843 |
| Virginia (Commonwealth of) Small Business Financing Authority (I-495 Hot Lanes); Series 2022, <br> Ref. RB<sup>(b)</sup> <br>| 5.00% | 12/31/2057 | 5000 | &nbsp;&nbsp; 5013846 |
|  |  |  |  | &nbsp;&nbsp; 16918992 |
| **Washington–1.28%** | **Washington–1.28%** | **Washington–1.28%** | **Washington–1.28%** | **Washington–1.28%** |
| Seattle (Port of), WA; Series 2024, Ref. RB<sup>(b)</sup> <br>| 5.25% | 07/01/2049 | 5000 | &nbsp;&nbsp; 5241886 |
| Washington (State of) Convention Center Public Facilities District; Series 2018, RB | 5.00% | 07/01/2058 | 16500 | &nbsp;&nbsp; 16523833 |
| Washington (State of) Housing Finance Commission; Series 2025, RB (INS - BAM)<sup>(d)(e)</sup> <br>| 5.25% | 07/01/2055 | 2500 | &nbsp;&nbsp; 2570720 |
| Washington (State of) Housing Finance Commission (Bayview Manor Homes); Series 2016 A, Ref. <br> RB<sup>(d)</sup> <br>| 5.00% | 07/01/2046 | 7255 | &nbsp;&nbsp; 7034634 |
| Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.); Series 2016, <br> Ref. RB<sup>(d)</sup> <br>| 5.00% | 01/01/2036 | 1875 | &nbsp;&nbsp; 1890664 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**15**

**Invesco Municipal Income Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington–(continued)** | **Washington–(continued)** | **Washington–(continued)** | **Washington–(continued)** | **Washington–(continued)** | **Washington–(continued)** |
| Washington (State of) Housing Finance Commission (The Hearthstone); |  |  |  |  |  |
| Series 2018 A, Ref. RB<sup>(d)</sup> <br>| 5.00% | 07/01/2048 |  | $2000 | &nbsp;&nbsp; $1505483 |
| Series 2018 A, Ref. RB<sup>(d)</sup> <br>| 5.00% | 07/01/2053 |  | 1500 | &nbsp;&nbsp; 1068530 |
|  |  |  |  |  | &nbsp;&nbsp; 35835750 |
| **West Virginia–0.52%** | **West Virginia–0.52%** | **West Virginia–0.52%** | **West Virginia–0.52%** | **West Virginia–0.52%** | **West Virginia–0.52%** |
| Monongalia (County of), WV Commission Special District (University Town Centre Economic <br> Opportunity Development District); Series 2017 A, Ref. RB<sup>(d)</sup> <br>| 5.50% | 06/01/2037 |  | 2500 | &nbsp;&nbsp; 2539617 |
| West Virginia (State of) Economic Development Authority (Core Natural Resources, Inc.); <br> Series 2025, Ref. RB<sup>(a)(b)(d)</sup> <br>| 5.45% | 03/27/2035 |  | 1000 | &nbsp;&nbsp; 1096238 |
| West Virginia (State of) Economic Development Authority (Entsorga West Virginia LLC); <br> Series 2018, RB<sup>(b)(d)(k)</sup> <br>| 8.75% | 02/01/2036 |  | 1300 | &nbsp;&nbsp; 312000 |
| West Virginia (State of) Hospital Finance Authority (United Health System Obligated); Series 2025, <br> RB<br>| 5.50% | 06/01/2050 |  | 5830 | &nbsp;&nbsp; 6269047 |
| West Virginia (State of) Hospital Finance Authority (Vandalia Health Group); Series 2023 B, RB | 6.00% | 09/01/2053 |  | 4000 | &nbsp;&nbsp; 4314489 |
|  |  |  |  |  | &nbsp;&nbsp; 14531391 |
| **Wisconsin–3.30%** | **Wisconsin–3.30%** | **Wisconsin–3.30%** | **Wisconsin–3.30%** | **Wisconsin–3.30%** | **Wisconsin–3.30%** |
| Wisconsin (State of) Center District; Series 2020, RB (INS - AGI)<sup>(e)(g)</sup> <br>| 0.00% | 12/15/2060 |  | 25000 | &nbsp;&nbsp; 4379935 |
| Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic Health System); <br> Series 2024, RB<br>| 5.50% | 02/15/2054 |  | 5000 | &nbsp;&nbsp; 5267887 |
| Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the <br> Midwest Obligated Group); Series 2017, Ref. RB<br>| 5.00% | 08/01/2039 |  | 3500 | &nbsp;&nbsp; 2291533 |
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group); |  |  |  |  |  |
| Series 2021, RB | 4.00% | 08/15/2046 |  | 10170 | &nbsp;&nbsp; 9396571 |
| Series 2025, RB | 5.25% | 08/15/2055 |  | 5000 | &nbsp;&nbsp; 5173773 |
| Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health); Series 2022 A, <br> Ref. RB<br>| 4.00% | 04/01/2042 |  | 9460 | &nbsp;&nbsp; 9462354 |
| Wisconsin (State of) Public Finance Authority; |  |  |  |  |  |
| Series 2023 B, RB<sup>(d)(g)</sup> <br>| 0.00% | 07/01/2062 |  | 6750 | &nbsp;&nbsp; 5518125 |
| Series 2025, RB<sup>(b)</sup> <br>| 5.75% | 06/30/2060 |  | 5000 | &nbsp;&nbsp; 5242054 |
| Series 2025, RB<sup>(b)</sup> <br>| 6.50% | 06/30/2060 |  | 5000 | &nbsp;&nbsp; 5568823 |
| Series 2025, RB<sup>(b)</sup> <br>| 5.75% | 12/31/2065 |  | 6280 | &nbsp;&nbsp; 6574521 |
| Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); Series 2017, <br> RB<sup>(d)(k)</sup> <br>| 6.75% | 08/01/2031 |  | 3000 | &nbsp;&nbsp; 2100000 |
| Wisconsin (State of) Public Finance Authority (Explore Academy); |  |  |  |  |  |
| Series 2020 A, RB<sup>(d)</sup> <br>| 6.13% | 02/01/2050 |  | 2500 | &nbsp;&nbsp; 2499778 |
| Series 2022 A, RB<sup>(d)</sup> <br>| 6.13% | 02/01/2050 |  | 2705 | &nbsp;&nbsp; 2704739 |
| Wisconsin (State of) Public Finance Authority (Green Bonds); Series 2021, RB<sup>(b)</sup> <br>| 4.00% | 03/31/2056 |  | 5500 | &nbsp;&nbsp; 4566639 |
| Wisconsin (State of) Public Finance Authority (Maryland Proton Treatment Center); Series 2018 <br> A-1, RB<sup>(d)(k)</sup> <br>| 6.25% | 01/01/2038 |  | 5250 | &nbsp;&nbsp; 2362499 |
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.); |  |  |  |  |  |
| Series 2018 A, RB | 5.20% | 12/01/2037 |  | 5000 | &nbsp;&nbsp; 5130652 |
| Series 2018 A, RB | 5.35% | 12/01/2045 |  | 4000 | &nbsp;&nbsp; 4049711 |
| Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences); <br> Series 2015, Ref. RB<br>| 5.75% | 04/01/2035 |  | 1800 | &nbsp;&nbsp; 1801941 |
| Wisconsin (State of) Public Finance Authority (The Evergreens Obligated Group); Series 2019 A, <br> Ref. RB<br>| 5.00% | 11/15/2044 |  | 1940 | &nbsp;&nbsp; 1983051 |
| Wisconsin (State of) Public Finance Authority (Two Step); Series 2024, RB<sup>(d)(g)</sup> <br>| 0.00% | 12/15/2034 |  | 1375 | &nbsp;&nbsp; 818193 |
| Wisconsin (State of) Public Finance Authority (Wakemed Hospital); Series 2019 A, Ref. RB | 5.00% | 10/01/2044 |  | 4000 | &nbsp;&nbsp; 4097565 |
| Wisconsin (State of) Public Finance Authority (WhiteStone); Series 2017, Ref. RB<sup>(d)</sup> <br>| 5.00% | 03/01/2052 |  | 1075 | &nbsp;&nbsp; 959003 |
|  |  |  |  |  | &nbsp;&nbsp; 91949347 |
| Total Municipal Obligations (Cost $2,909,848,303) | Total Municipal Obligations (Cost $2,909,848,303) | Total Municipal Obligations (Cost $2,909,848,303) | Total Municipal Obligations (Cost $2,909,848,303) |  | &nbsp;&nbsp; 2941115170 |
|  |  |  | **Shares** | **Shares** |  |
| **Exchange-Traded Funds–0.84%** | **Exchange-Traded Funds–0.84%** | **Exchange-Traded Funds–0.84%** | **Exchange-Traded Funds–0.84%** | **Exchange-Traded Funds–0.84%** | **Exchange-Traded Funds–0.84%** |
| Invesco Intermediate Municipal ETF<sup>(m)</sup> <br>|  |  |  | 177000 | &nbsp;&nbsp; 9300465 |
| Invesco Rochester High Yield Municipal ETF<sup>(m)</sup> <br>|  |  |  | 271606 | &nbsp;&nbsp; 13979561 |
| Total Exchange-Traded Funds (Cost $22,920,306) | Total Exchange-Traded Funds (Cost $22,920,306) | Total Exchange-Traded Funds (Cost $22,920,306) | Total Exchange-Traded Funds (Cost $22,920,306) |  | &nbsp;&nbsp; 23280026 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**16**

**Invesco Municipal Income Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–0.00%** | **U.S. Dollar Denominated Bonds & Notes–0.00%** | **U.S. Dollar Denominated Bonds & Notes–0.00%** | **U.S. Dollar Denominated Bonds & Notes–0.00%** | **U.S. Dollar Denominated Bonds & Notes–0.00%** | **U.S. Dollar Denominated Bonds & Notes–0.00%** |
| **Texas–0.00%** | **Texas–0.00%** | **Texas–0.00%** | **Texas–0.00%** | **Texas–0.00%** | **Texas–0.00%** |
| Buckingham Senior Living Community, Inc. Class 2025 <br>(Cost $10,000)<sup>(d)(n)</sup> <br>| 12.00% | 03/31/2026 |  | $10 | &nbsp;&nbsp; $10000 |
|  |  |  | **Shares** | **Shares** |  |
| **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** | **Common Stocks & Other Equity Interests–0.00%** |
| BL Train Holdings West LLC; Wts. expiring 12/01/2025 <br>(Cost $0)<sup>(n)</sup> <br>|  |  |  | 68700 | &nbsp;&nbsp; 103050 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(o)</sup>–106.34% (Cost $2,932,778,609) | TOTAL INVESTMENTS IN SECURITIES<sup>(o)</sup>–106.34% (Cost $2,932,778,609) | TOTAL INVESTMENTS IN SECURITIES<sup>(o)</sup>–106.34% (Cost $2,932,778,609) | TOTAL INVESTMENTS IN SECURITIES<sup>(o)</sup>–106.34% (Cost $2,932,778,609) |  | &nbsp;&nbsp; 2964508246 |
| FLOATING RATE NOTE OBLIGATIONS–(7.09)% | FLOATING RATE NOTE OBLIGATIONS–(7.09)% | FLOATING RATE NOTE OBLIGATIONS–(7.09)% | FLOATING RATE NOTE OBLIGATIONS–(7.09)% |  |  |
| Notes with interest and fee rates ranging from 2.07% to 2.57% at 02/28/2026 and <br>contractual maturities of collateral ranging from 02/01/2046 to 07/15/2060 (See <br> Note 1K)<sup>(p)</sup> <br>|  |  |  |  | &nbsp;&nbsp; (197645000)<br>|
| OTHER ASSETS LESS LIABILITIES–0.75% | OTHER ASSETS LESS LIABILITIES–0.75% | OTHER ASSETS LESS LIABILITIES–0.75% | OTHER ASSETS LESS LIABILITIES–0.75% |  | &nbsp;&nbsp; 20865451 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $2787728697 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| AGI | – Assured Guaranty, Inc. |
| BAM | – Build America Mutual Assurance Co. |
| BHAC | – Berkshire Hathaway Assurance Corp. |
| CEP | – Credit Enhancement Provider |
| COP | – Certificates of Participation |
| Ctfs. | – Certificates |
| ETF | – Exchange-Traded Fund |
| GNMA | – Government National Mortgage Association |
| GO | – General Obligation |
| IDR | – Industrial Development Revenue Bonds |
| INS | – Insurer |
| NATL | – National Public Finance Guarantee Corp. |
| RAC | – Revenue Anticipation Certificates |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| RN | – Revenue Notes |
| VRD | – Variable Rate Demand |
| Wts. | – Warrants |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**17**

**Invesco Municipal Income Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(b)</sup> Security subject to the alternative minimum tax.

<sup>(c)</sup> Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(d)</sup> 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 February 28, 2026 was $227,288,135, which represented 8.15% of the Fund's Net Assets. 

<sup>(e)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

<sup>(f)</sup> Underlying security related to TOB Trusts entered into by the Fund. See Note 1L.

<sup>(g)</sup> Zero coupon bond issued at a discount.

<sup>(h)</sup> 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 $68,248,670. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. 

<sup>(i)</sup> Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

<sup>(j)</sup> 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 February 28, 2026. 

<sup>(k)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2026 was $16,857,396, which represented less than 1% of the Fund's Net Assets. 

<sup>(l)</sup> Restricted security. The aggregate value of these securities at February 28, 2026 was $4,164,988, which represented less than 1% of the Fund's Net Assets.

<sup>(m)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended February 28, 2026. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**February 28, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Intermediate Municipal ETF | $- | &nbsp;&nbsp; $9131197 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $169268 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9300465 | &nbsp;&nbsp; $103130 |
| Invesco Rochester High Yield Municipal ETF\* | 877166 | &nbsp;&nbsp; 12917644 | &nbsp;&nbsp; - | &nbsp;&nbsp; 185896 | &nbsp;&nbsp; - | &nbsp;&nbsp; 13979561 | &nbsp;&nbsp; 281319 |
| Total | $877166 | &nbsp;&nbsp; $22048841 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $355164 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $23280026 | &nbsp;&nbsp; $384449 |

---

\* Includes return of capital distribution.

<sup>(n)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(o)</sup> This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer's obligations but may be called upon to satisfy the issuer's obligations. 

---

| | |
|:---|:---|
| **Entity** | **Percent** |
| Assured Guaranty Inc. | 8.55<br> %<br>|

---

<sup>(p)</sup> Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2026. At February 28, 2026, the Fund's investments with a value of $279,719,888 are held by TOB Trusts and serve as collateral for the $197,645,000 in the floating rate note obligations outstanding at that date. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Short Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 1250 | June-2026 | &nbsp;&nbsp;&nbsp; $(142265625)<br>| &nbsp;&nbsp;&nbsp; $(156339)<br>| &nbsp;&nbsp;&nbsp; $(156339)<br>|

---

<sup>(a)</sup> Futures contracts collateralized by $2,578,125 cash held with Goldman Sachs International, the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**18**

**Invesco Municipal Income Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,909,858,303)<br>| &nbsp;&nbsp; $2941228220 |
| Investments in affiliates, at value <br>(Cost $22,920,306)<br>| &nbsp;&nbsp; 23280026 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 2578125 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1110875 |
| Fund shares sold | &nbsp;&nbsp; 648580 |
| Interest | &nbsp;&nbsp; 34620908 |
| Investments matured, at value (Cost $5,690,051) | &nbsp;&nbsp; 1306114 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 349364 |
| Other assets | &nbsp;&nbsp; 658395 |
| Total assets | &nbsp;&nbsp; 3005780607 |
| **Liabilities:** |  |
| Floating rate note obligations | &nbsp;&nbsp; 197645000 |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 2734467 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 6129022 |
| Dividends | &nbsp;&nbsp; 3582046 |
| Fund shares reacquired | &nbsp;&nbsp; 2499567 |
| Amount due to custodian | &nbsp;&nbsp; 4060418 |
| Accrued fees to affiliates | &nbsp;&nbsp; 813045 |
| Accrued interest expense | &nbsp;&nbsp; 15947 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 4206 |
| Accrued other operating expenses | &nbsp;&nbsp; 171397 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 396795 |
| Total liabilities | &nbsp;&nbsp; 218051910 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2787728697 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $3154436042 |
| Distributable earnings (loss) | &nbsp;&nbsp; (366707345)<br>|
|  | &nbsp;&nbsp; $2787728697 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1832492276 |
| Class C | &nbsp;&nbsp; $47594495 |
| Class Y | &nbsp;&nbsp; $465919050 |
| Investor Class | &nbsp;&nbsp; $61569093 |
| Class R6 | &nbsp;&nbsp; $380153783 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 154459872 |
| Class C | &nbsp;&nbsp; 4026959 |
| Class Y | &nbsp;&nbsp; 39280680 |
| Investor Class | &nbsp;&nbsp; 5184893 |
| Class R6 | &nbsp;&nbsp; 32047548 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $11.86 |
| Maximum offering price per share <br>(Net asset value of $11.86 ÷ 95.75%)<br>| &nbsp;&nbsp; $12.39 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.82 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.86 |
| Investor Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.87 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.86 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**19**

**Invesco Municipal Income Fund**

------

**Statement of Operations**

*For the year ended February 28, 2026* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $155182365 |
| Dividends | &nbsp;&nbsp; (1145)<br>|
| Dividends from affiliates | &nbsp;&nbsp; 384449 |
| Total investment income | &nbsp;&nbsp; 155565669 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 13555774 |
| Administrative services fees | &nbsp;&nbsp; 418989 |
| Custodian fees | &nbsp;&nbsp; 18507 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 4858539 |
| Class C | &nbsp;&nbsp; 574254 |
| Investor Class | &nbsp;&nbsp; 87425 |
| Interest, facilities and maintenance fees | &nbsp;&nbsp; 8846800 |
| Transfer agent fees — A, C, Y and Investor | &nbsp;&nbsp; 1740816 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 65260 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 47474 |
| Registration and filing fees | &nbsp;&nbsp; 156925 |
| Reports to shareholders | &nbsp;&nbsp; 156886 |
| Professional services fees | &nbsp;&nbsp; 119550 |
| Other | &nbsp;&nbsp; 49433 |
| Total expenses | &nbsp;&nbsp; 30696632 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (20211)<br>|
| Net expenses | &nbsp;&nbsp; 30676421 |
| Net investment income | &nbsp;&nbsp; 124889248 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(7156235)) | &nbsp;&nbsp; (48178822)<br>|
| Futures contracts | &nbsp;&nbsp; 1369180 |
|  | &nbsp;&nbsp; (46809642)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (18522064)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 355164 |
| Futures contracts | &nbsp;&nbsp; (156339)<br>|
|  | &nbsp;&nbsp; (18323239)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (65132881)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $59756367 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**20**

**Invesco Municipal Income Fund**

------

**Statement of Changes in Net Assets**

*For the years ended February 28, 2026 and 2025* 

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $124889248 | &nbsp;&nbsp; $129764400 |
| Net realized gain (loss) | &nbsp;&nbsp; (46809642)<br>| &nbsp;&nbsp; (19468930)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (18323239)<br>| &nbsp;&nbsp; 18305017 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 59756367 | &nbsp;&nbsp; 128600487 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (77474903)<br>| &nbsp;&nbsp; (83009378)<br>|
| Class C | &nbsp;&nbsp; (1850765)<br>| &nbsp;&nbsp; (2666643)<br>|
| Class Y | &nbsp;&nbsp; (20112823)<br>| &nbsp;&nbsp; (21760149)<br>|
| Investor Class | &nbsp;&nbsp; (2508780)<br>| &nbsp;&nbsp; (2646281)<br>|
| Class R6 | &nbsp;&nbsp; (17948822)<br>| &nbsp;&nbsp; (19855122)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (119896093)<br>| &nbsp;&nbsp; (129937573)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (309584994)<br>| &nbsp;&nbsp; (68831077)<br>|
| Class C | &nbsp;&nbsp; (22636000)<br>| &nbsp;&nbsp; (33143400)<br>|
| Class Y | &nbsp;&nbsp; (86466475)<br>| &nbsp;&nbsp; 37280351 |
| Investor Class | &nbsp;&nbsp; (2550339)<br>| &nbsp;&nbsp; (5778995)<br>|
| Class R6 | &nbsp;&nbsp; (121694840)<br>| &nbsp;&nbsp; 60721404 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (542932648)<br>| &nbsp;&nbsp; (9751717)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (603072374)<br>| &nbsp;&nbsp; (11088803)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 3390801071 | &nbsp;&nbsp; 3401889874 |
| End of year | &nbsp;&nbsp; $2787728697 | &nbsp;&nbsp; $3390801071 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**21**

**Invesco Municipal Income Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Supplemental** <br>**ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee** <br>**waivers** <br>**(excluding** <br>**interest,** <br>**facilities and** <br>**maintenance** <br>**fees)**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 02/28/26 | $12.03 | $0.48 | $(0.19)<br>| $0.29 | $(0.46)<br>| $11.86 | 2.60<br> %<br>| $1832492 | 1.11<br> %<br>| 1.11<br> %<br>| 0.81<br> %<br>| 4.15<br> %<br>| 30<br> %<br>|
| Year ended 02/28/25 | 12.03 | 0.45 | 0.00 <br><sup>(d)</sup><br>| 0.45 | (0.45)<br>| 12.03 | 3.78 | 2179135 | 0.97 | 0.97 | 0.81 | 3.71 | 24 |
| Year ended 02/29/24 | 11.75 | 0.44 | 0.29 | 0.73 | (0.45)<br>| 12.03 | 6.39 | 2248982 | 1.04 | 1.04 | 0.82 | 3.71 | 17 |
| Year ended 02/28/23 | 13.27 | 0.42 | (1.53)<br>| (1.11)<br>| (0.41)<br>| 11.75 | (8.39)<br>| 2162852 | 1.03 | 1.03 | 0.81 | 3.44 | 39 |
| Year ended 02/28/22 | 13.61 | 0.40 | (0.32)<br>| 0.08 | (0.42)<br>| 13.27 | 0.52 | 2557469 | 0.90 | 0.90 | 0.80 | 2.91 | 11 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 02/28/26 | 11.98 | 0.39 | (0.17)<br>| 0.22 | (0.38)<br>| 11.82 | 1.91 | 47594 | 1.86 | 1.86 | 1.56 | 3.40 | 30 |
| Year ended 02/28/25 | 11.98 | 0.35 | 0.00 <br><sup>(d)</sup><br>| 0.35 | (0.35)<br>| 11.98 | 3.01 | 71721 | 1.72 | 1.72 | 1.56 | 2.96 | 24 |
| Year ended 02/29/24 | 11.71 | 0.35 | 0.28 | 0.63 | (0.36)<br>| 11.98 | 5.52 | 104868 | 1.79 | 1.79 | 1.57 | 2.96 | 17 |
| Year ended 02/28/23 | 13.22 | 0.32 | (1.51)<br>| (1.19)<br>| (0.32)<br>| 11.71 | (9.05)<br>| 125624 | 1.78 | 1.78 | 1.56 | 2.69 | 39 |
| Year ended 02/28/22 | 13.55 | 0.30 | (0.32)<br>| (0.02)<br>| (0.31)<br>| 13.22 | (0.18)<br>| 180005 | 1.65 | 1.65 | 1.55 | 2.16 | 11 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 02/28/26 | 12.02 | 0.51 | (0.18)<br>| 0.33 | (0.49)<br>| 11.86 | 2.94 | 465919 | 0.86 | 0.86 | 0.56 | 4.40 | 30 |
| Year ended 02/28/25 | 12.03 | 0.48 | (0.01)<br>| 0.47 | (0.48)<br>| 12.02 | 3.96 | 562511 | 0.72 | 0.72 | 0.56 | 3.96 | 24 |
| Year ended 02/29/24 | 11.75 | 0.47 | 0.29 | 0.76 | (0.48)<br>| 12.03 | 6.66 | 525229 | 0.79 | 0.79 | 0.57 | 3.96 | 17 |
| Year ended 02/28/23 | 13.27 | 0.45 | (1.53)<br>| (1.08)<br>| (0.44)<br>| 11.75 | (8.15)<br>| 368000 | 0.78 | 0.78 | 0.56 | 3.69 | 39 |
| Year ended 02/28/22 | 13.61 | 0.44 | (0.33)<br>| 0.11 | (0.45)<br>| 13.27 | 0.77 | 457194 | 0.65 | 0.65 | 0.55 | 3.16 | 11 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year ended 02/28/26 | 12.04 | 0.49 | (0.19)<br>| 0.30 | (0.47)<br>| 11.87 | 2.68 <br><sup>(e)</sup><br>| 61569 | 1.00 <br><sup>(e)</sup><br>| 1.00 <br><sup>(e)</sup><br>| 0.70 <br><sup>(e)</sup><br>| 4.26 <br><sup>(e)</sup><br>| 30 |
| Year ended 02/28/25 | 12.04 | 0.46 | 0.00 <br><sup>(d)</sup><br>| 0.46 | (0.46)<br>| 12.04 | 3.88 <br><sup>(e)</sup><br>| 65055 | 0.88 <br><sup>(e)</sup><br>| 0.88 <br><sup>(e)</sup><br>| 0.72 <br><sup>(e)</sup><br>| 3.80 <br><sup>(e)</sup><br>| 24 |
| Year ended 02/29/24 | 11.76 | 0.45 | 0.30 | 0.75 | (0.47)<br>| 12.04 | 6.50 <br><sup>(e)</sup><br>| 70913 | 0.95 <br><sup>(e)</sup><br>| 0.95 <br><sup>(e)</sup><br>| 0.73 <br><sup>(e)</sup><br>| 3.80 <br><sup>(e)</sup><br>| 17 |
| Year ended 02/28/23 | 13.28 | 0.43 | (1.53)<br>| (1.10)<br>| (0.42)<br>| 11.76 | (8.28 )<sup>(e)</sup><br>| 74358 | 0.92 <br><sup>(e)</sup><br>| 0.92 <br><sup>(e)</sup><br>| 0.70 <br><sup>(e)</sup><br>| 3.55 <br><sup>(e)</sup><br>| 39 |
| Year ended 02/28/22 | 13.63 | 0.41 | (0.33)<br>| 0.08 | (0.43)<br>| 13.28 | 0.53 <br><sup>(e)</sup><br>| 90711 | 0.81 <br><sup>(e)</sup><br>| 0.81 <br><sup>(e)</sup><br>| 0.71 <br><sup>(e)</sup><br>| 3.00 <br><sup>(e)</sup><br>| 11 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 02/28/26 | 12.02 | 0.52 | (0.18)<br>| 0.34 | (0.50)<br>| 11.86 | 2.99 | 380154 | 0.81 | 0.81 | 0.51 | 4.45 | 30 |
| Year ended 02/28/25 | 12.03 | 0.48 | (0.01)<br>| 0.47 | (0.48)<br>| 12.02 | 4.01 | 512379 | 0.66 | 0.66 | 0.50 | 4.02 | 24 |
| Year ended 02/29/24 | 11.75 | 0.47 | 0.30 | 0.77 | (0.49)<br>| 12.03 | 6.71 | 451897 | 0.74 | 0.74 | 0.52 | 4.01 | 17 |
| Year ended 02/28/23 | 13.27 | 0.45 | (1.53)<br>| (1.08)<br>| (0.44)<br>| 11.75 | (8.11)<br>| 353195 | 0.73 | 0.73 | 0.51 | 3.74 | 39 |
| Year ended 02/28/22 | 13.61 | 0.44 | (0.32)<br>| 0.12 | (0.46)<br>| 13.27 | 0.82 | 363930 | 0.60 | 0.60 | 0.50 | 3.21 | 11 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

<sup>(e)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.14%, 0.16%, 0.16%, 0.14% and 0.16% for the years ended February 28, 2026 and 2025, February 29, 2024, February 28, 2023 and 2022, respectively. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**22**

**Invesco Municipal Income Fund**

------

**Notes to Financial Statements**

*February 28, 2026*

**NOTE 1—Significant Accounting Policies**

Invesco Municipal Income Fund (the "Fund") is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to provide investors with a high level of current income exempt from federal income tax, consistent with preservation of capital.

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Investor Class and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class Y, Investor Class and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Investor Class shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following policy.

Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is not representative of market value in the Adviser's judgment ("unreliable"), the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser

**23**

**Invesco Municipal Income Fund**

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may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes** – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt-interest dividends", as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.

**G.** **Interest, Facilities and Maintenance Fees** – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**K.** **Securities Purchased on a When-Issued and Delayed Delivery Basis** — The Fund may purchase and sell securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

**L.** **Floating Rate Note Obligations** – The Fund invests in inverse floating rate securities, such as Tender Option Bonds ("TOBs"), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund ("TOB Trusts") in exchange for cash and residual interests in the TOB Trusts' assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

**24**

**Invesco Municipal Income Fund**

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shortfall"). The reimbursement agreement will effectively make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund's investment assets, and the related floating rate notes reflected as Fund liabilities under the caption *Floating rate note obligations* on the Statement of Assets and Liabilities. The carrying amount of the Fund's floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of *Interest, facilities and maintenance fees* on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule") prohibit banking entities and their affiliates from sponsoring and/or providing certain services for existing TOB Trusts, which constitute "covered funds" under the Volcker Rule. As a result of the Volcker Rule, the Fund, as holder of inverse floating rate securities, is required to perform certain duties in connection with TOB financing transactions previously performed by banking entities. These duties may alternatively be performed by a non-bank third-party service provider. The Fund's expanded role may increase its operational and regulatory risk.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"), which apply to TOB financing transactions and TOB Trusts. The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying security held by the TOB Trust. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund's ability to engage in TOB financing transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that TOB financing transactions will continue to be a viable or cost-effective form of leverage. The unavailability of TOB financing transactions or an increase in the cost of financing provided by TOB transactions may adversely affect the Fund's net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

**M.** **Collateral** —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day.

**N.** **Other Risks** - The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Fund's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $4.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.430% |

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For the year ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.46%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.50% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

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**Invesco Municipal Income Fund**

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Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended February 28, 2026, the Adviser waived advisory fees of $11,257.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y, Investor Class and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Investor Class shares (collectively, the "Plans"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares, up to 1.00% of the average daily net assets of Class C shares, and up to 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2026, IDI advised the Fund that IDI retained $82,557 in front-end sales commissions from the sale of Class A shares and $106,559 and $1,121 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser'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 February 28, 2026. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2941115170 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2941115170 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 23280026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23280026 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103050 | &nbsp;&nbsp;&nbsp;&nbsp; 103050 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 23280026 | &nbsp;&nbsp;&nbsp;&nbsp; 2941115170 | &nbsp;&nbsp;&nbsp;&nbsp; 113050 | &nbsp;&nbsp;&nbsp;&nbsp; 2964508246 |
| **Other Investments - Assets\*** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1306114 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1306114 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (156339)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (156339)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (156339)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1306114 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1149775 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $23123687 | &nbsp;&nbsp;&nbsp;&nbsp; $2942421284 | &nbsp;&nbsp;&nbsp;&nbsp; $113050 | &nbsp;&nbsp;&nbsp;&nbsp; $2965658021 |

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\* Futures contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and

**26**

**Invesco Municipal Income Fund**

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close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

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| | |
|:---|:---|
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized depreciation on futures contracts —Exchange-Traded | &nbsp;&nbsp;&nbsp;&nbsp; $(156339)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 156339 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

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**Effect of Derivative Investments for the year ended February 28, 2026**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

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| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1369180 |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (156339)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $1212841 |

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The table below summarizes the average notional value of derivatives held during the period.

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $96656648 |

---

**NOTE 5—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended February 28, 2026, the Fund engaged in securities purchases of $276,767,327 and securities sales of $300,290,312, which resulted in net realized gains (losses) of $(7,156,235).

**NOTE 6—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $8,954.

**NOTE 7—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Fund may have certain former Trustees who participated in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 8—Cash Balances and Borrowings**

The Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.5 billion, collectively by certain Invesco Funds, and which will expire on February 18, 2027. The revolving credit and security agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement. During the year ended February 28, 2026, the Fund did not borrow under this agreement.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such

**27**

**Invesco Municipal Income Fund**

------

overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2026 were $169,247,692 and 4.52%, respectively.

**NOTE 9—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** |
|  | **2026** | **2025** |
| Ordinary income\* | &nbsp;&nbsp; $449621 | &nbsp;&nbsp;&nbsp;&nbsp; $137222 |
| Ordinary income-tax-exempt | &nbsp;&nbsp; 119446472 | &nbsp;&nbsp;&nbsp;&nbsp; 129800351 |
| Total distributions | &nbsp;&nbsp; $119896093 | &nbsp;&nbsp;&nbsp;&nbsp; $129937573 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2026** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp; $8336031 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 27258140 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (220523)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (402080993)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 3154436042 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $2787728697 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, amortization and accretion on debt securities and defaulted bonds.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of February 28, 2026, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $198722172 | &nbsp;&nbsp;&nbsp;&nbsp; $203358821 | &nbsp;&nbsp;&nbsp;&nbsp; $402080993 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 10—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2026 was $923,759,633 and $1,349,598,340, respectively. As of February 28, 2026, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $109998786 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (82740646)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $27258140 |

---

Cost of investments for tax purposes is $2,938,399,881.

**NOTE 11—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of market discounts, defaulted bonds and amortization and accretion on debt securities, on February 28, 2026, undistributed net investment income was increased by $1,148,908 and undistributed net realized gain (loss) was decreased by $1,148,908. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**28**

**Invesco Municipal Income Fund**

------

**NOTE 12—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 21237666 | &nbsp;&nbsp;&nbsp; $246549377 | &nbsp;&nbsp;&nbsp; 26725271 | &nbsp;&nbsp;&nbsp; $321395184 |
| Class C | &nbsp;&nbsp;&nbsp; 574691 | &nbsp;&nbsp;&nbsp; 6615815 | &nbsp;&nbsp;&nbsp; 359185 | &nbsp;&nbsp;&nbsp; 4295236 |
| Class Y | &nbsp;&nbsp;&nbsp; 12748334 | &nbsp;&nbsp;&nbsp; 147189131 | &nbsp;&nbsp;&nbsp; 13533976 | &nbsp;&nbsp;&nbsp; 162392629 |
| Investor Class | &nbsp;&nbsp;&nbsp; 194584 | &nbsp;&nbsp;&nbsp; 2284570 | &nbsp;&nbsp;&nbsp; 330106 | &nbsp;&nbsp;&nbsp; 3993799 |
| Class R6 | &nbsp;&nbsp;&nbsp; 8970616 | &nbsp;&nbsp;&nbsp; 103929474 | &nbsp;&nbsp;&nbsp; 14127563 | &nbsp;&nbsp;&nbsp; 169730153 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 4378279 | &nbsp;&nbsp;&nbsp; 50829435 | &nbsp;&nbsp;&nbsp; 4401889 | &nbsp;&nbsp;&nbsp; 52832362 |
| Class C | &nbsp;&nbsp;&nbsp; 118963 | &nbsp;&nbsp;&nbsp; 1375658 | &nbsp;&nbsp;&nbsp; 165855 | &nbsp;&nbsp;&nbsp; 1982118 |
| Class Y | &nbsp;&nbsp;&nbsp; 938798 | &nbsp;&nbsp;&nbsp; 10903890 | &nbsp;&nbsp;&nbsp; 1050220 | &nbsp;&nbsp;&nbsp; 12599519 |
| Investor Class | &nbsp;&nbsp;&nbsp; 150414 | &nbsp;&nbsp;&nbsp; 1747913 | &nbsp;&nbsp;&nbsp; 154663 | &nbsp;&nbsp;&nbsp; 1857836 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1196116 | &nbsp;&nbsp;&nbsp; 13883171 | &nbsp;&nbsp;&nbsp; 1263097 | &nbsp;&nbsp;&nbsp; 15157372 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1051916 | &nbsp;&nbsp;&nbsp; 12188321 | &nbsp;&nbsp;&nbsp; 1410903 | &nbsp;&nbsp;&nbsp; 16968217 |
| Class C | &nbsp;&nbsp;&nbsp; (1055651)<br>| &nbsp;&nbsp;&nbsp; (12188321)<br>| &nbsp;&nbsp;&nbsp; (1416142)<br>| &nbsp;&nbsp;&nbsp; (16968217)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (53400636)<br>| &nbsp;&nbsp;&nbsp; (619152127)<br>| &nbsp;&nbsp;&nbsp; (38317723)<br>| &nbsp;&nbsp;&nbsp; (460026840)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1596303)<br>| &nbsp;&nbsp;&nbsp; (18439152)<br>| &nbsp;&nbsp;&nbsp; (1875113)<br>| &nbsp;&nbsp;&nbsp; (22452537)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (21189805)<br>| &nbsp;&nbsp;&nbsp; (244559496)<br>| &nbsp;&nbsp;&nbsp; (11477152)<br>| &nbsp;&nbsp;&nbsp; (137711797)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (565508)<br>| &nbsp;&nbsp;&nbsp; (6582822)<br>| &nbsp;&nbsp;&nbsp; (970002)<br>| &nbsp;&nbsp;&nbsp; (11630630)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (20729936)<br>| &nbsp;&nbsp;&nbsp; (239507485)<br>| &nbsp;&nbsp;&nbsp; (10354167)<br>| &nbsp;&nbsp;&nbsp; (124166121)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (46977462)<br>| &nbsp;&nbsp;&nbsp; $(542932648)<br>| &nbsp;&nbsp;&nbsp; (887571)<br>| &nbsp;&nbsp;&nbsp; $(9751717)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 65% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**29**

**Invesco Municipal Income Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco Municipal Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Municipal Income Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the "Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2026

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**30**

**Invesco Municipal Income Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |
| Tax-Exempt Interest Dividends\* | &nbsp;&nbsp; 99.62% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**31**

**Invesco Municipal Income Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**32**

**Invesco Municipal Income Fund**

------

![](imgfb1c5d5d1.jpg)

SEC file number(s): 811-07890 and 033-66242

Invesco Distributors, Inc.

VK-MINC-NCSR

------

![](img0a689d7d1.jpg)

------

**Annual Financial Statements and Other Information**

**February 28, 2026**

**Invesco New Jersey Municipal Fund**

Nasdaq:

A: ONJAX ■ C: ONJCX ■ Y: ONJYX ■ R6: IORJX

------

---

| | |
|:---|:---|
| [2](#xx_5496fe26-9100-450c-8a39-6fe990ac9f0e_SOI-Continued-750_1) | Schedule of Investments |
| [7](#xx_5496fe26-9100-450c-8a39-6fe990ac9f0e_FS-Continued-750_1) | Financial Statements |
| [10](#xx_5496fe26-9100-450c-8a39-6fe990ac9f0e_FS-Continued-750_4) | Financial Highlights |
| [11](#xx_5496fe26-9100-450c-8a39-6fe990ac9f0e_NTF-Continued-750_1) | Notes to Financial Statements |
| [17](#xx_5496fe26-9100-450c-8a39-6fe990ac9f0e_ARS-Continued-750_1) | Report of Independent Registered Public Accounting Firm |
| [18](#xx_5496fe26-9100-450c-8a39-6fe990ac9f0e_TI-Continued-750_1) | Tax Information |
| [19](#xx_5496fe26-9100-450c-8a39-6fe990ac9f0e_OIRSR-Continued-750_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*February 28, 2026* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–103.59%** | **Municipal Obligations–103.59%** | **Municipal Obligations–103.59%** | **Municipal Obligations–103.59%** | **Municipal Obligations–103.59%** | **Municipal Obligations–103.59%** |
| **New Jersey–86.06%** | **New Jersey–86.06%** | **New Jersey–86.06%** | **New Jersey–86.06%** |  |  |
| Camden (County of), NJ Improvement Authority (The) (KIPP Cooper Norcross Academy) (Social Bonds); <br> Series 2022, RB<br>| 6.00% | 06/15/2052 |  | $1450 | &nbsp;&nbsp; $1507203 |
| Casino Reinvestment Development Authority, Inc.; |  |  |  |  |  |
| Series 2024 A, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 11/01/2040 |  | 1500 | &nbsp;&nbsp; 1665205 |
| Series 2024 A, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 11/01/2042 |  | 2900 | &nbsp;&nbsp; 3150628 |
| Series 2024 A, Ref. RB (INS - AGI)<sup>(a)</sup> <br>| 4.00% | 11/01/2044 |  | 3000 | &nbsp;&nbsp; 2945830 |
| Essex (County of), NJ Improvement Authority (559 Broad/Hazelwood); Series 2020 A, RB<sup>(b)</sup> <br>| 4.00% | 08/01/2060 |  | 1500 | &nbsp;&nbsp; 1223103 |
| Essex (County of), NJ Improvement Authority (CHF-Newark LLC-NJIT Student Housing); Series 2021 A, <br> RB (INS - BAM)<sup>(a)</sup> <br>| 4.00% | 08/01/2051 |  | 1040 | &nbsp;&nbsp; 982761 |
| Essex (County of), NJ Improvement Authority (North Star Academy School of Newark, Inc.); |  |  |  |  |  |
| Series 2024, Ref. RB<sup>(b)</sup> <br>| 5.00% | 07/15/2054 |  | 500 | &nbsp;&nbsp; 497354 |
| Series 2024, Ref. RB<sup>(b)</sup> <br>| 5.00% | 07/15/2064 |  | 775 | &nbsp;&nbsp; 756791 |
| Garden State Preservation Trust; |  |  |  |  |  |
| Series 2003 B, RB (INS - AGI)<sup>(a)(c)</sup> <br>| 0.00% | 11/01/2026 |  | 140 | &nbsp;&nbsp; 137469 |
| Series 2005 A, RB (INS - AGI)<sup>(a)</sup> <br>| 5.75% | 11/01/2028 |  | 2535 | &nbsp;&nbsp; 2685172 |
| Middlesex (County of), NJ Improvement Authority (New Jersey Health + Life Science Exchange - H-1); <br> Series 2023, RB<br>| 5.00% | 08/15/2053 |  | 7310 | &nbsp;&nbsp; 7684034 |
| Middlesex (County of), NJ Improvement Authority (Rutgers University) (New Jersey Health & Life <br> Science Exchange); Series 2023 A, RB<sup>(d)(e)</sup> <br>| 5.00% | 08/15/2053 |  | 8000 | &nbsp;&nbsp; 8409340 |
| Middlesex (County of), NJ Improvement Authority (Senior Citizens Housing); Series 2000, RB (INS - <br> AMBAC)<sup>(a)(f)</sup> <br>| 5.50% | 09/01/2030 |  | 20 | &nbsp;&nbsp; 20049 |
| New Jersey (State of) Economic Development Authority; |  |  |  |  |  |
| Series 1998 B, RB<sup>(f)</sup> <br>| 6.50% | 04/01/2031 |  | 90 | &nbsp;&nbsp; 94425 |
| Series 2017 A, Ref. RB | 5.00% | 07/01/2033 |  | 2800 | &nbsp;&nbsp; 2861914 |
| Series 2017 A, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 5.00% | 07/01/2033 |  | 3000 | &nbsp;&nbsp; 3082147 |
| Series 2018 A, RB | 5.00% | 06/15/2047 |  | 3000 | &nbsp;&nbsp; 3042982 |
| Series 2025, RB | 5.00% | 11/01/2045 |  | 675 | &nbsp;&nbsp; 692760 |
| Series 2025, RB | 5.13% | 11/01/2055 |  | 800 | &nbsp;&nbsp; 802541 |
| Series 2025, RB | 5.25% | 11/01/2060 |  | 1390 | &nbsp;&nbsp; 1400432 |
| New Jersey (State of) Economic Development Authority (Black Horse EHT Urban Renewal LLC); <br> Series 2019 A, RB (Acquired 10/18/2019; Cost $2,000,000)<sup>(b)(g)</sup> <br>| 5.00% | 10/01/2039 |  | 2000 | &nbsp;&nbsp; 1565549 |
| New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); |  |  |  |  |  |
| Series 1999, RB<sup>(f)</sup> <br>| 5.25% | 09/15/2029 |  | 1660 | &nbsp;&nbsp; 1663258 |
| Series 2012, RB<sup>(f)</sup> <br>| 5.75% | 09/15/2027 |  | 5790 | &nbsp;&nbsp; 5803505 |
| New Jersey (State of) Economic Development Authority (Foundation Academy Charter School); |  |  |  |  |  |
| Series 2018 A, RB | 5.00% | 07/01/2038 |  | 350 | &nbsp;&nbsp; 353747 |
| Series 2018 A, RB | 5.00% | 07/01/2050 |  | 1000 | &nbsp;&nbsp; 947724 |
| New Jersey (State of) Economic Development Authority (Golden Door Charter School); |  |  |  |  |  |
| Series 2018 A, RB<sup>(b)</sup> <br>| 6.25% | 11/01/2038 |  | 1050 | &nbsp;&nbsp; 1091394 |
| Series 2018 A, RB<sup>(b)</sup> <br>| 6.50% | 11/01/2052 |  | 2600 | &nbsp;&nbsp; 2668692 |
| New Jersey (State of) Economic Development Authority (Hatikvah International Academy Charter <br> School); Series 2017, RB<sup>(b)</sup> <br>| 5.25% | 07/01/2037 |  | 1215 | &nbsp;&nbsp; 1220531 |
| New Jersey (State of) Economic Development Authority (Leap Academy University Charter School, Inc.); |  |  |  |  |  |
| Series 2013, RB | 6.00% | 10/01/2043 |  | 3200 | &nbsp;&nbsp; 3203642 |
| Series 2014 A, RB<sup>(b)</sup> <br>| 6.00% | 10/01/2034 |  | 470 | &nbsp;&nbsp; 470612 |
| New Jersey (State of) Economic Development Authority (Lions Gate); Series 2014, RB | 5.25% | 01/01/2044 |  | 3815 | &nbsp;&nbsp; 3782877 |
| New Jersey (State of) Economic Development Authority (Marion P. Thomas Charter School); |  |  |  |  |  |
| Series 2018 A, RB<sup>(b)</sup> <br>| 5.00% | 10/01/2033 |  | 1000 | &nbsp;&nbsp; 1007874 |
| Series 2018 A, RB<sup>(b)</sup> <br>| 5.25% | 10/01/2038 |  | 2500 | &nbsp;&nbsp; 2502424 |
| New Jersey (State of) Economic Development Authority (NACT Somerset, Inc.); Series 2024, RB<sup>(b)</sup> <br>| 7.00% | 08/01/2054 |  | 3875 | &nbsp;&nbsp; 3879402 |
| New Jersey (State of) Economic Development Authority (Newark Downtown District Management Corp.); <br> Series 2019, Ref. RB<br>| 5.13% | 06/15/2037 |  | 5825 | &nbsp;&nbsp; 6370073 |
| New Jersey (State of) Economic Development Authority (North Star Academy Charter School of Newark, <br> Inc.); Series 2017, RB<br>| 5.00% | 07/15/2047 |  | 4375 | &nbsp;&nbsp; 4379564 |
| New Jersey (State of) Economic Development Authority (Port Newark Container Terminal LLC); <br> Series 2017, Ref. RB<sup>(f)</sup> <br>| 5.00% | 10/01/2047 |  | 7290 | &nbsp;&nbsp; 7302012 |
| New Jersey (State of) Economic Development Authority (Portal North Bridge); Series 2022 A, RB | 5.00% | 11/01/2052 |  | 2000 | &nbsp;&nbsp; 2073861 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco New Jersey Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Jersey–(continued)** | **New Jersey–(continued)** | **New Jersey–(continued)** | **New Jersey–(continued)** |  |  |
| New Jersey (State of) Economic Development Authority (Provident Group - Rowan Properties LLC - <br> Rowan University Student Housing); Series 2015 A, RB<br>| 5.00% | 01/01/2030 |  | $40 | &nbsp;&nbsp; $40054 |
| New Jersey (State of) Economic Development Authority (Team Academy Charter School); Series 2018 <br> A, RB<br>| 5.00% | 12/01/2048 |  | 3000 | &nbsp;&nbsp; 3020710 |
| New Jersey (State of) Economic Development Authority (Teaneck Community Charter School); |  |  |  |  |  |
| Series 2017 A, Ref. RB<sup>(b)</sup> <br>| 5.13% | 09/01/2052 |  | 2055 | &nbsp;&nbsp; 2016835 |
| Series 2017, Ref. RB<sup>(b)</sup> <br>| 5.00% | 09/01/2037 |  | 1120 | &nbsp;&nbsp; 1134055 |
| New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement); <br> Series 2013, RB<sup>(f)</sup> <br>| 5.38% | 01/01/2043 |  | 8650 | &nbsp;&nbsp; 8661225 |
| New Jersey (State of) Economic Development Authority (UMM Energy Partners, LLC); |  |  |  |  |  |
| Series 2012 A, RB<sup>(f)</sup> <br>| 5.00% | 06/15/2037 |  | 1515 | &nbsp;&nbsp; 1515773 |
| Series 2012 A, RB<sup>(f)</sup> <br>| 5.13% | 06/15/2043 |  | 3250 | &nbsp;&nbsp; 3250734 |
| New Jersey (State of) Educational Facilities Authority; Series 2015 A, Ref. RB | 5.00% | 07/01/2040 |  | 900 | &nbsp;&nbsp; 873718 |
| New Jersey (State of) Educational Facilities Authority (Georgian Court University); |  |  |  |  |  |
| Series 2017 G, Ref. RB | 5.00% | 07/01/2030 |  | 1345 | &nbsp;&nbsp; 1350192 |
| Series 2017 G, Ref. RB | 5.00% | 07/01/2033 |  | 1590 | &nbsp;&nbsp; 1593523 |
| Series 2017 G, Ref. RB | 5.00% | 07/01/2035 |  | 1485 | &nbsp;&nbsp; 1475335 |
| Series 2017 G, Ref. RB | 5.00% | 07/01/2036 |  | 1140 | &nbsp;&nbsp; 1114127 |
| New Jersey (State of) Educational Facilities Authority (Institute for Advanced Study); Series 2006 B, <br> Ref. VRD RB<sup>(h)</sup> <br>| 1.65% | 07/01/2031 |  | 500 | &nbsp;&nbsp; 500000 |
| New Jersey (State of) Educational Facilities Authority (Montclair University); Series 2023 A, RB | 4.63% | 09/01/2048 |  | 2000 | &nbsp;&nbsp; 2044631 |
| New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green Bonds); |  |  |  |  |  |
| Series 2020 A, RB | 5.00% | 07/01/2045 |  | 3000 | &nbsp;&nbsp; 3074008 |
| Series 2020 A, RB | 4.00% | 07/01/2050 |  | 3000 | &nbsp;&nbsp; 2651357 |
| New Jersey (State of) Educational Facilities Authority (William Paterson University of New Jersey (The)); <br> Series 2017 B, RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 07/01/2047 |  | 1990 | &nbsp;&nbsp; 2006851 |
| New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group); |  |  |  |  |  |
| Series 2024 A, Ref. RB | 5.25% | 07/01/2054 |  | 5390 | &nbsp;&nbsp; 5738807 |
| Series 2024, Ref. RB | 5.25% | 07/01/2049 |  | 2000 | &nbsp;&nbsp; 2157659 |
| New Jersey (State of) Health Care Facilities Financing Authority (Inspira Meridian Health Obligated <br> Group); Series 2017, RB<br>| 5.00% | 07/01/2042 |  | 3445 | &nbsp;&nbsp; 3508824 |
| New Jersey (State of) Health Care Facilities Financing Authority (University Hospital); Series 2015 A, <br> RB (INS - AGI)<sup>(a)</sup> <br>| 5.00% | 07/01/2046 |  | 3785 | &nbsp;&nbsp; 3791277 |
| New Jersey (State of) Health Care Facilities Financing Authority (Virtua Health Inc.); Series 2009 E, <br> VRD RB (LOC - TD Bank, N.A.)<sup>(h)(i)</sup> <br>| 0.50% | 07/01/2043 |  | 2500 | &nbsp;&nbsp; 2500000 |
| New Jersey (State of) Higher Education Student Assistance Authority; |  |  |  |  |  |
| Series 2019 C, Ref. RB<sup>(f)</sup> <br>| 3.63% | 12/01/2049 |  | 1000 | &nbsp;&nbsp; 774159 |
| Series 2021 C, RB<sup>(f)</sup> <br>| 3.25% | 12/01/2051 |  | 500 | &nbsp;&nbsp; 361564 |
| Series 2023 B, RB<sup>(f)</sup> <br>| 4.00% | 12/01/2044 |  | 1720 | &nbsp;&nbsp; 1694229 |
| Series 2023 C, RB<sup>(f)</sup> <br>| 5.00% | 12/01/2053 |  | 2000 | &nbsp;&nbsp; 1952447 |
| Series 2024 C, RB<sup>(f)</sup> <br>| 5.25% | 12/01/2054 |  | 2050 | &nbsp;&nbsp; 2097116 |
| Series 2025, Ref. RB<sup>(f)</sup> <br>| 5.50% | 12/01/2055 |  | 1000 | &nbsp;&nbsp; 1042617 |
| New Jersey (State of) Housing & Mortgage Finance Agency; |  |  |  |  |  |
| Series 2018 A, Ref. RB | 3.95% | 11/01/2043 |  | 870 | &nbsp;&nbsp; 869832 |
| Series 2018 BB, Ref. RB<sup>(f)</sup> <br>| 3.80% | 10/01/2032 |  | 765 | &nbsp;&nbsp; 768954 |
| Series 2019 A, Ref. RB | 3.00% | 11/01/2044 |  | 510 | &nbsp;&nbsp; 438867 |
| Series 2019 A, Ref. RB | 3.05% | 11/01/2049 |  | 865 | &nbsp;&nbsp; 686433 |
| Series 2020 E, Ref. RB | 2.45% | 10/01/2050 |  | 515 | &nbsp;&nbsp; 359522 |
| New Jersey (State of) Housing & Mortgage Finance Agency (Riverview Towers Apartments); <br> Series 2024, RB (CEP - Federal Housing Administration)<br>| 5.25% | 12/20/2065 |  | 2249 | &nbsp;&nbsp; 2481457 |
| New Jersey (State of) Housing & Mortgage Finance Agency (Social Bonds); |  |  |  |  |  |
| Series 2023 J, RB | 4.70% | 10/01/2048 |  | 3250 | &nbsp;&nbsp; 3260859 |
| Series 2024 K, RB | 6.00% | 10/01/2055 |  | 4780 | &nbsp;&nbsp; 5239457 |
| Series 2025 A, RB | 4.95% | 11/01/2055 |  | 1300 | &nbsp;&nbsp; 1317578 |
| Series 2025 M, RB | 5.15% | 10/01/2055 |  | 1535 | &nbsp;&nbsp; 1563590 |
| Series 2025 M, RB | 6.50% | 04/01/2056 |  | 3000 | &nbsp;&nbsp; 3424805 |
| Subseries 2024 D-1, RB (CEP - GNMA) | 5.20% | 11/01/2055 |  | 2000 | &nbsp;&nbsp; 2070559 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco New Jersey Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Jersey–(continued)** | **New Jersey–(continued)** | **New Jersey–(continued)** | **New Jersey–(continued)** |  |  |
| New Jersey (State of) Transportation Trust Fund Authority; |  |  |  |  |  |
| Series 2008 A, RB (INS - BAM)<sup>(a)(c)</sup> <br>| 0.00% | 12/15/2037 |  | $12000 | &nbsp;&nbsp; $8174490 |
| Series 2008 A, RB<sup>(c)</sup> <br>| 0.00% | 12/15/2038 |  | 2000 | &nbsp;&nbsp; 1278409 |
| Series 2010 A, RB (INS - BAM)<sup>(a)(c)</sup> <br>| 0.00% | 12/15/2028 |  | 1200 | &nbsp;&nbsp; 1123938 |
| Series 2018 A, Ref. RB | 4.25% | 12/15/2038 |  | 3790 | &nbsp;&nbsp; 3867153 |
| Series 2020 AA, RB | 4.00% | 06/15/2045 |  | 3350 | &nbsp;&nbsp; 3315423 |
| Series 2023 AA, Ref. RB | 4.25% | 06/15/2044 |  | 2000 | &nbsp;&nbsp; 2034049 |
| Series 2023 BB, RB | 5.25% | 06/15/2050 |  | 5000 | &nbsp;&nbsp; 5306793 |
| Series 2024 CC, RB | 5.25% | 06/15/2050 |  | 6500 | &nbsp;&nbsp; 6921580 |
| Series 2024 CC, RB | 4.13% | 06/15/2055 |  | 6395 | &nbsp;&nbsp; 6032334 |
| Series 2024 CC, RB | 5.25% | 06/15/2055 |  | 15000 | &nbsp;&nbsp; 15892881 |
| New Jersey (State of) Turnpike Authority; |  |  |  |  |  |
| Series 2021 A, RB | 4.00% | 01/01/2042 |  | 5975 | &nbsp;&nbsp; 6114378 |
| Series 2022 B, RB | 5.25% | 01/01/2052 |  | 3000 | &nbsp;&nbsp; 3187680 |
| Series 2024 B, RB | 5.25% | 01/01/2049 |  | 3000 | &nbsp;&nbsp; 3226373 |
| Series 2024 C, Ref. RB | 5.00% | 01/01/2045 |  | 3000 | &nbsp;&nbsp; 3251408 |
| Series 2025 A, RB | 5.25% | 01/01/2050 |  | 5000 | &nbsp;&nbsp; 5426308 |
| Series 2025 A, RB | 5.25% | 01/01/2055 |  | 2500 | &nbsp;&nbsp; 2687547 |
| Series 2027 A, Ref. RB | 5.00% | 01/01/2034 |  | 1000 | &nbsp;&nbsp; 1138130 |
| New Jersey Institute of Technology; Series 2025 A, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 5.25% | 07/01/2055 |  | 2250 | &nbsp;&nbsp; 2428445 |
| New Jersey Transportation Trust Fund Authority; Series 2025, RB<sup>(e)</sup> <br>| 5.00% | 06/15/2055 |  | 7000 | &nbsp;&nbsp; 7269508 |
| New Jersey Turnpike Authority; Series 2025, RB<sup>(d)(e)</sup> <br>| 5.25% | 01/01/2055 |  | 5000 | &nbsp;&nbsp; 5375095 |
| Newark (City of), NJ Housing Authority; Series 2017, Ref. RB | 4.00% | 01/01/2037 |  | 1000 | &nbsp;&nbsp; 1008744 |
| Newark (City of), NJ Parking Authority (The); |  |  |  |  |  |
| Series 2023, RB (INS - AGI)<sup>(a)</sup> <br>| 5.25% | 02/01/2043 |  | 375 | &nbsp;&nbsp; 395680 |
| Series 2023, RB (INS - AGI)<sup>(a)</sup> <br>| 5.50% | 02/01/2051 |  | 500 | &nbsp;&nbsp; 517163 |
| Passaic (County of), NJ Improvement Authority (The) (Community Charter School of Paterson); |  |  |  |  |  |
| Series 2024, RB | 4.75% | 01/01/2045 |  | 1055 | &nbsp;&nbsp; 1028960 |
| Series 2024, RB | 5.00% | 01/01/2055 |  | 1000 | &nbsp;&nbsp; 963553 |
| Series 2024, RB | 5.00% | 01/01/2060 |  | 700 | &nbsp;&nbsp; 657625 |
| Passaic (County of), NJ Improvement Authority (The) (Paterson Arts & Science Charter School); |  |  |  |  |  |
| Series 2023, RB | 5.38% | 07/01/2053 |  | 2000 | &nbsp;&nbsp; 2036290 |
| Series 2023, RB | 5.50% | 07/01/2058 |  | 2000 | &nbsp;&nbsp; 2042340 |
| Passaic (County of), NJ Improvement Authority (The) (Paterson Charter School for Science and <br> Technology Inc.);<br>|  |  |  |  |  |
| Series 2025, RB | 4.50% | 07/01/2040 |  | 1000 | &nbsp;&nbsp; 1025749 |
| Series 2025, RB | 5.00% | 07/01/2044 |  | 750 | &nbsp;&nbsp; 767531 |
| Passaic (County of), NJ Valley Water Commission; Series 2023, RB (INS - AGI)<sup>(a)</sup> <br>| 4.00% | 12/01/2053 |  | 3000 | &nbsp;&nbsp; 2924133 |
| South Jersey Port Corp.; Series 2017 B, RB<sup>(f)</sup> <br>| 5.00% | 01/01/2048 |  | 6000 | &nbsp;&nbsp; 6027604 |
| South Jersey Transportation Authority; |  |  |  |  |  |
| Series 2020 A, RB | 4.00% | 11/01/2050 |  | 2000 | &nbsp;&nbsp; 1835766 |
| Series 2020 A, RB (INS - BAM)<sup>(a)</sup> <br>| 4.00% | 11/01/2050 |  | 1000 | &nbsp;&nbsp; 939046 |
| Series 2022 A, RB | 4.63% | 11/01/2047 |  | 1000 | &nbsp;&nbsp; 1016459 |
| Series 2022 A, RB | 5.25% | 11/01/2052 |  | 8575 | &nbsp;&nbsp; 8913917 |
| Series 2022, RB | 4.50% | 11/01/2042 |  | 2000 | &nbsp;&nbsp; 2072285 |
| Series 2022, RB (INS - BAM)<sup>(a)</sup> <br>| 5.25% | 11/01/2052 |  | 2100 | &nbsp;&nbsp; 2201444 |
| Tender Option Bond Trust Receipts/Certificates; Series 2026, RB<sup>(e)</sup> <br>| 5.25% | 03/01/2054 |  | 10000 | &nbsp;&nbsp; 10909091 |
| Tobacco Settlement Financing Corp.; |  |  |  |  |  |
| Series 2018 A, Ref. RB | 5.00% | 06/01/2035 |  | 730 | &nbsp;&nbsp; 759989 |
| Series 2018 A, Ref. RB | 5.00% | 06/01/2046 |  | 13235 | &nbsp;&nbsp; 13259051 |
| Series 2018 A, Ref. RB | 5.25% | 06/01/2046 |  | 3125 | &nbsp;&nbsp; 3147760 |
| Series 2018 B, Ref. RB | 5.00% | 06/01/2046 |  | 6435 | &nbsp;&nbsp; 6375960 |
| Union (County of), NJ Improvement Authority; Series 1998 A, RB (INS - NATL)<sup>(a)(f)</sup> <br>| 5.00% | 03/01/2028 |  | 35 | &nbsp;&nbsp; 35076 |
|  |  |  |  |  | &nbsp;&nbsp; 343265759 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco New Jersey Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–9.01%** | **New York–9.01%** | **New York–9.01%** | **New York–9.01%** |  |  |
| New York & New Jersey (States of) Port Authority; |  |  |  |  |  |
| Series 2019, RB<sup>(f)</sup> <br>| 5.00% | 11/01/2049 |  | $7130 | &nbsp;&nbsp; $7289696 |
| Series 2020 221, RB<sup>(f)</sup> <br>| 4.00% | 07/15/2045 |  | 4000 | &nbsp;&nbsp; 3881591 |
| Series 2022, RB<sup>(f)</sup> <br>| 5.00% | 01/15/2052 |  | 5000 | &nbsp;&nbsp; 5081225 |
| Series 2025, Ref. RB | 5.25% | 10/15/2055 |  | 5500 | &nbsp;&nbsp; 5926602 |
| Two Hundred Fifty One Series 2026, Ref. RB | 5.25% | 08/15/2056 |  | 5000 | &nbsp;&nbsp; 5393607 |
| Two Hundred Forty Second Series 2023, Ref. RB<sup>(f)</sup> <br>| 5.00% | 12/01/2053 |  | 3000 | &nbsp;&nbsp; 3051499 |
| Two Hundred Thirty Fourth Series 2022, Ref. RB<sup>(f)</sup> <br>| 5.50% | 08/01/2052 |  | 2000 | &nbsp;&nbsp; 2115450 |
| Two Hundred Twenty Third Series 2021, Ref. RB<sup>(f)</sup> <br>| 4.00% | 07/15/2046 |  | 1615 | &nbsp;&nbsp; 1547458 |
| Two Hundred Twenty Three Series 2021, Ref. RB<sup>(f)</sup> <br>| 4.00% | 07/15/2041 |  | 1635 | &nbsp;&nbsp; 1634507 |
|  |  |  |  |  | &nbsp;&nbsp; 35921635 |
| **Puerto Rico–6.55%** | **Puerto Rico–6.55%** | **Puerto Rico–6.55%** | **Puerto Rico–6.55%** |  |  |
| Children's Trust Fund; Series 2002, RB | 5.63% | 05/15/2043 |  | 15000 | &nbsp;&nbsp; 15230047 |
| Puerto Rico (Commonwealth of); |  |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(c)</sup> <br>| 0.00% | 07/01/2033 |  | 273 | &nbsp;&nbsp; 202120 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2027 |  | 234 | &nbsp;&nbsp; 239584 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2029 |  | 230 | &nbsp;&nbsp; 246084 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2033 |  | 212 | &nbsp;&nbsp; 217244 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2035 |  | 191 | &nbsp;&nbsp; 193936 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2037 |  | 164 | &nbsp;&nbsp; 163977 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2046 |  | 231 | &nbsp;&nbsp; 208904 |
| Subseries 2022, RN<sup>(c)</sup> <br>| 0.00% | 11/01/2043 |  | 140 | &nbsp;&nbsp; 95416 |
| Puerto Rico (Commonwealth of) GDB Debt Recovery Authority; Series 2023, RB | 7.50% | 08/20/2040 |  | 146 | &nbsp;&nbsp; 143111 |
| Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control <br> Facilities Financing Authority (AES Puerto Rico);<br>|  |  |  |  |  |
| Series 2023 A, RB (Acquired 05/26/2000; Cost $15,665)<sup>(g)</sup> <br>| 6.63% | 01/01/2027 |  | 14 | &nbsp;&nbsp; 14496 |
| Series 2023 A, RB (Acquired 05/26/2000-03/25/2024; Cost $125,295)<sup>(g)</sup> <br>| 6.63% | 01/01/2028 |  | 111 | &nbsp;&nbsp; 110787 |
| Puerto Rico Sales Tax Financing Corp.; |  |  |  |  |  |
| Series 2018 A-1, RB<sup>(c)</sup> <br>| 0.00% | 07/01/2051 |  | 6271 | &nbsp;&nbsp; 1649946 |
| Series 2018 A-1, RB | 5.00% | 07/01/2058 |  | 7500 | &nbsp;&nbsp; 7361464 |
| Series 2019 A-2, RB | 4.54% | 07/01/2053 |  | 60 | &nbsp;&nbsp; 56297 |
|  |  |  |  |  | &nbsp;&nbsp; 26133413 |
| **Guam–1.17%** | **Guam–1.17%** | **Guam–1.17%** | **Guam–1.17%** |  |  |
| Guam (Territory of); Series 2021 F, Ref. RB | 4.00% | 01/01/2036 |  | 2000 | &nbsp;&nbsp; 2039479 |
| Guam (Territory of) Waterworks Authority; Series 2025 A, RB | 5.50% | 07/01/2055 |  | 2500 | &nbsp;&nbsp; 2627811 |
| Guam Housing Corp.; Series 1998 A, RB (CEP - FHLMC)<sup>(f)</sup> <br>| 5.75% | 09/01/2031 |  | 10 | &nbsp;&nbsp; 10081 |
|  |  |  |  |  | &nbsp;&nbsp; 4677371 |
| **Virgin Islands–0.80%** | **Virgin Islands–0.80%** | **Virgin Islands–0.80%** | **Virgin Islands–0.80%** |  |  |
| Tobacco Settlement Financing Corp.; |  |  |  |  |  |
| Series 2006, RB<sup>(c)</sup> <br>| 0.00% | 05/15/2035 |  | 1100 | &nbsp;&nbsp; 586766 |
| Series 2006, RB<sup>(c)</sup> <br>| 0.00% | 05/15/2035 |  | 3100 | &nbsp;&nbsp; 1506626 |
| Virgin Islands (Government of) Public Finance Authority (Frenchman's Reef Hotel Development); <br> Series 2024 A, RB<sup>(b)</sup> <br>| 6.00% | 04/01/2053 |  | 1000 | &nbsp;&nbsp; 1009308 |
| Virgin Islands (Government of) Water & Power Authority (Electric System); |  |  |  |  |  |
| Series 2007 A, RB | 5.00% | 07/01/2026 |  | 15 | &nbsp;&nbsp; 14879 |
| Series 2007 A, RB | 5.00% | 07/01/2027 |  | 85 | &nbsp;&nbsp; 82412 |
|  |  |  |  |  | &nbsp;&nbsp; 3199991 |
| Total Municipal Obligations (Cost $403,500,266) | Total Municipal Obligations (Cost $403,500,266) | Total Municipal Obligations (Cost $403,500,266) | Total Municipal Obligations (Cost $403,500,266) |  | &nbsp;&nbsp; 413198169 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco New Jersey Municipal Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Preferred Stocks–0.00%** |  |  |  |
| AES Puerto Rico, Inc., Pfd. <br>(Cost $0)<sup>(j)</sup> <br>|  | 2563 | &nbsp;&nbsp; $0 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(k)</sup>–103.59% (Cost $403,500,266) | TOTAL INVESTMENTS IN SECURITIES<sup>(k)</sup>–103.59% (Cost $403,500,266) |  | &nbsp;&nbsp; 413198169 |
| FLOATING RATE NOTE OBLIGATIONS–(5.65)% | FLOATING RATE NOTE OBLIGATIONS–(5.65)% |  |  |
| Notes with interest and fee rates ranging from 2.30% to 2.52% at 02/28/2026 and <br>contractual maturities of collateral ranging from 08/15/2053 to 06/15/2055 (See Note 1K)<sup>(l)</sup> <br>|  |  | &nbsp;&nbsp; (22520000)<br>|
| OTHER ASSETS LESS LIABILITIES–2.06% | OTHER ASSETS LESS LIABILITIES–2.06% |  | &nbsp;&nbsp; 8188403 |
| NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $398866572 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| AGI | – Assured Guaranty, Inc. |
| AMBAC | – American Municipal Bond Assurance Corp. |
| BAM | – Build America Mutual Assurance Co. |
| CEP | – Credit Enhancement Provider |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| GNMA | – Government National Mortgage Association |
| GO | – General Obligation |
| INS | – Insurer |
| LOC | – Letter of Credit |
| NATL | – National Public Finance Guarantee Corp. |
| Pfd. | – Preferred |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| RN | – Revenue Notes |
| VRD | – Variable Rate Demand |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

<sup>(b)</sup> 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 February 28, 2026 was $21,043,924, which represented 5.28% of the Fund's Net Assets. 

<sup>(c)</sup> Zero coupon bond issued at a discount.

<sup>(d)</sup> 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 $9,752,500. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. 

<sup>(e)</sup> Underlying security related to TOB Trusts entered into by the Fund. See Note 1K.

<sup>(f)</sup> Security subject to the alternative minimum tax.

<sup>(g)</sup> Restricted security. The aggregate value of these securities at February 28, 2026 was $1,690,832, which represented less than 1% of the Fund's Net Assets.

<sup>(h)</sup> 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 February 28, 2026. 

<sup>(i)</sup> Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

<sup>(j)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(k)</sup> 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. 

<sup>(l)</sup> Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2026. At February 28, 2026, the Fund's investments with a value of $31,963,034 are held by TOB Trusts and serve as collateral for the $22,520,000 in the floating rate note obligations outstanding at that date. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco New Jersey Municipal Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $403,500,266)<br>| &nbsp;&nbsp; $413198169 |
| Cash | &nbsp;&nbsp; 3959671 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 15000 |
| Fund shares sold | &nbsp;&nbsp; 1327810 |
| Interest | &nbsp;&nbsp; 4825220 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 52860 |
| Other assets | &nbsp;&nbsp; 103147 |
| Total assets | &nbsp;&nbsp; 423481877 |
| **Liabilities:** |  |
| Floating rate note obligations | &nbsp;&nbsp; 22520000 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1138119 |
| Dividends | &nbsp;&nbsp; 671200 |
| Fund shares reacquired | &nbsp;&nbsp; 42073 |
| Accrued fees to affiliates | &nbsp;&nbsp; 93399 |
| Accrued interest expense | &nbsp;&nbsp; 4928 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 11613 |
| Accrued other operating expenses | &nbsp;&nbsp; 81113 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 52860 |
| Total liabilities | &nbsp;&nbsp; 24615305 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $398866572 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $562574706 |
| Distributable earnings (loss) | &nbsp;&nbsp; (163708134)<br>|
|  | &nbsp;&nbsp; $398866572 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $276416923 |
| Class C | &nbsp;&nbsp; $16347239 |
| Class Y | &nbsp;&nbsp; $106028857 |
| Class R6 | &nbsp;&nbsp; $73553 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 30756631 |
| Class C | &nbsp;&nbsp; 1816643 |
| Class Y | &nbsp;&nbsp; 11786359 |
| Class R6 | &nbsp;&nbsp; 8183 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $8.99 |
| Maximum offering price per share <br>(Net asset value of $8.99 ÷ 95.75%)<br>| &nbsp;&nbsp; $9.39 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.00 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.00 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.99 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco New Jersey Municipal Fund**

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**Statement of Operations**

*For the year ended February 28, 2026* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $16948417 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1945075 |
| Administrative services fees | &nbsp;&nbsp; 49506 |
| Custodian fees | &nbsp;&nbsp; 4730 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 580011 |
| Class C | &nbsp;&nbsp; 144823 |
| Interest, facilities and maintenance fees | &nbsp;&nbsp; 753259 |
| Transfer agent fees— A, C and Y | &nbsp;&nbsp; 237041 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 6 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 23452 |
| Registration and filing fees | &nbsp;&nbsp; 59770 |
| Reports to shareholders | &nbsp;&nbsp; 25066 |
| Professional services fees | &nbsp;&nbsp; 82413 |
| Other | &nbsp;&nbsp; 10767 |
| Total expenses | &nbsp;&nbsp; 3915919 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (1424)<br>|
| Net expenses | &nbsp;&nbsp; 3914495 |
| Net investment income | &nbsp;&nbsp; 13033922 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(322240)) | &nbsp;&nbsp; (975648)<br>|
| Change in net unrealized appreciation of unaffiliated investment securities | &nbsp;&nbsp; 5486706 |
| Net realized and unrealized gain | &nbsp;&nbsp; 4511058 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $17544980 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco New Jersey Municipal Fund**

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**Statement of Changes in Net Assets**

*For the years ended February 28, 2026 and 2025* 

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $13033922 | &nbsp;&nbsp; $9957157 |
| Net realized gain (loss) | &nbsp;&nbsp; (975648)<br>| &nbsp;&nbsp; (998083)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 5486706 | &nbsp;&nbsp; 831313 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 17544980 | &nbsp;&nbsp; 9790387 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (8317072)<br>| &nbsp;&nbsp; (5854847)<br>|
| Class C | &nbsp;&nbsp; (462283)<br>| &nbsp;&nbsp; (493306)<br>|
| Class Y | &nbsp;&nbsp; (3744393)<br>| &nbsp;&nbsp; (3249812)<br>|
| Class R6 | &nbsp;&nbsp; (2787)<br>| &nbsp;&nbsp; (5725)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (12526535)<br>| &nbsp;&nbsp; (9603690)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 96039586 | &nbsp;&nbsp; (2970914)<br>|
| Class C | &nbsp;&nbsp; (1539141)<br>| &nbsp;&nbsp; (1778609)<br>|
| Class Y | &nbsp;&nbsp; 6432867 | &nbsp;&nbsp; 11456078 |
| Class R6 | &nbsp;&nbsp; (5012)<br>| &nbsp;&nbsp; (75008)<br>|
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 100928300 | &nbsp;&nbsp; 6631547 |
| Net increase in net assets | &nbsp;&nbsp; 105946745 | &nbsp;&nbsp; 6818244 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 292919827 | &nbsp;&nbsp; 286101583 |
| End of year | &nbsp;&nbsp; $398866572 | &nbsp;&nbsp; $292919827 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**Invesco New Jersey Municipal Fund**

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**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Supplemental** <br>**ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee** <br>**waivers** <br>**(excluding** <br>**interest,** <br>**facilities and** <br>**maintenance** <br>**fees)**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 02/28/26 | $8.96 | $0.32 | $0.02 | $0.34 | $(0.31)<br>| $8.99 | 3.93<br> %<br>| $276417 | 1.16<br> %<br>| 1.16<br> %<br>| 0.95<br> %<br>| 3.70<br> %<br>| 25<br> %<br>|
| Year ended 02/28/25 | 8.96 | 0.30 | (0.01)<br>| 0.29 | (0.29)<br>| 8.96 | 3.32 | 175610 | 1.09 | 1.09 | 0.98 | 3.39 | 25 |
| Year ended 02/29/24 | 8.80 | 0.29 | 0.19 | 0.48 | (0.32)<br>| 8.96 | 5.60 | 178389 | 1.09 | 1.09 | 0.99 | 3.34 | 25 |
| Year ended 02/28/23 | 9.75 | 0.28 | (0.86)<br>| (0.58)<br>| (0.37)<br>| 8.80 | (5.96)<br>| 191328 | 1.04 | 1.04 | 0.97 | 3.11 | 31 |
| Year ended 02/28/22 | 9.86 | 0.28 | (0.02)<br>| 0.26 | (0.37)<br>| 9.75 | 2.63 | 214469 | 1.08 | 1.09 | 0.98 | 2.73 | 9 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 02/28/26 | 8.98 | 0.27 |  | 0.27 | (0.25)<br>| 9.00 | 3.14 | 16347 | 1.81 | 1.81 | 1.60 | 3.05 | 25 |
| Year ended 02/28/25 | 8.97 | 0.25 | 0.00 | 0.25 | (0.24)<br>| 8.98 | 2.77 | 17905 | 1.74 | 1.74 | 1.63 | 2.74 | 25 |
| Year ended 02/29/24 | 8.81 | 0.24 | 0.18 | 0.42 | (0.26)<br>| 8.97 | 4.92 | 19686 | 1.74 | 1.74 | 1.64 | 2.69 | 25 |
| Year ended 02/28/23 | 9.77 | 0.22 | (0.87)<br>| (0.65)<br>| (0.31)<br>| 8.81 | (6.67)<br>| 20606 | 1.69 | 1.69 | 1.62 | 2.46 | 31 |
| Year ended 02/28/22 | 9.88 | 0.21 | (0.01)<br>| 0.20 | (0.31)<br>| 9.77 | 1.97 | 22184 | 1.73 | 1.74 | 1.63 | 2.08 | 9 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 02/28/26 | 8.97 | 0.35 | 0.01 | 0.36 | (0.33)<br>| 9.00 | 4.19 | 106029 | 0.91 | 0.91 | 0.70 | 3.95 | 25 |
| Year ended 02/28/25 | 8.97 | 0.33 | (0.01)<br>| 0.32 | (0.32)<br>| 8.97 | 3.58 | 99327 | 0.84 | 0.84 | 0.73 | 3.64 | 25 |
| Year ended 02/29/24 | 8.81 | 0.32 | 0.18 | 0.50 | (0.34)<br>| 8.97 | 5.86 | 87873 | 0.84 | 0.84 | 0.74 | 3.59 | 25 |
| Year ended 02/28/23 | 9.76 | 0.30 | (0.86)<br>| (0.56)<br>| (0.39)<br>| 8.81 | (5.72)<br>| 66288 | 0.79 | 0.79 | 0.72 | 3.36 | 31 |
| Year ended 02/28/22 | 9.88 | 0.30 | (0.02)<br>| 0.28 | (0.40)<br>| 9.76 | 2.78 | 44427 | 0.84 | 0.84 | 0.74 | 2.97 | 9 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 02/28/26 | 8.96 | 0.35 | 0.02 | 0.37 | (0.34)<br>| 8.99 | 4.25 | 74 | 0.85 | 0.85 | 0.64 | 4.01 | 25 |
| Year ended 02/28/25 | 8.96 | 0.33 | (0.01)<br>| 0.32 | (0.32)<br>| 8.96 | 3.65 | 79 | 0.77 | 0.77 | 0.66 | 3.71 | 25 |
| Year ended 02/29/24 | 8.80 | 0.32 | 0.19 | 0.51 | (0.35)<br>| 8.96 | 5.93 | 154 | 0.78 | 0.78 | 0.68 | 3.65 | 25 |
| Year ended 02/28/23 | 9.76 | 0.30 | (0.86)<br>| (0.56)<br>| (0.40)<br>| 8.80 | (5.76)<br>| 45 | 0.74 | 0.74 | 0.67 | 3.41 | 31 |
| Year ended 02/28/22 | 9.86 | 0.31 | 0.00 | 0.31 | (0.41)<br>| 9.76 | 3.06 | 10 | 0.72 | 0.77 | 0.62 | 3.09 | 9 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**10**

**Invesco New Jersey Municipal Fund**

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**Notes to Financial Statements**

*February 28, 2026*

**NOTE 1—Significant Accounting Policies**

Invesco New Jersey Municipal Fund (the "Fund") is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek tax-free income.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following policy.

Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is not representative of market value in the Adviser's judgment ("unreliable"), the Adviser will fair value the security using the Valuation Procedures. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are

**11**

**Invesco New Jersey Municipal Fund**

------

generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes** – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt-interest dividends", as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.

**G.** **Interest, Facilities and Maintenance Fees** – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**K.** **Floating Rate Note Obligations** – The Fund invests in inverse floating rate securities, such as Tender Option Bonds ("TOBs"), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund ("TOB Trusts") in exchange for cash and residual interests in the TOB Trusts' assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund's investment assets, and the related floating rate notes reflected as Fund liabilities under the caption *Floating rate note obligations* on the Statement of Assets and Liabilities. The carrying amount of the Fund's floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of *Interest, facilities and maintenance fees* on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule") prohibit banking entities and their affiliates from sponsoring and/or providing certain services for existing TOB Trusts, which constitute "covered funds" under the Volcker Rule. As a result of the Volcker Rule, the Fund, as holder of inverse floating rate securities, is required to perform certain duties in connection with TOB financing transactions previously performed by banking entities. These duties may alternatively be performed by a non-bank third-party service provider. The Fund's expanded role may increase its operational and regulatory risk.

**12**

**Invesco New Jersey Municipal Fund**

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Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"), which apply to TOB financing transactions and TOB Trusts. The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying security held by the TOB Trust. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund's ability to engage in TOB financing transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that TOB financing transactions will continue to be a viable or cost-effective form of leverage. The unavailability of TOB financing transactions or an increase in the cost of financing provided by TOB transactions may adversely affect the Fund's net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

**L.** **Other Risks** - The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Fund's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile. The values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund's shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $100 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Over $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.56%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 1.50%, 2.15%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

**13**

**Invesco New Jersey Municipal Fund**

------

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A and Class C shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 0.90% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2026, IDI advised the Fund that IDI retained $9,296 in front-end sales commissions from the sale of Class A shares and $14,169 and $413 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser'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 February 28, 2026. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $413198169 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $413198169 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $413198169 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $413198169 |

---

**NOTE 4—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended February 28, 2026, the Fund engaged in securities purchases of $33,657,946 and securities sales of $15,896,352, which resulted in net realized gains (losses) of $(322,240).

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $1,424.

**14**

**Invesco New Jersey Municipal Fund**

------

**NOTE 6—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Fund may have certain former Trustees who participated in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances and Borrowings**

The Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.5 billion, collectively by certain Invesco Funds, and which will expire on February 18, 2027. The revolving credit and security agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

During the year ended February 28, 2026, the Fund's average daily balance of borrowing under the revolving credit and security agreement was $43,836 with an average interest rate of 4.41%. The carrying amount of the Fund's payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as *Interest, facilities and maintenance fees*. At February 28, 2026, the Fund had no borrowings outstanding under this agreement.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2026 were $11,134,615 and 5.76%, respectively.

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** |
|  | **2026** | **2025** |
| Ordinary income\* | &nbsp;&nbsp; $45307 | &nbsp;&nbsp;&nbsp;&nbsp; $107277 |
| Ordinary income-tax-exempt | &nbsp;&nbsp; 12481228 | &nbsp;&nbsp;&nbsp;&nbsp; 9496413 |
| Total distributions | &nbsp;&nbsp; $12526535 | &nbsp;&nbsp;&nbsp;&nbsp; $9603690 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2026** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp; $1518356 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 10318126 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (49820)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (175494796)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 562574706 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $398866572 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and amortization and accretion on debt securities.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of February 28, 2026, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $22741689 | &nbsp;&nbsp;&nbsp;&nbsp; $152753107 | &nbsp;&nbsp;&nbsp;&nbsp; $175494796 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2026 was $199,238,992 and $87,345,380, respectively. As of February 28, 2026, the aggregate cost of

**15**

**Invesco New Jersey Municipal Fund**

------

investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $13128063 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (2809937)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $10318126 |

---

Cost of investments for tax purposes is $402,880,043.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of market discounts and amortization and accretion on debt securities, on February 28, 2026, undistributed net investment income was increased by $116,940 and undistributed net realized gain (loss) was decreased by $116,940. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 14983467 | &nbsp;&nbsp;&nbsp; $129390655 | &nbsp;&nbsp;&nbsp; 2305442 | &nbsp;&nbsp;&nbsp; $20615314 |
| Class C | &nbsp;&nbsp;&nbsp; 292879 | &nbsp;&nbsp;&nbsp; 2583413 | &nbsp;&nbsp;&nbsp; 407838 | &nbsp;&nbsp;&nbsp; 3663755 |
| Class Y | &nbsp;&nbsp;&nbsp; 4576424 | &nbsp;&nbsp;&nbsp; 40010712 | &nbsp;&nbsp;&nbsp; 3287257 | &nbsp;&nbsp;&nbsp; 29487176 |
| Class R6 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1282 | &nbsp;&nbsp;&nbsp; 11500 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 439954 | &nbsp;&nbsp;&nbsp; 3864501 | &nbsp;&nbsp;&nbsp; 383356 | &nbsp;&nbsp;&nbsp; 3429794 |
| Class C | &nbsp;&nbsp;&nbsp; 33723 | &nbsp;&nbsp;&nbsp; 296238 | &nbsp;&nbsp;&nbsp; 36064 | &nbsp;&nbsp;&nbsp; 323092 |
| Class Y | &nbsp;&nbsp;&nbsp; 288338 | &nbsp;&nbsp;&nbsp; 2531349 | &nbsp;&nbsp;&nbsp; 236506 | &nbsp;&nbsp;&nbsp; 2118745 |
| Class R6 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; 1865 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 118459 | &nbsp;&nbsp;&nbsp; 1030322 | &nbsp;&nbsp;&nbsp; 213082 | &nbsp;&nbsp;&nbsp; 1898132 |
| Class C | &nbsp;&nbsp;&nbsp; (118294)<br>| &nbsp;&nbsp;&nbsp; (1030322)<br>| &nbsp;&nbsp;&nbsp; (212816)<br>| &nbsp;&nbsp;&nbsp; (1898132)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (4377995)<br>| &nbsp;&nbsp;&nbsp; (38245892)<br>| &nbsp;&nbsp;&nbsp; (3226517)<br>| &nbsp;&nbsp;&nbsp; (28914154)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (386600)<br>| &nbsp;&nbsp;&nbsp; (3388470)<br>| &nbsp;&nbsp;&nbsp; (430934)<br>| &nbsp;&nbsp;&nbsp; (3867324)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (4148787)<br>| &nbsp;&nbsp;&nbsp; (36109194)<br>| &nbsp;&nbsp;&nbsp; (2253607)<br>| &nbsp;&nbsp;&nbsp; (20149843)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (581)<br>| &nbsp;&nbsp;&nbsp; (5043)<br>| &nbsp;&nbsp;&nbsp; (9943)<br>| &nbsp;&nbsp;&nbsp; (88373)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 11700991 | &nbsp;&nbsp;&nbsp; $100928300 | &nbsp;&nbsp;&nbsp; 737218 | &nbsp;&nbsp;&nbsp; $6631547 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 60% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**16**

**Invesco New Jersey Municipal Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco New Jersey Municipal Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco New Jersey Municipal Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the "Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, agent bank and brokers; when replies were not received from the agent bank, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2026

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**17**

**Invesco New Jersey Municipal Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |
| Tax-Exempt Interest Dividends\* | &nbsp;&nbsp; 99.64% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**18**

**Invesco New Jersey Municipal Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**19**

**Invesco New Jersey Municipal Fund**

------

![](img0a689d7d1.jpg)

SEC file number(s): 811-07890 and 033-66242

Invesco Distributors, Inc.

O-RONJM-NCSR

------

![](img850cc7671.jpg)

------

**Annual Financial Statements and Other Information**

**February 28, 2026**

**Invesco Pennsylvania Municipal Fund**

Nasdaq:

A: OPATX ■ C: OPACX ■ Y: OPAYX ■ R6: IORPX

------

---

| | |
|:---|:---|
| [2](#xx_e2c9b505-3b34-4c1c-9bf4-bfc72c5fc181_SOI-Continued-751_1) | Schedule of Investments |
| [9](#xx_e2c9b505-3b34-4c1c-9bf4-bfc72c5fc181_FS-Continued-751_1) | Financial Statements |
| [12](#xx_e2c9b505-3b34-4c1c-9bf4-bfc72c5fc181_FS-Continued-751_4) | Financial Highlights |
| [13](#xx_e2c9b505-3b34-4c1c-9bf4-bfc72c5fc181_NTF-Continued-751_1) | Notes to Financial Statements |
| [19](#xx_e2c9b505-3b34-4c1c-9bf4-bfc72c5fc181_ARS-Continued-751_1) | Report of Independent Registered Public Accounting Firm |
| [20](#xx_e2c9b505-3b34-4c1c-9bf4-bfc72c5fc181_TI-Continued-751_1) | Tax Information |
| [21](#xx_e2c9b505-3b34-4c1c-9bf4-bfc72c5fc181_OIRSR-Continued-751_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*February 28, 2026* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–109.78%** | **Municipal Obligations–109.78%** | **Municipal Obligations–109.78%** | **Municipal Obligations–109.78%** | **Municipal Obligations–109.78%** | **Municipal Obligations–109.78%** |
| **Pennsylvania–97.89%** | **Pennsylvania–97.89%** | **Pennsylvania–97.89%** | **Pennsylvania–97.89%** |  |  |
| Adams (County of), PA General Authority (Brethren Home Community (The)); Series 2024, Ref. RB | 5.00% | 06/01/2054 |  | $4100 | &nbsp;&nbsp; $4021619 |
| Adams (County of), PA General Authority (Gettysburg College); Series 2025, Ref. RB | 5.00% | 08/15/2050 |  | 1245 | &nbsp;&nbsp; 1283587 |
| Aliquippa School District; Series 2018, Ref. GO Bonds (INS - BAM)<sup>(a)</sup> <br>| 4.00% | 12/01/2041 |  | 1750 | &nbsp;&nbsp; 1771417 |
| Allegheny (County of), PA Airport Authority; Series 2021 A, RB<sup>(b)</sup> <br>| 5.00% | 01/01/2056 |  | 8500 | &nbsp;&nbsp; 8586373 |
| Allegheny (County of), PA Airport Authority (Pittsburgh International Airport); |  |  |  |  |  |
| Series 2021 A, RB<sup>(b)</sup> <br>| 5.00% | 01/01/2051 |  | 16365 | &nbsp;&nbsp; 16566715 |
| Series 2021 A, RB (INS - AGI)<sup>(a)(b)</sup> <br>| 4.00% | 01/01/2056 |  | 5555 | &nbsp;&nbsp; 4933894 |
| Series 2023 A, RB (INS - AGI)<sup>(a)(b)</sup> <br>| 5.50% | 01/01/2053 |  | 1810 | &nbsp;&nbsp; 1902096 |
| Series 2025 A, RB (INS - AGI)<sup>(a)(b)(c)</sup> <br>| 5.50% | 01/01/2055 |  | 25000 | &nbsp;&nbsp; 26526242 |
| Allegheny (County of), PA Higher Education Building Authority (Duquesne University); Series 2026, <br> RB<br>| 4.50% | 03/01/2050 |  | 4395 | &nbsp;&nbsp; 4327809 |
| Allegheny (County of), PA Higher Education Building Authority (Robert Morris University); <br> Series 1998 A, Ref. RB (INS - BAM)<sup>(a)</sup> <br>| 6.00% | 05/01/2028 |  | 80 | &nbsp;&nbsp; 83507 |
| Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group <br> Issue); Series 2018 A, Ref. RB<br>| 5.00% | 04/01/2047 |  | 3250 | &nbsp;&nbsp; 3283520 |
| Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center); <br> Series 2007 A-1, RB (3 mo. Term SOFR + 0.82%)<sup>(d)</sup> <br>| 3.45% | 02/01/2037 |  | 300 | &nbsp;&nbsp; 301043 |
| Allegheny (County of), PA Industrial Development Authority (Propel Charter School - Sunrise); <br> Series 2013, RB<br>| 6.00% | 07/15/2038 |  | 1475 | &nbsp;&nbsp; 1474922 |
| Allegheny (County of), PA Industrial Development Authority (United States Steel Corp.); Series 2019, <br> Ref. RB<br>| 5.13% | 05/01/2030 |  | 3990 | &nbsp;&nbsp; 4250287 |
| Allegheny (County of), PA Residential Finance Authority (Allegheny Independence House Apartments); <br> Series 2007 B, RB (CEP - GNMA)<sup>(b)</sup> <br>| 6.10% | 01/20/2043 |  | 1025 | &nbsp;&nbsp; 1025625 |
| Allegheny (County of), PA Sanitary Authority; |  |  |  |  |  |
| Series 2022, RB | 5.75% | 06/01/2052 |  | 3250 | &nbsp;&nbsp; 3521714 |
| Series 2025, RB<sup>(c)</sup> <br>| 5.00% | 12/01/2055 |  | 4000 | &nbsp;&nbsp; 4184980 |
| Series 2025, Ref. RB | 5.00% | 12/01/2055 |  | 10000 | &nbsp;&nbsp; 10462451 |
| Allentown (City of), PA Commercial and Industrial Development Authority (Executive Education <br> Academy Charter School); Series 2024, Ref. RB<sup>(e)</sup> <br>| 5.00% | 07/01/2059 |  | 3000 | &nbsp;&nbsp; 2784450 |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center); |  |  |  |  |  |
| Series 2018, RB<sup>(e)</sup> <br>| 5.00% | 05/01/2042 |  | 3915 | &nbsp;&nbsp; 3962064 |
| Series 2018, RB<sup>(e)</sup> <br>| 5.38% | 05/01/2042 |  | 4000 | &nbsp;&nbsp; 4056433 |
| Series 2024, RB<sup>(e)</sup> <br>| 5.00% | 05/01/2042 |  | 7620 | &nbsp;&nbsp; 7970072 |
| Series 2025, RB<sup>(e)</sup> <br>| 5.50% | 05/01/2032 |  | 1300 | &nbsp;&nbsp; 1418647 |
| Series 2025, RB<sup>(e)</sup> <br>| 6.00% | 05/01/2042 |  | 2000 | &nbsp;&nbsp; 2231308 |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority (Neuweiler Lofts); <br> Series 2023, RB<sup>(e)</sup> <br>| 6.25% | 05/01/2042 |  | 3250 | &nbsp;&nbsp; 3348139 |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority (Waterfront-30 E. <br> Allen Street);<br>|  |  |  |  |  |
| Series 2024, RB<sup>(e)</sup> <br>| 5.25% | 05/01/2032 |  | 615 | &nbsp;&nbsp; 637509 |
| Series 2024, RB<sup>(e)</sup> <br>| 5.25% | 05/01/2042 |  | 1275 | &nbsp;&nbsp; 1319517 |
| Berks (County of), PA Industrial Development Authority (Highlands at Wyomissing (The)); |  |  |  |  |  |
| Series 2017 A, Ref. RB | 5.00% | 05/15/2037 |  | 1125 | &nbsp;&nbsp; 1140639 |
| Series 2017 C, RB | 5.00% | 05/15/2042 |  | 1600 | &nbsp;&nbsp; 1611491 |
| Series 2017 C, RB | 5.00% | 05/15/2047 |  | 1650 | &nbsp;&nbsp; 1650808 |
| Bucks (County of), PA Industrial Development Authority (Grand View Hospital); |  |  |  |  |  |
| Series 2021, RB | 4.00% | 07/01/2051 |  | 2475 | &nbsp;&nbsp; 2137451 |
| Series 2021, RB | 5.00% | 07/01/2054 |  | 4555 | &nbsp;&nbsp; 4557883 |
| Bucks (County of), PA Industrial Development Authority (Pennswood Village); Series 2018, Ref. RB | 5.00% | 10/01/2037 |  | 270 | &nbsp;&nbsp; 274971 |
| Cheltenham (Township of), PA; Series 2018, GO Bonds | 4.00% | 07/01/2048 |  | 560 | &nbsp;&nbsp; 471308 |
| Chester (County of), PA Health & Education Facilities Authority (Simpson Senior Services); |  |  |  |  |  |
| Series 2019, Ref. RB (Acquired 12/18/2019; Cost $88,187)<sup>(f)</sup> <br>| 3.25% | 12/01/2029 |  | 90 | &nbsp;&nbsp; 80569 |
| Series 2019, Ref. RB (Acquired 12/18/2019; Cost $299,910)<sup>(f)</sup> <br>| 4.00% | 12/01/2039 |  | 305 | &nbsp;&nbsp; 231511 |
| Series 2019, Ref. RB (Acquired 12/18/2019-08/24/2021; Cost $7,366,294)<sup>(f)</sup> <br>| 5.00% | 12/01/2051 |  | 8000 | &nbsp;&nbsp; 6196182 |
| Chester (County of), PA Health & Education Facilities Authority (Tel Hai Retirement Community); <br> Series 2025, Ref. RB<br>| 5.25% | 06/01/2055 |  | 1800 | &nbsp;&nbsp; 1833995 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco Pennsylvania Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** |  |  |
| Chester (County of), PA Industrial Development Authority (Avon Grove Charter School); Series 2017 <br> A, Ref. RB<br>| 5.00% | 12/15/2051 |  | $770 | &nbsp;&nbsp; $732454 |
| Chester (County of), PA Industrial Development Authority (Collegium Charter School); Series 2017 A, <br> RB<br>| 5.25% | 10/15/2047 |  | 2895 | &nbsp;&nbsp; 2669735 |
| Chester (County of), PA Industrial Development Authority (Green Bonds); Series 2021, RB | 4.00% | 12/01/2051 |  | 11340 | &nbsp;&nbsp; 10504855 |
| Chester (County of), PA Industrial Development Authority (Renaissance Academy Charter School); |  |  |  |  |  |
| Series 2024, Ref. RB<sup>(e)</sup> <br>| 4.50% | 10/01/2049 |  | 800 | &nbsp;&nbsp; 710558 |
| Series 2024, Ref. RB<sup>(e)</sup> <br>| 4.50% | 10/01/2054 |  | 645 | &nbsp;&nbsp; 556319 |
| Chester (County of), PA Industrial Development Authority (University Student Housing, LLC at West <br> Chester University of Pennsylvania);<br>|  |  |  |  |  |
| Series 2013 A, RB | 5.00% | 08/01/2035 |  | 1000 | &nbsp;&nbsp; 1000426 |
| Series 2013, RB | 5.00% | 08/01/2045 |  | 3175 | &nbsp;&nbsp; 3079348 |
| Chester (County of), PA Industrial Development Authority (Woodlands at Greystone); |  |  |  |  |  |
| Series 2018, RB<sup>(e)</sup> <br>| 4.38% | 03/01/2028 |  | 72 | &nbsp;&nbsp; 72337 |
| Series 2018, RB<sup>(e)</sup> <br>| 5.13% | 03/01/2048 |  | 628 | &nbsp;&nbsp; 628922 |
| Coatesville School District; |  |  |  |  |  |
| Series 2020 A, GO Bonds (INS - BAM)<sup>(a)(g)</sup> <br>| 0.00% | 10/01/2034 |  | 300 | &nbsp;&nbsp; 216467 |
| Series 2020 A, GO Bonds (INS - BAM)<sup>(a)(g)</sup> <br>| 0.00% | 10/01/2038 |  | 2700 | &nbsp;&nbsp; 1608151 |
| Series 2020 B, Ref. GO Bonds (INS - BAM)<sup>(a)(g)</sup> <br>| 0.00% | 10/01/2033 |  | 500 | &nbsp;&nbsp; 376834 |
| Series 2020 B, Ref. GO Bonds (INS - BAM)<sup>(a)(g)</sup> <br>| 0.00% | 10/01/2034 |  | 980 | &nbsp;&nbsp; 707125 |
| Series 2020 C, Ref. GO Notes (INS - BAM)<sup>(a)(g)</sup> <br>| 0.00% | 10/01/2033 |  | 640 | &nbsp;&nbsp; 482347 |
| Commonwealth Financing Authority; |  |  |  |  |  |
| Series 2018, RB<sup>(c)(h)</sup> <br>| 5.00% | 06/01/2034 |  | 2500 | &nbsp;&nbsp; 2622381 |
| Series 2018, RB<sup>(c)(h)</sup> <br>| 5.00% | 06/01/2035 |  | 500 | &nbsp;&nbsp; 523170 |
| Cumberland (County of), PA Municipal Authority; Series 2015, Ref. RB | 5.00% | 01/01/2038 |  | 425 | &nbsp;&nbsp; 425347 |
| Cumberland County Municipal Authority; |  |  |  |  |  |
| Series 2026, Ref. RB | 5.00% | 05/01/2044 |  | 1990 | &nbsp;&nbsp; 2185161 |
| Series 2026, Ref. RB | 5.50% | 06/01/2051 |  | 3000 | &nbsp;&nbsp; 3066271 |
| Series 2026, Ref. RB | 5.00% | 05/01/2056 |  | 2000 | &nbsp;&nbsp; 2072385 |
| Dallas Area Municipal Authority (Misericordia University); |  |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 05/01/2039 |  | 1175 | &nbsp;&nbsp; 1176429 |
| Series 2019, Ref. RB | 5.00% | 05/01/2048 |  | 1000 | &nbsp;&nbsp; 904733 |
| Delaware (County of), PA Authority (Elywn); Series 2017, Ref. RB | 5.00% | 06/01/2027 |  | 175 | &nbsp;&nbsp; 177303 |
| Delaware (County of), PA Authority (Neumann University); |  |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 10/01/2031 |  | 1015 | &nbsp;&nbsp; 1015389 |
| Series 2016, Ref. RB | 5.00% | 10/01/2035 |  | 2305 | &nbsp;&nbsp; 2305517 |
| Delaware (County of), PA Industrial Development Authority (Mercy Health Corp. of Southeastern PA); <br> Series 2016 A, RB<sup>(e)</sup> <br>| 5.13% | 06/01/2046 |  | 2080 | &nbsp;&nbsp; 2067724 |
| DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare); Series 2018, Ref. RB | 5.00% | 07/15/2048 |  | 1000 | &nbsp;&nbsp; 907057 |
| East Hempfield (Township of), PA Industrial Development Authority (Willow Valley Communities); <br> Series 2016, Ref. RB<br>| 5.00% | 12/01/2039 |  | 3150 | &nbsp;&nbsp; 3152087 |
| Erie (City of), PA Higher Education Building Authority (AICUP Financing Program); Series 2021, RB | 4.00% | 05/01/2041 |  | 1130 | &nbsp;&nbsp; 1008190 |
| Franklin (County of), PA Industrial Development Authority (Menno-Haven, Inc.); |  |  |  |  |  |
| Series 2018, Ref. RB | 5.00% | 12/01/2038 |  | 1000 | &nbsp;&nbsp; 1011821 |
| Series 2018, Ref. RB | 5.00% | 12/01/2043 |  | 475 | &nbsp;&nbsp; 474471 |
| Series 2018, Ref. RB | 5.00% | 12/01/2053 |  | 7080 | &nbsp;&nbsp; 6327972 |
| Series 2019, RB | 5.00% | 12/01/2039 |  | 755 | &nbsp;&nbsp; 760024 |
| Geisinger Authority (Geisinger Health System); |  |  |  |  |  |
| Series 2017 A-1, Ref. RB | 5.00% | 02/15/2045 |  | 5000 | &nbsp;&nbsp; 5050272 |
| Series 2017 A-1, Ref. RB | 4.00% | 02/15/2047 |  | 5000 | &nbsp;&nbsp; 4565639 |
| Lancaster (City of), PA Industrial Development Authority (Willow Valley Communities); |  |  |  |  |  |
| Series 2019, RB | 4.00% | 12/01/2044 |  | 1150 | &nbsp;&nbsp; 1042408 |
| Series 2019, RB | 5.00% | 12/01/2049 |  | 5340 | &nbsp;&nbsp; 5260146 |
| Lancaster (City of), PA Municipal Authority (Garden Spot Village); |  |  |  |  |  |
| Series 2024 B, RB | 5.00% | 05/01/2054 |  | 1880 | &nbsp;&nbsp; 1882717 |
| Series 2024, RB | 5.00% | 05/01/2059 |  | 1500 | &nbsp;&nbsp; 1490156 |
| Series 2024, Ref. RB | 5.00% | 05/01/2044 |  | 1375 | &nbsp;&nbsp; 1426456 |
| Series 2024, Ref. RB | 5.00% | 05/01/2049 |  | 1635 | &nbsp;&nbsp; 1649380 |
| Lancaster (City of), PA Municipal Authority (Luthercare); Series 2025 A, Ref. RB | 5.00% | 12/01/2055 |  | 2890 | &nbsp;&nbsp; 2859936 |
| Lancaster (County of), PA Hospital Authority (Brethren Village); Series 2017, Ref. RB | 5.13% | 07/01/2037 |  | 2000 | &nbsp;&nbsp; 2012068 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco Pennsylvania Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** |  |  |
| Lancaster (County of), PA Hospital Authority (Landis Homes Retirement Community); Series 2015, <br> Ref. RB<br>| 5.00% | 07/01/2045 |  | $625 | &nbsp;&nbsp; $625000 |
| Lancaster (County of), PA Hospital Authority (Masonic Villages); Series 2023, Ref. RB | 5.13% | 11/01/2038 |  | 1000 | &nbsp;&nbsp; 1104177 |
| Lancaster (County of), PA Hospital Authority (Penn State Health); Series 2021, RB | 5.00% | 11/01/2051 |  | 1550 | &nbsp;&nbsp; 1561237 |
| Latrobe (City of), PA Industrial Development Authority (Seton Hill University); Series 2021, Ref. RB | 4.00% | 03/01/2051 |  | 485 | &nbsp;&nbsp; 382906 |
| Lehigh (County of), PA (Lehigh Valley Health Network); |  |  |  |  |  |
| Series 2019 A, Ref. RB | 5.00% | 07/01/2044 |  | 10000 | &nbsp;&nbsp; 10298865 |
| Series 2019, Ref. RB | 4.00% | 07/01/2049 |  | 7000 | &nbsp;&nbsp; 6095942 |
| Lehigh (County of), PA General Purpose Authority (Kidspeace Obligation Group); |  |  |  |  |  |
| Series 2014 A, RB | 7.50% | 02/01/2044 |  | 1 | &nbsp;&nbsp; 340 |
| Series 2014 B, RB<sup>(i)</sup> <br>| 7.50% | 02/01/2044 |  | 1725 | &nbsp;&nbsp; 1101468 |
| Series 2014 C, RB<sup>(g)(j)</sup> <br>| 0.00% | 02/01/2044 |  | 2722 | &nbsp;&nbsp; 16592 |
| Lehigh (County of), PA General Purpose Authority (Lehigh Valley Academy); Series 2022, RB | 4.00% | 06/01/2052 |  | 5750 | &nbsp;&nbsp; 4753699 |
| Lehigh (County of), PA General Purpose Authority (Lehigh Valley Dual Language Charter School); <br> Series 2023, RB<br>| 7.00% | 06/01/2053 |  | 3760 | &nbsp;&nbsp; 4010572 |
| Lehigh (County of), PA General Purpose Authority (Muhlenberg College); Series 2024, Ref. RB | 5.25% | 02/01/2054 |  | 7880 | &nbsp;&nbsp; 7905487 |
| Maxatawny (Township of), PA Municipal Authority (Diakon Lutheran Social Ministries); |  |  |  |  |  |
| Series 2022 A, RB | 5.00% | 01/01/2042 |  | 930 | &nbsp;&nbsp; 962438 |
| Series 2022 A, RB | 4.50% | 01/01/2045 |  | 800 | &nbsp;&nbsp; 779858 |
| Montgomery (County of), PA (River Pionte); Series 2023, RB<sup>(e)</sup> <br>| 6.50% | 09/01/2043 |  | 3120 | &nbsp;&nbsp; 3250021 |
| Montgomery (County of), PA Higher Education & Health Authority (Holy Redeemer Health System); |  |  |  |  |  |
| Series 2014 A, Ref. RB | 5.00% | 10/01/2026 |  | 1000 | &nbsp;&nbsp; 1000703 |
| Series 2014 A, Ref. RB | 5.00% | 10/01/2027 |  | 390 | &nbsp;&nbsp; 386842 |
| Montgomery (County of), PA Higher Education & Health Authority (Philadelphia Presbytery Homes, <br> Inc.);<br>|  |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 12/01/2037 |  | 750 | &nbsp;&nbsp; 763671 |
| Series 2017, Ref. RB | 5.00% | 12/01/2047 |  | 2915 | &nbsp;&nbsp; 2903512 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University); |  |  |  |  |  |
| Series 2019, Ref. RB | 4.00% | 09/01/2044 |  | 1000 | &nbsp;&nbsp; 931767 |
| Series 2019, Ref. RB | 4.00% | 09/01/2049 |  | 5500 | &nbsp;&nbsp; 4917931 |
| Montgomery (County of), PA Industrial Development Authority (ACTS Retirement-Life Communities, <br> Inc.);<br>|  |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 11/15/2036 |  | 6405 | &nbsp;&nbsp; 6477587 |
| Series 2020 C, RB | 4.00% | 11/15/2043 |  | 350 | &nbsp;&nbsp; 340370 |
| Series 2020 C, RB | 5.00% | 11/15/2045 |  | 1970 | &nbsp;&nbsp; 2011107 |
| Series 2025 A, Ref. RB | 5.00% | 11/15/2055 |  | 10000 | &nbsp;&nbsp; 10015305 |
| Montgomery (County of), PA Industrial Development Authority (Germantown Academy); Series 2021, <br> Ref. RB<br>| 4.00% | 10/01/2046 |  | 2740 | &nbsp;&nbsp; 2434970 |
| Montgomery (County of), PA Industrial Development Authority (Meadwood Senior Living); Series 2018 <br> A, Ref. RB<br>| 5.00% | 12/01/2048 |  | 5000 | &nbsp;&nbsp; 5008009 |
| Montgomery (County of), PA Industrial Development Authority (Waverly Heights Ltd.); |  |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 12/01/2044 |  | 1500 | &nbsp;&nbsp; 1514464 |
| Series 2019, Ref. RB | 5.00% | 12/01/2049 |  | 1300 | &nbsp;&nbsp; 1298313 |
| Northampton (County of), PA General Purpose Authority (Moravian College); Series 2016, Ref. RB | 5.00% | 10/01/2036 |  | 2250 | &nbsp;&nbsp; 2267420 |
| Northampton (County of), PA General Purpose Authority (St. Luke's University Health Network); |  |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 08/15/2036 |  | 330 | &nbsp;&nbsp; 332873 |
| Series 2016, Ref. RB | 5.00% | 08/15/2046 |  | 1170 | &nbsp;&nbsp; 1173189 |
| Series 2018 A, Ref. RB | 4.00% | 08/15/2048 |  | 8430 | &nbsp;&nbsp; 7396525 |
| Northampton (County of), PA Industrial Development Authority (Morningstar Senior Living, Inc.); |  |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 11/01/2039 |  | 500 | &nbsp;&nbsp; 505171 |
| Series 2019, Ref. RB | 5.00% | 11/01/2044 |  | 950 | &nbsp;&nbsp; 907068 |
| Series 2019, Ref. RB | 5.00% | 11/01/2049 |  | 1050 | &nbsp;&nbsp; 939970 |
| Northampton (County of), PA Industrial Development Authority (Northampton Generating Co. L.P.); |  |  |  |  |  |
| Series 2013 A, RB (Acquired 04/03/2013; Cost $13,041,003)<sup>(f)(j)</sup> <br>| 5.00% | 06/30/2027 |  | 14827 | &nbsp;&nbsp; 6523708 |
| Series 2013, RB<sup>(j)</sup> <br>| 5.00% | 06/30/2027 |  | 8167 | &nbsp;&nbsp; 1470077 |
| Northeastern Pennsylvania (Commonwealth of) Hospital & Education Authority (Kings College); <br> Series 2019, RB<br>| 5.00% | 05/01/2049 |  | 3200 | &nbsp;&nbsp; 2980209 |
| Penn Hills School District; Series 2020, Ref. GO Bonds (INS - BAM)<sup>(a)</sup> <br>| 3.00% | 10/01/2042 |  | 4000 | &nbsp;&nbsp; 3531254 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco Pennsylvania Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** |  |  |
| Pennsylvania (Commonwealth of); |  |  |  |  |  |
| First Series 2020, GO Bonds | 2.13% | 05/01/2040 |  | $3000 | &nbsp;&nbsp; $2383884 |
| Series 2018 A, Ref. COP | 4.00% | 07/01/2046 |  | 540 | &nbsp;&nbsp; 514132 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority; Series 2023 A-2, RB | 4.00% | 05/15/2053 |  | 3250 | &nbsp;&nbsp; 2847219 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Capital Region Parking <br> System); Series 2013 C, RB (INS - AGI)<sup>(a)(g)</sup> <br>| 0.00% | 01/01/2044 |  | 775 | &nbsp;&nbsp; 348713 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Core Natural <br> Resources, Inc.); Series 2025, Ref. RB<sup>(b)(e)(k)</sup> <br>| 5.45% | 03/27/2035 |  | 4000 | &nbsp;&nbsp; 4388372 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Covanta Holding Corp.) <br> (Green Bonds); Series 2019 A, RB<sup>(b)(e)</sup> <br>| 3.25% | 08/01/2039 |  | 6550 | &nbsp;&nbsp; 5331403 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Eastern University); <br> Series 2026, RB<br>| 5.25% | 10/01/2050 |  | 4700 | &nbsp;&nbsp; 4696129 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (National Gypson Co.); <br> Series 2014, Ref. RB<sup>(b)</sup> <br>| 5.50% | 11/01/2044 |  | 635 | &nbsp;&nbsp; 635435 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major <br> Bridges); Series 2022, RB (INS - AGI)<sup>(a)(b)</sup> <br>| 5.00% | 12/31/2057 |  | 10145 | &nbsp;&nbsp; 10290457 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Pennsylvania Rapid <br> Bridge Replacement);<br>|  |  |  |  |  |
| Series 2015, RB<sup>(b)</sup> <br>| 5.00% | 12/31/2038 |  | 13590 | &nbsp;&nbsp; 13638463 |
| Series 2015, RB<sup>(b)</sup> <br>| 5.00% | 06/30/2042 |  | 11750 | &nbsp;&nbsp; 11778246 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Presbyterian Senior <br> Living);<br>|  |  |  |  |  |
| Series 2021, Ref. RB | 4.00% | 07/01/2046 |  | 4330 | &nbsp;&nbsp; 3891488 |
| Series 2023, RB | 5.25% | 07/01/2049 |  | 1300 | &nbsp;&nbsp; 1320531 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Villanova University); <br> Series 2024, RB<br>| 4.00% | 08/01/2054 |  | 6600 | &nbsp;&nbsp; 5949922 |
| Pennsylvania (Commonwealth of) Higher Education Assistance Agency; |  |  |  |  |  |
| Series 2023 A, RB<sup>(b)</sup> <br>| 4.00% | 06/01/2044 |  | 3160 | &nbsp;&nbsp; 3161964 |
| Series 2023 B, RB<sup>(b)</sup> <br>| 5.00% | 06/01/2050 |  | 800 | &nbsp;&nbsp; 777422 |
| Series 2024, RB<sup>(b)</sup> <br>| 4.13% | 06/01/2045 |  | 2889 | &nbsp;&nbsp; 2909352 |
| Series 2024-1C, RB<sup>(b)</sup> <br>| 5.00% | 06/01/2051 |  | 2000 | &nbsp;&nbsp; 1949396 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (La Salle University); <br> Series 2012, RB<br>| 5.00% | 05/01/2042 |  | 1180 | &nbsp;&nbsp; 823837 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System);<br>|  |  |  |  |  |
| Series 2019, RB | 4.00% | 08/15/2044 |  | 10000 | &nbsp;&nbsp; 9733283 |
| Series 2019, RB | 4.00% | 08/15/2049 |  | 1000 | &nbsp;&nbsp; 916941 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania) ; <br> Series 2025 A, RB<sup>(c)(h)</sup> <br>| 4.25% | 02/15/2055 |  | 7500 | &nbsp;&nbsp; 7330974 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Widener College); <br> Series 2014, Ref. RB<br>| 5.00% | 07/15/2038 |  | 1000 | &nbsp;&nbsp; 1000249 |
| Pennsylvania (Commonwealth of) Housing Finance Agency; Series 2019-131 A, RB | 3.10% | 10/01/2044 |  | 2500 | &nbsp;&nbsp; 2197178 |
| Pennsylvania (Commonwealth of) Housing Finance Agency (Social Bonds); |  |  |  |  |  |
| Series 2023 141-A, RB | 5.75% | 10/01/2053 |  | 796 | &nbsp;&nbsp; 850436 |
| Series 2023 143-A, RB | 5.30% | 04/01/2044 |  | 2020 | &nbsp;&nbsp; 2149287 |
| Series 2024-145A, RB | 6.00% | 10/01/2054 |  | 3380 | &nbsp;&nbsp; 3715611 |
| Series 2024-146A, RB | 4.75% | 04/01/2053 |  | 3000 | &nbsp;&nbsp; 3003309 |
| Series 2025-148A, RB<sup>(c)</sup> <br>| 4.80% | 10/01/2055 |  | 5000 | &nbsp;&nbsp; 5013047 |
| Series 2025-149A, RB<sup>(c)</sup> <br>| 5.15% | 10/01/2050 |  | 10000 | &nbsp;&nbsp; 10209497 |
| Series 2026, RB | 4.70% | 10/01/2051 |  | 5000 | &nbsp;&nbsp; 5010724 |
| Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District); <br> Series 2016, Ref. RB<sup>(k)(l)</sup> <br>| 5.00% | 12/01/2026 |  | 5 | &nbsp;&nbsp; 5107 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco Pennsylvania Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** |  |  |
| Pennsylvania (Commonwealth of) Turnpike Commission; |  |  |  |  |  |
| Series 2009 C, RB (INS - AGI)<sup>(a)</sup> <br>| 6.25% | 06/01/2033 |  | $2000 | &nbsp;&nbsp; $2018780 |
| Series 2009 E, RB | 6.38% | 12/01/2038 |  | 11435 | &nbsp;&nbsp; 12085074 |
| Series 2019 A, RB | 5.00% | 12/01/2049 |  | 9660 | &nbsp;&nbsp; 10004574 |
| Series 2020 B, RB | 5.00% | 12/01/2050 |  | 5150 | &nbsp;&nbsp; 5356360 |
| Series 2021 A, RB | 4.00% | 12/01/2050 |  | 3000 | &nbsp;&nbsp; 2767060 |
| Series 2021 A, Ref. RB | 4.00% | 12/01/2051 |  | 13190 | &nbsp;&nbsp; 12133532 |
| Series 2022 B, Ref. RB | 5.25% | 12/01/2052 |  | 3000 | &nbsp;&nbsp; 3169010 |
| Series 2023 A, Ref. RB | 5.25% | 12/01/2053 |  | 5915 | &nbsp;&nbsp; 6279892 |
| Series 2025 B, RB<sup>(c)</sup> <br>| 5.25% | 12/01/2055 |  | 5000 | &nbsp;&nbsp; 5358900 |
| Philadelphia (City of), PA; |  |  |  |  |  |
| Series 2017 15, Ref. RB | 5.00% | 08/01/2047 |  | 3620 | &nbsp;&nbsp; 3664670 |
| Series 2017 A, RB | 5.25% | 10/01/2052 |  | 7405 | &nbsp;&nbsp; 7517151 |
| Series 2020 C, Ref. RB<sup>(b)</sup> <br>| 4.00% | 07/01/2050 |  | 2225 | &nbsp;&nbsp; 1978125 |
| Series 2021, Ref. RB (INS - AGI)<sup>(a)(b)</sup> <br>| 4.00% | 07/01/2037 |  | 1000 | &nbsp;&nbsp; 1020984 |
| Series 2023 B, RB (INS - AGI)<sup>(a)(c)</sup> <br>| 5.50% | 09/01/2053 |  | 7500 | &nbsp;&nbsp; 8092333 |
| Series 2024 C, RB (INS - AGI)<sup>(a)</sup> <br>| 5.25% | 09/01/2049 |  | 4050 | &nbsp;&nbsp; 4358032 |
| Series 2024 C, RB (INS - AGI)<sup>(a)(c)</sup> <br>| 5.25% | 09/01/2049 |  | 2500 | &nbsp;&nbsp; 2690143 |
| Series 2025 B, Ref. RB<sup>(b)</sup> <br>| 5.00% | 07/01/2055 |  | 2500 | &nbsp;&nbsp; 2546843 |
| Sixteenth Series 2020 A, RB (INS - AGI)<sup>(a)</sup> <br>| 4.00% | 08/01/2045 |  | 1735 | &nbsp;&nbsp; 1720973 |
| Philadelphia (City of), PA (1998 General Ordinance); |  |  |  |  |  |
| Series 2024, RB | 5.25% | 08/01/2049 |  | 5900 | &nbsp;&nbsp; 6255816 |
| Series 2024, RB (INS - AGI)<sup>(a)</sup> <br>| 5.25% | 08/01/2054 |  | 8595 | &nbsp;&nbsp; 9122058 |
| Philadelphia (City of), PA Authority for Industrial Development; |  |  |  |  |  |
| Series 2017, RB<sup>(k)(l)</sup> <br>| 5.00% | 05/01/2027 |  | 1230 | &nbsp;&nbsp; 1268736 |
| Series 2017, RB | 5.00% | 11/01/2047 |  | 1270 | &nbsp;&nbsp; 1270762 |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia <br> (The)); Series 2024 A, RB<sup>(c)</sup> <br>| 5.25% | 07/01/2049 |  | 27870 | &nbsp;&nbsp; 29937962 |
| Philadelphia (City of), PA Authority for Industrial Development (Discovery Charter School); <br> Series 2022, Ref. RB<sup>(e)</sup> <br>| 5.00% | 04/15/2052 |  | 2400 | &nbsp;&nbsp; 2172694 |
| Philadelphia (City of), PA Authority for Industrial Development (Green Woods Charter School); <br> Series 2022 A, Ref. RB<br>| 5.38% | 06/15/2057 |  | 1000 | &nbsp;&nbsp; 988634 |
| Philadelphia (City of), PA Authority for Industrial Development (Independence Charter School - West); |  |  |  |  |  |
| Series 2019, RB | 4.00% | 06/15/2029 |  | 200 | &nbsp;&nbsp; 199897 |
| Series 2019, RB | 5.00% | 06/15/2050 |  | 350 | &nbsp;&nbsp; 322011 |
| Philadelphia (City of), PA Authority for Industrial Development (International Apartments at Temple <br> University);<br>|  |  |  |  |  |
| Series 2010 A, IDR (Acquired 10/07/2010; Cost $1,560,000)<sup>(f)(j)</sup> <br>| 5.38% | 06/15/2030 |  | 1560 | &nbsp;&nbsp; 1170000 |
| Series 2010 A, IDR (Acquired 08/26/2010; Cost $4,000,000)<sup>(f)(j)</sup> <br>| 5.63% | 06/15/2042 |  | 4000 | &nbsp;&nbsp; 3000000 |
| Philadelphia (City of), PA Authority for Industrial Development (Kipp Philadelphia Charter School); <br> Series 2016 B, RB<br>| 5.00% | 04/01/2046 |  | 1640 | &nbsp;&nbsp; 1347010 |
| Philadelphia (City of), PA Authority for Industrial Development (MaST Community Charter School II); <br> Series 2020, RB<br>| 5.00% | 08/01/2050 |  | 1775 | &nbsp;&nbsp; 1758699 |
| Philadelphia (City of), PA Authority for Industrial Development (MaST I Charter School); Series 2016 <br> A, Ref. RB<br>| 5.25% | 08/01/2046 |  | 1720 | &nbsp;&nbsp; 1721855 |
| Philadelphia (City of), PA Authority for Industrial Development (PresbyHomes Germantown/<br> Morrisville); Series 2005 A, RB<br>| 5.63% | 07/01/2035 |  | 1970 | &nbsp;&nbsp; 1973312 |
| Philadelphia (City of), PA Authority for Industrial Development (Richard Allen Preparatory Charter <br> School); Series 2006, RB<br>| 6.25% | 05/01/2033 |  | 1385 | &nbsp;&nbsp; 1386070 |
| Philadelphia (City of), PA Authority for Industrial Development (Social Bonds); |  |  |  |  |  |
| Series 2024, Ref. RB<sup>(e)</sup> <br>| 5.00% | 06/15/2039 |  | 1110 | &nbsp;&nbsp; 1151851 |
| Series 2024, Ref. RB<sup>(e)</sup> <br>| 5.00% | 06/15/2043 |  | 1000 | &nbsp;&nbsp; 1014077 |
| Philadelphia (City of), PA Authority for Industrial Development (St. Joseph's University); Series 2022, <br> RB<br>| 5.25% | 11/01/2052 |  | 2000 | &nbsp;&nbsp; 2067069 |
| Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University); <br> Series 2017 A, Ref. RB<br>| 5.00% | 09/01/2047 |  | 17635 | &nbsp;&nbsp; 17718844 |
| Philadelphia (City of), PA Authority for Industrial Development (Wesley Enhanced Living Obligated <br> Group); Series 2017, Ref. RB<br>| 5.00% | 07/01/2049 |  | 4500 | &nbsp;&nbsp; 4169750 |
| Philadelphia School District (The); Series 2021 A, GO Bonds (INS - BAM)<sup>(a)</sup> <br>| 4.00% | 09/01/2046 |  | 2000 | &nbsp;&nbsp; 1913648 |
| Pittsburgh (City of), PA Urban Redevelopment Authority (Marian Plaza); Series 2007, RB (CEP - <br> GNMA)<sup>(b)</sup> <br>| 6.13% | 01/20/2043 |  | 2250 | &nbsp;&nbsp; 2251960 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco Pennsylvania Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** | **Pennsylvania–(continued)** |  |  |
| Scranton-Lackawanna Health and Welfare Authority (University of Scranton); |  |  |  |  |  |
| Series 2025 A, Ref. RB | 5.00% | 11/01/2050 |  | $2165 | &nbsp;&nbsp; $2209614 |
| Series 2025 A, Ref. RB | 4.38% | 11/01/2055 |  | 2325 | &nbsp;&nbsp; 2104801 |
| Southeastern Pennsylvania Transportation Authority (Asset Improvement Program); Series 2022, RB | 5.25% | 06/01/2047 |  | 3000 | &nbsp;&nbsp; 3178613 |
| Susquehanna Area Regional Airport Authority; Series 2017, Ref. RB<sup>(b)</sup> <br>| 5.00% | 01/01/2038 |  | 1350 | &nbsp;&nbsp; 1367370 |
| Washington (County of), PA Redevelopment Authority (Victory Centre); Series 2018, Ref. RB | 5.00% | 07/01/2028 |  | 260 | &nbsp;&nbsp; 262113 |
| West Shore School District; Series 2020, GO Bonds | 4.00% | 11/15/2048 |  | 2000 | &nbsp;&nbsp; 1905191 |
|  |  |  |  |  | &nbsp;&nbsp; 666816714 |
| **Puerto Rico–10.66%** | **Puerto Rico–10.66%** | **Puerto Rico–10.66%** | **Puerto Rico–10.66%** |  |  |
| Children's Trust Fund; |  |  |  |  |  |
| Series 2002, RB | 5.50% | 05/15/2039 |  | 10335 | &nbsp;&nbsp; 10504602 |
| Series 2005 A, RB<sup>(g)</sup> <br>| 0.00% | 05/15/2050 |  | 48320 | &nbsp;&nbsp; 10178859 |
| Series 2008 A, RB<sup>(g)</sup> <br>| 0.00% | 05/15/2057 |  | 415530 | &nbsp;&nbsp; 20462650 |
| Puerto Rico (Commonwealth of); |  |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(g)</sup> <br>| 0.00% | 07/01/2033 |  | 2000 | &nbsp;&nbsp; 1480884 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2027 |  | 1433 | &nbsp;&nbsp; 1466135 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2029 |  | 1409 | &nbsp;&nbsp; 1505906 |
| Series 2021 A-1, GO Bonds | 5.75% | 07/01/2031 |  | 1369 | &nbsp;&nbsp; 1521113 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2033 |  | 1298 | &nbsp;&nbsp; 1329426 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2041 |  | 1361 | &nbsp;&nbsp; 1321444 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2046 |  | 1416 | &nbsp;&nbsp; 1278388 |
| Subseries 2022, RN<sup>(g)</sup> <br>| 0.00% | 11/01/2043 |  | 5508 | &nbsp;&nbsp; 3766403 |
| Puerto Rico (Commonwealth of) Electric Power Authority; Series 2007 TT, RB<sup>(j)</sup> <br>| 5.00% | 07/01/2032 |  | 1225 | &nbsp;&nbsp; 817688 |
| Puerto Rico (Commonwealth of) GDB Debt Recovery Authority; Series 2023, RB | 7.50% | 08/20/2040 |  | 160 | &nbsp;&nbsp; 156506 |
| Puerto Rico Sales Tax Financing Corp.; |  |  |  |  |  |
| Series 2018 A-1, RB<sup>(g)</sup> <br>| 0.00% | 07/01/2046 |  | 3912 | &nbsp;&nbsp; 1407188 |
| Series 2018 A-1, RB<sup>(g)</sup> <br>| 0.00% | 07/01/2051 |  | 7242 | &nbsp;&nbsp; 1905424 |
| Series 2018 A-1, RB | 5.00% | 07/01/2058 |  | 5037 | &nbsp;&nbsp; 4943959 |
| Series 2019 A-2, RB | 4.33% | 07/01/2040 |  | 2750 | &nbsp;&nbsp; 2755688 |
| Series 2019 A-2, RB | 4.54% | 07/01/2053 |  | 91 | &nbsp;&nbsp; 85384 |
| Series 2019 A-2, RB | 4.78% | 07/01/2058 |  | 1216 | &nbsp;&nbsp; 1178197 |
| University of Puerto Rico; |  |  |  |  |  |
| Series 2006 P, Ref. RB (Acquired 01/02/2015-01/22/2015; Cost $1,934,088)<sup>(f)</sup> <br>| 5.00% | 06/01/2030 |  | 3235 | &nbsp;&nbsp; 3234052 |
| Series 2006 Q, RB (Acquired 01/02/2015-01/05/2015; Cost $782,463)<sup>(f)</sup> <br>| 5.00% | 06/01/2030 |  | 1300 | &nbsp;&nbsp; 1299619 |
|  |  |  |  |  | &nbsp;&nbsp; 72599515 |
| **Virgin Islands–0.98%** | **Virgin Islands–0.98%** | **Virgin Islands–0.98%** | **Virgin Islands–0.98%** |  |  |
| Tobacco Settlement Financing Corp.; |  |  |  |  |  |
| Series 2006, RB<sup>(g)</sup> <br>| 0.00% | 05/15/2035 |  | 4150 | &nbsp;&nbsp; 2097655 |
| Series 2006, RB<sup>(g)</sup> <br>| 0.00% | 05/15/2035 |  | 2195 | &nbsp;&nbsp; 1170866 |
| Series 2006, RB<sup>(g)</sup> <br>| 0.00% | 05/15/2035 |  | 7000 | &nbsp;&nbsp; 3402058 |
|  |  |  |  |  | &nbsp;&nbsp; 6670579 |
| **Guam–0.22%** | **Guam–0.22%** | **Guam–0.22%** | **Guam–0.22%** |  |  |
| Guam (Territory of) Waterworks Authority; Series 2025 A, RB | 5.50% | 07/01/2055 |  | 1000 | &nbsp;&nbsp; 1051124 |
| Guam Housing Corp.; Series 1998 A, RB (CEP - FHLMC)<sup>(b)</sup> <br>| 5.75% | 09/01/2031 |  | 430 | &nbsp;&nbsp; 433500 |
|  |  |  |  |  | &nbsp;&nbsp; 1484624 |
| **Northern Mariana Islands–0.03%** | **Northern Mariana Islands–0.03%** | **Northern Mariana Islands–0.03%** | **Northern Mariana Islands–0.03%** |  |  |
| Northern Mariana Islands (Commonwealth of) Ports Authority; Series 1998 A, RB<sup>(b)</sup> <br>| 6.60% | 03/15/2028 |  | 220 | &nbsp;&nbsp; 223893 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(m)</sup>–109.78% (Cost $775,194,194) | TOTAL INVESTMENTS IN SECURITIES<sup>(m)</sup>–109.78% (Cost $775,194,194) | TOTAL INVESTMENTS IN SECURITIES<sup>(m)</sup>–109.78% (Cost $775,194,194) | TOTAL INVESTMENTS IN SECURITIES<sup>(m)</sup>–109.78% (Cost $775,194,194) |  | &nbsp;&nbsp; 747795325 |
| FLOATING RATE NOTE OBLIGATIONS–(10.70)% | FLOATING RATE NOTE OBLIGATIONS–(10.70)% | FLOATING RATE NOTE OBLIGATIONS–(10.70)% | FLOATING RATE NOTE OBLIGATIONS–(10.70)% |  |  |
| Notes with interest and fee rates ranging from 2.30% to 2.59% at 02/28/2026 and <br>contractual maturities of collateral ranging from 06/01/2034 to 12/01/2055 (See Note 1K)<sup>(n)</sup> <br>|  |  |  |  | &nbsp;&nbsp; (72890000)<br>|
| OTHER ASSETS LESS LIABILITIES–0.92% | OTHER ASSETS LESS LIABILITIES–0.92% | OTHER ASSETS LESS LIABILITIES–0.92% | OTHER ASSETS LESS LIABILITIES–0.92% |  | &nbsp;&nbsp; 6240258 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $681145583 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco Pennsylvania Municipal Fund**

------

Investment Abbreviations:

---

| | |
|:---|:---|
| AGI | – Assured Guaranty, Inc. |
| BAM | – Build America Mutual Assurance Co. |
| CEP | – Credit Enhancement Provider |
| COP | – Certificates of Participation |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| GNMA | – Government National Mortgage Association |
| GO | – General Obligation |
| IDR | – Industrial Development Revenue Bonds |
| INS | – Insurer |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| RN | – Revenue Notes |
| SOFR | – Secured Overnight Financing Rate |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

<sup>(b)</sup> Security subject to the alternative minimum tax.

<sup>(c)</sup> Underlying security related to TOB Trusts entered into by the Fund. See Note 1K.

<sup>(d)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2026.

<sup>(e)</sup> 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 February 28, 2026 was $49,072,417, which represented 7.20% of the Fund's Net Assets. 

<sup>(f)</sup> Restricted security. The aggregate value of these securities at February 28, 2026 was $21,735,641, which represented 3.19% of the Fund's Net Assets.

<sup>(g)</sup> Zero coupon bond issued at a discount.

<sup>(h)</sup> 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 $7,625,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. 

<sup>(i)</sup> Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(j)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2026 was $12,998,065, which represented 1.91% of the Fund's Net Assets. 

<sup>(k)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(l)</sup> Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

<sup>(m)</sup> This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer's obligations but may be called upon to satisfy the issuer's obligations. 

---

| | |
|:---|:---|
| **Entity** | **Percent** |
| Assured Guaranty Inc. | 10.18<br> %<br>|

---

<sup>(n)</sup> Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2026. At February 28, 2026, the Fund's investments with a value of $102,489,629 are held by TOB Trusts and serve as collateral for the $72,890,000 in the floating rate note obligations outstanding at that date. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco Pennsylvania Municipal Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $775,194,194)<br>| &nbsp;&nbsp; $747795325 |
| Cash | &nbsp;&nbsp; 4206649 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 210000 |
| Fund shares sold | &nbsp;&nbsp; 109653 |
| Interest | &nbsp;&nbsp; 8190058 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 98746 |
| Other assets | &nbsp;&nbsp; 183742 |
| Total assets | &nbsp;&nbsp; 760794173 |
| **Liabilities:** |  |
| Floating rate note obligations | &nbsp;&nbsp; 72890000 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 5000000 |
| Dividends | &nbsp;&nbsp; 1066603 |
| Fund shares reacquired | &nbsp;&nbsp; 242029 |
| Accrued fees to affiliates | &nbsp;&nbsp; 222565 |
| Accrued interest expense | &nbsp;&nbsp; 8977 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 18180 |
| Accrued other operating expenses | &nbsp;&nbsp; 98480 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 101756 |
| Total liabilities | &nbsp;&nbsp; 79648590 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $681145583 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $865362065 |
| Distributable earnings (loss) | &nbsp;&nbsp; (184216482)<br>|
|  | &nbsp;&nbsp; $681145583 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $473745510 |
| Class C | &nbsp;&nbsp; $38088272 |
| Class Y | &nbsp;&nbsp; $168097083 |
| Class R6 | &nbsp;&nbsp; $1214718 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 46468459 |
| Class C | &nbsp;&nbsp; 3747675 |
| Class Y | &nbsp;&nbsp; 16477059 |
| Class R6 | &nbsp;&nbsp; 119204 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $10.19 |
| Maximum offering price per share <br>(Net asset value of $10.19 ÷ 95.75%)<br>| &nbsp;&nbsp; $10.64 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.16 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.20 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.19 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**Invesco Pennsylvania Municipal Fund**

------

**Statement of Operations**

*For the year ended February 28, 2026* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $37605093 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3239689 |
| Administrative services fees | &nbsp;&nbsp; 98052 |
| Custodian fees | &nbsp;&nbsp; 6993 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1164982 |
| Class C | &nbsp;&nbsp; 376816 |
| Interest, facilities and maintenance fees | &nbsp;&nbsp; 2919786 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 528741 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 176 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 25243 |
| Registration and filing fees | &nbsp;&nbsp; 63050 |
| Reports to shareholders | &nbsp;&nbsp; 38454 |
| Professional services fees | &nbsp;&nbsp; 117239 |
| Other | &nbsp;&nbsp; 16060 |
| Total expenses | &nbsp;&nbsp; 8595281 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (5052)<br>|
| Net expenses | &nbsp;&nbsp; 8590229 |
| Net investment income | &nbsp;&nbsp; 29014864 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(3116391)) | &nbsp;&nbsp; (7829277)<br>|
| Change in net unrealized appreciation (depreciation) of unaffiliated investment securities | &nbsp;&nbsp; (5348720)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (13177997)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $15836867 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**10**

**Invesco Pennsylvania Municipal Fund**

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**Statement of Changes in Net Assets**

*For the years ended February 28, 2026 and 2025* 

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $29014864 | &nbsp;&nbsp; $24479080 |
| Net realized gain (loss) | &nbsp;&nbsp; (7829277)<br>| &nbsp;&nbsp; (6399961)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (5348720)<br>| &nbsp;&nbsp; 10993857 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 15836867 | &nbsp;&nbsp; 29072976 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (20409287)<br>| &nbsp;&nbsp; (20442572)<br>|
| Class C | &nbsp;&nbsp; (1516801)<br>| &nbsp;&nbsp; (1688531)<br>|
| Class Y | &nbsp;&nbsp; (7827148)<br>| &nbsp;&nbsp; (7233294)<br>|
| Class R6 | &nbsp;&nbsp; (57717)<br>| &nbsp;&nbsp; (59278)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (29810953)<br>| &nbsp;&nbsp; (29423675)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (28476895)<br>| &nbsp;&nbsp; (23401388)<br>|
| Class C | &nbsp;&nbsp; (8503215)<br>| &nbsp;&nbsp; (8921683)<br>|
| Class Y | &nbsp;&nbsp; (14798626)<br>| &nbsp;&nbsp; 23858269 |
| Class R6 | &nbsp;&nbsp; (169765)<br>| &nbsp;&nbsp; (2180)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (51948501)<br>| &nbsp;&nbsp; (8466982)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (65922587)<br>| &nbsp;&nbsp; (8817681)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 747068170 | &nbsp;&nbsp; 755885851 |
| End of year | &nbsp;&nbsp; $681145583 | &nbsp;&nbsp; $747068170 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**11**

**Invesco Pennsylvania Municipal Fund**

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**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Supplemental** <br>**ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee** <br>**waivers** <br>**(excluding** <br>**interest,** <br>**facilities and** <br>**maintenance** <br>**fees)**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 02/28/26 | $10.36 | $0.42 | $(0.16)<br>| $0.26 | $(0.43)<br>| $10.19 | 2.66 %<sup>(d)</sup><br>| $473746 | 1.26 %<sup>(d)</sup><br>| 1.26 %<sup>(d)</sup><br>| 0.84 %<sup>(d)</sup><br>| 4.17 %<sup>(d)</sup><br>| 38<br> %<br>|
| Year ended 02/28/25 | 10.37 | 0.34 | 0.06 | 0.40 | (0.41)<br>| 10.36 | 3.92 <br><sup>(d)</sup><br>| 511501 | 0.93 <br><sup>(d)</sup><br>| 0.93 <br><sup>(d)</sup><br>| 0.84 <br><sup>(d)</sup><br>| 3.28 <br><sup>(d)</sup><br>| 28 |
| Year ended 02/29/24 | 10.17 | 0.35 | 0.23 | 0.58 | (0.38)<br>| 10.37 | 5.88 | 535069 | 0.95 | 0.95 | 0.84 | 3.40 | 11 |
| Year ended 02/28/23 | 11.30 | 0.37 | (1.16)<br>| (0.79)<br>| (0.34)<br>| 10.17 | (7.04 )<sup>(d)</sup><br>| 565422 | 0.89 <br><sup>(d)</sup><br>| 0.89 <br><sup>(d)</sup><br>| 0.82 <br><sup>(d)</sup><br>| 3.51 <br><sup>(d)</sup><br>| 19 |
| Year ended 02/28/22 | 11.47 | 0.33 | (0.15)<br>| 0.18 | (0.35)<br>| 11.30 | 1.53 <br><sup>(d)</sup><br>| 671015 | 0.87 <br><sup>(d)</sup><br>| 0.87 <br><sup>(d)</sup><br>| 0.82 <br><sup>(d)</sup><br>| 2.82 <br><sup>(d)</sup><br>| 8 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 02/28/26 | 10.33 | 0.35 | (0.16)<br>| 0.19 | (0.36)<br>| 10.16 | 1.99 | 38088 | 1.92 | 1.92 | 1.50 | 3.51 | 38 |
| Year ended 02/28/25 | 10.33 | 0.27 | 0.07 | 0.34 | (0.34)<br>| 10.33 | 3.36 | 47564 | 1.59 | 1.59 | 1.50 | 2.62 | 28 |
| Year ended 02/29/24 | 10.13 | 0.28 | 0.24 | 0.52 | (0.32)<br>| 10.33 | 5.20 | 56546 | 1.60 | 1.60 | 1.49 | 2.75 | 11 |
| Year ended 02/28/23 | 11.27 | 0.30 | (1.17)<br>| (0.87)<br>| (0.27)<br>| 10.13 | (7.72 )<sup>(e)</sup><br>| 62564 | 1.53 <br><sup>(e)</sup><br>| 1.53 <br><sup>(e)</sup><br>| 1.46 <br><sup>(e)</sup><br>| 2.87 <br><sup>(e)</sup><br>| 19 |
| Year ended 02/28/22 | 11.43 | 0.25 | (0.14)<br>| 0.11 | (0.27)<br>| 11.27 | 0.96 | 84383 | 1.53 | 1.53 | 1.48 | 2.16 | 8 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 02/28/26 | 10.37 | 0.44 | (0.16)<br>| 0.28 | (0.45)<br>| 10.20 | 2.91 | 168097 | 1.02 | 1.02 | 0.60 | 4.41 | 38 |
| Year ended 02/28/25 | 10.37 | 0.36 | 0.07 | 0.43 | (0.43)<br>| 10.37 | 4.27 | 186592 | 0.69 | 0.69 | 0.60 | 3.52 | 28 |
| Year ended 02/29/24 | 10.17 | 0.37 | 0.24 | 0.61 | (0.41)<br>| 10.37 | 6.14 | 162858 | 0.70 | 0.70 | 0.59 | 3.65 | 11 |
| Year ended 02/28/23 | 11.31 | 0.39 | (1.17)<br>| (0.78)<br>| (0.36)<br>| 10.17 | (6.89)<br>| 143677 | 0.65 | 0.65 | 0.57 | 3.75 | 19 |
| Year ended 02/28/22 | 11.47 | 0.36 | (0.14)<br>| 0.22 | (0.38)<br>| 11.31 | 1.87 | 135503 | 0.63 | 0.63 | 0.58 | 3.06 | 8 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 02/28/26 | 10.36 | 0.45 | (0.16)<br>| 0.29 | (0.46)<br>| 10.19 | 2.97 | 1215 | 0.95 | 0.95 | 0.53 | 4.48 | 38 |
| Year ended 02/28/25 | 10.36 | 0.37 | 0.07 | 0.44 | (0.44)<br>| 10.36 | 4.34 | 1410 | 0.62 | 0.62 | 0.53 | 3.59 | 28 |
| Year ended 02/29/24 | 10.16 | 0.37 | 0.24 | 0.61 | (0.41)<br>| 10.36 | 6.21 | 1412 | 0.64 | 0.64 | 0.53 | 3.71 | 11 |
| Year ended 02/28/23 | 11.29 | 0.40 | (1.16)<br>| (0.76)<br>| (0.37)<br>| 10.16 | (6.76)<br>| 1138 | 0.59 | 0.59 | 0.52 | 3.81 | 19 |
| Year ended 02/28/22 | 11.46 | 0.36 | (0.14)<br>| 0.22 | (0.39)<br>| 11.29 | 1.86 | 1068 | 0.55 | 0.55 | 0.50 | 3.14 | 8 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for Class A for the years ended February 28, 2026, 2025, 2023 and 2022, respectively. 

<sup>(e)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.89% for the year ended February 28, 2023. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**12**

**Invesco Pennsylvania Municipal Fund**

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**Notes to Financial Statements**

*February 28, 2026*

**NOTE 1—Significant Accounting Policies**

Invesco Pennsylvania Municipal Fund (the "Fund") is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek tax-free income.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following policy.

Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is not representative of market value in the Adviser's judgment ("unreliable"), the Adviser will fair value the security using the Valuation Procedures. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are

**13**

**Invesco Pennsylvania Municipal Fund**

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generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes** – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt-interest dividends", as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.

**G.** **Interest, Facilities and Maintenance Fees** – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**K.** **Floating Rate Note Obligations** – The Fund invests in inverse floating rate securities, such as Tender Option Bonds ("TOBs"), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund ("TOB Trusts") in exchange for cash and residual interests in the TOB Trusts' assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund's investment assets, and the related floating rate notes reflected as Fund liabilities under the caption *Floating rate note obligations* on the Statement of Assets and Liabilities. The carrying amount of the Fund's floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of *Interest, facilities and maintenance fees* on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule") prohibit banking entities and their affiliates from sponsoring and/or providing certain services for existing TOB Trusts, which constitute "covered funds" under the Volcker Rule. As a result of the Volcker Rule, the Fund, as holder of inverse floating rate securities, is required to perform certain duties in connection with TOB financing transactions previously performed by banking entities. These duties may alternatively be performed by a non-bank third-party service provider. The Fund's expanded role may increase its operational and regulatory risk.

**14**

**Invesco Pennsylvania Municipal Fund**

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Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"), which apply to TOB financing transactions and TOB Trusts. The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying security held by the TOB Trust. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund's ability to engage in TOB financing transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that TOB financing transactions will continue to be a viable or cost-effective form of leverage. The unavailability of TOB financing transactions or an increase in the cost of financing provided by TOB transactions may adversely affect the Fund's net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

**L.** **Collateral** —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day.

**M.** **Other Risks** - The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Fund's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile. The values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.510% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.410% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.380% |
| Next $3 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.345% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.330% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.47%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 1.50%, 2.15%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

**15**

**Invesco Pennsylvania Municipal Fund**

------

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A and Class C shares (collectively, the "Plans"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 0.90% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of Class A shares and up to 0.15% of the average daily net assets of Class C shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2026, IDI advised the Fund that IDI retained $32,135 in front-end sales commissions from the sale of Class A shares and $2,115 and $4,731 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

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

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

As of February 28, 2026, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). 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.

**NOTE 4—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended February 28, 2026, the Fund engaged in securities purchases of $80,039,884 and securities sales of $83,234,918, which resulted in net realized gains (losses) of $(3,116,391).

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $5,052.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Fund may have certain former Trustees who participated in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**16**

**Invesco Pennsylvania Municipal Fund**

------

**NOTE 7—Cash Balances and Borrowings**

The Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.5 billion, collectively by certain Invesco Funds, and which will expire on February 18, 2027. The revolving credit and security agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

During the year ended February 28, 2026, the Fund's average daily balance of borrowing under the revolving credit and security agreement was $144,110 with an average interest rate of 4.44%. The carrying amount of the Fund's payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as *Interest, facilities and maintenance fees*. At February 28, 2026, the Fund had no borrowings outstanding under this agreement.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2026 were $58,209,615 and 4.52%, respectively.

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** |
|  | **2026** | **2025** |
| Ordinary income\* | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $431309 |
| Ordinary income-tax-exempt | &nbsp;&nbsp; 29810953 | &nbsp;&nbsp;&nbsp;&nbsp; 28992366 |
| Total distributions | &nbsp;&nbsp; $29810953 | &nbsp;&nbsp;&nbsp;&nbsp; $29423675 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2026** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp; $9139202 |
| Net unrealized appreciation (depreciation) — investments | &nbsp;&nbsp;&nbsp;&nbsp; (26370732)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (93436)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (166891516)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 865362065 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $681145583 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to defaulted bonds and amortization and accretion on debt securities.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of February 28, 2026, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $17775362 | &nbsp;&nbsp;&nbsp;&nbsp; $149116154 | &nbsp;&nbsp;&nbsp;&nbsp; $166891516 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2026 was $278,364,823 and $278,126,100, respectively. As of February 28, 2026, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $18547879 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (44918611)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(26370732)<br>|

---

Cost of investments for tax purposes is $774,166,057.

**17**

**Invesco Pennsylvania Municipal Fund**

------

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of market discounts, defaulted bonds and amortization and accretion on debt securities, on February 28, 2026, undistributed net investment income was increased by $115,948, undistributed net realized gain (loss) was decreased by $95,076 and shares of beneficial interest was decreased by $20,872. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5164949 | &nbsp;&nbsp;&nbsp; $51857473 | &nbsp;&nbsp;&nbsp; 3208112 | &nbsp;&nbsp;&nbsp; $33156882 |
| Class C | &nbsp;&nbsp;&nbsp; 585305 | &nbsp;&nbsp;&nbsp; 5836045 | &nbsp;&nbsp;&nbsp; 618768 | &nbsp;&nbsp;&nbsp; 6368178 |
| Class Y | &nbsp;&nbsp;&nbsp; 6744046 | &nbsp;&nbsp;&nbsp; 67508469 | &nbsp;&nbsp;&nbsp; 6964270 | &nbsp;&nbsp;&nbsp; 72036242 |
| Class R6 | &nbsp;&nbsp;&nbsp; 11514 | &nbsp;&nbsp;&nbsp; 114475 | &nbsp;&nbsp;&nbsp; 16152 | &nbsp;&nbsp;&nbsp; 166499 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1253584 | &nbsp;&nbsp;&nbsp; 12530221 | &nbsp;&nbsp;&nbsp; 1208725 | &nbsp;&nbsp;&nbsp; 12476697 |
| Class C | &nbsp;&nbsp;&nbsp; 106545 | &nbsp;&nbsp;&nbsp; 1061542 | &nbsp;&nbsp;&nbsp; 112268 | &nbsp;&nbsp;&nbsp; 1155393 |
| Class Y | &nbsp;&nbsp;&nbsp; 411347 | &nbsp;&nbsp;&nbsp; 4114531 | &nbsp;&nbsp;&nbsp; 383354 | &nbsp;&nbsp;&nbsp; 3960940 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1955 | &nbsp;&nbsp;&nbsp; 19531 | &nbsp;&nbsp;&nbsp; 2072 | &nbsp;&nbsp;&nbsp; 21382 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 485880 | &nbsp;&nbsp;&nbsp; 4845121 | &nbsp;&nbsp;&nbsp; 631566 | &nbsp;&nbsp;&nbsp; 6514153 |
| Class C | &nbsp;&nbsp;&nbsp; (487376)<br>| &nbsp;&nbsp;&nbsp; (4845121)<br>| &nbsp;&nbsp;&nbsp; (633547)<br>| &nbsp;&nbsp;&nbsp; (6514153)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (9789318)<br>| &nbsp;&nbsp;&nbsp; (97709710)<br>| &nbsp;&nbsp;&nbsp; (7312701)<br>| &nbsp;&nbsp;&nbsp; (75549120)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1061006)<br>| &nbsp;&nbsp;&nbsp; (10555681)<br>| &nbsp;&nbsp;&nbsp; (965434)<br>| &nbsp;&nbsp;&nbsp; (9931101)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (8668991)<br>| &nbsp;&nbsp;&nbsp; (86421626)<br>| &nbsp;&nbsp;&nbsp; (5056187)<br>| &nbsp;&nbsp;&nbsp; (52138913)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (30381)<br>| &nbsp;&nbsp;&nbsp; (303771)<br>| &nbsp;&nbsp;&nbsp; (18401)<br>| &nbsp;&nbsp;&nbsp; (190061)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (5271947)<br>| &nbsp;&nbsp;&nbsp; $(51948501)<br>| &nbsp;&nbsp;&nbsp; (840983)<br>| &nbsp;&nbsp;&nbsp; $(8466982)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**18**

**Invesco Pennsylvania Municipal Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco Pennsylvania Municipal Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Pennsylvania Municipal Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the "Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2026

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**19**

**Invesco Pennsylvania Municipal Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |
| Tax-Exempt Interest Dividends\* | &nbsp;&nbsp; 100.00% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**20**

**Invesco Pennsylvania Municipal Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**21**

**Invesco Pennsylvania Municipal Fund**

------

![](img850cc7671.jpg)

SEC file number(s): 811-07890 and 033-66242

Invesco Distributors, Inc.

O-ROPAM-NCSR

------

![](imgff64231d1.jpg)

------

**Annual Financial Statements and Other Information**

**February 28, 2026**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

Nasdaq:

A: OPNYX ■ C: ONYCX ■ Y: ONYYX ■ R6: IORNX

------

---

| | |
|:---|:---|
| [2](#xx_76c2378c-9143-4cd6-97b0-d1237e179a9a_SOI-Continued-744_1) | Schedule of Investments |
| [10](#xx_76c2378c-9143-4cd6-97b0-d1237e179a9a_FS-Continued-744_1) | Financial Statements |
| [13](#xx_76c2378c-9143-4cd6-97b0-d1237e179a9a_FS-Continued-744_4) | Financial Highlights |
| [14](#xx_76c2378c-9143-4cd6-97b0-d1237e179a9a_NTF-Continued-744_1) | Notes to Financial Statements |
| [21](#xx_76c2378c-9143-4cd6-97b0-d1237e179a9a_ARS-Continued-744_1) | Report of Independent Registered Public Accounting Firm |
| [22](#xx_76c2378c-9143-4cd6-97b0-d1237e179a9a_TI-Continued-744_1) | Tax Information |
| [23](#xx_76c2378c-9143-4cd6-97b0-d1237e179a9a_OIRSR-Continued-744_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*February 28, 2026* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–102.76%** | **Municipal Obligations–102.76%** | **Municipal Obligations–102.76%** | **Municipal Obligations–102.76%** | **Municipal Obligations–102.76%** | **Municipal Obligations–102.76%** |
| **New York–96.18%** | **New York–96.18%** | **New York–96.18%** | **New York–96.18%** |  |  |
| Albany (County of), NY Industrial Development Agency (Sage Colleges); Series 1999 A, RB | 5.30% | 04/01/2029 |  | $1535 | &nbsp;&nbsp; $1466963 |
| Albany Capital Resource Corp. (KIPP Capital Region Public Charter Schools); Series 2024, RB | 5.00% | 06/01/2064 |  | 450 | &nbsp;&nbsp; 437962 |
| Battery Park (City of), NY Authority (Green Bonds); Series 2025, Ref. RB | 5.25% | 11/01/2055 |  | 2000 | &nbsp;&nbsp; 2160626 |
| Brookhaven Local Development Corp. (Jefferson's Ferry); Series 2016, Ref. RB | 5.25% | 11/01/2036 |  | 215 | &nbsp;&nbsp; 217533 |
| Buffalo & Erie County Industrial Land Development Corp. (Charter School for Applied Technology); <br> Series 2017 A, Ref. RB<br>| 5.00% | 06/01/2035 |  | 1000 | &nbsp;&nbsp; 1019148 |
| Buffalo & Erie County Industrial Land Development Corp. (Medaille College); |  |  |  |  |  |
| Series 2013, Ref. RB (Acquired 01/18/2013-02/13/2020; Cost $2,442,107)<sup>(a)(b)</sup> <br>| 5.25% | 04/01/2035 |  | 2442 | &nbsp;&nbsp; 32968 |
| Series 2018, Ref. RB (Acquired 08/16/2018; Cost $689,002)<sup>(a)(b)(c)</sup> <br>| 5.00% | 10/01/2038 |  | 681 | &nbsp;&nbsp; 9201 |
| Build NYC Resource Corp. (261 walton Facility LLC - Zeta Charter Schools, Inc.); |  |  |  |  |  |
| Series 2026, RB<sup>(c)</sup> <br>| 5.25% | 06/01/2046 |  | 150 | &nbsp;&nbsp; 150422 |
| Series 2026, RB<sup>(c)</sup> <br>| 5.50% | 06/01/2056 |  | 250 | &nbsp;&nbsp; 248862 |
| Build NYC Resource Corp. (Albert Einstein School of Medicine, Inc.); Series 2015, RB<sup>(c)</sup> <br>| 5.50% | 09/01/2045 |  | 1980 | &nbsp;&nbsp; 1961087 |
| Build NYC Resource Corp. (Children's Aid Society (The)); |  |  |  |  |  |
| Series 2019, RB | 4.00% | 07/01/2044 |  | 750 | &nbsp;&nbsp; 718875 |
| Series 2019, RB | 4.00% | 07/01/2049 |  | 1240 | &nbsp;&nbsp; 1118095 |
| Build NYC Resource Corp. (Civic Bronx LLC - Bold Charter School); |  |  |  |  |  |
| Series 2025, RB<sup>(c)</sup> <br>| 5.63% | 07/01/2045 |  | 200 | &nbsp;&nbsp; 202938 |
| Series 2025, RB<sup>(c)</sup> <br>| 6.00% | 07/01/2060 |  | 400 | &nbsp;&nbsp; 405195 |
| Build NYC Resource Corp. (Consortium for Worker Education, Inc.); Series 2020, RB<sup>(c)</sup> <br>| 5.00% | 12/01/2049 |  | 1360 | &nbsp;&nbsp; 1138519 |
| Build NYC Resource Corp. (East Harlem Scholars Academy Charter School) (Social Bonds); |  |  |  |  |  |
| Series 2022, RB<sup>(c)</sup> <br>| 5.75% | 06/01/2052 |  | 400 | &nbsp;&nbsp; 399846 |
| Series 2022, RB<sup>(c)</sup> <br>| 5.75% | 06/01/2062 |  | 1000 | &nbsp;&nbsp; 985050 |
| Build NYC Resource Corp. (ERE425, LLC - Zeta Charter Schools, Inc.); Series 2025, RB<sup>(c)</sup> <br>| 5.25% | 10/15/2050 |  | 500 | &nbsp;&nbsp; 487986 |
| Build NYC Resource Corp. (Grand Concourse Academy Charter School); Series 2022 A, RB | 5.00% | 07/01/2052 |  | 150 | &nbsp;&nbsp; 145726 |
| Build NYC Resource Corp. (KIPP NYC Public School) (Social Bonds); |  |  |  |  |  |
| Series 2023, RB | 5.25% | 07/01/2052 |  | 3775 | &nbsp;&nbsp; 3825526 |
| Series 2023, RB | 5.25% | 07/01/2062 |  | 1500 | &nbsp;&nbsp; 1510279 |
| Build NYC Resource Corp. (Manhattan College); |  |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 08/01/2036 |  | 240 | &nbsp;&nbsp; 242883 |
| Series 2017, Ref. RB | 5.00% | 08/01/2047 |  | 600 | &nbsp;&nbsp; 582634 |
| Build NYC Resource Corp. (New Dawn Charter Schools); |  |  |  |  |  |
| Series 2019, RB<sup>(c)</sup> <br>| 5.63% | 02/01/2039 |  | 190 | &nbsp;&nbsp; 190089 |
| Series 2019, RB<sup>(c)</sup> <br>| 5.75% | 02/01/2049 |  | 360 | &nbsp;&nbsp; 359988 |
| Build NYC Resource Corp. (New York Law School); Series 2016, Ref. RB | 5.00% | 07/01/2041 |  | 650 | &nbsp;&nbsp; 650012 |
| Build NYC Resource Corp. (Special Needs Facilities Pooled Program); |  |  |  |  |  |
| Series 2013 A-1, RB | 5.38% | 07/01/2028 |  | 945 | &nbsp;&nbsp; 942308 |
| Series 2013 A-1, RB | 5.75% | 07/01/2033 |  | 790 | &nbsp;&nbsp; 790008 |
| Build NYC Resource Corp. (Success Academy Charter Schools); Series 2024, RB | 4.00% | 09/01/2043 |  | 1730 | &nbsp;&nbsp; 1704356 |
| Build NYC Resource Corp. (The Chapin School, Ltd.); Series 2017, Ref. RB | 5.00% | 11/01/2047 |  | 250 | &nbsp;&nbsp; 271684 |
| Build NYC Resource Corp. (The Renaissance Charter School 2); Series 2025, RB | 5.50% | 06/15/2055 |  | 500 | &nbsp;&nbsp; 496218 |
| Build NYC Resource Corp. (Urban Resource Insititute); |  |  |  |  |  |
| Series 2025, RB | 5.38% | 12/01/2046 |  | 100 | &nbsp;&nbsp; 108907 |
| Series 2025, RB | 5.50% | 12/01/2051 |  | 125 | &nbsp;&nbsp; 133318 |
| Build NYC Resource Corp. (Whin Music Community Charter School); Series 2022, RB<sup>(c)</sup> <br>| 6.50% | 07/01/2052 |  | 3100 | &nbsp;&nbsp; 3111805 |
| Canandaigua & Bristol (Towns of), NY; |  |  |  |  |  |
| Series 2007, GO Bonds | 5.00% | 12/15/2027 |  | 25 | &nbsp;&nbsp; 25111 |
| Series 2007, GO Bonds | 5.00% | 12/15/2028 |  | 30 | &nbsp;&nbsp; 30142 |
| Series 2007, GO Bonds | 5.00% | 12/15/2029 |  | 30 | &nbsp;&nbsp; 30136 |
| Series 2007, GO Bonds | 5.00% | 12/15/2030 |  | 30 | &nbsp;&nbsp; 30132 |
| Series 2007, GO Bonds | 5.00% | 12/15/2031 |  | 35 | &nbsp;&nbsp; 35145 |
| Series 2007, GO Bonds | 5.00% | 12/15/2032 |  | 35 | &nbsp;&nbsp; 35147 |
| Series 2007, GO Bonds | 5.00% | 12/15/2033 |  | 35 | &nbsp;&nbsp; 35126 |
| Series 2007, GO Bonds | 5.00% | 12/15/2034 |  | 40 | &nbsp;&nbsp; 40140 |
| Series 2007, GO Bonds | 5.00% | 12/15/2035 |  | 40 | &nbsp;&nbsp; 40139 |
| Series 2007, GO Bonds | 5.00% | 12/15/2036 |  | 45 | &nbsp;&nbsp; 45155 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| Series 2007, GO Bonds | 5.00% | 12/15/2037 |  | $45 | &nbsp;&nbsp; $45100 |
| Series 2007, GO Bonds | 5.00% | 12/15/2038 |  | 50 | &nbsp;&nbsp; 50014 |
| Series 2007, GO Bonds | 5.00% | 12/15/2039 |  | 50 | &nbsp;&nbsp; 50035 |
| Series 2007, GO Bonds | 5.00% | 12/15/2040 |  | 55 | &nbsp;&nbsp; 55095 |
| Series 2007, GO Bonds | 5.00% | 12/15/2041 |  | 55 | &nbsp;&nbsp; 55040 |
| Series 2007, GO Bonds | 5.00% | 12/15/2042 |  | 60 | &nbsp;&nbsp; 60025 |
| Cattaraugus (County of), NY (St. Bonaventure University); |  |  |  |  |  |
| Series 2014, RB | 5.00% | 05/01/2034 |  | 100 | &nbsp;&nbsp; 100150 |
| Series 2014, RB | 5.00% | 05/01/2039 |  | 100 | &nbsp;&nbsp; 100097 |
| City of New York NY; Series 2025, GO Bonds<sup>(d)</sup> <br>| 5.25% | 10/01/2055 |  | 3000 | &nbsp;&nbsp; 3178658 |
| Clinton County Capital Resource Corp. (CVES BOCES); Series 2025, RB<sup>(c)</sup> <br>| 4.75% | 07/01/2043 |  | 100 | &nbsp;&nbsp; 104101 |
| Dutchess County Local Development Corp. (Health Quest Systems, Inc.); Series 2016 B, RB | 5.00% | 07/01/2046 |  | 4300 | &nbsp;&nbsp; 4300371 |
| Dutchess County Local Development Corp. (Marist College); Series 2022, RB | 4.00% | 07/01/2049 |  | 2100 | &nbsp;&nbsp; 1883328 |
| Dutchess County Local Development Corp. (Social Bonds); Series 2023, RB (CEP - FNMA) | 5.00% | 10/01/2040 |  | 998 | &nbsp;&nbsp; 1110444 |
| Dutchess County Local Development Corp. (Vassar College); Series 2017, Ref. RB | 5.00% | 07/01/2042 |  | 500 | &nbsp;&nbsp; 508328 |
| Erie Tobacco Asset Securitization Corp.; |  |  |  |  |  |
| Series 2005 A, RB | 5.00% | 06/01/2031 |  | 75 | &nbsp;&nbsp; 75120 |
| Series 2005 A, RB | 5.00% | 06/01/2038 |  | 5000 | &nbsp;&nbsp; 4681456 |
| Series 2005 D, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2055 |  | 75500 | &nbsp;&nbsp; 6117939 |
| Genesee County Funding Corp. (The) (Rochester Regional Health Obligated Group); |  |  |  |  |  |
| Series 2022 A, Ref. RB | 5.25% | 12/01/2052 |  | 5050 | &nbsp;&nbsp; 5109787 |
| Series 2025, RB | 5.50% | 12/01/2055 |  | 1500 | &nbsp;&nbsp; 1567994 |
| Glen Cove Local Economic Assistance Corp. (Garvies Point Public Improvement); Series 2016 B, RB<sup>(e)</sup> <br>| 0.00% | 01/01/2045 |  | 16695 | &nbsp;&nbsp; 5189429 |
| Glen Cove Local Economic Assistance Corp. (Tiegerman School); Series 2018 A-2, RB<sup>(c)</sup> <br>| 5.50% | 07/01/2044 |  | 965 | &nbsp;&nbsp; 932041 |
| Guilderland (Town of), NY Industrial Development Agency; Series 2017 A, RB<sup>(a)(c)</sup> <br>| 5.88% | 01/01/2052 |  | 5000 | &nbsp;&nbsp; 2500000 |
| Hempstead Town Local Development Corp. (Evergreen Charter School); Series 2019, Ref. RB<sup>(c)</sup> <br>| 6.80% | 12/01/2044 |  | 1640 | &nbsp;&nbsp; 1695737 |
| Hempstead Town Local Development Corp. (Molloy College); |  |  |  |  |  |
| Series 2014, RB | 5.00% | 07/01/2034 |  | 300 | &nbsp;&nbsp; 300219 |
| Series 2014, RB | 5.00% | 07/01/2039 |  | 250 | &nbsp;&nbsp; 250185 |
| Series 2014, RB | 5.00% | 07/01/2044 |  | 200 | &nbsp;&nbsp; 200049 |
| Series 2017, Ref. RB | 5.00% | 07/01/2038 |  | 80 | &nbsp;&nbsp; 81263 |
| Huntington Local Development Corp.; Series 2016, RB<sup>(c)</sup> <br>| 6.50% | 12/01/2046 |  | 2025 | &nbsp;&nbsp; 1626172 |
| Long Island (City of), NY Power Authority; |  |  |  |  |  |
| Series 2016 B, Ref. RB | 5.00% | 09/01/2046 |  | 1485 | &nbsp;&nbsp; 1493607 |
| Series 2024 A, Ref. RB | 5.00% | 09/01/2054 |  | 1740 | &nbsp;&nbsp; 1829513 |
| Series 2025 A, Ref. RB | 5.25% | 09/01/2050 |  | 4000 | &nbsp;&nbsp; 4361054 |
| Long Island (City of), NY Power Authority (Green Bonds); |  |  |  |  |  |
| Series 2023 E, RB | 5.00% | 09/01/2048 |  | 640 | &nbsp;&nbsp; 678211 |
| Series 2023 E, RB | 5.00% | 09/01/2053 |  | 250 | &nbsp;&nbsp; 261957 |
| Metropolitan Transportation Authority; Series 2016 C-1, RB | 5.25% | 11/15/2056 |  | 16855 | &nbsp;&nbsp; 16899699 |
| Metropolitan Transportation Authority (Bidding Group 2); Series 2022 A, RB | 4.00% | 11/15/2052 |  | 4570 | &nbsp;&nbsp; 4234501 |
| Metropolitan Transportation Authority (Green Bonds); |  |  |  |  |  |
| Series 2016 A-1, RB | 5.25% | 11/15/2056 |  | 700 | &nbsp;&nbsp; 700455 |
| Series 2017 B-1, RB | 5.25% | 11/15/2057 |  | 2505 | &nbsp;&nbsp; 2539373 |
| Series 2019 B, RB | 4.00% | 11/15/2050 |  | 2000 | &nbsp;&nbsp; 1769457 |
| Series 2020 A-1, RB | 5.00% | 11/15/2049 |  | 500 | &nbsp;&nbsp; 511194 |
| Series 2024 A, Ref. RB | 5.25% | 11/15/2049 |  | 295 | &nbsp;&nbsp; 311282 |
| Series 2024, Ref. RB | 5.00% | 11/15/2052 |  | 2000 | &nbsp;&nbsp; 2087419 |
| Monroe County Industrial Development Corp. (Eugenio Maria De Hostos Charter School); Series 2024, <br> RB<sup>(c)</sup> <br>| 5.00% | 07/01/2044 |  | 1000 | &nbsp;&nbsp; 1000355 |
| Monroe County Industrial Development Corp. (Monroe Community College); |  |  |  |  |  |
| Series 2014, Ref. RB (INS - AGI)<sup>(f)</sup> <br>| 5.00% | 01/15/2028 |  | 350 | &nbsp;&nbsp; 350718 |
| Series 2014, Ref. RB (INS - AGI)<sup>(f)</sup> <br>| 5.00% | 01/15/2029 |  | 500 | &nbsp;&nbsp; 501038 |
| Series 2014, Ref. RB (INS - AGI)<sup>(f)</sup> <br>| 5.00% | 01/15/2038 |  | 150 | &nbsp;&nbsp; 150270 |
| Monroe County Industrial Development Corp. (St. Ann's Community); Series 2019, Ref. RB | 5.00% | 01/01/2050 |  | 1705 | &nbsp;&nbsp; 1532257 |
| Monroe County Industrial Development Corp. (St. John Fisher College); |  |  |  |  |  |
| Series 2024, Ref. RB | 5.25% | 06/01/2049 |  | 100 | &nbsp;&nbsp; 106185 |
| Series 2024, Ref. RB | 5.25% | 06/01/2054 |  | 250 | &nbsp;&nbsp; 261979 |
| Monroe County Industrial Development Corp. (University of Rochester); Series 2020, RB<sup>(c)</sup> <br>| 5.00% | 06/01/2050 |  | 130 | &nbsp;&nbsp; 127737 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| Montgomery County Capital Resource Corp.; |  |  |  |  |  |
| Series 2020 A-1, RB | 4.95% | 07/01/2030 |  | $630 | &nbsp;&nbsp; $620012 |
| Series 2020 A-2, RB | 5.40% | 07/01/2050 |  | 5625 | &nbsp;&nbsp; 4440703 |
| MTA Hudson Rail Yards Trust Obligations; |  |  |  |  |  |
| Series 2016 A, RB | 5.00% | 11/15/2051 |  | 1075 | &nbsp;&nbsp; 1075010 |
| Series 2016 A, RB | 5.00% | 11/15/2056 |  | 12565 | &nbsp;&nbsp; 12564804 |
| Nassau (County of), NY; |  |  |  |  |  |
| Series 2018 B, GO Bonds (INS - AGI)<sup>(f)</sup> <br>| 5.00% | 07/01/2049 |  | 1695 | &nbsp;&nbsp; 1744641 |
| Series 2019 A, GO Bonds (INS - AGI)<sup>(f)</sup> <br>| 5.00% | 04/01/2043 |  | 1490 | &nbsp;&nbsp; 1558025 |
| Series 2024 A, GO Bonds | 4.00% | 04/01/2054 |  | 1000 | &nbsp;&nbsp; 927450 |
| Nassau (County of), NY Industrial Development Agency; |  |  |  |  |  |
| Series 2003 A-C, RB | 7.00% | 09/01/2028 |  | 485 | &nbsp;&nbsp; 485458 |
| Series 2021, RB<sup>(e)(g)</sup> <br>| 0.00% | 01/01/2058 |  | 3133 | &nbsp;&nbsp; 0 |
| Nassau County Local Economic Assistance Corp. (Hispanic Counseling Center, Inc.); Series 2018 A-2, <br> Ref. RB<br>| 5.20% | 12/01/2037 |  | 290 | &nbsp;&nbsp; 246407 |
| Nassau County Tobacco Settlement Corp.; |  |  |  |  |  |
| Series 2006 A-2, RB | 5.25% | 06/01/2026 |  | 2607 | &nbsp;&nbsp; 2291866 |
| Series 2006 D, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2060 |  | 62500 | &nbsp;&nbsp; 2909187 |
| New Rochelle (City of), NY (70 Nardozzi/City DPW); Series 2018 A-2, RB | 5.13% | 08/01/2050 |  | 3095 | &nbsp;&nbsp; 2257974 |
| New York & New Jersey (States of) Port Authority; |  |  |  |  |  |
| Series 2024, Ref. RB | 5.00% | 07/15/2054 |  | 3500 | &nbsp;&nbsp; 3680565 |
| Series 2025, Ref. RB | 5.00% | 01/15/2055 |  | 2000 | &nbsp;&nbsp; 2100998 |
| New York (City of), NY; |  |  |  |  |  |
| Series 1997 C, GO Bonds | 5.50% | 11/15/2037 |  | 15 | &nbsp;&nbsp; 15035 |
| Series 2020 D-1, GO Bonds | 4.00% | 03/01/2050 |  | 2000 | &nbsp;&nbsp; 1863811 |
| Series 2021 A-1, GO Bonds | 5.00% | 08/01/2047 |  | 5140 | &nbsp;&nbsp; 5338146 |
| Series 2021 A-1, GO Bonds | 4.00% | 08/01/2050 |  | 10850 | &nbsp;&nbsp; 10105484 |
| Series 2024 C, GO Bonds | 5.25% | 03/01/2048 |  | 525 | &nbsp;&nbsp; 559319 |
| Series 2024 D, GO Bonds | 4.00% | 04/01/2045 |  | 2000 | &nbsp;&nbsp; 1964021 |
| Series 2024 D, GO Bonds | 5.25% | 04/01/2047 |  | 9500 | &nbsp;&nbsp; 10180000 |
| Series 2025 E, GO Bonds | 5.25% | 08/01/2050 |  | 560 | &nbsp;&nbsp; 596224 |
| Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2047 |  | 1000 | &nbsp;&nbsp; 1059445 |
| Subseries 2022 D-1, GO Bonds | 5.25% | 05/01/2043 |  | 3225 | &nbsp;&nbsp; 3509265 |
| Subseries 2024 C-1, GO Bonds | 4.00% | 09/01/2052 |  | 470 | &nbsp;&nbsp; 437321 |
| Subseries 2025 G-1, GO Bonds | 5.25% | 02/01/2053 |  | 500 | &nbsp;&nbsp; 530407 |
| New York (City of), NY Industrial Development Agency (Comprehensive Care Management); |  |  |  |  |  |
| Series 2005 C-2, RB | 6.00% | 05/01/2026 |  | 75 | &nbsp;&nbsp; 74533 |
| Series 2005 E-2, RB | 6.13% | 11/01/2035 |  | 205 | &nbsp;&nbsp; 154536 |
| New York (City of), NY Industrial Development Agency (The Child School); Series 2003, RB | 7.55% | 06/01/2033 |  | 2630 | &nbsp;&nbsp; 2648479 |
| New York (City of), NY Municipal Water Finance Authority; |  |  |  |  |  |
| Subseries 2023 AA-1, RB | 5.25% | 06/15/2052 |  | 5000 | &nbsp;&nbsp; 5281766 |
| Series 2020 AA-1, Ref. RB | 4.00% | 06/15/2050 |  | 18090 | &nbsp;&nbsp; 16927824 |
| Series 2021 BB-1, Ref. RB | 4.00% | 06/15/2045 |  | 2060 | &nbsp;&nbsp; 2042173 |
| Series 2021 CC-1, RB | 4.00% | 06/15/2051 |  | 11000 | &nbsp;&nbsp; 10220954 |
| Series 2024 AA, RB | 4.00% | 06/15/2054 |  | 1250 | &nbsp;&nbsp; 1158815 |
| Series 2026, RB | 5.50% | 06/15/2056 |  | 2000 | &nbsp;&nbsp; 2187142 |
| Subseries 2025 AA-1, RB | 5.25% | 06/15/2055 |  | 4500 | &nbsp;&nbsp; 4809240 |
| New York (City of), NY Transitional Finance Authority; |  |  |  |  |  |
| Series 2018 C-3, RB | 4.00% | 05/01/2045 |  | 4000 | &nbsp;&nbsp; 3894714 |
| Series 2019, RB | 4.00% | 11/01/2042 |  | 6000 | &nbsp;&nbsp; 6010655 |
| Series 2020, RB | 4.00% | 05/01/2044 |  | 5000 | &nbsp;&nbsp; 4957890 |
| Series 2021 B-1, RB | 4.00% | 08/01/2048 |  | 4120 | &nbsp;&nbsp; 3844555 |
| Series 2023, RB | 5.25% | 05/01/2050 |  | 750 | &nbsp;&nbsp; 796973 |
| Series 2025 B, RB | 5.00% | 05/01/2051 |  | 350 | &nbsp;&nbsp; 366923 |
| Series 2025 B, RB | 5.25% | 05/01/2055 |  | 320 | &nbsp;&nbsp; 341251 |
| Series 2025 E, RB | 4.13% | 11/01/2053 |  | 1000 | &nbsp;&nbsp; 937367 |
| Series 2025 H, RB | 5.25% | 11/01/2048 |  | 750 | &nbsp;&nbsp; 806614 |
| Series 2025 H, RB | 4.50% | 11/01/2052 |  | 4830 | &nbsp;&nbsp; 4719009 |
| Series 2026, RB | 5.25% | 11/01/2055 |  | 3000 | &nbsp;&nbsp; 3207443 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| New York (City of), NY Trust for Cultural Resources (Juilliard School (The)); |  |  |  |  |  |
| Series 2018 A, Ref. RB | 5.00% | 01/01/2037 |  | $400 | &nbsp;&nbsp; $427307 |
| Series 2018 A, Ref. RB | 5.00% | 01/01/2038 |  | 300 | &nbsp;&nbsp; 319697 |
| Series 2018 A, Ref. RB | 4.00% | 01/01/2039 |  | 1100 | &nbsp;&nbsp; 1122688 |
| New York (City of), NY Trust for Cultural Resources (The) (American Museum of Natural History); <br> Series 2024, Ref. RB<br>| 5.00% | 07/15/2054 |  | 5000 | &nbsp;&nbsp; 5272356 |
| New York (State of) Dormitory Authority; |  |  |  |  |  |
| Series 2009, VRD RB<sup>(h)</sup> <br>| 1.30% | 09/01/2039 |  | 3500 | &nbsp;&nbsp; 3500000 |
| Series 2015, Ref. RB | 5.00% | 07/01/2043 |  | 1610 | &nbsp;&nbsp; 1611201 |
| Series 2018 A, RB | 5.00% | 07/01/2048 |  | 1110 | &nbsp;&nbsp; 1136868 |
| Series 2022 A, Ref. RB | 5.00% | 05/01/2052 |  | 1800 | &nbsp;&nbsp; 1834301 |
| Series 2024 A, RB | 5.50% | 05/01/2049 |  | 450 | &nbsp;&nbsp; 471693 |
| Series 2024 A, RB | 5.50% | 05/01/2056 |  | 500 | &nbsp;&nbsp; 519252 |
| Series 2024 A, Ref. RB | 5.25% | 03/15/2049 |  | 500 | &nbsp;&nbsp; 535090 |
| Series 2024 A, Ref. RB | 5.50% | 07/01/2054 |  | 5000 | &nbsp;&nbsp; 5460173 |
| Series 2025 A, Ref. RB | 5.00% | 03/15/2055 |  | 4000 | &nbsp;&nbsp; 4188954 |
| Series 2025 C, Ref. RB | 5.00% | 03/15/2055 |  | 4000 | &nbsp;&nbsp; 4173106 |
| Series 2025, RB | 5.13% | 11/15/2050 |  | 350 | &nbsp;&nbsp; 358429 |
| Series 2025, RB | 5.13% | 11/15/2055 |  | 475 | &nbsp;&nbsp; 482514 |
| New York (State of) Dormitory Authority (Barnard College); Series 2025 A, Ref. RB | 5.00% | 07/01/2055 |  | 300 | &nbsp;&nbsp; 309866 |
| New York (State of) Dormitory Authority (Alliance Long Island AGYS, Inc.); |  |  |  |  |  |
| Series 2015 A-2, Ref. RB<sup>(c)</sup> <br>| 5.35% | 12/01/2035 |  | 4620 | &nbsp;&nbsp; 3954741 |
| Series 2015 B-1, Ref. RB<sup>(c)</sup> <br>| 6.18% | 12/01/2031 |  | 1250 | &nbsp;&nbsp; 1193824 |
| New York (State of) Dormitory Authority (Catholic Health System Obligated Group); |  |  |  |  |  |
| Series 2012 A, RB | 4.75% | 07/01/2039 |  | 1250 | &nbsp;&nbsp; 1166420 |
| Series 2012 B, RB | 5.00% | 07/01/2032 |  | 95 | &nbsp;&nbsp; 95002 |
| Series 2012 B, RB | 4.75% | 07/01/2039 |  | 300 | &nbsp;&nbsp; 279941 |
| New York (State of) Dormitory Authority (Fashion Institute of Technology Student Housing Corp.); |  |  |  |  |  |
| Series 2007, RB (INS - NATL)<sup>(f)</sup> <br>| 5.25% | 07/01/2027 |  | 6425 | &nbsp;&nbsp; 6549430 |
| Series 2007, RB (INS - NATL)<sup>(f)</sup> <br>| 5.25% | 07/01/2028 |  | 3000 | &nbsp;&nbsp; 3093553 |
| New York (State of) Dormitory Authority (Fordham University); |  |  |  |  |  |
| Series 2020, RB | 4.00% | 07/01/2046 |  | 10800 | &nbsp;&nbsp; 10268628 |
| Series 2020, RB | 4.00% | 07/01/2050 |  | 2000 | &nbsp;&nbsp; 1793171 |
| New York (State of) Dormitory Authority (IONA University); Series 2025, Ref. RB (INS - AGI)<sup>(f)</sup> <br>| 5.00% | 07/01/2051 |  | 700 | &nbsp;&nbsp; 726375 |
| New York (State of) Dormitory Authority (Montefiore Obligated Group); |  |  |  |  |  |
| Series 2020 A, Ref. RB | 4.00% | 09/01/2050 |  | 500 | &nbsp;&nbsp; 432006 |
| Series 2024, RB | 5.50% | 11/01/2044 |  | 1000 | &nbsp;&nbsp; 1082255 |
| New York (State of) Dormitory Authority (New School (The)); |  |  |  |  |  |
| Series 2016 A, Ref. RB | 5.00% | 07/01/2046 |  | 2250 | &nbsp;&nbsp; 2257945 |
| Series 2022 A, Ref. RB | 4.00% | 07/01/2047 |  | 545 | &nbsp;&nbsp; 496982 |
| New York (State of) Dormitory Authority (New York University); |  |  |  |  |  |
| Series 2016 A, RB | 5.00% | 07/01/2039 |  | 4625 | &nbsp;&nbsp; 4653175 |
| Series 2021 A, Ref. RB | 5.00% | 07/01/2051 |  | 1140 | &nbsp;&nbsp; 1178123 |
| Series 2025 A, Ref. RB | 5.25% | 07/01/2055 |  | 2785 | &nbsp;&nbsp; 2958204 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group); Series 2024, Ref. RB | 5.25% | 05/01/2054 |  | 10400 | &nbsp;&nbsp; 10829636 |
| New York (State of) Dormitory Authority (Pratt Institute); Series 2016, Ref. RB | 5.00% | 07/01/2046 |  | 500 | &nbsp;&nbsp; 501058 |
| New York (State of) Dormitory Authority (Rochester Institute of Technology); Series 2019 A, RB | 5.00% | 07/01/2049 |  | 1920 | &nbsp;&nbsp; 1954322 |
| New York (State of) Dormitory Authority (Rosewell Park Cancer Insititute); Series 2025, RB (INS - <br> AGI)<sup>(f)</sup> <br>| 5.25% | 07/01/2045 |  | 475 | &nbsp;&nbsp; 520565 |
| New York (State of) Dormitory Authority (United Cerebral Palsy Association); |  |  |  |  |  |
| Series 2017 A, RB<sup>(c)</sup> <br>| 5.50% | 12/01/2047 |  | 3030 | &nbsp;&nbsp; 2174467 |
| Series 2017 A-2, RB (Acquired 05/23/2017; Cost $4,545,000)<sup>(b)(c)</sup> <br>| 5.38% | 09/01/2050 |  | 4545 | &nbsp;&nbsp; 3523150 |
| Series 2017 A-2, Ref. RB (Acquired 10/25/2017; Cost $1,405,000)<sup>(b)(c)</sup> <br>| 5.38% | 10/01/2042 |  | 1405 | &nbsp;&nbsp; 1153770 |
| New York (State of) Dormitory Authority (Wagner College); Series 2022, Ref. RB | 5.00% | 07/01/2047 |  | 3620 | &nbsp;&nbsp; 3121003 |
| New York (State of) Dormitory Authority (White Plains Hospital Obligated Group); Series 2024, RB | 5.25% | 10/01/2049 |  | 5500 | &nbsp;&nbsp; 5602877 |
| New York (State of) Housing Finance Agency; Series 2025 B-1, RB | 5.25% | 11/01/2065 |  | 800 | &nbsp;&nbsp; 816152 |
| New York (State of) Housing Finance Agency (Green Bonds); |  |  |  |  |  |
| Series 2023 E-1, RB | 4.88% | 11/01/2053 |  | 2000 | &nbsp;&nbsp; 2022279 |
| Series 2024 A-1, RB | 5.00% | 06/15/2054 |  | 1125 | &nbsp;&nbsp; 1159721 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| New York (State of) Mortgage Agency (Social Bonds); |  |  |  |  |  |
| Series 2023 252, RB | 4.45% | 10/01/2043 |  | $150 | &nbsp;&nbsp; $151716 |
| Series 2023 252, RB | 4.55% | 10/01/2048 |  | 375 | &nbsp;&nbsp; 375670 |
| Series 2023 252, RB | 4.65% | 10/01/2053 |  | 375 | &nbsp;&nbsp; 374782 |
| Series 2023-255, RB | 5.00% | 10/01/2053 |  | 3000 | &nbsp;&nbsp; 3027743 |
| New York (State of) Power Authority (Green Bonds); |  |  |  |  |  |
| Series 2020 A, Ref. RB | 4.00% | 11/15/2060 |  | 7050 | &nbsp;&nbsp; 6514307 |
| Series 2024 A, RB | 4.00% | 11/15/2054 |  | 1000 | &nbsp;&nbsp; 918714 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds); Series 2023, RB (INS - <br> AGI)<sup>(f)</sup> <br>| 5.13% | 11/15/2058 |  | 5500 | &nbsp;&nbsp; 5816486 |
| New York (State of) Thruway Authority; |  |  |  |  |  |
| Series 2019 B, RB | 4.00% | 01/01/2045 |  | 3900 | &nbsp;&nbsp; 3789726 |
| Series 2019 B, RB | 4.00% | 01/01/2050 |  | 10000 | &nbsp;&nbsp; 9124474 |
| Series 2025 A, RB | 5.00% | 03/15/2049 |  | 1500 | &nbsp;&nbsp; 1585155 |
| Series 2025 A, RB | 5.00% | 03/15/2051 |  | 1500 | &nbsp;&nbsp; 1574199 |
| Series 2026 A, Ref. RB | 5.00% | 01/01/2056 |  | 2500 | &nbsp;&nbsp; 2618803 |
| Series 2026 A, Ref. RB | 5.25% | 01/01/2056 |  | 500 | &nbsp;&nbsp; 535298 |
| New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds); |  |  |  |  |  |
| Series 2022 C, RB<sup>(d)</sup> <br>| 5.00% | 03/15/2053 |  | 13500 | &nbsp;&nbsp; 14016294 |
| Series 2022 C, RB | 5.00% | 03/15/2055 |  | 4000 | &nbsp;&nbsp; 4149041 |
| New York (State of) Thruway Authority (Bidding Group 5); Series 2021 A-1, Ref. RB | 4.00% | 03/15/2059 |  | 5715 | &nbsp;&nbsp; 5227053 |
| New York (State of) Thruway Authority (Group 1); Series 2021 O, Ref. RB | 4.00% | 01/01/2049 |  | 3025 | &nbsp;&nbsp; 2823349 |
| New York (State of) Thruway Authority (Group 2); Series 2025, RB | 5.00% | 03/15/2059 |  | 6180 | &nbsp;&nbsp; 6436568 |
| New York City Housing Development Corp.; |  |  |  |  |  |
| Series 1999 E, RB | 6.25% | 05/01/2036 |  | 5 | &nbsp;&nbsp; 5012 |
| Series 2023, RB | 4.60% | 08/01/2048 |  | 750 | &nbsp;&nbsp; 750118 |
| New York City Housing Development Corp. (Green Bonds); |  |  |  |  |  |
| Series 2023, RB | 4.80% | 02/01/2053 |  | 3240 | &nbsp;&nbsp; 3261246 |
| Series 2024 C-1, RB | 4.50% | 08/01/2054 |  | 1000 | &nbsp;&nbsp; 977016 |
| Series 2025 C, RB (CEP - FHLMC) | 4.95% | 02/01/2055 |  | 550 | &nbsp;&nbsp; 556234 |
| Series 2025, RB | 5.00% | 08/01/2055 |  | 1250 | &nbsp;&nbsp; 1267603 |
| Series 2026, RB | 5.00% | 11/01/2055 |  | 4000 | &nbsp;&nbsp; 4061919 |
| New York Counties Tobacco Trust I; Series 2000 A, RB | 6.50% | 06/01/2035 |  | 65 | &nbsp;&nbsp; 65037 |
| New York Counties Tobacco Trust II; Series 2001, RB | 5.75% | 06/01/2043 |  | 15 | &nbsp;&nbsp; 15285 |
| New York Counties Tobacco Trust IV; |  |  |  |  |  |
| Series 2005 A, RB | 5.00% | 06/01/2038 |  | 810 | &nbsp;&nbsp; 760432 |
| Series 2010 A, RB<sup>(c)</sup> <br>| 6.25% | 06/01/2041 |  | 2039 | &nbsp;&nbsp; 2028053 |
| New York Counties Tobacco Trust V; |  |  |  |  |  |
| Series 2005 S-1, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2038 |  | 25000 | &nbsp;&nbsp; 11667757 |
| Series 2005 S-3, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2055 |  | 84200 | &nbsp;&nbsp; 7194477 |
| Series 2005 S4B, RB<sup>(c)(e)</sup> <br>| 0.00% | 06/01/2060 |  | 155400 | &nbsp;&nbsp; 6726023 |
| New York Counties Tobacco Trust VI; Series 2016 A-2, Ref. RB | 5.00% | 06/01/2051 |  | 1125 | &nbsp;&nbsp; 957562 |
| New York Liberty Development Corp. (3 World Trade Center); Series 2014-1, Ref. RB<sup>(c)</sup> <br>| 5.00% | 11/15/2044 |  | 1500 | &nbsp;&nbsp; 1502473 |
| New York Liberty Development Corp. (Green Bonds); |  |  |  |  |  |
| Series 2021 A, Ref. RB | 2.75% | 11/15/2041 |  | 2000 | &nbsp;&nbsp; 1655031 |
| Series 2021 A, Ref. RB | 2.88% | 11/15/2046 |  | 6155 | &nbsp;&nbsp; 4756359 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport); |  |  |  |  |  |
| Series 2020, Ref. RB | 5.00% | 12/01/2038 |  | 2000 | &nbsp;&nbsp; 2152983 |
| Series 2020, Ref. RB | 4.00% | 12/01/2039 |  | 1865 | &nbsp;&nbsp; 1877880 |
| Series 2020, Ref. RB | 4.00% | 12/01/2042 |  | 3700 | &nbsp;&nbsp; 3668531 |
| Oneida County Local Development Corp. (Utica College); Series 2019, Ref. RB | 4.00% | 07/01/2039 |  | 325 | &nbsp;&nbsp; 286646 |
| Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.); |  |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 05/01/2037 |  | 250 | &nbsp;&nbsp; 253985 |
| Series 2017, Ref. RB | 5.00% | 05/01/2040 |  | 150 | &nbsp;&nbsp; 151749 |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University); |  |  |  |  |  |
| Series 2019, Ref. RB | 4.00% | 12/01/2047 |  | 1215 | &nbsp;&nbsp; 1164736 |
| Series 2019, Ref. RB | 4.00% | 12/01/2049 |  | 1150 | &nbsp;&nbsp; 1087572 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| Onondaga Civic Development Corp.; |  |  |  |  |  |
| Series 2015, Ref. RB | 5.00% | 10/01/2030 |  | $1060 | &nbsp;&nbsp; $1044137 |
| Series 2015, Ref. RB | 5.00% | 10/01/2040 |  | 2345 | &nbsp;&nbsp; 2133241 |
| Series 2025, RB | 4.50% | 12/01/2050 |  | 2500 | &nbsp;&nbsp; 2504660 |
| Series 2025, RB | 5.50% | 12/01/2056 |  | 1000 | &nbsp;&nbsp; 1100271 |
| Rockland Tobacco Asset Securitization Corp.; Series 2001, RB | 5.75% | 08/15/2043 |  | 3030 | &nbsp;&nbsp; 3066968 |
| Saratoga County Capital Resource Corp. (WSWHE Boces Project); Series 2025, RB | 5.00% | 07/01/2047 |  | 400 | &nbsp;&nbsp; 426511 |
| St. Lawrence (County of), NY Industrial Development Agency (St. Lawrence University); |  |  |  |  |  |
| Series 2022, Ref. RB | 5.25% | 07/01/2039 |  | 400 | &nbsp;&nbsp; 435059 |
| Series 2022, Ref. RB | 5.25% | 07/01/2040 |  | 265 | &nbsp;&nbsp; 286179 |
| Series 2022, Ref. RB | 5.25% | 07/01/2047 |  | 335 | &nbsp;&nbsp; 343489 |
| Suffolk County Economic Development Corp.; Series 2010 A, RB | 7.38% | 12/01/2040 |  | 230 | &nbsp;&nbsp; 216995 |
| Suffolk Regional Off-Track Betting Corp.; |  |  |  |  |  |
| Series 2024, RB | 5.75% | 12/01/2044 |  | 1500 | &nbsp;&nbsp; 1549563 |
| Series 2024, RB | 6.00% | 12/01/2053 |  | 500 | &nbsp;&nbsp; 511738 |
| Suffolk Tobacco Asset Securitization Corp.; Series 2021, Ref. RB | 4.00% | 06/01/2050 |  | 845 | &nbsp;&nbsp; 775259 |
| Sullivan (County of), NY (Adelaar Infratructure); |  |  |  |  |  |
| Series 2016 A-2, RB<sup>(c)</sup> <br>| 5.35% | 11/01/2049 |  | 5210 | &nbsp;&nbsp; 5217991 |
| Series 2016 B-2, RB<sup>(c)</sup> <br>| 5.35% | 11/01/2049 |  | 1175 | &nbsp;&nbsp; 1176802 |
| Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.); |  |  |  |  |  |
| Series 2013 A, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2032 |  | 330 | &nbsp;&nbsp; 66000 |
| Series 2013 A, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2038 |  | 2785 | &nbsp;&nbsp; 557000 |
| Triborough Bridge & Tunnel Authority; Series 2024 A-1, RB | 5.25% | 11/15/2051 |  | 500 | &nbsp;&nbsp; 534748 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); |  |  |  |  |  |
| Series 2020 A, RB | 5.00% | 11/15/2054 |  | 2900 | &nbsp;&nbsp; 3003597 |
| Series 2021 A, RB | 5.00% | 11/15/2051 |  | 1665 | &nbsp;&nbsp; 1723328 |
| Series 2021 A, RB | 5.00% | 11/15/2056 |  | 10700 | &nbsp;&nbsp; 11029833 |
| Series 2021 A, RB<sup>(d)</sup> <br>| 5.00% | 11/15/2056 |  | 12500 | &nbsp;&nbsp; 12885319 |
| Series 2022 A, RB | 5.25% | 05/15/2057 |  | 5000 | &nbsp;&nbsp; 5279547 |
| Series 2022 A, Ref. RB | 4.00% | 05/15/2051 |  | 3735 | &nbsp;&nbsp; 3462654 |
| Series 2022 C, RB | 5.00% | 05/15/2047 |  | 780 | &nbsp;&nbsp; 818783 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund); |  |  |  |  |  |
| Series 2023 A, RB | 4.13% | 05/15/2053 |  | 3560 | &nbsp;&nbsp; 3355648 |
| Series 2023 A, RB | 4.25% | 05/15/2058 |  | 1390 | &nbsp;&nbsp; 1321935 |
| Series 2025, RB | 5.25% | 12/01/2054 |  | 1000 | &nbsp;&nbsp; 1067459 |
| TSASC, Inc.; |  |  |  |  |  |
| Series 2016 B, Ref. RB | 5.00% | 06/01/2045 |  | 8000 | &nbsp;&nbsp; 7438230 |
| Series 2017 A, Ref. RB | 5.00% | 06/01/2041 |  | 2680 | &nbsp;&nbsp; 2698479 |
| Westchester (County of), NY Industrial Development Agency (Crescent Manor Ossining); Series 2025 <br> A-1, RB<sup>(c)</sup> <br>| 6.20% | 12/01/2042 |  | 750 | &nbsp;&nbsp; 768603 |
| Westchester County Healthcare Corp.; |  |  |  |  |  |
| Series 2010 B, RB | 6.13% | 11/01/2037 |  | 325 | &nbsp;&nbsp; 325109 |
| Series 2014 A, RB | 5.00% | 11/01/2044 |  | 2063 | &nbsp;&nbsp; 2038173 |
| Westchester County Local Development Corp.; Series 2025, RB | 7.25% | 11/01/2045 |  | 1305 | &nbsp;&nbsp; 1486160 |
| Westchester County Local Development Corp. (Kendal on Hudson); Series 2022, Ref. RB | 4.25% | 01/01/2045 |  | 835 | &nbsp;&nbsp; 817721 |
| Westchester County Local Development Corp. (Purchase Senior Learning Community, Inc.); |  |  |  |  |  |
| Series 2021, Ref. RB<sup>(c)</sup> <br>| 5.00% | 07/01/2046 |  | 1260 | &nbsp;&nbsp; 1230967 |
| Series 2021, Ref. RB<sup>(c)</sup> <br>| 4.50% | 07/01/2056 |  | 1200 | &nbsp;&nbsp; 1014416 |
| Westchester County Local Development Corp. (Westchester Medical Center Obligated Group); <br> Series 2023, RB (INS - AGI)<sup>(f)</sup> <br>| 5.75% | 11/01/2048 |  | 2095 | &nbsp;&nbsp; 2286242 |
| Westchester Tobacco Asset Securitization Corp.; Series 2016 C, Ref. RB | 5.00% | 06/01/2045 |  | 8300 | &nbsp;&nbsp; 7426079 |
| Western Regional Off-Track Betting Corp.; Series 2021, Ref. RB<sup>(c)</sup> <br>| 4.13% | 12/01/2041 |  | 1000 | &nbsp;&nbsp; 958751 |
| Yonkers Economic Development Corp. (Charter School Education Excellence); |  |  |  |  |  |
| Series 2019 A, RB | 5.00% | 10/15/2039 |  | 420 | &nbsp;&nbsp; 425755 |
| Series 2019 A, RB | 5.00% | 10/15/2049 |  | 640 | &nbsp;&nbsp; 597245 |
|  |  |  |  |  | &nbsp;&nbsp; 591260273 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Puerto Rico–6.27%** | **Puerto Rico–6.27%** | **Puerto Rico–6.27%** | **Puerto Rico–6.27%** |  |  |
| Children's Trust Fund; |  |  |  |  |  |
| Series 2002, RB | 5.50% | 05/15/2039 |  | $2100 | &nbsp;&nbsp; $2134462 |
| Series 2002, RB | 5.63% | 05/15/2043 |  | 9700 | &nbsp;&nbsp; 9848766 |
| Series 2005 A, RB<sup>(e)</sup> <br>| 0.00% | 05/15/2050 |  | 8800 | &nbsp;&nbsp; 1853766 |
| PRIFA Custodial Trust; |  |  |  |  |  |
| Series 2005 A, RB<sup>(e)</sup> <br>| 0.00% | 03/15/2049 |  | 352 | &nbsp;&nbsp; 97189 |
| Series 2022, RB<sup>(e)</sup> <br>| 0.00% | 03/15/2049 |  | 3658 | &nbsp;&nbsp; 1727051 |
| Puerto Rico (Commonwealth of); |  |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(e)</sup> <br>| 0.00% | 07/01/2033 |  | 473 | &nbsp;&nbsp; 350465 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2027 |  | 406 | &nbsp;&nbsp; 415425 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2029 |  | 399 | &nbsp;&nbsp; 426695 |
| Series 2021 A-1, GO Bonds | 5.75% | 07/01/2031 |  | 388 | &nbsp;&nbsp; 431004 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2035 |  | 30 | &nbsp;&nbsp; 30515 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2037 |  | 284 | &nbsp;&nbsp; 284327 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2041 |  | 386 | &nbsp;&nbsp; 374428 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2046 |  | 3653 | &nbsp;&nbsp; 3297898 |
| Puerto Rico (Commonwealth of) GDB Debt Recovery Authority; Series 2023, RB | 7.50% | 08/20/2040 |  | 113 | &nbsp;&nbsp; 110853 |
| Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control <br> Facilities Financing Authority (University of the Sacred Heart);<br>|  |  |  |  |  |
| Series 2012, Ref. RB | 5.00% | 10/01/2031 |  | 70 | &nbsp;&nbsp; 70107 |
| Series 2012, Ref. RB | 5.00% | 10/01/2042 |  | 150 | &nbsp;&nbsp; 147423 |
| Puerto Rico Sales Tax Financing Corp.; |  |  |  |  |  |
| Series 2018 A-1, RB<sup>(e)</sup> <br>| 0.00% | 07/01/2046 |  | 17947 | &nbsp;&nbsp; 6455726 |
| Series 2018 A-1, RB | 5.00% | 07/01/2058 |  | 6637 | &nbsp;&nbsp; 6514405 |
| Series 2019 A-2, RB | 4.54% | 07/01/2053 |  | 71 | &nbsp;&nbsp; 66618 |
| Series 2019 A-2, RB | 4.78% | 07/01/2058 |  | 953 | &nbsp;&nbsp; 923373 |
| University of Puerto Rico; Series 2006 Q, RB (Acquired 12/01/2006-04/30/2007; <br> Cost $3,000,000)<sup>(b)</sup> <br>| 5.00% | 06/01/2030 |  | 3000 | &nbsp;&nbsp; 2999121 |
|  |  |  |  |  | &nbsp;&nbsp; 38559617 |
| **Guam–0.31%** | **Guam–0.31%** | **Guam–0.31%** | **Guam–0.31%** |  |  |
| Guam (Territory of) Waterworks Authority; |  |  |  |  |  |
| Series 2025 A, RB | 5.50% | 07/01/2045 |  | 750 | &nbsp;&nbsp; 813313 |
| Series 2025 A, RB | 5.50% | 07/01/2055 |  | 1000 | &nbsp;&nbsp; 1051124 |
|  |  |  |  |  | &nbsp;&nbsp; 1864437 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>–102.76% (Cost $659,173,157) | TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>–102.76% (Cost $659,173,157) | TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>–102.76% (Cost $659,173,157) | TOTAL INVESTMENTS IN SECURITIES<sup>(i)</sup>–102.76% (Cost $659,173,157) |  | &nbsp;&nbsp; 631684327 |
| FLOATING RATE NOTE OBLIGATIONS–(3.54)% | FLOATING RATE NOTE OBLIGATIONS–(3.54)% | FLOATING RATE NOTE OBLIGATIONS–(3.54)% | FLOATING RATE NOTE OBLIGATIONS–(3.54)% |  |  |
| Notes with interest and fee rates ranging from 2.43% to 2.47% at 02/28/2026 and <br>contractual maturities of collateral ranging from 03/15/2053 to 11/15/2056 (See Note 1K)<sup>(j)</sup> <br>|  |  |  |  | &nbsp;&nbsp; (21750000)<br>|
| OTHER ASSETS LESS LIABILITIES–0.78% | OTHER ASSETS LESS LIABILITIES–0.78% | OTHER ASSETS LESS LIABILITIES–0.78% | OTHER ASSETS LESS LIABILITIES–0.78% |  | &nbsp;&nbsp; 4791534 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $614725861 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| AGI | – Assured Guaranty, Inc. |
| CEP | – Credit Enhancement Provider |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GO | – General Obligation |
| INS | – Insurer |
| NATL | – National Public Finance Guarantee Corp. |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| VRD | – Variable Rate Demand |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2026 was $3,165,169, which represented less than 1% of the Fund's Net Assets. 

<sup>(b)</sup> Restricted security. The aggregate value of these securities at February 28, 2026 was $7,718,210, which represented 1.26% of the Fund's Net Assets.

<sup>(c)</sup> 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 February 28, 2026 was $50,261,162, which represented 8.18% of the Fund's Net Assets. 

<sup>(d)</sup> Underlying security related to TOB Trusts entered into by the Fund. See Note 1K.

<sup>(e)</sup> Zero coupon bond issued at a discount.

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

<sup>(g)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(h)</sup> 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 February 28, 2026. 

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

<sup>(j)</sup> Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2026. At February 28, 2026, the Fund's investments with a value of $30,080,271 are held by TOB Trusts and serve as collateral for the $21,750,000 in the floating rate note obligations outstanding at that date. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Short Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 350 | June-2026 | &nbsp;&nbsp;&nbsp; $(39834375)<br>| &nbsp;&nbsp;&nbsp; $(43862)<br>| &nbsp;&nbsp;&nbsp; $(43862)<br>|

---

<sup>(a)</sup> Futures contracts collateralized by $656,250 cash held with Goldman Sachs International, the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

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**Statement of Assets and Liabilities**

*February 28, 2026*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $659,173,157)<br>| &nbsp;&nbsp; $631684327 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 656250 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 465000 |
| Fund shares sold | &nbsp;&nbsp; 225669 |
| Interest | &nbsp;&nbsp; 7470900 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 87903 |
| Other assets | &nbsp;&nbsp; 166809 |
| Total assets | &nbsp;&nbsp; 640756858 |
| **Liabilities:** |  |
| Floating rate note obligations | &nbsp;&nbsp; 21750000 |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 700112 |
| Payable for: |  |
| Dividends | &nbsp;&nbsp; 961344 |
| Fund shares reacquired | &nbsp;&nbsp; 219385 |
| Amount due to custodian | &nbsp;&nbsp; 2022069 |
| Accrued fees to affiliates | &nbsp;&nbsp; 171815 |
| Accrued interest expense | &nbsp;&nbsp; 8915 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 22762 |
| Accrued other operating expenses | &nbsp;&nbsp; 86692 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 87903 |
| Total liabilities | &nbsp;&nbsp; 26030997 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $614725861 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $816036437 |
| Distributable earnings (loss) | &nbsp;&nbsp; (201310576)<br>|
|  | &nbsp;&nbsp; $614725861 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $496547265 |
| Class C | &nbsp;&nbsp; $5992582 |
| Class Y | &nbsp;&nbsp; $112013025 |
| Class R6 | &nbsp;&nbsp; $172989 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 48318244 |
| Class C | &nbsp;&nbsp; 582963 |
| Class Y | &nbsp;&nbsp; 10887437 |
| Class R6 | &nbsp;&nbsp; 16822 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $10.28 |
| Maximum offering price per share <br>(Net asset value of $10.28 ÷ 95.75%)<br>| &nbsp;&nbsp; $10.74 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.28 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.29 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.28 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**10**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

**Statement of Operations**

*For the year ended February 28, 2026* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $33012353 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3147567 |
| Administrative services fees | &nbsp;&nbsp; 86093 |
| Custodian fees | &nbsp;&nbsp; 6637 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1194822 |
| Class C | &nbsp;&nbsp; 65524 |
| Interest, facilities and maintenance fees | &nbsp;&nbsp; 1402345 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 360765 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 28 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 23575 |
| Registration and filing fees | &nbsp;&nbsp; 62175 |
| Reports to shareholders | &nbsp;&nbsp; 28222 |
| Professional services fees | &nbsp;&nbsp; 85606 |
| Other | &nbsp;&nbsp; 15090 |
| Total expenses | &nbsp;&nbsp; 6478449 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (4340)<br>|
| Net expenses | &nbsp;&nbsp; 6474109 |
| Net investment income | &nbsp;&nbsp; 26538244 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(1105568)) | &nbsp;&nbsp; (9780065)<br>|
| Futures contracts | &nbsp;&nbsp; 336000 |
|  | &nbsp;&nbsp; (9444065)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (3276099)<br>|
| Futures contracts | &nbsp;&nbsp; (43862)<br>|
|  | &nbsp;&nbsp; (3319961)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (12764026)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $13774218 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**11**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

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**Statement of Changes in Net Assets**

*For the years ended February 28, 2026 and 2025* 

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $26538244 | &nbsp;&nbsp; $25065711 |
| Net realized gain (loss) | &nbsp;&nbsp; (9444065)<br>| &nbsp;&nbsp; (4060354)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (3319961)<br>| &nbsp;&nbsp; (1600798)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 13774218 | &nbsp;&nbsp; 19404559 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (22654843)<br>| &nbsp;&nbsp; (23156177)<br>|
| Class C | &nbsp;&nbsp; (247164)<br>| &nbsp;&nbsp; (322167)<br>|
| Class Y | &nbsp;&nbsp; (4879777)<br>| &nbsp;&nbsp; (4312719)<br>|
| Class R6 | &nbsp;&nbsp; (9309)<br>| &nbsp;&nbsp; (10889)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (27791093)<br>| &nbsp;&nbsp; (27801952)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (28147382)<br>| &nbsp;&nbsp; (25531310)<br>|
| Class C | &nbsp;&nbsp; (1723108)<br>| &nbsp;&nbsp; (3220333)<br>|
| Class Y | &nbsp;&nbsp; 15135943 | &nbsp;&nbsp; 4633354 |
| Class R6 | &nbsp;&nbsp; (63127)<br>| &nbsp;&nbsp; 2957 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (14797674)<br>| &nbsp;&nbsp; (24115332)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (28814549)<br>| &nbsp;&nbsp; (32512725)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 643540410 | &nbsp;&nbsp; 676053135 |
| End of year | &nbsp;&nbsp; $614725861 | &nbsp;&nbsp; $643540410 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**12**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Supplemental** <br>**ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee** <br>**waivers** <br>**(excluding** <br>**interest,** <br>**facilities and** <br>**maintenance** <br>**fees)**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 02/28/26 | $10.49 | $0.44 | $(0.19)<br>| $0.25 | $(0.46)<br>| $10.28 | 2.54 %<sup>(d)</sup><br>| $496547 | 1.10 %<sup>(d)</sup><br>| 1.10 %<sup>(d)</sup><br>| 0.87 %<sup>(d)</sup><br>| 4.33 %<sup>(d)</sup><br>| 27<br> %<br>|
| Year ended 02/28/25 | 10.62 | 0.40 | (0.09)<br>| 0.31 | (0.44)<br>| 10.49 | 2.99 <br><sup>(d)</sup><br>| 536823 | 1.19 <br><sup>(d)</sup><br>| 1.19 <br><sup>(d)</sup><br>| 0.86 <br><sup>(d)</sup><br>| 3.76 <br><sup>(d)</sup><br>| 17 |
| Year ended 02/29/24 | 10.37 | 0.37 | 0.29 | 0.66 | (0.41)<br>| 10.62 | 6.57 <br><sup>(d)</sup><br>| 569320 | 1.35 <br><sup>(d)</sup><br>| 1.35 <br><sup>(d)</sup><br>| 0.85 <br><sup>(d)</sup><br>| 3.58 <br><sup>(d)</sup><br>| 24 |
| Year ended 02/28/23 | 11.71 | 0.35 | (1.33)<br>| (0.98)<br>| (0.36)<br>| 10.37 | (8.39 )<sup>(d)</sup><br>| 577077 | 1.06 <br><sup>(d)</sup><br>| 1.06 <br><sup>(d)</sup><br>| 0.84 <br><sup>(d)</sup><br>| 3.34 <br><sup>(d)</sup><br>| 44 |
| Year ended 02/28/22 | 11.94 | 0.30 | (0.19)<br>| 0.11 | (0.34)<br>| 11.71 | 0.86 <br><sup>(d)</sup><br>| 727823 | 0.88 <br><sup>(d)</sup><br>| 0.88 <br><sup>(d)</sup><br>| 0.81 <br><sup>(d)</sup><br>| 2.48 <br><sup>(d)</sup><br>| 10 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 02/28/26 | 10.49 | 0.36 | (0.19)<br>| 0.17 | (0.38)<br>| 10.28 | 1.77 | 5993 | 1.86 | 1.86 | 1.63 | 3.57 | 27 |
| Year ended 02/28/25 | 10.63 | 0.32 | (0.10)<br>| 0.22 | (0.36)<br>| 10.49 | 2.12 | 7953 | 1.95 | 1.95 | 1.62 | 3.00 | 17 |
| Year ended 02/29/24 | 10.38 | 0.29 | 0.30 | 0.59 | (0.34)<br>| 10.63 | 5.76 | 11301 | 2.11 | 2.11 | 1.61 | 2.82 | 24 |
| Year ended 02/28/23 | 11.72 | 0.27 | (1.34)<br>| (1.07)<br>| (0.27)<br>| 10.38 | (9.08)<br>| 15520 | 1.82 | 1.82 | 1.60 | 2.58 | 44 |
| Year ended 02/28/22 | 11.95 | 0.21 | (0.19)<br>| 0.02 | (0.25)<br>| 11.72 | 0.09 | 21840 | 1.64 | 1.64 | 1.57 | 1.72 | 10 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 02/28/26 | 10.50 | 0.46 | (0.19)<br>| 0.27 | (0.48)<br>| 10.29 | 2.79 | 112013 | 0.86 | 0.86 | 0.63 | 4.57 | 27 |
| Year ended 02/28/25 | 10.64 | 0.42 | (0.09)<br>| 0.33 | (0.47)<br>| 10.50 | 3.14 | 98520 | 0.95 | 0.95 | 0.62 | 4.00 | 17 |
| Year ended 02/29/24 | 10.38 | 0.40 | 0.30 | 0.70 | (0.44)<br>| 10.64 | 6.92 | 95188 | 1.11 | 1.11 | 0.61 | 3.82 | 24 |
| Year ended 02/28/23 | 11.73 | 0.38 | (1.35)<br>| (0.97)<br>| (0.38)<br>| 10.38 | (8.23)<br>| 84065 | 0.82 | 0.82 | 0.60 | 3.58 | 44 |
| Year ended 02/28/22 | 11.96 | 0.33 | (0.19)<br>| 0.14 | (0.37)<br>| 11.73 | 1.10 | 99166 | 0.64 | 0.64 | 0.57 | 2.72 | 10 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 02/28/26 | 10.50 | 0.46 | (0.19)<br>| 0.27 | (0.49)<br>| 10.28 | 2.74 | 173 | 0.81 | 0.81 | 0.58 | 4.62 | 27 |
| Year ended 02/28/25 | 10.63 | 0.43 | (0.09)<br>| 0.34 | (0.47)<br>| 10.50 | 3.29 | 244 | 0.91 | 0.91 | 0.58 | 4.04 | 17 |
| Year ended 02/29/24 | 10.38 | 0.40 | 0.29 | 0.69 | (0.44)<br>| 10.63 | 6.86 | 244 | 1.07 | 1.07 | 0.57 | 3.85 | 24 |
| Year ended 02/28/23 | 11.72 | 0.39 | (1.34)<br>| (0.95)<br>| (0.39)<br>| 10.38 | (8.09)<br>| 9 | 0.76 | 0.76 | 0.54 | 3.64 | 44 |
| Year ended 02/28/22 | 11.96 | 0.33 | (0.20)<br>| 0.13 | (0.37)<br>| 11.72 | 1.05 | 10 | 0.62 | 0.62 | 0.56 | 2.74 | 10 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the years ended February 28, 2026, 2025, the year ended February 29, 2024 and the years ended February 28, 2023 and 2022, respectively. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**13**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

**Notes to Financial Statements**

*February 28, 2026*

**NOTE 1—Significant Accounting Policies**

Invesco Rochester<sup>®</sup> AMT-Free New York Municipal Fund (the "Fund") is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek tax-free income.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following policy.

Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is not representative of market value in the Adviser's judgment ("unreliable"), the Adviser will fair value the security using the Valuation Procedures. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are

**14**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes** – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt-interest dividends", as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.

**G.** **Interest, Facilities and Maintenance Fees** – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**K.** **Floating Rate Note Obligations** – The Fund invests in inverse floating rate securities, such as Tender Option Bonds ("TOBs"), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund ("TOB Trusts") in exchange for cash and residual interests in the TOB Trusts' assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund's investment assets, and the related floating rate notes reflected as Fund liabilities under the caption *Floating rate note obligations* on the Statement of Assets and Liabilities. The carrying amount of the Fund's floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of *Interest, facilities and maintenance fees* on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule") prohibit banking entities and their affiliates from sponsoring and/or providing certain services for existing TOB Trusts, which constitute "covered funds" under the Volcker Rule. As a result of the Volcker Rule, the Fund, as holder of inverse floating rate securities, is required to perform certain duties in connection with TOB financing transactions previously performed by banking entities. These duties may alternatively be performed by a non-bank third-party service provider. The Fund's expanded role may increase its operational and regulatory risk.

**15**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"), which apply to TOB financing transactions and TOB Trusts. The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying security held by the TOB Trust. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund's ability to engage in TOB financing transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that TOB financing transactions will continue to be a viable or cost-effective form of leverage. The unavailability of TOB financing transactions or an increase in the cost of financing provided by TOB transactions may adversely affect the Fund's net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

**L.** **Other Risks** - The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Fund's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $100 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.330% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.52%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

**16**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A and Class C shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2026, IDI advised the Fund that IDI retained $15,299 in front-end sales commissions from the sale of Class A shares and $462 and $1,427 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser'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 February 28, 2026. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $631684327 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $631684327 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (43862)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (43862)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $(43862)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $631684327 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $631640465 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of February 28, 2026:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(43862)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 43862 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

**17**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

**Effect of Derivative Investments for the year ended February 28, 2026**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $336000 |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (43862)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $292138 |

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $26599219 |

---

**NOTE 5—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended February 28, 2026, the Fund engaged in securities purchases of $43,912,519 and securities sales of $43,985,680, which resulted in net realized gains (losses) of $(1,105,568).

**NOTE 6—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $4,340.

**NOTE 7—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Fund may have certain former Trustees who participated in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 8—Cash Balances and Borrowings**

The Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.5 billion, collectively by certain Invesco Funds, and which will expire on February 18, 2027. The revolving credit and security agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

During the year ended February 28, 2026, the Fund's average daily balance of borrowing under the revolving credit and security agreement was $610,959 with an average interest rate of 4.37%. The carrying amount of the Fund's payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as *Interest, facilities and maintenance fees*. At February 28, 2026, the Fund had no borrowings outstanding under this agreement.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2026 were $34,393,846 and 3.24%, respectively.

**18**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

**NOTE 9—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** |
|  | **2026** | **2025** |
| Ordinary income\* | &nbsp;&nbsp; $408079 | &nbsp;&nbsp;&nbsp;&nbsp; $134866 |
| Ordinary income-tax-exempt | &nbsp;&nbsp; 27383014 | &nbsp;&nbsp;&nbsp;&nbsp; 27667086 |
| Total distributions | &nbsp;&nbsp; $27791093 | &nbsp;&nbsp;&nbsp;&nbsp; $27801952 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2026** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp; $10639485 |
| Net unrealized appreciation (depreciation) — investments | &nbsp;&nbsp;&nbsp;&nbsp; (28286520)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (93799)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (183569742)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 816036437 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $614725861 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, amortization and accretion on debt securities and defaulted bonds.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of February 28, 2026, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $43728679 | &nbsp;&nbsp;&nbsp;&nbsp; $139841063 | &nbsp;&nbsp;&nbsp;&nbsp; $183569742 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 10—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2026 was $174,557,261 and $242,071,012, respectively. As of February 28, 2026, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $10665791 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (38952311)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(28286520)<br>|

---

Cost of investments for tax purposes is $659,926,985.

**NOTE 11—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of market discounts and amortization and accretion on debt securities, on February 28, 2026, undistributed net investment income was increased by $97,458 and undistributed net realized gain (loss) was decreased by $97,458. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**NOTE 12—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 6507942 | &nbsp;&nbsp;&nbsp; $65364711 | &nbsp;&nbsp;&nbsp; 3001262 | &nbsp;&nbsp;&nbsp; $31643396 |
| Class C | &nbsp;&nbsp;&nbsp; 160599 | &nbsp;&nbsp;&nbsp; 1616754 | &nbsp;&nbsp;&nbsp; 161596 | &nbsp;&nbsp;&nbsp; 1699467 |
| Class Y | &nbsp;&nbsp;&nbsp; 6214875 | &nbsp;&nbsp;&nbsp; 62091023 | &nbsp;&nbsp;&nbsp; 2133622 | &nbsp;&nbsp;&nbsp; 22557374 |

---

**19**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **February 28, 2026**<sup>(a)</sup> | **Year ended**<br> **February 28, 2026**<sup>(a)</sup> | **Year ended**<br> **February 28, 2025** | **Year ended**<br> **February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1345343 | &nbsp;&nbsp;&nbsp; $13506486 | &nbsp;&nbsp;&nbsp; 1257840 | &nbsp;&nbsp;&nbsp; $13246773 |
| Class C | &nbsp;&nbsp;&nbsp; 18273 | &nbsp;&nbsp;&nbsp; 183372 | &nbsp;&nbsp;&nbsp; 20971 | &nbsp;&nbsp;&nbsp; 220866 |
| Class Y | &nbsp;&nbsp;&nbsp; 260873 | &nbsp;&nbsp;&nbsp; 2623931 | &nbsp;&nbsp;&nbsp; 238816 | &nbsp;&nbsp;&nbsp; 2518286 |
| Class R6 | &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp; 2957 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 126107 | &nbsp;&nbsp;&nbsp; 1251880 | &nbsp;&nbsp;&nbsp; 242202 | &nbsp;&nbsp;&nbsp; 2555821 |
| Class C | &nbsp;&nbsp;&nbsp; (126030)<br>| &nbsp;&nbsp;&nbsp; (1251880)<br>| &nbsp;&nbsp;&nbsp; (242168)<br>| &nbsp;&nbsp;&nbsp; (2555821)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (10832212)<br>| &nbsp;&nbsp;&nbsp; (108270459)<br>| &nbsp;&nbsp;&nbsp; (6924033)<br>| &nbsp;&nbsp;&nbsp; (72977300)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (227709)<br>| &nbsp;&nbsp;&nbsp; (2271354)<br>| &nbsp;&nbsp;&nbsp; (246029)<br>| &nbsp;&nbsp;&nbsp; (2584845)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (4968252)<br>| &nbsp;&nbsp;&nbsp; (49579011)<br>| &nbsp;&nbsp;&nbsp; (1941887)<br>| &nbsp;&nbsp;&nbsp; (20442306)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (6593)<br>| &nbsp;&nbsp;&nbsp; (64827)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1526614)<br>| &nbsp;&nbsp;&nbsp; $(14797674)<br>| &nbsp;&nbsp;&nbsp; (2297528)<br>| &nbsp;&nbsp;&nbsp; $(24115332)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 55% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**20**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco Rochester AMT-Free New York Municipal Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Rochester AMT-Free New York Municipal Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the "Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2026

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**21**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |
| Tax-Exempt Interest Dividends\* | &nbsp;&nbsp; 98.53% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**22**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**23**

**Invesco Rochester**<sup>®</sup> **AMT-Free New York Municipal Fund**

------

![](imgff64231d1.jpg)

SEC file number(s): 811-07890 and 033-66242

Invesco Distributors, Inc.

O-ROAFNYM-NCSR

------

![](img8cb0f20e1.jpg)

------

**Annual Financial Statements and Other Information**

**February 28, 2026**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

Nasdaq:

A: LTNYX ■ C: LTNCX ■ Y: LTBYX ■ R6: IORMX

------

---

| | |
|:---|:---|
| [2](#xx_c9f9b3c3-d057-439a-ba7f-5f3fed4c3c59_SOI-Continued-748_1) | Schedule of Investments |
| [14](#xx_c9f9b3c3-d057-439a-ba7f-5f3fed4c3c59_FS-Continued-748_1) | Financial Statements |
| [17](#xx_c9f9b3c3-d057-439a-ba7f-5f3fed4c3c59_FS-Continued-748_4) | Financial Highlights |
| [18](#xx_c9f9b3c3-d057-439a-ba7f-5f3fed4c3c59_NTF-Continued-748_1) | Notes to Financial Statements |
| [24](#xx_c9f9b3c3-d057-439a-ba7f-5f3fed4c3c59_ARS-Continued-748_1) | Report of Independent Registered Public Accounting Firm |
| [25](#xx_c9f9b3c3-d057-439a-ba7f-5f3fed4c3c59_TI-Continued-748_1) | Tax Information |
| [26](#xx_c9f9b3c3-d057-439a-ba7f-5f3fed4c3c59_OIRSR-Continued-748_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*February 28, 2026* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–97.84%** | **Municipal Obligations–97.84%** | **Municipal Obligations–97.84%** | **Municipal Obligations–97.84%** | **Municipal Obligations–97.84%** | **Municipal Obligations–97.84%** |
| **New York–91.69%** | **New York–91.69%** | **New York–91.69%** | **New York–91.69%** |  |  |
| Albany (County of), NY Airport Authority; |  |  |  |  |  |
| Series 2018 A, RB | 5.00% | 12/15/2035 |  | $745 | &nbsp;&nbsp; $791129 |
| Series 2018 A, RB | 5.00% | 12/15/2036 |  | 780 | &nbsp;&nbsp; 825637 |
| Series 2018 A, RB | 5.00% | 12/15/2037 |  | 820 | &nbsp;&nbsp; 865425 |
| Series 2018 A, RB | 5.00% | 12/15/2038 |  | 500 | &nbsp;&nbsp; 526365 |
| Series 2018 B, RB<sup>(a)</sup> <br>| 5.00% | 12/15/2030 |  | 240 | &nbsp;&nbsp; 254817 |
| Series 2018 B, RB<sup>(a)</sup> <br>| 5.00% | 12/15/2031 |  | 300 | &nbsp;&nbsp; 318124 |
| Series 2018 B, RB<sup>(a)</sup> <br>| 5.00% | 12/15/2032 |  | 320 | &nbsp;&nbsp; 338139 |
| Albany Capital Resource Corp. (Albany Law School of Union University); Series 2017 A, Ref. RB | 5.00% | 07/01/2031 |  | 1520 | &nbsp;&nbsp; 1550512 |
| Albany Capital Resource Corp. (Brighter Choice Elementary); Series 2021, Ref. RB | 3.25% | 04/01/2031 |  | 4555 | &nbsp;&nbsp; 4389100 |
| Albany Capital Resource Corp. (College of Saint Rose (The)); |  |  |  |  |  |
| Series 2021, Ref. RB (Acquired 07/12/2022; Cost $568,397)<sup>(b)(c)</sup> <br>| 4.00% | 07/01/2026 |  | 578 | &nbsp;&nbsp; 11559 |
| Series 2021, Ref. RB (Acquired 07/12/2022; Cost $585,852)<sup>(b)(c)</sup> <br>| 4.00% | 07/01/2026 |  | 601 | &nbsp;&nbsp; 12010 |
| Series 2021, Ref. RB (Acquired 07/12/2022; Cost $602,429)<sup>(b)(c)</sup> <br>| 4.00% | 07/01/2027 |  | 623 | &nbsp;&nbsp; 12461 |
| Series 2021, Ref. RB (Acquired 04/27/2023; Cost $283,681)<sup>(b)(c)</sup> <br>| 4.00% | 07/01/2028 |  | 330 | &nbsp;&nbsp; 6597 |
| Series 2021, Ref. RB (Acquired 10/28/2021; Cost $4,419,189)<sup>(b)(c)</sup> <br>| 4.00% | 07/01/2036 |  | 4113 | &nbsp;&nbsp; 82268 |
| Albany Capital Resource Corp. (KIPP Capital Region Public Charter Schools); |  |  |  |  |  |
| Series 2024, RB | 4.00% | 06/01/2034 |  | 345 | &nbsp;&nbsp; 351605 |
| Series 2024, RB | 4.50% | 06/01/2044 |  | 1780 | &nbsp;&nbsp; 1753865 |
| Amherst Development Corp. (Daemen College); |  |  |  |  |  |
| Series 2018, Ref. RB | 5.00% | 10/01/2027 |  | 655 | &nbsp;&nbsp; 669261 |
| Series 2018, Ref. RB | 5.00% | 10/01/2028 |  | 690 | &nbsp;&nbsp; 713841 |
| Series 2018, Ref. RB | 5.00% | 10/01/2029 |  | 730 | &nbsp;&nbsp; 754576 |
| Series 2018, Ref. RB | 5.00% | 10/01/2030 |  | 760 | &nbsp;&nbsp; 784385 |
| Series 2018, Ref. RB | 5.00% | 10/01/2031 |  | 805 | &nbsp;&nbsp; 829069 |
| Series 2018, Ref. RB | 5.00% | 10/01/2043 |  | 540 | &nbsp;&nbsp; 536252 |
| Brookhaven Local Development Corp. (Jefferson's Ferry); |  |  |  |  |  |
| Series 2016, Ref. RB | 5.25% | 11/01/2027 |  | 550 | &nbsp;&nbsp; 558406 |
| Series 2016, Ref. RB | 5.25% | 11/01/2028 |  | 1130 | &nbsp;&nbsp; 1147225 |
| Series 2016, Ref. RB | 5.25% | 11/01/2029 |  | 1000 | &nbsp;&nbsp; 1015087 |
| Series 2016, Ref. RB | 5.25% | 11/01/2030 |  | 650 | &nbsp;&nbsp; 659694 |
| Series 2016, Ref. RB | 5.25% | 11/01/2031 |  | 650 | &nbsp;&nbsp; 659517 |
| Brooklyn Arena Local Development Corp. (Barclays Center); Series 2016 A, Ref. RB | 5.00% | 07/15/2042 |  | 7350 | &nbsp;&nbsp; 7391106 |
| Broome County Local Development Corp. (United Health Services Hospital); Series 2020, Ref. RB <br> (INS - AGI)<sup>(d)</sup> <br>| 4.00% | 04/01/2039 |  | 1400 | &nbsp;&nbsp; 1421624 |
| Buffalo & Erie County Industrial Land Development Corp. (Charter School for Applied Technology); <br> Series 2017 A, Ref. RB<br>| 4.50% | 06/01/2027 |  | 640 | &nbsp;&nbsp; 646394 |
| Buffalo & Erie County Industrial Land Development Corp. (Global Concepts Charter School Program); |  |  |  |  |  |
| Series 2018, Ref. RB | 5.00% | 10/01/2026 |  | 150 | &nbsp;&nbsp; 151503 |
| Series 2018, Ref. RB | 5.00% | 10/01/2027 |  | 150 | &nbsp;&nbsp; 154034 |
| Series 2018, Ref. RB | 5.00% | 10/01/2028 |  | 165 | &nbsp;&nbsp; 171984 |
| Series 2018, Ref. RB | 5.00% | 10/01/2029 |  | 175 | &nbsp;&nbsp; 182427 |
| Series 2018, Ref. RB | 5.00% | 10/01/2030 |  | 200 | &nbsp;&nbsp; 207967 |
| Series 2018, Ref. RB | 5.00% | 10/01/2031 |  | 200 | &nbsp;&nbsp; 207627 |
| Series 2018, Ref. RB | 5.00% | 10/01/2033 |  | 100 | &nbsp;&nbsp; 103455 |
| Series 2018, Ref. RB | 5.00% | 10/01/2037 |  | 405 | &nbsp;&nbsp; 415313 |
| Buffalo & Erie County Industrial Land Development Corp. (Orchard Park); Series 2015, Ref. RB | 5.00% | 11/15/2037 |  | 9015 | &nbsp;&nbsp; 9025673 |
| Buffalo & Erie County Industrial Land Development Corp. (Tapestry Charter School); Series 2017 A, <br> RB<br>| 5.00% | 08/01/2037 |  | 1385 | &nbsp;&nbsp; 1400823 |
| Build NYC Resource Corp. (261 walton Facility LLC - Zeta Charter Schools, Inc.); |  |  |  |  |  |
| Series 2026, RB<sup>(e)</sup> <br>| 5.00% | 06/01/2036 |  | 2250 | &nbsp;&nbsp; 2395901 |
| Series 2026, RB<sup>(e)</sup> <br>| 5.00% | 06/01/2036 |  | 5000 | &nbsp;&nbsp; 5324223 |
| Build NYC Resource Corp. (Bay Ridge Preparatory School); Series 2024, RB<sup>(e)</sup> <br>| 5.00% | 09/01/2039 |  | 900 | &nbsp;&nbsp; 933358 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| Build NYC Resource Corp. (Bronx Lighthouse Charter School); |  |  |  |  |  |
| Series 2018, RB | 4.00% | 06/01/2028 |  | $595 | &nbsp;&nbsp; $598819 |
| Series 2018, RB | 5.00% | 06/01/2033 |  | 1190 | &nbsp;&nbsp; 1210491 |
| Build NYC Resource Corp. (Brooklyn Navy Yard); |  |  |  |  |  |
| Series 2019, Ref. RB (LOC - Santander Bank N.A.)<sup>(a)(e)(f)</sup> <br>| 5.00% | 12/31/2028 |  | 4750 | &nbsp;&nbsp; 4845446 |
| Series 2019, Ref. RB (LOC - Santander Bank N.A.)<sup>(a)(e)(f)</sup> <br>| 5.25% | 12/31/2033 |  | 10000 | &nbsp;&nbsp; 10220116 |
| Series 2019, Ref. RB (LOC - Santander Bank N.A.)<sup>(a)(e)(f)</sup> <br>| 5.50% | 12/31/2040 |  | 5000 | &nbsp;&nbsp; 5034087 |
| Build NYC Resource Corp. (Children's Aid Society (The)); |  |  |  |  |  |
| Series 2019, RB | 4.00% | 07/01/2036 |  | 125 | &nbsp;&nbsp; 128701 |
| Series 2019, RB | 4.00% | 07/01/2037 |  | 150 | &nbsp;&nbsp; 153693 |
| Series 2019, RB | 4.00% | 07/01/2038 |  | 150 | &nbsp;&nbsp; 153385 |
| Build NYC Resource Corp. (Civic Bronx LLC - Bold Charter School); Series 2025, RB<sup>(e)</sup> <br>| 5.00% | 07/01/2035 |  | 1390 | &nbsp;&nbsp; 1449798 |
| Build NYC Resource Corp. (Consortium for Worker Education, Inc.); Series 2020, RB<sup>(e)</sup> <br>| 5.00% | 12/01/2039 |  | 1700 | &nbsp;&nbsp; 1627153 |
| Build NYC Resource Corp. (East Harlem Scholars Academy Charter School) (Social Bonds); <br> Series 2022, RB<sup>(e)</sup> <br>| 5.75% | 06/01/2042 |  | 1000 | &nbsp;&nbsp; 1027636 |
| Build NYC Resource Corp. (ERE425, LLC - Zeta Charter Schools, Inc.); |  |  |  |  |  |
| Series 2025 A, RB<sup>(e)</sup> <br>| 4.25% | 10/15/2035 |  | 1460 | &nbsp;&nbsp; 1477559 |
| Series 2025 A, RB<sup>(e)</sup> <br>| 5.00% | 10/15/2040 |  | 3720 | &nbsp;&nbsp; 3846321 |
| Build NYC Resource Corp. (Grand Concourse Academy Charter School); Series 2022, RB | 5.00% | 07/01/2042 |  | 600 | &nbsp;&nbsp; 611173 |
| Build NYC Resource Corp. (Manhattan College); |  |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 08/01/2028 |  | 300 | &nbsp;&nbsp; 305915 |
| Series 2017, Ref. RB | 3.00% | 08/01/2031 |  | 500 | &nbsp;&nbsp; 476713 |
| Build NYC Resource Corp. (Metropolitan Lighthouse Charter School); |  |  |  |  |  |
| Series 2017, RB<sup>(e)</sup> <br>| 5.00% | 06/01/2027 |  | 450 | &nbsp;&nbsp; 454773 |
| Series 2017, RB<sup>(e)</sup> <br>| 5.00% | 06/01/2032 |  | 500 | &nbsp;&nbsp; 504505 |
| Build NYC Resource Corp. (New Dawn Charter Schools); Series 2019, RB<sup>(e)</sup> <br>| 5.00% | 02/01/2033 |  | 850 | &nbsp;&nbsp; 850336 |
| Build NYC Resource Corp. (New York Law School); Series 2016, Ref. RB | 5.00% | 07/01/2036 |  | 1010 | &nbsp;&nbsp; 1010522 |
| Build NYC Resource Corp. (Nightingale-Bamford School); Series 2025, RB | 5.00% | 07/01/2040 |  | 5760 | &nbsp;&nbsp; 6508029 |
| Build NYC Resource Corp. (NY Preparatory Charter School); Series 2021 A, RB<sup>(e)</sup> <br>| 4.00% | 06/15/2031 |  | 790 | &nbsp;&nbsp; 785128 |
| Build NYC Resource Corp. (Richmond Prep Charter School); Series 2021 A, RB<sup>(e)</sup> <br>| 5.00% | 06/01/2036 |  | 525 | &nbsp;&nbsp; 504768 |
| Build NYC Resource Corp. (Riverspring Health Senior Living, Inc.); |  |  |  |  |  |
| Series 2026, RB | 5.00% | 12/15/2031 |  | 2000 | &nbsp;&nbsp; 2005117 |
| Series 2026, RB<sup>(e)</sup> <br>| 5.25% | 12/15/2031 |  | 2000 | &nbsp;&nbsp; 2005082 |
| Build NYC Resource Corp. (Royal Charter Properties, Inc. - New York & Presbyterian Hospital <br> Leasehold); Series 2012, RB (INS - AGI)<sup>(d)</sup> <br>| 4.75% | 12/15/2026 |  | 365 | &nbsp;&nbsp; 365325 |
| Build NYC Resource Corp. (Seton Education Partners-Brilla); Series 2021 A, RB<sup>(e)</sup> <br>| 4.00% | 11/01/2031 |  | 1270 | &nbsp;&nbsp; 1277334 |
| Build NYC Resource Corp. (Success Academy Charter Schools); Series 2024, RB | 5.00% | 09/01/2035 |  | 1200 | &nbsp;&nbsp; 1317383 |
| Build NYC Resource Corp. (Trips Obligated Group); Series 2025, RB<sup>(a)</sup> <br>| 5.50% | 07/01/2041 |  | 335 | &nbsp;&nbsp; 378423 |
| Build NYC Resource Corp. (Urban Resource Insititute); Series 2025 A, RB | 4.13% | 12/01/2035 |  | 775 | &nbsp;&nbsp; 821280 |
| Cattaraugus (County of), NY (St. Bonaventure University); |  |  |  |  |  |
| Series 2016 A, Ref. RB | 5.00% | 05/01/2026 |  | 415 | &nbsp;&nbsp; 416408 |
| Series 2016 A, Ref. RB | 5.00% | 05/01/2027 |  | 445 | &nbsp;&nbsp; 446547 |
| Series 2016 A, Ref. RB | 5.00% | 05/01/2028 |  | 465 | &nbsp;&nbsp; 466644 |
| Series 2016 A, Ref. RB | 5.00% | 05/01/2029 |  | 485 | &nbsp;&nbsp; 486691 |
| Series 2016 A, Ref. RB | 5.00% | 05/01/2030 |  | 510 | &nbsp;&nbsp; 511686 |
| Series 2016 A, Ref. RB | 5.00% | 05/01/2031 |  | 540 | &nbsp;&nbsp; 541688 |
| Chautauqua County Capital Resource Corp. (NRG Energy); Series 2020, Ref. RB<sup>(g)</sup> <br>| 4.25% | 04/03/2028 |  | 7500 | &nbsp;&nbsp; 7690060 |
| Chautauqua Tobacco Asset Securitization Corp.; Series 2014, Ref. RB | 5.00% | 06/01/2029 |  | 425 | &nbsp;&nbsp; 421581 |
| Chemung (County of), NY Industrial Development Agency (Hathorn Redevelopment Co.); <br> Series 2001 A, IDR<sup>(a)</sup> <br>| 5.00% | 07/01/2033 |  | 1205 | &nbsp;&nbsp; 1208191 |
| Dobbs Ferry Local Development Corp. (Mercy College); |  |  |  |  |  |
| Series 2014, RB | 5.00% | 07/01/2039 |  | 2125 | &nbsp;&nbsp; 2127063 |
| Series 2014, RB | 5.00% | 07/01/2044 |  | 2000 | &nbsp;&nbsp; 2001224 |
| Dutchess County Local Development Corp. (Culinary Institute); |  |  |  |  |  |
| Series 2021, Ref. RB | 5.00% | 07/01/2032 |  | 325 | &nbsp;&nbsp; 358143 |
| Series 2021, Ref. RB | 4.00% | 07/01/2036 |  | 1040 | &nbsp;&nbsp; 1067413 |
| Series 2021, Ref. RB | 4.00% | 07/01/2038 |  | 1170 | &nbsp;&nbsp; 1185773 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| Dutchess County Local Development Corp. (Health Quest Systems, Inc.); |  |  |  |  |  |
| Series 2016 A, Ref. RB | 5.00% | 07/01/2030 |  | $1255 | &nbsp;&nbsp; $1262270 |
| Series 2016 A, Ref. RB | 5.00% | 07/01/2032 |  | 225 | &nbsp;&nbsp; 226223 |
| Series 2016 B, RB | 5.00% | 07/01/2035 |  | 1185 | &nbsp;&nbsp; 1190364 |
| Elmira (City of), NY; |  |  |  |  |  |
| Series 2019, GO Bonds<sup>(e)</sup> <br>| 5.00% | 07/01/2033 |  | 1485 | &nbsp;&nbsp; 1520834 |
| Series 2020, GO Bonds | 5.00% | 07/01/2035 |  | 1500 | &nbsp;&nbsp; 1610980 |
| Erie (County of), NY (Buffalo Bills Stadium); Series 2024 B, GO Bonds | 5.25% | 09/15/2043 |  | 3000 | &nbsp;&nbsp; 3399144 |
| Erie Tobacco Asset Securitization Corp.; Series 2005 A, RB | 5.00% | 06/01/2031 |  | 11625 | &nbsp;&nbsp; 11643657 |
| Essex County Capital Resource Corp. (North Country Community College Association, Inc.); |  |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 06/01/2026 |  | 90 | &nbsp;&nbsp; 90264 |
| Series 2017, Ref. RB | 5.00% | 06/01/2027 |  | 100 | &nbsp;&nbsp; 101491 |
| Series 2017, Ref. RB | 5.00% | 06/01/2028 |  | 100 | &nbsp;&nbsp; 101435 |
| Series 2017, Ref. RB | 5.00% | 06/01/2031 |  | 320 | &nbsp;&nbsp; 323735 |
| Series 2017, Ref. RB | 5.00% | 06/01/2035 |  | 255 | &nbsp;&nbsp; 257177 |
| Franklin (County of), NY Solid Waste Management Authority; |  |  |  |  |  |
| Series 2012, RB | 5.00% | 06/01/2027 |  | 360 | &nbsp;&nbsp; 360687 |
| Series 2019, RB<sup>(a)</sup> <br>| 4.00% | 06/01/2026 |  | 950 | &nbsp;&nbsp; 952669 |
| Genesee County Funding Corp. (The) (Rochester Regional Health Obligated Group); |  |  |  |  |  |
| Series 2022 A, Ref. RB | 5.00% | 12/01/2035 |  | 600 | &nbsp;&nbsp; 657694 |
| Series 2022 A, Ref. RB | 5.00% | 12/01/2039 |  | 2070 | &nbsp;&nbsp; 2214164 |
| Series 2022 A, Ref. RB | 5.00% | 12/01/2040 |  | 2170 | &nbsp;&nbsp; 2305457 |
| Glen Cove Local Economic Assistance Corp. (Tiegerman School); Series 2018 A-1, RB<sup>(e)</sup> <br>| 4.75% | 07/01/2028 |  | 600 | &nbsp;&nbsp; 601063 |
| Hempstead Town Local Development Corp. (Adelphi University); Series 2013, RB | 5.00% | 09/01/2043 |  | 5000 | &nbsp;&nbsp; 5002771 |
| Hempstead Town Local Development Corp. (Evergreen Charter School); Series 2019, Ref. RB<sup>(e)</sup> <br>| 6.15% | 12/01/2029 |  | 1535 | &nbsp;&nbsp; 1613322 |
| Hempstead Town Local Development Corp. (Molloy College); |  |  |  |  |  |
| Series 2014, RB | 5.00% | 07/01/2034 |  | 1800 | &nbsp;&nbsp; 1801314 |
| Series 2014, RB | 5.00% | 07/01/2044 |  | 1000 | &nbsp;&nbsp; 1000243 |
| Series 2017, Ref. RB | 5.00% | 07/01/2029 |  | 775 | &nbsp;&nbsp; 797112 |
| Series 2017, Ref. RB | 5.00% | 07/01/2030 |  | 675 | &nbsp;&nbsp; 693416 |
| Series 2017, Ref. RB | 5.00% | 07/01/2031 |  | 615 | &nbsp;&nbsp; 630739 |
| Series 2017, Ref. RB | 5.00% | 07/01/2032 |  | 1110 | &nbsp;&nbsp; 1137098 |
| Series 2017, Ref. RB | 5.00% | 07/01/2035 |  | 865 | &nbsp;&nbsp; 882090 |
| Series 2017, Ref. RB | 5.00% | 07/01/2036 |  | 680 | &nbsp;&nbsp; 692550 |
| Hudson Yards Infrastructure Corp.; |  |  |  |  |  |
| Series 2017 A, Ref. RB | 5.00% | 02/15/2037 |  | 5000 | &nbsp;&nbsp; 5111569 |
| Series 2017 A, Ref. RB | 5.00% | 02/15/2038 |  | 5260 | &nbsp;&nbsp; 5381352 |
| Series 2017 A, Ref. RB | 4.00% | 02/15/2044 |  | 4000 | &nbsp;&nbsp; 3916921 |
| Hudson Yards Infrastructure Corp. (Green Bonds); Series 2021 A, Ref. RB | 4.00% | 02/15/2040 |  | 8845 | &nbsp;&nbsp; 9110700 |
| Long Island (City of), NY Power Authority; |  |  |  |  |  |
| Series 2016 B, Ref. RB | 5.00% | 09/01/2036 |  | 6500 | &nbsp;&nbsp; 6573928 |
| Series 2017, RB | 5.00% | 09/01/2042 |  | 10500 | &nbsp;&nbsp; 10780096 |
| Series 2018, RB | 5.00% | 09/01/2038 |  | 1270 | &nbsp;&nbsp; 1340274 |
| Series 2020 A, Ref. RB | 4.00% | 09/01/2040 |  | 195 | &nbsp;&nbsp; 200389 |
| Series 2025 A, Ref. RB (INS - BAM)<sup>(d)</sup> <br>| 5.00% | 09/01/2036 |  | 5000 | &nbsp;&nbsp; 6023008 |
| Metropolitan Transportation Authority; |  |  |  |  |  |
| Series 2016 B, Ref. RB | 5.00% | 11/15/2037 |  | 7500 | &nbsp;&nbsp; 7587763 |
| Series 2020 B, VRD RB (LOC - Royal Bank Of Canada)<sup>(f)(h)</sup> <br>| 1.05% | 11/15/2046 |  | 210 | &nbsp;&nbsp; 210000 |
| Series 2025 B, Ref. RB | 5.00% | 11/15/2036 |  | 2500 | &nbsp;&nbsp; 2929482 |
| Series 2025 B, Ref. RB | 5.00% | 11/15/2041 |  | 2000 | &nbsp;&nbsp; 2246020 |
| Metropolitan Transportation Authority (Green Bonds); Subseries 2016 B-1, RB | 5.00% | 11/15/2046 |  | 1500 | &nbsp;&nbsp; 1510498 |
| Monroe County Industrial Development Corp. (Eugenio Maria De Hostos Charter School); <br> Series 2024, RB<sup>(e)</sup> <br>| 5.00% | 07/01/2034 |  | 830 | &nbsp;&nbsp; 881028 |
| Monroe County Industrial Development Corp. (Highland Hospital of Rochester); Series 2015, Ref. <br> RB<br>| 5.00% | 07/01/2026 |  | 350 | &nbsp;&nbsp; 350648 |
| Monroe County Industrial Development Corp. (Nazareth College of Rochester); Series 2017, Ref. RB | 4.00% | 10/01/2034 |  | 600 | &nbsp;&nbsp; 603391 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| Monroe County Industrial Development Corp. (Rochester General Hospital (The)); |  |  |  |  |  |
| Series 2013 A, Ref. RB | 5.00% | 12/01/2026 |  | $400 | &nbsp;&nbsp; $400982 |
| Series 2013 A, Ref. RB | 5.00% | 12/01/2027 |  | 345 | &nbsp;&nbsp; 345809 |
| Series 2013 A, Ref. RB | 5.00% | 12/01/2028 |  | 1315 | &nbsp;&nbsp; 1317974 |
| Series 2013 A, Ref. RB | 5.00% | 12/01/2032 |  | 1450 | &nbsp;&nbsp; 1452451 |
| Series 2013 A, Ref. RB | 5.00% | 12/01/2037 |  | 3100 | &nbsp;&nbsp; 3105128 |
| Series 2013 A, Ref. RB | 5.00% | 12/01/2042 |  | 4485 | &nbsp;&nbsp; 4486656 |
| Series 2017, RB | 5.00% | 12/01/2029 |  | 1000 | &nbsp;&nbsp; 1013564 |
| Series 2017, RB | 5.00% | 12/01/2034 |  | 1100 | &nbsp;&nbsp; 1110200 |
| Series 2017, RB | 5.00% | 12/01/2035 |  | 1055 | &nbsp;&nbsp; 1063925 |
| Series 2017, RB | 5.00% | 12/01/2036 |  | 2525 | &nbsp;&nbsp; 2544074 |
| Monroe County Industrial Development Corp. (St. Ann's Community); Series 2019, Ref. RB | 4.00% | 01/01/2030 |  | 4515 | &nbsp;&nbsp; 4527502 |
| Nassau (County of), NY; |  |  |  |  |  |
| Series 2017 B, GO Bonds | 5.00% | 04/01/2031 |  | 365 | &nbsp;&nbsp; 376375 |
| Series 2018 B, GO Bonds (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 07/01/2039 |  | 4775 | &nbsp;&nbsp; 5007566 |
| Series 2018 B, GO Bonds (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 07/01/2045 |  | 4000 | &nbsp;&nbsp; 4138075 |
| Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated <br> Group);<br>|  |  |  |  |  |
| Series 2014, RB | 5.00% | 07/01/2030 |  | 1500 | &nbsp;&nbsp; 1505712 |
| Series 2014, RB | 5.00% | 07/01/2032 |  | 660 | &nbsp;&nbsp; 662176 |
| Series 2014, RB | 5.00% | 07/01/2033 |  | 1050 | &nbsp;&nbsp; 1053271 |
| Nassau County Local Economic Assistance Corp. (Hispanic Counseling Center, Inc.); Series 2018 <br> A-2, Ref. RB<br>| 4.70% | 12/01/2028 |  | 730 | &nbsp;&nbsp; 697673 |
| Nassau County Tobacco Settlement Corp.; Series 2006 A-2, RB | 5.25% | 06/01/2026 |  | 1609 | &nbsp;&nbsp; 1414732 |
| New Rochelle (City of), NY (70 Nardozzi/City DPW); Series 2018 A-1, RB<sup>(e)</sup> <br>| 4.20% | 08/01/2028 |  | 1425 | &nbsp;&nbsp; 1355313 |
| New York & New Jersey (States of) Port Authority; |  |  |  |  |  |
| One Hundred Eighty Third Series 2014, RB | 5.00% | 12/15/2026 |  | 850 | &nbsp;&nbsp; 851885 |
| One Hundred Eighty Third Series 2014, RB | 4.00% | 12/15/2036 |  | 2615 | &nbsp;&nbsp; 2615996 |
| One Hundred Eighty Third Series 2014, RB | 4.00% | 12/15/2038 |  | 5000 | &nbsp;&nbsp; 5001177 |
| One Hundred Eighty Third Series 2014, RB | 4.00% | 12/15/2040 |  | 10000 | &nbsp;&nbsp; 10001770 |
| One Hundred Ninety Fifth Series 2016, Ref. RB<sup>(a)</sup> <br>| 5.00% | 04/01/2036 |  | 10230 | &nbsp;&nbsp; 10344753 |
| Series 2016 197, Ref. RB<sup>(a)</sup> <br>| 5.00% | 11/15/2035 |  | 7000 | &nbsp;&nbsp; 7095756 |
| Series 2019, RB<sup>(a)</sup> <br>| 4.00% | 11/01/2041 |  | 5000 | &nbsp;&nbsp; 4994370 |
| Series 2023, Ref. RB<sup>(a)</sup> <br>| 5.00% | 12/01/2034 |  | 6960 | &nbsp;&nbsp; 7972560 |
| Two Hundred Forty Ninth Series 2025, Ref. RB<sup>(a)</sup> <br>| 5.00% | 10/15/2035 |  | 2500 | &nbsp;&nbsp; 2908688 |
| Two Hundred Forty Six Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.00% | 09/01/2034 |  | 4820 | &nbsp;&nbsp; 5601218 |
| Two Hundred Forty Six Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.00% | 09/01/2036 |  | 3655 | &nbsp;&nbsp; 4171919 |
| Two Hundred Forty Six Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.00% | 09/01/2039 |  | 3420 | &nbsp;&nbsp; 3801987 |
| Two Hundred Forty Six Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.00% | 09/01/2040 |  | 750 | &nbsp;&nbsp; 828703 |
| Two Hundred Second Series 2017, Ref. RB<sup>(a)</sup> <br>| 5.00% | 04/15/2037 |  | 12235 | &nbsp;&nbsp; 12470708 |
| Two Hundred Sixth Series 2017, Ref. RB<sup>(a)</sup> <br>| 5.00% | 11/15/2042 |  | 12000 | &nbsp;&nbsp; 12251520 |
| Two Hundred Twenty First Series 2020, RB<sup>(a)</sup> <br>| 4.00% | 07/15/2040 |  | 3620 | &nbsp;&nbsp; 3632301 |
| New York (City of), NY; |  |  |  |  |  |
| Series 1990 I, GO Bonds | 7.75% | 08/15/2027 |  | 45 | &nbsp;&nbsp; 46118 |
| Series 1997 C, GO Bonds (INS - NATL)<sup>(d)</sup> <br>| 5.50% | 11/15/2037 |  | 10 | &nbsp;&nbsp; 10023 |
| Series 2002 D, GO Bonds | 5.50% | 06/01/2028 |  | 5 | &nbsp;&nbsp; 5013 |
| Series 2012, VRD GO Bonds<sup>(h)</sup> <br>| 1.05% | 04/01/2042 |  | 3000 | &nbsp;&nbsp; 3000000 |
| Series 2016 B-1, GO Bonds | 5.00% | 12/01/2041 |  | 7775 | &nbsp;&nbsp; 7879350 |
| Series 2019 B-1, GO Bonds | 5.00% | 10/01/2042 |  | 570 | &nbsp;&nbsp; 602454 |
| Series 2020 D-1, GO Bonds | 4.00% | 03/01/2042 |  | 6250 | &nbsp;&nbsp; 6275190 |
| Series 2021-3, VRD GO Bonds<sup>(h)</sup> <br>| 1.05% | 04/01/2042 |  | 10000 | &nbsp;&nbsp; 10000000 |
| Series 2024 D, GO Bonds | 4.00% | 04/01/2041 |  | 1000 | &nbsp;&nbsp; 1021912 |
| Series 2024 D, GO Bonds | 4.00% | 04/01/2045 |  | 5000 | &nbsp;&nbsp; 4910053 |
| Series 2025 D, GO Bonds | 5.00% | 10/01/2038 |  | 4000 | &nbsp;&nbsp; 4628746 |
| Series 2025 D, GO Bonds | 5.00% | 10/01/2040 |  | 4000 | &nbsp;&nbsp; 4558943 |
| Series 2025 D, GO Bonds | 5.00% | 10/01/2041 |  | 6000 | &nbsp;&nbsp; 6798273 |
| Subseries 2008 L-4, VRD GO Bonds (LOC - U.S. Bank, N.A.)<sup>(f)(h)</sup> <br>| 0.95% | 04/01/2038 |  | 9340 | &nbsp;&nbsp; 9340000 |
| Subseries 2022 D-1, GO Bonds | 5.25% | 05/01/2041 |  | 2860 | &nbsp;&nbsp; 3168013 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| Subseries 2023 E-1, GO Bonds | 4.00% | 04/01/2042 |  | $3500 | &nbsp;&nbsp; $3523511 |
| Subseries 2025 G-1, GO Bonds | 5.00% | 02/01/2040 |  | 5750 | &nbsp;&nbsp; 6578645 |
| Subseries 2025 G-1, GO Bonds | 5.00% | 02/01/2042 |  | 2500 | &nbsp;&nbsp; 2796327 |
| New York (City of), NY Industrial Development Agency (Yankee Stadium); |  |  |  |  |  |
| Series 2006, RB (INS - FGIC) (CPI Rate + 0.88%)<sup>(d)(i)</sup> <br>| 3.62% | 03/01/2026 |  | 985 | &nbsp;&nbsp; 985000 |
| Series 2006, RB (INS - FGIC) (CPI Rate + 0.89%)<sup>(d)(i)</sup> <br>| 3.28% | 03/01/2027 |  | 1000 | &nbsp;&nbsp; 1006274 |
| New York (City of), NY Municipal Water Finance Authority; |  |  |  |  |  |
| Series 2013, VRD RB<sup>(h)</sup> <br>| 0.50% | 06/15/2049 |  | 2000 | &nbsp;&nbsp; 2000000 |
| Series 2018 FF, Ref. RB | 5.00% | 06/15/2039 |  | 3500 | &nbsp;&nbsp; 3685135 |
| Series 2019 CC-1, RB | 4.00% | 06/15/2040 |  | 7150 | &nbsp;&nbsp; 7248967 |
| Series 2020 AA-2, RB | 4.00% | 06/15/2043 |  | 10000 | &nbsp;&nbsp; 10057987 |
| Series 2022 DD, Ref. VRD RB<sup>(h)</sup> <br>| 1.10% | 06/15/2033 |  | 3325 | &nbsp;&nbsp; 3325000 |
| New York (City of), NY Transitional Finance Authority; |  |  |  |  |  |
| Series 2014, VRD RB<sup>(h)</sup> <br>| 0.50% | 08/01/2043 |  | 535 | &nbsp;&nbsp; 535000 |
| Series 2016 A-1, RB | 5.00% | 05/01/2037 |  | 3085 | &nbsp;&nbsp; 3095262 |
| Series 2017 A-2, RB | 5.00% | 08/01/2039 |  | 7545 | &nbsp;&nbsp; 7765666 |
| Series 2017 A-E-1, RB | 5.00% | 02/01/2038 |  | 7980 | &nbsp;&nbsp; 8142382 |
| Series 2017 A-E-1, RB | 5.00% | 02/01/2039 |  | 2455 | &nbsp;&nbsp; 2502829 |
| Series 2017 F-1, RB | 5.00% | 05/01/2042 |  | 21840 | &nbsp;&nbsp; 22292612 |
| Series 2018 S-1, RB | 5.00% | 07/15/2043 |  | 3465 | &nbsp;&nbsp; 3589649 |
| Series 2018 S-1, RB | 5.00% | 07/15/2045 |  | 5000 | &nbsp;&nbsp; 5144753 |
| Series 2018 S-3, RB | 5.25% | 07/15/2045 |  | 10625 | &nbsp;&nbsp; 11004516 |
| Series 2019 B-1, RB | 4.00% | 11/01/2042 |  | 9410 | &nbsp;&nbsp; 9429228 |
| Series 2022, RB | 4.00% | 02/01/2043 |  | 5000 | &nbsp;&nbsp; 4975743 |
| Series 2024 A-1, Ref. RB | 5.00% | 11/01/2039 |  | 2000 | &nbsp;&nbsp; 2268682 |
| Series 2024 B-1, Ref. RB | 5.00% | 11/01/2037 |  | 2500 | &nbsp;&nbsp; 2893978 |
| Series 2024 D, RB | 5.25% | 05/01/2045 |  | 3000 | &nbsp;&nbsp; 3306126 |
| Series 2024 G-1, RB | 5.00% | 05/01/2044 |  | 3255 | &nbsp;&nbsp; 3539735 |
| Series 2025 A-1, RB | 5.00% | 05/01/2037 |  | 2050 | &nbsp;&nbsp; 2415184 |
| Series 2025 B, RB | 5.00% | 05/01/2044 |  | 1000 | &nbsp;&nbsp; 1100548 |
| Series 2025 E, RB | 5.00% | 11/01/2042 |  | 7315 | &nbsp;&nbsp; 8168286 |
| Series 2025 H-1, RB | 5.00% | 11/01/2043 |  | 2170 | &nbsp;&nbsp; 2408876 |
| Series 2025 S-1, RB | 5.00% | 07/15/2038 |  | 5000 | &nbsp;&nbsp; 5918146 |
| Subseries 2016 B-1, RB | 5.00% | 08/01/2038 |  | 10000 | &nbsp;&nbsp; 10079508 |
| Subseries 2016 F-3, RB | 3.25% | 02/01/2041 |  | 13000 | &nbsp;&nbsp; 11929122 |
| Subseries 2018 S-3, Ref. RB | 5.00% | 07/15/2036 |  | 7500 | &nbsp;&nbsp; 7923466 |
| Subseries 2019 B-1, RB | 4.00% | 11/01/2040 |  | 1500 | &nbsp;&nbsp; 1517085 |
| New York (City of), NY Trust for Cultural Resources (The) (Lincoln Center for Performing Arts); <br> Series 2020 A, Ref. RB<br>| 4.00% | 12/01/2035 |  | 300 | &nbsp;&nbsp; 312827 |
| New York (State of) Dormitory Authority; |  |  |  |  |  |
| Series 2009, VRD RB<sup>(h)</sup> <br>| 1.30% | 09/01/2039 |  | 11260 | &nbsp;&nbsp; 11260000 |
| Series 2012 F, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 10/01/2027 |  | 35 | &nbsp;&nbsp; 35075 |
| Series 2012 F, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 10/01/2028 |  | 5 | &nbsp;&nbsp; 5011 |
| Series 2012, RB | 5.00% | 10/01/2026 |  | 120 | &nbsp;&nbsp; 120251 |
| Series 2012, RB | 5.00% | 10/01/2027 |  | 65 | &nbsp;&nbsp; 65134 |
| Series 2012, RB | 5.00% | 10/01/2028 |  | 50 | &nbsp;&nbsp; 50111 |
| Series 2015, Ref. RB | 5.00% | 07/01/2043 |  | 1585 | &nbsp;&nbsp; 1586182 |
| Series 2016, Ref. RB<sup>(e)(j)</sup> <br>| 5.00% | 12/01/2026 |  | 1425 | &nbsp;&nbsp; 1454443 |
| Series 2018 A, RB | 5.00% | 07/01/2040 |  | 4250 | &nbsp;&nbsp; 4465997 |
| Series 2018 A, Ref. RB | 5.00% | 08/01/2032 |  | 3935 | &nbsp;&nbsp; 4095730 |
| Series 2018 A, Ref. RB | 5.00% | 03/15/2045 |  | 4000 | &nbsp;&nbsp; 4126138 |
| Series 2020 A, Ref. RB<sup>(g)(j)</sup> <br>| 4.00% | 09/15/2030 |  | 5 | &nbsp;&nbsp; 5384 |
| Series 2020 A, Ref. RB<sup>(g)(j)</sup> <br>| 4.00% | 09/15/2030 |  | 5 | &nbsp;&nbsp; 5384 |
| Series 2020 A, Ref. RB | 4.00% | 03/15/2043 |  | 11740 | &nbsp;&nbsp; 11765506 |
| Series 2022, Ref. RB | 5.00% | 05/01/2038 |  | 2000 | &nbsp;&nbsp; 2202897 |
| Series 2024 A, RB | 5.25% | 05/01/2037 |  | 875 | &nbsp;&nbsp; 985186 |
| Series 2024 A, RB | 5.25% | 05/01/2038 |  | 875 | &nbsp;&nbsp; 976799 |
| Series 2024 A, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 10/01/2038 |  | 3400 | &nbsp;&nbsp; 3844995 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| Series 2024 A, RB | 5.25% | 05/01/2039 |  | $500 | &nbsp;&nbsp; $555059 |
| Series 2024 A, RB | 5.25% | 05/01/2040 |  | 400 | &nbsp;&nbsp; 439768 |
| Series 2024 A, Ref. RB | 5.00% | 03/15/2044 |  | 5000 | &nbsp;&nbsp; 5444799 |
| Series 2025 A, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 10/01/2038 |  | 4000 | &nbsp;&nbsp; 4651294 |
| Series 2025 A, Ref. RB | 5.00% | 03/15/2043 |  | 1000 | &nbsp;&nbsp; 1128526 |
| Series 2025 A, Ref. RB | 5.00% | 03/15/2044 |  | 5500 | &nbsp;&nbsp; 6107670 |
| Series 2025 C, Ref. RB | 5.00% | 03/15/2040 |  | 2125 | &nbsp;&nbsp; 2468327 |
| Series 2025 C, Ref. RB | 5.00% | 03/15/2041 |  | 2000 | &nbsp;&nbsp; 2300282 |
| Series 2025 C, Ref. RB | 5.00% | 03/15/2043 |  | 5565 | &nbsp;&nbsp; 6227348 |
| New York (State of) Dormitory Authority (Bidding Group 2); Series 2018 E, Ref. RB | 5.00% | 03/15/2037 |  | 8000 | &nbsp;&nbsp; 8486169 |
| New York (State of) Dormitory Authority (Catholic Health System Obligated Group); |  |  |  |  |  |
| Series 2019 A, Ref. RB | 4.00% | 07/01/2040 |  | 650 | &nbsp;&nbsp; 558619 |
| Series 2019 A, Ref. RB | 5.00% | 07/01/2041 |  | 700 | &nbsp;&nbsp; 671626 |
| New York (State of) Dormitory Authority (Cerebral Palsy Affiliates Program - Jawonio, Inc.); <br> Series 2017 A, RB<sup>(e)</sup> <br>| 4.63% | 12/01/2027 |  | 435 | &nbsp;&nbsp; 418172 |
| New York (State of) Dormitory Authority (Cerebral Palsy Affiliates Program - United Cerebral Palsy <br> Associations of New York State, Inc.);<br>|  |  |  |  |  |
| Series 2017 A-1, RB (Acquired 05/23/2017; Cost $965,000)<sup>(c)(e)</sup> <br>| 4.88% | 09/01/2027 |  | 965 | &nbsp;&nbsp; 950312 |
| Series 2017 A-2, Ref. RB (Acquired 10/25/2017; Cost $745,000)<sup>(c)(e)</sup> <br>| 4.63% | 10/01/2027 |  | 745 | &nbsp;&nbsp; 727682 |
| New York (State of) Dormitory Authority (Fashion Institute of Technology Student Housing Corp.); <br> Series 2007, RB (INS - NATL)<sup>(d)</sup> <br>| 5.25% | 07/01/2028 |  | 2265 | &nbsp;&nbsp; 2335632 |
| New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai); |  |  |  |  |  |
| Series 2015 A, Ref. RB | 5.00% | 07/01/2034 |  | 8000 | &nbsp;&nbsp; 8014215 |
| Series 2015 A, Ref. RB | 5.00% | 07/01/2035 |  | 2395 | &nbsp;&nbsp; 2398972 |
| New York (State of) Dormitory Authority (Maimonides Medical Center); |  |  |  |  |  |
| Series 2020, RB (CEP - Federal Housing Administration) | 4.00% | 02/01/2038 |  | 200 | &nbsp;&nbsp; 202120 |
| Series 2020, RB (CEP - Federal Housing Administration) | 4.00% | 02/01/2039 |  | 400 | &nbsp;&nbsp; 403489 |
| Series 2020, RB (CEP - Federal Housing Administration) | 4.00% | 02/01/2040 |  | 300 | &nbsp;&nbsp; 302322 |
| New York (State of) Dormitory Authority (Master Boces Program); Series 2020, RB | 4.00% | 08/15/2041 |  | 2000 | &nbsp;&nbsp; 2012629 |
| New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer); Series 2017, Ref. RB | 5.00% | 07/01/2042 |  | 7030 | &nbsp;&nbsp; 7175561 |
| New York (State of) Dormitory Authority (Montefiore Obligated Group); |  |  |  |  |  |
| Series 2024, RB | 5.25% | 11/01/2037 |  | 3685 | &nbsp;&nbsp; 4160204 |
| Series 2024, RB | 5.25% | 11/01/2040 |  | 2000 | &nbsp;&nbsp; 2204975 |
| Series 2024, RB | 5.25% | 11/01/2041 |  | 1900 | &nbsp;&nbsp; 2074729 |
| New York (State of) Dormitory Authority (New School (The)); |  |  |  |  |  |
| Series 2022 A, Ref. RB | 5.00% | 07/01/2039 |  | 750 | &nbsp;&nbsp; 805673 |
| Series 2022 A, Ref. RB | 5.00% | 07/01/2040 |  | 1000 | &nbsp;&nbsp; 1068880 |
| New York (State of) Dormitory Authority (New York University); Series 2017 A, Ref. RB | 5.00% | 07/01/2043 |  | 260 | &nbsp;&nbsp; 265361 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group); |  |  |  |  |  |
| Series 2025 A, Ref. RB | 5.00% | 05/01/2043 |  | 3000 | &nbsp;&nbsp; 3237026 |
| Series 2025, Ref. RB | 5.00% | 05/01/2042 |  | 5000 | &nbsp;&nbsp; 5476194 |
| New York (State of) Dormitory Authority (Orchard Park CCRC, Inc. Obligated Group); |  |  |  |  |  |
| Series 2025 B-2, RB | 3.32% | 11/15/2030 |  | 1195 | &nbsp;&nbsp; 1202215 |
| Series 2025 B-3, RB | 3.45% | 11/15/2031 |  | 1310 | &nbsp;&nbsp; 1317247 |
| New York (State of) Dormitory Authority (Pace University); Series 2024 A, RB | 5.25% | 05/01/2033 |  | 710 | &nbsp;&nbsp; 810510 |
| New York (State of) Dormitory Authority (Pratt Institute); Series 2016, Ref. RB | 5.00% | 07/01/2039 |  | 500 | &nbsp;&nbsp; 502765 |
| New York (State of) Dormitory Authority (Rochester Institute of Technology); Series 2019 A, RB | 4.00% | 07/01/2044 |  | 4000 | &nbsp;&nbsp; 3843799 |
| New York (State of) Dormitory Authority (Rosewell Park Cancer Insititute Obligated Group); |  |  |  |  |  |
| Series 2025 A, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 07/01/2036 |  | 350 | &nbsp;&nbsp; 412294 |
| Series 2025 A, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 07/01/2037 |  | 745 | &nbsp;&nbsp; 868292 |
| Series 2025 A, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 07/01/2038 |  | 1225 | &nbsp;&nbsp; 1417500 |
| New York (State of) Dormitory Authority (School Districts Revenue Bond Financing Program); |  |  |  |  |  |
| Series 2013 A, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 10/01/2026 |  | 2740 | &nbsp;&nbsp; 2745947 |
| Series 2013 A, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 10/01/2027 |  | 2485 | &nbsp;&nbsp; 2490335 |
| Series 2013 C, RB | 5.00% | 10/01/2026 |  | 1665 | &nbsp;&nbsp; 1668085 |
| Series 2013 C, RB | 5.00% | 10/01/2027 |  | 1885 | &nbsp;&nbsp; 1888777 |
| Series 2013 E, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 10/01/2026 |  | 3190 | &nbsp;&nbsp; 3196924 |
| New York (State of) Dormitory Authority (St. John's University); |  |  |  |  |  |
| Series 2025, Ref. RB | 5.00% | 07/01/2036 |  | 1650 | &nbsp;&nbsp; 1961554 |
| Series 2025, Ref. RB | 5.00% | 07/01/2037 |  | 1250 | &nbsp;&nbsp; 1472488 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| New York (State of) Dormitory Authority (St. Joseph's College); |  |  |  |  |  |
| Series 2021, RB | 5.00% | 07/01/2026 |  | $100 | &nbsp;&nbsp; $100222 |
| Series 2021, RB | 5.00% | 07/01/2027 |  | 120 | &nbsp;&nbsp; 121134 |
| Series 2021, RB | 5.00% | 07/01/2028 |  | 75 | &nbsp;&nbsp; 76276 |
| Series 2021, RB | 5.00% | 07/01/2029 |  | 100 | &nbsp;&nbsp; 102369 |
| Series 2021, RB | 5.00% | 07/01/2030 |  | 75 | &nbsp;&nbsp; 77073 |
| Series 2021, RB | 4.00% | 07/01/2035 |  | 200 | &nbsp;&nbsp; 188248 |
| New York (State of) Dormitory Authority (Wagner College); |  |  |  |  |  |
| Series 2022, Ref. RB | 5.00% | 07/01/2034 |  | 1330 | &nbsp;&nbsp; 1306107 |
| Series 2022, Ref. RB | 5.00% | 07/01/2036 |  | 735 | &nbsp;&nbsp; 708123 |
| New York (State of) Dormitory Authority (White Plains Hospital Obligated Group); |  |  |  |  |  |
| Series 2024, RB (INS - AGI)<sup>(d)</sup> <br>| 5.25% | 10/01/2040 |  | 1250 | &nbsp;&nbsp; 1402275 |
| Series 2024, RB (INS - AGI)<sup>(d)</sup> <br>| 5.25% | 10/01/2041 |  | 1375 | &nbsp;&nbsp; 1525766 |
| Series 2024, RB (INS - AGI)<sup>(d)</sup> <br>| 5.25% | 10/01/2042 |  | 1250 | &nbsp;&nbsp; 1372963 |
| New York (State of) Energy Research & Development Authority (New York State Electric & Gas Corp.); <br> Series 2004 C, Ref. RB<br>| 4.00% | 04/01/2034 |  | 8000 | &nbsp;&nbsp; 8456235 |
| New York (State of) Energy Research & Development Authority (New Yourk State Electric & Gas <br> Corp.); Series 2005, VRD RB (LOC - Mizuho Bank, Ltd.)<sup>(f)(h)</sup> <br>| 1.60% | 05/01/2039 |  | 4900 | &nbsp;&nbsp; 4900000 |
| New York (State of) Housing Finance Agency; |  |  |  |  |  |
| Series 2003, VRD RB (LOC - Freddie Mac)<sup>(f)(h)</sup> <br>| 1.22% | 05/01/2035 |  | 8000 | &nbsp;&nbsp; 8000000 |
| Series 2007, RB<sup>(a)</sup> <br>| 5.05% | 08/15/2039 |  | 870 | &nbsp;&nbsp; 870805 |
| Series 2009, VRD RB (LOC - Fannie Mae)<sup>(f)(h)</sup> <br>| 1.60% | 05/15/2039 |  | 12910 | &nbsp;&nbsp; 12910000 |
| Series 2020 C, RB (CEP - Federal Housing Administration) | 4.10% | 11/01/2041 |  | 8950 | &nbsp;&nbsp; 9044617 |
| New York (State of) Housing Finance Agency (Green Bonds); |  |  |  |  |  |
| Series 2023 E-2, RB<sup>(g)</sup> <br>| 3.80% | 05/01/2027 |  | 4000 | &nbsp;&nbsp; 4002203 |
| Series 2023 E-2, RB<sup>(g)</sup> <br>| 3.88% | 05/01/2028 |  | 4380 | &nbsp;&nbsp; 4382728 |
| New York (State of) Housing Finance Agency (Secured Mortgage Program); Series 2001 A, RB<sup>(a)</sup> <br>| 5.60% | 08/15/2033 |  | 895 | &nbsp;&nbsp; 896485 |
| New York (State of) Mortgage Agency; Two Hundred Eighteen Series 2019, Ref. RB<sup>(a)</sup> <br>| 3.60% | 04/01/2033 |  | 1795 | &nbsp;&nbsp; 1806296 |
| New York (State of) Mortgage Agency (Social Bonds); |  |  |  |  |  |
| Series 2023 253, RB<sup>(a)</sup> <br>| 4.70% | 10/01/2038 |  | 1180 | &nbsp;&nbsp; 1238071 |
| Series 2024-259, RB<sup>(a)</sup> <br>| 4.45% | 10/01/2039 |  | 3300 | &nbsp;&nbsp; 3423828 |
| Two Hundred Twenty Third Series 2019, RB | 2.15% | 04/01/2029 |  | 1010 | &nbsp;&nbsp; 996117 |
| New York (State of) Thruway Authority; |  |  |  |  |  |
| Series 2019 B, RB (INS - AGI)<sup>(d)</sup> <br>| 4.00% | 01/01/2040 |  | 12690 | &nbsp;&nbsp; 12881274 |
| Series 2026 A, Ref. RB | 5.00% | 01/01/2043 |  | 2300 | &nbsp;&nbsp; 2588164 |
| Series 2026 A, Ref. RB | 5.00% | 01/01/2045 |  | 1105 | &nbsp;&nbsp; 1213435 |
| New York (State of) Thruway Authority (Bidding Group 3); Series 2022, Ref. RB | 4.00% | 03/15/2043 |  | 24500 | &nbsp;&nbsp; 24784599 |
| New York (State of) Thruway Authority (Group 1); Series 2021 O, Ref. RB | 4.00% | 01/01/2043 |  | 5650 | &nbsp;&nbsp; 5679538 |
| New York City Housing Development Corp.; |  |  |  |  |  |
| Series 1999 E, RB | 6.25% | 05/01/2036 |  | 35 | &nbsp;&nbsp; 35081 |
| Series 2014 C-1A, RB | 4.15% | 11/01/2039 |  | 2880 | &nbsp;&nbsp; 2880502 |
| Series 2014 E, RB | 3.40% | 11/01/2029 |  | 685 | &nbsp;&nbsp; 685293 |
| New York City Housing Development Corp. (8 Spruce Street); |  |  |  |  |  |
| Eighth Series 2024, Ref. RB | 4.00% | 12/15/2031 |  | 1250 | &nbsp;&nbsp; 1294361 |
| Eighth Series 2024, Ref. RB | 4.38% | 12/15/2031 |  | 2250 | &nbsp;&nbsp; 2324722 |
| Eighth Series 2024, Ref. RB | 5.25% | 12/15/2031 |  | 2500 | &nbsp;&nbsp; 2602533 |
| New York City Housing Development Corp. (Green Bonds); |  |  |  |  |  |
| Series 2021, RB (CEP - Federal Housing Administration) | 2.00% | 05/01/2032 |  | 135 | &nbsp;&nbsp; 125713 |
| Series 2021, RB (CEP - Federal Housing Administration) | 2.10% | 05/01/2033 |  | 195 | &nbsp;&nbsp; 180392 |
| Series 2022 F-2A, RB (CEP - Federal Housing Administration)<sup>(g)</sup> <br>| 3.40% | 12/22/2026 |  | 7500 | &nbsp;&nbsp; 7502803 |
| New York Convention Center Development Corp. (Hotel Unit Fee Secured); |  |  |  |  |  |
| Series 2015, Ref. RB | 5.00% | 11/15/2040 |  | 16005 | &nbsp;&nbsp; 16018912 |
| Series 2015, Ref. RB | 5.00% | 11/15/2045 |  | 10250 | &nbsp;&nbsp; 10254426 |
| Series 2016 A, RB | 5.00% | 11/15/2046 |  | 500 | &nbsp;&nbsp; 502126 |
| New York Counties Tobacco Trust I; |  |  |  |  |  |
| Series 2000 A, RB | 6.50% | 06/01/2035 |  | 150 | &nbsp;&nbsp; 150084 |
| Series 2000 A, RB | 6.63% | 06/01/2042 |  | 2920 | &nbsp;&nbsp; 2920476 |
| New York Counties Tobacco Trust II; Series 2001, RB | 5.75% | 06/01/2043 |  | 4450 | &nbsp;&nbsp; 4534583 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| New York Counties Tobacco Trust IV; |  |  |  |  |  |
| Series 2005 A, RB | 4.75% | 06/01/2026 |  | $425 | &nbsp;&nbsp; $425280 |
| Series 2010 A, RB<sup>(e)</sup> <br>| 6.25% | 06/01/2041 |  | 8060 | &nbsp;&nbsp; 8016726 |
| New York Counties Tobacco Trust V; Series 2005 S-1, RB<sup>(k)</sup> <br>| 0.00% | 06/01/2038 |  | 1430 | &nbsp;&nbsp; 667396 |
| New York Counties Tobacco Trust VI; |  |  |  |  |  |
| Series 2016 A, Ref. RB | 5.63% | 06/01/2035 |  | 3230 | &nbsp;&nbsp; 3297915 |
| Series 2016 A, Ref. RB | 6.75% | 06/01/2035 |  | 4860 | &nbsp;&nbsp; 4936452 |
| Series 2016 A, Ref. RB | 6.45% | 06/01/2040 |  | 2330 | &nbsp;&nbsp; 2336770 |
| Series 2016 A, Ref. RB | 6.00% | 06/01/2043 |  | 8180 | &nbsp;&nbsp; 8196719 |
| Series 2016 A-1, Ref. RB | 5.75% | 06/01/2043 |  | 5130 | &nbsp;&nbsp; 5052334 |
| Series 2016 B, Ref. RB | 5.00% | 06/01/2036 |  | 1000 | &nbsp;&nbsp; 1003456 |
| New York Liberty Development Corp. (3 World Trade Center); Series 2014-1, Ref. RB<sup>(e)</sup> <br>| 5.00% | 11/15/2044 |  | 8820 | &nbsp;&nbsp; 8834540 |
| New York Liberty Development Corp. (Goldman Sachs Headquarters); |  |  |  |  |  |
| Series 2005, Ref. RB | 5.25% | 10/01/2035 |  | 15500 | &nbsp;&nbsp; 18594629 |
| Series 2007, RB | 5.50% | 10/01/2037 |  | 1070 | &nbsp;&nbsp; 1319292 |
| New York State Environmental Facilities Corp. (Casella Waste Systems, Inc.); Series 2020, RB<sup>(a)(e)(g)</sup> <br>| 4.25% | 09/03/2030 |  | 2000 | &nbsp;&nbsp; 2043352 |
| New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority <br> Projects - 2nd Resolution Bonds);<br>|  |  |  |  |  |
| Series 2004 C, RB | 4.50% | 06/15/2030 |  | 15 | &nbsp;&nbsp; 15023 |
| Series 2017 E, RB | 5.00% | 06/15/2042 |  | 12375 | &nbsp;&nbsp; 12654707 |
| Series 2018 B, RB | 5.00% | 06/15/2038 |  | 2755 | &nbsp;&nbsp; 2891070 |
| New York State Urban Development Corp.; Series 2020, Ref. RB | 3.00% | 03/15/2040 |  | 3435 | &nbsp;&nbsp; 3182615 |
| New York State Urban Development Corp. (Bidding Group 3); Series 2021 A, Ref. RB | 4.00% | 03/15/2043 |  | 5000 | &nbsp;&nbsp; 5015492 |
| New York State Urban Development Corp. (State Facilities and Equipment); Series 2004, VRD RB<sup>(h)</sup> <br>| 1.87% | 03/15/2033 |  | 3785 | &nbsp;&nbsp; 3785000 |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International <br> Airport);<br>|  |  |  |  |  |
| Series 2016, Ref. RB<sup>(a)</sup> <br>| 5.00% | 08/01/2026 |  | 8735 | &nbsp;&nbsp; 8745114 |
| Series 2016, Ref. RB<sup>(a)</sup> <br>| 5.00% | 08/01/2031 |  | 12800 | &nbsp;&nbsp; 12819941 |
| Series 2020, Ref. RB<sup>(a)</sup> <br>| 5.25% | 08/01/2031 |  | 6740 | &nbsp;&nbsp; 7056134 |
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment);<br>|  |  |  |  |  |
| Series 2016 A, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2034 |  | 8425 | &nbsp;&nbsp; 8437458 |
| Series 2018, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2033 |  | 1615 | &nbsp;&nbsp; 1669333 |
| Series 2018, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2034 |  | 11870 | &nbsp;&nbsp; 12254173 |
| Series 2018, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2036 |  | 11425 | &nbsp;&nbsp; 11753267 |
| Series 2020, RB<sup>(a)</sup> <br>| 5.00% | 10/01/2035 |  | 5250 | &nbsp;&nbsp; 5572520 |
| Series 2020, RB<sup>(a)</sup> <br>| 4.38% | 10/01/2045 |  | 4450 | &nbsp;&nbsp; 4294221 |
| New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal <br> One) (Green Bonds);<br>|  |  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 5.25% | 06/30/2038 |  | 6200 | &nbsp;&nbsp; 6845883 |
| Series 2025, RB (INS - AGI)<sup>(a)(d)</sup> <br>| 5.50% | 06/30/2038 |  | 1625 | &nbsp;&nbsp; 1863246 |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); |  |  |  |  |  |
| Series 2016 A, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2030 |  | 1000 | &nbsp;&nbsp; 1001465 |
| Series 2016 A, RB<sup>(a)</sup> <br>| 4.00% | 07/01/2033 |  | 4000 | &nbsp;&nbsp; 4000349 |
| Series 2016 A, RB (INS - AGI)<sup>(a)(d)</sup> <br>| 4.00% | 07/01/2036 |  | 5000 | &nbsp;&nbsp; 5000217 |
| Series 2016 A, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2041 |  | 9850 | &nbsp;&nbsp; 9859334 |
| Series 2016 A, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2046 |  | 11305 | &nbsp;&nbsp; 11309489 |
| Series 2016 A, RB<sup>(a)</sup> <br>| 5.25% | 01/01/2050 |  | 110 | &nbsp;&nbsp; 110039 |
| Series 2016, RB (INS - AGI)<sup>(a)(d)</sup> <br>| 4.00% | 07/01/2031 |  | 8805 | &nbsp;&nbsp; 8806249 |
| Series 2016, RB (INS - AGI)<sup>(a)(d)</sup> <br>| 4.00% | 07/01/2037 |  | 11875 | &nbsp;&nbsp; 11875457 |
| Series 2016, RB (INS - AGI)<sup>(a)(d)</sup> <br>| 5.00% | 07/01/2046 |  | 150 | &nbsp;&nbsp; 150074 |
| Series 2023, RB<sup>(a)</sup> <br>| 5.63% | 04/01/2040 |  | 2260 | &nbsp;&nbsp; 2419953 |
| New York Transportation Development Corp. (New York State Thruway); Series 2021, RB<sup>(a)</sup> <br>| 4.00% | 10/31/2034 |  | 600 | &nbsp;&nbsp; 613875 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2022, <br> RB<sup>(a)</sup> <br>| 5.00% | 12/01/2037 |  | 2310 | &nbsp;&nbsp; 2507931 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| New York Transportation Development Corp. (Terminal 4 John F. Kennedy International Airport); |  |  |  |  |  |
| Series 2020 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 12/01/2034 |  | $900 | &nbsp;&nbsp; $970273 |
| Series 2020 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 12/01/2036 |  | 900 | &nbsp;&nbsp; 960733 |
| Series 2020, Ref. RB<sup>(a)</sup> <br>| 5.00% | 12/01/2031 |  | 1200 | &nbsp;&nbsp; 1314874 |
| Series 2020, Ref. RB | 5.00% | 12/01/2037 |  | 1000 | &nbsp;&nbsp; 1080964 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.00% | 12/01/2038 |  | 8670 | &nbsp;&nbsp; 9360087 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.00% | 12/01/2039 |  | 1330 | &nbsp;&nbsp; 1428356 |
| Series 2022, RB<sup>(a)</sup> <br>| 4.00% | 12/01/2042 |  | 5000 | &nbsp;&nbsp; 4897952 |
| Newburgh (City of), NY Industrial Development Agency (Bourne & Kenney Redevelopment Co. LLC); <br> Series 1999 A, RB<sup>(a)</sup> <br>| 5.75% | 02/01/2032 |  | 1525 | &nbsp;&nbsp; 1530798 |
| Niagara Falls (City of), NY; Series 2016, Ref. GO Bonds (INS - BAM)<sup>(d)</sup> <br>| 5.00% | 05/15/2029 |  | 665 | &nbsp;&nbsp; 668658 |
| Niagara Frontier Transportation Authority (Buffalo Niagara International Airport); |  |  |  |  |  |
| Series 2014 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 04/01/2028 |  | 1000 | &nbsp;&nbsp; 1001473 |
| Series 2014 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 04/01/2029 |  | 725 | &nbsp;&nbsp; 726070 |
| Series 2014, Ref. RB<sup>(a)</sup> <br>| 5.00% | 04/01/2026 |  | 1000 | &nbsp;&nbsp; 1001514 |
| Series 2019, Ref. RB<sup>(a)</sup> <br>| 5.00% | 04/01/2033 |  | 725 | &nbsp;&nbsp; 764287 |
| Series 2019, Ref. RB<sup>(a)</sup> <br>| 5.00% | 04/01/2035 |  | 1780 | &nbsp;&nbsp; 1867636 |
| Series 2019, Ref. RB<sup>(a)</sup> <br>| 5.00% | 04/01/2037 |  | 750 | &nbsp;&nbsp; 781538 |
| Niagara Tobacco Asset Securitization Corp.; Series 2014, Ref. RB | 4.00% | 05/15/2029 |  | 1115 | &nbsp;&nbsp; 1107996 |
| Oneida County Local Development Corp. (Utica College); Series 2019, Ref. RB | 5.00% | 07/01/2026 |  | 755 | &nbsp;&nbsp; 758320 |
| Onondaga (County of), NY Resource Recovery Agency; |  |  |  |  |  |
| Series 2019, RB (INS - AGI)<sup>(a)(d)</sup> <br>| 5.00% | 05/01/2029 |  | 780 | &nbsp;&nbsp; 801989 |
| Series 2019, RB (INS - AGI)<sup>(a)(d)</sup> <br>| 5.00% | 05/01/2030 |  | 275 | &nbsp;&nbsp; 282598 |
| Series 2019, RB (INS - AGI)<sup>(a)(d)</sup> <br>| 5.00% | 05/01/2031 |  | 350 | &nbsp;&nbsp; 359515 |
| Series 2019, RB (INS - AGI)<sup>(a)(d)</sup> <br>| 5.00% | 05/01/2032 |  | 455 | &nbsp;&nbsp; 467191 |
| Series 2019, RB (INS - AGI)<sup>(a)(d)</sup> <br>| 5.00% | 05/01/2033 |  | 475 | &nbsp;&nbsp; 487341 |
| Series 2019, RB (INS - AGI)<sup>(a)(d)</sup> <br>| 5.00% | 05/01/2034 |  | 500 | &nbsp;&nbsp; 513200 |
| Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.); |  |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 05/01/2027 |  | 450 | &nbsp;&nbsp; 461237 |
| Series 2017, Ref. RB | 5.00% | 05/01/2028 |  | 600 | &nbsp;&nbsp; 614874 |
| Series 2017, Ref. RB | 5.00% | 05/01/2029 |  | 450 | &nbsp;&nbsp; 461057 |
| Series 2017, Ref. RB | 5.00% | 05/01/2030 |  | 835 | &nbsp;&nbsp; 855146 |
| Series 2017, Ref. RB | 5.00% | 05/01/2032 |  | 600 | &nbsp;&nbsp; 613284 |
| Series 2017, Ref. RB | 5.00% | 05/01/2033 |  | 1580 | &nbsp;&nbsp; 1613159 |
| Series 2017, Ref. RB | 5.00% | 05/01/2034 |  | 1040 | &nbsp;&nbsp; 1060582 |
| Poughkeepsie (City of), NY; Series 2019, Ref. GO Bonds | 5.00% | 06/01/2031 |  | 1200 | &nbsp;&nbsp; 1205595 |
| Ramapo Local Development Corp.; Series 2013, Ref. RB | 5.00% | 03/15/2028 |  | 125 | &nbsp;&nbsp; 125083 |
| Rockland (County of), NY Solid Waste Management Authority (Green Bonds); Series 2021 A, RB<sup>(a)</sup> <br>| 5.00% | 12/15/2030 |  | 585 | &nbsp;&nbsp; 640220 |
| Saratoga County Capital Resource Corp. (Skidmore College); Series 2018, RB | 5.00% | 07/01/2048 |  | 4515 | &nbsp;&nbsp; 4610145 |
| Saratoga County Capital Resource Corp. (WSWHE Boces Project); Series 2025, RB | 5.00% | 07/01/2037 |  | 450 | &nbsp;&nbsp; 531045 |
| Schenectady County Capital Resource Corp. (Union College); Series 2017, Ref. RB | 5.00% | 01/01/2040 |  | 1000 | &nbsp;&nbsp; 1013677 |
| St. Lawrence (County of), NY Industrial Development Agency (Clarkson University); |  |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 09/01/2031 |  | 690 | &nbsp;&nbsp; 696290 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2029 |  | 165 | &nbsp;&nbsp; 172309 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2031 |  | 90 | &nbsp;&nbsp; 95689 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2031 |  | 225 | &nbsp;&nbsp; 239224 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2032 |  | 190 | &nbsp;&nbsp; 201379 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2033 |  | 200 | &nbsp;&nbsp; 210699 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2034 |  | 460 | &nbsp;&nbsp; 482736 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2034 |  | 200 | &nbsp;&nbsp; 209885 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2035 |  | 225 | &nbsp;&nbsp; 234949 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2036 |  | 200 | &nbsp;&nbsp; 207638 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2036 |  | 225 | &nbsp;&nbsp; 233593 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2037 |  | 250 | &nbsp;&nbsp; 258094 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2038 |  | 200 | &nbsp;&nbsp; 205472 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2039 |  | 275 | &nbsp;&nbsp; 281284 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2039 |  | 200 | &nbsp;&nbsp; 204570 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2041 |  | 50 | &nbsp;&nbsp; 50206 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**10**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| St. Lawrence (County of), NY Industrial Development Agency (St. Lawrence University); |  |  |  |  |  |
| Series 2012, RB | 5.00% | 07/01/2043 |  | $9200 | &nbsp;&nbsp; $9205840 |
| Series 2016 A, Ref. RB | 5.00% | 07/01/2030 |  | 785 | &nbsp;&nbsp; 790982 |
| Series 2016 A, Ref. RB | 5.00% | 07/01/2031 |  | 450 | &nbsp;&nbsp; 453253 |
| State of New York Mortgage Agency Homeowner Mortgage Revenue; Series 2025-270, VRD RB<sup>(h)</sup> <br>| 1.75% | 10/01/2055 |  | 5000 | &nbsp;&nbsp; 5000000 |
| Suffern (Village of), NY; Series 2016, GO Bonds | 5.00% | 03/15/2026 |  | 475 | &nbsp;&nbsp; 475437 |
| Suffolk (County of), NY Water Authority; Series 2018 A, RB | 4.00% | 06/01/2041 |  | 3500 | &nbsp;&nbsp; 3545731 |
| Suffolk County Economic Development Corp. (Family Residences and Essential Enterprises, Inc.); <br> Series 2012 B-A, RB<sup>(e)</sup> <br>| 6.75% | 06/01/2027 |  | 135 | &nbsp;&nbsp; 135154 |
| Suffolk Regional Off-Track Betting Corp.; Series 2024, RB | 5.00% | 12/01/2034 |  | 8000 | &nbsp;&nbsp; 8334938 |
| Sullivan (County of), NY (Adelaar Infratructure); |  |  |  |  |  |
| Series 2016 A-1, RB<sup>(e)</sup> <br>| 4.85% | 11/01/2031 |  | 4790 | &nbsp;&nbsp; 4836909 |
| Series 2016 B-1, RB<sup>(e)</sup> <br>| 4.85% | 11/01/2031 |  | 1235 | &nbsp;&nbsp; 1247095 |
| Series 2016 C-1, RB<sup>(e)</sup> <br>| 4.85% | 11/01/2031 |  | 1205 | &nbsp;&nbsp; 1216801 |
| Series 2016 D-1, RB<sup>(e)</sup> <br>| 4.85% | 11/01/2031 |  | 795 | &nbsp;&nbsp; 802786 |
| Tender Option Bond Trust Receipts/Certificates; Series 2025, VRD RB<sup>(e)(h)</sup> <br>| 2.00% | 05/15/2032 |  | 14100 | &nbsp;&nbsp; 14100000 |
| Triborough Bridge & Tunnel Authority; |  |  |  |  |  |
| Series 2016 A, Ref. RB | 5.00% | 11/15/2041 |  | 9000 | &nbsp;&nbsp; 9023627 |
| Series 2016 A, Ref. RB | 5.00% | 11/15/2046 |  | 6000 | &nbsp;&nbsp; 6010962 |
| Series 2017 A, RB | 5.00% | 11/15/2038 |  | 1315 | &nbsp;&nbsp; 1351875 |
| Series 2017 B, Ref. RB | 5.00% | 11/15/2036 |  | 5000 | &nbsp;&nbsp; 5151205 |
| Series 2024 A-1, RB | 5.00% | 11/15/2040 |  | 3000 | &nbsp;&nbsp; 3390450 |
| Troy Capital Resource Corp. (Rensselaer Polytechnic Institute); |  |  |  |  |  |
| Series 2020 A, Ref. RB | 5.00% | 09/01/2037 |  | 6500 | &nbsp;&nbsp; 6981676 |
| Series 2020, Ref. RB | 5.00% | 09/01/2035 |  | 5500 | &nbsp;&nbsp; 5964656 |
| Series 2020, Ref. RB | 5.00% | 09/01/2039 |  | 1000 | &nbsp;&nbsp; 1062744 |
| TSASC, Inc.; |  |  |  |  |  |
| Series 2016 B, Ref. RB | 5.00% | 06/01/2045 |  | 4680 | &nbsp;&nbsp; 4351365 |
| Series 2017 A, Ref. RB | 5.00% | 06/01/2030 |  | 6275 | &nbsp;&nbsp; 6420547 |
| Series 2017 A, Ref. RB | 5.00% | 06/01/2031 |  | 5000 | &nbsp;&nbsp; 5110375 |
| Series 2017 A, Ref. RB | 5.00% | 06/01/2032 |  | 5000 | &nbsp;&nbsp; 5095989 |
| Series 2017 A, Ref. RB | 5.00% | 06/01/2033 |  | 5000 | &nbsp;&nbsp; 5093276 |
| Series 2017 A, Ref. RB | 5.00% | 06/01/2041 |  | 5450 | &nbsp;&nbsp; 5487579 |
| Westchester (County of), NY Industrial Development Agency (Crescent Manor Ossining); |  |  |  |  |  |
| Series 2025 A-1, RB<sup>(e)</sup> <br>| 6.20% | 12/01/2042 |  | 2000 | &nbsp;&nbsp; 2049609 |
| Series 2025 A-2, RB<sup>(e)</sup> <br>| 6.00% | 06/01/2028 |  | 10000 | &nbsp;&nbsp; 10135086 |
| Westchester County Local Development Corp.; Series 2026, RB<sup>(e)</sup> <br>| 6.00% | 12/01/2045 |  | 700 | &nbsp;&nbsp; 723002 |
| Westchester County Local Development Corp. (Kendal on Hudson); |  |  |  |  |  |
| Series 2022, Ref. RB | 5.00% | 01/01/2027 |  | 90 | &nbsp;&nbsp; 91226 |
| Series 2022, Ref. RB | 5.00% | 01/01/2037 |  | 525 | &nbsp;&nbsp; 553848 |
| Westchester County Local Development Corp. (Purchase Senior Learning Community Inc.); |  |  |  |  |  |
| Series 2021, Ref. RB<sup>(e)</sup> <br>| 5.00% | 07/01/2036 |  | 2765 | &nbsp;&nbsp; 2902226 |
| Series 2021, Ref. RB<sup>(e)</sup> <br>| 5.00% | 07/01/2041 |  | 300 | &nbsp;&nbsp; 307914 |
| Westchester County Local Development Corp. (Purchase Senior Learning Community, Inc.); <br> Series 2021, Ref. RB<sup>(e)</sup> <br>| 5.00% | 07/01/2046 |  | 615 | &nbsp;&nbsp; 600829 |
| Westchester County Local Development Corp. (Sarah Lawrence College); Series 2016 A, Ref. RB | 4.00% | 06/01/2031 |  | 2190 | &nbsp;&nbsp; 2192027 |
| Westchester County Local Development Corp. (Westchester County Health Care Corp.); <br> Series 2025, RB<br>| 6.50% | 11/01/2030 |  | 4350 | &nbsp;&nbsp; 4625899 |
| Western Regional Off-Track Betting Corp.; |  |  |  |  |  |
| Series 2021, Ref. RB<sup>(e)</sup> <br>| 3.00% | 12/01/2026 |  | 550 | &nbsp;&nbsp; 547761 |
| Series 2021, Ref. RB<sup>(e)</sup> <br>| 4.13% | 12/01/2041 |  | 1140 | &nbsp;&nbsp; 1092976 |
| Yonkers (City of), NY; |  |  |  |  |  |
| Series 2022 F, GO Bonds (INS - BAM)<sup>(d)</sup> <br>| 5.00% | 11/15/2040 |  | 1680 | &nbsp;&nbsp; 1865446 |
| Series 2026 A, GO Bonds (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 02/01/2043 |  | 1000 | &nbsp;&nbsp; 1100105 |
| Series 2026 A, GO Bonds (INS - AGI)<sup>(d)</sup> <br>| 4.13% | 02/01/2045 |  | 1495 | &nbsp;&nbsp; 1501841 |
| Series 2026 A, GO Bonds (INS - AGI)<sup>(d)</sup> <br>| 4.13% | 02/01/2046 |  | 1000 | &nbsp;&nbsp; 996240 |
| Yonkers Economic Development Corp. (Charter School Education Excellence); Series 2019 A, RB | 4.00% | 10/15/2029 |  | 165 | &nbsp;&nbsp; 165746 |
|  |  |  |  |  | &nbsp;&nbsp; 1364535658 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**11**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Puerto Rico–5.80%** | **Puerto Rico–5.80%** | **Puerto Rico–5.80%** | **Puerto Rico–5.80%** |  |  |
| Children's Trust Fund; |  |  |  |  |  |
| Series 2002, RB | 5.50% | 05/15/2039 |  | $26425 | &nbsp;&nbsp; $26858645 |
| Series 2002, RB | 5.63% | 05/15/2043 |  | 800 | &nbsp;&nbsp; 812269 |
| PRCCDA Custodial Trust; Series A<sup>(k)</sup> <br>| 0.00% | 03/15/2049 |  | 103 | &nbsp;&nbsp; 20702 |
| PRHTA Custodial Trust; Series 2023 A-1, RB<sup>(b)</sup> <br>| 5.25% | 12/06/2049 |  | 29 | &nbsp;&nbsp; 8127 |
| Puerto Rico (Commonwealth of); |  |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(k)</sup> <br>| 0.00% | 07/01/2033 |  | 9941 | &nbsp;&nbsp; 7361065 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2027 |  | 2539 | &nbsp;&nbsp; 2598887 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2029 |  | 794 | &nbsp;&nbsp; 848708 |
| Series 2021 A-1, GO Bonds | 5.75% | 07/01/2031 |  | 772 | &nbsp;&nbsp; 857278 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2033 |  | 1524 | &nbsp;&nbsp; 1560396 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2035 |  | 658 | &nbsp;&nbsp; 668860 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2037 |  | 1374 | &nbsp;&nbsp; 1377208 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2041 |  | 3000 | &nbsp;&nbsp; 2912038 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2046 |  | 4000 | &nbsp;&nbsp; 3611398 |
| Puerto Rico (Commonwealth of) GDB Debt Recovery Authority; Series 2023, RB | 7.50% | 08/20/2040 |  | 2932 | &nbsp;&nbsp; 2871236 |
| Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control <br> Facilities Financing Authority (AES Puerto Rico);<br>|  |  |  |  |  |
| Series 2023 A, RB (Acquired 02/07/2002-03/25/2024; Cost $1,799,819)<sup>(c)</sup> <br>| 6.63% | 01/01/2027 |  | 1665 | &nbsp;&nbsp; 1664320 |
| Series 2023 A, RB (Acquired 02/07/2002-06/07/2011; Cost $14,401,219)<sup>(c)</sup> <br>| 6.63% | 01/01/2028 |  | 12696 | &nbsp;&nbsp; 12719665 |
| Puerto Rico (Commonwealth of) Municipal Finance Agency; Series 2002 A, RB (INS - AGI)<sup>(d)</sup> <br>| 5.00% | 08/01/2027 |  | 515 | &nbsp;&nbsp; 516535 |
| Puerto Rico Sales Tax Financing Corp.; |  |  |  |  |  |
| Series 2018 A-1, RB<sup>(k)</sup> <br>| 0.00% | 07/01/2027 |  | 4240 | &nbsp;&nbsp; 4071697 |
| Series 2018 A-1, RB<sup>(k)</sup> <br>| 0.00% | 07/01/2031 |  | 10000 | &nbsp;&nbsp; 8418042 |
| Series 2018 A-1, RB<sup>(k)</sup> <br>| 0.00% | 07/01/2033 |  | 665 | &nbsp;&nbsp; 517110 |
| Series 2018 A-1, RB<sup>(k)</sup> <br>| 0.00% | 07/01/2046 |  | 2073 | &nbsp;&nbsp; 745680 |
| Series 2018 A-1, RB<sup>(k)</sup> <br>| 0.00% | 07/01/2051 |  | 1 | &nbsp;&nbsp; 263 |
| Series 2018 A-1, RB | 4.75% | 07/01/2053 |  | 1809 | &nbsp;&nbsp; 1763997 |
| Series 2019 A-2, RB | 4.33% | 07/01/2040 |  | 2176 | &nbsp;&nbsp; 2180501 |
| Series 2019 A-2, RB | 4.54% | 07/01/2053 |  | 75 | &nbsp;&nbsp; 70371 |
| Series 2019 A-2, RB | 4.78% | 07/01/2058 |  | 1004 | &nbsp;&nbsp; 972788 |
| University of Puerto Rico; Series 2006 Q, RB (Acquired 02/07/2007; Cost $300,000)<sup>(c)</sup> <br>| 5.00% | 06/01/2030 |  | 300 | &nbsp;&nbsp; 299912 |
|  |  |  |  |  | &nbsp;&nbsp; 86307698 |
| **Northern Mariana Islands–0.20%** | **Northern Mariana Islands–0.20%** | **Northern Mariana Islands–0.20%** | **Northern Mariana Islands–0.20%** |  |  |
| Northern Mariana Islands (Commonwealth of); Series 2007 A, Ref. GO Bonds<sup>(e)</sup> <br>| 5.00% | 06/01/2030 |  | 2985 | &nbsp;&nbsp; 2985002 |
| **Virgin Islands–0.13%** | **Virgin Islands–0.13%** | **Virgin Islands–0.13%** | **Virgin Islands–0.13%** |  |  |
| Virgin Islands (Government of) Public Finance Authority (Virgin Islands Gross Receipts Taxes Loan <br> Note);<br>|  |  |  |  |  |
| Series 2006, RN (INS - NATL)<sup>(d)</sup> <br>| 5.00% | 10/01/2026 |  | 1715 | &nbsp;&nbsp; 1720373 |
| Series 2006, RN (INS - NATL)<sup>(d)</sup> <br>| 5.00% | 10/01/2027 |  | 50 | &nbsp;&nbsp; 50159 |
| Series 2006, RN (INS - NATL)<sup>(d)</sup> <br>| 5.00% | 10/01/2028 |  | 280 | &nbsp;&nbsp; 280898 |
|  |  |  |  |  | &nbsp;&nbsp; 2051430 |
| **Guam–0.02%** | **Guam–0.02%** | **Guam–0.02%** | **Guam–0.02%** |  |  |
| Guam (Territory of) Waterworks Authority; Series 2025 A, RB | 5.00% | 07/01/2036 |  | 240 | &nbsp;&nbsp; 273001 |
| Total Municipal Obligations (Cost $1,441,048,909) | Total Municipal Obligations (Cost $1,441,048,909) | Total Municipal Obligations (Cost $1,441,048,909) | Total Municipal Obligations (Cost $1,441,048,909) |  | &nbsp;&nbsp; 1456152789 |
|  |  |  | **Shares** | **Shares** |  |
| **Preferred Stocks–0.00%** |  |  |  |  |  |
| AES Puerto Rico, Inc., Pfd. <br>(Cost $0)<sup>(l)</sup> <br>|  |  |  | 294299 | &nbsp;&nbsp; 0 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(m)</sup>–97.84% (Cost $1,441,048,909) | TOTAL INVESTMENTS IN SECURITIES<sup>(m)</sup>–97.84% (Cost $1,441,048,909) | TOTAL INVESTMENTS IN SECURITIES<sup>(m)</sup>–97.84% (Cost $1,441,048,909) | TOTAL INVESTMENTS IN SECURITIES<sup>(m)</sup>–97.84% (Cost $1,441,048,909) |  | &nbsp;&nbsp; 1456152789 |
| OTHER ASSETS LESS LIABILITIES–2.16% | OTHER ASSETS LESS LIABILITIES–2.16% | OTHER ASSETS LESS LIABILITIES–2.16% | OTHER ASSETS LESS LIABILITIES–2.16% |  | &nbsp;&nbsp; 32084675 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $1488237464 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**12**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

Investment Abbreviations:

---

| | |
|:---|:---|
| AGI | – Assured Guaranty, Inc. |
| BAM | – Build America Mutual Assurance Co. |
| CEP | – Credit Enhancement Provider |
| CPI | – Consumer Price Index |
| FGIC | – Financial Guaranty Insurance Company |
| GO | – General Obligation |
| IDR | – Industrial Development Revenue Bonds |
| INS | – Insurer |
| LOC | – Letter of Credit |
| NATL | – National Public Finance Guarantee Corp. |
| Pfd. | – Preferred |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| RN | – Revenue Notes |
| VRD | – Variable Rate Demand |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Security subject to the alternative minimum tax.

<sup>(b)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2026 was $133,022, which represented less than 1% of the Fund's Net Assets. 

<sup>(c)</sup> Restricted security. The aggregate value of these securities at February 28, 2026 was $16,486,786, which represented 1.11% of the Fund's Net Assets.

<sup>(d)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

<sup>(e)</sup> 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 February 28, 2026 was $116,663,461, which represented 7.84% of the Fund's Net Assets. 

<sup>(f)</sup> Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

<sup>(g)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(h)</sup> 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 February 28, 2026. 

<sup>(i)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2026.

<sup>(j)</sup> Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

<sup>(k)</sup> Zero coupon bond issued at a discount.

<sup>(l)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(m)</sup> This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer's obligations but may be called upon to satisfy the issuer's obligations. 

---

| | |
|:---|:---|
| **Entity** | **Percent** |
| Assured Guaranty Inc. | 5.67<br> %<br>|

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**13**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,441,048,909)<br>| &nbsp;&nbsp; $1456152789 |
| Cash | &nbsp;&nbsp; 12737614 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2810000 |
| Fund shares sold | &nbsp;&nbsp; 769665 |
| Interest | &nbsp;&nbsp; 16881480 |
| Investments matured, at value (Cost $2,817,900) | &nbsp;&nbsp; 1880948 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 248139 |
| Other assets | &nbsp;&nbsp; 262094 |
| Total assets | &nbsp;&nbsp; 1491742729 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 695919 |
| Dividends | &nbsp;&nbsp; 1683284 |
| Fund shares reacquired | &nbsp;&nbsp; 197726 |
| Accrued fees to affiliates | &nbsp;&nbsp; 428172 |
| Accrued interest expense | &nbsp;&nbsp; 15705 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 3226 |
| Accrued other operating expenses | &nbsp;&nbsp; 104044 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 377189 |
| Total liabilities | &nbsp;&nbsp; 3505265 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1488237464 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2076337780 |
| Distributable earnings (loss) | &nbsp;&nbsp; (588100316)<br>|
|  | &nbsp;&nbsp; $1488237464 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1083580788 |
| Class C | &nbsp;&nbsp; $37272188 |
| Class Y | &nbsp;&nbsp; $362169764 |
| Class R6 | &nbsp;&nbsp; $5214724 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 382149643 |
| Class C | &nbsp;&nbsp; 13218150 |
| Class Y | &nbsp;&nbsp; 127778660 |
| Class R6 | &nbsp;&nbsp; 1837498 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $2.84 |
| Maximum offering price per share <br>(Net asset value of $2.84 ÷ 97.50%)<br>| &nbsp;&nbsp; $2.91 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $2.82 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $2.83 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $2.84 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**14**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

**Statement of Operations**

*For the year ended February 28, 2026* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $58583853 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 5722729 |
| Administrative services fees | &nbsp;&nbsp; 203825 |
| Custodian fees | &nbsp;&nbsp; 9869 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 2636350 |
| Class C | &nbsp;&nbsp; 390890 |
| Interest, facilities and maintenance fees | &nbsp;&nbsp; 400362 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 930169 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 638 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 52278 |
| Registration and filing fees | &nbsp;&nbsp; 65167 |
| Reports to shareholders | &nbsp;&nbsp; 48716 |
| Professional services fees | &nbsp;&nbsp; 114962 |
| Other | &nbsp;&nbsp; 21580 |
| Total expenses | &nbsp;&nbsp; 10597535 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (7076)<br>|
| Net expenses | &nbsp;&nbsp; 10590459 |
| Net investment income | &nbsp;&nbsp; 47993394 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(984437)) | &nbsp;&nbsp; (5240279)<br>|
| Change in net unrealized appreciation of unaffiliated investment securities | &nbsp;&nbsp; 21575541 |
| Net realized and unrealized gain | &nbsp;&nbsp; 16335262 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $64328656 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**15**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

**Statement of Changes in Net Assets**

*For the years ended February 28, 2026 and 2025* 

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $47993394 | &nbsp;&nbsp; $46965769 |
| Net realized gain (loss) | &nbsp;&nbsp; (5240279)<br>| &nbsp;&nbsp; (9883090)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 21575541 | &nbsp;&nbsp; 16927400 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 64328656 | &nbsp;&nbsp; 54010079 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (37792331)<br>| &nbsp;&nbsp; (37184122)<br>|
| Class C | &nbsp;&nbsp; (1090602)<br>| &nbsp;&nbsp; (1247700)<br>|
| Class Y | &nbsp;&nbsp; (12478832)<br>| &nbsp;&nbsp; (11151827)<br>|
| Class R6 | &nbsp;&nbsp; (163935)<br>| &nbsp;&nbsp; (100239)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (51525700)<br>| &nbsp;&nbsp; (49683888)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (25334231)<br>| &nbsp;&nbsp; (72098808)<br>|
| Class C | &nbsp;&nbsp; (6512815)<br>| &nbsp;&nbsp; (10838719)<br>|
| Class Y | &nbsp;&nbsp; 36957971 | &nbsp;&nbsp; (3652481)<br>|
| Class R6 | &nbsp;&nbsp; 1153079 | &nbsp;&nbsp; 3156324 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 6264004 | &nbsp;&nbsp; (83433684)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 19066960 | &nbsp;&nbsp; (79107493)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1469170504 | &nbsp;&nbsp; 1548277997 |
| End of year | &nbsp;&nbsp; $1488237464 | &nbsp;&nbsp; $1469170504 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**16**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

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**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Supplemental** <br>**ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee** <br>**waivers** <br>**(excluding** <br>**interest,** <br>**facilities and** <br>**maintenance** <br>**fees)**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 02/28/26 | $2.81 | $0.09 | $0.04 | $0.13 | $(0.10)<br>| $2.84 | 4.70<br> %<br>| $1083581 | 0.77<br> %<br>| 0.77<br> %<br>| 0.74<br> %<br>| 3.30<br> %<br>| 31<br> %<br>|
| Year ended 02/28/25 | 2.80 | 0.09 | 0.01 | 0.10 | (0.09)<br>| 2.81 | 3.74 | 1099709 | 0.83 | 0.83 | 0.76 | 3.13 | 26 |
| Year ended 02/29/24 | 2.78 | 0.08 | 0.03 | 0.11 | (0.09)<br>| 2.80 | 3.94 | 1168493 | 0.90 | 0.90 | 0.76 | 2.91 | 21 |
| Year ended 02/28/23 | 2.98 | 0.07 | (0.19)<br>| (0.12)<br>| (0.08)<br>| 2.78 | (4.16)<br>| 1287117 | 0.91 | 0.91 | 0.75 | 2.65 | 60 |
| Year ended 02/28/22 | 3.04 | 0.06 | (0.04)<br>| 0.02 | (0.08)<br>| 2.98 | 0.74 | 1491165 | 0.78 | 0.78 | 0.74 | 2.01 | 12 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 02/28/26 | 2.79 | 0.07 | 0.04 | 0.11 | (0.08)<br>| 2.82 | 3.93 | 37272 | 1.52 | 1.52 | 1.49 | 2.55 | 31 |
| Year ended 02/28/25 | 2.78 | 0.07 | 0.01 | 0.08 | (0.07)<br>| 2.79 | 2.97 | 43549 | 1.58 | 1.58 | 1.51 | 2.38 | 26 |
| Year ended 02/29/24 | 2.76 | 0.06 | 0.03 | 0.09 | (0.07)<br>| 2.78 | 3.17 | 54229 | 1.65 | 1.65 | 1.51 | 2.16 | 21 |
| Year ended 02/28/23 | 2.97 | 0.05 | (0.21)<br>| (0.16)<br>| (0.05)<br>| 2.76 | (5.26)<br>| 70720 | 1.66 | 1.66 | 1.50 | 1.90 | 60 |
| Year ended 02/28/22 | 3.02 | 0.04 | (0.03)<br>| 0.01 | (0.06)<br>| 2.97 | 0.31 | 90290 | 1.53 | 1.53 | 1.49 | 1.26 | 12 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 02/28/26 | 2.81 | 0.10 | 0.03 | 0.13 | (0.11)<br>| 2.83 | 4.61 | 362170 | 0.52 | 0.52 | 0.49 | 3.55 | 31 |
| Year ended 02/28/25 | 2.80 | 0.09 | 0.02 | 0.11 | (0.10)<br>| 2.81 | 4.00 | 321897 | 0.58 | 0.58 | 0.51 | 3.38 | 26 |
| Year ended 02/29/24 | 2.78 | 0.09 | 0.02 | 0.11 | (0.09)<br>| 2.80 | 4.21 | 324713 | 0.65 | 0.65 | 0.51 | 3.16 | 21 |
| Year ended 02/28/23 | 2.99 | 0.08 | (0.21)<br>| (0.13)<br>| (0.08)<br>| 2.78 | (4.24)<br>| 333027 | 0.66 | 0.66 | 0.50 | 2.90 | 60 |
| Year ended 02/28/22 | 3.04 | 0.07 | (0.03)<br>| 0.04 | (0.09)<br>| 2.99 | 1.33 | 339209 | 0.53 | 0.53 | 0.49 | 2.26 | 12 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 02/28/26 | 2.81 | 0.10 | 0.04 | 0.14 | (0.11)<br>| 2.84 | 5.02 | 5215 | 0.48 | 0.48 | 0.45 | 3.59 | 31 |
| Year ended 02/28/25 | 2.80 | 0.10 | 0.01 | 0.11 | (0.10)<br>| 2.81 | 4.05 | 4015 | 0.52 | 0.52 | 0.45 | 3.44 | 26 |
| Year ended 02/29/24 | 2.78 | 0.09 | 0.03 | 0.12 | (0.10)<br>| 2.80 | 4.26 | 843 | 0.59 | 0.59 | 0.45 | 3.22 | 21 |
| Year ended 02/28/23 | 2.99 | 0.08 | (0.21)<br>| (0.13)<br>| (0.08)<br>| 2.78 | (4.20)<br>| 744 | 0.60 | 0.60 | 0.44 | 2.96 | 60 |
| Year ended 02/28/22 | 3.04 | 0.07 | (0.03)<br>| 0.04 | (0.09)<br>| 2.99 | 1.36 | 357 | 0.50 | 0.50 | 0.46 | 2.29 | 12 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**17**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

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**Notes to Financial Statements**

*February 28, 2026*

**NOTE 1—Significant Accounting Policies**

Invesco Rochester<sup>®</sup> Limited Term New York Municipal Fund (the "Fund") is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek tax-free income.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following policy.

Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is not representative of market value in the Adviser's judgment ("unreliable"), the Adviser will fair value the security using the Valuation Procedures. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are

**18**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes** – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt-interest dividends", as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.

**G.** **Interest, Facilities and Maintenance Fees** – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**K.** **Other Risks** - Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile. The values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.

The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Fund's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

**19**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

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**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $100 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $150 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $1.75 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Next $3 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.390% |
| Next $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.380% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.370% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.40%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A and Class C shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2026, IDI advised the Fund that IDI retained $15,138 in front-end sales commissions from the sale of Class A shares and $43,483 and $4,361 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

**20**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

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 February 28, 2026. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1456152789 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1456152789 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1456152789 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 1456152789 |
| **Other Investments - Assets** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1880948 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1880948 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1458033737 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $1458033737 |

---

**NOTE 4—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended February 28, 2026, the Fund engaged in securities purchases of $142,932,710 and securities sales of $28,058,851, which resulted in net realized gains (losses) of $(984,437).

**NOTE 5—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $7,076.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Fund may have certain former Trustees who participated in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances and Borrowings**

The Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.5 billion, collectively by certain Invesco Funds, and which will expire on February 18, 2027. The revolving credit and security agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

During the year ended February 28, 2026, the Fund's average daily balance of borrowing under the revolving credit and security agreement was $56,044 with an average interest rate of 4.52%. The carrying amount of the Fund's payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as *Interest, facilities and maintenance fees*. At February 28, 2026, the Fund had no borrowings outstanding under this agreement.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** |
|  | **2026** | **2025** |
| Ordinary income\* | &nbsp;&nbsp; $578741 | &nbsp;&nbsp;&nbsp;&nbsp; $1063666 |
| Ordinary income-tax-exempt | &nbsp;&nbsp; 50946959 | &nbsp;&nbsp;&nbsp;&nbsp; 48620222 |
| Total distributions | &nbsp;&nbsp; $51525700 | &nbsp;&nbsp;&nbsp;&nbsp; $49683888 |

---

\* Includes short-term capital gain distributions, if any.

**21**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2026** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp; $20315220 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 14783158 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (358913)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (622839781)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 2076337780 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1488237464 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to amortization and accretion on debt securities and defaulted bonds.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of February 28, 2026, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $53369651 | &nbsp;&nbsp;&nbsp;&nbsp; $569470130 | &nbsp;&nbsp;&nbsp;&nbsp; $622839781 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2026 was $425,669,631 and $511,790,793, respectively. As of February 28, 2026, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $29865649 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (15082491)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $14783158 |

---

Cost of investments for tax purposes is $1,443,250,579.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of market discounts, defaulted bonds and amortization and accretion on debt securities, on February 28, 2026, undistributed net investment income was increased by $905,117 and undistributed net realized gain (loss) was decreased by $905,117. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 54838254 | &nbsp;&nbsp;&nbsp; $152633929 | &nbsp;&nbsp;&nbsp; 38615440 | &nbsp;&nbsp;&nbsp; $108412380 |
| Class C | &nbsp;&nbsp;&nbsp; 3972477 | &nbsp;&nbsp;&nbsp; 11010126 | &nbsp;&nbsp;&nbsp; 2306445 | &nbsp;&nbsp;&nbsp; 6424564 |
| Class Y | &nbsp;&nbsp;&nbsp; 54252606 | &nbsp;&nbsp;&nbsp; 150752885 | &nbsp;&nbsp;&nbsp; 33565552 | &nbsp;&nbsp;&nbsp; 94119478 |
| Class R6 | &nbsp;&nbsp;&nbsp; 574062 | &nbsp;&nbsp;&nbsp; 1605760 | &nbsp;&nbsp;&nbsp; 1275621 | &nbsp;&nbsp;&nbsp; 3572872 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 8755584 | &nbsp;&nbsp;&nbsp; 24337774 | &nbsp;&nbsp;&nbsp; 8389570 | &nbsp;&nbsp;&nbsp; 23511351 |
| Class C | &nbsp;&nbsp;&nbsp; 294249 | &nbsp;&nbsp;&nbsp; 813637 | &nbsp;&nbsp;&nbsp; 323998 | &nbsp;&nbsp;&nbsp; 902535 |
| Class Y | &nbsp;&nbsp;&nbsp; 2964848 | &nbsp;&nbsp;&nbsp; 8242245 | &nbsp;&nbsp;&nbsp; 2531932 | &nbsp;&nbsp;&nbsp; 7096029 |
| Class R6 | &nbsp;&nbsp;&nbsp; 24771 | &nbsp;&nbsp;&nbsp; 68962 | &nbsp;&nbsp;&nbsp; 24052 | &nbsp;&nbsp;&nbsp; 67548 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2077723 | &nbsp;&nbsp;&nbsp; 5751952 | &nbsp;&nbsp;&nbsp; 2418307 | &nbsp;&nbsp;&nbsp; 6779409 |
| Class C | &nbsp;&nbsp;&nbsp; (2089434)<br>| &nbsp;&nbsp;&nbsp; (5751952)<br>| &nbsp;&nbsp;&nbsp; (2435521)<br>| &nbsp;&nbsp;&nbsp; (6779409)<br>|

---

**22**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **February 28, 2026**<sup>(a)</sup> | **Year ended**<br> **February 28, 2026**<sup>(a)</sup> | **Year ended**<br> **February 28, 2025** | **Year ended**<br> **February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (74860470)<br>| &nbsp;&nbsp;&nbsp; $(208057886)<br>| &nbsp;&nbsp;&nbsp; (75149788)<br>| &nbsp;&nbsp;&nbsp; $(210801948)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (4544879)<br>| &nbsp;&nbsp;&nbsp; (12584626)<br>| &nbsp;&nbsp;&nbsp; (4082222)<br>| &nbsp;&nbsp;&nbsp; (11386409)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (44015110)<br>| &nbsp;&nbsp;&nbsp; (122037159)<br>| &nbsp;&nbsp;&nbsp; (37427380)<br>| &nbsp;&nbsp;&nbsp; (104867988)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (189187)<br>| &nbsp;&nbsp;&nbsp; (521643)<br>| &nbsp;&nbsp;&nbsp; (172277)<br>| &nbsp;&nbsp;&nbsp; (484096)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 2055494 | &nbsp;&nbsp;&nbsp; $6264004 | &nbsp;&nbsp;&nbsp; (29816271)<br>| &nbsp;&nbsp;&nbsp; $(83433684)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 64% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**23**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco Rochester Limited Term New York Municipal Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Rochester Limited Term New York Municipal Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the "Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, agent bank and broker; when replies were not received from the agent bank, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2026

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**24**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |
| Tax-Exempt Interest Dividends\* | &nbsp;&nbsp; 98.88% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**25**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**26**

**Invesco Rochester**<sup>®</sup> **Limited Term New York Municipal Fund**

------

![](img8cb0f20e1.jpg)

SEC file number(s): 811-07890 and 033-66242

Invesco Distributors, Inc.

O-ROLTNYM-NCSR

------

![](img5c094b881.jpg)

------

**Annual Financial Statements and Other Information**

**February 28, 2026**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

Nasdaq:

A: ORNAX ■ C: ORNCX ■ Y: ORNYX ■ R5: IORHX ■ R6: IORYX

------

---

| | |
|:---|:---|
| [2](#xx_df3b22ea-8cbf-48e0-83e7-607286aa9199_SOI-Continued-746_1) | Schedule of Investments |
| [41](#xx_df3b22ea-8cbf-48e0-83e7-607286aa9199_FS-Continued-746_1) | Financial Statements |
| [45](#xx_df3b22ea-8cbf-48e0-83e7-607286aa9199_FS-Continued-746_5) | Financial Highlights |
| [46](#xx_df3b22ea-8cbf-48e0-83e7-607286aa9199_NTF-Continued-746_1) | Notes to Financial Statements |
| [53](#xx_df3b22ea-8cbf-48e0-83e7-607286aa9199_ARS-Continued-746_1) | Report of Independent Registered Public Accounting Firm |
| [54](#xx_df3b22ea-8cbf-48e0-83e7-607286aa9199_TI-Continued-746_1) | Tax Information |
| [55](#xx_df3b22ea-8cbf-48e0-83e7-607286aa9199_OIRSR-Continued-746_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*February 28, 2026* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–109.88%** | **Municipal Obligations–109.88%** | **Municipal Obligations–109.88%** | **Municipal Obligations–109.88%** | **Municipal Obligations–109.88%** |
| **Alabama–2.03%** | **Alabama–2.03%** | **Alabama–2.03%** | **Alabama–2.03%** | **Alabama–2.03%** |
| Black Belt Energy Gas District (Gas); Series 2025 C, RB<sup>(a)(b)</sup> <br>| 5.50% | 08/01/2034 | $15200 | &nbsp;&nbsp; $16631056 |
| Hoover (City of), AL Industrial Development Board (United States Steel Corp.); Series 2019, RB<sup>(c)</sup> <br>| 5.75% | 10/01/2049 | 16000 | &nbsp;&nbsp; 16232954 |
| Jefferson (County of), AL; Series 2024, Ref. Revenue Wts. | 5.50% | 10/01/2053 | 10000 | &nbsp;&nbsp; 10609815 |
| Mobile (City of), AL Improvement District (McGowin Park); |  |  |  |  |
| Series 2016 A, RB | 5.25% | 08/01/2030 | 460 | &nbsp;&nbsp; 462707 |
| Series 2016 A, RB | 5.50% | 08/01/2035 | 1300 | &nbsp;&nbsp; 1306994 |
| Mobile (County of), AL (Gomessa); Series 2020, Revenue Wts.<sup>(a)</sup> <br>| 4.00% | 11/01/2045 | 2245 | &nbsp;&nbsp; 2126081 |
| Mobile (County of), AL Industrial Development Authority (AM/NS Calvert LLC); |  |  |  |  |
| Series 2024, RB<sup>(c)</sup> <br>| 5.00% | 06/01/2054 | 28660 | &nbsp;&nbsp; 28450467 |
| Series 2024, RB<sup>(c)</sup> <br>| 4.75% | 12/01/2054 | 44310 | &nbsp;&nbsp; 42463917 |
| Southeast Energy Authority, A Cooperative District (No. 2); Series 2021 B, RB<sup>(b)</sup> <br>| 4.00% | 12/01/2031 | 15835 | &nbsp;&nbsp; 16570708 |
| Tuscaloosa (County of), AL Industrial Development Authority (Hunt Refining); Series 2019 A, Ref. <br> IDR<sup>(a)</sup> <br>| 5.25% | 05/01/2044 | 45365 | &nbsp;&nbsp; 45971221 |
|  |  |  |  | &nbsp;&nbsp; 180825920 |
| **Alaska–0.12%** | **Alaska–0.12%** | **Alaska–0.12%** | **Alaska–0.12%** | **Alaska–0.12%** |
| Anchorage (City of), AK Municipality; Series 2024 A, RB (INS - AGI)<sup>(c)(d)</sup> <br>| 4.38% | 02/01/2065 | 11500 | &nbsp;&nbsp; 10509459 |
| **Arizona–2.13%** | **Arizona–2.13%** | **Arizona–2.13%** | **Arizona–2.13%** | **Arizona–2.13%** |
| Arizona (State of) Industrial Development Authority (Academies of Math & Science); |  |  |  |  |
| Series 2018 B, RB<sup>(a)</sup> <br>| 5.50% | 07/01/2038 | 1165 | &nbsp;&nbsp; 1174206 |
| Series 2018 B, RB<sup>(a)</sup> <br>| 5.63% | 07/01/2048 | 2250 | &nbsp;&nbsp; 2252587 |
| Series 2018 B, RB<sup>(a)</sup> <br>| 5.75% | 07/01/2053 | 3500 | &nbsp;&nbsp; 3505406 |
| Arizona (State of) Industrial Development Authority (ACCEL Schools); |  |  |  |  |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.13% | 08/01/2038 | 2515 | &nbsp;&nbsp; 2497761 |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.25% | 08/01/2048 | 3945 | &nbsp;&nbsp; 3449085 |
| Arizona (State of) Industrial Development Authority (Franklin Phonetic Charter School); |  |  |  |  |
| Series 2017, Ref. RB<sup>(a)</sup> <br>| 5.50% | 07/01/2037 | 580 | &nbsp;&nbsp; 583000 |
| Series 2017, Ref. RB<sup>(a)</sup> <br>| 5.75% | 07/01/2047 | 680 | &nbsp;&nbsp; 663617 |
| Series 2017, Ref. RB<sup>(a)</sup> <br>| 5.88% | 07/01/2052 | 645 | &nbsp;&nbsp; 622468 |
| Arizona (State of) Industrial Development Authority (Leman Academy-Parker Colorado); <br> Series 2019, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2054 | 3000 | &nbsp;&nbsp; 2761729 |
| Arizona (State of) Industrial Development Authority (Mater Academy of Nevada Mountain Vista <br> Campus Project);<br>|  |  |  |  |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.25% | 12/15/2038 | 1470 | &nbsp;&nbsp; 1478669 |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.50% | 12/15/2048 | 2260 | &nbsp;&nbsp; 2259959 |
| Cadence Community Facilities District (Assessment District No. 1); Series 2019, RB | 4.50% | 07/01/2043 | 445 | &nbsp;&nbsp; 425439 |
| East San Luis (City of), AZ Community Facilities District (Assessment Area One); Series 2007, RB | 6.38% | 01/01/2028 | 175 | &nbsp;&nbsp; 169446 |
| Glendale (City of), AZ Industrial Development Authority (The Beatitudes Campus); Series 2017, <br> Ref. RB<br>| 5.00% | 11/15/2045 | 3100 | &nbsp;&nbsp; 2373789 |
| La Paz (County of), AZ Industrial Development Authority (Kilgore); Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2034 | 8900 | &nbsp;&nbsp; 4965051 |
| Maricopa (County of), AZ Industrial Development Authority (Valley Christian Schools); |  |  |  |  |
| Series 2023, RB<sup>(a)</sup> <br>| 6.00% | 07/01/2043 | 1885 | &nbsp;&nbsp; 1912876 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.25% | 07/01/2053 | 1900 | &nbsp;&nbsp; 1883527 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.38% | 07/01/2058 | 2500 | &nbsp;&nbsp; 2487671 |
| Merrill Ranch Community Facilities District No. 2; Series 2016, GO Bonds | 5.25% | 07/15/2040 | 810 | &nbsp;&nbsp; 815376 |
| Merrill Ranch Community Facilities District No. 2 (Assessment Area One); Series 2006, RB | 5.30% | 07/01/2030 | 326 | &nbsp;&nbsp; 326192 |
| Phoenix (City of), AZ Industrial Development Authority (The) (Espiritu Community Development <br> Corp. Charter School); Series 2006 A, RB<br>| 6.25% | 07/01/2036 | 1365 | &nbsp;&nbsp; 1365252 |
| Phoenix (City of), AZ Industrial Development Authority (The) (Freedom Academy, Inc.); <br> Series 2016, RB<sup>(a)</sup> <br>| 5.50% | 07/01/2046 | 4135 | &nbsp;&nbsp; 3827782 |
| Phoenix (City of), AZ Industrial Development Authority (The) (Gourmet Boutique West LLC); <br> Series 2007 B, IDR<sup>(c)</sup> <br>| 5.88% | 11/01/2037 | 2140 | &nbsp;&nbsp; 1889424 |
| Phoenix (City of), AZ Industrial Development Authority (The) (Overland Crossing); Series 2022, <br> RB<sup>(a)</sup> <br>| 9.50% | 04/01/2052 | 7900 | &nbsp;&nbsp; 7079781 |
| Pima (County of), AZ Industrial Development Authority (Excalibur Charter School (The)); <br> Series 2016, Ref. RB<sup>(a)</sup> <br>| 5.50% | 09/01/2046 | 2400 | &nbsp;&nbsp; 2273103 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** | **Arizona–(continued)** |
| Pima (County of), AZ Industrial Development Authority (Paideia Academies (The)); |  |  |  |  |
| Series 2015, RB<sup>(a)</sup> <br>| 6.00% | 07/01/2035 | $1025 | &nbsp;&nbsp; $1025769 |
| Series 2015, RB<sup>(a)</sup> <br>| 6.13% | 07/01/2045 | 3310 | &nbsp;&nbsp; 3310089 |
| Series 2019, RB | 5.13% | 07/01/2039 | 650 | &nbsp;&nbsp; 636491 |
| Series 2019, RB | 5.25% | 07/01/2049 | 810 | &nbsp;&nbsp; 722537 |
| Pima (County of), AZ Industrial Development Authority (The) (American Leadership Academy); <br> Series 2015, Ref. RB<sup>(a)</sup> <br>| 5.63% | 06/15/2045 | 2250 | &nbsp;&nbsp; 2250060 |
| Pima (County of), AZ Industrial Development Authority (The) (Baren Academy Project Refunding); <br> Series 2021, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2056 | 4285 | &nbsp;&nbsp; 3413940 |
| Pima (County of), AZ Industrial Development Authority (The) (LA Posada at Pusch Ridge); |  |  |  |  |
| Series 2022, RB<sup>(a)</sup> <br>| 6.88% | 11/15/2052 | 7500 | &nbsp;&nbsp; 8019712 |
| Series 2022, RB<sup>(a)</sup> <br>| 7.00% | 11/15/2057 | 3975 | &nbsp;&nbsp; 4259613 |
| Pima (County of), AZ Industrial Development Authority (The) (Milestones Charter School <br> Refunding); Series 2017 A, Ref. RB<sup>(a)</sup> <br>| 6.50% | 11/01/2047 | 5530 | &nbsp;&nbsp; 5457599 |
| Pima (County of), AZ Industrial Development Authority (The) (P.L.C. Charter Schools); |  |  |  |  |
| Series 2016, Ref. RB (Acquired 12/02/2016; Cost $3,317,988)<sup>(a)(f)</sup> <br>| 6.00% | 12/01/2036 | 3315 | &nbsp;&nbsp; 3344456 |
| Series 2016, Ref. RB (Acquired 12/02/2016; Cost $6,310,000)<sup>(a)(f)</sup> <br>| 6.00% | 12/01/2046 | 6310 | &nbsp;&nbsp; 6325127 |
| Pinal (County of), AZ Industrial Development Authority (Green Bonds); |  |  |  |  |
| Series 2021 B, RB<sup>(c)(g)</sup> <br>| 5.50% | 10/01/2033 | 5853 | &nbsp;&nbsp; 6228683 |
| Series 2021 C, RB<sup>(a)(c)</sup> <br>| 5.50% | 10/01/2033 | 22616 | &nbsp;&nbsp; 24067640 |
| Pinal (County of), AZ Industrial Development Authority (San Manuel Facility); Series 2006, RB<sup>(c)</sup> <br>| 6.25% | 06/01/2026 | 100 | &nbsp;&nbsp; 100170 |
| Show Low Bluff Community Facilities District (Assessment Area One); Series 2007, RB<sup>(a)</sup> <br>| 5.60% | 07/01/2031 | 131 | &nbsp;&nbsp; 131227 |
| Sierra (City of), AZ Vista Industrial Development Authority (American Leadership Academy <br> Project);<br>|  |  |  |  |
| Series 2023, RB<sup>(a)</sup> <br>| 5.50% | 06/15/2047 | 11245 | &nbsp;&nbsp; 11013224 |
| Series 2023, RB<sup>(a)</sup> <br>| 5.75% | 06/15/2053 | 5000 | &nbsp;&nbsp; 4921286 |
| Series 2023, RB<sup>(a)</sup> <br>| 5.75% | 06/15/2058 | 15000 | &nbsp;&nbsp; 14653233 |
| Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2044 | 1330 | &nbsp;&nbsp; 1258628 |
| Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2054 | 4735 | &nbsp;&nbsp; 4170066 |
| Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2059 | 715 | &nbsp;&nbsp; 618788 |
| Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2064 | 15525 | &nbsp;&nbsp; 13244919 |
| Sierra (City of), AZ Vista Industrial Development Authority (Wake Preparatory Academy); |  |  |  |  |
| Series 2025, RB | 6.25% | 06/15/2050 | 4300 | &nbsp;&nbsp; 4360671 |
| Series 2025, RB | 6.50% | 06/15/2055 | 3850 | &nbsp;&nbsp; 3940882 |
| Southside Community Facilities District No. 1; Series 2008, RB<sup>(h)</sup> <br>| 7.25% | 07/01/2032 | 506 | &nbsp;&nbsp; 473755 |
| Tempe (City of), AZ Industrial Development Authority (Accel); Series 2022 A, RB<sup>(a)</sup> <br>| 6.50% | 08/01/2048 | 3640 | &nbsp;&nbsp; 3647400 |
| Tempe (City of), AZ Industrial Development Authority (Friendship Village); |  |  |  |  |
| Series 2025, RB | 5.63% | 12/01/2055 | 1155 | &nbsp;&nbsp; 1188716 |
| Series 2025, RB | 5.63% | 12/01/2060 | 3775 | &nbsp;&nbsp; 3866970 |
|  |  |  |  | &nbsp;&nbsp; 189694847 |
| **Arkansas–0.31%** | **Arkansas–0.31%** | **Arkansas–0.31%** | **Arkansas–0.31%** | **Arkansas–0.31%** |
| Arkansas (State of) Development Finance Authority (Big River Steel) (Green Bonds); Series 2020, <br> RB<sup>(a)(c)</sup> <br>| 4.75% | 09/01/2049 | 13000 | &nbsp;&nbsp; 13283408 |
| Arkansas (State of) Development Finance Authority (Green Bonds); Series 2022, RB<sup>(c)</sup> <br>| 5.45% | 09/01/2052 | 10000 | &nbsp;&nbsp; 10084894 |
| Cave Springs Municipal Property Owners' Improvement District No. 3; Series 2007, GO Bonds<sup>(h)</sup> <br>| 6.25% | 02/01/2038 | 3930 | &nbsp;&nbsp; 3930000 |
|  |  |  |  | &nbsp;&nbsp; 27298302 |
| **California–11.18%** | **California–11.18%** | **California–11.18%** | **California–11.18%** | **California–11.18%** |
| Alameda (City of), CA Corridor Transportation Authority; Series 2022 C, RB (INS - AGI)<sup>(d)(g)</sup> <br>| 5.45% | 10/01/2052 | 12845 | &nbsp;&nbsp; 7637543 |
| Blythe (City of), CA Redevelopment Agency Successor Agency (Project No. 1); Series 2000 A, RB | 6.20% | 05/01/2031 | 105 | &nbsp;&nbsp; 105263 |
| California (State of) County Tobacco Securitization Agency; |  |  |  |  |
| Series 2006 A, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2050 | 520920 | &nbsp;&nbsp; 119632039 |
| Series 2006 B, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2050 | 107400 | &nbsp;&nbsp; 19876615 |
| California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset <br> Securitization Corp.);<br>|  |  |  |  |
| Series 2002, RB | 6.00% | 06/01/2042 | 16345 | &nbsp;&nbsp; 16469539 |
| Series 2006 C, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2055 | 212950 | &nbsp;&nbsp; 21534931 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| California (State of) County Tobacco Securitization Agency (Fresno County Tobacco Funding <br> Corp.);<br>|  |  |  |  |
| Series 2002, RB | 6.13% | 06/01/2038 | $5000 | &nbsp;&nbsp; $5007029 |
| Series 2006 A, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2046 | 127310 | &nbsp;&nbsp; 34998652 |
| Series 2006 B, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2046 | 33920 | &nbsp;&nbsp; 9020088 |
| Series 2006 C, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2055 | 215100 | &nbsp;&nbsp; 24760096 |
| California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization <br> Corp.); Series 2020 B-2, Ref. RB<sup>(e)</sup> <br>| 0.00% | 06/01/2055 | 15195 | &nbsp;&nbsp; 2953246 |
| California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding <br> Corp.); Series 2002 A, RB<br>| 5.88% | 06/01/2043 | 1770 | &nbsp;&nbsp; 1772212 |
| California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail) <br> (Green Bonds); Series 2025 B, Ref. RB<sup>(a)(b)(c)</sup> <br>| 12.00% | 11/02/2026 | 81425 | &nbsp;&nbsp; 43969500 |
| California (State of) Infrastructure & Economic Development Bank (WFCS Portfolio Program); <br> Series 2021 A-1, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2056 | 4200 | &nbsp;&nbsp; 3683414 |
| California (State of) Infrastructure & Economic Development Bank (Wonderful Foundations <br> Charter School Portfolio); Series 2020, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2055 | 5200 | &nbsp;&nbsp; 4609637 |
| California (State of) Municipal Finance Authority; |  |  |  |  |
| Series 2025 A-1, RB | 3.44% | 02/20/2041 | 19093 | &nbsp;&nbsp; 18510093 |
| Series 2026 A-1, RB | 4.05% | 07/20/2041 | 7850 | &nbsp;&nbsp; 7946761 |
| California (State of) Municipal Finance Authority (Linxs APM); Series 2018 A, RB<sup>(c)</sup> <br>| 5.00% | 12/31/2047 | 11095 | &nbsp;&nbsp; 11155727 |
| California (State of) Municipal Finance Authority (Westside Neighborhood School); Series 2024, <br> RB<sup>(a)</sup> <br>| 6.38% | 06/15/2064 | 2250 | &nbsp;&nbsp; 2379213 |
| California (State of) Pollution Control Financing Authority (CalPlant I) (Green Bonds); |  |  |  |  |
| Series 2017, RB (Acquired 05/25/2017; Cost $5,914,802)<sup>(a)(c)(f)(i)</sup> <br>| 7.50% | 07/01/2032 | 6075 | &nbsp;&nbsp; 68344 |
| Series 2017, RB (Acquired 05/25/2017-07/17/2018; Cost $15,389,964)<sup>(a)(c)(f)(i)</sup> <br>| 8.00% | 07/01/2039 | 14995 | &nbsp;&nbsp; 168694 |
| Series 2020, RB (Acquired 10/06/2020; Cost $2,531,287)<sup>(a)(c)(f)(i)</sup> <br>| 7.50% | 07/01/2032 | 2650 | &nbsp;&nbsp; 29813 |
| California (State of) Pollution Control Financing Authority (Plant Bonds); Series 2012, RB<sup>(a)(c)</sup> <br>| 5.00% | 11/21/2045 | 16050 | &nbsp;&nbsp; 16070791 |
| California (State of) Public Finance Authority (Kendal at Ventura); Series 2023 A-C, RB<sup>(a)</sup> <br>| 10.00% | 05/15/2028 | 3000 | &nbsp;&nbsp; 4072358 |
| California (State of) Public Finance Authority (Sunrise of Long Beach); Series 2025, RB<sup>(a)</sup> <br>| 6.63% | 06/01/2065 | 9500 | &nbsp;&nbsp; 9911743 |
| California (State of) School Finance Authority (Escuela Popular); |  |  |  |  |
| Series 2017, RB<sup>(a)(b)(j)</sup> <br>| 6.50% | 07/01/2027 | 2515 | &nbsp;&nbsp; 2646749 |
| Series 2017, RB<sup>(a)</sup> <br>| 6.50% | 07/01/2050 | 1865 | &nbsp;&nbsp; 1877324 |
| California (State of) School Finance Authority (Grimmway Schools Obligated Group); Series 2016 <br> A, RB<sup>(a)</sup> <br>| 5.25% | 07/01/2051 | 5945 | &nbsp;&nbsp; 5944093 |
| California (State of) School Finance Authority (Kepler Neighborhood School); |  |  |  |  |
| Series 2017 A, RB (CEP - Colorado Higher Education Intercept Program)<sup>(a)</sup> <br>| 5.00% | 05/01/2027 | 175 | &nbsp;&nbsp; 176063 |
| Series 2017 A, RB (CEP - Colorado Higher Education Intercept Program)<sup>(a)</sup> <br>| 5.75% | 05/01/2037 | 900 | &nbsp;&nbsp; 909836 |
| Series 2017 A, RB (CEP - Colorado Higher Education Intercept Program)<sup>(a)</sup> <br>| 5.88% | 05/01/2047 | 1230 | &nbsp;&nbsp; 1233536 |
| California (State of) School Finance Authority (Rocketship Education); |  |  |  |  |
| Series 2017 A, RB<sup>(a)</sup> <br>| 5.13% | 06/01/2047 | 595 | &nbsp;&nbsp; 577033 |
| Series 2017 A, RB<sup>(a)</sup> <br>| 5.25% | 06/01/2052 | 665 | &nbsp;&nbsp; 635542 |
| California (State of) Statewide Communities Development Authority (NCCD-Hooper <br> Street LLC-California College of the Arts); Series 2019, RB<sup>(a)</sup> <br>| 5.25% | 07/01/2052 | 1450 | &nbsp;&nbsp; 1451047 |
| California (State of) Statewide Communities Development Authority (Yucaipa Valley Water <br> Reservoir); Series 2014, RB<br>| 6.00% | 09/02/2044 | 6675 | &nbsp;&nbsp; 6677345 |
| California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program); |  |  |  |  |
| Series 2002 A, RB | 6.00% | 05/01/2037 | 1730 | &nbsp;&nbsp; 1766583 |
| Series 2002 B, RB | 6.00% | 05/01/2043 | 12035 | &nbsp;&nbsp; 12063291 |
| California Educational Facilities Authority; Series 2025, RB<sup>(k)(l)</sup> <br>| 5.00% | 10/01/2055 | 17100 | &nbsp;&nbsp; 18171799 |
| Fresno Unified School District; Series 2016 B, Ref. GO Bonds<sup>(e)</sup> <br>| 0.00% | 08/01/2042 | 7780 | &nbsp;&nbsp; 3885190 |
| Golden State Tobacco Securitization Corp.; Series 2021 B-2, Ref. RB<sup>(e)</sup> <br>| 0.00% | 06/01/2066 | 160000 | &nbsp;&nbsp; 17125392 |
| Lathrop (City of), CA (Community Facilities District No. 03-2); Series 2003, RB | 7.00% | 09/01/2033 | 715 | &nbsp;&nbsp; 717188 |
| Los Angeles (City of), CA Department of Airports; |  |  |  |  |
| Series 2017 A, RB<sup>(c)</sup> <br>| 5.00% | 05/15/2047 | 25205 | &nbsp;&nbsp; 25391630 |
| Series 2020 C, RB<sup>(c)</sup> <br>| 4.00% | 05/15/2050 | 10500 | &nbsp;&nbsp; 9591652 |
| Series 2022 A, RB<sup>(c)</sup> <br>| 4.00% | 05/15/2049 | 18575 | &nbsp;&nbsp; 17147173 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); |  |  |  |  |
| Series 2018, Ref. RB<sup>(c)</sup> <br>| 5.00% | 05/15/2048 | 30000 | &nbsp;&nbsp; 30506796 |
| Series 2022, RB<sup>(c)</sup> <br>| 4.00% | 05/15/2047 | 10250 | &nbsp;&nbsp; 9653080 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** | **California–(continued)** |
| Los Angeles County Public Works Financing Authority; |  |  |  |  |
| Series 2025, RB<sup>(l)</sup> <br>| 5.25% | 12/01/2050 | $12280 | &nbsp;&nbsp; $13398706 |
| Series 2025, RB<sup>(l)</sup> <br>| 5.25% | 12/01/2054 | 4555 | &nbsp;&nbsp; 4924619 |
| Morongo Band of Mission Indians (The); Series 2018 A, RB<sup>(a)</sup> <br>| 5.00% | 10/01/2042 | 4500 | &nbsp;&nbsp; 4593093 |
| Municipal Improvement Corp. of Los Angeles; Series 2025, RB<sup>(l)</sup> <br>| 5.50% | 05/01/2055 | 20250 | &nbsp;&nbsp; 22346894 |
| Placer (County of), CA (Placer Corporate Center Assessment District No. 1); Series 2000, RB | 6.50% | 09/02/2030 | 45 | &nbsp;&nbsp; 45425 |
| San Diego (City of), CA; |  |  |  |  |
| Series 2025, RB<sup>(c)(k)(l)</sup> <br>| 5.00% | 07/01/2048 | 5000 | &nbsp;&nbsp; 5193486 |
| Series 2025, RB<sup>(c)(k)(l)</sup> <br>| 5.00% | 07/01/2053 | 15000 | &nbsp;&nbsp; 15367325 |
| Series 2025, RB<sup>(c)(k)(l)</sup> <br>| 5.25% | 07/01/2058 | 20000 | &nbsp;&nbsp; 20811866 |
| San Diego (County of), CA Regional Airport Authority; |  |  |  |  |
| Series 2021 B, RB<sup>(c)</sup> <br>| 4.00% | 07/01/2046 | 8040 | &nbsp;&nbsp; 7587960 |
| Series 2021 B, RB<sup>(c)</sup> <br>| 4.00% | 07/01/2051 | 6960 | &nbsp;&nbsp; 6328800 |
| Series 2021 B, RB (INS - AGI)<sup>(c)(d)</sup> <br>| 4.00% | 07/01/2051 | 16750 | &nbsp;&nbsp; 15371748 |
| Series 2021 B, RB<sup>(c)</sup> <br>| 5.00% | 07/01/2056 | 5180 | &nbsp;&nbsp; 5244760 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); |  |  |  |  |
| Second Series 2025 A, RB<sup>(c)(k)(l)</sup> <br>| 5.50% | 05/01/2055 | 23000 | &nbsp;&nbsp; 24767024 |
| Series 2019 E, RB<sup>(c)</sup> <br>| 4.00% | 05/01/2050 | 13845 | &nbsp;&nbsp; 12743330 |
| Series 2025, RB<sup>(c)(k)(l)</sup> <br>| 5.00% | 05/01/2049 | 90485 | &nbsp;&nbsp; 91882948 |
| San Francisco (City & County of), CA Public Utilities Commission; Series 2025 D, RB<sup>(l)</sup> <br>| 5.00% | 11/01/2055 | 10955 | &nbsp;&nbsp; 11709131 |
| Silicon Valley Tobacco Securitization Authority (Santa Clara); |  |  |  |  |
| Series 2007 A, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2036 | 60785 | &nbsp;&nbsp; 34431031 |
| Series 2007 A, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2047 | 58990 | &nbsp;&nbsp; 14720123 |
| Series 2007 B, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2047 | 13505 | &nbsp;&nbsp; 3369982 |
| Series 2007 C, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2056 | 61600 | &nbsp;&nbsp; 6303996 |
| State of California; Series 2025, GO Bonds<sup>(l)</sup> <br>| 5.25% | 09/01/2053 | 20000 | &nbsp;&nbsp; 21616900 |
| Stockton Unified School District (Election of 2008); |  |  |  |  |
| Series 2011 D, GO Bonds (INS - AGI)<sup>(d)(e)</sup> <br>| 0.00% | 08/01/2037 | 6245 | &nbsp;&nbsp; 4366259 |
| Series 2011 D, GO Bonds (INS - AGI)<sup>(d)(e)</sup> <br>| 0.00% | 08/01/2038 | 12115 | &nbsp;&nbsp; 8086439 |
| Series 2011 D, GO Bonds (INS - AGI)<sup>(d)(e)</sup> <br>| 0.00% | 08/01/2041 | 14735 | &nbsp;&nbsp; 8477365 |
| Series 2011 D, GO Bonds (INS - AGI)<sup>(d)(e)</sup> <br>| 0.00% | 08/01/2043 | 17145 | &nbsp;&nbsp; 8816713 |
| Sweetwater Union High School District; Series 2022, GO Bonds<sup>(l)</sup> <br>| 5.00% | 08/01/2052 | 47500 | &nbsp;&nbsp; 49427498 |
| University of California; Series 2025, RB<sup>(k)(l)</sup> <br>| 5.00% | 05/15/2053 | 17150 | &nbsp;&nbsp; 18293017 |
|  |  |  |  | &nbsp;&nbsp; 994718121 |
| **Colorado–9.39%** | **Colorado–9.39%** | **Colorado–9.39%** | **Colorado–9.39%** | **Colorado–9.39%** |
| 3rd and Havana Metropolitan District; |  |  |  |  |
| Series 2020 A, GO Bonds | 4.50% | 12/01/2030 | 2235 | &nbsp;&nbsp; 2178488 |
| Series 2020 A, GO Bonds | 5.25% | 12/01/2049 | 5200 | &nbsp;&nbsp; 4500261 |
| Series 2020 B, GO Bonds | 7.75% | 12/15/2049 | 1925 | &nbsp;&nbsp; 1933039 |
| Arista Metropolitan District; Series 2023 B, Ref. GO Bonds | 8.25% | 12/15/2039 | 10000 | &nbsp;&nbsp; 10225721 |
| Aspen Street Metropolitan District; Series 2021 A, GO Bonds | 5.13% | 12/01/2050 | 1075 | &nbsp;&nbsp; 927716 |
| Aurora Highlands Community Authority Board; Series 2021 A, Ref. RB | 5.75% | 12/01/2051 | 25000 | &nbsp;&nbsp; 24397797 |
| Banning Lewis Ranch Metropolitan District No. 4; Series 2018 A, GO Bonds | 5.75% | 12/01/2048 | 3152 | &nbsp;&nbsp; 3158330 |
| Banning Lewis Ranch Metropolitan District No. 5; |  |  |  |  |
| Series 2018 A, GO Bonds | 5.75% | 12/01/2048 | 2165 | &nbsp;&nbsp; 2169348 |
| Series 2018 B, GO Bonds | 8.00% | 12/15/2048 | 500 | &nbsp;&nbsp; 500886 |
| Base Village Metropolitan District No. 2; |  |  |  |  |
| Series 2016 A, Ref. GO Bonds | 5.75% | 12/01/2046 | 3100 | &nbsp;&nbsp; 3101403 |
| Series 2016 B, Ref. GO Bonds | 6.50% | 12/15/2048 | 3500 | &nbsp;&nbsp; 2735780 |
| Bella Mesa Metropolitan District; Series 2024 B, GO Bonds<sup>(a)</sup> <br>| 8.00% | 12/15/2054 | 2774 | &nbsp;&nbsp; 2784488 |
| BNC Metropolitan District No. 1; Series 2017 B, GO Bonds | 7.38% | 12/15/2047 | 211 | &nbsp;&nbsp; 211010 |
| Brickyard Metropolitan District No. 1; |  |  |  |  |
| Series 2025, GO Bonds | 7.00% | 12/01/2045 | 3650 | &nbsp;&nbsp; 3635094 |
| Series 2025, GO Bonds | 7.25% | 12/01/2057 | 10435 | &nbsp;&nbsp; 10179981 |
| Bristol Metropolitan District; Series 2022 B, GO Bonds | 7.50% | 12/15/2050 | 757 | &nbsp;&nbsp; 761187 |
| Broadway Station Metropolitan District No. 3; Series 2019, GO Bonds | 5.00% | 12/01/2049 | 1750 | &nbsp;&nbsp; 1173520 |
| Buffalo Ridge Metropolitan District; Series 2018 B, GO Bonds | 7.38% | 12/15/2047 | 810 | &nbsp;&nbsp; 811460 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** |
| Canyon Pines Metropolitan District; |  |  |  |  |
| Series 2021 A-1, GO Bonds | 5.25% | 12/01/2051 | $2000 | &nbsp;&nbsp; $1769119 |
| Series 2024, GO Bonds<sup>(a)</sup> <br>| 8.25% | 12/01/2053 | 4218 | &nbsp;&nbsp; 4270930 |
| Canyons Metropolitan District No. 3; Series 2021, GO Bonds | 5.50% | 12/01/2051 | 15270 | &nbsp;&nbsp; 13903205 |
| Castleview Metropolitan District No. 1; Series 2021 A, GO Bonds | 5.00% | 12/01/2050 | 4720 | &nbsp;&nbsp; 3932867 |
| Centerra Metropolitan District No. 1 (In the City of Loveland); Series 2022, RB | 6.50% | 12/01/2053 | 6850 | &nbsp;&nbsp; 7190953 |
| Cielo Metropolitan District; Series 2021, GO Bonds | 5.25% | 12/01/2050 | 2500 | &nbsp;&nbsp; 2219259 |
| City Center West Commercial Metropolitan District; |  |  |  |  |
| Series 2020 A, Ref. GO Bonds | 7.00% | 12/01/2049 | 3926 | &nbsp;&nbsp; 3947649 |
| Series 2020 B, GO Bonds | 9.00% | 12/15/2049 | 581 | &nbsp;&nbsp; 583023 |
| Clear Creek Transit Metropolitan District No. 2; Series 2021 B, GO Bonds | 7.90% | 12/15/2050 | 1165 | &nbsp;&nbsp; 1166513 |
| Colliers Hill Metropolitan District No. 1; Series 2019 B, Ref. GO Bonds | 8.00% | 12/15/2048 | 1268 | &nbsp;&nbsp; 1272671 |
| Colorado (State of) Educational & Cultural Facilities Authority (Ascent Classical Academy); <br> Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.75% | 04/01/2059 | 2250 | &nbsp;&nbsp; 2243096 |
| Colorado (State of) Health Facilities Authority (Aberdeen Ridge); |  |  |  |  |
| Series 2021 A, RB (Acquired 10/25/2023; Cost $1,490,873)<sup>(f)</sup> <br>| 5.00% | 05/15/2044 | 2250 | &nbsp;&nbsp; 1902432 |
| Series 2021 A, RB (Acquired 12/15/2021-11/20/2023; Cost $2,415,954)<sup>(f)</sup> <br>| 5.00% | 05/15/2049 | 3000 | &nbsp;&nbsp; 2333569 |
| Series 2021 A, RB (Acquired 12/15/2021-07/08/2024; Cost $7,735,562)<sup>(f)</sup> <br>| 5.00% | 05/15/2058 | 10000 | &nbsp;&nbsp; 7324031 |
| Series 2025 A, Ref. RB<sup>(a)</sup> <br>| 8.75% | 05/15/2058 | 10380 | &nbsp;&nbsp; 10465984 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare); Series 2022 A, Ref. <br> RB<br>| 4.00% | 05/15/2052 | 7605 | &nbsp;&nbsp; 6998644 |
| Colorado (State of) International Center Metropolitan District No. 8; Series 2020, GO Bonds | 6.50% | 12/01/2050 | 15000 | &nbsp;&nbsp; 15086439 |
| Colorado Crossing Metropolitan District No. 2; Series 2020 B, GO Bonds<sup>(a)</sup> <br>| 7.50% | 12/15/2050 | 3490 | &nbsp;&nbsp; 3501429 |
| Colorado State University Research Foundation; |  |  |  |  |
| Series 2025 A, RB<sup>(a)</sup> <br>| 5.38% | 03/01/2055 | 5000 | &nbsp;&nbsp; 5006369 |
| Series 2025 A, RB<sup>(a)</sup> <br>| 5.50% | 03/01/2065 | 18000 | &nbsp;&nbsp; 18054171 |
| Compark Business Campus Metropolitan District Subdistrict; Series 2025, GO Bonds<sup>(e)(m)</sup> <br>| 0.00% | 12/01/2055 | 18500 | &nbsp;&nbsp; 6774202 |
| Cottonwood Creek Metropolitan District No. 5; Series 2025, GO Bonds<sup>(a)(g)</sup> <br>| 7.25% | 12/01/2055 | 10545 | &nbsp;&nbsp; 8237146 |
| Country Club Highlands Metropolitan District; Series 2007, GO Bonds<sup>(h)</sup> <br>| 7.25% | 12/01/2037 | 1025 | &nbsp;&nbsp; 943000 |
| Creekside Village Metropolitan District; Series 2019, GO Bonds | 7.75% | 12/15/2049 | 568 | &nbsp;&nbsp; 569529 |
| Crystal Valley Metropolitan District No. 2; Series 2022, GO Bonds<sup>(a)</sup> <br>| 7.25% | 12/01/2052 | 3600 | &nbsp;&nbsp; 3619642 |
| Dawson Trails Metropolitan District No. 1; |  |  |  |  |
| Series 2024, GO Bonds<sup>(e)</sup> <br>| 0.00% | 12/01/2031 | 65502 | &nbsp;&nbsp; 42564758 |
| Series 2025 B, GO Bonds | 9.25% | 12/15/2055 | 17728 | &nbsp;&nbsp; 17198711 |
| Denver (City & County of), CO; |  |  |  |  |
| Series 2021 A, RB | 4.00% | 08/01/2051 | 13000 | &nbsp;&nbsp; 12353682 |
| Series 2022 A, RB<sup>(c)</sup> <br>| 4.13% | 11/15/2053 | 7000 | &nbsp;&nbsp; 6337818 |
| Series 2022 D, Ref. RB<sup>(c)(l)</sup> <br>| 5.75% | 11/15/2045 | 10000 | &nbsp;&nbsp; 10941216 |
| Series 2022 D, Ref. RB<sup>(c)(l)</sup> <br>| 5.00% | 11/15/2053 | 27500 | &nbsp;&nbsp; 29478011 |
| Denver (City & County of), CO (United Airlines, Inc.); Series 2017, Ref. RB<sup>(c)</sup> <br>| 5.00% | 10/01/2032 | 5000 | &nbsp;&nbsp; 5008228 |
| Denver (City & County of), CO Health & Hospital Authority; Series 2025 A, RB | 6.00% | 12/01/2055 | 4800 | &nbsp;&nbsp; 5175725 |
| Denver Gateway Center Metropolitan District; Series 2018 A, GO Bonds | 5.63% | 12/01/2048 | 2130 | &nbsp;&nbsp; 2066024 |
| Denver International Business Center Metropolitan District No. 1; Series 2019 B, GO Bonds | 6.00% | 12/01/2048 | 2283 | &nbsp;&nbsp; 2292242 |
| Dominion Water & Sanitation District; Series 2022, Ref. RB | 5.88% | 12/01/2052 | 19886 | &nbsp;&nbsp; 20415870 |
| E-86 Metropolitan District; Series 2021 A, GO Bonds | 5.13% | 12/01/2051 | 1015 | &nbsp;&nbsp; 898221 |
| Elbert & Highway 86 Commercial Metropolitan District; Series 2021 B, GO Bonds<sup>(a)</sup> <br>| 8.00% | 12/15/2051 | 1910 | &nbsp;&nbsp; 1916669 |
| Elbert (County of), CO Highway 86 Metropolitan District; Series 2016, Ref. GO Bonds<sup>(a)</sup> <br>| 5.75% | 12/01/2046 | 2700 | &nbsp;&nbsp; 2788496 |
| Elora Metropolitan District; Series 2025, GO Bonds | 8.25% | 12/15/2055 | 1938 | &nbsp;&nbsp; 1947329 |
| Evan's Place Metropolitan District; Series 2020 A, GO Bonds | 5.00% | 12/01/2050 | 1575 | &nbsp;&nbsp; 1507651 |
| Fitzsimons Village Metropolitan District No. 3; Series 2021 A-2, GO Bonds | 7.00% | 12/01/2041 | 7810 | &nbsp;&nbsp; 7473743 |
| Flying Horse Metropolitan District No. 3; Series 2019, Ref. GO Bonds<sup>(a)</sup> <br>| 6.00% | 12/01/2049 | 2965 | &nbsp;&nbsp; 2974339 |
| Forest Trace Metropolitan District No. 3; |  |  |  |  |
| Series 2020 B, GO Bonds | 7.88% | 12/15/2049 | 933 | &nbsp;&nbsp; 936643 |
| Series 2023 B, GO Bonds<sup>(a)</sup> <br>| 9.00% | 12/15/2047 | 968 | &nbsp;&nbsp; 972174 |
| Geos Neighborhood Metropolitan District; Series 2021, GO Bonds<sup>(g)</sup> <br>| 6.13% | 12/01/2050 | 3075 | &nbsp;&nbsp; 3085232 |
| Grand Junction (City of), CO Dos Rios General Improvement District; Series 2021, RB<sup>(a)</sup> <br>| 4.75% | 12/01/2051 | 3000 | &nbsp;&nbsp; 2391008 |
| Green Gables Metropolitan District No. 2; Series 2023 B, GO Notes<sup>(a)</sup> <br>| 8.25% | 12/15/2053 | 2983 | &nbsp;&nbsp; 2995498 |
| Green Valley Ranch East Metropolitan District No. 6; Series 2020 A, GO Bonds | 5.88% | 12/01/2050 | 3325 | &nbsp;&nbsp; 3375220 |
| HM Metropolitan District No. 2; Series 2021, GO Bonds<sup>(g)</sup> <br>| 5.75% | 12/01/2051 | 24038 | &nbsp;&nbsp; 21146642 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** |
| Home Place Metropolitan District; Series 2020 A, GO Bonds | 5.75% | 12/01/2050 | $2330 | &nbsp;&nbsp; $2353099 |
| Interquest South Business Improvement District; Series 2017, GO Bonds | 5.00% | 12/01/2047 | 1365 | &nbsp;&nbsp; 1329683 |
| Jefferson (County of), CO Center Metropolitan District No. 1; |  |  |  |  |
| Series 2020 B, Ref. RB | 5.75% | 12/15/2050 | 9909 | &nbsp;&nbsp; 9925913 |
| Series 2024 C, GO Bonds | 8.50% | 12/16/2053 | 7510 | &nbsp;&nbsp; 7538629 |
| Johnstown North Metropolitan District No. 2; |  |  |  |  |
| Series 2022 A, GO Bonds | 7.00% | 08/15/2052 | 3015 | &nbsp;&nbsp; 3094441 |
| Series 2022 B, GO Bonds | 9.13% | 09/01/2052 | 2000 | &nbsp;&nbsp; 2005930 |
| Jones District Community Authority Board; Series 2020 A, RB<sup>(g)</sup> <br>| 5.75% | 12/01/2050 | 6800 | &nbsp;&nbsp; 6770899 |
| Karl's Farm Metropolitan District No. 3; Series 2021, GO Bonds | 5.75% | 12/01/2051 | 6295 | &nbsp;&nbsp; 5848035 |
| Lanterns Metropolitan District No. 3; |  |  |  |  |
| Series 2023 A-1, GO Bonds | 7.25% | 12/01/2053 | 3500 | &nbsp;&nbsp; 3645525 |
| Series 2023 A-2, GO Bonds<sup>(g)</sup> <br>| 8.00% | 12/01/2053 | 3645 | &nbsp;&nbsp; 3098982 |
| Series 2023 B, GO Bonds | 9.25% | 12/15/2053 | 2175 | &nbsp;&nbsp; 2181594 |
| Ledge Rock Center Commercial Metropolitan District; |  |  |  |  |
| Series 2022 A, GO Bonds<sup>(a)</sup> <br>| 7.00% | 11/01/2052 | 7000 | &nbsp;&nbsp; 7106543 |
| Series 2022 A, GO Bonds<sup>(a)</sup> <br>| 7.38% | 11/01/2052 | 10830 | &nbsp;&nbsp; 11425615 |
| Series 2022 B, GO Bonds<sup>(a)</sup> <br>| 9.25% | 12/01/2052 | 9189 | &nbsp;&nbsp; 9218412 |
| Ledge Rock Center Residential Metropolitan District No. 1; Series 2024 B, GO Bonds | 8.75% | 12/15/2054 | 600 | &nbsp;&nbsp; 602523 |
| Legato Community Authority; Series 2021 B, RB | 8.25% | 12/15/2051 | 2000 | &nbsp;&nbsp; 2001890 |
| Liberty Draw Metropolitan District No. 6; Series 2023, GO Bonds | 7.25% | 12/01/2053 | 2800 | &nbsp;&nbsp; 2921764 |
| Lochbuie Station Residential Metropolitan District; Series 2024 B, GO Bonds | 6.25% | 12/15/2044 | 536 | &nbsp;&nbsp; 546440 |
| Midtown Clear Creek Metropolitan District; Series 2023 B, Ref. GO Bonds | 8.00% | 12/15/2053 | 641 | &nbsp;&nbsp; 643154 |
| Midtown Metropoltan District; |  |  |  |  |
| Series 2022 A-1, Ref. GO Bonds | 6.75% | 12/01/2051 | 8310 | &nbsp;&nbsp; 8812765 |
| Series 2022 A-2, Ref. GO Bonds<sup>(g)</sup> <br>| 7.00% | 12/01/2051 | 11285 | &nbsp;&nbsp; 10597462 |
| Millers Landing Business Improvement District; |  |  |  |  |
| Series 2018 A, RB<sup>(a)</sup> <br>| 6.00% | 12/01/2048 | 7575 | &nbsp;&nbsp; 7391909 |
| Series 2018 B, RB<sup>(a)</sup> <br>| 8.00% | 12/01/2048 | 2160 | &nbsp;&nbsp; 2123476 |
| Mineral Business Improvement District; Series 2024 B, GO Bonds<sup>(a)</sup> <br>| 8.50% | 12/15/2054 | 520 | &nbsp;&nbsp; 521858 |
| Mirabelle Metropolitan District No. 2; Series 2025 B, Ref. GO Bonds | 6.13% | 12/15/2049 | 3100 | &nbsp;&nbsp; 3110106 |
| Morgan Hill Metropolitan District No. 3; Series 2021 B, GO Bonds | 6.38% | 12/15/2051 | 1460 | &nbsp;&nbsp; 1465344 |
| Mountain Sky Metropolitan District; Series 2020 A, GO Bonds | 5.00% | 12/01/2049 | 958 | &nbsp;&nbsp; 928857 |
| Muegge Farms Metropolitan District No. 4; |  |  |  |  |
| Series 2025 A, GO Bonds | 6.25% | 12/01/2054 | 5625 | &nbsp;&nbsp; 5722030 |
| Series 2025 B, GO Bonds | 8.38% | 12/15/2054 | 842 | &nbsp;&nbsp; 846310 |
| Mulberry Metropolitan District No. 2; |  |  |  |  |
| Series 2022 B, GO Bonds | 9.00% | 12/15/2052 | 2500 | &nbsp;&nbsp; 2505750 |
| Series 2022, RB | 7.00% | 12/01/2034 | 4822 | &nbsp;&nbsp; 5047348 |
| Murata Farms Residential Metropolitan District; Series 2022, GO Bonds | 6.13% | 12/01/2051 | 4205 | &nbsp;&nbsp; 3894917 |
| Murphy Creek Metropolitan District No. 2; |  |  |  |  |
| Series 2024 A, GO Bonds<sup>(a)</sup> <br>| 6.00% | 12/01/2054 | 4500 | &nbsp;&nbsp; 4530472 |
| Series 2024 B, GO Bonds<sup>(a)</sup> <br>| 8.00% | 12/15/2054 | 2670 | &nbsp;&nbsp; 2681508 |
| MW Retail Business Improvement District; |  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 6.00% | 12/01/2054 | 2390 | &nbsp;&nbsp; 2290458 |
| Series 2025 A, RB<sup>(a)</sup> <br>| 6.38% | 12/01/2054 | 640 | &nbsp;&nbsp; 642004 |
| Newlin Crossing Metropolitan District; Series 2024 B, GO Bonds<sup>(a)</sup> <br>| 7.75% | 12/15/2054 | 604 | &nbsp;&nbsp; 606287 |
| Painted Prairie Public Improvement Authority; Series 2019, RB | 5.00% | 12/01/2049 | 17000 | &nbsp;&nbsp; 15068049 |
| Palisade Metropolitan District No. 2; |  |  |  |  |
| Series 2024 C, RB<sup>(a)</sup> <br>| 8.00% | 12/15/2037 | 1500 | &nbsp;&nbsp; 1535300 |
| Series 2024, Ref. RB<sup>(a)(g)</sup> <br>| 5.88% | 12/15/2054 | 1950 | &nbsp;&nbsp; 1888210 |
| Parker Automotive Metropolitan District; Series 2023 B, Ref. GO Bonds | 8.25% | 12/15/2037 | 2230 | &nbsp;&nbsp; 2274008 |
| Parterre Metropolitan District No. 5; |  |  |  |  |
| Series 2025 A, GO Bonds | 5.88% | 12/01/2045 | 1700 | &nbsp;&nbsp; 1799181 |
| Series 2025 A, GO Bonds | 6.13% | 12/01/2055 | 2500 | &nbsp;&nbsp; 2633664 |
| Series 2025, GO Bonds | 8.38% | 12/15/2055 | 1479 | &nbsp;&nbsp; 1484878 |
| Penrith Park Metropolitan District; Series 2024 C, GO Bonds | 6.25% | 12/15/2054 | 1035 | &nbsp;&nbsp; 1046773 |
| Platte River Metropolitan District; Series 2023 A, Ref. GO Bonds<sup>(a)</sup> <br>| 6.50% | 08/01/2053 | 4473 | &nbsp;&nbsp; 4581426 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** |
| Prairie Center Metropolitan District No. 3; |  |  |  |  |
| Series 2024 A, Ref. GO Bonds | 5.88% | 12/15/2046 | $2125 | &nbsp;&nbsp; $2253766 |
| Series 2024 B, GO Bonds | 5.88% | 12/15/2046 | 1000 | &nbsp;&nbsp; 1060596 |
| Prairie Farm Metropolitan District; Series 2018 B, GO Bonds | 7.38% | 12/15/2048 | 544 | &nbsp;&nbsp; 544500 |
| PV-ERU Holding Trust; Series 2019, RB<sup>(e)(h)</sup> <br>| 0.00% | 02/14/2039 | 12585 | &nbsp;&nbsp; 1146241 |
| Redtail Ridge Metropolitan District; Series 2025, GO Bonds<sup>(e)</sup> <br>| 0.00% | 12/01/2032 | 9500 | &nbsp;&nbsp; 6138397 |
| Remuda Ranch Metropolitan District; |  |  |  |  |
| Series 2020 A, GO Bonds | 5.00% | 12/01/2050 | 2294 | &nbsp;&nbsp; 1952396 |
| Series 2020 B, GO Bonds | 7.63% | 12/15/2050 | 573 | &nbsp;&nbsp; 539183 |
| Revere at Johnstown Metropolitan District No. 3; |  |  |  |  |
| Series 2024 A, GO Bonds | 7.00% | 12/01/2053 | 2337 | &nbsp;&nbsp; 2372111 |
| Series 2024 B, GO Bonds | 9.00% | 12/15/2053 | 676 | &nbsp;&nbsp; 679271 |
| Ridgeline Vista Metropolitan District; Series 2021 A, GO Bonds | 5.25% | 12/01/2060 | 1000 | &nbsp;&nbsp; 955328 |
| Riverpark Metropolitan District (County of Arapahoe); Series 2024, GO Bonds | 6.38% | 12/01/2054 | 2000 | &nbsp;&nbsp; 2053362 |
| Riverwalk Metropolitan District No. 2; |  |  |  |  |
| Series 2022 A, RB | 5.00% | 12/01/2052 | 4000 | &nbsp;&nbsp; 3480296 |
| Series 2022 B, RB | 7.75% | 12/15/2052 | 5000 | &nbsp;&nbsp; 5017205 |
| Rocky Mountain Rail Park Metropolitan District; |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(a)</sup> <br>| 5.00% | 12/01/2051 | 2500 | &nbsp;&nbsp; 2321457 |
| Series 2024 B, Ref. GO Bonds | 8.50% | 12/15/2054 | 20350 | &nbsp;&nbsp; 20452686 |
| Rudolph Farms Metropolitan District No. 6; Series 2022 A, GO Bonds | 6.50% | 06/01/2052 | 24075 | &nbsp;&nbsp; 23648015 |
| Sabell Metropolitan District; Series 2020 B-3, GO Bonds<sup>(a)</sup> <br>| 8.25% | 12/15/2050 | 605 | &nbsp;&nbsp; 607436 |
| Santa Fe Park Authority; |  |  |  |  |
| Series 2023 A, RB | 7.25% | 12/01/2053 | 7150 | &nbsp;&nbsp; 6988897 |
| Series 2023 B, RB | 9.25% | 12/15/2053 | 891 | &nbsp;&nbsp; 873720 |
| Second Creek Farm Metropolitan District No. 3; |  |  |  |  |
| Series 2019 B, GO Bonds | 7.63% | 12/15/2049 | 1696 | &nbsp;&nbsp; 1700197 |
| Series 2021 C, GO Bonds<sup>(a)</sup> <br>| 7.63% | 12/15/2052 | 8288 | &nbsp;&nbsp; 8152680 |
| Second Creek Farm Metropolitan District No. 4; Series 2024 A, Ref. GO Bonds | 6.75% | 12/01/2054 | 1366 | &nbsp;&nbsp; 1356050 |
| Settler's Crossing Metropolitan District No. 1; Series 2020 B, GO Bonds | 7.63% | 12/15/2050 | 598 | &nbsp;&nbsp; 599721 |
| Sheridan Station West Metropolitan District; Series 2022 B3, GO Bonds | 7.00% | 12/15/2051 | 1614 | &nbsp;&nbsp; 1621461 |
| Silverstone Metropolitan District No. 3; Series 2023, GO Bonds | 7.75% | 12/01/2045 | 9155 | &nbsp;&nbsp; 9435895 |
| Sky Ranch Community Authority Board; |  |  |  |  |
| Series 2022 B, RB | 8.75% | 12/15/2052 | 6367 | &nbsp;&nbsp; 6392312 |
| Series 2024 B, GO Bonds | 6.50% | 12/15/2054 | 529 | &nbsp;&nbsp; 531185 |
| South Aurora Regional Improvement Authority; Series 2025, RB | 6.75% | 12/01/2055 | 15000 | &nbsp;&nbsp; 15423856 |
| South Timnath Metropolitan District No. 1; |  |  |  |  |
| Series 2019 A, GO Bonds | 5.50% | 12/01/2048 | 987 | &nbsp;&nbsp; 819602 |
| Series 2019 B, GO Bonds | 8.00% | 12/15/2048 | 2208 | &nbsp;&nbsp; 1891349 |
| Southglenn Metropolitan District; Series 2016, Ref. GO Bonds | 5.00% | 12/01/2036 | 810 | &nbsp;&nbsp; 810727 |
| Spring Hill Metropolitan District No. 3; Series 2022 B, GO Bonds<sup>(a)</sup> <br>| 9.50% | 12/15/2045 | 294 | &nbsp;&nbsp; 295912 |
| Spring Valley Metropolitan District No. 3; Series 2025 B, Ref. GO Bonds | 6.25% | 12/15/2054 | 1019 | &nbsp;&nbsp; 1024722 |
| Spring Valley Metropolitan District No. 4; Series 2020 B, GO Bonds | 7.63% | 12/15/2050 | 2810 | &nbsp;&nbsp; 2819958 |
| St. Vrain Lakes Metropolitan District No. 4; |  |  |  |  |
| Series 2024 A, GO Bonds<sup>(a)(g)</sup> <br>| 6.75% | 09/20/2054 | 3500 | &nbsp;&nbsp; 2578484 |
| Series 2024 B, GO Bonds<sup>(a)</sup> <br>| 8.75% | 09/20/2054 | 2100 | &nbsp;&nbsp; 2108982 |
| STC Metropolitan District No. 2 (Green Bonds); Series 2025, Ref. GO Bonds<sup>(a)</sup> <br>| 8.00% | 12/15/2055 | 5000 | &nbsp;&nbsp; 5035280 |
| Sterling Ranch Community Authority Board; |  |  |  |  |
| Series 2022 A, Ref. RB | 6.75% | 12/01/2053 | 27225 | &nbsp;&nbsp; 28640651 |
| Series 2023, RB | 8.38% | 12/15/2054 | 7500 | &nbsp;&nbsp; 7521478 |
| Series 2024 A, Ref. RB<sup>(a)</sup> <br>| 5.75% | 12/01/2054 | 2700 | &nbsp;&nbsp; 2729024 |
| Series 2024 A, Ref. RB | 6.50% | 12/01/2054 | 935 | &nbsp;&nbsp; 973002 |
| Series 2024 B, Ref. RB<sup>(a)</sup> <br>| 8.25% | 12/15/2054 | 1475 | &nbsp;&nbsp; 1480376 |
| Series 2024 B, Ref. RB | 8.75% | 12/15/2054 | 920 | &nbsp;&nbsp; 923004 |
| Series 2024, RB | 5.63% | 12/01/2043 | 833 | &nbsp;&nbsp; 867418 |
| Series 2025, RB | 6.88% | 12/15/2055 | 1700 | &nbsp;&nbsp; 1718030 |
| Sweetgrass Metropolitan District No. 2; Series 2022 B, Ref. GO Bonds | 7.50% | 12/15/2049 | 921 | &nbsp;&nbsp; 926133 |
| Talon Pointe Metropolitan District; Series 2019 A, Ref. GO Bonds | 5.25% | 12/01/2051 | 2150 | &nbsp;&nbsp; 1527207 |
| Timberleaf Metropolitan District; Series 2025 B, GO Bonds | 7.88% | 12/15/2055 | 1000 | &nbsp;&nbsp; 1004365 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** | **Colorado–(continued)** |
| Trails Metropolitan District; Series 2021, GO Bonds | 5.00% | 12/01/2051 | $6999 | &nbsp;&nbsp; $6072481 |
| Transport Metropolitan District No. 3; Series 2021 A-2, GO Bonds<sup>(g)</sup> <br>| 5.50% | 12/01/2051 | 3000 | &nbsp;&nbsp; 2579625 |
| Two Bridges Metropolitan District; |  |  |  |  |
| Series 2018 A, GO Bonds | 5.63% | 08/01/2048 | 1552 | &nbsp;&nbsp; 1555793 |
| Series 2018 B, GO Bonds | 7.88% | 08/01/2048 | 508 | &nbsp;&nbsp; 508844 |
| Uplands Metropolitan District No. 1; Series 2023 A, GO Bonds | 7.50% | 09/01/2053 | 7970 | &nbsp;&nbsp; 8003711 |
| Verve Metropolitan District No. 1; Series 2024 A, GO Bonds<sup>(g)</sup> <br>| 7.00% | 12/01/2054 | 7500 | &nbsp;&nbsp; 5701423 |
| Village at Southgate Metropolitan District; Series 2018 A, GO Bonds<sup>(a)</sup> <br>| 5.63% | 12/01/2048 | 1332 | &nbsp;&nbsp; 1336474 |
| Waterfall Metropolitan District No. 1; Series 2022 B, Ref. GO Bonds | 8.25% | 12/01/2052 | 985 | &nbsp;&nbsp; 988583 |
| Weems Neighborhood Metropolitan District; |  |  |  |  |
| Series 2025 A, GO Bonds | 5.88% | 12/01/2055 | 1500 | &nbsp;&nbsp; 1543246 |
| Series 2025, GO Bonds | 7.88% | 12/15/2055 | 1149 | &nbsp;&nbsp; 1153743 |
| White Buffalo Metropolitan District No. 3; |  |  |  |  |
| Series 2020, GO Bonds | 5.50% | 12/01/2050 | 2785 | &nbsp;&nbsp; 2794538 |
| Series 2025, Ref. GO Bonds | 9.00% | 12/15/2055 | 6948 | &nbsp;&nbsp; 6978925 |
| Willow Bend Metropolitan District; Series 2019 B, GO Bonds | 7.63% | 12/15/2049 | 755 | &nbsp;&nbsp; 757060 |
| Willow Springs Metropolitan District; Series 2024 B, GO Bonds<sup>(a)</sup> <br>| 6.50% | 10/15/2054 | 645 | &nbsp;&nbsp; 647782 |
| Windler Public Improvement Authority; Series 2021 A-1, RB | 4.13% | 12/01/2051 | 5000 | &nbsp;&nbsp; 3863518 |
| Woodmen Heights Metropolitan District No. 2; Series 2020 B-1, Ref. GO Bonds | 6.25% | 12/15/2040 | 1663 | &nbsp;&nbsp; 1669395 |
|  |  |  |  | &nbsp;&nbsp; 835381017 |
| **Connecticut–0.29%** | **Connecticut–0.29%** | **Connecticut–0.29%** | **Connecticut–0.29%** | **Connecticut–0.29%** |
| Connecticut (State of) Health & Educational Facilities Authority; Series 2025 A, RB<sup>(a)</sup> <br>| 12.00% | 09/01/2030 | 3250 | &nbsp;&nbsp; 3756019 |
| Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare); <br> Series 2026, Ref. RB<br>| 5.50% | 07/01/2055 | 17150 | &nbsp;&nbsp; 18439324 |
| Georgetown (City of), CT Special Taxing District; Series 2006 A, GO Bonds<sup>(i)</sup> <br>| 5.13% | 10/01/2036 | 470 | &nbsp;&nbsp; 56400 |
| Mashantucket Western Pequot Tribe; Series 2013, RB<sup>(i)</sup> <br>| 6.05% | 07/01/2031 | 13420 | &nbsp;&nbsp; 3355001 |
|  |  |  |  | &nbsp;&nbsp; 25606744 |
| **District of Columbia–2.57%** | **District of Columbia–2.57%** | **District of Columbia–2.57%** | **District of Columbia–2.57%** | **District of Columbia–2.57%** |
| District of Columbia; |  |  |  |  |
| Series 2025, Ref. RB | 5.75% | 10/01/2055 | 6875 | &nbsp;&nbsp; 7346798 |
| Series 2026 C, VRD GO Bonds<sup>(n)</sup> <br>| 2.06% | 06/01/2051 | 10000 | &nbsp;&nbsp; 10000000 |
| District of Columbia Tobacco Settlement Financing Corp.; |  |  |  |  |
| Series 2001, RB | 6.75% | 05/15/2040 | 23240 | &nbsp;&nbsp; 23959471 |
| Series 2006 C, RB<sup>(e)</sup> <br>| 0.00% | 06/15/2055 | 900680 | &nbsp;&nbsp; 93927684 |
| Series 2006 D, RB<sup>(e)</sup> <br>| 0.00% | 06/15/2055 | 555000 | &nbsp;&nbsp; 51714678 |
| Metropolitan Washington Airports Authority; |  |  |  |  |
| Series 2019 B, Ref. RB | 4.00% | 10/01/2049 | 11000 | &nbsp;&nbsp; 9838592 |
| Series 2021 A, Ref. RB<sup>(c)</sup> <br>| 4.00% | 10/01/2051 | 15800 | &nbsp;&nbsp; 14184638 |
| Washington Metropolitan Area Transit Authority; Series 2025, RB<sup>(k)(l)</sup> <br>| 5.50% | 07/15/2060 | 16000 | &nbsp;&nbsp; 17236038 |
|  |  |  |  | &nbsp;&nbsp; 228207899 |
| **Florida–10.63%** | **Florida–10.63%** | **Florida–10.63%** | **Florida–10.63%** | **Florida–10.63%** |
| Alachua (County of), FL Housing Finance Authority (Woodland Park II); Series 2025 A, RB<sup>(a)(b)</sup> <br>| 6.30% | 07/01/2043 | 1825 | &nbsp;&nbsp; 1966556 |
| Amelia Concourse Community Development District; |  |  |  |  |
| Series 2007, RB | 5.75% | 05/01/2038 | 705 | &nbsp;&nbsp; 670029 |
| Series 2016, RB | 6.00% | 05/01/2047 | 1700 | &nbsp;&nbsp; 1702885 |
| Amelia Concourse Community Development District (Capital Improvement); Series 2019 A, RB | 5.65% | 05/01/2049 | 2285 | &nbsp;&nbsp; 2329991 |
| Arlington Ridge Community Development District; Series 2006 A, RB | 5.50% | 05/01/2036 | 1290 | &nbsp;&nbsp; 1291536 |
| Ave Maria Stewardship Community District (Phase 5); Series 2025, RB | 5.60% | 05/01/2056 | 1655 | &nbsp;&nbsp; 1661862 |
| Babcock Ranch Community Independent Special District; |  |  |  |  |
| Series 2022, RB | 5.00% | 05/01/2053 | 1500 | &nbsp;&nbsp; 1481457 |
| Series 2024, RB<sup>(a)</sup> <br>| 5.25% | 05/01/2055 | 6840 | &nbsp;&nbsp; 6903698 |
| Black Creek Community Development District (Expansion Area); Series 2022, RB | 5.63% | 06/15/2052 | 1500 | &nbsp;&nbsp; 1548843 |
| Braddock Lakes Community Development District; Series 2025, RB | 5.75% | 05/01/2055 | 2035 | &nbsp;&nbsp; 2040507 |
| Broward (County of), FL; |  |  |  |  |
| Series 2017, RB<sup>(c)</sup> <br>| 5.00% | 10/01/2047 | 8205 | &nbsp;&nbsp; 8268376 |
| Series 2019 A, RB<sup>(c)</sup> <br>| 4.00% | 10/01/2049 | 8000 | &nbsp;&nbsp; 7176300 |
| Series 2019 B, RB<sup>(c)</sup> <br>| 4.00% | 09/01/2049 | 10000 | &nbsp;&nbsp; 8838179 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** |
| Broward (County of), FL (Convention Center Expansion); Series 2021, RB | 4.00% | 09/01/2047 | $20000 | &nbsp;&nbsp; $18732166 |
| Buckeye Park Community Development District; Series 2008 A, RB | 7.88% | 05/01/2038 | 795 | &nbsp;&nbsp; 795659 |
| Capital Projects Finance Authority (Millenia Orlando); |  |  |  |  |
| Series 2025 A, RB<sup>(a)</sup> <br>| 7.25% | 01/01/2055 | 10000 | &nbsp;&nbsp; 10605369 |
| Series 2025 A, RB<sup>(a)</sup> <br>| 7.13% | 01/01/2065 | 10500 | &nbsp;&nbsp; 10941395 |
| Capital Projects Finance Authority (Navigator Academy of Leadership Obligated Group); <br> Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.00% | 06/15/2064 | 4790 | &nbsp;&nbsp; 4331028 |
| Capital Trust Agency, Inc. (Advantage Academy of Hillsborough); Series 2019 A, RB | 5.00% | 12/15/2049 | 2360 | &nbsp;&nbsp; 2167268 |
| Capital Trust Agency, Inc. (Atlantic Housing Foundation Property); Series 2017 B, RB | 6.00% | 07/01/2042 | 2635 | &nbsp;&nbsp; 2273779 |
| Capital Trust Agency, Inc. (Elim Senior Housing, Inc.); |  |  |  |  |
| Series 2017, RB<sup>(a)</sup> <br>| 5.63% | 08/01/2037 | 1025 | &nbsp;&nbsp; 1025329 |
| Series 2017, RB<sup>(a)</sup> <br>| 5.88% | 08/01/2052 | 3925 | &nbsp;&nbsp; 3462687 |
| Capital Trust Agency, Inc. (Florida Charter Educational Foundation, Inc.); |  |  |  |  |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.38% | 06/15/2038 | 850 | &nbsp;&nbsp; 855695 |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.38% | 06/15/2048 | 1590 | &nbsp;&nbsp; 1504188 |
| Capital Trust Agency, Inc. (Franklin Academy); Series 2020, RB<sup>(a)</sup> <br>| 5.00% | 12/15/2055 | 6800 | &nbsp;&nbsp; 6140593 |
| Capital Trust Agency, Inc. (Green Bonds); Series 2021, RB<sup>(a)</sup> <br>| 4.00% | 06/15/2051 | 2000 | &nbsp;&nbsp; 1519084 |
| Capital Trust Agency, Inc. (Paragon Academy of Technology and Sunshine Elementary Charter <br> School);<br>|  |  |  |  |
| Series 2019 A, RB (Acquired 04/25/2019; Cost $3,735,000)<sup>(a)(f)</sup> <br>| 5.75% | 06/01/2054 | 3735 | &nbsp;&nbsp; 3196154 |
| Series 2019 B, RB (Acquired 04/25/2019; Cost $235,000)<sup>(a)(f)</sup> <br>| 6.00% | 06/01/2028 | 235 | &nbsp;&nbsp; 232586 |
| Capital Trust Agency, Inc. (University Bridge LLC Student Housing); Series 2018 A, RB<sup>(a)</sup> <br>| 5.25% | 12/01/2058 | 19805 | &nbsp;&nbsp; 19170549 |
| Capital Trust Agency, Inc. (Viera Charter Schools, Inc.); |  |  |  |  |
| Series 2017 A, RB<sup>(a)</sup> <br>| 5.00% | 10/15/2047 | 1100 | &nbsp;&nbsp; 1061810 |
| Series 2017 A, RB<sup>(a)</sup> <br>| 5.00% | 10/15/2052 | 755 | &nbsp;&nbsp; 707799 |
| Capital Trust Agency, Inc. (Wonderful Foundations Charter School Portfolio); Series 2020, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2055 | 3250 | &nbsp;&nbsp; 2840174 |
| Capital Trust Authority (Academir Charter Schools, Inc.); |  |  |  |  |
| Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.25% | 06/01/2064 | 5000 | &nbsp;&nbsp; 4466549 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.50% | 07/01/2055 | 1815 | &nbsp;&nbsp; 1849525 |
| Capital Trust Authority (Central Florida Preparatory School Project); |  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 8.50% | 06/15/2035 | 470 | &nbsp;&nbsp; 495564 |
| Series 2024, RB<sup>(a)</sup> <br>| 6.63% | 06/15/2054 | 14795 | &nbsp;&nbsp; 14911182 |
| Capital Trust Authority (Classical Academy of Sarasota (The)); |  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 7.00% | 07/01/2030 | 665 | &nbsp;&nbsp; 671693 |
| Series 2024, RB<sup>(a)</sup> <br>| 5.25% | 07/01/2059 | 5130 | &nbsp;&nbsp; 4638538 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.13% | 07/01/2055 | 2520 | &nbsp;&nbsp; 2545200 |
| Capital Trust Authority (Florida Institute of Technology); |  |  |  |  |
| Series 2025, RB<sup>(a)</sup> <br>| 5.25% | 07/01/2050 | 2000 | &nbsp;&nbsp; 1986925 |
| Series 2025, RB<sup>(a)</sup> <br>| 5.38% | 07/01/2065 | 5095 | &nbsp;&nbsp; 4984071 |
| Capital Trust Authority (Imagine School At West Pasco Project); |  |  |  |  |
| Series 2023, RB<sup>(a)</sup> <br>| 6.50% | 12/15/2053 | 2535 | &nbsp;&nbsp; 2376762 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.50% | 12/15/2058 | 3100 | &nbsp;&nbsp; 2878778 |
| Capital Trust Authority (Plato Academy Schools); |  |  |  |  |
| Series 2024, RB | 5.13% | 12/15/2054 | 4170 | &nbsp;&nbsp; 3890573 |
| Series 2024, RB | 5.13% | 12/15/2059 | 3925 | &nbsp;&nbsp; 3609660 |
| Capital Trust Authority (St.Johns Classical Academy, Inc.); |  |  |  |  |
| Series 2025, Ref. RB<sup>(a)</sup> <br>| 5.13% | 06/15/2050 | 410 | &nbsp;&nbsp; 384483 |
| Series 2025, Ref. RB<sup>(a)</sup> <br>| 5.25% | 06/15/2059 | 1000 | &nbsp;&nbsp; 931644 |
| Carlton Lakes Community Development District; |  |  |  |  |
| Series 2015, RB | 5.63% | 11/01/2036 | 760 | &nbsp;&nbsp; 768654 |
| Series 2015, RB | 5.75% | 11/01/2047 | 1855 | &nbsp;&nbsp; 1865233 |
| Center Lake Ranch West Community Development District; Series 2023, RB | 6.00% | 05/01/2054 | 2490 | &nbsp;&nbsp; 2592837 |
| Chapel Creek Community Development District; Series 2006, RB | 5.50% | 05/01/2038 | 1425 | &nbsp;&nbsp; 1426974 |
| Charlotte (County of), FL Industrial Development Authority (Town & Country Utilities); <br> Series 2025, RB<sup>(c)</sup> <br>| 6.13% | 10/01/2055 | 4125 | &nbsp;&nbsp; 4302162 |
| Clearwater Cay Community Development District; Series 2006 A, RB (Acquired 02/16/2010; <br> Cost $8,262,441)<sup>(f)(h)(i)</sup> <br>| 5.50% | 05/01/2037 | 13074 | &nbsp;&nbsp; 5883326 |
| Coastal Ridge Community Development District; |  |  |  |  |
| Series 2025, RB | 5.75% | 05/01/2045 | 2015 | &nbsp;&nbsp; 2116884 |
| Series 2025, RB | 6.00% | 05/01/2055 | 2200 | &nbsp;&nbsp; 2271699 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**10**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** |
| Collier (County of), FL Industrial Development Authority (Gulf Coast Academy South); |  |  |  |  |
| Series 2017 A, RB<sup>(a)</sup> <br>| 5.00% | 12/01/2037 | $1150 | &nbsp;&nbsp; $1157231 |
| Series 2017 A, RB<sup>(a)</sup> <br>| 5.00% | 12/01/2047 | 1875 | &nbsp;&nbsp; 1756897 |
| Connerton East Community Development District; Series 2025, RB | 5.50% | 06/15/2055 | 1000 | &nbsp;&nbsp; 1002766 |
| County of Miami-Dade FL Water & Sewer System Revenue; Series 2025, RB<sup>(l)</sup> <br>| 5.00% | 10/01/2055 | 16670 | &nbsp;&nbsp; 17407051 |
| Creekside Community Development District; Series 2006, RB<sup>(h)(i)</sup> <br>| 5.20% | 05/01/2038 | 1533 | &nbsp;&nbsp; 766322 |
| Creekview Community Development District (Phase 2); Series 2024, RB | 5.63% | 05/01/2055 | 3490 | &nbsp;&nbsp; 3500282 |
| CrossCreek Community Development District; Series 2016 A, RB | 5.60% | 05/01/2037 | 65 | &nbsp;&nbsp; 65712 |
| Crosswinds East Community Development District (Assessment Area One); |  |  |  |  |
| Series 2024, RB | 5.50% | 05/01/2044 | 1000 | &nbsp;&nbsp; 1042809 |
| Series 2024, RB | 5.75% | 05/01/2054 | 1230 | &nbsp;&nbsp; 1254177 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail Expansion); |  |  |  |  |
| Series 2024, Ref. RB<sup>(a)(b)(c)(i)</sup> <br>| 12.00% | 07/15/2028 | 38125 | &nbsp;&nbsp; 13343750 |
| Series 2024, Ref. RB<sup>(c)</sup> <br>| 5.00% | 07/01/2035 | 2200 | &nbsp;&nbsp; 1639000 |
| Series 2024, Ref. RB<sup>(c)</sup> <br>| 5.00% | 07/01/2041 | 23710 | &nbsp;&nbsp; 17663950 |
| Series 2024, Ref. RB (INS - AGI)<sup>(c)(d)</sup> <br>| 5.00% | 07/01/2044 | 20035 | &nbsp;&nbsp; 19892425 |
| Series 2024, Ref. RB (INS - AGI)<sup>(c)(d)</sup> <br>| 5.25% | 07/01/2047 | 6000 | &nbsp;&nbsp; 5964643 |
| Series 2024, Ref. RB<sup>(c)</sup> <br>| 5.25% | 07/01/2047 | 85045 | &nbsp;&nbsp; 63358525 |
| Series 2024, Ref. RB<sup>(c)</sup> <br>| 5.50% | 07/01/2053 | 2245 | &nbsp;&nbsp; 1672525 |
| Florida Development Finance Corp. (Brightline Florida Passenger Rail); Series 2024, RB<sup>(a)(b)(c)(i)</sup> <br>| 10.00% | 07/15/2028 | 27400 | &nbsp;&nbsp; 9590000 |
| Florida Development Finance Corp. (Brightline West Passenger Rail); Series 2025, RB<sup>(a)(b)(c)(i)</sup> <br>| 10.00% | 06/15/2026 | 42600 | &nbsp;&nbsp; 29394000 |
| Florida Development Finance Corp. (Central Charter School); Series 2022, Ref. RB<sup>(a)</sup> <br>| 6.00% | 08/15/2057 | 3250 | &nbsp;&nbsp; 3104086 |
| Florida Development Finance Corp. (Florida Charter Foundation, Inc.); Series 2016 A, RB<sup>(a)</sup> <br>| 5.00% | 07/15/2046 | 6045 | &nbsp;&nbsp; 5749568 |
| Florida Development Finance Corp. (Learning Gate Community School); |  |  |  |  |
| Series 2018 A, Ref. RB | 5.00% | 02/15/2038 | 300 | &nbsp;&nbsp; 302753 |
| Series 2018 A, Ref. RB | 5.00% | 02/15/2048 | 985 | &nbsp;&nbsp; 929075 |
| Florida Local Government Finance Commission; Series 2025, RB<sup>(a)</sup> <br>| 11.00% | 12/22/2030 | 2660 | &nbsp;&nbsp; 2771071 |
| Gas Worx Community Development District; Series 2025, RB<sup>(a)</sup> <br>| 6.00% | 05/01/2057 | 2250 | &nbsp;&nbsp; 2317872 |
| Glades Correctional Development Corp.; |  |  |  |  |
| Series 2017 A, RB (Acquired 03/07/2006-12/12/2011; Cost $4,209,209)<sup>(f)(i)</sup> <br>| 7.00% | 03/01/2030 | 4209 | &nbsp;&nbsp; 2315065 |
| Series 2017 B, RB (Acquired 03/07/2006-12/12/2011; Cost $59,638)<sup>(e)(f)</sup> <br>| 0.00% | 03/01/2030 | 2393 | &nbsp;&nbsp; 95717 |
| Greater Orlando Aviation Authority; |  |  |  |  |
| Series 2017 A, RB<sup>(c)</sup> <br>| 4.00% | 10/01/2052 | 25100 | &nbsp;&nbsp; 22241449 |
| Series 2019 A, RB<sup>(c)</sup> <br>| 4.00% | 10/01/2049 | 16490 | &nbsp;&nbsp; 14966680 |
| Hamilton Bluff Community Development District (Assessment Area One); |  |  |  |  |
| Series 2024, RB | 5.50% | 05/01/2044 | 1000 | &nbsp;&nbsp; 1034633 |
| Series 2024, RB | 5.80% | 05/01/2054 | 1000 | &nbsp;&nbsp; 1011097 |
| Highland Meadows Community Development District; Series 2006 A, RB | 5.50% | 05/01/2036 | 225 | &nbsp;&nbsp; 225284 |
| Hillsborough (County of), FL; Series 2025, RB<sup>(l)</sup> <br>| 5.25% | 11/15/2049 | 21985 | &nbsp;&nbsp; 23433057 |
| Hillsborough (County of), FL Aviation Authority (Tampa International Airport); |  |  |  |  |
| Series 2022 A, RB<sup>(c)</sup> <br>| 5.00% | 10/01/2047 | 10000 | &nbsp;&nbsp; 10250991 |
| Series 2022 A, RB<sup>(c)</sup> <br>| 4.00% | 10/01/2052 | 14800 | &nbsp;&nbsp; 13258410 |
| Hillsborough County Industrial Development Authority; Series 2025, RB<sup>(l)</sup> <br>| 5.50% | 11/15/2054 | 30000 | &nbsp;&nbsp; 32375034 |
| Hobe-St. Lucie Conservancy District; Series 2024, RB | 5.60% | 05/01/2044 | 1900 | &nbsp;&nbsp; 1997936 |
| Hyde Park Community Development District No. 1; |  |  |  |  |
| Series 2024 A, RB | 5.35% | 05/01/2044 | 420 | &nbsp;&nbsp; 431213 |
| Series 2024 A, RB | 5.63% | 05/01/2055 | 685 | &nbsp;&nbsp; 689154 |
| Indigo Community Development District; Series 2005, RB<sup>(h)</sup> <br>| 5.75% | 05/01/2036 | 2776 | &nbsp;&nbsp; 2275843 |
| JEA Water & Sewer System; Series 2025, RB<sup>(l)</sup> <br>| 5.25% | 10/01/2055 | 20000 | &nbsp;&nbsp; 21417968 |
| Lake (County of), FL (Imagine South Lake Charter School Program); |  |  |  |  |
| Series 2019, RB<sup>(a)</sup> <br>| 5.00% | 01/15/2049 | 820 | &nbsp;&nbsp; 728518 |
| Series 2019, RB<sup>(a)</sup> <br>| 5.00% | 01/15/2054 | 635 | &nbsp;&nbsp; 546948 |
| Lake (County of), FL (Lakeside at Waterman Village); Series 2020 A, Ref. RB | 5.75% | 08/15/2055 | 5000 | &nbsp;&nbsp; 4941091 |
| Lake Helen (City of), FL (Ivy Hawn Charter School of the Arts); |  |  |  |  |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.50% | 07/15/2048 | 1685 | &nbsp;&nbsp; 1613307 |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.75% | 07/15/2053 | 1930 | &nbsp;&nbsp; 1866201 |
| Lakes of Sarasota Community Development District; |  |  |  |  |
| Series 2024 A, RB | 5.30% | 05/01/2044 | 425 | &nbsp;&nbsp; 434075 |
| Series 2024 A, RB | 5.60% | 05/01/2055 | 685 | &nbsp;&nbsp; 686703 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**11**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** |
| Lakeside Preserve Community Development District (Series 2023); |  |  |  |  |
| Series 2023, RB | 6.00% | 05/01/2043 | $890 | &nbsp;&nbsp; $959506 |
| Series 2023, RB | 6.38% | 05/01/2054 | 1185 | &nbsp;&nbsp; 1250183 |
| Lakewood Ranch Stewardship District (Palm Grove); Series 2024, RB | 5.50% | 05/01/2055 | 765 | &nbsp;&nbsp; 772933 |
| Lee (County of), FL; |  |  |  |  |
| Series 2017, RB<sup>(e)(h)</sup> <br>| 0.00% | 01/01/2052 | 21000 | &nbsp;&nbsp; 0 |
| Series 2021 B, RB<sup>(c)</sup> <br>| 4.00% | 10/01/2051 | 10000 | &nbsp;&nbsp; 8841523 |
| Series 2024, RB<sup>(c)</sup> <br>| 5.25% | 10/01/2049 | 27650 | &nbsp;&nbsp; 29154182 |
| Series 2026 A-1, RB<sup>(c)</sup> <br>| 5.25% | 10/01/2044 | 1375 | &nbsp;&nbsp; 1518079 |
| Series 2026 A-1, RB<sup>(c)</sup> <br>| 5.25% | 10/01/2045 | 1300 | &nbsp;&nbsp; 1427342 |
| Series 2026 A-1, RB<sup>(c)</sup> <br>| 5.25% | 10/01/2046 | 1000 | &nbsp;&nbsp; 1084152 |
| Lee (County of), FL Industrial Development Authority (Preserve (The)); |  |  |  |  |
| Series 2017 A, RB<sup>(a)</sup> <br>| 5.00% | 12/01/2027 | 325 | &nbsp;&nbsp; 284496 |
| Series 2017 A, RB<sup>(a)</sup> <br>| 5.38% | 12/01/2032 | 1000 | &nbsp;&nbsp; 829621 |
| Series 2017 A, RB<sup>(a)</sup> <br>| 5.63% | 12/01/2037 | 3380 | &nbsp;&nbsp; 2753786 |
| Series 2017 A, RB<sup>(a)</sup> <br>| 5.75% | 12/01/2052 | 18210 | &nbsp;&nbsp; 13558041 |
| Legends Bay Community Development District; Series 2007 A, RB | 5.88% | 05/01/2038 | 2065 | &nbsp;&nbsp; 2067984 |
| Lowery Hills Community Development District (Assessment Area One); Series 2025, RB<sup>(a)</sup> <br>| 5.85% | 05/01/2055 | 1000 | &nbsp;&nbsp; 1009053 |
| Madeira Community Development District (Assessment Area No.2); |  |  |  |  |
| Series 2025, RB | 5.50% | 05/01/2045 | 1000 | &nbsp;&nbsp; 1022101 |
| Series 2025, RB | 5.80% | 05/01/2055 | 1650 | &nbsp;&nbsp; 1666147 |
| Magnolia Creek Community Development District; Series 2007 A, RB | 5.90% | 05/01/2039 | 510 | &nbsp;&nbsp; 471686 |
| Magnolia West Community Development District; Series 2017, RB | 5.35% | 05/01/2037 | 155 | &nbsp;&nbsp; 156101 |
| Miami-Dade (County of), FL; |  |  |  |  |
| Series 2018, RB | 4.00% | 07/01/2045 | 11000 | &nbsp;&nbsp; 10882630 |
| Series 2022, RB | 5.00% | 07/01/2050 | 14210 | &nbsp;&nbsp; 14733367 |
| Series 2022, RB | 5.00% | 07/01/2051 | 30980 | &nbsp;&nbsp; 32070258 |
| Series 2023 A, Ref. RB<sup>(c)</sup> <br>| 5.00% | 10/01/2047 | 29145 | &nbsp;&nbsp; 29670703 |
| Series 2025, RB<sup>(l)</sup> <br>| 5.00% | 07/01/2052 | 10000 | &nbsp;&nbsp; 10342533 |
| Subseries 2021 B-1, Ref. RB<sup>(c)</sup> <br>| 4.00% | 10/01/2046 | 16935 | &nbsp;&nbsp; 15857028 |
| Subseries 2021 B-1, Ref. RB<sup>(c)</sup> <br>| 4.00% | 10/01/2050 | 39465 | &nbsp;&nbsp; 35949430 |
| Middleton Community Development District A; Series 2024, RB | 4.75% | 05/01/2055 | 2600 | &nbsp;&nbsp; 2458559 |
| Nassau (County of), FL (Nassau Care Centers, Inc.); Series 2008, RB (Acquired 12/27/2007; <br> Cost $7,620,000)<sup>(f)</sup> <br>| 6.90% | 01/01/2038 | 7620 | &nbsp;&nbsp; 7621564 |
| Naturewalk Community Development District; Series 2007 A, RB<sup>(h)(i)</sup> <br>| 5.50% | 05/01/2038 | 4345 | &nbsp;&nbsp; 1651100 |
| New Port Corners Community Development District; Series 2025, RB<sup>(a)</sup> <br>| 5.50% | 06/15/2055 | 1000 | &nbsp;&nbsp; 1004271 |
| North AR-1 Pasco Community Development District (Assessment Area Three); |  |  |  |  |
| Series 2023, RB | 5.75% | 05/01/2043 | 520 | &nbsp;&nbsp; 548647 |
| Series 2023, RB | 6.00% | 05/01/2054 | 780 | &nbsp;&nbsp; 804292 |
| Northridge Community Development District; Series 2025, RB<sup>(a)</sup> <br>| 6.00% | 05/01/2055 | 2335 | &nbsp;&nbsp; 2400189 |
| Okaloosa (County of), FL (Air Force Enlisted Village); Series 2025, RB<sup>(a)</sup> <br>| 5.75% | 05/15/2060 | 1690 | &nbsp;&nbsp; 1732238 |
| Osceola (County of), FL; |  |  |  |  |
| Series 2020 A-2, Ref. RB<sup>(e)</sup> <br>| 0.00% | 10/01/2051 | 4775 | &nbsp;&nbsp; 1258867 |
| Series 2020 A-2, Ref. RB<sup>(e)</sup> <br>| 0.00% | 10/01/2054 | 4570 | &nbsp;&nbsp; 1017704 |
| Palm Beach (County of), FL; |  |  |  |  |
| Series 2025, RB<sup>(a)</sup> <br>| 5.75% | 10/01/2055 | 4500 | &nbsp;&nbsp; 4679336 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.75% | 10/01/2055 | 1100 | &nbsp;&nbsp; 1144306 |
| Series 2025, RB<sup>(a)</sup> <br>| 5.75% | 10/01/2065 | 7500 | &nbsp;&nbsp; 7778856 |
| Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities, Inc.); <br> Series 2025, Ref. RB<br>| 5.00% | 11/15/2049 | 10000 | &nbsp;&nbsp; 10117124 |
| Palm Beach (County of), FL Health Facilities Authority (Baptist Health South Florida); <br> Series 2019, RB<br>| 4.00% | 08/15/2049 | 5000 | &nbsp;&nbsp; 4524596 |
| Palm Beach (County of), FL Health Facilities Authority (Lifespace Communities, Inc.); |  |  |  |  |
| Series 2023, Ref. RB | 7.50% | 05/15/2053 | 1000 | &nbsp;&nbsp; 1111328 |
| Series 2023, Ref. RB | 7.63% | 05/15/2058 | 2500 | &nbsp;&nbsp; 2784336 |
| Palm Coast Park Community Development District; Series 2006, RB | 5.70% | 05/01/2037 | 6840 | &nbsp;&nbsp; 6930826 |
| Parrish Lakes Community Development District; Series 2024, RB | 5.80% | 05/01/2054 | 1360 | &nbsp;&nbsp; 1377679 |
| PBR Community Development District; Series 2026 A-2, Ref. RB<sup>(a)</sup> <br>| 5.13% | 03/01/2056 | 650 | &nbsp;&nbsp; 647471 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**12**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** |
| Polk (County of), FL Industrial Development Authority (Mineral Development LLC); Series 2020, <br> RB (Acquired 10/23/2020-02/06/2023; Cost $22,420,234)<sup>(a)(c)(f)(h)(i)</sup> <br>| 5.88% | 01/01/2033 | $22370 | &nbsp;&nbsp; $3402281 |
| Portofino Isles Community Development District (Portofino Court); Series 2005, RB (Acquired <br> 12/18/2009-08/18/2010; Cost $7,011,167)<sup>(f)(i)</sup> <br>| 5.60% | 05/01/2036 | 5905 | &nbsp;&nbsp; 2952500 |
| Ranches at Lake Mcleod Community Development District (Assessment Area Two); Series 2025, <br> RB<br>| 5.65% | 06/15/2055 | 1000 | &nbsp;&nbsp; 1011285 |
| Reunion East Community Development District; |  |  |  |  |
| Series 2002 A-2, RB<sup>(i)</sup> <br>| 7.38% | 05/01/2033 | 1425 | &nbsp;&nbsp; 14 |
| Series 2005, RB<sup>(i)</sup> <br>| 5.80% | 05/01/2036 | 3420 | &nbsp;&nbsp; 34 |
| Ridgewood Trails Community Development District; Series 2007 A, RB | 5.65% | 05/01/2038 | 105 | &nbsp;&nbsp; 105132 |
| Rivers Edge III Community Development District; Series 2025, RB | 6.00% | 05/01/2056 | 1000 | &nbsp;&nbsp; 1035489 |
| Sawgrass Village Community Development District; |  |  |  |  |
| Series 2023, RB | 6.13% | 11/01/2043 | 1200 | &nbsp;&nbsp; 1291719 |
| Series 2023, RB | 6.38% | 11/01/2053 | 1400 | &nbsp;&nbsp; 1473799 |
| Sawgrass Village Community Development District (Series 2023); |  |  |  |  |
| Series 2023, RB | 5.50% | 05/01/2043 | 1500 | &nbsp;&nbsp; 1573113 |
| Series 2023, RB | 5.75% | 05/01/2053 | 2320 | &nbsp;&nbsp; 2368352 |
| Seminole (County of), FL Industrial Development Authority (Progressive Healthcare <br> Providers/Fern Park, LLC Facility); Series 2005 A, RB<br>| 7.50% | 03/01/2035 | 2565 | &nbsp;&nbsp; 2489350 |
| Six Mile Creek Community Development District (2023 Project Area); |  |  |  |  |
| Series 2023, Ref. RB | 5.50% | 05/01/2043 | 1200 | &nbsp;&nbsp; 1268959 |
| Series 2023, Ref. RB | 5.70% | 05/01/2054 | 1255 | &nbsp;&nbsp; 1292998 |
| South Bay Community Development District; |  |  |  |  |
| Series 2005 A, RB (Acquired 05/27/2009; Cost $5,615,499)<sup>(f)(i)</sup> <br>| 5.95% | 05/01/2036 | 5110 | &nbsp;&nbsp; 51 |
| Series 2005 A-1, Ref. RB | 5.95% | 05/01/2036 | 4975 | &nbsp;&nbsp; 4979030 |
| Series 2005 A-2, Ref. RB (Acquired 04/01/2015; Cost $4,142,776)<sup>(f)(i)</sup> <br>| 6.60% | 05/01/2036 | 3800 | &nbsp;&nbsp; 1900000 |
| Tern Bay Community Development District; Series 2005 A, RB | 5.38% | 05/01/2037 | 485 | &nbsp;&nbsp; 485588 |
| Three Rivers Community Development District; Series 2025, RB | 5.75% | 05/01/2056 | 4805 | &nbsp;&nbsp; 4814570 |
| Tolomato Community Development District; Series 2024, RB | 5.13% | 05/01/2054 | 885 | &nbsp;&nbsp; 867838 |
| Town Center at Palm Coast Community Development District; Series 2005, RB | 6.00% | 05/01/2036 | 8490 | &nbsp;&nbsp; 8500779 |
| Tradition Community Development District No. 9; |  |  |  |  |
| Series 2025, RB | 5.40% | 05/01/2045 | 715 | &nbsp;&nbsp; 733507 |
| Series 2025, RB | 5.65% | 05/01/2056 | 1000 | &nbsp;&nbsp; 1010564 |
| Two Lakes Community Development District; Series 2024, RB | 5.00% | 05/01/2055 | 2010 | &nbsp;&nbsp; 2016787 |
| V-Dana Community Development District (Assessment Area Two - 2023 Project Area); |  |  |  |  |
| Series 2023, RB | 5.25% | 05/01/2043 | 1685 | &nbsp;&nbsp; 1761565 |
| Series 2023, RB | 5.50% | 05/01/2054 | 1890 | &nbsp;&nbsp; 1927116 |
| Venice (City of), FL (Village on the Isle); Series 2024 A, RB<sup>(a)</sup> <br>| 5.63% | 01/01/2060 | 2000 | &nbsp;&nbsp; 2010118 |
| Villages of Glen Creek Community Development District; |  |  |  |  |
| Series 2016 A-1, RB | 4.75% | 05/01/2026 | 80 | &nbsp;&nbsp; 80149 |
| Series 2016 A-1, RB | 5.25% | 05/01/2036 | 1080 | &nbsp;&nbsp; 1082281 |
| Series 2016 A-1, RB | 5.38% | 05/01/2046 | 1815 | &nbsp;&nbsp; 1816596 |
| Series 2016 A-2, RB | 5.38% | 05/01/2046 | 1350 | &nbsp;&nbsp; 1351187 |
| Waterford Estates Community Development District; Series 2006 A, RB | 5.50% | 05/01/2037 | 1940 | &nbsp;&nbsp; 1946461 |
| Waterstone Community Development District; |  |  |  |  |
| Series 2007 A, RB<sup>(g)</sup> <br>| 6.88% | 05/01/2037 | 1214 | &nbsp;&nbsp; 895322 |
| Series 2007 B, RB<sup>(e)</sup> <br>| 0.00% | 11/01/2028 | 1341 | &nbsp;&nbsp; 1244082 |
| West Villages Improvement District (Develepmont Unit No. 10); Series 2024, RB | 5.63% | 05/01/2054 | 995 | &nbsp;&nbsp; 1003841 |
| West Villages Improvement District (Develepmont Unit No. 2); |  |  |  |  |
| Series 2005 A-1, RB | 5.75% | 05/01/2036 | 6460 | &nbsp;&nbsp; 6470312 |
| Series 2005 A-2, RB (Acquired 03/20/2007-10/17/2019; Cost $2,148,914)<sup>(f)(i)</sup> <br>| 5.75% | 05/01/2036 | 3590 | &nbsp;&nbsp; 3590254 |
| West Villages Improvement District (Develepmont Unit No. 7); Series 2021, RB | 4.00% | 05/01/2051 | 555 | &nbsp;&nbsp; 450997 |
| West Villages Improvement District (Development Unit No. 8); |  |  |  |  |
| Series 2022, RB | 5.38% | 05/01/2042 | 1500 | &nbsp;&nbsp; 1595714 |
| Series 2022, RB | 5.50% | 05/01/2053 | 2500 | &nbsp;&nbsp; 2548085 |
| West Villages Improvement District (Development Unit No. 9); |  |  |  |  |
| Series 2023, RB | 5.38% | 05/01/2043 | 1500 | &nbsp;&nbsp; 1583290 |
| Series 2023, RB | 5.63% | 05/01/2053 | 1500 | &nbsp;&nbsp; 1546289 |
| Westridge Community Development District; Series 2005, RB | 5.80% | 05/01/2037 | 1210 | &nbsp;&nbsp; 1210744 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**13**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** | **Florida–(continued)** |
| Westside Community Development District; |  |  |  |  |
| Series 2019-2, RB<sup>(h)(i)</sup> <br>| 5.65% | 05/01/2037 | $1010 | &nbsp;&nbsp; $826103 |
| Series 2019-2, RB<sup>(h)(i)</sup> <br>| 7.20% | 05/01/2038 | 520 | &nbsp;&nbsp; 480833 |
| Westview South Community Development District (Assessment Area One - 2023 Project Area); |  |  |  |  |
| Series 2023, RB | 5.38% | 05/01/2043 | 1220 | &nbsp;&nbsp; 1274051 |
| Series 2023, RB | 5.60% | 05/01/2053 | 1835 | &nbsp;&nbsp; 1859245 |
| Wildwood (City of), FL Village Community Development Disctrict No. 15; Series 2024, RB<sup>(a)</sup> <br>| 4.80% | 05/01/2055 | 6485 | &nbsp;&nbsp; 6334892 |
| Zephyr Ridge Community Development District; Series 2006, RB | 5.63% | 05/01/2037 | 1475 | &nbsp;&nbsp; 1475652 |
|  |  |  |  | &nbsp;&nbsp; 945640383 |
| **Georgia–1.52%** | **Georgia–1.52%** | **Georgia–1.52%** | **Georgia–1.52%** | **Georgia–1.52%** |
| Atlanta Development Authority (The); Series 2024, Revenue Ctfs.<sup>(a)</sup> <br>| 5.56% | 12/15/2048 | 25000 | &nbsp;&nbsp; 22788117 |
| Bulloch (County of), GA Development Authority (Statesboro Steam Academy); Series 2024, RB<sup>(a)</sup> <br>| 6.75% | 06/15/2064 | 1750 | &nbsp;&nbsp; 1747255 |
| Cobb (County of), GA Development Authority (The) (Northwest Classical Academy); |  |  |  |  |
| Series 2023, RB<sup>(a)</sup> <br>| 6.00% | 06/15/2043 | 480 | &nbsp;&nbsp; 491250 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.40% | 06/15/2053 | 1850 | &nbsp;&nbsp; 1863295 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.38% | 06/15/2058 | 1250 | &nbsp;&nbsp; 1248910 |
| Columbus Medical Center Hospital Authority; Series 2019, RB<sup>(b)</sup> <br>| 5.00% | 07/01/2026 | 5990 | &nbsp;&nbsp; 6002112 |
| Conyers (City of), GA (Salem Gate); Series 2021, RB | 5.00% | 03/01/2045 | 5485 | &nbsp;&nbsp; 5005956 |
| Development Authority of Heard County; Series 1997, VRD RB<sup>(n)</sup> <br>| 1.05% | 09/01/2029 | 10000 | &nbsp;&nbsp; 10000000 |
| Development Authority of Lagrange (College); Series 2021, Ref. RB | 5.00% | 10/15/2052 | 8000 | &nbsp;&nbsp; 6832254 |
| Floyd (County of), GA Development Authority (The Spires at Berry College); |  |  |  |  |
| Series 2018 A, RB | 5.75% | 12/01/2033 | 3100 | &nbsp;&nbsp; 3106503 |
| Series 2018 A, RB | 6.00% | 12/01/2038 | 6850 | &nbsp;&nbsp; 6855208 |
| Series 2018 A, RB | 6.25% | 12/01/2048 | 19530 | &nbsp;&nbsp; 19531717 |
| Series 2018 A, RB | 6.50% | 12/01/2053 | 13210 | &nbsp;&nbsp; 13212676 |
| Gainesville (City of) & Hall (County of), GA Development Authority (Riverside Military Academy); |  |  |  |  |
| Series 2017, Ref. RB (Acquired 12/08/2021; Cost $1,430,000)<sup>(f)(i)</sup> <br>| 5.00% | 03/01/2027 | 1430 | &nbsp;&nbsp; 572000 |
| Series 2017, Ref. RB (Acquired 12/09/2021-12/15/2021; Cost $6,799,911)<sup>(f)(i)</sup> <br>| 5.00% | 03/01/2037 | 6885 | &nbsp;&nbsp; 2754000 |
| Series 2017, Ref. RB (Acquired 05/03/2017-05/16/2022; Cost $7,377,025)<sup>(f)(i)</sup> <br>| 5.00% | 03/01/2047 | 8860 | &nbsp;&nbsp; 3544000 |
| Series 2017, Ref. RB (Acquired 05/03/2017-12/08/2021; Cost $3,472,750)<sup>(f)(i)</sup> <br>| 5.13% | 03/01/2052 | 3475 | &nbsp;&nbsp; 1390000 |
| George L Smith II Congress Center Authority (Convention Center Hotel); Series 2021, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2054 | 4750 | &nbsp;&nbsp; 4581790 |
| Marietta (City of), GA Developing Authority (Life University, Inc.); Series 2017 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 11/01/2037 | 8000 | &nbsp;&nbsp; 8018228 |
| Oconee (County of), GA Industrial Development Authority (Presbyterian Village Athens); |  |  |  |  |
| Series 2018 A-1, RB | 6.13% | 12/01/2038 | 2635 | &nbsp;&nbsp; 2695397 |
| Series 2018 A-1, RB | 6.25% | 12/01/2048 | 3675 | &nbsp;&nbsp; 3678344 |
| Series 2018 A-1, RB | 6.38% | 12/01/2053 | 3090 | &nbsp;&nbsp; 3078973 |
| Series 2018 A-2, RB<sup>(b)</sup> <br>| 5.50% | 12/01/2028 | 2005 | &nbsp;&nbsp; 1961367 |
| Savannah Georgia Convention Center Authority; |  |  |  |  |
| Series 2025, RB (INS - AGI)<sup>(d)</sup> <br>| 5.50% | 06/01/2050 | 1500 | &nbsp;&nbsp; 1621216 |
| Series 2025, RB | 5.25% | 06/01/2061 | 2350 | &nbsp;&nbsp; 2358256 |
|  |  |  |  | &nbsp;&nbsp; 134938824 |
| **Hawaii–0.37%** | **Hawaii–0.37%** | **Hawaii–0.37%** | **Hawaii–0.37%** | **Hawaii–0.37%** |
| Hawaii (State of); Series 2022 A, RB (INS - BAM)<sup>(c)(d)</sup> <br>| 5.00% | 07/01/2051 | 32450 | &nbsp;&nbsp; 33117759 |
| **Idaho–0.23%** | **Idaho–0.23%** | **Idaho–0.23%** | **Idaho–0.23%** | **Idaho–0.23%** |
| Avimor Community Infrastructure District No. 1 (Assessment Area Six); Series 2024 B, RB<sup>(a)</sup> <br>| 5.50% | 09/01/2053 | 2000 | &nbsp;&nbsp; 2005829 |
| Idaho (State of) Health Facilities Authority (St. Luke's Health ystem); Series 2025, Ref. RB | 5.25% | 03/01/2053 | 10000 | &nbsp;&nbsp; 10465673 |
| Idaho (State of) Health Facilities Authority (Valley Vista Care Corp.); Series 2017 A, Ref. RB | 5.25% | 11/15/2047 | 960 | &nbsp;&nbsp; 706750 |
| Idaho (State of) Housing & Finance Association (Compass Public Charter School, Inc.); |  |  |  |  |
| Series 2018 A, RB<sup>(a)</sup> <br>| 6.00% | 07/01/2039 | 370 | &nbsp;&nbsp; 380028 |
| Series 2018 A, RB<sup>(a)</sup> <br>| 6.00% | 07/01/2054 | 1135 | &nbsp;&nbsp; 1142240 |
| Spring Valley Community Infrastructure District No. 1; Series 2025, RB<sup>(a)</sup> <br>| 6.25% | 09/01/2054 | 5600 | &nbsp;&nbsp; 5805925 |
|  |  |  |  | &nbsp;&nbsp; 20506445 |
| **Illinois–2.17%** | **Illinois–2.17%** | **Illinois–2.17%** | **Illinois–2.17%** | **Illinois–2.17%** |
| Chicago (City of), IL; Series 2025 A, GO Bonds | 6.00% | 01/01/2050 | 4275 | &nbsp;&nbsp; 4501216 |
| Chicago (City of), IL (Cottage View Terrace Apartments); Series 2000 A, RB (CEP - GNMA)<sup>(c)</sup> <br>| 6.13% | 02/20/2042 | 30 | &nbsp;&nbsp; 30021 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**14**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** | **Illinois–(continued)** |
| Chicago (City of), IL (O'Hare International Airport); |  |  |  |  |
| Series 2024 A, RB<sup>(c)</sup> <br>| 5.50% | 01/01/2059 | $16860 | &nbsp;&nbsp; $17621033 |
| Series 2026 A, RB | 5.00% | 01/01/2047 | 3500 | &nbsp;&nbsp; 3706842 |
| Series 2026 A, RB | 5.25% | 01/01/2056 | 5000 | &nbsp;&nbsp; 5266928 |
| Chicago (City of), IL Board of Education; |  |  |  |  |
| Series 2016, RB | 6.00% | 04/01/2046 | 5700 | &nbsp;&nbsp; 5775683 |
| Series 2025 C, Ref. GO Bonds | 5.50% | 12/01/2045 | 3200 | &nbsp;&nbsp; 3241343 |
| Du Page (County of), IL Special Service Area No. 31 (Monarch Landing, Inc.); Series 2006, RB | 5.63% | 03/01/2036 | 649 | &nbsp;&nbsp; 651054 |
| Eastern Illinois Economic Development Authority (Remington Road & I-57 Business District); <br> Series 2023, RB<br>| 6.00% | 05/01/2046 | 5000 | &nbsp;&nbsp; 5021284 |
| Evanston (City of), IL (Roycemore School); Series 2021, RB<sup>(a)</sup> <br>| 4.63% | 04/01/2051 | 1250 | &nbsp;&nbsp; 1030906 |
| Gilberts (Village of), IL Special Service Area No. 24 (The Conservancy); Subseries 2014 A, RB | 5.38% | 03/01/2034 | 1726 | &nbsp;&nbsp; 1708574 |
| Harvey (City of), IL; Series 2023 A, GO Bonds | 4.50% | 01/01/2054 | 12689 | &nbsp;&nbsp; 9817179 |
| Illinois (State of); |  |  |  |  |
| Series 2024 B, GO Bonds | 5.25% | 05/01/2049 | 4000 | &nbsp;&nbsp; 4157009 |
| Series 2024 C, GO Bonds | 4.00% | 10/01/2048 | 20000 | &nbsp;&nbsp; 17982882 |
| Illinois (State of) (Rebuild Illinois Program); Series 2019 B, GO Bonds | 4.00% | 11/01/2035 | 1930 | &nbsp;&nbsp; 1965778 |
| Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.); Series 2002, RB<sup>(c)</sup> <br>| 8.00% | 06/01/2032 | 2940 | &nbsp;&nbsp; 2944974 |
| Illinois (State of) Finance Authority; |  |  |  |  |
| Series 2017, Ref. RB (Acquired 06/05/2018; Cost $1,788,434)<sup>(f)(i)</sup> <br>| 5.00% | 02/15/2027 | 1784 | &nbsp;&nbsp; 53507 |
| Series 2017, Ref. RB (Acquired 04/03/2019; Cost $5,371,154)<sup>(f)(i)</sup> <br>| 5.00% | 02/15/2037 | 6243 | &nbsp;&nbsp; 187274 |
| Series 2017, Ref. RB (Acquired 05/07/2019; Cost $2,465,447)<sup>(f)(i)</sup> <br>| 5.13% | 02/15/2045 | 2782 | &nbsp;&nbsp; 83471 |
| Series 2025, Ref. RB<sup>(a)</sup> <br>| 5.88% | 09/01/2046 | 17855 | &nbsp;&nbsp; 17891317 |
| Illinois (State of) Finance Authority (Admiral at the Lake (The)); |  |  |  |  |
| Series 2017, Ref. RB | 5.13% | 05/15/2038 | 2075 | &nbsp;&nbsp; 2046476 |
| Series 2017, Ref. RB | 5.25% | 05/15/2042 | 3220 | &nbsp;&nbsp; 3082555 |
| Series 2017, Ref. RB | 5.25% | 05/15/2054 | 6825 | &nbsp;&nbsp; 5752721 |
| Series 2017, Ref. RB | 5.50% | 05/15/2054 | 5000 | &nbsp;&nbsp; 4346627 |
| Illinois (State of) Finance Authority (DePaul College Prep Foundation); Series 2023, Ref. RB<sup>(a)</sup> <br>| 5.63% | 08/01/2053 | 3500 | &nbsp;&nbsp; 3608325 |
| Illinois (State of) Finance Authority (Dominican University); |  |  |  |  |
| Series 2022, Ref. RB | 5.00% | 03/01/2047 | 1100 | &nbsp;&nbsp; 1036465 |
| Series 2022, Ref. RB | 5.00% | 03/01/2052 | 1080 | &nbsp;&nbsp; 979572 |
| Illinois (State of) Finance Authority (Lutheran Communities Obligated Group); Series 2019 A, <br> Ref. RB (Acquired 11/27/2019-04/03/2020; Cost $2,317,626)<sup>(f)</sup> <br>| 5.00% | 11/01/2049 | 2450 | &nbsp;&nbsp; 1696625 |
| Illinois (State of) Finance Authority (Rosalind Franklin University); |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 08/01/2042 | 575 | &nbsp;&nbsp; 578090 |
| Series 2017, Ref. RB | 5.00% | 08/01/2047 | 700 | &nbsp;&nbsp; 692185 |
| Illinois (State of) Finance Authority (Villa St. Benedict); |  |  |  |  |
| Series 2015, Ref. RB | 6.13% | 11/15/2035 | 2775 | &nbsp;&nbsp; 2777417 |
| Series 2015, Ref. RB | 6.38% | 11/15/2043 | 4400 | &nbsp;&nbsp; 4402471 |
| Illinois (State of) Housing Development Authority (Stonebridge of Gurnee); |  |  |  |  |
| Series 2016 A, RB<sup>(a)</sup> <br>| 5.45% | 01/01/2046 | 1605 | &nbsp;&nbsp; 1605036 |
| Series 2016 A, RB<sup>(a)</sup> <br>| 5.60% | 01/01/2056 | 1775 | &nbsp;&nbsp; 1759944 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion); <br> Series 2012 B, RB (INS - AGI)<sup>(d)(e)</sup> <br>| 0.00% | 12/15/2041 | 2000 | &nbsp;&nbsp; 1094823 |
| Illinois Finance Authority; Series 2019, RB | 4.00% | 09/01/2041 | 6625 | &nbsp;&nbsp; 5822491 |
| Marion (City of), IL (Star Bond District Area No. 1); Series 2025, RB | 6.63% | 06/01/2055 | 27200 | &nbsp;&nbsp; 27408510 |
| Marion (City of), IL (Star Bond District Project Area No. 1); Series 2025, RB | 6.38% | 06/01/2045 | 1000 | &nbsp;&nbsp; 1018051 |
| Matteson (Village of), IL; Series 2015, RB | 6.50% | 12/01/2035 | 1055 | &nbsp;&nbsp; 1074689 |
| Morton Grove (Village of), IL (Sawmill Station Redevelopment); Series 2019, RB | 5.00% | 01/01/2039 | 2000 | &nbsp;&nbsp; 2000401 |
| Plano (City of), IL Special Service Area No. 5 (Lakewood Springs Club); Series 2006, RB | 6.00% | 03/01/2036 | 1006 | &nbsp;&nbsp; 965271 |
| Southwestern Illinois Development Authority; Series 2006, RB<sup>(i)</sup> <br>| 5.63% | 11/01/2026 | 657 | &nbsp;&nbsp; 131457 |
| Upper Illinois River Valley Development Authority; Series 2025, RB | 7.00% | 11/01/2060 | 12750 | &nbsp;&nbsp; 12665230 |
| Villa Park (Village of), IL (Garden Station Redevelopment); Series 2021, RB | 4.50% | 12/31/2038 | 1915 | &nbsp;&nbsp; 1826162 |
| Volo (Village of), IL Special Service Area No. 17; Series 2017, Ref. RB | 5.50% | 03/01/2047 | 1184 | &nbsp;&nbsp; 1184252 |
|  |  |  |  | &nbsp;&nbsp; 193194121 |
| **Indiana–1.83%** | **Indiana–1.83%** | **Indiana–1.83%** | **Indiana–1.83%** | **Indiana–1.83%** |
| Allen (County of), IN (Evergreen Village Fort Wayne); Series 2019, RB | 6.38% | 02/01/2039 | 10000 | &nbsp;&nbsp; 10130588 |
| Anderson (City of), IN (Sweet Galilee at the Wigwam); Series 2020, RB<sup>(a)</sup> <br>| 5.38% | 01/01/2040 | 2705 | &nbsp;&nbsp; 2551182 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**15**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Indiana–(continued)** | **Indiana–(continued)** | **Indiana–(continued)** | **Indiana–(continued)** | **Indiana–(continued)** |
| Columbus (City of), IN (Vivera Senior Living); Series 2019, RB | 5.63% | 05/01/2039 | $11715 | &nbsp;&nbsp; $11403677 |
| Evansville (City of), IN (Silver Birch of Evansville); Series 2017, RB | 5.45% | 01/01/2038 | 3430 | &nbsp;&nbsp; 3377785 |
| Fort Wayne (City of), IN (Silver Birch at Cook Road); Series 2018, RB<sup>(a)</sup> <br>| 5.63% | 01/01/2038 | 7000 | &nbsp;&nbsp; 7022602 |
| Fort Wayne (City of), IN (Silver Birch of Fort Wayne); |  |  |  |  |
| Series 2017, RB | 5.13% | 01/01/2032 | 350 | &nbsp;&nbsp; 346579 |
| Series 2017, RB | 5.35% | 01/01/2038 | 3850 | &nbsp;&nbsp; 3768214 |
| Indiana (State of) Finance Authority; Series 2025, RB<sup>(a)</sup> <br>| 6.38% | 10/15/2060 | 1145 | &nbsp;&nbsp; 1156736 |
| Indiana (State of) Finance Authority (Irvington Community School); |  |  |  |  |
| Series 2018 A, Ref. RB<sup>(a)</sup> <br>| 5.90% | 07/01/2038 | 770 | &nbsp;&nbsp; 770260 |
| Series 2018 A, Ref. RB<sup>(a)</sup> <br>| 6.00% | 07/01/2048 | 1185 | &nbsp;&nbsp; 1181861 |
| Indiana (State of) Finance Authority (Unidy Properties LLC); |  |  |  |  |
| Series 2025, RB | 5.63% | 07/01/2050 | 3750 | &nbsp;&nbsp; 3704366 |
| Series 2025, RB | 5.25% | 07/01/2055 | 2400 | &nbsp;&nbsp; 2220329 |
| Series 2025, RB | 5.75% | 07/01/2060 | 2600 | &nbsp;&nbsp; 2565051 |
| Indiana (State of) Housing & Community Development Authority (Evergreen Village at <br> Bloomington); Series 2016, RB<br>| 5.50% | 01/01/2037 | 3640 | &nbsp;&nbsp; 3641127 |
| Indiana (State of) Housing & Community Development Authority (Glasswater Creek of <br> Whitestown); Series 2020, RB<sup>(a)</sup> <br>| 5.38% | 10/01/2040 | 11800 | &nbsp;&nbsp; 10354950 |
| Indiana (State of) Housing & Community Development Authority (Hammond Assisted Living <br> Community); Series 2016 A, RB<br>| 5.75% | 01/01/2036 | 6725 | &nbsp;&nbsp; 6727257 |
| Indiana (State of) Housing & Community Development Authority (Lake Meadows Assisted Living); <br> Series 2019 A, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2039 | 6735 | &nbsp;&nbsp; 6619788 |
| Indiana (State of) Housing & Community Development Authority (Vita of Greenfield); Series 2023 <br> A, RB<br>| 6.88% | 01/01/2043 | 21575 | &nbsp;&nbsp; 22440500 |
| Jeffersonville (City of), IN (Vivera Senior Living); Series 2020 A, RB<sup>(a)</sup> <br>| 5.25% | 11/01/2040 | 5115 | &nbsp;&nbsp; 4496605 |
| Kokomo (City of), IN (Silver Birch at KOKOMO); |  |  |  |  |
| Series 2017, RB | 5.75% | 01/01/2034 | 905 | &nbsp;&nbsp; 893102 |
| Series 2017, RB | 5.88% | 01/01/2037 | 10000 | &nbsp;&nbsp; 10005428 |
| Lafayette (City of), IN (Glasswater Creek of Lafayette); |  |  |  |  |
| Series 2017, RB | 5.60% | 01/01/2033 | 695 | &nbsp;&nbsp; 699194 |
| Series 2017, RB | 5.80% | 01/01/2037 | 5160 | &nbsp;&nbsp; 5191334 |
| Merrillville (Town of), IN (Belvedere Housing); Series 2016, RB | 5.75% | 04/01/2036 | 4965 | &nbsp;&nbsp; 4966311 |
| Mishawaka (City of), IN; Series 2018, RB | 5.75% | 10/01/2038 | 17035 | &nbsp;&nbsp; 17164781 |
| Mishawaka (City of), IN (Silver Birch of Mishwaka); |  |  |  |  |
| Series 2017, RB<sup>(a)</sup> <br>| 5.10% | 01/01/2032 | 310 | &nbsp;&nbsp; 309658 |
| Series 2017, RB<sup>(a)</sup> <br>| 5.38% | 01/01/2038 | 6975 | &nbsp;&nbsp; 6991057 |
| Plainfield (Town of), IN (Glasswater Creek of Plainfield); Series 2018, RB | 5.38% | 09/01/2038 | 7785 | &nbsp;&nbsp; 7787511 |
| Terre Haute (City of), IN (Silver Birch of Terre Haute); Series 2017, RB | 5.35% | 01/01/2038 | 3880 | &nbsp;&nbsp; 3892629 |
|  |  |  |  | &nbsp;&nbsp; 162380462 |
| **Iowa–0.64%** | **Iowa–0.64%** | **Iowa–0.64%** | **Iowa–0.64%** | **Iowa–0.64%** |
| Clear Lake (City of), IA (Timbercrest Apartments, LLC); |  |  |  |  |
| Series 2018, RB | 6.00% | 10/01/2043 | 1405 | &nbsp;&nbsp; 1406733 |
| Series 2018, RB | 6.00% | 10/01/2048 | 2880 | &nbsp;&nbsp; 2786037 |
| Iowa (State of) Finance Authority (Alcoa, Inc.); Series 2012, RB | 4.75% | 08/01/2042 | 11250 | &nbsp;&nbsp; 11253898 |
| Iowa (State of) Finance Authority (Lifespace Communities, Inc.); |  |  |  |  |
| Series 2018 A, RB | 5.00% | 05/15/2048 | 13570 | &nbsp;&nbsp; 13048920 |
| Series 2023, Ref. RB | 7.50% | 05/15/2053 | 8000 | &nbsp;&nbsp; 8890623 |
| Iowa (State of) Finance Authority (PHS Council Bluffs, Inc.); |  |  |  |  |
| Series 2018, RB | 5.00% | 08/01/2038 | 750 | &nbsp;&nbsp; 750004 |
| Series 2018, RB | 5.13% | 08/01/2048 | 3500 | &nbsp;&nbsp; 3139154 |
| Series 2018, RB | 5.25% | 08/01/2055 | 4000 | &nbsp;&nbsp; 3545783 |
| Iowa (State of) Finance Authority (Riserville Holdings); Series 2021, RB<sup>(a)(c)</sup> <br>| 5.00% | 12/01/2051 | 5710 | &nbsp;&nbsp; 4977342 |
| Iowa (State of) Finance Authority (Union at the Marina); Series 2024 A-1, RB<sup>(a)</sup> <br>| 6.00% | 11/01/2042 | 7210 | &nbsp;&nbsp; 7425199 |
|  |  |  |  | &nbsp;&nbsp; 57223693 |
| **Kansas–0.33%** | **Kansas–0.33%** | **Kansas–0.33%** | **Kansas–0.33%** | **Kansas–0.33%** |
| Goddard (City of), KS (Olympic Park Star Bond); Series 2021, RB | 3.50% | 06/01/2034 | 1420 | &nbsp;&nbsp; 1414932 |
| Manhattan (City of), KS; Series 2025 A, RB | 5.50% | 06/01/2060 | 2500 | &nbsp;&nbsp; 2523126 |
| Olathe (City of), KS; Series 2006, RB<sup>(h)(o)</sup> <br>| 5.00% | 03/01/2026 | 2018 | &nbsp;&nbsp; 383489 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**16**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Kansas–(continued)** | **Kansas–(continued)** | **Kansas–(continued)** | **Kansas–(continued)** | **Kansas–(continued)** |
| Wichita (City of), KS (Presbyterian Manors, Inc.); |  |  |  |  |
| Series 2024 VIII, Ref. RB | 5.75% | 05/15/2045 | $9925 | &nbsp;&nbsp; $9995862 |
| Series 2024 VIII, Ref. RB | 5.88% | 05/15/2050 | 5890 | &nbsp;&nbsp; 5720552 |
| Series 2024 VIII, Ref. RB | 6.00% | 05/15/2054 | 3315 | &nbsp;&nbsp; 3236398 |
| Wyandotte County-Kansas City Unified Government; |  |  |  |  |
| Series 2026, RB<sup>(a)</sup> <br>| 4.75% | 03/01/2041 | 2050 | &nbsp;&nbsp; 2057385 |
| Series 2026, RB<sup>(a)</sup> <br>| 5.50% | 03/01/2046 | 4150 | &nbsp;&nbsp; 4162551 |
|  |  |  |  | &nbsp;&nbsp; 29494295 |
| **Kentucky–0.33%** | **Kentucky–0.33%** | **Kentucky–0.33%** | **Kentucky–0.33%** | **Kentucky–0.33%** |
| Henderson (City of), KY (Pratt Paper LLC); Series 2022 A, RB<sup>(a)(c)</sup> <br>| 4.70% | 01/01/2052 | 5500 | &nbsp;&nbsp; 5258068 |
| Louisville and Jefferson County Metropolitan Sewer District; Series 2025, RB<sup>(l)</sup> <br>| 5.00% | 05/15/2053 | 16685 | &nbsp;&nbsp; 17463387 |
| Ludlow (City of), KY; Series 2023, RB<sup>(a)(g)</sup> <br>| 7.50% | 03/01/2053 | 7750 | &nbsp;&nbsp; 6382304 |
|  |  |  |  | &nbsp;&nbsp; 29103759 |
| **Louisiana–1.55%** | **Louisiana–1.55%** | **Louisiana–1.55%** | **Louisiana–1.55%** | **Louisiana–1.55%** |
| Juban Crossing Community Development District; Series 2024 B, RB | 6.25% | 06/01/2034 | 5000 | &nbsp;&nbsp; 5323926 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (Better Waterworks, Inc.); Series 2018 A, RB<sup>(a)(c)</sup> <br>| 5.25% | 05/01/2043 | 1220 | &nbsp;&nbsp; 1159026 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (Glen Retirement System);<br>|  |  |  |  |
| Series 2019 A, RB | 5.00% | 01/01/2049 | 16535 | &nbsp;&nbsp; 13087820 |
| Series 2019 A, RB | 5.00% | 01/01/2055 | 12000 | &nbsp;&nbsp; 9094277 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (Green Bonds); Series 2018, RB<sup>(a)</sup> <br>| 5.38% | 11/01/2038 | 1515 | &nbsp;&nbsp; 1583193 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (St. Martin Parish Gomesa); Series 2019, RB<sup>(a)</sup> <br>| 4.40% | 11/01/2044 | 2620 | &nbsp;&nbsp; 2625983 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (St. Tammany Parish Gomesa); Series 2020, RB<sup>(a)</sup> <br>| 3.88% | 11/01/2045 | 3585 | &nbsp;&nbsp; 3318733 |
| Louisiana (State of) Public Facilities Authority (Acadiana Renaissance Charter Academy); |  |  |  |  |
| Series 2025, RB<sup>(a)</sup> <br>| 6.15% | 06/15/2055 | 2500 | &nbsp;&nbsp; 2567916 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.00% | 06/15/2059 | 5200 | &nbsp;&nbsp; 5266942 |
| Louisiana (State of) Public Facilities Authority (I-10 Calcasieu River Bridge); Series 2024, RB<sup>(c)</sup> <br>| 5.75% | 09/01/2064 | 40830 | &nbsp;&nbsp; 42525870 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation); Series 2025, Ref. RB | 5.50% | 05/15/2055 | 10000 | &nbsp;&nbsp; 10683142 |
| Louisiana (State of) Public Facilities Authority (Waste Pro USA, Inc.); Series 2023, RB<sup>(a)(b)(c)</sup> <br>| 6.75% | 10/01/2028 | 11000 | &nbsp;&nbsp; 11677731 |
| Plaquemines Port Harbor & Terminal District (NOLA Terminal LLC); Series 2024 A, RB<sup>(a)</sup> <br>| 9.00% | 12/01/2044 | 25935 | &nbsp;&nbsp; 22959332 |
| St. James (Parish of), LA (Nustar Logistics, L.P.); |  |  |  |  |
| Series 2010 2, RB<sup>(a)</sup> <br>| 6.35% | 07/01/2040 | 5115 | &nbsp;&nbsp; 5659279 |
| Series 2010 2, RB<sup>(a)</sup> <br>| 6.35% | 10/01/2040 | 440 | &nbsp;&nbsp; 486803 |
|  |  |  |  | &nbsp;&nbsp; 138019973 |
| **Maine–0.16%** | **Maine–0.16%** | **Maine–0.16%** | **Maine–0.16%** | **Maine–0.16%** |
| Maine (State of) Finance Authority (Casella Waste Systems, Inc.); Series 2024, Ref. RB<sup>(a)(b)(c)</sup> <br>| 4.63% | 06/01/2035 | 2125 | &nbsp;&nbsp; 2222764 |
| Rumford (Town of), ME (Boise Cascade Corp.); Series 2001, Ref. RB<sup>(c)</sup> <br>| 6.88% | 10/01/2026 | 12265 | &nbsp;&nbsp; 12295071 |
|  |  |  |  | &nbsp;&nbsp; 14517835 |
| **Maryland–0.58%** | **Maryland–0.58%** | **Maryland–0.58%** | **Maryland–0.58%** | **Maryland–0.58%** |
| Baltimore (City of), MD (Centerwest Development); |  |  |  |  |
| Series 2017 A, RB | 5.38% | 06/01/2036 | 1100 | &nbsp;&nbsp; 1102228 |
| Series 2017 A, RB | 5.50% | 06/01/2043 | 1360 | &nbsp;&nbsp; 1361416 |
| Baltimore (City of), MD (Convention Center Hotel); |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 09/01/2027 | 2780 | &nbsp;&nbsp; 2837662 |
| Series 2017, Ref. RB | 5.00% | 09/01/2028 | 4350 | &nbsp;&nbsp; 4439213 |
| Series 2017, Ref. RB | 5.00% | 09/01/2029 | 3630 | &nbsp;&nbsp; 3704483 |
| Series 2017, Ref. RB | 5.00% | 09/01/2031 | 1210 | &nbsp;&nbsp; 1233624 |
| Series 2017, Ref. RB | 5.00% | 09/01/2033 | 1000 | &nbsp;&nbsp; 1017534 |
| Series 2017, Ref. RB | 5.00% | 09/01/2034 | 1105 | &nbsp;&nbsp; 1123077 |
| Series 2017, Ref. RB | 5.00% | 09/01/2035 | 2250 | &nbsp;&nbsp; 2283409 |
| Series 2017, Ref. RB | 5.00% | 09/01/2036 | 3525 | &nbsp;&nbsp; 3572172 |
| Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland <br> Medical System); Series 2025, Ref. RB<br>| 5.25% | 07/01/2052 | 12000 | &nbsp;&nbsp; 12647394 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**17**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Maryland–(continued)** | **Maryland–(continued)** | **Maryland–(continued)** | **Maryland–(continued)** | **Maryland–(continued)** |
| Maryland Economic Development Corp. (Green Bonds); Series 2022, RB<sup>(c)</sup> <br>| 5.25% | 06/30/2052 | $7000 | &nbsp;&nbsp; $7029596 |
| Maryland Economic Development Corp. (Purple Line) (Green Bonds); Series 2022 B, RB<sup>(c)</sup> <br>| 5.25% | 06/30/2055 | 9290 | &nbsp;&nbsp; 9309995 |
|  |  |  |  | &nbsp;&nbsp; 51661803 |
| **Massachusetts–1.36%** | **Massachusetts–1.36%** | **Massachusetts–1.36%** | **Massachusetts–1.36%** | **Massachusetts–1.36%** |
| Massachusetts (Commonwealth of); |  |  |  |  |
| Series 2025, GO Bonds<sup>(l)</sup> <br>| 5.00% | 11/01/2052 | 27815 | &nbsp;&nbsp; 28964886 |
| Series 2025, RB<sup>(l)</sup> <br>| 5.00% | 06/01/2050 | 15000 | &nbsp;&nbsp; 15576329 |
| Series 2025, RB<sup>(l)</sup> <br>| 5.00% | 06/01/2052 | 15000 | &nbsp;&nbsp; 15586086 |
| Series 2025, RB<sup>(k)(l)</sup> <br>| 5.25% | 07/01/2052 | 13705 | &nbsp;&nbsp; 14697575 |
| Massachusetts (Commonwealth of) Development Finance Agency (Brown University); |  |  |  |  |
| Series 2025, RB | 5.25% | 08/15/2045 | 5805 | &nbsp;&nbsp; 6120138 |
| Series 2025, RB | 5.50% | 08/15/2050 | 9510 | &nbsp;&nbsp; 10028864 |
| Massachusetts (Commonwealth of) Development Finance Agency (Linden Ponds, Inc. Facility); <br> Series 2018, RB<sup>(a)</sup> <br>| 5.13% | 11/15/2046 | 4565 | &nbsp;&nbsp; 4636338 |
| Massachusetts (Commonwealth of) Development Finance Agency (Newbridge Charles, Inc.); <br> Series 2017, Ref. RB<sup>(a)</sup> <br>| 5.00% | 10/01/2057 | 3100 | &nbsp;&nbsp; 3036936 |
| Massachusetts (Commonwealth of) Development Finance Agency (Suffolk University); <br> Series 2025, Ref. RB<br>| 6.00% | 07/01/2050 | 6350 | &nbsp;&nbsp; 6786310 |
| Massachusetts (Commonwealth of) Port Authority; Series 2022, RB<sup>(c)(l)</sup> <br>| 5.00% | 07/01/2046 | 15000 | &nbsp;&nbsp; 15478919 |
|  |  |  |  | &nbsp;&nbsp; 120912381 |
| **Michigan–1.39%** | **Michigan–1.39%** | **Michigan–1.39%** | **Michigan–1.39%** | **Michigan–1.39%** |
| Advanced Technology Academy; Series 2019, Ref. RB | 5.00% | 11/01/2044 | 1175 | &nbsp;&nbsp; 1154460 |
| American Montessori Academy; Series 2017, RB | 7.00% | 12/01/2046 | 1430 | &nbsp;&nbsp; 1443932 |
| Charyl Stockwell Academy; |  |  |  |  |
| Series 2015, Ref. RB | 5.50% | 10/01/2035 | 2395 | &nbsp;&nbsp; 2395600 |
| Series 2015, Ref. RB | 5.75% | 10/01/2045 | 4140 | &nbsp;&nbsp; 3983211 |
| Grand Rapids Economic Development Corp. (Clark Retirement Community, Inc.); |  |  |  |  |
| Series 2019 A, Ref. RB | 5.50% | 04/01/2039 | 4365 | &nbsp;&nbsp; 4349053 |
| Series 2019 A, Ref. RB | 5.75% | 04/01/2049 | 18320 | &nbsp;&nbsp; 16460126 |
| Series 2019 A, Ref. RB | 5.75% | 04/01/2054 | 8290 | &nbsp;&nbsp; 7245998 |
| Series 2019 B, RB | 6.00% | 04/01/2027 | 1780 | &nbsp;&nbsp; 1761609 |
| Kalamazoo Economic Development Corp. (Friendship Village of Kalamazoo); Series 2026, RB<sup>(a)</sup> <br>| 6.25% | 08/15/2061 | 2240 | &nbsp;&nbsp; 2283020 |
| Michigan (State of); Series 2025, RB<sup>(l)</sup> <br>| 5.50% | 11/15/2049 | 13180 | &nbsp;&nbsp; 14339700 |
| Michigan (State of) Finance Authority; |  |  |  |  |
| Series 2005 A, RB | 6.00% | 12/01/2035 | 1400 | &nbsp;&nbsp; 1399879 |
| Series 2007, RB | 6.50% | 12/01/2037 | 465 | &nbsp;&nbsp; 465374 |
| Series 2008 C, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2058 | 579475 | &nbsp;&nbsp; 13535725 |
| Michigan (State of) Finance Authority (Bronson Healthcare Group); Series 2020 A, Ref. RB<sup>(b)(j)</sup> <br>| 5.00% | 05/15/2026 | 10000 | &nbsp;&nbsp; 10053570 |
| Michigan (State of) Finance Authority (Huron Academy); |  |  |  |  |
| Series 2024, Ref. RB | 5.00% | 10/01/2044 | 1380 | &nbsp;&nbsp; 1361358 |
| Series 2024, Ref. RB | 5.00% | 10/01/2054 | 2000 | &nbsp;&nbsp; 1847792 |
| Michigan (State of) Finance Authority (Old Redforf Academy); Series 2010 A, RB | 5.90% | 12/01/2030 | 800 | &nbsp;&nbsp; 800223 |
| Michigan (State of) Finance Authority (Universal Learning Academy); Series 2018, Ref. RB | 5.75% | 11/01/2040 | 2000 | &nbsp;&nbsp; 2039971 |
| Michigan (State of) Housing Development Authority; Series 2023 A, RB<sup>(l)</sup> <br>| 5.15% | 10/01/2058 | 20000 | &nbsp;&nbsp; 20423546 |
| Pontiac (City of), MI Arts & Technology Academy; Series 2016, Ref. RB<sup>(b)(j)</sup> <br>| 6.00% | 03/23/2026 | 3465 | &nbsp;&nbsp; 3472456 |
| Wayne (County of), MI; Series 1999, RB<sup>(c)</sup> <br>| 6.00% | 12/01/2029 | 12875 | &nbsp;&nbsp; 12907660 |
|  |  |  |  | &nbsp;&nbsp; 123724263 |
| **Minnesota–1.12%** | **Minnesota–1.12%** | **Minnesota–1.12%** | **Minnesota–1.12%** | **Minnesota–1.12%** |
| Bethel (City of), MN (Benedictine Health System - St. Peter Communities); Series 2018 A, Ref. RB | 5.50% | 12/01/2048 | 3330 | &nbsp;&nbsp; 3291932 |
| Bethel (City of), MN (Birchwood Landing At The Lakes At Stillwater Project); Series 2019, RB | 5.00% | 05/01/2054 | 1000 | &nbsp;&nbsp; 909195 |
| Bethel (City of), MN (Ecumen Obligated Group); Series 2024, Ref. RB | 6.13% | 03/01/2049 | 1500 | &nbsp;&nbsp; 1500525 |
| Brainerd (City of), MN; |  |  |  |  |
| Series 2025, RB | 5.75% | 05/01/2050 | 3130 | &nbsp;&nbsp; 3196781 |
| Series 2025, RB | 6.00% | 05/01/2055 | 3250 | &nbsp;&nbsp; 3344593 |
| Series 2025, RB | 6.00% | 05/01/2060 | 3000 | &nbsp;&nbsp; 3059685 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**18**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Minnesota–(continued)** | **Minnesota–(continued)** | **Minnesota–(continued)** | **Minnesota–(continued)** | **Minnesota–(continued)** |
| Brooklyn Center (City of), MN (Sanctuary at at Brooklyn Center); |  |  |  |  |
| Series 2016 A, RB | 5.50% | 11/01/2035 | $8634 | &nbsp;&nbsp; $6044027 |
| Series 2016 B, RB | 6.50% | 11/01/2035 | 2988 | &nbsp;&nbsp; 2091365 |
| Brooklyn Park (City of), MN (Prairie Seeds Academy); Series 2024, Ref. RB | 5.25% | 06/15/2064 | 8020 | &nbsp;&nbsp; 7435761 |
| Cottonwood (City of), MN (Extreme Holdings LLC); |  |  |  |  |
| Series 2021 A, RB<sup>(a)(c)</sup> <br>| 5.00% | 12/01/2050 | 6630 | &nbsp;&nbsp; 5525684 |
| Series 2021 B, RB<sup>(a)</sup> <br>| 6.50% | 12/01/2026 | 170 | &nbsp;&nbsp; 168609 |
| Dakota (County of), MN Community Development Agency (Sanctuary at West St. Paul); <br> Series 2015, RB<br>| 6.00% | 08/01/2035 | 8035 | &nbsp;&nbsp; 7467257 |
| Independence (City of), MN (Spero Academy); |  |  |  |  |
| Series 2021 A, RB | 5.00% | 07/01/2056 | 13325 | &nbsp;&nbsp; 10528995 |
| Series 2021 B, RB | 6.00% | 07/01/2028 | 445 | &nbsp;&nbsp; 439517 |
| International Falls (City of), MN (Boise Cascade Corp.); Series 1999, Ref. RB<sup>(c)</sup> <br>| 6.85% | 12/01/2029 | 6685 | &nbsp;&nbsp; 6702658 |
| Lakes Area Economic Development Authority; Series 2026, RB | 5.88% | 11/01/2062 | 1500 | &nbsp;&nbsp; 1505838 |
| Minneapolis (City of), MN (Kipp North Star); Series 2020 A, RB | 5.75% | 07/01/2055 | 11765 | &nbsp;&nbsp; 9263588 |
| Minneapolis (City of), MN (Spero Academy); |  |  |  |  |
| Series 2017 A, RB<sup>(a)</sup> <br>| 6.25% | 07/01/2037 | 1075 | &nbsp;&nbsp; 1089416 |
| Series 2017 A, RB<sup>(a)</sup> <br>| 6.50% | 07/01/2048 | 4740 | &nbsp;&nbsp; 4761511 |
| Minnesota (State of) Higher Education Facilities Authority (Bethel University); Series 2017, Ref. <br> RB<br>| 5.00% | 05/01/2047 | 7615 | &nbsp;&nbsp; 7071322 |
| Oakdale (City of), MN; Series 2025, Ref. RB | 5.50% | 12/01/2045 | 2595 | &nbsp;&nbsp; 2633053 |
| Rochester (City of), MN (Homestead at Rochester, Inc.); Series 2013 A, RB | 6.88% | 12/01/2048 | 5200 | &nbsp;&nbsp; 5203490 |
| Shakopee (City of), MN; Series 2025, Ref. RB | 5.88% | 11/01/2065 | 3000 | &nbsp;&nbsp; 3049478 |
| St. Paul (City of), MN Housing & Redevelopment Authority (Great Northern Lofts); Series 2004, <br> RB<br>| 6.25% | 03/01/2029 | 877 | &nbsp;&nbsp; 822667 |
| St. Paul (City of), MN Housing & Redevelopment Authority (Great River School); Series 2017 A, <br> RB<sup>(a)</sup> <br>| 5.50% | 07/01/2052 | 1075 | &nbsp;&nbsp; 1035345 |
| St. Paul (City of), MN Housing & Redevelopment Authority (Twin Cities German Immersion School); |  |  |  |  |
| Series 2019, RB | 5.00% | 07/01/2049 | 1000 | &nbsp;&nbsp; 929075 |
| Series 2019, RB | 5.00% | 07/01/2055 | 1000 | &nbsp;&nbsp; 904358 |
|  |  |  |  | &nbsp;&nbsp; 99975725 |
| **Mississippi–0.17%** | **Mississippi–0.17%** | **Mississippi–0.17%** | **Mississippi–0.17%** | **Mississippi–0.17%** |
| Mississippi (State of) Hospital Equipment & Facilities Authority (Ochsner Clinic Foundation); <br> Series 2025, Ref. RB<br>| 5.50% | 05/15/2055 | 10000 | &nbsp;&nbsp; 10683142 |
| Stonebridge Public Improvement District; Series 2007, RB<sup>(i)</sup> <br>| 7.50% | 10/01/2042 | 16410 | &nbsp;&nbsp; 4430700 |
|  |  |  |  | &nbsp;&nbsp; 15113842 |
| **Missouri–0.91%** | **Missouri–0.91%** | **Missouri–0.91%** | **Missouri–0.91%** | **Missouri–0.91%** |
| Branson (City of), MO Commerce Park Community Improvement District; Series 2007 A, RB <br> (Acquired 06/28/2007-07/05/2007; Cost $4,787,198)<sup>(f)(i)</sup> <br>| 5.75% | 06/01/2026 | 4900 | &nbsp;&nbsp; 1960000 |
| Branson (City of), MO Industrial Development Authority (Branson Hills Redevelopment); |  |  |  |  |
| Series 2005 A, RB<sup>(h)</sup> <br>| 7.05% | 05/01/2027 | 6755 | &nbsp;&nbsp; 5066250 |
| Series 2007 A, RB<sup>(h)</sup> <br>| 5.75% | 05/01/2026 | 1295 | &nbsp;&nbsp; 971250 |
| Branson (City of), MO Industrial Development Authority (Branson Landing Retail); Series 2005, <br> RB<br>| 5.50% | 06/01/2029 | 1550 | &nbsp;&nbsp; 1536614 |
| Broadway-Fairview Transportation Development District; Series 2006 A, RB<sup>(h)</sup> <br>| 6.13% | 12/01/2036 | 570 | &nbsp;&nbsp; 176700 |
| Callaway (County of), MO Industrial Development Authority (Westminster College); Series 2021 <br> C, RB<br>| 5.25% | 10/01/2051 | 3420 | &nbsp;&nbsp; 2824891 |
| Chesterfield Valley Transportation Development District; Series 2018, RB | 5.50% | 05/15/2046 | 2811 | &nbsp;&nbsp; 2811321 |
| Chillicothe (City of), MO (South U.S. 65); Series 2006, RB | 5.63% | 04/01/2027 | 2345 | &nbsp;&nbsp; 2351330 |
| Dardenne Town Square Transportation Development District; |  |  |  |  |
| Series 2006 A, RB<sup>(o)</sup> <br>| 5.00% | 05/01/2026 | 3020 | &nbsp;&nbsp; 1026800 |
| Series 2006 A, RB<sup>(o)</sup> <br>| 5.00% | 05/01/2036 | 3825 | &nbsp;&nbsp; 1300500 |
| I-470 Western Gateway Transportation Development District; Series 2019 A, RB<sup>(a)</sup> <br>| 5.25% | 12/01/2048 | 4900 | &nbsp;&nbsp; 4905677 |
| Kansas City (City of), MO Industrial Development Authority (Historic Northeast Redevelopment <br> Plan); Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2046 | 1875 | &nbsp;&nbsp; 1898078 |
| Kansas City (City of), MO Industrial Development Authority (Kansas City International Airport); <br> Series 2019 B, RB<sup>(c)</sup> <br>| 5.00% | 03/01/2054 | 12765 | &nbsp;&nbsp; 12812560 |
| Kansas City (City of), MO Industrial Development Authority (Platte Purchase); Series 2025, Ref. <br> RB<sup>(a)</sup> <br>| 6.00% | 01/01/2048 | 4100 | &nbsp;&nbsp; 4211136 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**19**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Missouri–(continued)** | **Missouri–(continued)** | **Missouri–(continued)** | **Missouri–(continued)** | **Missouri–(continued)** |
| Kansas City (City of), MO Industrial Development Authority (Ward Parkway Center Community <br> Improvement District); Series 2016 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 04/01/2046 | $1890 | &nbsp;&nbsp; $1820220 |
| Kirkwood (City of), MO Industrial Development Authority (Aberdeen Heights); |  |  |  |  |
| Series 2017 A, Ref. RB | 5.25% | 05/15/2028 | 1135 | &nbsp;&nbsp; 1149997 |
| Series 2017 A, Ref. RB | 5.25% | 05/15/2042 | 1750 | &nbsp;&nbsp; 1752584 |
| Series 2017 A, Ref. RB | 5.25% | 05/15/2050 | 4100 | &nbsp;&nbsp; 3816739 |
| Lee's Summit (City of), MO Industrial Development Authority; Series 2007, RB<sup>(h)(i)</sup> <br>| 5.75% | 03/01/2029 | 508 | &nbsp;&nbsp; 91484 |
| Lee's Summit (City of), MO Industrial Development Authority (Summit Fair Community <br> Improvement District); Series 2012, RB<br>| 6.00% | 05/01/2042 | 2800 | &nbsp;&nbsp; 2799829 |
| Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); <br> Series 2024, Ref. RB<br>| 5.25% | 02/01/2054 | 3640 | &nbsp;&nbsp; 3667032 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health); Series 2025, Ref. <br> RB<sup>(a)</sup> <br>| 6.25% | 10/01/2055 | 4400 | &nbsp;&nbsp; 4468093 |
| Northwoods Transportation Development District; Series 2006 A, RB | 5.85% | 02/01/2031 | 370 | &nbsp;&nbsp; 344973 |
| Rock Hill (City of), MO Industrial Development Authority (Market at McKnight Redevelopment); <br> Series 2015 A, RB<br>| 4.50% | 11/01/2028 | 215 | &nbsp;&nbsp; 206744 |
| St. Louis (City of), MO; |  |  |  |  |
| Series 2007 A, RB<sup>(h)</sup> <br>| 5.50% | 09/02/2028 | 1108 | &nbsp;&nbsp; 232680 |
| Series 2007, RN<sup>(h)(o)</sup> <br>| 6.30% | 04/01/2027 | 3043 | &nbsp;&nbsp; 152150 |
| St. Louis (City of), MO (Abbey Condominiums); Series 2007, RB<sup>(h)</sup> <br>| 5.50% | 05/29/2028 | 2031 | &nbsp;&nbsp; 304647 |
| St. Louis (City of), MO (Printers Lofts Tax Increment Financing); Series 2006, RB<sup>(h)(o)</sup> <br>| 6.00% | 08/21/2026 | 1660 | &nbsp;&nbsp; 116200 |
| St. Louis (City of), MO (Washington Park Redevelopment); |  |  |  |  |
| Series 2006, RB<sup>(h)(o)</sup> <br>| 6.00% | 08/21/2026 | 2442 | &nbsp;&nbsp; 293040 |
| Series 2007 A, RN<sup>(h)</sup> <br>| 5.50% | 01/20/2028 | 2079 | &nbsp;&nbsp; 644490 |
| Series 2007 B, RN<sup>(h)(i)</sup> <br>| 5.50% | 01/20/2028 | 1510 | &nbsp;&nbsp; 15100 |
| St. Louis (City of), MO Industrial Development Authority (The); Series 2010 A, RB<sup>(i)</sup> <br>| 8.00% | 04/27/2033 | 4580 | &nbsp;&nbsp; 45800 |
| St. Louis (City of), MO Land Clearance for Redevelopment Authority (Scottrade Center); |  |  |  |  |
| Series 2018 A, RB | 5.00% | 04/01/2048 | 5205 | &nbsp;&nbsp; 5230305 |
| Series 2018 B, RB | 6.38% | 04/01/2043 | 2000 | &nbsp;&nbsp; 1748214 |
| St. Louis (County of), MO Industrial Development Authority; Series 2019 A, Ref. RB<sup>(a)</sup> <br>| 5.88% | 03/01/2033 | 3100 | &nbsp;&nbsp; 3080371 |
| Stone Canyon Community Improvement District (Infrastructure Improvement); Series 2007, <br> RB<sup>(h)(i)</sup> <br>| 5.75% | 04/01/2027 | 975 | &nbsp;&nbsp; 204750 |
| Taney (County of), MO Industrial Development Authority (Big Cedar Infrastructure); Series 2023, <br> RB<sup>(a)</sup> <br>| 6.00% | 10/01/2049 | 4575 | &nbsp;&nbsp; 4597105 |
|  |  |  |  | &nbsp;&nbsp; 80635654 |
| **Montana–0.05%** | **Montana–0.05%** | **Montana–0.05%** | **Montana–0.05%** | **Montana–0.05%** |
| Hardin (City of), MT; Series 2006, RB<sup>(h)(o)</sup> <br>| 6.25% | 09/01/2031 | 5935 | &nbsp;&nbsp; 712200 |
| Kalispell (City of), MT (Immanuel Living At Buffalo Hill); Series 2025, Ref. RB | 6.00% | 05/15/2060 | 4000 | &nbsp;&nbsp; 4119099 |
|  |  |  |  | &nbsp;&nbsp; 4831299 |
| **Nebraska–0.64%** | **Nebraska–0.64%** | **Nebraska–0.64%** | **Nebraska–0.64%** | **Nebraska–0.64%** |
| Omaha Public Power District; Series 2025, RB<sup>(l)</sup> <br>| 5.25% | 02/01/2055 | 33690 | &nbsp;&nbsp; 36068204 |
| Tender Option Bond Trust Receipts/Certificates; Series 2025, RB<sup>(l)</sup> <br>| 5.00% | 02/01/2055 | 19500 | &nbsp;&nbsp; 20565102 |
|  |  |  |  | &nbsp;&nbsp; 56633306 |
| **Nevada–0.21%** | **Nevada–0.21%** | **Nevada–0.21%** | **Nevada–0.21%** | **Nevada–0.21%** |
| Clark (County of), NV (Special Improvement District No. 128); Series 2007 A, RB | 5.05% | 02/01/2031 | 730 | &nbsp;&nbsp; 735421 |
| Henderson (City of), NV Local Improvement District No. T-22 (Rainbow Canyon Phase II); <br> Series 2023, RB<br>| 5.25% | 03/01/2053 | 1175 | &nbsp;&nbsp; 1181023 |
| Las Vegas (City of), NV Special Improvement District No. 815; Series 2020, RB | 5.00% | 12/01/2049 | 945 | &nbsp;&nbsp; 955088 |
| Nevada (State of) Department of Business & Industry (Green Bonds); Series 2025, RB<sup>(a)(b)(c)</sup> <br>| 12.00% | 11/02/2026 | 10110 | &nbsp;&nbsp; 5459400 |
| Reno (City of), NV; Series 2025, RB<sup>(a)</sup> <br>| 5.25% | 06/01/2054 | 1000 | &nbsp;&nbsp; 1007322 |
| Reno (City of), NV (ReTRAC - Reno Transportation Rail Access Corridor); Series 2018 C, Ref. <br> RB<sup>(a)(e)</sup> <br>| 0.00% | 07/01/2058 | 16500 | &nbsp;&nbsp; 2632308 |
| Reno-Tahoe Airport Authority (Tahoe International Airport); Series 2024, RB<sup>(c)</sup> <br>| 5.25% | 07/01/2049 | 6535 | &nbsp;&nbsp; 6821710 |
|  |  |  |  | &nbsp;&nbsp; 18792272 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**20**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Hampshire–2.22%** | **New Hampshire–2.22%** | **New Hampshire–2.22%** | **New Hampshire–2.22%** | **New Hampshire–2.22%** |
| New Hampshire (State of) Business Finance Authority; |  |  |  |  |
| Series 2025 A, RB<sup>(a)(e)</sup> <br>| 0.00% | 02/01/2035 | $62703 | &nbsp;&nbsp; $35280495 |
| Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2032 | 6396 | &nbsp;&nbsp; 4116974 |
| New Hampshire (State of) Business Finance Authority (Canyon Ranch); Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/01/2035 | 16125 | &nbsp;&nbsp; 8369794 |
| New Hampshire (State of) Business Finance Authority (Grace Christian School); |  |  |  |  |
| Series 2025, RB | 5.75% | 08/01/2055 | 15800 | &nbsp;&nbsp; 15648126 |
| Series 2025, RB | 6.00% | 08/01/2065 | 7515 | &nbsp;&nbsp; 7557177 |
| New Hampshire (State of) Business Finance Authority (Megatel); Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2033 | 13426 | &nbsp;&nbsp; 8482233 |
| New Hampshire (State of) Business Finance Authority (River Ranch); Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/01/2031 | 29738 | &nbsp;&nbsp; 20791711 |
| New Hampshire (State of) Business Finance Authority (Social Bonds); Series 2022-2A, RB | 4.00% | 10/20/2036 | 24787 | &nbsp;&nbsp; 25319394 |
| New Hampshire (State of) Business Finance Authority (Social Certificates); |  |  |  |  |
| Series 2024-1A, RB<sup>(b)</sup> <br>| 4.15% | 10/01/2034 | 8 | &nbsp;&nbsp; 7766 |
| Series 2024-3, Revenue Ctfs. | 4.16% | 10/01/2051 | 17328 | &nbsp;&nbsp; 17879645 |
| New Hampshire (State of) Business Finance Authority (The Attwater); Series 2024, RB<sup>(a)(e)</sup> <br>| 0.00% | 04/01/2032 | 5000 | &nbsp;&nbsp; 3404870 |
| New Hampshire (State of) Business Finance Authority (The Wildflower Project); Series 2025, <br> RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2033 | 5620 | &nbsp;&nbsp; 3465308 |
| New Hampshire (State of) Business Finance Authority (Thomas Ranch); Series 2024, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/01/2034 | 43000 | &nbsp;&nbsp; 23937253 |
| New Hampshire (State of) Business Finance Authority (Vista (The)); |  |  |  |  |
| Series 2019 A, RB<sup>(a)</sup> <br>| 5.25% | 07/01/2039 | 1400 | &nbsp;&nbsp; 1419055 |
| Series 2019 A, RB<sup>(a)</sup> <br>| 5.63% | 07/01/2046 | 770 | &nbsp;&nbsp; 775622 |
| Series 2019 A, RB<sup>(a)</sup> <br>| 5.75% | 07/01/2054 | 5430 | &nbsp;&nbsp; 5447149 |
| New Hampshire (State of) Housing Finance Authority; Series 2026, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/01/2040 | 21065 | &nbsp;&nbsp; 7470885 |
| New Hampshire (State of) Housing Finance Authority (University Hospitals Home Care Services, <br> Inc.);<br>|  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 5.63% | 12/15/2033 | 5295 | &nbsp;&nbsp; 5496478 |
| Series 2024, RB<sup>(a)</sup> <br>| 6.25% | 12/15/2038 | 2545 | &nbsp;&nbsp; 2715577 |
|  |  |  |  | &nbsp;&nbsp; 197585512 |
| **New Jersey–1.35%** | **New Jersey–1.35%** | **New Jersey–1.35%** | **New Jersey–1.35%** | **New Jersey–1.35%** |
| New Jersey (State of) Economic Development Authority; Series 2019 B, RB (Acquired <br> 10/18/2019; Cost $49,297)<sup>(a)(f)</sup> <br>| 5.75% | 10/01/2026 | 50 | &nbsp;&nbsp; 49847 |
| New Jersey (State of) Economic Development Authority (Black Horse EHT Urban Renewal LLC); <br> Series 2019 A, RB (Acquired 10/18/2019; Cost $6,000,000)<sup>(a)(f)</sup> <br>| 5.00% | 10/01/2039 | 6000 | &nbsp;&nbsp; 4696646 |
| New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.); |  |  |  |  |
| Series 1999, RB<sup>(c)</sup> <br>| 5.25% | 09/15/2029 | 3255 | &nbsp;&nbsp; 3261388 |
| Series 2000 B, RB<sup>(c)</sup> <br>| 5.63% | 11/15/2030 | 8550 | &nbsp;&nbsp; 8583210 |
| Series 2003, RB<sup>(c)</sup> <br>| 5.50% | 06/01/2033 | 8000 | &nbsp;&nbsp; 8023831 |
| Series 2012, RB<sup>(c)</sup> <br>| 5.75% | 09/15/2027 | 6135 | &nbsp;&nbsp; 6149310 |
| New Jersey (State of) Economic Development Authority (Golden Door Charter School); <br> Series 2018 A, RB<sup>(a)</sup> <br>| 6.50% | 11/01/2052 | 690 | &nbsp;&nbsp; 708230 |
| New Jersey (State of) Economic Development Authority (Katikvah International Academy Charter <br> School); Series 2017 A, RB<sup>(a)</sup> <br>| 5.38% | 07/01/2047 | 1865 | &nbsp;&nbsp; 1746876 |
| New Jersey (State of) Economic Development Authority (Leap Academy University Charter <br> School, Inc.);<br>|  |  |  |  |
| Series 2014 A, RB<sup>(a)</sup> <br>| 6.00% | 10/01/2034 | 515 | &nbsp;&nbsp; 515671 |
| Series 2014 A, RB<sup>(a)</sup> <br>| 6.20% | 10/01/2044 | 750 | &nbsp;&nbsp; 750518 |
| Series 2014 A, RB<sup>(a)</sup> <br>| 6.30% | 10/01/2049 | 650 | &nbsp;&nbsp; 650341 |
| New Jersey (State of) Economic Development Authority (Marion P. Thomas Charter School); <br> Series 2018 A, RB<sup>(a)</sup> <br>| 5.38% | 10/01/2050 | 5000 | &nbsp;&nbsp; 4621074 |
| New Jersey (State of) Health Care Facilities Financing Authority; Series 2018, RB (Acquired <br> 09/14/2018; Cost $4,860,000)<sup>(a)(f)</sup> <br>| 5.75% | 10/01/2038 | 4860 | &nbsp;&nbsp; 3578257 |
| New Jersey (State of) Transportation Trust Fund Authority; Series 2025 AA, RB | 5.00% | 06/15/2045 | 6500 | &nbsp;&nbsp; 7061760 |
| New Jersey Transportation Trust Fund Authority; Series 2025, RB<sup>(k)(l)</sup> <br>| 5.25% | 06/15/2050 | 20000 | &nbsp;&nbsp; 21297170 |
| New Jersey Turnpike Authority; Series 2025, RB<sup>(k)(l)</sup> <br>| 5.25% | 01/01/2055 | 13750 | &nbsp;&nbsp; 14781511 |
| Tobacco Settlement Financing Corp.; Series 2018 B, Ref. RB | 5.00% | 06/01/2046 | 33850 | &nbsp;&nbsp; 33539433 |
|  |  |  |  | &nbsp;&nbsp; 120015073 |
| **New Mexico–0.02%** | **New Mexico–0.02%** | **New Mexico–0.02%** | **New Mexico–0.02%** | **New Mexico–0.02%** |
| Boulders Public Improvement District; Series 2015, RB | 5.75% | 10/01/2044 | 615 | &nbsp;&nbsp; 615552 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**21**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Mexico–(continued)** | **New Mexico–(continued)** | **New Mexico–(continued)** | **New Mexico–(continued)** | **New Mexico–(continued)** |
| Mariposa East Public Improvement District; |  |  |  |  |
| Series 2015 A, RB | 5.90% | 09/01/2032 | $35 | &nbsp;&nbsp; $35073 |
| Series 2015 B, RB | 5.90% | 09/01/2032 | 235 | &nbsp;&nbsp; 235491 |
| Series 2015 C, RB | 5.90% | 09/01/2032 | 305 | &nbsp;&nbsp; 305638 |
| Series 2015 D, RB<sup>(e)</sup> <br>| 0.00% | 03/01/2032 | 330 | &nbsp;&nbsp; 192666 |
|  |  |  |  | &nbsp;&nbsp; 1384420 |
| **New York–15.60%** | **New York–15.60%** | **New York–15.60%** | **New York–15.60%** | **New York–15.60%** |
| Build NYC Resource Corp. (261 walton Facility LLC - Zeta Charter Schools, Inc.); Series 2026, <br> RB<sup>(a)</sup> <br>| 5.63% | 06/01/2061 | 2000 | &nbsp;&nbsp; 2005624 |
| Build NYC Resource Corp. (Civic Bronx LLC - Bold Charter School); Series 2025, RB<sup>(a)</sup> <br>| 6.00% | 07/01/2060 | 2000 | &nbsp;&nbsp; 2025976 |
| Build NYC Resource Corp. (ERE425, LLC - Zeta Charter Schools, Inc.); Series 2025, RB<sup>(a)</sup> <br>| 5.38% | 10/15/2055 | 3000 | &nbsp;&nbsp; 2938413 |
| City of New York NY; Series 2025, GO Bonds<sup>(l)</sup> <br>| 5.50% | 08/01/2050 | 10000 | &nbsp;&nbsp; 10929808 |
| Erie Tobacco Asset Securitization Corp.; Series 2005 D, RB<sup>(e)</sup> <br>| 0.00% | 06/01/2055 | 18200 | &nbsp;&nbsp; 1474788 |
| Essex (County of), NY Industrial Development Agency; Series 2017, RB (Acquired 05/11/2017; <br> Cost $4,025,000)<sup>(c)(f)</sup> <br>| 6.25% | 06/01/2047 | 4025 | &nbsp;&nbsp; 2415000 |
| Guilderland (Town of), NY Industrial Development Agency; Series 2017 A, RB<sup>(a)(i)</sup> <br>| 5.88% | 01/01/2052 | 5400 | &nbsp;&nbsp; 2700000 |
| Metropolitan Transportation Authority; |  |  |  |  |
| Series 2016 C-1, RB | 5.25% | 11/15/2056 | 5005 | &nbsp;&nbsp; 5018273 |
| Subseries 2015 E-1, VRD RB (LOC - Barclays Bank PLC)<sup>(n)(p)</sup> <br>| 1.05% | 11/15/2050 | 2800 | &nbsp;&nbsp; 2800000 |
| Metropolitan Transportation Authority (Green Bonds); |  |  |  |  |
| Series 2020 A-1, RB | 4.00% | 11/15/2052 | 12000 | &nbsp;&nbsp; 10514270 |
| Series 2020 C-1, RB | 4.75% | 11/15/2045 | 15000 | &nbsp;&nbsp; 15182989 |
| Series 2020 C-1, RB | 5.00% | 11/15/2050 | 16145 | &nbsp;&nbsp; 16471198 |
| Series 2024 A, Ref. RB | 5.25% | 11/15/2049 | 20000 | &nbsp;&nbsp; 21103868 |
| Monroe County Industrial Development Corp. (Eugenio Maria De Hostos Charter School); |  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2054 | 2790 | &nbsp;&nbsp; 2590890 |
| Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2059 | 1350 | &nbsp;&nbsp; 1239502 |
| Monroe County Industrial Development Corp. (Social Bonds); Series 2022, RB<sup>(a)</sup> <br>| 5.88% | 07/01/2052 | 2675 | &nbsp;&nbsp; 2681942 |
| Monroe County Industrial Development Corp. (St. Ann's Community); Series 2019, Ref. RB | 5.00% | 01/01/2050 | 1715 | &nbsp;&nbsp; 1541244 |
| Monroe County Industrial Development Corp. (University of Rochester); Series 2020 A, RB | 4.00% | 07/01/2050 | 5715 | &nbsp;&nbsp; 5342395 |
| MTA Hudson Rail Yards Trust Obligations; Series 2016 A, RB | 5.00% | 11/15/2051 | 30000 | &nbsp;&nbsp; 30000288 |
| Nassau (County of), NY Industrial Development Agency; Series 2021, RB<sup>(e)(h)</sup> <br>| 0.00% | 01/01/2058 | 8272 | &nbsp;&nbsp; 0 |
| Nassau County Tobacco Settlement Corp.; |  |  |  |  |
| Series 2006 A-3, RB | 5.00% | 06/01/2035 | 3000 | &nbsp;&nbsp; 2374317 |
| Series 2006 A-3, RB | 5.13% | 06/01/2046 | 3775 | &nbsp;&nbsp; 2768429 |
| New York & New Jersey (States of) Port Authority; |  |  |  |  |
| Series 2019 220, RB<sup>(c)</sup> <br>| 4.00% | 11/01/2059 | 25765 | &nbsp;&nbsp; 22998481 |
| Series 2020 221, RB<sup>(c)</sup> <br>| 4.00% | 07/15/2055 | 31230 | &nbsp;&nbsp; 28282619 |
| Series 2020 221, RB<sup>(c)</sup> <br>| 4.00% | 07/15/2060 | 15590 | &nbsp;&nbsp; 13905854 |
| Two Hundred and Eighteenth Series 2019, RB<sup>(c)(l)</sup> <br>| 5.00% | 11/01/2044 | 46300 | &nbsp;&nbsp; 48053659 |
| Two Hundred Thirty-First Series 2022, Ref. RB<sup>(c)</sup> <br>| 5.50% | 08/01/2047 | 10000 | &nbsp;&nbsp; 10683232 |
| Two Hundred Twenty Third Series 2021, Ref. RB<sup>(c)</sup> <br>| 4.00% | 07/15/2046 | 1645 | &nbsp;&nbsp; 1576204 |
| Two Hundredth Series 2017, Ref. RB<sup>(l)</sup> <br>| 5.00% | 10/15/2047 | 10000 | &nbsp;&nbsp; 10125835 |
| New York (City of), NY; |  |  |  |  |
| Series 2024 AA-1, RB<sup>(l)</sup> <br>| 5.25% | 06/15/2053 | 15000 | &nbsp;&nbsp; 15869756 |
| Series 2025, RB<sup>(l)</sup> <br>| 5.00% | 06/15/2051 | 10000 | &nbsp;&nbsp; 10380351 |
| Series 2025, RB<sup>(k)(l)</sup> <br>| 5.25% | 02/01/2053 | 15000 | &nbsp;&nbsp; 15873807 |
| Series 2025, RB<sup>(l)</sup> <br>| 5.50% | 05/01/2053 | 10000 | &nbsp;&nbsp; 10867493 |
| Subseries 2012 A-4, VRD GO Bonds (LOC - Sumitomo Mitsui Banking)<sup>(n)(p)</sup> <br>| 1.80% | 10/01/2041 | 10000 | &nbsp;&nbsp; 10000000 |
| Subseries 2017 B-5, VRD GO Bonds<sup>(n)</sup> <br>| 1.05% | 10/01/2046 | 10000 | &nbsp;&nbsp; 10000000 |
| New York (City of), NY Municipal Water Finance Authority; |  |  |  |  |
| Series 2014 AA-6, VRD RB<sup>(n)</sup> <br>| 1.05% | 06/15/2048 | 20000 | &nbsp;&nbsp; 20000000 |
| Series 2025, RB<sup>(l)</sup> <br>| 5.00% | 06/15/2052 | 21210 | &nbsp;&nbsp; 22013664 |
| Series 2025, VRD RB<sup>(n)</sup> <br>| 1.04% | 06/15/2055 | 50000 | &nbsp;&nbsp; 50000000 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**22**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |
| New York (City of), NY Transitional Finance Authority; |  |  |  |  |
| Series 2022 C-1, RB | 4.00% | 02/01/2051 | $10000 | &nbsp;&nbsp; $9176181 |
| Series 2022, RB<sup>(l)</sup> <br>| 5.00% | 02/01/2051 | 12000 | &nbsp;&nbsp; 12454586 |
| Series 2023 A-1, RB<sup>(l)</sup> <br>| 5.00% | 05/01/2053 | 15500 | &nbsp;&nbsp; 16044425 |
| Series 2023 F-1, RB | 4.00% | 02/01/2051 | 9500 | &nbsp;&nbsp; 8661689 |
| Series 2024 C, RB<sup>(k)(l)</sup> <br>| 5.25% | 05/01/2050 | 30000 | &nbsp;&nbsp; 31878909 |
| Series 2024 C, RB<sup>(l)</sup> <br>| 5.00% | 05/01/2053 | 20000 | &nbsp;&nbsp; 20740754 |
| New York (State of) Dormitory Authority; |  |  |  |  |
| Series 2018 E, Ref. RB<sup>(l)</sup> <br>| 5.00% | 03/15/2041 | 23765 | &nbsp;&nbsp; 25016054 |
| Series 2021 E, Ref. RB | 4.00% | 03/15/2047 | 10075 | &nbsp;&nbsp; 9606864 |
| Series 2022 A, Ref. RB | 4.00% | 03/15/2049 | 5710 | &nbsp;&nbsp; 5396535 |
| Series 2025, RB<sup>(k)(l)</sup> <br>| 5.50% | 07/01/2054 | 30000 | &nbsp;&nbsp; 32761038 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group); |  |  |  |  |
| Series 2024, Ref. RB | 4.00% | 05/01/2054 | 10210 | &nbsp;&nbsp; 9162659 |
| Series 2024, Ref. RB | 5.25% | 05/01/2054 | 20230 | &nbsp;&nbsp; 21065726 |
| New York (State of) Dormitory Authority (White Plains Hospital Obligated Group); Series 2024, RB | 5.25% | 10/01/2049 | 5850 | &nbsp;&nbsp; 5959424 |
| New York (State of) Power Authority (Green Bonds); Series 2025, RB (INS - AGI)<sup>(d)(l)</sup> <br>| 5.13% | 11/15/2063 | 20000 | &nbsp;&nbsp; 21083642 |
| New York (State of) Thruway Authority; Series 2019 B, RB | 4.00% | 01/01/2050 | 10000 | &nbsp;&nbsp; 9124474 |
| New York (State of) Thruway Authority (Bidding Group 4); |  |  |  |  |
| Series 2021 A-1, Ref. RB | 4.00% | 03/15/2053 | 17000 | &nbsp;&nbsp; 15926212 |
| Series 2021 A-1, Ref. RB | 4.00% | 03/15/2054 | 37075 | &nbsp;&nbsp; 34613802 |
| Series 2021 A-1, Ref. RB | 4.00% | 03/15/2055 | 10000 | &nbsp;&nbsp; 9248742 |
| New York (State of) Thruway Authority (Group 5); Series 2021 A-1, Ref. RB | 4.00% | 03/15/2057 | 17075 | &nbsp;&nbsp; 15787233 |
| New York Counties Tobacco Trust V; Series 2005 S4B, RB<sup>(a)(e)</sup> <br>| 0.00% | 06/01/2060 | 234000 | &nbsp;&nbsp; 10127988 |
| New York State Urban Development Corp.; Series 2022 A, Ref. RB<sup>(l)</sup> <br>| 5.00% | 03/15/2045 | 15520 | &nbsp;&nbsp; 16492735 |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy <br> International Airport);<br>|  |  |  |  |
| Series 2020, Ref. RB<sup>(c)</sup> <br>| 5.25% | 08/01/2031 | 11200 | &nbsp;&nbsp; 11725326 |
| Series 2020, Ref. RB<sup>(c)</sup> <br>| 5.38% | 08/01/2036 | 9800 | &nbsp;&nbsp; 10335874 |
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals <br> C&D Redevelopment); Series 2020, RB<sup>(c)</sup> <br>| 4.38% | 10/01/2045 | 16950 | &nbsp;&nbsp; 16356640 |
| New York Transportation Development Corp. (John F. Kennedy International Airport New <br> Terminal One) (Green Bonds);<br>|  |  |  |  |
| Series 2023, RB (INS - AGI)<sup>(c)(d)</sup> <br>| 5.00% | 06/30/2049 | 10000 | &nbsp;&nbsp; 10116347 |
| Series 2023, RB<sup>(c)</sup> <br>| 6.00% | 06/30/2054 | 8000 | &nbsp;&nbsp; 8398130 |
| Series 2023, RB<sup>(c)</sup> <br>| 5.38% | 06/30/2060 | 21695 | &nbsp;&nbsp; 21787418 |
| Series 2024, RB (INS - AGI)<sup>(c)(d)</sup> <br>| 5.25% | 06/30/2060 | 24690 | &nbsp;&nbsp; 25275185 |
| Series 2024, RB<sup>(c)</sup> <br>| 5.50% | 06/30/2060 | 39245 | &nbsp;&nbsp; 40118386 |
| New York Transportation Development Corp. (John F. Kennedy International Airport) (Green <br> Bonds);<br>|  |  |  |  |
| Series 2023, RB (INS - BAM)<sup>(c)(d)</sup> <br>| 5.38% | 06/30/2060 | 11055 | &nbsp;&nbsp; 11313160 |
| Series 2025, RB<sup>(c)</sup> <br>| 6.00% | 06/30/2059 | 4000 | &nbsp;&nbsp; 4269277 |
| Series 2025, RB (INS - AGI)<sup>(c)(d)</sup> <br>| 6.00% | 06/30/2060 | 5000 | &nbsp;&nbsp; 5410895 |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); |  |  |  |  |
| Series 2023, RB<sup>(c)</sup> <br>| 6.00% | 04/01/2035 | 21500 | &nbsp;&nbsp; 24002430 |
| Series 2023, RB<sup>(c)</sup> <br>| 5.63% | 04/01/2040 | 27500 | &nbsp;&nbsp; 29446332 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport); <br> Series 2024, Ref. RB (INS - AGI)<sup>(c)(d)(g)</sup> <br>| 5.00% | 12/31/2054 | 2750 | &nbsp;&nbsp; 1857447 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green <br> Bonds);<br>|  |  |  |  |
| Series 2024, Ref. RB (INS - AGI)<sup>(c)(d)</sup> <br>| 5.25% | 12/31/2054 | 26055 | &nbsp;&nbsp; 26766427 |
| Series 2024, Ref. RB<sup>(c)</sup> <br>| 5.50% | 12/31/2060 | 30375 | &nbsp;&nbsp; 31161418 |
| Suffolk Regional Off-Track Betting Corp.; Series 2024, RB | 6.00% | 12/01/2053 | 4325 | &nbsp;&nbsp; 4426532 |
| Triborough Bridge & Tunnel Authority; |  |  |  |  |
| Series 2025, RB<sup>(l)</sup> <br>| 5.00% | 05/15/2051 | 59330 | &nbsp;&nbsp; 61589797 |
| Series 2025, RB<sup>(l)</sup> <br>| 5.25% | 12/01/2054 | 29165 | &nbsp;&nbsp; 31132453 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**23**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); |  |  |  |  |
| Series 2019 A, RB<sup>(l)</sup> <br>| 5.00% | 11/15/2049 | $17640 | &nbsp;&nbsp; $18056357 |
| Series 2021 A, RB | 4.00% | 11/15/2056 | 5000 | &nbsp;&nbsp; 4593267 |
| Series 2022 A, Ref. RB | 4.00% | 05/15/2051 | 18225 | &nbsp;&nbsp; 16896084 |
| Series 2022 D-2, RB<sup>(l)</sup> <br>| 5.25% | 05/15/2047 | 16700 | &nbsp;&nbsp; 17861645 |
| Series 2025, RB<sup>(l)</sup> <br>| 5.25% | 05/15/2052 | 25000 | &nbsp;&nbsp; 26455138 |
| Series 2025, RB<sup>(l)</sup> <br>| 5.25% | 05/15/2059 | 20000 | &nbsp;&nbsp; 21073410 |
| Series 2025, RB<sup>(l)</sup> <br>| 5.25% | 05/15/2064 | 29825 | &nbsp;&nbsp; 31342058 |
| Subseries 2023 B-1, RB<sup>(l)</sup> <br>| 5.25% | 11/15/2053 | 34565 | &nbsp;&nbsp; 36687336 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund); Series 2023 A, RB | 4.25% | 05/15/2058 | 40000 | &nbsp;&nbsp; 38041304 |
| TSASC, Inc.; Series 2016 B, Ref. RB | 5.00% | 06/01/2045 | 4045 | &nbsp;&nbsp; 3760955 |
| Westchester County Local Development Corp.; |  |  |  |  |
| Series 2025, RB | 7.50% | 11/01/2055 | 10000 | &nbsp;&nbsp; 11244479 |
| Series 2026, RB<sup>(a)</sup> <br>| 6.50% | 12/01/2065 | 1500 | &nbsp;&nbsp; 1546667 |
|  |  |  |  | &nbsp;&nbsp; 1388128015 |
| **North Carolina–0.16%** | **North Carolina–0.16%** | **North Carolina–0.16%** | **North Carolina–0.16%** | **North Carolina–0.16%** |
| Greater Asheville Regional Airport Authority; Series 2022 A, RB (INS - AGI)<sup>(c)(d)</sup> <br>| 5.50% | 07/01/2052 | 4315 | &nbsp;&nbsp; 4504376 |
| North Carolina (State of) Medical Care Commission (Forest at Duke (The)); Series 2021, RB | 4.00% | 09/01/2051 | 1285 | &nbsp;&nbsp; 1080531 |
| North Carolina (State of) Medical Care Commission (Novant Health Obligated Group); <br> Series 2019, RB<br>| 4.00% | 11/01/2052 | 10000 | &nbsp;&nbsp; 9053274 |
|  |  |  |  | &nbsp;&nbsp; 14638181 |
| **North Dakota–0.00%** | **North Dakota–0.00%** | **North Dakota–0.00%** | **North Dakota–0.00%** | **North Dakota–0.00%** |
| Grand Forks (County of), ND (Green Bonds); |  |  |  |  |
| Series 2021, RB (Acquired 05/21/2021; Cost $3,000,000)<sup>(a)(c)(f)(i)</sup> <br>| 6.63% | 12/15/2031 | 3000 | &nbsp;&nbsp; 30 |
| Series 2021, RB (Acquired 05/21/2021-09/08/2021; Cost $23,643,484)<sup>(a)(c)(f)(i)</sup> <br>| 7.00% | 12/15/2043 | 23500 | &nbsp;&nbsp; 235 |
|  |  |  |  | &nbsp;&nbsp; 265 |
| **Northern Mariana Islands–0.20%** | **Northern Mariana Islands–0.20%** | **Northern Mariana Islands–0.20%** | **Northern Mariana Islands–0.20%** | **Northern Mariana Islands–0.20%** |
| Northern Mariana Islands (Commonwealth of); Series 2007 B, Ref. GO Bonds<sup>(a)</sup> <br>| 5.00% | 10/01/2033 | 17690 | &nbsp;&nbsp; 17688820 |
| **Ohio–3.30%** | **Ohio–3.30%** | **Ohio–3.30%** | **Ohio–3.30%** | **Ohio–3.30%** |
| Buckeye Tobacco Settlement Financing Authority; |  |  |  |  |
| Series 2020 B-2, Ref. RB | 5.00% | 06/01/2055 | 144085 | &nbsp;&nbsp; 119161609 |
| Series 2020 B-3, Ref. RB<sup>(e)</sup> <br>| 0.00% | 06/01/2057 | 66800 | &nbsp;&nbsp; 5199151 |
| Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Constellation Schools); |  |  |  |  |
| Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.38% | 01/01/2039 | 1500 | &nbsp;&nbsp; 1567246 |
| Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.88% | 01/01/2049 | 1650 | &nbsp;&nbsp; 1666616 |
| Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Flats East Bank); Series 2021, <br> Ref. RB<sup>(a)</sup> <br>| 4.50% | 12/01/2055 | 725 | &nbsp;&nbsp; 590564 |
| Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Pinecrest Public Improvement); <br> Series 2017, RB<sup>(a)</sup> <br>| 7.00% | 11/15/2048 | 9830 | &nbsp;&nbsp; 10154923 |
| Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Playhouse Square Foundation); |  |  |  |  |
| Series 2018, Ref. RB | 5.25% | 12/01/2038 | 815 | &nbsp;&nbsp; 835128 |
| Series 2018, Ref. RB | 5.50% | 12/01/2043 | 2735 | &nbsp;&nbsp; 2792052 |
| Series 2018, Ref. RB | 5.50% | 12/01/2053 | 2900 | &nbsp;&nbsp; 2911326 |
| Columbus (City of) & Franklin (County of), OH Finance Authority (Silver Birch of Columbus); <br> Series 2025, RB<sup>(a)</sup> <br>| 6.05% | 01/01/2046 | 1700 | &nbsp;&nbsp; 1740396 |
| Columbus Regional Airport Authority (John Glenn Columbus International Airport); Series 2025, <br> Ref. RB<sup>(c)</sup> <br>| 5.50% | 01/01/2055 | 13200 | &nbsp;&nbsp; 13996043 |
| Cuyahoga (County of), OH (MetroHealth System); |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 02/15/2042 | 13795 | &nbsp;&nbsp; 13842967 |
| Series 2017, Ref. RB | 5.25% | 02/15/2047 | 10880 | &nbsp;&nbsp; 10844304 |
| Series 2017, Ref. RB | 5.00% | 02/15/2057 | 12705 | &nbsp;&nbsp; 11606171 |
| Series 2017, Ref. RB | 5.50% | 02/15/2057 | 10810 | &nbsp;&nbsp; 10666404 |
| Dayton-Montgomery County Port Authority (The Hunters Path); Series 2023, RB<sup>(a)</sup> <br>| 7.50% | 12/01/2055 | 4575 | &nbsp;&nbsp; 4818789 |
| Franklin (County of), OH (Wesley Communities); Series 2020, Ref. RB | 5.25% | 11/15/2055 | 2840 | &nbsp;&nbsp; 2674369 |
| Hamilton (County of), OH (Life Enriching Communities); Series 2025, Ref. RB | 5.50% | 01/01/2055 | 3000 | &nbsp;&nbsp; 3082920 |
| Hamilton (County of), OH (UC Health); Series 2025 A, Ref. RB | 5.50% | 08/01/2051 | 3500 | &nbsp;&nbsp; 3608696 |
| Hickory Chase Community Authority (Senior Bonds); Series 2019, Ref. RB<sup>(a)</sup> <br>| 5.00% | 12/01/2040 | 1625 | &nbsp;&nbsp; 1682412 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**24**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** | **Ohio–(continued)** |
| Marion (County of), OH (United Church Homes, Inc.); |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 12/01/2039 | $2300 | &nbsp;&nbsp; $2014778 |
| Series 2019, Ref. RB | 5.13% | 12/01/2049 | 7760 | &nbsp;&nbsp; 6016339 |
| Norwood (City of), OH (Central Park); Series 2017, RB | 6.00% | 12/01/2046 | 1005 | &nbsp;&nbsp; 1011317 |
| Ohio (State of) Air Quality Development Authority (AMG Vanadium Project); Series 2019, RB<sup>(a)(c)</sup> <br>| 5.00% | 07/01/2049 | 5000 | &nbsp;&nbsp; 4663951 |
| Ohio (State of) Higher Educational Facility Commission (Hiram College); Series 2015, Ref. RB | 6.00% | 10/01/2041 | 20795 | &nbsp;&nbsp; 20247156 |
| Ohio (State of) Higher Educational Facility Commission (John Carroll University 2025); |  |  |  |  |
| Series 2025, RB | 5.50% | 10/01/2050 | 2000 | &nbsp;&nbsp; 2006450 |
| Series 2025, RB | 5.50% | 10/01/2057 | 3645 | &nbsp;&nbsp; 3628300 |
| Ohio (State of) Housing Finance Agency; |  |  |  |  |
| Series 2025, RB<sup>(a)</sup> <br>| 8.75% | 01/01/2036 | 1450 | &nbsp;&nbsp; 1473954 |
| Series 2025, RB<sup>(a)</sup> <br>| 8.75% | 01/01/2036 | 615 | &nbsp;&nbsp; 625254 |
| Series 2025, RB<sup>(a)</sup> <br>| 8.75% | 01/01/2039 | 1165 | &nbsp;&nbsp; 1180893 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.25% | 01/01/2045 | 3500 | &nbsp;&nbsp; 3682699 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.38% | 01/01/2045 | 3560 | &nbsp;&nbsp; 3770644 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.10% | 01/01/2046 | 3535 | &nbsp;&nbsp; 3632143 |
| Ohio (State of) Housing Finance Agency (Silver Birch of Mansfield); Series 2024, RB<sup>(a)</sup> <br>| 6.00% | 01/01/2045 | 2480 | &nbsp;&nbsp; 2547702 |
| Tuscarawas (County of), OH Economic Development and Finance Alliance (Ashland University); <br> Series 2015, Ref. RB<br>| 6.00% | 03/01/2045 | 3000 | &nbsp;&nbsp; 2999864 |
| Warren (County of), OH Port Authority; |  |  |  |  |
| Series 2019 D, RB<sup>(a)</sup> <br>| 4.00% | 12/01/2039 | 2015 | &nbsp;&nbsp; 1926718 |
| Series 2019 D, RB<sup>(a)</sup> <br>| 5.00% | 12/01/2052 | 3670 | &nbsp;&nbsp; 3483400 |
| Series 2019, RB<sup>(a)</sup> <br>| 5.25% | 12/01/2052 | 5930 | &nbsp;&nbsp; 5136899 |
|  |  |  |  | &nbsp;&nbsp; 293490547 |
| **Oklahoma–0.22%** | **Oklahoma–0.22%** | **Oklahoma–0.22%** | **Oklahoma–0.22%** | **Oklahoma–0.22%** |
| Atoka (County of), OK Health Care Authority (Atoka Memorial Hospital); Series 2007, RB | 6.63% | 10/01/2037 | 3760 | &nbsp;&nbsp; 3534868 |
| Oklahoma (County of), OK Finance Authority (Astec); |  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 6.00% | 06/15/2044 | 1375 | &nbsp;&nbsp; 1386368 |
| Series 2024, RB<sup>(a)</sup> <br>| 6.25% | 06/15/2054 | 2475 | &nbsp;&nbsp; 2442734 |
| Series 2024, RB<sup>(a)</sup> <br>| 6.50% | 06/15/2064 | 3425 | &nbsp;&nbsp; 3440217 |
| Oklahoma (State of) Ordnance Works Authority (Ralston Purina Co.); Series 1996, PCR<sup>(c)</sup> <br>| 6.50% | 09/01/2026 | 100 | &nbsp;&nbsp; 100277 |
| Tulsa (City of), OK Authority for Economic Opportunity (Vast Bank); Series 2021, RB<sup>(a)</sup> <br>| 4.00% | 12/01/2043 | 2225 | &nbsp;&nbsp; 2056771 |
| Tulsa Municipal Airport Trust Trustees (American Airlines, Inc.); |  |  |  |  |
| Series 2025, Ref. RB<sup>(c)</sup> <br>| 6.25% | 12/01/2035 | 4000 | &nbsp;&nbsp; 4706123 |
| Series 2025, Ref. RB<sup>(c)</sup> <br>| 6.25% | 12/01/2040 | 2000 | &nbsp;&nbsp; 2277778 |
|  |  |  |  | &nbsp;&nbsp; 19945136 |
| **Ontario–0.20%** | **Ontario–0.20%** | **Ontario–0.20%** | **Ontario–0.20%** | **Ontario–0.20%** |
| Affordable Housing Tax-Exempt Bond Pass-Thru Trust; Series 2023-1, RB<sup>(a)</sup> <br>| 6.00% | 10/05/2040 | 17188 | &nbsp;&nbsp; 17569073 |
| **Oregon–1.01%** | **Oregon–1.01%** | **Oregon–1.01%** | **Oregon–1.01%** | **Oregon–1.01%** |
| Clackamas (County of), OR Hospital Facility Authority (Rose Villa); |  |  |  |  |
| Series 2020 A, Ref. RB | 5.25% | 11/15/2050 | 1000 | &nbsp;&nbsp; 1000877 |
| Series 2020 A, Ref. RB | 5.38% | 11/15/2055 | 1250 | &nbsp;&nbsp; 1251259 |
| Oregon (State of) Facilities Authority; |  |  |  |  |
| Series 2025, Ref. RB<sup>(a)</sup> <br>| 5.63% | 06/15/2055 | 810 | &nbsp;&nbsp; 814347 |
| Series 2025, Ref. RB<sup>(a)</sup> <br>| 6.00% | 06/15/2065 | 1245 | &nbsp;&nbsp; 1274176 |
| Portland (Port of), OR; |  |  |  |  |
| Series 2023-28, RB<sup>(c)</sup> <br>| 4.00% | 07/01/2042 | 7385 | &nbsp;&nbsp; 7340758 |
| Twenty Eighth Series 2022, RB<sup>(c)</sup> <br>| 4.00% | 07/01/2047 | 22220 | &nbsp;&nbsp; 20346065 |
| Twenty Seventh Series 2020 A, RB<sup>(c)</sup> <br>| 4.00% | 07/01/2050 | 11680 | &nbsp;&nbsp; 10461528 |
| Portland (Port of), OR (Portland International Airport); Series 2022 28, RB<sup>(c)</sup> <br>| 5.00% | 07/01/2052 | 30000 | &nbsp;&nbsp; 30602172 |
| Washington & Multnomah Counties School District No. 48J Beaverton; |  |  |  |  |
| Series 2025 A, GO Bonds (CEP - Oregon School Bond Guaranty)<sup>(e)</sup> <br>| 0.00% | 06/15/2044 | 5000 | &nbsp;&nbsp; 2127543 |
| Series 2025 A, GO Bonds (CEP - Oregon School Bond Guaranty)<sup>(e)</sup> <br>| 0.00% | 06/15/2045 | 2500 | &nbsp;&nbsp; 993548 |
| Series 2025 A, GO Bonds (CEP - Oregon School Bond Guaranty)<sup>(e)</sup> <br>| 0.00% | 06/15/2046 | 3660 | &nbsp;&nbsp; 1354861 |
| Yamhill (County of), OR Hospital Authority (Friendsview Retirement Community); Series 2016 A, <br> Ref. RB<br>| 5.00% | 11/15/2046 | 3460 | &nbsp;&nbsp; 3211384 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**25**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Oregon–(continued)** | **Oregon–(continued)** | **Oregon–(continued)** | **Oregon–(continued)** | **Oregon–(continued)** |
| Yamhill (County of), OR Hospital Authority (Friendsview); |  |  |  |  |
| Series 2021 A, Ref. RB | 5.00% | 11/15/2046 | $3125 | &nbsp;&nbsp; $2900455 |
| Series 2021 A, Ref. RB | 5.00% | 11/15/2051 | 2075 | &nbsp;&nbsp; 1836496 |
| Series 2021 A, Ref. RB | 5.00% | 11/15/2056 | 5260 | &nbsp;&nbsp; 4551561 |
|  |  |  |  | &nbsp;&nbsp; 90067030 |
| **Pennsylvania–2.18%** | **Pennsylvania–2.18%** | **Pennsylvania–2.18%** | **Pennsylvania–2.18%** | **Pennsylvania–2.18%** |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority (615 <br> Waterfront); Series 2021, RB<sup>(a)</sup> <br>| 6.00% | 05/01/2042 | 3640 | &nbsp;&nbsp; 3868427 |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority (City Center); |  |  |  |  |
| Series 2018, RB<sup>(a)</sup> <br>| 5.38% | 05/01/2042 | 8000 | &nbsp;&nbsp; 8112866 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.25% | 05/01/2042 | 3470 | &nbsp;&nbsp; 3612592 |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority (Neuweiler <br> Lofts); Series 2023, RB<sup>(a)</sup> <br>| 6.25% | 05/01/2042 | 7965 | &nbsp;&nbsp; 8205517 |
| Allentown (City of), PA Neighborhood Improvement Zone Development Authority (Waterfront-30 <br> E. Allen Street); Series 2024, RB<sup>(a)</sup> <br>| 6.00% | 05/01/2042 | 1615 | &nbsp;&nbsp; 1684814 |
| Chester (County of), PA Health & Education Facilities Authority (Main Line Health System); <br> Series 2020 A, RB<br>| 4.00% | 09/01/2050 | 7625 | &nbsp;&nbsp; 6891252 |
| Chester (County of), PA Industrial Development Authority (Hickman (The)); |  |  |  |  |
| Series 2016, RB | 5.25% | 01/01/2037 | 1710 | &nbsp;&nbsp; 1714491 |
| Series 2016, RB | 5.50% | 01/01/2052 | 11080 | &nbsp;&nbsp; 9988097 |
| Chester (County of), PA Industrial Development Authority (Woodlands at Greystone); |  |  |  |  |
| Series 2018, RB<sup>(a)</sup> <br>| 5.00% | 03/01/2038 | 285 | &nbsp;&nbsp; 288307 |
| Series 2018, RB<sup>(a)</sup> <br>| 5.13% | 03/01/2048 | 628 | &nbsp;&nbsp; 628922 |
| Crawford (County of), PA Hospital Authority Meadville Medical Center); Series 2016 A, Ref. RB | 6.00% | 06/01/2051 | 4310 | &nbsp;&nbsp; 4312775 |
| Lehigh (County of), PA (Lehigh Valley Health Network); Series 2019, Ref. RB | 4.00% | 07/01/2049 | 4600 | &nbsp;&nbsp; 4005905 |
| Montgomery (County of), PA Higher Education & Health Authority (Pennsylvania LTC, Inc.); |  |  |  |  |
| Series 2017, Ref. RB (Acquired 10/25/2017-02/13/2019; Cost $1,250,272)<sup>(f)</sup> <br>| 5.00% | 12/01/2032 | 1260 | &nbsp;&nbsp; 1119240 |
| Series 2017, Ref. RB (Acquired 10/25/2017; Cost $1,705,000)<sup>(f)</sup> <br>| 5.25% | 12/01/2037 | 1705 | &nbsp;&nbsp; 1419574 |
| Series 2017, Ref. RB (Acquired 10/25/2017; Cost $487,605)<sup>(f)</sup> <br>| 5.30% | 12/01/2038 | 500 | &nbsp;&nbsp; 411909 |
| Series 2017, Ref. RB (Acquired 10/25/2017-10/26/2017; Cost $3,128,288)<sup>(f)</sup> <br>| 5.38% | 12/01/2047 | 3140 | &nbsp;&nbsp; 2229199 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University); <br> Series 2022, Ref. RB<br>| 5.00% | 05/01/2057 | 7000 | &nbsp;&nbsp; 7051011 |
| Montgomery (County of), PA Industrial Development Authority (ACTS Retirement-Life <br> Communities, Inc.); Series 2025 A, Ref. RB<br>| 5.00% | 11/15/2055 | 5000 | &nbsp;&nbsp; 5007652 |
| Northampton (County of), PA Industrial Development Authority (Northampton Generating Co. <br> L.P.);<br>|  |  |  |  |
| Series 2013 A, RB (Acquired 04/03/2013; Cost $7,245,256)<sup>(f)(i)</sup> <br>| 5.00% | 06/30/2027 | 8239 | &nbsp;&nbsp; 3625008 |
| Series 2013, RB<sup>(i)</sup> <br>| 5.00% | 06/30/2027 | 4538 | &nbsp;&nbsp; 816871 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Core Natural <br> Resources, Inc.); Series 2025, Ref. RB<sup>(a)(b)(c)</sup> <br>| 5.45% | 03/27/2035 | 1000 | &nbsp;&nbsp; 1097093 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Penndot Major <br> Bridges);<br>|  |  |  |  |
| Series 2022, RB<sup>(c)</sup> <br>| 5.25% | 06/30/2053 | 10000 | &nbsp;&nbsp; 10176166 |
| Series 2022, RB<sup>(c)</sup> <br>| 6.00% | 06/30/2061 | 11100 | &nbsp;&nbsp; 11806717 |
| Pennsylvania (Commonwealth of) Housing Finance Agency; Series 2018, RB (CEP - FNMA) | 3.60% | 08/01/2035 | 12 | &nbsp;&nbsp; 12290 |
| Pennsylvania (Commonwealth of) Housing Finance Agency (Social Bonds); |  |  |  |  |
| Series 2024, RB | 4.80% | 10/01/2051 | 10000 | &nbsp;&nbsp; 10040363 |
| Series 2025, RB | 4.63% | 10/01/2045 | 5200 | &nbsp;&nbsp; 5292149 |
| Series 2025-149A, RB<sup>(l)</sup> <br>| 5.15% | 10/01/2050 | 8000 | &nbsp;&nbsp; 8167598 |
| Series 2026, RB | 4.50% | 10/01/2046 | 3665 | &nbsp;&nbsp; 3691532 |
| Pennsylvania Housing Finance Agency; Series 2025, RB<sup>(l)</sup> <br>| 5.20% | 04/01/2053 | 8000 | &nbsp;&nbsp; 8210260 |
| Philadelphia (City of), PA Authority for Industrial Development (Green Woods Charter school); <br> Series 2022 A, Ref. RB<br>| 5.25% | 06/15/2052 | 1000 | &nbsp;&nbsp; 979933 |
| Philadelphia Authority for Industrial Development; Series 2025, RB<sup>(l)</sup> <br>| 5.50% | 07/01/2053 | 50000 | &nbsp;&nbsp; 54114390 |
| Tender Option Bond Trust Receipts/Certificates; Series 2025, VRD RB<sup>(a)(c)(n)</sup> <br>| 1.93% | 06/30/2048 | 5000 | &nbsp;&nbsp; 5000000 |
|  |  |  |  | &nbsp;&nbsp; 193582920 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**26**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Puerto Rico–6.31%** | **Puerto Rico–6.31%** | **Puerto Rico–6.31%** | **Puerto Rico–6.31%** | **Puerto Rico–6.31%** |
| Children's Trust Fund; |  |  |  |  |
| Series 2002, RB | 5.50% | 05/15/2039 | $27200 | &nbsp;&nbsp; $27646363 |
| Series 2002, RB | 5.63% | 05/15/2043 | 108400 | &nbsp;&nbsp; 110062498 |
| Series 2005 B, RB<sup>(e)</sup> <br>| 0.00% | 05/15/2055 | 127450 | &nbsp;&nbsp; 15862376 |
| Series 2008 A, RB<sup>(e)</sup> <br>| 0.00% | 05/15/2057 | 227025 | &nbsp;&nbsp; 11179778 |
| HTA Trust; Series 2022 L, RB | 5.25% | 07/01/2038 | 17 | &nbsp;&nbsp; 17057 |
| PRHTA Custodial Trust; Series 2023, RB<sup>(e)(i)</sup> <br>| 0.00% | 12/06/2049 | 121 | &nbsp;&nbsp; 35333 |
| Puerto Rico (Commonwealth of); |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(e)</sup> <br>| 0.00% | 07/01/2033 | 18710 | &nbsp;&nbsp; 13853525 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2027 | 0 | &nbsp;&nbsp; 315 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2029 | 15785 | &nbsp;&nbsp; 16866849 |
| Series 2021 A-1, GO Bonds | 5.75% | 07/01/2031 | 20981 | &nbsp;&nbsp; 23315019 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2033 | 0 | &nbsp;&nbsp; 53 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2035 | 0 | &nbsp;&nbsp; 278 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2037 | 16216 | &nbsp;&nbsp; 16249541 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2041 | 44492 | &nbsp;&nbsp; 43182212 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2046 | 25927 | &nbsp;&nbsp; 23408120 |
| Subseries 2022, RN<sup>(e)</sup> <br>| 0.00% | 11/01/2043 | 22676 | &nbsp;&nbsp; 15504814 |
| Puerto Rico (Commonwealth of) Electric Power Authority; |  |  |  |  |
| Series 2007 TT, RB<sup>(i)</sup> <br>| 5.00% | 07/01/2026 | 895 | &nbsp;&nbsp; 597412 |
| Series 2007 TT, RB<sup>(i)</sup> <br>| 5.00% | 07/01/2026 | 15 | &nbsp;&nbsp; 10013 |
| Series 2007 TT, RB<sup>(i)</sup> <br>| 5.00% | 07/01/2027 | 1990 | &nbsp;&nbsp; 1328325 |
| Series 2007 TT, RB<sup>(i)</sup> <br>| 5.00% | 07/01/2032 | 3680 | &nbsp;&nbsp; 2456400 |
| Series 2007 VV, Ref. RB (INS - NATL)<sup>(d)</sup> <br>| 5.25% | 07/01/2026 | 175 | &nbsp;&nbsp; 175305 |
| Series 2007 VV, Ref. RB (INS - NATL)<sup>(d)</sup> <br>| 5.25% | 07/01/2033 | 20000 | &nbsp;&nbsp; 20498530 |
| Series 2008 WW, RB<sup>(i)</sup> <br>| 5.38% | 07/01/2026 | 390 | &nbsp;&nbsp; 260325 |
| Series 2008 WW, RB<sup>(i)</sup> <br>| 5.25% | 07/01/2033 | 415 | &nbsp;&nbsp; 277013 |
| Series 2008 WW, RB<sup>(i)</sup> <br>| 5.50% | 07/01/2038 | 605 | &nbsp;&nbsp; 403838 |
| Series 2010 AAA, RB<sup>(i)</sup> <br>| 5.25% | 07/01/2026 | 4570 | &nbsp;&nbsp; 3050475 |
| Series 2010 AAA, RB<sup>(i)</sup> <br>| 5.25% | 07/01/2028 | 2600 | &nbsp;&nbsp; 1735500 |
| Series 2010 AAA, RB<sup>(i)</sup> <br>| 5.25% | 07/01/2029 | 445 | &nbsp;&nbsp; 297038 |
| Series 2010 AAA, RB<sup>(i)</sup> <br>| 5.25% | 07/01/2030 | 95 | &nbsp;&nbsp; 63413 |
| Series 2010 CCC, RB<sup>(i)</sup> <br>| 5.00% | 07/01/2026 | 35 | &nbsp;&nbsp; 23363 |
| Series 2010 CCC, RB<sup>(i)</sup> <br>| 5.00% | 07/01/2027 | 285 | &nbsp;&nbsp; 190238 |
| Series 2010 XX, RB<sup>(i)</sup> <br>| 5.25% | 07/01/2026 | 10 | &nbsp;&nbsp; 6675 |
| Series 2010 XX, RB<sup>(i)</sup> <br>| 5.25% | 07/01/2027 | 845 | &nbsp;&nbsp; 564038 |
| Series 2010 XX, RB<sup>(i)</sup> <br>| 5.25% | 07/01/2035 | 2660 | &nbsp;&nbsp; 1775550 |
| Series 2010 XX, RB<sup>(i)</sup> <br>| 5.75% | 07/01/2036 | 18575 | &nbsp;&nbsp; 12398812 |
| Series 2010 XX, RB<sup>(i)</sup> <br>| 5.25% | 07/01/2040 | 11170 | &nbsp;&nbsp; 7455975 |
| Series 2010 ZZ, Ref. RB<sup>(i)</sup> <br>| 4.63% | 07/01/2026 | 190 | &nbsp;&nbsp; 126825 |
| Series 2010 ZZ, Ref. RB<sup>(i)</sup> <br>| 5.00% | 07/01/2026 | 215 | &nbsp;&nbsp; 143513 |
| Series 2010 ZZ, Ref. RB<sup>(i)</sup> <br>| 5.00% | 07/01/2026 | 10 | &nbsp;&nbsp; 6675 |
| Series 2010 ZZ, Ref. RB<sup>(i)</sup> <br>| 5.25% | 07/01/2026 | 1135 | &nbsp;&nbsp; 757612 |
| Series 2012 A, RB<sup>(i)</sup> <br>| 5.00% | 07/01/2029 | 3100 | &nbsp;&nbsp; 2069250 |
| Series 2012 A, RB<sup>(i)</sup> <br>| 5.05% | 07/01/2042 | 11925 | &nbsp;&nbsp; 7959937 |
| Series 2013 A, RB<sup>(i)</sup> <br>| 7.25% | 07/01/2030 | 160 | &nbsp;&nbsp; 106800 |
| Series 2013 A, RB<sup>(i)</sup> <br>| 7.00% | 07/01/2040 | 480 | &nbsp;&nbsp; 320400 |
| Puerto Rico (Commonwealth of) GDB Debt Recovery Authority; Series 2023, RB | 7.50% | 08/20/2040 | 1368 | &nbsp;&nbsp; 1340073 |
| Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control <br> Facilities Financing Authority (AES Puerto Rico);<br>|  |  |  |  |
| Series 2023 A, RB (Acquired 07/06/2016-03/25/2024; Cost $490,053)<sup>(f)</sup> <br>| 6.63% | 01/01/2027 | 457 | &nbsp;&nbsp; 456624 |
| Series 2023 A, RB (Acquired 07/06/2016-04/01/2025; Cost $4,415,835)<sup>(f)</sup> <br>| 6.63% | 01/01/2028 | 4199 | &nbsp;&nbsp; 4206421 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**27**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** |
| Puerto Rico Sales Tax Financing Corp.; |  |  |  |  |
| Series 2018 A-1, RB<sup>(e)</sup> <br>| 0.00% | 07/01/2029 | $11 | &nbsp;&nbsp; $9920 |
| Series 2018 A-1, RB<sup>(e)</sup> <br>| 0.00% | 07/01/2046 | 142376 | &nbsp;&nbsp; 51214156 |
| Series 2018 A-1, RB<sup>(e)</sup> <br>| 0.00% | 07/01/2051 | 103344 | &nbsp;&nbsp; 27190571 |
| Series 2018 A-1, RB | 4.75% | 07/01/2053 | 22476 | &nbsp;&nbsp; 21916860 |
| Series 2018 A-1, RB | 5.00% | 07/01/2058 | 30161 | &nbsp;&nbsp; 29603881 |
| Series 2019 A-2, RB | 4.33% | 07/01/2040 | 9815 | &nbsp;&nbsp; 9835301 |
| Series 2019 A-2, RB | 4.54% | 07/01/2053 | 4576 | &nbsp;&nbsp; 4293572 |
| Series 2019 A-2, RB | 4.78% | 07/01/2058 | 23781 | &nbsp;&nbsp; 23041703 |
| University of Puerto Rico; |  |  |  |  |
| Series 2006 P, Ref. RB (Acquired 12/03/2014-04/16/2019; Cost $3,277,200)<sup>(f)</sup> <br>| 5.00% | 06/01/2030 | 5260 | &nbsp;&nbsp; 5258458 |
| Series 2006 Q, RB (Acquired 10/10/2017; Cost $671,375)<sup>(f)</sup> <br>| 5.00% | 06/01/2036 | 1025 | &nbsp;&nbsp; 1009129 |
|  |  |  |  | &nbsp;&nbsp; 561620050 |
| **Rhode Island–0.19%** | **Rhode Island–0.19%** | **Rhode Island–0.19%** | **Rhode Island–0.19%** | **Rhode Island–0.19%** |
| Central Falls Detention Facility Corp.; Series 2005, Ref. RB (Acquired 06/23/2005; <br> Cost $43,767,323)<sup>(f)(i)</sup> <br>| 7.25% | 07/15/2035 | 44240 | &nbsp;&nbsp; 17253600 |
| **South Carolina–1.64%** | **South Carolina–1.64%** | **South Carolina–1.64%** | **South Carolina–1.64%** | **South Carolina–1.64%** |
| Patriots Energy Group Financing Agency; Series 2023 A-1, RB<sup>(b)</sup> <br>| 5.25% | 08/01/2031 | 65080 | &nbsp;&nbsp; 71564890 |
| South Carolina (State of) Housing Finance & Development Authority; Series 2026 A, RB (CEP - <br> GNMA)<br>| 4.50% | 07/01/2046 | 3855 | &nbsp;&nbsp; 3899893 |
| South Carolina (State of) Jobs-Economic Development Authority (Beaufort Memorial Hospital & <br> South of Broad Healthcare); Series 2024, RB<br>| 5.75% | 11/15/2054 | 4250 | &nbsp;&nbsp; 4356314 |
| South Carolina (State of) Jobs-Economic Development Authority (Bishop Gadsden Episcopal); <br> Series 2025, RB<br>| 5.38% | 04/01/2056 | 1100 | &nbsp;&nbsp; 1113139 |
| South Carolina (State of) Jobs-Economic Development Authority (Green Bonds); |  |  |  |  |
| Series 2019 A, RB<sup>(a)(c)</sup> <br>| 7.00% | 05/01/2039 | 8500 | &nbsp;&nbsp; 5950000 |
| Series 2021, RB (Acquired 06/16/2021; Cost $1,000,000)<sup>(a)(c)(f)(i)</sup> <br>| 6.00% | 06/01/2031 | 1000 | &nbsp;&nbsp; 110000 |
| Series 2021, RB (Acquired 06/16/2021; Cost $1,000,000)<sup>(a)(c)(f)(i)</sup> <br>| 6.25% | 06/01/2040 | 1000 | &nbsp;&nbsp; 110000 |
| Series 2021, RB (Acquired 06/16/2021-04/06/2022; Cost $2,690,000)<sup>(a)(c)(f)(i)</sup> <br>| 6.50% | 06/01/2051 | 2750 | &nbsp;&nbsp; 302500 |
| South Carolina (State of) Jobs-Economic Development Authority (Greer Preparatory Academy <br> Project);<br>|  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 6.38% | 06/15/2045 | 2270 | &nbsp;&nbsp; 2313894 |
| Series 2024, RB<sup>(a)</sup> <br>| 6.50% | 06/15/2059 | 4450 | &nbsp;&nbsp; 4482890 |
| South Carolina (State of) Jobs-Economic Development Authority (Oceanside Collegiate Academy); <br> Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.00% | 06/15/2054 | 2400 | &nbsp;&nbsp; 2219304 |
| South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group); <br> Series 2018 A, Ref. RB<br>| 5.00% | 05/01/2048 | 8240 | &nbsp;&nbsp; 8326288 |
| South Carolina (State of) Jobs-Economic Development Authority (Rolling Green Village); <br> Series 2025, RB<br>| 5.75% | 12/01/2060 | 2750 | &nbsp;&nbsp; 2766520 |
| South Carolina (State of) Jobs-Economic Development Authority (Seafields at Kiawah Island); <br> Series 2023, RB<br>| 7.50% | 11/15/2053 | 10000 | &nbsp;&nbsp; 10674533 |
| South Carolina (State of) Jobs-Economic Development Authority (Wesley Commons); Series 2025 <br> A, RB<br>| 5.63% | 10/01/2060 | 1500 | &nbsp;&nbsp; 1503410 |
| South Carolina (State of) Jobs-Economic Development Authority (Midlands Stem Chartered <br> School); Series 2025, RB<sup>(a)</sup> <br>| 5.25% | 06/15/2034 | 4080 | &nbsp;&nbsp; 4062355 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated <br> Group); Series 2024, RB<br>| 5.50% | 11/01/2054 | 11645 | &nbsp;&nbsp; 12377618 |
| South Carolina (State of) Public Service Authority (Santee Cooper); Series 2024 B, Ref. RB | 5.25% | 12/01/2054 | 8885 | &nbsp;&nbsp; 9391561 |
|  |  |  |  | &nbsp;&nbsp; 145525109 |
| **Tennessee–0.32%** | **Tennessee–0.32%** | **Tennessee–0.32%** | **Tennessee–0.32%** | **Tennessee–0.32%** |
| Knox (County of), TN Health, Educational & Housing Facility Board (University of Tennessee); <br> Series 2024 B-1, RB (INS - BAM)<sup>(d)</sup> <br>| 5.13% | 07/01/2059 | 10930 | &nbsp;&nbsp; 11180165 |
| Knox County Industrial Development Board (Green Bonds) (Tompaul Knoxville, LLC Recycling); <br> Series 2022, RB<sup>(a)(c)</sup> <br>| 9.50% | 11/01/2052 | 10000 | &nbsp;&nbsp; 9430846 |
| Shelby (County of), TN Health, Educational & Housing Facilities Board (Trezevant Manor); |  |  |  |  |
| Series 2013 A, Ref. RB<sup>(a)</sup> <br>| 5.50% | 09/01/2047 | 9000 | &nbsp;&nbsp; 7760647 |
| Series 2013 B, Ref. RB<sup>(i)</sup> <br>| 8.00% | 09/01/2044 | 6350 | &nbsp;&nbsp; 317500 |
|  |  |  |  | &nbsp;&nbsp; 28689158 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**28**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–9.55%** | **Texas–9.55%** | **Texas–9.55%** | **Texas–9.55%** | **Texas–9.55%** |
| Anna (City of), TX; |  |  |  |  |
| Series 2023, RB<sup>(a)</sup> <br>| 7.38% | 09/15/2052 | $2500 | &nbsp;&nbsp; $2754194 |
| Series 2025, RB | 5.50% | 09/15/2055 | 1300 | &nbsp;&nbsp; 1310730 |
| Argyle (Town of), TX (The Highlands of Argyle Public Improvement District No. 1); |  |  |  |  |
| Series 2017, RB | 5.00% | 09/01/2037 | 890 | &nbsp;&nbsp; 900138 |
| Series 2017, RB | 5.25% | 09/01/2047 | 1475 | &nbsp;&nbsp; 1478320 |
| Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.); |  |  |  |  |
| Series 2025, Ref. RB<sup>(a)</sup> <br>| 5.75% | 06/15/2055 | 3000 | &nbsp;&nbsp; 3052897 |
| Series 2025, Ref. RB<sup>(a)</sup> <br>| 5.88% | 06/15/2065 | 3000 | &nbsp;&nbsp; 3057397 |
| Arlington Higher Education Finance Corp. (Cypress Christian School); Series 2024, RB<sup>(a)</sup> <br>| 6.25% | 06/01/2063 | 9155 | &nbsp;&nbsp; 9271880 |
| Arlington Higher Education Finance Corp. (UME Preparatory Academy); Series 2017 A, RB | 5.00% | 08/15/2053 | 785 | &nbsp;&nbsp; 725758 |
| Arlington Higher Education Finance Corp. (Winfree Academy Charter School); Series 2019, Ref. <br> RB<br>| 5.75% | 08/15/2043 | 4345 | &nbsp;&nbsp; 4395021 |
| Aubrey (City of), TX (Aubrey Public Improvement District No. 1); |  |  |  |  |
| Series 2023, RB<sup>(a)</sup> <br>| 5.88% | 09/01/2043 | 1030 | &nbsp;&nbsp; 1063545 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.00% | 09/01/2053 | 1600 | &nbsp;&nbsp; 1623253 |
| Aubrey (City of), TX (Duck Point Public Improvement Disctrict); Series 2025, RB<sup>(a)</sup> <br>| 5.63% | 12/31/2055 | 1500 | &nbsp;&nbsp; 1506207 |
| Bastrop (City of), TX; Series 2025, RB<sup>(a)</sup> <br>| 5.63% | 09/01/2055 | 1000 | &nbsp;&nbsp; 1013444 |
| Boyd (City of), TX; Series 2025, RB<sup>(a)</sup> <br>| 5.88% | 09/15/2055 | 710 | &nbsp;&nbsp; 733963 |
| Brazoria County Industrial Development Corp. (Aleon Renewable); Series 2022, RB (Acquired <br> 06/08/2022; Cost $564,013)<sup>(a)(b)(c)(f)(i)</sup> <br>| 10.00% | 06/01/2026 | 576 | &nbsp;&nbsp; 28811 |
| Brazoria County Industrial Development Corp. (Gladieux Metals Recycling LLC); Series 2019, RB <br> (Acquired 08/08/2022; Cost $1,372,105)<sup>(c)(f)(i)</sup> <br>| 7.00% | 03/01/2039 | 1379 | &nbsp;&nbsp; 68950 |
| Calhoun (County of), TX Navigation Industrial Development Authority (Max Midstream Texas LLC); <br> Series 2021, RN<sup>(a)(c)</sup> <br>| 3.63% | 07/01/2026 | 11680 | &nbsp;&nbsp; 11545655 |
| Cambridge Student Housing Financing Co. L.P.; |  |  |  |  |
| Series 2004 C, Revenue Ctfs.<sup>(i)</sup> <br>| 9.70% | 11/01/2039 | 4502 | &nbsp;&nbsp; 900 |
| Series 2004 D, Revenue Ctfs.<sup>(i)</sup> <br>| 4.14% | 11/01/2039 | 3659 | &nbsp;&nbsp; 17613 |
| Canutillo Independent School District/TX; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<sup>(l)</sup> <br>| 5.25% | 02/15/2060 | 12210 | &nbsp;&nbsp; 12997888 |
| Carrollton-Farmers Branch Independent School District; Series 2023, GO Bonds (CEP - Texas <br> Permanent School Fund)<br>| 4.00% | 02/15/2053 | 20000 | &nbsp;&nbsp; 18649616 |
| Celina (City of), TX; Series 2025, RB<sup>(a)</sup> <br>| 5.63% | 09/01/2055 | 850 | &nbsp;&nbsp; 851889 |
| Celina (City of), TX (Cross Creek Meadows Public Improvement District Improvement Area #1); |  |  |  |  |
| Series 2023, RB<sup>(a)</sup> <br>| 5.38% | 09/01/2043 | 1615 | &nbsp;&nbsp; 1671201 |
| Series 2023, RB<sup>(a)</sup> <br>| 5.50% | 09/01/2053 | 2305 | &nbsp;&nbsp; 2326350 |
| Celina (City of), TX (Mosaic Public Improvement District Phase #1); |  |  |  |  |
| Series 2023, RB<sup>(a)</sup> <br>| 5.13% | 09/01/2043 | 1200 | &nbsp;&nbsp; 1235238 |
| Series 2023, RB<sup>(a)</sup> <br>| 5.50% | 09/01/2053 | 1825 | &nbsp;&nbsp; 1859950 |
| Celina (City of), TX (Ten Mile Creek Public Improvement District Improvement Area #1); |  |  |  |  |
| Series 2023, RB<sup>(a)</sup> <br>| 4.75% | 09/01/2030 | 325 | &nbsp;&nbsp; 332257 |
| Series 2023, RB<sup>(a)</sup> <br>| 5.50% | 09/01/2042 | 875 | &nbsp;&nbsp; 921530 |
| Series 2023, RB<sup>(a)</sup> <br>| 5.75% | 09/01/2052 | 1500 | &nbsp;&nbsp; 1535203 |
| Celina (City of), TX (Ten Mile Creek Public Improvement District Major Improvement Area); |  |  |  |  |
| Series 2023, RB<sup>(a)</sup> <br>| 5.50% | 09/01/2030 | 247 | &nbsp;&nbsp; 252279 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.25% | 09/01/2042 | 800 | &nbsp;&nbsp; 829912 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.50% | 09/01/2052 | 1300 | &nbsp;&nbsp; 1316455 |
| Central Texas Regional Mobility Authority; Series 2020 E, RB | 4.00% | 01/01/2050 | 10000 | &nbsp;&nbsp; 9142307 |
| City of San Antonio TX Electric & Gas Systems Revenue; Series 2025, RB<sup>(l)</sup> <br>| 5.25% | 02/01/2054 | 19135 | &nbsp;&nbsp; 20344382 |
| Corpus Christi (City of), TX (Whitecap Public Improvement District No. 1); |  |  |  |  |
| Series 2024, RB | 6.13% | 09/15/2044 | 1000 | &nbsp;&nbsp; 1021167 |
| Series 2024, RB | 6.50% | 09/15/2054 | 1356 | &nbsp;&nbsp; 1366339 |
| Crandall (City of), TX; |  |  |  |  |
| Series 2021, RB<sup>(a)</sup> <br>| 4.25% | 09/15/2041 | 250 | &nbsp;&nbsp; 244702 |
| Series 2021, RB<sup>(a)</sup> <br>| 5.00% | 09/15/2041 | 500 | &nbsp;&nbsp; 500944 |
| Series 2021, RB<sup>(a)</sup> <br>| 4.50% | 09/15/2051 | 1500 | &nbsp;&nbsp; 1355161 |
| Crandall (City of), TX (River Ridge Public Improvement Disctrict Improvement Area #3); <br> Series 2025, RB<sup>(a)</sup> <br>| 5.50% | 09/15/2055 | 1250 | &nbsp;&nbsp; 1254389 |
| Decatur (City of), TX (Paloma Trails Public Improvement District Area No. 1); Series 2025, RB<sup>(a)</sup> <br>| 5.75% | 09/15/2055 | 1077 | &nbsp;&nbsp; 1091561 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**29**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| Denton Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School <br> Fund)<sup>(l)</sup> <br>| 5.00% | 08/15/2048 | $14000 | &nbsp;&nbsp; $14695272 |
| DeSoto (City of), TX (Danieldale Homestead); Series 2023, RB<sup>(a)</sup> <br>| 5.50% | 09/15/2050 | 1500 | &nbsp;&nbsp; 1520921 |
| DeSoto Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<sup>(l)</sup> <br>| 5.00% | 08/15/2050 | 17530 | &nbsp;&nbsp; 18237988 |
| Edinburg Economic Development Corp.; Series 2019, RB<sup>(a)</sup> <br>| 5.00% | 08/15/2044 | 1945 | &nbsp;&nbsp; 1869434 |
| Ennis (City of), TX; Series 2025, RB<sup>(a)</sup> <br>| 5.50% | 09/15/2055 | 1180 | &nbsp;&nbsp; 1177403 |
| Galveston (City of), TX; |  |  |  |  |
| Series 2014, RB | 5.63% | 09/01/2028 | 490 | &nbsp;&nbsp; 474574 |
| Series 2014, RB | 6.00% | 09/01/2038 | 2690 | &nbsp;&nbsp; 2392821 |
| Series 2014, RB | 6.13% | 09/01/2044 | 2625 | &nbsp;&nbsp; 2215574 |
| Gulf Coast Industrial Development Authority; Series 1998, RB<sup>(c)</sup> <br>| 8.00% | 04/01/2028 | 20 | &nbsp;&nbsp; 20033 |
| Harris (County of), TX; |  |  |  |  |
| Series 2025, GO Bonds<sup>(l)</sup> <br>| 5.50% | 02/15/2050 | 15830 | &nbsp;&nbsp; 17350929 |
| Series 2025, RB<sup>(l)</sup> <br>| 5.25% | 08/15/2054 | 20000 | &nbsp;&nbsp; 21351470 |
| Hays (County of), TX (La Cima Public Improvement District); |  |  |  |  |
| Series 2022, RB<sup>(a)</sup> <br>| 5.50% | 09/15/2042 | 2000 | &nbsp;&nbsp; 2101172 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.75% | 09/15/2052 | 3550 | &nbsp;&nbsp; 3624647 |
| Highway 380 Municipal Management District No. 1; Series 2022, GO Bonds (INS - BAM)<sup>(d)</sup> <br>| 4.00% | 05/01/2044 | 2355 | &nbsp;&nbsp; 2335708 |
| Houston (City of), TX; Series 2024 B, RB<sup>(c)</sup> <br>| 5.50% | 07/15/2037 | 8395 | &nbsp;&nbsp; 9290344 |
| Houston (City of), TX (United Airlines, Inc.); Series 2024 B, RB<sup>(c)</sup> <br>| 5.50% | 07/15/2038 | 14000 | &nbsp;&nbsp; 15407158 |
| Houston (City of), TX Airport System (United Airlines, Inc.); Series 2024 B, RB<sup>(c)</sup> <br>| 5.50% | 07/15/2039 | 8605 | &nbsp;&nbsp; 9433381 |
| Humble Independent School District; Series 2022, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 4.00% | 02/15/2052 | 20500 | &nbsp;&nbsp; 19121785 |
| Hutto (City of), TX; Series 2025, RB<sup>(a)</sup> <br>| 5.38% | 09/01/2060 | 1000 | &nbsp;&nbsp; 989848 |
| Joshua Farms Municipal Management District No 1; Series 2026, RB<sup>(a)</sup> <br>| 5.50% | 09/01/2056 | 3860 | &nbsp;&nbsp; 3754112 |
| Lamar Consolidated Independent School District; Series 2023, GO Bonds | 4.00% | 02/15/2048 | 24500 | &nbsp;&nbsp; 23532537 |
| Lavon (City of), TX (Trails of Lavon Public Improvements District Projetcs); Series 2025, RB<sup>(a)</sup> <br>| 6.00% | 09/15/2054 | 1100 | &nbsp;&nbsp; 1138862 |
| Lewisville (City of), TX; Series 2023 A, RB<sup>(a)</sup> <br>| 8.00% | 09/01/2053 | 1625 | &nbsp;&nbsp; 1697552 |
| Little Elm (Town of), TX (Valencia Public Improvement District No. 2); Series 2022, RB<sup>(a)</sup> <br>| 6.88% | 09/01/2052 | 2700 | &nbsp;&nbsp; 2821794 |
| Lowry Crossing (City of), TX (Simpson Road Public Improvement); Series 2025, RB<sup>(a)</sup> <br>| 6.00% | 09/15/2055 | 1300 | &nbsp;&nbsp; 1339223 |
| Mansfield Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<sup>(l)</sup> <br>| 5.25% | 02/15/2055 | 14000 | &nbsp;&nbsp; 14970557 |
| Maypearl Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 5.00% | 02/15/2048 | 2000 | &nbsp;&nbsp; 2092618 |
| Mclendon-Chisholm (City of), TX (Sonoma Public Improvement); Series 2022, RB<sup>(a)</sup> <br>| 5.75% | 09/15/2052 | 2500 | &nbsp;&nbsp; 2528923 |
| Mesquite (City of), TX; |  |  |  |  |
| Series 2025, RB | 5.25% | 09/01/2045 | 625 | &nbsp;&nbsp; 631129 |
| Series 2025, RB | 5.63% | 09/01/2055 | 1526 | &nbsp;&nbsp; 1530667 |
| Series 2025, RB | 5.75% | 09/01/2055 | 1300 | &nbsp;&nbsp; 1305234 |
| Midlothian (City of), TX (Westside Preserve Public Improvement District); |  |  |  |  |
| Series 2022, RB<sup>(a)</sup> <br>| 5.25% | 09/15/2042 | 1500 | &nbsp;&nbsp; 1546078 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.38% | 09/15/2052 | 2500 | &nbsp;&nbsp; 2475128 |
| Mission Economic Development Corp. (Natgasoline); Series 2018, Ref. RB<sup>(a)(c)</sup> <br>| 4.63% | 10/01/2031 | 13335 | &nbsp;&nbsp; 13390042 |
| Montgomery Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School <br> Fund)<br>| 4.00% | 02/15/2053 | 8500 | &nbsp;&nbsp; 7989790 |
| New Hope Cultural Education Facilities Finance Corp.; |  |  |  |  |
| Series 2025 A, RB | 6.25% | 10/01/2045 | 5285 | &nbsp;&nbsp; 5559537 |
| Series 2025 A, RB | 6.50% | 10/01/2055 | 11380 | &nbsp;&nbsp; 11809892 |
| Series 2025 A, RB | 6.50% | 10/01/2060 | 7280 | &nbsp;&nbsp; 7536230 |
| Series 2025, RB<sup>(l)</sup> <br>| 5.50% | 08/15/2049 | 14000 | &nbsp;&nbsp; 15328838 |
| Series 2025, VRD RB<sup>(n)</sup> <br>| 1.05% | 08/01/2055 | 10000 | &nbsp;&nbsp; 10000000 |
| New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community); |  |  |  |  |
| Series 2021 A-1, RB (Acquired 11/24/2021; Cost $150,000)<sup>(f)(i)</sup> <br>| 7.50% | 11/15/2037 | 150 | &nbsp;&nbsp; 150000 |
| Series 2021 A-2, RB (Acquired 11/24/2021; Cost $2,100,000)<sup>(f)(i)</sup> <br>| 7.50% | 11/15/2036 | 2100 | &nbsp;&nbsp; 2100000 |
| Series 2021, RB (Acquired 07/27/2007-11/19/2025; Cost $4,122,286)<sup>(f)(i)</sup> <br>| 2.00% | 11/15/2061 | 4122 | &nbsp;&nbsp; 1772665 |
| New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas); <br> Series 2019 A, RB<sup>(a)</sup> <br>| 5.00% | 08/15/2051 | 2885 | &nbsp;&nbsp; 2714803 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**30**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| New Hope Cultural Education Facilities Finance Corp. (Cumberland Academy); |  |  |  |  |
| Series 2020 A, RB<sup>(a)</sup> <br>| 5.00% | 08/15/2040 | $2390 | &nbsp;&nbsp; $2309310 |
| Series 2020 A, RB<sup>(a)</sup> <br>| 5.00% | 08/15/2050 | 20 | &nbsp;&nbsp; 17401 |
| New Hope Cultural Education Facilities Finance Corp. (Forefront Living - Bella Vida); Series 2025, <br> RB<br>| 5.25% | 10/01/2030 | 5000 | &nbsp;&nbsp; 5006230 |
| New Hope Cultural Education Facilities Finance Corp. (Legacy Midtown Park); |  |  |  |  |
| Series 2018 A, RB | 5.50% | 07/01/2054 | 5000 | &nbsp;&nbsp; 4259437 |
| Series 2025, RB | 6.75% | 07/01/2044 | 3200 | &nbsp;&nbsp; 3366029 |
| Series 2025, RB | 7.13% | 07/01/2056 | 1600 | &nbsp;&nbsp; 1645233 |
| New Hope Cultural Education Facilities Finance Corp. (Legacy Preparatory Charter Academy); |  |  |  |  |
| Series 2018 A, RB<sup>(a)</sup> <br>| 6.00% | 08/15/2037 | 1650 | &nbsp;&nbsp; 1417591 |
| Series 2018 A, RB<sup>(a)</sup> <br>| 6.00% | 08/15/2047 | 13435 | &nbsp;&nbsp; 10700627 |
| New Hope Cultural Education Facilities Finance Corp. (Longhorn Village); Series 2017, Ref. RB | 5.00% | 01/01/2047 | 8000 | &nbsp;&nbsp; 8005171 |
| New Hope Cultural Education Facilities Finance Corp. (MRC Senior Living-The Langford); |  |  |  |  |
| Series 2016 A, RB | 5.50% | 11/15/2046 | 650 | &nbsp;&nbsp; 585434 |
| Series 2016 A, RB | 5.50% | 11/15/2052 | 3425 | &nbsp;&nbsp; 2932490 |
| New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven (The)); |  |  |  |  |
| Series 2022 A, RB | 6.63% | 10/01/2043 | 24685 | &nbsp;&nbsp; 26128969 |
| Series 2022 A, RB | 6.75% | 10/01/2052 | 9910 | &nbsp;&nbsp; 10250596 |
| Series 2022 A, RB | 6.88% | 10/01/2057 | 16160 | &nbsp;&nbsp; 16784686 |
| New Hope Cultural Education Facilities Finance Corp. (Presbyterian Village North); |  |  |  |  |
| Series 2018, Ref. RB | 5.25% | 10/01/2049 | 4550 | &nbsp;&nbsp; 4384984 |
| Series 2020, RB | 5.25% | 10/01/2055 | 12375 | &nbsp;&nbsp; 11640634 |
| New Hope Cultural Education Facilities Finance Corp. (Wesleyan Homes, Inc.); Series 2014, RB | 5.50% | 01/01/2049 | 1300 | &nbsp;&nbsp; 1300240 |
| North Central Texas Housing Finance Corp. (Village of Kaufman Apartments); Series 2012, RB<sup>(b)</sup> <br>| 6.15% | 01/01/2029 | 1605 | &nbsp;&nbsp; 1524750 |
| North Parkway Municipal Management District No. 1; |  |  |  |  |
| Series 2021, RB<sup>(a)</sup> <br>| 4.00% | 09/15/2041 | 500 | &nbsp;&nbsp; 475481 |
| Series 2021, RB<sup>(a)</sup> <br>| 4.25% | 09/15/2051 | 1000 | &nbsp;&nbsp; 889005 |
| North Parkway Municipal Management District No. 1 (Major Improvements); |  |  |  |  |
| Series 2021, RB<sup>(a)</sup> <br>| 4.75% | 09/15/2041 | 2000 | &nbsp;&nbsp; 1999920 |
| Series 2021, RB<sup>(a)</sup> <br>| 5.00% | 09/15/2051 | 3500 | &nbsp;&nbsp; 3384156 |
| Northwest Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent School <br> Fund)<sup>(l)</sup> <br>| 5.25% | 02/15/2055 | 8000 | &nbsp;&nbsp; 8560739 |
| Pilot Point (City of), TX (Creekview Public Improvement District Zone A); |  |  |  |  |
| Series 2022, RB<sup>(a)</sup> <br>| 5.75% | 09/15/2032 | 338 | &nbsp;&nbsp; 354792 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.50% | 09/15/2042 | 800 | &nbsp;&nbsp; 826627 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.63% | 09/15/2052 | 1450 | &nbsp;&nbsp; 1458526 |
| Series 2022, RB<sup>(a)</sup> <br>| 6.13% | 09/15/2052 | 2070 | &nbsp;&nbsp; 2118958 |
| Pilot Point (City of), TX (Creekview Public Improvement District Zone B); |  |  |  |  |
| Series 2022, RB<sup>(a)</sup> <br>| 5.50% | 09/15/2042 | 750 | &nbsp;&nbsp; 774963 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.63% | 09/15/2052 | 1300 | &nbsp;&nbsp; 1307644 |
| Pilot Point (City of), TX (Mobberly Public Area No. 2); |  |  |  |  |
| Series 2022, RB<sup>(a)</sup> <br>| 5.38% | 09/15/2027 | 198 | &nbsp;&nbsp; 201777 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.63% | 09/15/2032 | 400 | &nbsp;&nbsp; 425876 |
| Series 2022, RB<sup>(a)</sup> <br>| 6.00% | 09/15/2052 | 4000 | &nbsp;&nbsp; 4067628 |
| Pilot Point (City of), TX (Mobberly Public Improvement District); |  |  |  |  |
| Series 2022, RB<sup>(a)</sup> <br>| 5.50% | 09/15/2048 | 2000 | &nbsp;&nbsp; 2011910 |
| Series 2022, RB<sup>(a)</sup> <br>| 6.50% | 09/15/2052 | 1410 | &nbsp;&nbsp; 1471877 |
| Plano (City of), TX; |  |  |  |  |
| Series 2023, RB<sup>(a)</sup> <br>| 8.25% | 09/15/2043 | 1765 | &nbsp;&nbsp; 1892058 |
| Series 2023, RB<sup>(a)</sup> <br>| 7.50% | 09/15/2053 | 1400 | &nbsp;&nbsp; 1475607 |
| Series 2023, RB<sup>(a)</sup> <br>| 8.50% | 09/15/2053 | 3050 | &nbsp;&nbsp; 3208904 |
| Pottsboro Higher Education Finance Corp. (Imagine International Academy of North Texas LLC); |  |  |  |  |
| Series 2016 A, RB | 5.00% | 08/15/2036 | 755 | &nbsp;&nbsp; 756391 |
| Series 2016 A, RB | 5.00% | 08/15/2046 | 1000 | &nbsp;&nbsp; 948937 |
| Princeton (City of), TX (Eastridge Public Improvement District); |  |  |  |  |
| Series 2022, RB<sup>(a)</sup> <br>| 5.13% | 09/01/2042 | 836 | &nbsp;&nbsp; 865072 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.25% | 09/01/2052 | 1375 | &nbsp;&nbsp; 1391159 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**31**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| Princeton (City of), TX (Sicily Public Improvement District Improvement Area No. 1); |  |  |  |  |
| Series 2023, RB<sup>(a)</sup> <br>| 7.00% | 09/01/2043 | $2350 | &nbsp;&nbsp; $2473372 |
| Series 2023, RB<sup>(a)</sup> <br>| 7.00% | 09/01/2053 | 3000 | &nbsp;&nbsp; 3073914 |
| Princeton (City of), TX (Sicily Public Improvement District Improvement); Series 2023, RB<sup>(a)</sup> <br>| 7.88% | 09/01/2053 | 1935 | &nbsp;&nbsp; 1999677 |
| Princeton Independent School District; Series 2023, GO Bonds (CEP - Texas Permanent School <br> Fund)<sup>(l)</sup> <br>| 4.25% | 02/15/2053 | 25065 | &nbsp;&nbsp; 23897553 |
| Providence Village (Town of), TX (Foree Ranch Public Improvement District Improvement Area No. <br> 2); Series 2025, RB<sup>(a)</sup> <br>| 5.50% | 09/01/2055 | 1200 | &nbsp;&nbsp; 1200354 |
| Red River Education Finance Corp. (Houston Baptist University); Series 2017, Ref. RB | 5.50% | 10/01/2046 | 17800 | &nbsp;&nbsp; 17832156 |
| Rockdale Special Assessment; Series 2023, RB<sup>(a)</sup> <br>| 7.50% | 09/15/2054 | 3667 | &nbsp;&nbsp; 3811412 |
| Rowlett (City of), TX (Bayside Public Improvement District North Improvement Area); <br> Series 2016, RB<br>| 6.00% | 09/15/2046 | 450 | &nbsp;&nbsp; 450400 |
| Sabine Neches Housing Finance Corp. (Fox Run Apartments); Series 2012, RB<sup>(b)</sup> <br>| 6.15% | 01/01/2029 | 1830 | &nbsp;&nbsp; 1876752 |
| San Antonio (City of), TX; |  |  |  |  |
| Series 2021 A, Ref. RB | 4.00% | 05/15/2051 | 20000 | &nbsp;&nbsp; 18912924 |
| Series 2025, RB<sup>(l)</sup> <br>| 5.25% | 02/01/2046 | 5050 | &nbsp;&nbsp; 5492543 |
| Series 2025, RB<sup>(k)(l)</sup> <br>| 5.50% | 02/01/2050 | 10000 | &nbsp;&nbsp; 10887735 |
| San Antonio Education Facilities Corp. (University of the Incarnate Word); |  |  |  |  |
| Series 2025, RB | 5.25% | 10/01/2045 | 9030 | &nbsp;&nbsp; 9214539 |
| Series 2025, RB | 5.00% | 10/01/2050 | 4000 | &nbsp;&nbsp; 3854268 |
| Series 2025, RB | 5.50% | 10/01/2055 | 6400 | &nbsp;&nbsp; 6459682 |
| Seagoville (City of), TX; Series 2025, RB<sup>(a)</sup> <br>| 6.00% | 09/15/2054 | 835 | &nbsp;&nbsp; 860337 |
| Tarrant County Cultural Education Facilities Finance Corp.; |  |  |  |  |
| Series 2017, RB | 6.25% | 02/15/2037 | 3140 | &nbsp;&nbsp; 2551250 |
| Series 2026, VRD RB (LOC - Barclays Bank PLC)<sup>(n)(p)</sup> <br>| 0.50% | 11/15/2063 | 6000 | &nbsp;&nbsp; 6000000 |
| Series 2026, VRD RB<sup>(n)</sup> <br>| 0.80% | 11/15/2063 | 15000 | &nbsp;&nbsp; 15000000 |
| Series 2026, VRD RB<sup>(n)</sup> <br>| 0.80% | 11/15/2063 | 15000 | &nbsp;&nbsp; 15000000 |
| Tarrant County Cultural Education Facilities Finance Corp. (Buckner Senior Living - Ventana); |  |  |  |  |
| Series 2017, RB | 6.75% | 11/15/2047 | 3500 | &nbsp;&nbsp; 3531364 |
| Series 2017, RB | 6.75% | 11/15/2052 | 2100 | &nbsp;&nbsp; 2115389 |
| Tarrant County Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home); |  |  |  |  |
| Series 2017 A, RB<sup>(i)</sup> <br>| 6.38% | 02/15/2048 | 6010 | &nbsp;&nbsp; 4883125 |
| Series 2017 A, RB<sup>(i)</sup> <br>| 6.38% | 02/15/2052 | 3000 | &nbsp;&nbsp; 2437500 |
| Series 2017, RB<sup>(i)</sup> <br>| 6.38% | 02/15/2041 | 2075 | &nbsp;&nbsp; 1685938 |
| Tarrant County Cultural Education Facilities Finance Corp. (Cook Children's Medical Center); |  |  |  |  |
| Series 2025, RB<sup>(l)</sup> <br>| 5.25% | 12/01/2049 | 11225 | &nbsp;&nbsp; 12005319 |
| Series 2025, Ref. RB | 4.13% | 12/01/2054 | 7650 | &nbsp;&nbsp; 7007832 |
| Tarrant County Cultural Education Facilities Finance Corp. (MRC Stevenson Oaks); |  |  |  |  |
| Series 2020, Ref. RB | 6.25% | 11/15/2031 | 1500 | &nbsp;&nbsp; 1539563 |
| Series 2020, Ref. RB | 6.63% | 11/15/2041 | 2000 | &nbsp;&nbsp; 2023734 |
| Series 2020, Ref. RB | 6.75% | 11/15/2051 | 7625 | &nbsp;&nbsp; 7266417 |
| Series 2020, Ref. RB | 6.88% | 11/15/2055 | 3555 | &nbsp;&nbsp; 3419077 |
| Texas (State of) Transportation Commission; |  |  |  |  |
| Series 2019, RB<sup>(e)</sup> <br>| 0.00% | 08/01/2046 | 2240 | &nbsp;&nbsp; 828652 |
| Series 2019, RB<sup>(e)</sup> <br>| 0.00% | 08/01/2047 | 3345 | &nbsp;&nbsp; 1173432 |
| Series 2019, RB<sup>(e)</sup> <br>| 0.00% | 08/01/2048 | 3530 | &nbsp;&nbsp; 1173018 |
| Series 2019, RB<sup>(e)</sup> <br>| 0.00% | 08/01/2049 | 3320 | &nbsp;&nbsp; 1044908 |
| Series 2019, RB<sup>(e)</sup> <br>| 0.00% | 08/01/2050 | 4760 | &nbsp;&nbsp; 1416874 |
| Series 2019, RB<sup>(e)</sup> <br>| 0.00% | 08/01/2051 | 5000 | &nbsp;&nbsp; 1407651 |
| Series 2019, RB<sup>(e)</sup> <br>| 0.00% | 08/01/2053 | 400 | &nbsp;&nbsp; 100807 |
| Texas (State of) Water Development Board; Series 2021, RB | 4.00% | 10/15/2056 | 15000 | &nbsp;&nbsp; 13585731 |
| Texas State Technical College; |  |  |  |  |
| Series 2022, RB (INS - AGI)<sup>(d)(l)</sup> <br>| 5.50% | 08/01/2042 | 12500 | &nbsp;&nbsp; 14086533 |
| Series 2022, RB (INS - AGI)<sup>(d)(l)</sup> <br>| 6.00% | 08/01/2054 | 6000 | &nbsp;&nbsp; 6585640 |
| Texas Transportation Finance Corp.; Series 2025, RB<sup>(l)</sup> <br>| 5.50% | 10/01/2055 | 16250 | &nbsp;&nbsp; 17766838 |
| Travis County Development Authority (Longview 71 Public Improvement District Improvement <br> Area No. 1);<br>|  |  |  |  |
| Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 09/01/2044 | 585 | &nbsp;&nbsp; 594401 |
| Series 2024, RB<sup>(a)</sup> <br>| 5.13% | 09/01/2054 | 840 | &nbsp;&nbsp; 832949 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**32**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** | **Texas–(continued)** |
| Tuloso-Midway Independent School District; Series 2025, GO Bonds (CEP - Texas Permanent <br> School Fund)<sup>(l)</sup> <br>| 5.25% | 08/15/2050 | $16710 | &nbsp;&nbsp; $17932682 |
| Vintage Township Public Facilities Corp.; Series 2008 A, RB | 7.38% | 10/01/2038 | 1733 | &nbsp;&nbsp; 1736205 |
| Waxahachie (City of), TX; Series 2015, RB | 6.00% | 08/15/2045 | 5700 | &nbsp;&nbsp; 5725013 |
| Williamson (County of), TX Municipal Utility District No. 28; |  |  |  |  |
| Series 2022, GO Bonds (INS - AGI)<sup>(d)</sup> <br>| 4.25% | 10/01/2047 | 1540 | &nbsp;&nbsp; 1484577 |
| Series 2022, GO Bonds (INS - AGI)<sup>(d)</sup> <br>| 4.38% | 10/01/2048 | 1805 | &nbsp;&nbsp; 1755167 |
|  |  |  |  | &nbsp;&nbsp; 850099092 |
| **Utah–2.83%** | **Utah–2.83%** | **Utah–2.83%** | **Utah–2.83%** | **Utah–2.83%** |
| 10th & Main Public Infrastructure District (10th & Main Assessment Area); Series 2025, RB<sup>(a)</sup> <br>| 5.75% | 12/01/2053 | 9500 | &nbsp;&nbsp; 9553345 |
| Auto Mall & Retail Public Infrastructure District; Series 2023 A, GO Bonds<sup>(a)(g)</sup> <br>| 8.25% | 03/01/2053 | 18700 | &nbsp;&nbsp; 17766838 |
| Black Desert Public Infrastructure District; |  |  |  |  |
| Series 2021 B, GO Bonds<sup>(a)</sup> <br>| 7.38% | 09/15/2051 | 5500 | &nbsp;&nbsp; 5034881 |
| Series 2024, RB<sup>(a)</sup> <br>| 5.63% | 12/01/2053 | 5000 | &nbsp;&nbsp; 5066004 |
| Black Rock Mountain Resort Public Infrastructure District; Series 2025, RB<sup>(a)</sup> <br>| 5.88% | 12/01/2054 | 6200 | &nbsp;&nbsp; 6428613 |
| Boulder Ridge Public Infrastructure District No. 1; Series 2025, GO Bonds<sup>(a)</sup> <br>| 7.50% | 03/01/2055 | 2200 | &nbsp;&nbsp; 2192710 |
| Downtown East Streetcar Sewer Public Infrastructure District; |  |  |  |  |
| Series 2022 A, GO Bonds<sup>(a)</sup> <br>| 6.00% | 03/01/2053 | 6500 | &nbsp;&nbsp; 6487792 |
| Series 2022 B, GO Bonds<sup>(a)</sup> <br>| 9.00% | 03/15/2053 | 1239 | &nbsp;&nbsp; 1239473 |
| Downtown Revitalization Public Infrastructure District (SEG Redevelopment); |  |  |  |  |
| Series 2025, RB (INS - AGI)<sup>(d)</sup> <br>| 5.50% | 06/01/2055 | 12000 | &nbsp;&nbsp; 13001236 |
| Series 2025, RB (INS - AGI)<sup>(d)</sup> <br>| 5.50% | 06/01/2055 | 4500 | &nbsp;&nbsp; 4875463 |
| Fiddlers Canyon Infrastructure Financing District (Fiddlers Canyon Assessment Area); <br> Series 2024, RB<sup>(a)</sup> <br>| 5.63% | 12/01/2053 | 3458 | &nbsp;&nbsp; 3341531 |
| Firefly Public Infrastructure District No. 1; Series 2024 A-1, GO Bonds<sup>(a)</sup> <br>| 6.63% | 03/01/2054 | 2370 | &nbsp;&nbsp; 2445088 |
| Firefly Public Infrastructure District No. 1 (Firefly Assessment Area No.1); Series 2024, RB<sup>(a)</sup> <br>| 5.63% | 12/01/2043 | 6474 | &nbsp;&nbsp; 6678099 |
| Gateway at Sand Hollow Public Infrastructure District No. 1; Series 2021 A, GO Bonds<sup>(a)</sup> <br>| 5.50% | 03/01/2051 | 11500 | &nbsp;&nbsp; 9150984 |
| GLH Public Infrastructure District No. 1; Series 2025, GO Bonds<sup>(a)</sup> <br>| 6.88% | 03/01/2055 | 3925 | &nbsp;&nbsp; 4146790 |
| Hideout (Town of), UT Local District No. 1; Series 2014, RB | 8.25% | 08/01/2034 | 565 | &nbsp;&nbsp; 567112 |
| Jordanelle Ridge Public Infrastructure District No. 2; Series 2025 B, GO Bonds<sup>(a)</sup> <br>| 7.88% | 03/15/2055 | 3600 | &nbsp;&nbsp; 3679389 |
| Mida Cormont Public Infrastructure District; |  |  |  |  |
| Series 2025 A-1, GO Bonds<sup>(a)</sup> <br>| 6.25% | 06/01/2055 | 1450 | &nbsp;&nbsp; 1528813 |
| Series 2025 A-2, GO Bonds<sup>(a)(g)</sup> <br>| 6.75% | 06/01/2055 | 6725 | &nbsp;&nbsp; 5814802 |
| Series 2025, GO Bonds<sup>(a)</sup> <br>| 8.50% | 06/15/2055 | 2247 | &nbsp;&nbsp; 2315239 |
| Mida Mountain Village Public Infrastructure District; Series 2024-2, RB<sup>(a)</sup> <br>| 5.75% | 06/15/2044 | 1250 | &nbsp;&nbsp; 1306140 |
| NS Public Infrastructure No. 2; |  |  |  |  |
| Series 2024 A-1, GO Bonds<sup>(a)</sup> <br>| 6.50% | 03/01/2055 | 3210 | &nbsp;&nbsp; 3206096 |
| Series 2024 A-2, GO Bonds<sup>(g)</sup> <br>| 7.00% | 03/01/2055 | 1600 | &nbsp;&nbsp; 1037243 |
| Series 2024 B, GO Bonds<sup>(a)</sup> <br>| 9.00% | 03/15/2055 | 638 | &nbsp;&nbsp; 653808 |
| Olympia Public Infrastructure District No. 1; |  |  |  |  |
| Series 2024 A-1, GO Bonds<sup>(a)</sup> <br>| 6.38% | 03/01/2055 | 1485 | &nbsp;&nbsp; 1533774 |
| Series 2024 B, GO Bonds | 8.00% | 03/15/2055 | 952 | &nbsp;&nbsp; 974610 |
| Oquirrh Point Public Infrastructure District No. 1; |  |  |  |  |
| Series 2024 A-1, GO Bonds<sup>(a)</sup> <br>| 6.50% | 03/01/2055 | 4140 | &nbsp;&nbsp; 4140981 |
| Series 2024 A-2, GO Bonds<sup>(a)(g)</sup> <br>| 7.00% | 03/01/2055 | 1960 | &nbsp;&nbsp; 1192511 |
| Series 2024 B, GO Bonds<sup>(a)</sup> <br>| 9.00% | 03/15/2055 | 1070 | &nbsp;&nbsp; 1079321 |
| Panorama Public Infrastructure District No. 1; |  |  |  |  |
| Series 2025 A, GO Bonds<sup>(a)</sup> <br>| 6.25% | 03/01/2055 | 3000 | &nbsp;&nbsp; 3042852 |
| Series 2025 B, GO Bonds<sup>(a)</sup> <br>| 8.63% | 03/15/2055 | 1000 | &nbsp;&nbsp; 1005740 |
| Pine View Public Infrastructure District No. 1; Series 2021 A, GO Bonds<sup>(a)</sup> <br>| 6.00% | 03/01/2051 | 12952 | &nbsp;&nbsp; 10823433 |
| Point Phase 1 Public Infrastructure District No. 1; |  |  |  |  |
| Series 2025 A-1, RB | 6.13% | 03/01/2055 | 7550 | &nbsp;&nbsp; 7887413 |
| Series 2025 A-2, RB | 6.63% | 03/01/2055 | 1250 | &nbsp;&nbsp; 1023548 |
| Series 2025, RB | 8.50% | 03/15/2055 | 8400 | &nbsp;&nbsp; 8563092 |
| Red Bridge Public Infrastructure District No. 1; |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(a)</sup> <br>| 4.38% | 02/01/2051 | 1000 | &nbsp;&nbsp; 801339 |
| Series 2021 B, GO Bonds<sup>(a)</sup> <br>| 7.38% | 08/15/2051 | 600 | &nbsp;&nbsp; 515660 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**33**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Utah–(continued)** | **Utah–(continued)** | **Utah–(continued)** | **Utah–(continued)** | **Utah–(continued)** |
| Salt Lake City (City of), UT; |  |  |  |  |
| Series 2018 A, RB<sup>(c)</sup> <br>| 5.25% | 07/01/2048 | $11035 | &nbsp;&nbsp; $11213943 |
| Series 2021 A, RB (INS - AGI)<sup>(c)(d)</sup> <br>| 4.00% | 07/01/2051 | 10420 | &nbsp;&nbsp; 9417230 |
| Soleil Hills Public Infrastructure District No. 1; Series 2025, GO Bonds<sup>(a)</sup> <br>| 8.00% | 03/15/2055 | 1100 | &nbsp;&nbsp; 1112749 |
| Utah (State of) Charter School Finance Authority (Ascent Academies of Utah); |  |  |  |  |
| Series 2022, RB<sup>(a)</sup> <br>| 4.50% | 06/15/2032 | 2000 | &nbsp;&nbsp; 1991323 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2042 | 3850 | &nbsp;&nbsp; 3672833 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2052 | 6000 | &nbsp;&nbsp; 5131342 |
| Utah (State of) Charter School Finance Authority (Endeavour Hall); |  |  |  |  |
| Series 2012, RB | 6.00% | 07/15/2032 | 1330 | &nbsp;&nbsp; 1331009 |
| Series 2012, RB | 6.25% | 07/15/2042 | 3870 | &nbsp;&nbsp; 3871254 |
| Utah (State of) Charter School Finance Authority (Esperanza Elementary School); |  |  |  |  |
| Series 2018 A, RB<sup>(a)(b)</sup> <br>| 5.63% | 04/15/2029 | 1945 | &nbsp;&nbsp; 1932978 |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.00% | 10/15/2038 | 2330 | &nbsp;&nbsp; 2329915 |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.25% | 10/15/2048 | 2205 | &nbsp;&nbsp; 2057517 |
| Series 2025 A, RB<sup>(a)</sup> <br>| 6.00% | 10/15/2055 | 4870 | &nbsp;&nbsp; 4918180 |
| Series 2025, RB<sup>(a)</sup> <br>| 7.00% | 10/15/2029 | 205 | &nbsp;&nbsp; 206264 |
| Utah (State of) Charter School Finance Authority (Leadership Learning Academy); Series 2019 A, <br> RB<sup>(a)</sup> <br>| 5.00% | 06/15/2050 | 2000 | &nbsp;&nbsp; 1832629 |
| Utah (State of) Charter School Finance Authority (Merit Preparatory Academy); Series 2019 A, <br> RB<sup>(a)</sup> <br>| 5.38% | 06/15/2049 | 3645 | &nbsp;&nbsp; 3429058 |
| Utah (State of) Charter School Finance Authority (Reagan Academy); Series 2016 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 02/15/2046 | 855 | &nbsp;&nbsp; 804817 |
| Utah (State of) Charter School Finance Authority (The Freedom Academy Foundation); |  |  |  |  |
| Series 2017, Ref. RB<sup>(a)</sup> <br>| 5.25% | 06/15/2037 | 6310 | &nbsp;&nbsp; 6317869 |
| Series 2017, Ref. RB<sup>(a)</sup> <br>| 5.38% | 06/15/2048 | 13610 | &nbsp;&nbsp; 12447237 |
| Viridian Farm Public Infrastructure District No. 1; |  |  |  |  |
| Series 2024 A, GO Bonds<sup>(a)</sup> <br>| 5.88% | 03/01/2054 | 1130 | &nbsp;&nbsp; 1150073 |
| Series 2024 B, GO Bonds<sup>(a)</sup> <br>| 8.38% | 03/15/2054 | 500 | &nbsp;&nbsp; 513238 |
| Wildwood (Cityof), Reserve Infrastructure Financing District; Series 2025, RB<sup>(a)</sup> <br>| 6.25% | 12/01/2054 | 7076 | &nbsp;&nbsp; 7274054 |
| Wohali Public Infrastructure District No. 1 (Wohali Assessment Area #1); Series 2023, RB<sup>(a)</sup> <br>| 7.00% | 12/01/2042 | 8630 | &nbsp;&nbsp; 7339378 |
| Wood Ranch Public Infrastructure District; Series 2024, RB<sup>(a)</sup> <br>| 5.63% | 12/01/2053 | 1239 | &nbsp;&nbsp; 1256326 |
|  |  |  |  | &nbsp;&nbsp; 251652979 |
| **Vermont–0.07%** | **Vermont–0.07%** | **Vermont–0.07%** | **Vermont–0.07%** | **Vermont–0.07%** |
| East Central Vermont Telecommunications District; |  |  |  |  |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.75% | 12/01/2036 | 1450 | &nbsp;&nbsp; 1451106 |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.60% | 12/01/2043 | 960 | &nbsp;&nbsp; 959940 |
| Series 2019 A, RB<sup>(a)</sup> <br>| 5.00% | 12/01/2048 | 4330 | &nbsp;&nbsp; 3734160 |
|  |  |  |  | &nbsp;&nbsp; 6145206 |
| **Virgin Islands–0.23%** | **Virgin Islands–0.23%** | **Virgin Islands–0.23%** | **Virgin Islands–0.23%** | **Virgin Islands–0.23%** |
| Tobacco Settlement Financing Corp.; Series 2006 A, RB<sup>(e)</sup> <br>| 0.00% | 05/15/2035 | 19560 | &nbsp;&nbsp; 10860943 |
| Virgin Islands (Government of) Public Finance Authority (Frenchman's Reef Hotel Development); <br> Series 2024 A, RB<sup>(a)</sup> <br>| 6.00% | 04/01/2053 | 6950 | &nbsp;&nbsp; 7014691 |
| Virgin Islands Hotel Development Financing Corp.; Series 2026, RB | 6.00% | 12/01/2055 | 2750 | &nbsp;&nbsp; 2761459 |
|  |  |  |  | &nbsp;&nbsp; 20637093 |
| **Virginia–0.87%** | **Virginia–0.87%** | **Virginia–0.87%** | **Virginia–0.87%** | **Virginia–0.87%** |
| Atlantic Park Community Development Authority; Series 2023, RB<sup>(a)</sup> <br>| 6.25% | 08/01/2045 | 16865 | &nbsp;&nbsp; 16550144 |
| Celebrate North Community Development Authority (Celebrate VA North); Series 2003 B, RB<sup>(h)(i)</sup> <br>| 6.75% | 03/01/2034 | 1286 | &nbsp;&nbsp; 797320 |
| Hanover (County of), VA Economic Development Authority (Covenant Woods); Series 2018, Ref. <br> RB<br>| 5.00% | 07/01/2051 | 5190 | &nbsp;&nbsp; 4980734 |
| Lewistown (City of), VA Commerce Center Community Development Authority; |  |  |  |  |
| Series 2014 A, RB | 6.05% | 03/01/2044 | 890 | &nbsp;&nbsp; 618072 |
| Series 2014 B, RB | 6.05% | 03/01/2044 | 2401 | &nbsp;&nbsp; 2039447 |
| Series 2014 C, RB<sup>(i)</sup> <br>| 6.05% | 03/01/2054 | 2183 | &nbsp;&nbsp; 982356 |
| Norfolk (City of), VA Redevelopment & Housing Authority (Fort Norfolk Retirement Community, <br> Inc. - Harbor's Edge);<br>|  |  |  |  |
| Series 2019 A, RB | 5.25% | 01/01/2054 | 18350 | &nbsp;&nbsp; 17844408 |
| Series 2019, RB | 4.00% | 01/01/2029 | 685 | &nbsp;&nbsp; 690798 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**34**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Virginia–(continued)** | **Virginia–(continued)** | **Virginia–(continued)** | **Virginia–(continued)** | **Virginia–(continued)** |
| Powhatan County Economic Development Authority; Series 2025, RB<sup>(a)</sup> <br>| 6.13% | 09/01/2060 | $9525 | &nbsp;&nbsp; $9609883 |
| Richmond (City of), VA Redevelopment & Housing Authority; Series 2017, RB<sup>(a)</sup> <br>| 5.55% | 01/01/2037 | 2030 | &nbsp;&nbsp; 2032199 |
| Virginia (Commonwealth of) Small Business Financing Authority (Covanta); Series 2018, <br> RB<sup>(a)(b)(c)</sup> <br>| 5.00% | 07/01/2038 | 4690 | &nbsp;&nbsp; 4611224 |
| Virginia Beach Development Authority (Westminster-Canterbury on Chesapeake Bay); |  |  |  |  |
| Series 2023, RB | 7.00% | 09/01/2053 | 7000 | &nbsp;&nbsp; 7720314 |
| Series 2023, RB | 7.00% | 09/01/2059 | 8500 | &nbsp;&nbsp; 9330437 |
|  |  |  |  | &nbsp;&nbsp; 77807336 |
| **Washington–0.80%** | **Washington–0.80%** | **Washington–0.80%** | **Washington–0.80%** | **Washington–0.80%** |
| Kalispel Tribe of Indians; |  |  |  |  |
| Series 2018 A, RB<sup>(a)</sup> <br>| 5.25% | 01/01/2038 | 3000 | &nbsp;&nbsp; 3069813 |
| Series 2018 B, RB<sup>(a)</sup> <br>| 5.25% | 01/01/2038 | 1000 | &nbsp;&nbsp; 1023271 |
| Kelso (City of), WA Housing Authority (Chinook & Columbia Apartments); Series 1998, RB | 5.60% | 03/01/2028 | 45 | &nbsp;&nbsp; 45025 |
| King (County of), WA; Series 2025, VRD RB<sup>(n)</sup> <br>| 1.00% | 01/01/2065 | 1500 | &nbsp;&nbsp; 1500000 |
| Kitsap (County of), WA Consolidated Housing Authority; Series 2001 A, RB<sup>(c)</sup> <br>| 6.10% | 10/01/2031 | 30 | &nbsp;&nbsp; 30006 |
| Seattle (Port of), WA; Series 2025, RB<sup>(c)(l)</sup> <br>| 5.50% | 10/01/2050 | 10000 | &nbsp;&nbsp; 10742219 |
| Tacoma (City of), WA Consolidated Local Improvement Districts; Series 2013, RB | 5.75% | 04/01/2043 | 1614 | &nbsp;&nbsp; 1631723 |
| Washington (State of) Economic Development Finance Authority (Columbia Pulp I, LLC); <br> Series 2017 A, RB (Acquired 07/25/2017-06/21/2019; Cost $26,279,409)<sup>(a)(c)(f)(i)</sup> <br>| 7.50% | 01/01/2032 | 26355 | &nbsp;&nbsp; 2636 |
| Washington (State of) Economic Development Finance Authority (Green Bonds); Series 2020 A, <br> RB<sup>(a)(c)</sup> <br>| 5.63% | 12/01/2040 | 9000 | &nbsp;&nbsp; 9352113 |
| Washington (State of) Economic Development Finance Authority (North Pacific Paper); <br> Series 2020 B, Ref. RB<sup>(a)</sup> <br>| 9.00% | 12/01/2036 | 13840 | &nbsp;&nbsp; 14715669 |
| Washington (State of) Housing Finance Commission; |  |  |  |  |
| Series 2025, RB (INS - BAM)<sup>(a)(d)</sup> <br>| 5.25% | 07/01/2055 | 2200 | &nbsp;&nbsp; 2262233 |
| Series 2025, RB (INS - BAM)<sup>(a)(d)</sup> <br>| 5.25% | 07/01/2064 | 5500 | &nbsp;&nbsp; 5617386 |
| Series 2025, Ref. RB | 6.25% | 01/01/2056 | 2500 | &nbsp;&nbsp; 2514571 |
| Series 2025, Ref. RB | 6.25% | 01/01/2061 | 8400 | &nbsp;&nbsp; 8417119 |
| Washington (State of) Housing Finance Commission (Presbyterian Retirement Co.); Series 2016 <br> A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 01/01/2046 | 7500 | &nbsp;&nbsp; 7288825 |
| Washington (State of) Housing Finance Commission (Social Certificates); Series 2021-1A, <br> Revenue Ctfs.<br>| 3.50% | 12/20/2035 | 309 | &nbsp;&nbsp; 306422 |
| Washington (State of) Housing Finance Commission (Transforming Age); Series 2019 A, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2055 | 3265 | &nbsp;&nbsp; 2987781 |
|  |  |  |  | &nbsp;&nbsp; 71506812 |
| **West Virginia–1.18%** | **West Virginia–1.18%** | **West Virginia–1.18%** | **West Virginia–1.18%** | **West Virginia–1.18%** |
| Harrison (County of), WV Commission (Charles Pointe No. 2); Series 2013, Ref. RB<sup>(a)(i)</sup> <br>| 7.00% | 06/01/2035 | 27145 | &nbsp;&nbsp; 13572500 |
| Harrison (County of), WV County Commission (Charles Pointe Economic Opportunity Development <br> District);<br>|  |  |  |  |
| Series 2019 A, RB<sup>(a)(h)(i)</sup> <br>| 5.75% | 06/01/2042 | 18975 | &nbsp;&nbsp; 14460608 |
| Series 2019 B, Ref. RB<sup>(a)(h)(i)</sup> <br>| 7.50% | 06/01/2042 | 5285 | &nbsp;&nbsp; 3708586 |
| Monogalia (County of), WV (Development Disctict No. 4 - University Town Centre); |  |  |  |  |
| Series 2023, Ref. RB<sup>(a)</sup> <br>| 5.75% | 06/01/2043 | 700 | &nbsp;&nbsp; 754712 |
| Series 2023, Ref. RB<sup>(a)</sup> <br>| 6.00% | 06/01/2053 | 875 | &nbsp;&nbsp; 923486 |
| Monongalia (County of), WV Commission Special District; Series 2023 B, Ref. RB<sup>(a)</sup> <br>| 8.45% | 06/01/2053 | 14920 | &nbsp;&nbsp; 3391085 |
| Monongalia (County of), WV Commission Special District (University Town Centre Economic <br> Opportunity Development District);<br>|  |  |  |  |
| Series 2017 A, Ref. RB<sup>(a)</sup> <br>| 5.75% | 06/01/2043 | 3435 | &nbsp;&nbsp; 3481906 |
| Series 2020, Ref. RB<sup>(a)</sup> <br>| 7.50% | 06/01/2043 | 8900 | &nbsp;&nbsp; 9455239 |
| Series 2023, RB<sup>(a)</sup> <br>| 7.00% | 06/01/2043 | 950 | &nbsp;&nbsp; 1014156 |
| Ohio (County of), WV Development Authority (Sports Complex); Series 2018, RB | 5.00% | 09/01/2048 | 10465 | &nbsp;&nbsp; 8142350 |
| West Virginia (State of) Economic Development Authority (Core Natural Resources, Inc.); <br> Series 2025, Ref. RB<sup>(a)(b)(c)</sup> <br>| 5.45% | 03/27/2035 | 3500 | &nbsp;&nbsp; 3836835 |
| West Virginia (State of) Economic Development Authority (Empire Green Gerenation LLC); |  |  |  |  |
| Series 2023, RB (Acquired 05/17/2023; Cost $20,000,000)<sup>(a)(c)(f)</sup> <br>| 9.50% | 05/01/2043 | 20000 | &nbsp;&nbsp; 18000000 |
| Series 2025, RB (Acquired 02/14/2025; Cost $2,000,000)<sup>(a)(c)(f)</sup> <br>| 9.50% | 05/01/2043 | 2000 | &nbsp;&nbsp; 1800000 |
| West Virginia (State of) Economic Development Authority (Empire South Terminal of West); <br> Series 2023, RB<sup>(a)</sup> <br>| 8.50% | 12/01/2043 | 16000 | &nbsp;&nbsp; 13378184 |
| West Virginia (State of) Hospital Finance Authority (Vandalia Health Group); Series 2023 B, RB | 6.00% | 09/01/2053 | 8350 | &nbsp;&nbsp; 9006495 |
|  |  |  |  | &nbsp;&nbsp; 104926142 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**35**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Wisconsin–5.22%** | **Wisconsin–5.22%** | **Wisconsin–5.22%** | **Wisconsin–5.22%** | **Wisconsin–5.22%** |
| Gillett (City of), WI; Series 2021 A, RB<sup>(a)(c)</sup> <br>| 5.50% | 12/01/2032 | $11100 | &nbsp;&nbsp; $8767156 |
| Wisconsin (State of) Center District; Series 2020, RB (INS - AGI)<sup>(d)(e)</sup> <br>| 0.00% | 12/15/2060 | 22975 | &nbsp;&nbsp; 4025160 |
| Wisconsin (State of) Health & Educational Facilities Authority (American Baptist Homes of the <br> Midwest Obligated Group);<br>|  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 08/01/2032 | 1375 | &nbsp;&nbsp; 1034233 |
| Series 2017, Ref. RB | 5.00% | 08/01/2037 | 1500 | &nbsp;&nbsp; 1024395 |
| Series 2017, Ref. RB | 5.00% | 08/01/2039 | 3750 | &nbsp;&nbsp; 2455214 |
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group); |  |  |  |  |
| Series 2021, RB | 4.00% | 08/15/2051 | 2500 | &nbsp;&nbsp; 2243626 |
| Series 2025, RB | 4.38% | 08/15/2055 | 13050 | &nbsp;&nbsp; 12478689 |
| Wisconsin (State of) Health & Educational Facilities Authority (Camillus Health System); |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 11/01/2039 | 3550 | &nbsp;&nbsp; 3621428 |
| Series 2019, Ref. RB | 5.00% | 11/01/2046 | 9200 | &nbsp;&nbsp; 8793523 |
| Series 2019, Ref. RB | 5.00% | 11/01/2054 | 7000 | &nbsp;&nbsp; 6372054 |
| Wisconsin (State of) Health & Educational Facilities Authority (Capitol Lakes, Inc.); |  |  |  |  |
| Series 2025 A, Ref. RB | 6.25% | 11/15/2055 | 2500 | &nbsp;&nbsp; 2518315 |
| Series 2025 A, Ref. RB | 6.38% | 11/15/2060 | 4100 | &nbsp;&nbsp; 4139202 |
| Wisconsin (State of) Health & Educational Facilities Authority (Dickson Hollow Phase II); <br> Series 2024, RB<br>| 6.13% | 10/01/2059 | 2750 | &nbsp;&nbsp; 2873714 |
| Wisconsin (State of) Public Finance Authority; |  |  |  |  |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2047 | 156 | &nbsp;&nbsp; 987 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2048 | 136 | &nbsp;&nbsp; 861 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2049 | 134 | &nbsp;&nbsp; 846 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2050 | 129 | &nbsp;&nbsp; 817 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2051 | 127 | &nbsp;&nbsp; 802 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2052 | 165 | &nbsp;&nbsp; 1040 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2053 | 163 | &nbsp;&nbsp; 1025 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2054 | 158 | &nbsp;&nbsp; 989 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2055 | 155 | &nbsp;&nbsp; 968 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2056 | 151 | &nbsp;&nbsp; 946 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2057 | 168 | &nbsp;&nbsp; 1047 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2058 | 163 | &nbsp;&nbsp; 1019 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2059 | 159 | &nbsp;&nbsp; 991 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2060 | 156 | &nbsp;&nbsp; 970 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2061 | 153 | &nbsp;&nbsp; 956 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2062 | 149 | &nbsp;&nbsp; 928 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2063 | 146 | &nbsp;&nbsp; 907 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2064 | 143 | &nbsp;&nbsp; 886 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2065 | 140 | &nbsp;&nbsp; 872 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2066 | 151 | &nbsp;&nbsp; 940 |
| Series 2005 A-1, RB<sup>(a)(e)</sup> <br>| 0.00% | 01/01/2067 | 1821 | &nbsp;&nbsp; 11311 |
| Series 2012, RB | 6.00% | 09/01/2045 | 5480 | &nbsp;&nbsp; 5362424 |
| Series 2019, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2054 | 455 | &nbsp;&nbsp; 417705 |
| Series 2022, RB | 6.15% | 08/01/2028 | 7500 | &nbsp;&nbsp; 5492518 |
| Series 2023 B, RB<sup>(a)(e)</sup> <br>| 0.00% | 07/01/2062 | 28425 | &nbsp;&nbsp; 23237437 |
| Series 2023, RB<sup>(a)</sup> <br>| 5.75% | 07/01/2033 | 485 | &nbsp;&nbsp; 511293 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.63% | 07/01/2043 | 650 | &nbsp;&nbsp; 674278 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.88% | 07/01/2053 | 1350 | &nbsp;&nbsp; 1379571 |
| Series 2023, RB<sup>(a)</sup> <br>| 7.00% | 07/01/2058 | 1750 | &nbsp;&nbsp; 1788261 |
| Series 2023, RB | 5.75% | 07/01/2062 | 35749 | &nbsp;&nbsp; 37224235 |
| Series 2025 A, RB<sup>(a)</sup> <br>| 6.50% | 12/01/2055 | 1400 | &nbsp;&nbsp; 1435684 |
| Series 2025 A, RB<sup>(a)</sup> <br>| 6.75% | 12/01/2065 | 1215 | &nbsp;&nbsp; 1253612 |
| Series 2025 A, Ref. RB<sup>(a)</sup> <br>| 7.38% | 06/15/2060 | 10875 | &nbsp;&nbsp; 10956313 |
| Series 2025 B, RB<sup>(a)(c)</sup> <br>| 7.00% | 09/01/2054 | 18300 | &nbsp;&nbsp; 19436344 |
| Series 2025 B, Ref. RB<sup>(a)</sup> <br>| 9.50% | 06/15/2040 | 1970 | &nbsp;&nbsp; 1928377 |
| Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2032 | 6750 | &nbsp;&nbsp; 4450930 |
| Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2039 | 4573 | &nbsp;&nbsp; 1908908 |
| Series 2025, RB<sup>(e)</sup> <br>| 0.00% | 12/15/2039 | 27203 | &nbsp;&nbsp; 9747841 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**36**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** |
| Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2041 | $27028 | &nbsp;&nbsp; $10057773 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.00% | 06/01/2055 | 1250 | &nbsp;&nbsp; 1251939 |
| Series 2025, RB<sup>(a)</sup> <br>| 7.00% | 07/01/2055 | 9000 | &nbsp;&nbsp; 9127597 |
| Series 2025, RB<sup>(c)</sup> <br>| 5.75% | 06/30/2060 | 20605 | &nbsp;&nbsp; 21602507 |
| Series 2025, RB<sup>(c)</sup> <br>| 6.50% | 06/30/2060 | 10000 | &nbsp;&nbsp; 11137646 |
| Series 2025, RB<sup>(a)</sup> <br>| 7.00% | 06/15/2065 | 1300 | &nbsp;&nbsp; 1318242 |
| Series 2025, RB<sup>(c)</sup> <br>| 5.75% | 12/31/2065 | 26335 | &nbsp;&nbsp; 27570067 |
| Series 2026, RB<sup>(a)(b)(c)</sup> <br>| 6.00% | 01/01/2031 | 4675 | &nbsp;&nbsp; 4789048 |
| Series 2026, RB | 4.13% | 01/20/2041 | 10000 | &nbsp;&nbsp; 9989996 |
| Wisconsin (State of) Public Finance Authority (21st Century Public Academy); |  |  |  |  |
| Series 2020 A, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2040 | 760 | &nbsp;&nbsp; 726915 |
| Series 2020 A, RB<sup>(a)</sup> <br>| 5.00% | 06/01/2049 | 1340 | &nbsp;&nbsp; 1146017 |
| Wisconsin (State of) Public Finance Authority (Adelaide Pointe); Series 2023, RB<sup>(a)</sup> <br>| 6.25% | 06/01/2052 | 13685 | &nbsp;&nbsp; 13740649 |
| Wisconsin (State of) Public Finance Authority (Alpha Ranch); Series 2024, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2038 | 25000 | &nbsp;&nbsp; 11705497 |
| Wisconsin (State of) Public Finance Authority (American Dream at Meadowlands); Series 2017, <br> RB<sup>(a)(i)</sup> <br>| 6.75% | 08/01/2031 | 22000 | &nbsp;&nbsp; 15400000 |
| Wisconsin (State of) Public Finance Authority (Anthem/Freedom); Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2037 | 5109 | &nbsp;&nbsp; 2654371 |
| Wisconsin (State of) Public Finance Authority (Aurora Integrated Oncology Foundation); <br> Series 2023, RB<sup>(a)</sup> <br>| 10.00% | 11/01/2038 | 13500 | &nbsp;&nbsp; 15126157 |
| Wisconsin (State of) Public Finance Authority (Bancroft Neurohealth); Series 2016 A, RB<sup>(a)</sup> <br>| 5.13% | 06/01/2048 | 2075 | &nbsp;&nbsp; 1961068 |
| Wisconsin (State of) Public Finance Authority (CABS); Series 2024, RB<sup>(e)</sup> <br>| 0.00% | 02/01/2031 | 15492 | &nbsp;&nbsp; 11049892 |
| Wisconsin (State of) Public Finance Authority (Campo Del Sol); Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2033 | 8651 | &nbsp;&nbsp; 5320016 |
| Wisconsin (State of) Public Finance Authority (Candela); Series 2023, RB<sup>(a)</sup> <br>| 6.13% | 12/15/2029 | 2619 | &nbsp;&nbsp; 2660818 |
| Wisconsin (State of) Public Finance Authority (Capitol Encore Academy (The)); |  |  |  |  |
| Series 2019 A, RB<sup>(a)</sup> <br>| 4.75% | 06/01/2029 | 190 | &nbsp;&nbsp; 190468 |
| Series 2019 A, RB<sup>(a)</sup> <br>| 5.25% | 06/01/2039 | 750 | &nbsp;&nbsp; 737590 |
| Series 2019 A, RB<sup>(a)</sup> <br>| 5.50% | 06/01/2049 | 1940 | &nbsp;&nbsp; 1782427 |
| Wisconsin (State of) Public Finance Authority (Cincinnati Classical Academy); Series 2024, RB<sup>(a)</sup> <br>| 6.00% | 06/15/2064 | 1100 | &nbsp;&nbsp; 1102320 |
| Wisconsin (State of) Public Finance Authority (Envision Science Academy); Series 2016 A, RB<sup>(a)</sup> <br>| 5.25% | 05/01/2046 | 2500 | &nbsp;&nbsp; 2360704 |
| Wisconsin (State of) Public Finance Authority (Explore Knowledge Foundation); |  |  |  |  |
| Series 2012 A, RB | 5.75% | 07/15/2032 | 705 | &nbsp;&nbsp; 705689 |
| Series 2012 A, RB | 6.00% | 07/15/2042 | 1345 | &nbsp;&nbsp; 1345931 |
| Wisconsin (State of) Public Finance Authority (Founders Academy of Las Vegas); |  |  |  |  |
| Series 2023, RB<sup>(a)</sup> <br>| 6.63% | 07/01/2053 | 600 | &nbsp;&nbsp; 624135 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.75% | 07/01/2058 | 550 | &nbsp;&nbsp; 574106 |
| Wisconsin (State of) Public Finance Authority (Indigo); Series 2023, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/01/2028 | 13979 | &nbsp;&nbsp; 11202052 |
| Wisconsin (State of) Public Finance Authority (KSU Bixby Real Estate Foundation LLC); <br> Series 2025, RB<br>| 5.25% | 06/15/2055 | 1000 | &nbsp;&nbsp; 1011037 |
| Wisconsin (State of) Public Finance Authority (KSU Bixby Real Estate Foundation, LLC); |  |  |  |  |
| Series 2025, RB | 5.25% | 06/15/2050 | 1000 | &nbsp;&nbsp; 1019380 |
| Series 2025, RB | 5.50% | 06/15/2055 | 815 | &nbsp;&nbsp; 826869 |
| Wisconsin (State of) Public Finance Authority (Lariat); Series 2023, RB<sup>(a)(e)</sup> <br>| 0.00% | 09/01/2029 | 2548 | &nbsp;&nbsp; 1972974 |
| Wisconsin (State of) Public Finance Authority (Mallard Creek Stem Academy); Series 2019 A, <br> RB<sup>(a)</sup> <br>| 5.25% | 06/15/2049 | 6280 | &nbsp;&nbsp; 5907559 |
| Wisconsin (State of) Public Finance Authority (Mater Academy of Nevada - East Las Vegas <br> Campus); Series 2024, RB<sup>(a)</sup> <br>| 5.00% | 12/15/2054 | 8245 | &nbsp;&nbsp; 7736122 |
| Wisconsin (State of) Public Finance Authority (Million Air Three LLC General Aviation Facilities); |  |  |  |  |
| Series 2024, Ref. RB<sup>(a)(c)</sup> <br>| 5.75% | 09/01/2035 | 1000 | &nbsp;&nbsp; 1053205 |
| Series 2024, Ref. RB<sup>(a)(c)</sup> <br>| 6.25% | 09/01/2046 | 4000 | &nbsp;&nbsp; 4151513 |
| Wisconsin (State of) Public Finance Authority (Milo Farms Project); Series 2025, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2039 | 31940 | &nbsp;&nbsp; 11520614 |
| Wisconsin (State of) Public Finance Authority (North Carolina Leadership Academy); Series 2019, <br> RB<sup>(a)</sup> <br>| 5.00% | 06/15/2049 | 520 | &nbsp;&nbsp; 489100 |
| Wisconsin (State of) Public Finance Authority (Oakwood Estates and Stonebrooke); Series 2024, <br> RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2030 | 5126 | &nbsp;&nbsp; 3903611 |
| Wisconsin (State of) Public Finance Authority (Rider University); Series 2021 B, RB<sup>(a)</sup> <br>| 6.00% | 07/01/2031 | 7040 | &nbsp;&nbsp; 6721168 |
| Wisconsin (State of) Public Finance Authority (Traders Point Christian Schools); |  |  |  |  |
| Series 2019 A, RB<sup>(a)</sup> <br>| 5.38% | 06/01/2044 | 3495 | &nbsp;&nbsp; 3146736 |
| Series 2019 A, RB<sup>(a)</sup> <br>| 5.50% | 06/01/2054 | 4420 | &nbsp;&nbsp; 3756636 |
| Series 2019, RB<sup>(a)</sup> <br>| 5.62% | 06/01/2029 | 475 | &nbsp;&nbsp; 469678 |
| Wisconsin (State of) Public Finance Authority (Two Step); Series 2024, RB<sup>(a)(e)</sup> <br>| 0.00% | 12/15/2034 | 5250 | &nbsp;&nbsp; 3124008 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**37**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** | **Wisconsin–(continued)** |
| Wisconsin (State of) Public Finance Authority (Uwharrie Charter Academy); |  |  |  |  |  |
| Series 2022 A, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2052 |  | $2275 | &nbsp;&nbsp; $2066917 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.00% | 06/15/2062 |  | 4590 | &nbsp;&nbsp; 4041948 |
| Wisconsin (State of) Public Finance Authority (WFCS Portfolio); Series 2021 A-1, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2056 |  | 11165 | &nbsp;&nbsp; 9651828 |
| Wisconsin (State of) Public Finance Authority (WhiteStone); Series 2020 A, RB<sup>(a)</sup> <br>| 5.25% | 03/01/2045 |  | 5825 | &nbsp;&nbsp; 5736490 |
|  |  |  |  |  | &nbsp;&nbsp; 464851578 |
| Total Municipal Obligations (Cost $10,081,502,682) | Total Municipal Obligations (Cost $10,081,502,682) | Total Municipal Obligations (Cost $10,081,502,682) | Total Municipal Obligations (Cost $10,081,502,682) |  | &nbsp;&nbsp; 9777469550 |
|  |  |  | **Shares** | **Shares** |  |
| **Exchange-Traded Funds–0.68%** | **Exchange-Traded Funds–0.68%** | **Exchange-Traded Funds–0.68%** | **Exchange-Traded Funds–0.68%** | **Exchange-Traded Funds–0.68%** | **Exchange-Traded Funds–0.68%** |
| Invesco Intermediate Municipal ETF<sup>(q)</sup> <br>|  |  |  | 520000 | &nbsp;&nbsp; 27323400 |
| Invesco Rochester High Yield Municipal ETF<sup>(q)</sup> <br>|  |  |  | 648908 | &nbsp;&nbsp; 33399295 |
| Total Exchange-Traded Funds (Cost $59,768,661) | Total Exchange-Traded Funds (Cost $59,768,661) | Total Exchange-Traded Funds (Cost $59,768,661) | Total Exchange-Traded Funds (Cost $59,768,661) |  | &nbsp;&nbsp; 60722695 |
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** |  |
| **U.S. Dollar Denominated Bonds & Notes–0.27%** | **U.S. Dollar Denominated Bonds & Notes–0.27%** | **U.S. Dollar Denominated Bonds & Notes–0.27%** | **U.S. Dollar Denominated Bonds & Notes–0.27%** | **U.S. Dollar Denominated Bonds & Notes–0.27%** | **U.S. Dollar Denominated Bonds & Notes–0.27%** |
| **California–0.01%** | **California–0.01%** | **California–0.01%** | **California–0.01%** | **California–0.01%** | **California–0.01%** |
| CalPlant I LLC; Exit Facility<sup>(a)(h)</sup> <br>| 15.00% | 02/28/2027 |  | $3070 | &nbsp;&nbsp; 602382 |
| **Texas–0.26%** | **Texas–0.26%** | **Texas–0.26%** | **Texas–0.26%** | **Texas–0.26%** | **Texas–0.26%** |
| AM BidCo Holdings LLC<sup>(h)</sup> <br>| 3.65% | 10/21/2027 |  | 23161 | &nbsp;&nbsp; 23161492 |
| Buckingham Senior Living Community, Inc. Class 2025<sup>(a)(h)</sup> <br>| 12.00% | 03/31/2026 |  | 185 | &nbsp;&nbsp; 185000 |
|  |  |  |  |  | &nbsp;&nbsp; 23346492 |
| Total U.S. Dollar Denominated Bonds & Notes (Cost $26,416,492) | Total U.S. Dollar Denominated Bonds & Notes (Cost $26,416,492) | Total U.S. Dollar Denominated Bonds & Notes (Cost $26,416,492) | Total U.S. Dollar Denominated Bonds & Notes (Cost $26,416,492) |  | &nbsp;&nbsp; 23948874 |
|  |  |  | **Shares** | **Shares** |  |
| **Common Stocks & Other Equity Interests–0.15%** | **Common Stocks & Other Equity Interests–0.15%** | **Common Stocks & Other Equity Interests–0.15%** | **Common Stocks & Other Equity Interests–0.15%** | **Common Stocks & Other Equity Interests–0.15%** | **Common Stocks & Other Equity Interests–0.15%** |
| AM BidCo Holdings LLC<sup>(h)</sup> <br>|  |  |  | 1271 | &nbsp;&nbsp; 12783438 |
| BL Train Holdings West LLC; Wts. expiring 12/01/2025<sup>(h)</sup> <br>|  |  |  | 549030 | &nbsp;&nbsp; 823545 |
| Total Common Stocks & Other Equity Interests (Cost $12,714,500) | Total Common Stocks & Other Equity Interests (Cost $12,714,500) | Total Common Stocks & Other Equity Interests (Cost $12,714,500) | Total Common Stocks & Other Equity Interests (Cost $12,714,500) |  | &nbsp;&nbsp; 13606983 |
| **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** | **Preferred Stocks–0.00%** |
| AES Puerto Rico, Inc.; Pfd. <br>(Cost $0)<sup>(h)</sup> <br>|  |  |  | 80744 | &nbsp;&nbsp; 0 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(r)</sup>–110.98% (Cost $10,180,402,335) | TOTAL INVESTMENTS IN SECURITIES<sup>(r)</sup>–110.98% (Cost $10,180,402,335) | TOTAL INVESTMENTS IN SECURITIES<sup>(r)</sup>–110.98% (Cost $10,180,402,335) | TOTAL INVESTMENTS IN SECURITIES<sup>(r)</sup>–110.98% (Cost $10,180,402,335) |  | &nbsp;&nbsp; 9875748102 |
| FLOATING RATE NOTE OBLIGATIONS–(12.92)% | FLOATING RATE NOTE OBLIGATIONS–(12.92)% | FLOATING RATE NOTE OBLIGATIONS–(12.92)% | FLOATING RATE NOTE OBLIGATIONS–(12.92)% |  |  |
| Notes with interest and fee rates ranging from 2.07% to 2.60% at 02/28/2026 and <br>contractual maturities of collateral ranging from 03/15/2041 to 05/15/2064 (See <br> Note 1K)<sup>(s)</sup> <br>|  |  |  |  | &nbsp;&nbsp; (1149710000)<br>|
| OTHER ASSETS LESS LIABILITIES–1.94% | OTHER ASSETS LESS LIABILITIES–1.94% | OTHER ASSETS LESS LIABILITIES–1.94% | OTHER ASSETS LESS LIABILITIES–1.94% |  | &nbsp;&nbsp; 172355792 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $8898393894 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**38**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

Investment Abbreviations:

---

| | |
|:---|:---|
| AGI | – Assured Guaranty, Inc. |
| BAM | – Build America Mutual Assurance Co. |
| CEP | – Credit Enhancement Provider |
| Ctfs. | – Certificates |
| ETF | – Exchange-Traded Fund |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| GO | – General Obligation |
| IDR | – Industrial Development Revenue Bonds |
| INS | – Insurer |
| LOC | – Letter of Credit |
| NATL | – National Public Finance Guarantee Corp. |
| PCR | – Pollution Control Revenue Bonds |
| Pfd. | – Preferred |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| RN | – Revenue Notes |
| VRD | – Variable Rate Demand |
| Wts. | – Warrants |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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 February 28, 2026 was $2,152,913,572, which represented 24.19% of the Fund's Net Assets. 

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

<sup>(c)</sup> Security subject to the alternative minimum tax.

<sup>(d)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

<sup>(e)</sup> Zero coupon bond issued at a discount.

<sup>(f)</sup> Restricted security. The aggregate value of these securities at February 28, 2026 was $137,101,580, which represented 1.54% of the Fund's Net Assets.

<sup>(g)</sup> Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(h)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(i)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2026 was $226,963,428, which represented 2.55% of the Fund's Net Assets. 

<sup>(j)</sup> Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

<sup>(k)</sup> 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 $252,134,495. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. 

<sup>(l)</sup> Underlying security related to TOB Trusts entered into by the Fund. See Note 1K.

<sup>(m)</sup> Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

<sup>(n)</sup> 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 February 28, 2026. 

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

<sup>(p)</sup> Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

<sup>(q)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended February 28, 2026. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**February 28, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Intermediate Municipal ETF | $- | &nbsp;&nbsp; $26839465 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $483935 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $27323400 | &nbsp;&nbsp; $294196 |
| Invesco Rochester High Yield Municipal ETF\* | 877166 | &nbsp;&nbsp; 32058501 | &nbsp;&nbsp; - | &nbsp;&nbsp; 465543 | &nbsp;&nbsp; - | &nbsp;&nbsp; 33399295 | &nbsp;&nbsp; 613603 |
| Total | $877166 | &nbsp;&nbsp; $58897966 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $949478 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $60722695 | &nbsp;&nbsp; $907799 |

---

\* Includes return of capital distribution.

<sup>(r)</sup> 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. 

<sup>(s)</sup> Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2026. At February 28, 2026, the Fund's investments with a value of $1,614,296,619 are held by TOB Trusts and serve as collateral for the $1,149,710,000 in the floating rate note obligations outstanding at that date. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**39**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Short Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 2500 | June-2026 | &nbsp;&nbsp;&nbsp; $(284531250)<br>| &nbsp;&nbsp;&nbsp; $(313303)<br>| &nbsp;&nbsp;&nbsp; $(313303)<br>|

---

<sup>(a)</sup> Futures contracts collateralized by $4,687,500 cash held with Goldman Sachs International, the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**40**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $10,120,633,674)<br>| &nbsp;&nbsp; $9815025407 |
| Investments in affiliates, at value <br>(Cost $59,768,661)<br>| &nbsp;&nbsp; 60722695 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 4687500 |
| Cash | &nbsp;&nbsp; 28689331 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 5526908 |
| Fund shares sold | &nbsp;&nbsp; 4058119 |
| Interest | &nbsp;&nbsp; 193735893 |
| Investments matured, at value <br> (Cost $39,346,673)<br>| &nbsp;&nbsp; 12202324 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 365400 |
| Other assets | &nbsp;&nbsp; 3125187 |
| Total assets | &nbsp;&nbsp; 10128138764 |
| **Liabilities:** |  |
| Floating rate note obligations | &nbsp;&nbsp; 1149710000 |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 5000798 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 46363537 |
| Dividends | &nbsp;&nbsp; 20223735 |
| Fund shares reacquired | &nbsp;&nbsp; 5192125 |
| Accrued fees to affiliates | &nbsp;&nbsp; 2372973 |
| Accrued interest expense | &nbsp;&nbsp; 156734 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 85503 |
| Accrued other operating expenses | &nbsp;&nbsp; 274065 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 365400 |
| Total liabilities | &nbsp;&nbsp; 1229744870 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $8898393894 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $11783684606 |
| Distributable earnings (loss) | &nbsp;&nbsp; (2885290712)<br>|
|  | &nbsp;&nbsp; $8898393894 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $3984225042 |
| Class C | &nbsp;&nbsp; $480591987 |
| Class Y | &nbsp;&nbsp; $4281423440 |
| Class R5 | &nbsp;&nbsp; $8643 |
| Class R6 | &nbsp;&nbsp; $152144782 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 597335443 |
| Class C | &nbsp;&nbsp; 72317136 |
| Class Y | &nbsp;&nbsp; 642582932 |
| Class R5 | &nbsp;&nbsp; 1297 |
| Class R6 | &nbsp;&nbsp; 22810131 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $6.67 |
| Maximum offering price per share <br>(Net asset value of $6.67 ÷ 95.75%)<br>| &nbsp;&nbsp; $6.97 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.65 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.66 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.66 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.67 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**41**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

**Statement of Operations**

*For the year ended February 28, 2026* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $597009357 |
| Dividends from affiliates | &nbsp;&nbsp; 907799 |
| Total investment income | &nbsp;&nbsp; 597917156 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 31771855 |
| Administrative services fees | &nbsp;&nbsp; 1282053 |
| Custodian fees | &nbsp;&nbsp; 49379 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 10100194 |
| Class C | &nbsp;&nbsp; 4606837 |
| Interest, facilities and maintenance fees | &nbsp;&nbsp; 58480857 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 6911603 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 1 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 21711 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 78580 |
| Registration and filing fees | &nbsp;&nbsp; 264896 |
| Reports to shareholders | &nbsp;&nbsp; 292942 |
| Professional services fees | &nbsp;&nbsp; 1180884 |
| Other | &nbsp;&nbsp; 127760 |
| Total expenses | &nbsp;&nbsp; 115169552 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (43262)<br>|
| Net expenses | &nbsp;&nbsp; 115126290 |
| Net investment income | &nbsp;&nbsp; 482790866 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(22444290)) | &nbsp;&nbsp; (178432592)<br>|
| Futures contracts | &nbsp;&nbsp; 2316486 |
|  | &nbsp;&nbsp; (176116106)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (121803258)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 949478 |
| Futures contracts | &nbsp;&nbsp; (313303)<br>|
|  | &nbsp;&nbsp; (121167083)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (297283189)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $185507677 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**42**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

**Statement of Changes in Net Assets**

*For the years ended February 28, 2026 and 2025* 

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $482790866 | &nbsp;&nbsp; $462055313 |
| Net realized gain (loss) | &nbsp;&nbsp; (176116106)<br>| &nbsp;&nbsp; (111303618)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (121167083)<br>| &nbsp;&nbsp; 142726113 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 185507677 | &nbsp;&nbsp; 493477808 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (220224565)<br>| &nbsp;&nbsp; (221470758)<br>|
| Class C | &nbsp;&nbsp; (24431904)<br>| &nbsp;&nbsp; (25304966)<br>|
| Class Y | &nbsp;&nbsp; (246152438)<br>| &nbsp;&nbsp; (256527263)<br>|
| Class R5 | &nbsp;&nbsp; (485)<br>| &nbsp;&nbsp; (1012)<br>|
| Class R6 | &nbsp;&nbsp; (8404425)<br>| &nbsp;&nbsp; (8443293)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (499213817)<br>| &nbsp;&nbsp; (511747292)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (269635371)<br>| &nbsp;&nbsp; 228593621 |
| Class C | &nbsp;&nbsp; (67334023)<br>| &nbsp;&nbsp; 17725795 |
| Class Y | &nbsp;&nbsp; (553799018)<br>| &nbsp;&nbsp; 547033288 |
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (10656)<br>|
| Class R6 | &nbsp;&nbsp; (22566653)<br>| &nbsp;&nbsp; 52353908 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (913335065)<br>| &nbsp;&nbsp; 845695956 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (1227041205)<br>| &nbsp;&nbsp; 827426472 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 10125435099 | &nbsp;&nbsp; 9298008627 |
| End of year | &nbsp;&nbsp; $8898393894 | &nbsp;&nbsp; $10125435099 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**43**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

**Statement of Cash Flows**

*For the year ended February 28, 2026* 

---

| | |
|:---|:---|
| **Cash provided by operating activities:** |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $185507677 |
| **Adjustments to reconcile the change in net assets from operations to net cash provided by operating activities:** |  |
| Purchases of investments | &nbsp;&nbsp; (3384177960)<br>|
| Proceeds from sales of investments | &nbsp;&nbsp; 4343389607 |
| Purchases of short-term investments, net | &nbsp;&nbsp; (299390483)<br>|
| Amortization (accretion) of premiums and discounts, net | &nbsp;&nbsp; (68411350)<br>|
| Net change in cash collateral | &nbsp;&nbsp; (4687500)<br>|
| Net decrease in variation margin receivables on future contracts | &nbsp;&nbsp; 5000798 |
| Net realized loss from investment securities | &nbsp;&nbsp; 178432592 |
| Net change in unrealized depreciation on investment securities | &nbsp;&nbsp; 120853780 |
| Change in operating assets and liabilities: |  |
| Increase in receivables and other assets | &nbsp;&nbsp; (9402044)<br>|
| Decrease in accrued expenses and other payables | &nbsp;&nbsp; (1909355)<br>|
| Net cash provided by operating activities | &nbsp;&nbsp; 1065205762 |
| **Cash provided by (used in) financing activities:** |  |
| Dividends paid to shareholders from distributable earnings | &nbsp;&nbsp; (250267049)<br>|
| Proceeds from shares of beneficial interest sold | &nbsp;&nbsp; 2844213018 |
| Disbursements from shares of beneficial interest reacquired | &nbsp;&nbsp; (3996406830)<br>|
| Proceeds from TOB Trusts | &nbsp;&nbsp; 1004065000 |
| Repayment of TOB Trusts | &nbsp;&nbsp; (744575000)<br>|
| Net cash provided by (used in) financing activities | &nbsp;&nbsp; (1142970861)<br>|
| Net decrease in cash and cash equivalents | &nbsp;&nbsp; (77765099)<br>|
| Cash and cash equivalents at beginning of period | &nbsp;&nbsp; 106454430 |
| Cash and cash equivalents at end of period | &nbsp;&nbsp; $28689331 |
| **Non-cash financing activities:** |  |
| Value of shares of beneficial interest issued in reinvestment of dividends paid to shareholders | &nbsp;&nbsp; $251097644 |
| **Supplemental disclosure of cash flow information:** |  |
| Cash paid during the period for interest, facilities and maintenance fees | &nbsp;&nbsp; $58516335 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**44**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Supplemental** <br>**ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee** <br>**waivers** <br>**(excluding** <br>**interest,** <br>**facilities and** <br>**maintenance** <br>**fees)**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 02/28/26 | $6.87 | $0.34 | $(0.18)<br>| $0.16 | $(0.36)<br>| $6.67 | 2.49<br> %<br>| $3984225 | 1.37<br> %<br>| 1.37<br> %<br>| 0.72<br> %<br>| 5.24<br> %<br>| 33<br> %<br>|
| Year ended 02/28/25 | 6.88 | 0.32 | 0.03 | 0.35 | (0.36)<br>| 6.87 | 5.16 | 4385119 | 1.17 | 1.17 | 0.72 | 4.67 | 25 |
| Year ended 02/29/24 | 6.74 | 0.28 | 0.21 | 0.49 | (0.35)<br>| 6.88 | 7.45 | 4163816 | 1.44 | 1.44 | 0.73 | 4.22 | 25 |
| Year ended 02/28/23 | 7.80 | 0.31 | (1.04)<br>| (0.73)<br>| (0.33)<br>| 6.74 | (9.41)<br>| 3822402 | 1.30 | 1.30 | 0.72 | 4.41 | 47 |
| Year ended 02/28/22 | 7.98 | 0.26 | (0.10)<br>| 0.16 | (0.34)<br>| 7.80 | 1.95 | 4596751 | 0.85 | 0.85 | 0.69 | 3.24 | 22 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 02/28/26 | 6.84 | 0.30 | (0.18)<br>| 0.12 | (0.31)<br>| 6.65 | 1.97 | 480592 | 2.02 | 2.02 | 1.37 | 4.59 | 33 |
| Year ended 02/28/25 | 6.85 | 0.28 | 0.02 | 0.30 | (0.31)<br>| 6.84 | 4.48 | 565612 | 1.82 | 1.82 | 1.37 | 4.02 | 25 |
| Year ended 02/29/24 | 6.71 | 0.24 | 0.20 | 0.44 | (0.30)<br>| 6.85 | 6.77 | 549007 | 2.09 | 2.09 | 1.38 | 3.57 | 25 |
| Year ended 02/28/23 | 7.76 | 0.26 | (1.03)<br>| (0.77)<br>| (0.28)<br>| 6.71 | (9.94)<br>| 553465 | 1.95 | 1.95 | 1.37 | 3.76 | 47 |
| Year ended 02/28/22 | 7.95 | 0.21 | (0.11)<br>| 0.10 | (0.29)<br>| 7.76 | 1.15 | 754439 | 1.50 | 1.50 | 1.34 | 2.59 | 22 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 02/28/26 | 6.86 | 0.36 | (0.19)<br>| 0.17 | (0.37)<br>| 6.66 | 2.75 | 4281423 | 1.12 | 1.12 | 0.47 | 5.49 | 33 |
| Year ended 02/28/25 | 6.87 | 0.34 | 0.02 | 0.36 | (0.37)<br>| 6.86 | 5.43 | 4994654 | 0.92 | 0.92 | 0.47 | 4.92 | 25 |
| Year ended 02/29/24 | 6.73 | 0.30 | 0.20 | 0.50 | (0.36)<br>| 6.87 | 7.72 | 4457417 | 1.19 | 1.19 | 0.48 | 4.47 | 25 |
| Year ended 02/28/23 | 7.79 | 0.32 | (1.04)<br>| (0.72)<br>| (0.34)<br>| 6.73 | (9.19)<br>| 3394429 | 1.05 | 1.05 | 0.47 | 4.66 | 47 |
| Year ended 02/28/22 | 7.97 | 0.28 | (0.10)<br>| 0.18 | (0.36)<br>| 7.79 | 2.20 | 3674521 | 0.60 | 0.60 | 0.44 | 3.49 | 22 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 02/28/26 | 6.86 | 0.36 | (0.19)<br>| 0.17 | (0.37)<br>| 6.66 | 2.78 | 9 | 1.05 | 1.05 | 0.40 | 5.56 | 33 |
| Year ended 02/28/25 | 6.88 | 0.34 | 0.01 | 0.35 | (0.37)<br>| 6.86 | 5.28 | 9 | 0.94 | 0.94 | 0.49 | 4.90 | 25 |
| Year ended 02/29/24 | 6.73 | 0.31 | 0.20 | 0.51 | (0.36)<br>| 6.88 | 7.85 | 19 | 1.09 | 1.09 | 0.38 | 4.57 | 25 |
| Year ended 02/28/23 | 7.79 | 0.34 | (1.06)<br>| (0.72)<br>| (0.34)<br>| 6.73 | (9.19)<br>| 18 | 1.05 | 1.05 | 0.47 | 4.66 | 47 |
| Year ended 02/28/22 | 7.98 | 0.28 | (0.11)<br>| 0.17 | (0.36)<br>| 7.79 | 2.06 | 5625 | 0.65 | 0.65 | 0.49 | 3.44 | 22 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 02/28/26 | 6.87 | 0.37 | (0.19)<br>| 0.18 | (0.38)<br>| 6.67 | 2.82 | 152145 | 1.05 | 1.05 | 0.40 | 5.56 | 33 |
| Year ended 02/28/25 | 6.88 | 0.34 | 0.03 | 0.37 | (0.38)<br>| 6.87 | 5.49 | 180041 | 0.86 | 0.86 | 0.41 | 4.98 | 25 |
| Year ended 02/29/24 | 6.74 | 0.30 | 0.21 | 0.51 | (0.37)<br>| 6.88 | 7.77 | 127749 | 1.14 | 1.14 | 0.42 | 4.52 | 25 |
| Year ended 02/28/23 | 7.79 | 0.33 | (1.03)<br>| (0.70)<br>| (0.35)<br>| 6.74 | (9.00)<br>| 84167 | 0.98 | 0.98 | 0.40 | 4.73 | 47 |
| Year ended 02/28/22 | 7.99 | 0.29 | (0.12)<br>| 0.17 | (0.37)<br>| 7.79 | 2.02 | 50048 | 0.57 | 0.57 | 0.41 | 3.52 | 22 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**45**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

**Notes to Financial Statements**

*February 28, 2026*

**NOTE 1—Significant Accounting Policies**

Invesco Rochester<sup>®</sup> Municipal Opportunities Fund (the "Fund") is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek tax-free income.

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following policy.

Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is not representative of market value in the Adviser's judgment ("unreliable"), the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

**46**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes** – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt-interest dividends", as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the period.

**F.** **Expenses –** Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.

**G.** **Interest, Facilities and Maintenance Fees** – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**K.** **Floating Rate Note Obligations** – The Fund invests in inverse floating rate securities, such as Tender Option Bonds ("TOBs"), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund ("TOB Trusts") in exchange for cash and residual interests in the TOB Trusts' assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

**47**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

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The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund's investment assets, and the related floating rate notes reflected as Fund liabilities under the caption *Floating rate note obligations* on the Statement of Assets and Liabilities. The carrying amount of the Fund's floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of *Interest, facilities and maintenance fees* on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule") prohibit banking entities and their affiliates from sponsoring and/or providing certain services for existing TOB Trusts, which constitute "covered funds" under the Volcker Rule. As a result of the Volcker Rule, the Fund, as holder of inverse floating rate securities, is required to perform certain duties in connection with TOB financing transactions previously performed by banking entities. These duties may alternatively be performed by a non-bank third-party service provider. The Fund's expanded role may increase its operational and regulatory risk.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"), which apply to TOB financing transactions and TOB Trusts. The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying security held by the TOB Trust. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund's ability to engage in TOB financing transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that TOB financing transactions will continue to be a viable or cost-effective form of leverage. The unavailability of TOB financing transactions or an increase in the cost of financing provided by TOB transactions may adversely affect the Fund's net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

**L.** **Other Risks** - Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile. The values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Fund's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Next $100 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Next $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |
| Over $11 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.340% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.35%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

**48**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

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The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.50%, 2.15%, 1.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the year ended February 28, 2026, the Adviser waived advisory fees of $28,854.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A and Class C shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, pays IDI compensation at the annual rate of 0.90% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2026, IDI advised the Fund that IDI retained $205,419 in front-end sales commissions from the sale of Class A shares and $238,521 and $77,093 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser'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 February 28, 2026. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9727359802 | &nbsp;&nbsp;&nbsp;&nbsp; $50109748 | &nbsp;&nbsp;&nbsp;&nbsp; $9777469550 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 60722695 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60722695 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23948874 | &nbsp;&nbsp;&nbsp;&nbsp; 23948874 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13606983 | &nbsp;&nbsp;&nbsp;&nbsp; 13606983 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 60722695 | &nbsp;&nbsp;&nbsp;&nbsp; 9727359802 | &nbsp;&nbsp;&nbsp;&nbsp; 87665605 | &nbsp;&nbsp;&nbsp;&nbsp; 9875748102 |
| **Other Investments - Assets\*** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8030860 | &nbsp;&nbsp;&nbsp;&nbsp; 4171464 | &nbsp;&nbsp;&nbsp;&nbsp; 12202324 |

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**49**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(313303)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(313303)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (313303)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8030860 | &nbsp;&nbsp;&nbsp;&nbsp; 4171464 | &nbsp;&nbsp;&nbsp;&nbsp; 11889021 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $60409392 | &nbsp;&nbsp;&nbsp;&nbsp; $9735390662 | &nbsp;&nbsp;&nbsp;&nbsp; $91837069 | &nbsp;&nbsp;&nbsp;&nbsp; $9887637123 |

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\* Futures contracts are valued at unrealized appreciation (depreciation). Investments matured are shown at value.

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of February 28, 2026:

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| | |
|:---|:---|
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(313303)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 313303 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

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<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

**Effect of Derivative Investments for the year ended February 28, 2026**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

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| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $2316486 |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (313303)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $2003183 |

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The table below summarizes the average notional value of derivatives held during the period.

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $186887240 |

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**NOTE 5—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended February 28, 2026, the Fund engaged in securities purchases of $923,316,334 and securities sales of $847,661,771, which resulted in net realized gains (losses) of $(22,444,290).

**NOTE 6—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $14,408.

**NOTE 7—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Fund may have certain former Trustees who participated in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and* 

**50**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

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*Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 8—Cash Balances and Borrowings**

The Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.5 billion, collectively by certain Invesco Funds, and which will expire on February 18, 2027. The revolving credit and security agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

During the year ended February 28, 2026, the Fund's average daily balance of borrowing under the revolving credit and security agreement was $1,058,082 with an average interest rate of 4.01%. The carrying amount of the Fund's payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as *Interest, facilities and maintenance fees*. At February 28, 2026, the Fund had no borrowings outstanding under this agreement.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2026 were $1,168,947,692 and 4.55%, respectively.

**NOTE 9—Distributions to Shareholders and Tax Components of Net Assets** 

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| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** |
|  | **2026** | **2025** |
| Ordinary income\* | &nbsp;&nbsp; $12674043 | &nbsp;&nbsp;&nbsp;&nbsp; $11195510 |
| Ordinary income-tax-exempt | &nbsp;&nbsp; 486539774 | &nbsp;&nbsp;&nbsp;&nbsp; 500551782 |
| Total distributions | &nbsp;&nbsp; $499213817 | &nbsp;&nbsp;&nbsp;&nbsp; $511747292 |

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\* Includes short-term capital gain distributions, if any.

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| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2026** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp; $57664611 |
| Net unrealized appreciation (depreciation) — investments | &nbsp;&nbsp;&nbsp;&nbsp; (403448177)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (394156)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (2539112990)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 11783684606 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $8898393894 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, amortization and accretion on debt securities and defaulted bonds.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of February 28, 2026, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $450885146 | &nbsp;&nbsp;&nbsp;&nbsp; $2088227844 | &nbsp;&nbsp;&nbsp;&nbsp; $2539112990 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 10—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2026 was $3,301,628,002 and $4,340,353,965, respectively. As of February 28, 2026, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $345331995 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (748780172)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(403448177)<br>|

---

**51**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

Cost of investments for tax purposes is $10,291,085,300.

**NOTE 11—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of market discounts and defaulted bonds, on February 28, 2026, undistributed net investment income was increased by $20,828,927, undistributed net realized gain (loss) was decreased by $22,045,312 and shares of beneficial interest was increased by $1,216,385. This reclassification had no effect on the net assets of the Fund.

**NOTE 12—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 113534657 | &nbsp;&nbsp;&nbsp; $744182179 | &nbsp;&nbsp;&nbsp; 123120884 | &nbsp;&nbsp;&nbsp; $847491671 |
| Class C | &nbsp;&nbsp;&nbsp; 23773854 | &nbsp;&nbsp;&nbsp; 155675563 | &nbsp;&nbsp;&nbsp; 21968151 | &nbsp;&nbsp;&nbsp; 150810023 |
| Class Y | &nbsp;&nbsp;&nbsp; 287275903 | &nbsp;&nbsp;&nbsp; 1882214475 | &nbsp;&nbsp;&nbsp; 268058440 | &nbsp;&nbsp;&nbsp; 1841027088 |
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 651 | &nbsp;&nbsp;&nbsp; 4500 |
| Class R6 | &nbsp;&nbsp;&nbsp; 7427671 | &nbsp;&nbsp;&nbsp; 48836163 | &nbsp;&nbsp;&nbsp; 18993539 | &nbsp;&nbsp;&nbsp; 130501309 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 15788883 | &nbsp;&nbsp;&nbsp; 103626347 | &nbsp;&nbsp;&nbsp; 14632387 | &nbsp;&nbsp;&nbsp; 100496605 |
| Class C | &nbsp;&nbsp;&nbsp; 2359637 | &nbsp;&nbsp;&nbsp; 15420190 | &nbsp;&nbsp;&nbsp; 2259481 | &nbsp;&nbsp;&nbsp; 15451911 |
| Class Y | &nbsp;&nbsp;&nbsp; 19785311 | &nbsp;&nbsp;&nbsp; 129679138 | &nbsp;&nbsp;&nbsp; 19914256 | &nbsp;&nbsp;&nbsp; 136605692 |
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 526 |
| Class R6 | &nbsp;&nbsp;&nbsp; 361332 | &nbsp;&nbsp;&nbsp; 2371969 | &nbsp;&nbsp;&nbsp; 369355 | &nbsp;&nbsp;&nbsp; 2537361 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 6672872 | &nbsp;&nbsp;&nbsp; 43678657 | &nbsp;&nbsp;&nbsp; 6572706 | &nbsp;&nbsp;&nbsp; 44923788 |
| Class C | &nbsp;&nbsp;&nbsp; (6697255)<br>| &nbsp;&nbsp;&nbsp; (43678657)<br>| &nbsp;&nbsp;&nbsp; (6597644)<br>| &nbsp;&nbsp;&nbsp; (44923788)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (177129440)<br>| &nbsp;&nbsp;&nbsp; (1161122554)<br>| &nbsp;&nbsp;&nbsp; (111281845)<br>| &nbsp;&nbsp;&nbsp; (764318443)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (29797111)<br>| &nbsp;&nbsp;&nbsp; (194751119)<br>| &nbsp;&nbsp;&nbsp; (15111384)<br>| &nbsp;&nbsp;&nbsp; (103612351)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (392506588)<br>| &nbsp;&nbsp;&nbsp; (2565692631)<br>| &nbsp;&nbsp;&nbsp; (208809837)<br>| &nbsp;&nbsp;&nbsp; (1430599492)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (2247)<br>| &nbsp;&nbsp;&nbsp; (15682)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (11192797)<br>| &nbsp;&nbsp;&nbsp; (73774785)<br>| &nbsp;&nbsp;&nbsp; (11727215)<br>| &nbsp;&nbsp;&nbsp; (80684762)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (140343071)<br>| &nbsp;&nbsp;&nbsp; $(913335065)<br>| &nbsp;&nbsp;&nbsp; 122359754 | &nbsp;&nbsp;&nbsp; $845695956 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 72% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**52**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco Rochester Municipal Opportunities Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Rochester Municipal Opportunities Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the "Fund") as of February 28, 2026, the related statements of operations and cash flows for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, agent banks, portfolio company investee and brokers; when replies were not received from agent banks and the portfolio company investee, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2026

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**53**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |
| Tax-Exempt Interest Dividends\* | &nbsp;&nbsp; 97.46% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**54**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**55**

**Invesco Rochester**<sup>®</sup> **Municipal Opportunities Fund**

------

![](img5c094b881.jpg)

SEC file number(s): 811-07890 and 033-66242

Invesco Distributors, Inc.

O-ROHYM-NCSR

------

![](imgef064eb91.jpg)

------

**Annual Financial Statements and Other Information**

**February 28, 2026**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

Nasdaq:

A: RMUNX ■ C: RMUCX ■ Y: RMUYX ■ R6: IORUX

------

---

| | |
|:---|:---|
| [2](#xx_f12491f9-3661-4c50-b6ab-4379577dd445_SOI-Continued-749_1) | Schedule of Investments |
| [16](#xx_f12491f9-3661-4c50-b6ab-4379577dd445_FS-Continued-749_1) | Financial Statements |
| [19](#xx_f12491f9-3661-4c50-b6ab-4379577dd445_FS-Continued-749_4) | Financial Highlights |
| [20](#xx_f12491f9-3661-4c50-b6ab-4379577dd445_NTF-Continued-749_1) | Notes to Financial Statements |
| [27](#xx_f12491f9-3661-4c50-b6ab-4379577dd445_ARS-Continued-749_1) | Report of Independent Registered Public Accounting Firm |
| [28](#xx_f12491f9-3661-4c50-b6ab-4379577dd445_TI-Continued-749_1) | Tax Information |
| [29](#xx_f12491f9-3661-4c50-b6ab-4379577dd445_OIRSR-Continued-749_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*February 28, 2026* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations–106.57%** | **Municipal Obligations–106.57%** | **Municipal Obligations–106.57%** | **Municipal Obligations–106.57%** | **Municipal Obligations–106.57%** | **Municipal Obligations–106.57%** |
| **New York–98.60%** | **New York–98.60%** | **New York–98.60%** | **New York–98.60%** |  |  |
| Albany (County of), NY Airport Authority; |  |  |  |  |  |
| Series 2018 A, RB | 5.00% | 12/15/2048 |  | $2585 | &nbsp;&nbsp; $2627371 |
| Series 2018 B, RB<sup>(a)</sup> <br>| 5.00% | 12/15/2033 |  | 60 | &nbsp;&nbsp; 63281 |
| Series 2018 B, RB<sup>(a)</sup> <br>| 5.00% | 12/15/2034 |  | 250 | &nbsp;&nbsp; 263080 |
| Albany (County of), NY Industrial Development Agency (Sage Colleges); Series 1999 A, RB | 5.30% | 04/01/2029 |  | 725 | &nbsp;&nbsp; 692871 |
| Albany Capital Resource Corp. (Brighter Choice Elementary); Series 2021, Ref. RB | 4.00% | 04/01/2037 |  | 2070 | &nbsp;&nbsp; 1973983 |
| Albany Capital Resource Corp. (College of Siant Rose (The)); |  |  |  |  |  |
| Series 2021, Ref. RB (Acquired 07/13/2022; Cost $620,338)<sup>(b)(c)</sup> <br>| 4.00% | 07/01/2029 |  | 674 | &nbsp;&nbsp; 13476 |
| Series 2021, Ref. RB (Acquired 07/13/2022; Cost $637,231)<sup>(b)(c)</sup> <br>| 4.00% | 07/01/2030 |  | 702 | &nbsp;&nbsp; 14040 |
| Series 2021, Ref. RB (Acquired 07/12/2022; Cost $651,833)<sup>(b)(c)</sup> <br>| 4.00% | 07/01/2031 |  | 730 | &nbsp;&nbsp; 14604 |
| Series 2021, Ref. RB (Acquired 03/16/2023; Cost $360,947)<sup>(b)(c)</sup> <br>| 4.00% | 07/01/2041 |  | 564 | &nbsp;&nbsp; 11277 |
| Series 2021, Ref. RB (Acquired 10/28/2021-06/23/2022; Cost $9,319,446)<sup>(b)(c)</sup> <br>| 4.00% | 07/01/2051 |  | 10040 | &nbsp;&nbsp; 200793 |
| Albany Capital Resource Corp. (KIPP Capital Region Public Charter Schools); Series 2024, RB | 5.00% | 06/01/2064 |  | 2000 | &nbsp;&nbsp; 1946497 |
| Amherst Development Corp. (Daemen College); |  |  |  |  |  |
| Series 2018, Ref. RB | 4.00% | 10/01/2037 |  | 2575 | &nbsp;&nbsp; 2507101 |
| Series 2018, Ref. RB | 5.00% | 10/01/2043 |  | 4060 | &nbsp;&nbsp; 4031818 |
| Series 2018, Ref. RB | 5.00% | 10/01/2048 |  | 3235 | &nbsp;&nbsp; 3032604 |
| Battery Park (City of), NY Authority (Green Bonds); Series 2025, Ref. RB | 5.25% | 11/01/2055 |  | 7500 | &nbsp;&nbsp; 8102348 |
| Brookhaven Local Development Corp. (Jefferson's Ferry); |  |  |  |  |  |
| Series 2016, Ref. RB | 5.25% | 11/01/2036 |  | 1725 | &nbsp;&nbsp; 1745326 |
| Series 2020 B, RB | 4.00% | 11/01/2045 |  | 1500 | &nbsp;&nbsp; 1396217 |
| Series 2020 B, RB | 4.00% | 11/01/2055 |  | 5000 | &nbsp;&nbsp; 4281348 |
| Brooklyn Arena Local Development Corp. (Barclays Center); |  |  |  |  |  |
| Series 2009, RB<sup>(d)</sup> <br>| 0.00% | 07/15/2034 |  | 3685 | &nbsp;&nbsp; 2755766 |
| Series 2016 A, Ref. RB | 5.00% | 07/15/2042 |  | 7650 | &nbsp;&nbsp; 7692783 |
| Buffalo & Erie County Industrial Land Development Corp. (Catholic Health System, Inc.); <br> Series 2015, RB<br>| 5.25% | 07/01/2035 |  | 1500 | &nbsp;&nbsp; 1499996 |
| Buffalo & Erie County Industrial Land Development Corp. (Global Concepts Charter School Program); |  |  |  |  |  |
| Series 2018, Ref. RB | 5.00% | 10/01/2032 |  | 140 | &nbsp;&nbsp; 145065 |
| Series 2018, Ref. RB | 5.00% | 10/01/2033 |  | 150 | &nbsp;&nbsp; 155183 |
| Series 2018, Ref. RB | 5.00% | 10/01/2037 |  | 500 | &nbsp;&nbsp; 512732 |
| Buffalo & Erie County Industrial Land Development Corp. (Tapestry Charter School); Series 2017 A, <br> RB<br>| 5.00% | 08/01/2037 |  | 825 | &nbsp;&nbsp; 834425 |
| Buffalo (City of), NY Municipal Water Finance Authority; |  |  |  |  |  |
| Series 2015 A, Ref. RB | 5.00% | 07/01/2029 |  | 300 | &nbsp;&nbsp; 300586 |
| Series 2015 A, Ref. RB | 5.00% | 07/01/2030 |  | 150 | &nbsp;&nbsp; 150292 |
| Series 2015 A, Ref. RB | 5.00% | 07/01/2031 |  | 210 | &nbsp;&nbsp; 210407 |
| Series 2015 A, Ref. RB | 5.00% | 07/01/2032 |  | 245 | &nbsp;&nbsp; 245473 |
| Build NYC Resource Corp. (261 walton Facility LLC - Zeta Charter Schools, Inc.); |  |  |  |  |  |
| Series 2026, RB<sup>(e)</sup> <br>| 5.25% | 06/01/2046 |  | 1500 | &nbsp;&nbsp; 1504225 |
| Series 2026, RB<sup>(e)</sup> <br>| 5.50% | 06/01/2056 |  | 1600 | &nbsp;&nbsp; 1592718 |
| Build NYC Resource Corp. (Albert Einstein School of Medicine, Inc.); Series 2015, RB<sup>(e)</sup> <br>| 5.50% | 09/01/2045 |  | 5905 | &nbsp;&nbsp; 5848594 |
| Build NYC Resource Corp. (Bay Ridge Preperatory School); Series 2024, RB<sup>(e)</sup> <br>| 5.00% | 09/01/2044 |  | 625 | &nbsp;&nbsp; 626716 |
| Build NYC Resource Corp. (Bronx Lighthouse Charter School); |  |  |  |  |  |
| Series 2018, RB | 5.00% | 06/01/2038 |  | 1525 | &nbsp;&nbsp; 1541423 |
| Series 2018, RB | 5.00% | 06/01/2048 |  | 2415 | &nbsp;&nbsp; 2380930 |
| Build NYC Resource Corp. (Brooklyn Navy Yard); Series 2019, Ref. RB (LOC - Santander Bank <br> N.A.)<sup>(a)(e)(f)</sup> <br>| 5.50% | 12/31/2040 |  | 4700 | &nbsp;&nbsp; 4732042 |
| Build NYC Resource Corp. (Children's Aid Society (The)); |  |  |  |  |  |
| Series 2019, RB | 4.00% | 07/01/2044 |  | 45 | &nbsp;&nbsp; 43132 |
| Series 2019, RB | 4.00% | 07/01/2049 |  | 4000 | &nbsp;&nbsp; 3606757 |
| Build NYC Resource Corp. (Civic Bronx LLC - Bold Charter School); |  |  |  |  |  |
| Series 2025, RB<sup>(e)</sup> <br>| 5.63% | 07/01/2045 |  | 1000 | &nbsp;&nbsp; 1014688 |
| Series 2025, RB<sup>(e)</sup> <br>| 6.00% | 07/01/2060 |  | 3000 | &nbsp;&nbsp; 3038965 |
| Build NYC Resource Corp. (Classical Charter Schools); Series 2023, RB | 4.75% | 06/15/2058 |  | 1450 | &nbsp;&nbsp; 1294354 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**2**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| Build NYC Resource Corp. (East Harlem Scholars Academy Charter School) (Social Bonds); |  |  |  |  |  |
| Series 2022, RB<sup>(e)</sup> <br>| 5.75% | 06/01/2052 |  | $4000 | &nbsp;&nbsp; $3998460 |
| Series 2022, RB<sup>(e)</sup> <br>| 5.75% | 06/01/2062 |  | 5250 | &nbsp;&nbsp; 5171513 |
| Build NYC Resource Corp. (ERE425, LLC - Zeta Charter Schools, Inc.); Series 2025, RB<sup>(e)</sup> <br>| 5.25% | 10/15/2050 |  | 7500 | &nbsp;&nbsp; 7319788 |
| Build NYC Resource Corp. (Grand Concourse Academy Charter School); |  |  |  |  |  |
| Series 2022 A, RB | 5.00% | 07/01/2052 |  | 550 | &nbsp;&nbsp; 534328 |
| Series 2022 A, RB | 5.00% | 07/01/2056 |  | 450 | &nbsp;&nbsp; 432956 |
| Build NYC Resource Corp. (KIPP NYC Public School) (Social Bonds); |  |  |  |  |  |
| Series 2023, RB | 5.25% | 07/01/2057 |  | 3750 | &nbsp;&nbsp; 3785787 |
| Series 2023, RB | 5.25% | 07/01/2062 |  | 11500 | &nbsp;&nbsp; 11578806 |
| Build NYC Resource Corp. (Manhattan College); |  |  |  |  |  |
| Series 2017, Ref. RB | 5.00% | 08/01/2036 |  | 1500 | &nbsp;&nbsp; 1518020 |
| Series 2017, Ref. RB | 5.00% | 08/01/2047 |  | 4430 | &nbsp;&nbsp; 4301784 |
| Build NYC Resource Corp. (Metropolitan Lighthouse Charter School); |  |  |  |  |  |
| Series 2017 A, RB<sup>(e)</sup> <br>| 5.00% | 06/01/2047 |  | 1250 | &nbsp;&nbsp; 1181985 |
| Series 2017 A, RB<sup>(e)</sup> <br>| 5.00% | 06/01/2052 |  | 1100 | &nbsp;&nbsp; 998132 |
| Build NYC Resource Corp. (New Dawn Charter Schools); |  |  |  |  |  |
| Series 2019, RB<sup>(e)</sup> <br>| 5.63% | 02/01/2039 |  | 1100 | &nbsp;&nbsp; 1100517 |
| Series 2019, RB<sup>(e)</sup> <br>| 5.75% | 02/01/2049 |  | 2200 | &nbsp;&nbsp; 2199927 |
| Build NYC Resource Corp. (NY Preparatory Charter School); |  |  |  |  |  |
| Series 2021 A, RB<sup>(e)</sup> <br>| 4.00% | 06/15/2041 |  | 610 | &nbsp;&nbsp; 560644 |
| Series 2021 A, RB<sup>(e)</sup> <br>| 4.00% | 06/15/2051 |  | 735 | &nbsp;&nbsp; 587466 |
| Series 2021 A, RB<sup>(e)</sup> <br>| 4.00% | 06/15/2056 |  | 530 | &nbsp;&nbsp; 408201 |
| Build NYC Resource Corp. (Richmond Prep Charter School); |  |  |  |  |  |
| Series 2021 A, RB<sup>(e)</sup> <br>| 5.00% | 06/01/2051 |  | 1500 | &nbsp;&nbsp; 1211828 |
| Series 2021 A, RB<sup>(e)</sup> <br>| 5.00% | 06/01/2056 |  | 1250 | &nbsp;&nbsp; 983877 |
| Build NYC Resource Corp. (Riverspring Health Senior Living, Inc.); Series 2026, RB<sup>(e)</sup> <br>| 6.50% | 12/15/2045 |  | 6000 | &nbsp;&nbsp; 6062710 |
| Build NYC Resource Corp. (Seton Education Partners-Brilla); |  |  |  |  |  |
| Series 2021 A, RB<sup>(e)</sup> <br>| 4.00% | 11/01/2041 |  | 1775 | &nbsp;&nbsp; 1621686 |
| Series 2021 A, RB<sup>(e)</sup> <br>| 4.00% | 11/01/2051 |  | 695 | &nbsp;&nbsp; 556572 |
| Build NYC Resource Corp. (Success Academy Charter Schools); Series 2024, RB | 4.00% | 09/01/2044 |  | 3400 | &nbsp;&nbsp; 3309116 |
| Build NYC Resource Corp. (The Chapin School, Ltd.); Series 2017, Ref. RB | 5.00% | 11/01/2047 |  | 9700 | &nbsp;&nbsp; 10541338 |
| Build NYC Resource Corp. (The Children's Aid Society); Series 2015, RB | 5.00% | 07/01/2045 |  | 1160 | &nbsp;&nbsp; 1160468 |
| Build NYC Resource Corp. (The Renaissance Charter School 2); |  |  |  |  |  |
| Series 2025, RB | 5.25% | 06/15/2045 |  | 1000 | &nbsp;&nbsp; 1013797 |
| Series 2025, RB | 5.50% | 06/15/2050 |  | 1250 | &nbsp;&nbsp; 1254746 |
| Series 2025, RB | 5.50% | 06/15/2055 |  | 1000 | &nbsp;&nbsp; 992436 |
| Build NYC Resource Corp. (Trips Obligated Group); |  |  |  |  |  |
| Series 2025, RB<sup>(a)</sup> <br>| 5.50% | 07/01/2050 |  | 6750 | &nbsp;&nbsp; 7140234 |
| Series 2025, RB<sup>(a)</sup> <br>| 5.50% | 07/01/2055 |  | 6750 | &nbsp;&nbsp; 7076586 |
| Build NYC Resource Corp. (Unity Preparatory Charter School of Brooklyn); |  |  |  |  |  |
| Series 2023, RB<sup>(e)</sup> <br>| 5.50% | 06/15/2053 |  | 2125 | &nbsp;&nbsp; 2134218 |
| Series 2023, RB<sup>(e)</sup> <br>| 5.50% | 06/15/2063 |  | 1375 | &nbsp;&nbsp; 1374764 |
| Build NYC Resource Corp. (Urban Resource Insititute); |  |  |  |  |  |
| Series 2025, RB | 5.38% | 12/01/2046 |  | 625 | &nbsp;&nbsp; 680667 |
| Series 2025, RB | 5.50% | 12/01/2051 |  | 825 | &nbsp;&nbsp; 879901 |
| Build NYC Resource Corp. (Whin Music Community Charter School); |  |  |  |  |  |
| Series 2022, RB<sup>(e)</sup> <br>| 6.50% | 07/01/2052 |  | 9820 | &nbsp;&nbsp; 9857397 |
| Series 2022, RB<sup>(e)</sup> <br>| 6.50% | 07/01/2057 |  | 10785 | &nbsp;&nbsp; 10788993 |
| Build NYC Resource Corp. (Young Adult Institute, Inc.); |  |  |  |  |  |
| Series 2020 A, Ref. RB | 5.00% | 07/01/2030 |  | 885 | &nbsp;&nbsp; 898860 |
| Series 2020 A, Ref. RB | 5.00% | 07/01/2045 |  | 4145 | &nbsp;&nbsp; 3772635 |
| Cattaraugus (County of), NY (St. Bonaventure University); |  |  |  |  |  |
| Series 2014, RB | 5.00% | 05/01/2034 |  | 200 | &nbsp;&nbsp; 200299 |
| Series 2014, RB | 5.00% | 05/01/2039 |  | 250 | &nbsp;&nbsp; 250242 |
| City of New York NY; |  |  |  |  |  |
| Series 2025, GO Bonds<sup>(g)</sup> <br>| 5.25% | 08/01/2053 |  | 12000 | &nbsp;&nbsp; 12760727 |
| Series 2025, GO Bonds<sup>(g)</sup> <br>| 5.25% | 10/01/2055 |  | 20000 | &nbsp;&nbsp; 21191054 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**3**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| Clinton County Capital Resource Corp. (CVES BOCES); |  |  |  |  |  |
| Series 2025, RB<sup>(e)</sup> <br>| 4.75% | 07/01/2043 |  | $1000 | &nbsp;&nbsp; $1041010 |
| Series 2025, RB<sup>(e)</sup> <br>| 5.00% | 07/01/2046 |  | 1000 | &nbsp;&nbsp; 1041117 |
| Dutchess (County of), NY Water & Wastewater Authority; Series 1998 1, RB<sup>(d)</sup> <br>| 0.00% | 06/01/2027 |  | 1000 | &nbsp;&nbsp; 968408 |
| Dutchess County Local Development Corp. (Health Quest Systems, Inc.); Series 2016 B, RB | 5.00% | 07/01/2046 |  | 5700 | &nbsp;&nbsp; 5700491 |
| Dutchess County Local Development Corp. (Marist College); Series 2022, RB | 4.00% | 07/01/2049 |  | 9370 | &nbsp;&nbsp; 8403232 |
| Dutchess County Local Development Corp. (Social Bonds); Series 2023, RB (CEP - FNMA) | 5.00% | 10/01/2040 |  | 5985 | &nbsp;&nbsp; 6662666 |
| East Rochester Housing Authority (Jefferson Park Association L.P.); Series 1999, RB<sup>(a)</sup> <br>| 6.75% | 03/01/2030 |  | 545 | &nbsp;&nbsp; 539459 |
| Elmira (City of), NY Housing Authority (Eastgate Apartments L.P.); Series 2007, RB<sup>(a)</sup> <br>| 6.25% | 06/01/2044 |  | 1980 | &nbsp;&nbsp; 1979935 |
| Erie Tobacco Asset Securitization Corp.; |  |  |  |  |  |
| Series 2005 A, RB | 5.00% | 06/01/2038 |  | 5000 | &nbsp;&nbsp; 4681457 |
| Series 2005 A, RB | 5.00% | 06/01/2045 |  | 1275 | &nbsp;&nbsp; 1066031 |
| Series 2005 D, RB<sup>(d)</sup> <br>| 0.00% | 06/01/2055 |  | 198300 | &nbsp;&nbsp; 16068705 |
| Series 2006 A, RB<sup>(d)(e)</sup> <br>| 0.00% | 06/01/2060 |  | 200000 | &nbsp;&nbsp; 5346120 |
| Genesee County Funding Corp. (The) (Rochester Regional Health Obligated Group); |  |  |  |  |  |
| Series 2022 A, Ref. RB | 5.25% | 12/01/2052 |  | 25750 | &nbsp;&nbsp; 26054857 |
| Series 2025, RB | 5.25% | 12/01/2050 |  | 2590 | &nbsp;&nbsp; 2670394 |
| Series 2025, RB | 5.50% | 12/01/2055 |  | 5000 | &nbsp;&nbsp; 5226646 |
| Glen Cove Local Economic Assistance Corp. (Tiegerman School); Series 2018 A-2, RB<sup>(e)</sup> <br>| 5.50% | 07/01/2044 |  | 5495 | &nbsp;&nbsp; 5307324 |
| Hempstead Town Local Development Corp.; Series 2022, RB | 5.25% | 06/15/2052 |  | 5000 | &nbsp;&nbsp; 4858625 |
| Hempstead Town Local Development Corp. (Evergreen Charter School); Series 2019, Ref. RB<sup>(e)</sup> <br>| 6.80% | 12/01/2044 |  | 9530 | &nbsp;&nbsp; 9853886 |
| Hempstead Town Local Development Corp. (Molloy College); |  |  |  |  |  |
| Series 2014, RB | 5.00% | 07/01/2034 |  | 1500 | &nbsp;&nbsp; 1501095 |
| Series 2014, RB | 5.00% | 07/01/2039 |  | 1250 | &nbsp;&nbsp; 1250926 |
| Series 2014, RB | 5.00% | 07/01/2044 |  | 1000 | &nbsp;&nbsp; 1000243 |
| Series 2017, Ref. RB | 5.00% | 07/01/2038 |  | 650 | &nbsp;&nbsp; 660264 |
| Hudson Yards Infrastructure Corp.; Series 2017 A, Ref. RB | 4.00% | 02/15/2044 |  | 17000 | &nbsp;&nbsp; 16646913 |
| Huntington Local Development Corp. (Fountaingate Garden); Series 2021 A, RB | 5.25% | 07/01/2056 |  | 1000 | &nbsp;&nbsp; 834028 |
| Livingston (County of), NY Industrial Development Agency (Nicholas H. Noyes Memorial Hospital); <br> Series 2005, RB<br>| 6.00% | 07/01/2030 |  | 675 | &nbsp;&nbsp; 676423 |
| Long Island (City of), NY Power Authority (Green Bonds); |  |  |  |  |  |
| Series 2023 E, RB | 5.00% | 09/01/2048 |  | 2500 | &nbsp;&nbsp; 2649261 |
| Series 2023 E, RB | 5.00% | 09/01/2053 |  | 14000 | &nbsp;&nbsp; 14669577 |
| Metropolitan Transportation Authority; |  |  |  |  |  |
| Series 2016 C-1, RB | 5.00% | 11/15/2056 |  | 4470 | &nbsp;&nbsp; 4476690 |
| Series 2016 C-1, RB | 5.25% | 11/15/2056 |  | 10000 | &nbsp;&nbsp; 10026520 |
| Series 2024 A, Ref. RB | 5.00% | 11/15/2045 |  | 1040 | &nbsp;&nbsp; 1101085 |
| Metropolitan Transportation Authority (Bidding Group 2); |  |  |  |  |  |
| Series 2022 A, RB | 4.00% | 11/15/2050 |  | 23835 | &nbsp;&nbsp; 22524351 |
| Series 2022 A, RB | 4.00% | 11/15/2051 |  | 7365 | &nbsp;&nbsp; 6884029 |
| Metropolitan Transportation Authority (Green Bonds); |  |  |  |  |  |
| Series 2016 A-1, RB | 5.25% | 11/15/2056 |  | 30000 | &nbsp;&nbsp; 30019427 |
| Series 2017 A, RB | 5.00% | 11/15/2047 |  | 7000 | &nbsp;&nbsp; 7067381 |
| Series 2017 A-1, RB | 5.25% | 11/15/2057 |  | 5565 | &nbsp;&nbsp; 5594774 |
| Series 2017 B-1, RB | 5.25% | 11/15/2057 |  | 20000 | &nbsp;&nbsp; 20274438 |
| Series 2019 C, RB (INS - AGI)<sup>(h)</sup> <br>| 4.00% | 11/15/2045 |  | 560 | &nbsp;&nbsp; 537291 |
| Series 2020 A-1, RB | 5.00% | 11/15/2049 |  | 1400 | &nbsp;&nbsp; 1431344 |
| Series 2020 C-1, RB | 5.00% | 11/15/2050 |  | 10000 | &nbsp;&nbsp; 10202043 |
| Series 2020 C-1, RB | 5.25% | 11/15/2055 |  | 30715 | &nbsp;&nbsp; 31540850 |
| Series 2024 A, Ref. RB | 5.25% | 11/15/2049 |  | 12290 | &nbsp;&nbsp; 12968327 |
| Series 2024, Ref. RB | 5.00% | 11/15/2052 |  | 2000 | &nbsp;&nbsp; 2087419 |
| Monroe County Industrial Development Corp. (Eugenio Maria De Hostos Charter School); <br> Series 2024, RB<sup>(e)</sup> <br>| 5.00% | 07/01/2054 |  | 3325 | &nbsp;&nbsp; 3087709 |
| Monroe County Industrial Development Corp. (Highland Hospital of Rochester); Series 2015, Ref. <br> RB<br>| 5.00% | 07/01/2034 |  | 375 | &nbsp;&nbsp; 375650 |
| Monroe County Industrial Development Corp. (Monroe Community College); Series 2014, Ref. RB <br> (INS - AGI)<sup>(h)</sup> <br>| 5.00% | 01/15/2038 |  | 890 | &nbsp;&nbsp; 891604 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**4**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| Monroe County Industrial Development Corp. (Rochester General Hospital (The)); |  |  |  |  |  |
| Series 2013 A, Ref. RB | 5.00% | 12/01/2037 |  | $50 | &nbsp;&nbsp; $50083 |
| Series 2013 A, Ref. RB | 5.00% | 12/01/2042 |  | 2010 | &nbsp;&nbsp; 2010742 |
| Monroe County Industrial Development Corp. (Rochester Schools Modernization); Series 2005 A, <br> RB<sup>(a)</sup> <br>| 6.50% | 12/01/2042 |  | 1930 | &nbsp;&nbsp; 1764224 |
| Monroe County Industrial Development Corp. (Social Bonds); |  |  |  |  |  |
| Series 2022, RB<sup>(e)</sup> <br>| 5.88% | 07/01/2052 |  | 1000 | &nbsp;&nbsp; 1002595 |
| Series 2022, RB<sup>(e)</sup> <br>| 6.00% | 07/01/2057 |  | 2500 | &nbsp;&nbsp; 2514049 |
| Monroe County Industrial Development Corp. (St. Ann's Community); |  |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 01/01/2040 |  | 8470 | &nbsp;&nbsp; 8506141 |
| Series 2019, Ref. RB | 5.00% | 01/01/2050 |  | 14625 | &nbsp;&nbsp; 13143261 |
| Monroe County Industrial Development Corp. (St. John Fisher College); |  |  |  |  |  |
| Series 2024, Ref. RB | 5.25% | 06/01/2049 |  | 500 | &nbsp;&nbsp; 530926 |
| Series 2024, Ref. RB | 5.25% | 06/01/2054 |  | 500 | &nbsp;&nbsp; 523958 |
| Monroe County Industrial Development Corp. (University of Rochester); Series 2020, RB<sup>(e)</sup> <br>| 5.00% | 06/01/2050 |  | 950 | &nbsp;&nbsp; 933463 |
| Monroe Tobacco Asset Securitization Corp.; Series 2006 A, RB<sup>(d)(e)</sup> <br>| 0.00% | 06/01/2061 |  | 400000 | &nbsp;&nbsp; 13827080 |
| MTA Hudson Rail Yards Trust Obligations; |  |  |  |  |  |
| Series 2016 A, RB | 5.00% | 11/15/2051 |  | 24045 | &nbsp;&nbsp; 24045231 |
| Series 2016 A, RB | 5.00% | 11/15/2056 |  | 46000 | &nbsp;&nbsp; 45999282 |
| Nassau (County of), NY; |  |  |  |  |  |
| Series 2019 A, GO Bonds (INS - AGI)<sup>(h)</sup> <br>| 5.00% | 04/01/2049 |  | 11600 | &nbsp;&nbsp; 11924815 |
| Series 2024 A, GO Bonds | 4.00% | 04/01/2054 |  | 4000 | &nbsp;&nbsp; 3709798 |
| Nassau (County of), NY Industrial Development Agency; Series 2021, RB<sup>(d)(i)</sup> <br>| 0.00% | 01/01/2058 |  | 546 | &nbsp;&nbsp; 0 |
| Nassau County Local Economic Assistance Corp. (Hispanic Counseling Center, Inc.); Series 2018 <br> A-2, Ref. RB<br>| 5.20% | 12/01/2037 |  | 1585 | &nbsp;&nbsp; 1346744 |
| Nassau County Tobacco Settlement Corp.; |  |  |  |  |  |
| Series 2006 A-2, RB | 5.25% | 06/01/2026 |  | 804 | &nbsp;&nbsp; 707366 |
| Series 2006 A-3, RB | 5.00% | 06/01/2035 |  | 750 | &nbsp;&nbsp; 593579 |
| Series 2006 A-3, RB | 5.13% | 06/01/2046 |  | 615 | &nbsp;&nbsp; 451016 |
| Series 2006 C, RB<sup>(d)</sup> <br>| 0.00% | 06/01/2046 |  | 105975 | &nbsp;&nbsp; 22735113 |
| Series 2006 D, RB<sup>(d)</sup> <br>| 0.00% | 06/01/2060 |  | 625715 | &nbsp;&nbsp; 29125156 |
| Series 2006 E, RB<sup>(d)</sup> <br>| 0.00% | 06/01/2060 |  | 40000 | &nbsp;&nbsp; 2185684 |
| New Rochelle (City of), NY (70 Nardozzi/City DPW); Series 2018 A-2, RB | 5.13% | 08/01/2050 |  | 17100 | &nbsp;&nbsp; 12475399 |
| New York & New Jersey (States of) Port Authority; |  |  |  |  |  |
| One Hundred Ninty Eighth Series 2016, Ref. RB | 5.25% | 11/15/2056 |  | 6825 | &nbsp;&nbsp; 6864167 |
| Series 2019 220, RB<sup>(a)</sup> <br>| 4.00% | 11/01/2059 |  | 20660 | &nbsp;&nbsp; 18441630 |
| Series 2019, RB | 4.00% | 11/01/2041 |  | 600 | &nbsp;&nbsp; 607953 |
| Series 2019, RB<sup>(a)</sup> <br>| 4.00% | 11/01/2047 |  | 9120 | &nbsp;&nbsp; 8561227 |
| Series 2020 221, RB<sup>(a)</sup> <br>| 4.00% | 07/15/2060 |  | 32450 | &nbsp;&nbsp; 28944514 |
| Series 2022, RB<sup>(a)</sup> <br>| 5.00% | 01/15/2052 |  | 13000 | &nbsp;&nbsp; 13211186 |
| Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2044 |  | 1000 | &nbsp;&nbsp; 1105184 |
| Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2049 |  | 1640 | &nbsp;&nbsp; 1744668 |
| Two Hundred Forty Second Series 2023, Ref. RB<sup>(a)</sup> <br>| 5.00% | 12/01/2053 |  | 4855 | &nbsp;&nbsp; 4938342 |
| Two Hundred Thirty Fourth Series 2022, Ref. RB<sup>(a)</sup> <br>| 5.25% | 08/01/2047 |  | 5000 | &nbsp;&nbsp; 5263540 |
| Two Hundred Twenty First Series 2020, RB<sup>(a)</sup> <br>| 4.00% | 07/15/2050 |  | 16230 | &nbsp;&nbsp; 14973842 |
| Two Hundred Twenty Third Series 2021, Ref. RB<sup>(a)</sup> <br>| 4.00% | 07/15/2046 |  | 9625 | &nbsp;&nbsp; 9222469 |
| Two Hundred Twenty Third Series 2021, Ref. RB<sup>(a)</sup> <br>| 4.00% | 07/15/2051 |  | 4960 | &nbsp;&nbsp; 4559937 |
| New York (City of), NY; |  |  |  |  |  |
| Series 1990 I, GO Bonds | 7.75% | 08/15/2028 |  | 5 | &nbsp;&nbsp; 5124 |
| Series 1997 C, GO Bonds (INS - NATL)<sup>(h)</sup> <br>| 5.50% | 11/15/2037 |  | 10 | &nbsp;&nbsp; 10023 |
| Series 2002 D, GO Bonds | 5.25% | 06/01/2027 |  | 145 | &nbsp;&nbsp; 145338 |
| Series 2002 D, GO Bonds | 5.38% | 06/01/2032 |  | 380 | &nbsp;&nbsp; 380912 |
| Series 2003 F, GO Bonds | 5.32% | 01/15/2028 |  | 5 | &nbsp;&nbsp; 5012 |
| Series 2020 D-1, GO Bonds | 4.00% | 03/01/2050 |  | 30000 | &nbsp;&nbsp; 27957171 |
| Series 2020 D-1, GO Bonds (INS - BAM)<sup>(h)</sup> <br>| 4.00% | 03/01/2050 |  | 28830 | &nbsp;&nbsp; 27271860 |
| Series 2021 A-1, GO Bonds | 4.00% | 08/01/2050 |  | 10000 | &nbsp;&nbsp; 9313810 |
| Series 2021 F-1, GO Bonds | 4.00% | 03/01/2047 |  | 17000 | &nbsp;&nbsp; 16263461 |
| Series 2021 F-1, GO Bonds | 5.00% | 03/01/2050 |  | 10000 | &nbsp;&nbsp; 10291087 |
| Series 2024 A, GO Bonds | 4.13% | 08/01/2053 |  | 6500 | &nbsp;&nbsp; 6116472 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**5**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| Series 2024 C, GO Bonds | 5.25% | 03/01/2048 |  | $3430 | &nbsp;&nbsp; $3654216 |
| Series 2024 D, GO Bonds | 4.00% | 04/01/2045 |  | 2000 | &nbsp;&nbsp; 1964021 |
| Series 2024 D, GO Bonds | 4.00% | 04/01/2050 |  | 5000 | &nbsp;&nbsp; 4700677 |
| Series 2024 D, GO Bonds | 5.25% | 04/01/2054 |  | 20000 | &nbsp;&nbsp; 21054676 |
| Series 2025 D, GO Bonds | 5.00% | 10/01/2048 |  | 20615 | &nbsp;&nbsp; 21743902 |
| Series 2025 E, GO Bonds | 5.25% | 08/01/2050 |  | 2000 | &nbsp;&nbsp; 2129371 |
| Subseries 2019 A-1, GO Bonds | 5.00% | 08/01/2045 |  | 780 | &nbsp;&nbsp; 810513 |
| Subseries 2022 D-1, GO Bonds | 5.50% | 05/01/2045 |  | 2960 | &nbsp;&nbsp; 3207478 |
| Subseries 2022 D-1, GO Bonds | 5.50% | 05/01/2046 |  | 5250 | &nbsp;&nbsp; 5651861 |
| Subseries 2023 E-1, GO Bonds | 5.25% | 04/01/2047 |  | 4000 | &nbsp;&nbsp; 4255852 |
| Subseries 2023 E-1, GO Bonds | 4.00% | 04/01/2050 |  | 5700 | &nbsp;&nbsp; 5358772 |
| Subseries 2024 C-1, GO Bonds | 4.00% | 09/01/2052 |  | 1000 | &nbsp;&nbsp; 930470 |
| Subseries 2025 G-1, GO Bonds | 5.25% | 02/01/2050 |  | 5000 | &nbsp;&nbsp; 5338151 |
| Subseries 2025 G-1, GO Bonds | 5.25% | 02/01/2053 |  | 4250 | &nbsp;&nbsp; 4508459 |
| New York (City of), NY Industrial Development Agency (1996 Comprehensive Care Management <br> Corp.);<br>|  |  |  |  |  |
| Series 1998 C, RB | 6.38% | 11/01/2028 |  | 380 | &nbsp;&nbsp; 349763 |
| Series 1998, RB | 6.38% | 11/01/2028 |  | 945 | &nbsp;&nbsp; 869134 |
| New York (City of), NY Industrial Development Agency (Comprehensive Care Management); |  |  |  |  |  |
| Series 2005 C-2, RB | 6.00% | 05/01/2026 |  | 30 | &nbsp;&nbsp; 29813 |
| Series 2005 E-2, RB | 6.13% | 11/01/2035 |  | 2050 | &nbsp;&nbsp; 1545356 |
| New York (City of), NY Industrial Development Agency (Cool Wind Ventilation Corp.); Series 2007 <br> A-2, IDR<sup>(a)</sup> <br>| 6.08% | 11/01/2027 |  | 1410 | &nbsp;&nbsp; 1402716 |
| New York (City of), NY Industrial Development Agency (The Child School); Series 2003, RB | 7.55% | 06/01/2033 |  | 5165 | &nbsp;&nbsp; 5201290 |
| New York (City of), NY Municipal Water Finance Authority; |  |  |  |  |  |
| Subseries 2023 AA-1, RB | 5.25% | 06/15/2052 |  | 50000 | &nbsp;&nbsp; 52817665 |
| Series 2020 BB-1, RB | 4.00% | 06/15/2050 |  | 9750 | &nbsp;&nbsp; 9123620 |
| Series 2020 DD-1, RB | 4.00% | 06/15/2050 |  | 10000 | &nbsp;&nbsp; 9420448 |
| Series 2021 AA-1, RB | 4.00% | 06/15/2051 |  | 10000 | &nbsp;&nbsp; 9291776 |
| Series 2021 CC-1, RB<sup>(g)</sup> <br>| 5.00% | 06/15/2051 |  | 13350 | &nbsp;&nbsp; 13857769 |
| Series 2022 CC-1, RB | 4.00% | 06/15/2052 |  | 12500 | &nbsp;&nbsp; 11559905 |
| Series 2022 CC-1, RB | 5.00% | 06/15/2052 |  | 5400 | &nbsp;&nbsp; 5604610 |
| Series 2024 AA, RB | 5.00% | 06/15/2051 |  | 4750 | &nbsp;&nbsp; 4985179 |
| Series 2024 AA, RB | 4.00% | 06/15/2054 |  | 1500 | &nbsp;&nbsp; 1390578 |
| Series 2024 AA-1, RB<sup>(g)</sup> <br>| 5.25% | 06/15/2053 |  | 35000 | &nbsp;&nbsp; 37029430 |
| Series 2026, RB | 5.50% | 06/15/2056 |  | 12500 | &nbsp;&nbsp; 13669640 |
| Subseries 2025 AA-1, RB | 5.25% | 06/15/2055 |  | 10000 | &nbsp;&nbsp; 10687200 |
| New York (City of), NY Transitional Finance Authority; |  |  |  |  |  |
| Series 2019 A-3, RB | 3.00% | 05/01/2045 |  | 1000 | &nbsp;&nbsp; 811970 |
| Series 2019 B-1, RB | 4.00% | 11/01/2045 |  | 8795 | &nbsp;&nbsp; 8520631 |
| Series 2019 B-1, RB | 4.00% | 11/01/2047 |  | 5875 | &nbsp;&nbsp; 5509027 |
| Series 2020, RB | 4.00% | 05/01/2045 |  | 2000 | &nbsp;&nbsp; 1949930 |
| Series 2020, RB | 4.00% | 05/01/2046 |  | 23000 | &nbsp;&nbsp; 22114799 |
| Series 2021 B-1, RB | 4.00% | 08/01/2048 |  | 3925 | &nbsp;&nbsp; 3662592 |
| Series 2021 E-1, RB | 4.00% | 02/01/2046 |  | 12855 | &nbsp;&nbsp; 12372169 |
| Series 2022 C-1, RB | 4.00% | 02/01/2051 |  | 5000 | &nbsp;&nbsp; 4588091 |
| Series 2023 A-1, RB | 5.00% | 05/01/2053 |  | 9995 | &nbsp;&nbsp; 10346066 |
| Series 2023 C, RB<sup>(g)(j)</sup> <br>| 5.50% | 05/01/2053 |  | 24000 | &nbsp;&nbsp; 25790693 |
| Series 2023, RB | 5.25% | 05/01/2050 |  | 6115 | &nbsp;&nbsp; 6497984 |
| Series 2023, RB<sup>(g)</sup> <br>| 5.00% | 05/01/2053 |  | 99465 | &nbsp;&nbsp; 102958628 |
| Series 2024 C, RB | 5.00% | 05/01/2050 |  | 5000 | &nbsp;&nbsp; 5238925 |
| Series 2024, RB | 5.25% | 05/01/2051 |  | 12650 | &nbsp;&nbsp; 13437602 |
| Series 2024, RB | 4.13% | 05/01/2052 |  | 8200 | &nbsp;&nbsp; 7693803 |
| Series 2025 A, RB | 5.00% | 05/01/2054 |  | 5000 | &nbsp;&nbsp; 5219846 |
| Series 2025 B, RB | 5.00% | 05/01/2051 |  | 2000 | &nbsp;&nbsp; 2096700 |
| Series 2025 B, RB | 5.25% | 05/01/2055 |  | 10875 | &nbsp;&nbsp; 11597217 |
| Series 2025 E, RB | 5.50% | 11/01/2049 |  | 10000 | &nbsp;&nbsp; 10912185 |
| Series 2025 E, RB | 4.13% | 11/01/2053 |  | 8000 | &nbsp;&nbsp; 7498935 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**6**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| Series 2025 E, RB | 5.00% | 11/01/2053 |  | $10000 | &nbsp;&nbsp; $10412713 |
| Series 2025 H, RB | 5.25% | 11/01/2048 |  | 2250 | &nbsp;&nbsp; 2419841 |
| Series 2025 H, RB | 5.50% | 11/01/2051 |  | 2160 | &nbsp;&nbsp; 2354441 |
| Series 2025 H, RB | 4.50% | 11/01/2052 |  | 5000 | &nbsp;&nbsp; 4885102 |
| Series 2025, RB<sup>(g)</sup> <br>| 5.50% | 05/01/2053 |  | 15000 | &nbsp;&nbsp; 16301240 |
| Series 2026, RB | 5.00% | 02/01/2053 |  | 5000 | &nbsp;&nbsp; 5229908 |
| Series 2026, RB | 5.25% | 11/01/2055 |  | 14850 | &nbsp;&nbsp; 15876845 |
| New York (City of), NY Trust for Cultural Resources (The) (American Museum of Natural History); <br> Series 2024, Ref. RB<br>| 5.00% | 07/15/2054 |  | 2500 | &nbsp;&nbsp; 2636178 |
| New York (State of) Bridge Authority; |  |  |  |  |  |
| Series 2021 A, RB | 4.00% | 01/01/2038 |  | 50 | &nbsp;&nbsp; 51877 |
| Series 2021 A, RB | 4.00% | 01/01/2040 |  | 300 | &nbsp;&nbsp; 308810 |
| Series 2021 A, RB | 4.00% | 01/01/2041 |  | 220 | &nbsp;&nbsp; 225259 |
| New York (State of) Dormitory Authority; |  |  |  |  |  |
| Series 2018 A, RB | 5.00% | 07/01/2048 |  | 5890 | &nbsp;&nbsp; 6032572 |
| Series 2019 A, RB | 4.00% | 07/01/2045 |  | 6530 | &nbsp;&nbsp; 6477585 |
| Series 2020 A, RB (INS - BAM)<sup>(h)</sup> <br>| 4.00% | 07/01/2050 |  | 3295 | &nbsp;&nbsp; 3089504 |
| Series 2020 A, Ref. RB | 4.00% | 03/15/2048 |  | 33725 | &nbsp;&nbsp; 32120179 |
| Series 2020 D, Ref. RB | 4.00% | 02/15/2047 |  | 19075 | &nbsp;&nbsp; 18229489 |
| Series 2020 D, Ref. RB | 4.00% | 02/15/2049 |  | 3070 | &nbsp;&nbsp; 2915674 |
| Series 2021 E, Ref. RB | 4.00% | 03/15/2047 |  | 11000 | &nbsp;&nbsp; 10488884 |
| Series 2022 A, RB<sup>(g)</sup> <br>| 4.00% | 03/15/2049 |  | 15000 | &nbsp;&nbsp; 14176538 |
| Series 2022 A, RB (INS - BAM)<sup>(h)</sup> <br>| 4.25% | 10/01/2051 |  | 5500 | &nbsp;&nbsp; 5302233 |
| Series 2022 A, Ref. RB | 4.00% | 03/15/2049 |  | 26305 | &nbsp;&nbsp; 24860921 |
| Series 2022 A, Ref. RB | 5.00% | 05/01/2052 |  | 8000 | &nbsp;&nbsp; 8152450 |
| Series 2023 A-1, Ref. RB | 5.00% | 03/15/2053 |  | 10925 | &nbsp;&nbsp; 11343377 |
| Series 2024 A, RB (INS - AGI)<sup>(h)</sup> <br>| 4.13% | 10/01/2048 |  | 1000 | &nbsp;&nbsp; 962856 |
| Series 2024 A, RB | 5.50% | 05/01/2049 |  | 2250 | &nbsp;&nbsp; 2358466 |
| Series 2024 A, RB | 5.50% | 05/01/2056 |  | 3350 | &nbsp;&nbsp; 3478987 |
| Series 2024 A, Ref. RB | 5.25% | 03/15/2049 |  | 3560 | &nbsp;&nbsp; 3809841 |
| Series 2024 A, Ref. RB | 4.00% | 03/15/2054 |  | 10000 | &nbsp;&nbsp; 9245296 |
| Series 2024 B, Ref. RB | 4.00% | 03/15/2054 |  | 5000 | &nbsp;&nbsp; 4652866 |
| Series 2025 A, Ref. RB | 5.00% | 03/15/2047 |  | 2000 | &nbsp;&nbsp; 2130732 |
| Series 2025 A, Ref. RB | 5.00% | 03/15/2049 |  | 12000 | &nbsp;&nbsp; 12670340 |
| Series 2025 A, Ref. RB | 5.00% | 03/15/2050 |  | 6000 | &nbsp;&nbsp; 6309041 |
| Series 2025 A, Ref. RB | 5.00% | 03/15/2051 |  | 5000 | &nbsp;&nbsp; 5236727 |
| Series 2025 A, Ref. RB | 5.00% | 03/15/2055 |  | 20000 | &nbsp;&nbsp; 20944768 |
| Series 2025 B, Ref. RB | 5.00% | 03/15/2052 |  | 15580 | &nbsp;&nbsp; 16271249 |
| Series 2025 C, Ref. RB | 5.25% | 03/15/2050 |  | 25000 | &nbsp;&nbsp; 26931435 |
| Series 2025 C, Ref. RB | 5.00% | 03/15/2055 |  | 2000 | &nbsp;&nbsp; 2086553 |
| Series 2025, RB | 5.13% | 11/15/2050 |  | 2350 | &nbsp;&nbsp; 2406594 |
| Series 2025, RB | 5.13% | 11/15/2055 |  | 3000 | &nbsp;&nbsp; 3047456 |
| New York (State of) Dormitory Authority (Barnard College); Series 2025 A, Ref. RB | 5.00% | 07/01/2055 |  | 1600 | &nbsp;&nbsp; 1652616 |
| New York (State of) Dormitory Authority (Alliance Long Island AGYS, Inc.); |  |  |  |  |  |
| Series 2015 A-2, Ref. RB<sup>(e)</sup> <br>| 5.35% | 12/01/2035 |  | 7960 | &nbsp;&nbsp; 6813796 |
| Series 2015 B-1, Ref. RB<sup>(e)</sup> <br>| 6.18% | 12/01/2031 |  | 3015 | &nbsp;&nbsp; 2879504 |
| New York (State of) Dormitory Authority (Barnard College); |  |  |  |  |  |
| Series 2020 A, Ref. RB | 4.00% | 07/01/2038 |  | 680 | &nbsp;&nbsp; 691046 |
| Series 2020 A, Ref. RB | 4.00% | 07/01/2040 |  | 675 | &nbsp;&nbsp; 680577 |
| New York (State of) Dormitory Authority (Bidding Group 4); Series 2018 C, Ref. RB | 4.00% | 03/15/2044 |  | 11385 | &nbsp;&nbsp; 11303851 |
| New York (State of) Dormitory Authority (Bidding Group 5); Series 2020 A, Ref. RB | 4.00% | 03/15/2047 |  | 9000 | &nbsp;&nbsp; 8594400 |
| New York (State of) Dormitory Authority (Catholic Health System Obligated Group); |  |  |  |  |  |
| Series 2012 A, RB | 5.00% | 07/01/2032 |  | 750 | &nbsp;&nbsp; 750012 |
| Series 2012 B, RB | 5.00% | 07/01/2032 |  | 195 | &nbsp;&nbsp; 195003 |
| Series 2019 A, Ref. RB | 4.00% | 07/01/2045 |  | 750 | &nbsp;&nbsp; 618149 |
| New York (State of) Dormitory Authority (Cerebral Palsy Affiliates Pooled Loan Program); <br> Series 2005 A, RB (INS - AGI)<sup>(h)</sup> <br>| 5.00% | 07/01/2034 |  | 20 | &nbsp;&nbsp; 20025 |
| New York (State of) Dormitory Authority (City of New York); Series 2005 A, RB (INS - AMBAC)<sup>(h)</sup> <br>| 5.50% | 05/15/2031 |  | 555 | &nbsp;&nbsp; 646516 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**7**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| New York (State of) Dormitory Authority (Columbia University); Series 2015, RB | 5.00% | 10/01/2045 |  | $115 | &nbsp;&nbsp; $134335 |
| New York (State of) Dormitory Authority (Educational Housing Services - CUNY Student Housing); <br> Series 2005, RB (INS - AMBAC)<sup>(h)</sup> <br>| 5.25% | 07/01/2030 |  | 25 | &nbsp;&nbsp; 26330 |
| New York (State of) Dormitory Authority (Fordham University); |  |  |  |  |  |
| Series 2020, RB | 4.00% | 07/01/2046 |  | 12755 | &nbsp;&nbsp; 12127440 |
| Series 2020, RB | 4.00% | 07/01/2050 |  | 34565 | &nbsp;&nbsp; 30990471 |
| New York (State of) Dormitory Authority (General Purpose); Series 2018 A, RB<sup>(g)</sup> <br>| 4.00% | 03/15/2048 |  | 21000 | &nbsp;&nbsp; 19999228 |
| New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai); |  |  |  |  |  |
| Series 2015 A, Ref. RB | 5.00% | 07/01/2040 |  | 2800 | &nbsp;&nbsp; 2802922 |
| Series 2015, Ref. RB | 5.00% | 07/01/2045 |  | 1165 | &nbsp;&nbsp; 1165027 |
| New York (State of) Dormitory Authority (IONA University); Series 2025, Ref. RB (INS - AGI)<sup>(h)</sup> <br>| 5.00% | 07/01/2051 |  | 2000 | &nbsp;&nbsp; 2075357 |
| New York (State of) Dormitory Authority (Montefiore Obligated Group); |  |  |  |  |  |
| Series 2018 A, Ref. RB | 4.00% | 08/01/2037 |  | 2050 | &nbsp;&nbsp; 1990839 |
| Series 2020 A, Ref. RB | 4.00% | 09/01/2045 |  | 8205 | &nbsp;&nbsp; 7296652 |
| Series 2020 A, Ref. RB | 4.00% | 09/01/2050 |  | 38865 | &nbsp;&nbsp; 33579803 |
| Series 2024, RB | 5.50% | 11/01/2047 |  | 2665 | &nbsp;&nbsp; 2802366 |
| New York (State of) Dormitory Authority (Municipal Health Facilities Improvement Program); <br> Series 2006 A, RB (INS - NATL)<sup>(h)</sup> <br>| 4.50% | 05/15/2036 |  | 30 | &nbsp;&nbsp; 30033 |
| New York (State of) Dormitory Authority (New School (The)); |  |  |  |  |  |
| Series 2016 A, Ref. RB | 4.00% | 07/01/2043 |  | 5050 | &nbsp;&nbsp; 4839506 |
| Series 2016 A, Ref. RB | 5.00% | 07/01/2046 |  | 1475 | &nbsp;&nbsp; 1480208 |
| Series 2022 A, Ref. RB | 4.00% | 07/01/2047 |  | 3590 | &nbsp;&nbsp; 3273696 |
| New York (State of) Dormitory Authority (New York University); Series 2025 A, Ref. RB | 5.25% | 07/01/2055 |  | 10000 | &nbsp;&nbsp; 10621916 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group); |  |  |  |  |  |
| Series 2024, Ref. RB (INS - BAM)<sup>(h)</sup> <br>| 4.00% | 05/01/2054 |  | 4285 | &nbsp;&nbsp; 3928340 |
| Series 2024, Ref. RB | 5.25% | 05/01/2054 |  | 34955 | &nbsp;&nbsp; 36399033 |
| New York (State of) Dormitory Authority (Pratt Institute); Series 2016, Ref. RB | 5.00% | 07/01/2046 |  | 500 | &nbsp;&nbsp; 501058 |
| New York (State of) Dormitory Authority (Rochester Institute of Technology); Series 2019 A, RB | 5.00% | 07/01/2049 |  | 10000 | &nbsp;&nbsp; 10178758 |
| New York (State of) Dormitory Authority (Rockefeller University); |  |  |  |  |  |
| Series 2019 C, Ref. RB | 4.00% | 07/01/2049 |  | 22500 | &nbsp;&nbsp; 21294783 |
| Series 2020 A, Ref. RB | 5.00% | 07/01/2053 |  | 13750 | &nbsp;&nbsp; 14224882 |
| New York (State of) Dormitory Authority (St. Joseph's College); |  |  |  |  |  |
| Series 2021, RB | 4.00% | 07/01/2040 |  | 225 | &nbsp;&nbsp; 198517 |
| Series 2021, RB | 5.00% | 07/01/2051 |  | 750 | &nbsp;&nbsp; 645912 |
| New York (State of) Dormitory Authority (State University of New York Dormitory Facilities) (Green <br> Bonds); Series 2023, RB<br>| 5.00% | 07/01/2053 |  | 4000 | &nbsp;&nbsp; 4163319 |
| New York (State of) Dormitory Authority (United Cerebral Palsy Association); |  |  |  |  |  |
| Series 2017 A, RB<sup>(e)</sup> <br>| 5.50% | 12/01/2047 |  | 16140 | &nbsp;&nbsp; 11582803 |
| Series 2017 A-2, RB (Acquired 05/23/2017; Cost $23,695,000)<sup>(c)(e)</sup> <br>| 5.38% | 09/01/2050 |  | 23695 | &nbsp;&nbsp; 18367667 |
| Series 2017 A-2, Ref. RB (Acquired 10/25/2017; Cost $7,425,000)<sup>(c)(e)</sup> <br>| 5.38% | 10/01/2042 |  | 7425 | &nbsp;&nbsp; 6097325 |
| New York (State of) Dormitory Authority (Wagner College); |  |  |  |  |  |
| Series 2022, Ref. RB | 5.00% | 07/01/2047 |  | 2000 | &nbsp;&nbsp; 1724311 |
| Series 2022, Ref. RB | 5.00% | 07/01/2057 |  | 12000 | &nbsp;&nbsp; 9820825 |
| New York (State of) Dormitory Authority (White Plains Hospital Obligated Group); Series 2024, RB | 5.25% | 10/01/2049 |  | 35750 | &nbsp;&nbsp; 36418700 |
| New York (State of) Dormitory Authority (Yeshiva University); Series 2022 A, Ref. RB | 5.00% | 07/15/2050 |  | 4000 | &nbsp;&nbsp; 3996599 |
| New York (State of) Housing Finance Agency; |  |  |  |  |  |
| Series 2014 C, RB | 4.00% | 11/01/2046 |  | 7340 | &nbsp;&nbsp; 6901391 |
| Series 2014 G, RB (CEP - GNMA) | 4.00% | 05/01/2047 |  | 3080 | &nbsp;&nbsp; 2920850 |
| Series 2020 C, RB (CEP - Federal Housing Administration) | 4.20% | 11/01/2054 |  | 12795 | &nbsp;&nbsp; 12185249 |
| Series 2025 B-1, RB | 5.25% | 11/01/2065 |  | 5000 | &nbsp;&nbsp; 5100951 |
| New York (State of) Housing Finance Agency (Green Bonds); |  |  |  |  |  |
| Series 2023 A-1, RB | 5.00% | 05/01/2063 |  | 3000 | &nbsp;&nbsp; 3023451 |
| Series 2023 B-1, RB | 4.90% | 11/01/2053 |  | 3750 | &nbsp;&nbsp; 3778758 |
| Series 2023 B-1, RB | 4.95% | 11/01/2058 |  | 4000 | &nbsp;&nbsp; 4031322 |
| Series 2023 E-1, RB | 4.75% | 11/01/2048 |  | 1845 | &nbsp;&nbsp; 1861065 |
| Series 2023 E-1, RB | 5.05% | 11/01/2063 |  | 2000 | &nbsp;&nbsp; 2021968 |
| Series 2024 A-1, RB | 5.00% | 06/15/2054 |  | 7575 | &nbsp;&nbsp; 7808789 |
| New York (State of) Housing Finance Agency (Horizons at Wawayanda); Series 2007 A, RB (CEP - <br> FHLMC)<sup>(a)</sup> <br>| 5.15% | 11/01/2040 |  | 100 | &nbsp;&nbsp; 100081 |
| New York (State of) Housing Finance Agency (Tiffany Gardens); Series 2005 A, RB<sup>(a)</sup> <br>| 5.13% | 08/15/2037 |  | 300 | &nbsp;&nbsp; 300287 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**8**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| New York (State of) Mortgage Agency (Social Bonds); |  |  |  |  |  |
| Series 2023 252, RB | 4.45% | 10/01/2043 |  | $1025 | &nbsp;&nbsp; $1036726 |
| Series 2023 252, RB | 4.55% | 10/01/2048 |  | 1725 | &nbsp;&nbsp; 1728080 |
| Series 2023 252, RB | 4.65% | 10/01/2053 |  | 1625 | &nbsp;&nbsp; 1624054 |
| Series 2023-255, RB | 4.88% | 10/01/2048 |  | 2000 | &nbsp;&nbsp; 2040916 |
| New York (State of) Power Authority (Green Bonds); |  |  |  |  |  |
| Series 2020 A, Ref. RB | 4.00% | 11/15/2050 |  | 10000 | &nbsp;&nbsp; 9507530 |
| Series 2020 A, Ref. RB | 4.00% | 11/15/2055 |  | 12475 | &nbsp;&nbsp; 11710878 |
| Series 2020 A, Ref. RB | 4.00% | 11/15/2060 |  | 20005 | &nbsp;&nbsp; 18484924 |
| Series 2024 A, RB | 4.00% | 11/15/2054 |  | 5000 | &nbsp;&nbsp; 4593570 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds); Series 2023, RB (INS - <br> AGI)<sup>(h)</sup> <br>| 5.13% | 11/15/2058 |  | 18000 | &nbsp;&nbsp; 19035772 |
| New York (State of) Thruway Authority; |  |  |  |  |  |
| Series 2019 B, RB | 4.00% | 01/01/2050 |  | 13815 | &nbsp;&nbsp; 12605461 |
| Series 2019 B, RB (INS - AGI)<sup>(h)</sup> <br>| 4.00% | 01/01/2050 |  | 45000 | &nbsp;&nbsp; 41758803 |
| Series 2020 N, RB | 4.00% | 01/01/2044 |  | 10000 | &nbsp;&nbsp; 9966520 |
| Series 2020 N, RB | 4.00% | 01/01/2047 |  | 6170 | &nbsp;&nbsp; 5818929 |
| Series 2024 P, Ref. RB | 5.25% | 01/01/2054 |  | 5030 | &nbsp;&nbsp; 5367708 |
| Series 2024, RB (INS - AGI)<sup>(a)(h)</sup> <br>| 5.00% | 06/30/2049 |  | 5000 | &nbsp;&nbsp; 5076625 |
| Series 2025 A, RB | 5.00% | 03/15/2049 |  | 5000 | &nbsp;&nbsp; 5283849 |
| Series 2025 A, RB | 5.00% | 03/15/2051 |  | 3950 | &nbsp;&nbsp; 4145390 |
| Series 2026 A, Ref. RB | 5.00% | 01/01/2051 |  | 5000 | &nbsp;&nbsp; 5267722 |
| Series 2026 A, Ref. RB | 5.00% | 01/01/2056 |  | 5500 | &nbsp;&nbsp; 5761365 |
| Series 2026 A, Ref. RB | 5.25% | 01/01/2056 |  | 2750 | &nbsp;&nbsp; 2944138 |
| New York (State of) Thruway Authority (Bidding Group 1); Series 2022 A, Ref. RB | 4.00% | 03/15/2049 |  | 4200 | &nbsp;&nbsp; 3998731 |
| New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds); Series 2022 C, RB | 5.00% | 03/15/2055 |  | 23220 | &nbsp;&nbsp; 24085184 |
| New York (State of) Thruway Authority (Bidding Group 2) (Green Bonds); Series 2022 C, RB | 4.13% | 03/15/2056 |  | 3665 | &nbsp;&nbsp; 3456758 |
| New York (State of) Thruway Authority (Bidding Group 4); |  |  |  |  |  |
| Series 2021 A-1, Ref. RB | 4.00% | 03/15/2052 |  | 8500 | &nbsp;&nbsp; 7989148 |
| Series 2021 A-1, Ref. RB | 4.00% | 03/15/2053 |  | 15000 | &nbsp;&nbsp; 14052540 |
| New York (State of) Thruway Authority (Bidding Group 5); Series 2021 A-1, Ref. RB | 4.00% | 03/15/2059 |  | 19000 | &nbsp;&nbsp; 17377780 |
| New York (State of) Thruway Authority (Group 1); |  |  |  |  |  |
| Series 2021 O, Ref. RB | 4.00% | 01/01/2047 |  | 5155 | &nbsp;&nbsp; 4913095 |
| Series 2021 O, Ref. RB | 4.00% | 01/01/2049 |  | 7210 | &nbsp;&nbsp; 6729371 |
| New York (State of) Thruway Authority (Group 2); Series 2025, RB | 5.00% | 03/15/2059 |  | 20000 | &nbsp;&nbsp; 20830316 |
| New York City Health and Hospitals Corp.; Series 2021 A, Ref. RB | 4.00% | 02/15/2048 |  | 1000 | &nbsp;&nbsp; 950178 |
| New York City Housing Development Corp.; |  |  |  |  |  |
| Series 2014 C-1-A, RB | 4.30% | 11/01/2047 |  | 7775 | &nbsp;&nbsp; 7680877 |
| Series 2023, RB | 4.60% | 08/01/2048 |  | 3500 | &nbsp;&nbsp; 3500550 |
| Series 2025, RB (CEP - GNMA)<sup>(g)</sup> <br>| 5.00% | 11/01/2045 |  | 2000 | &nbsp;&nbsp; 2086342 |
| Series 2025, RB (CEP - GNMA)<sup>(g)</sup> <br>| 5.05% | 11/01/2050 |  | 2000 | &nbsp;&nbsp; 2043074 |
| Series 2025, RB<sup>(g)</sup> <br>| 5.00% | 11/01/2055 |  | 18000 | &nbsp;&nbsp; 18258808 |
| Series 2025, RB (CEP - GNMA)<sup>(g)</sup> <br>| 5.13% | 11/01/2055 |  | 6000 | &nbsp;&nbsp; 6110878 |
| Series 2025, RB (CEP - GNMA)<sup>(g)</sup> <br>| 5.20% | 11/01/2060 |  | 2500 | &nbsp;&nbsp; 2557648 |
| New York City Housing Development Corp. (Green Bonds); |  |  |  |  |  |
| Series 2023, RB | 4.80% | 02/01/2053 |  | 22140 | &nbsp;&nbsp; 22285179 |
| Series 2024 C-1, RB | 4.50% | 08/01/2054 |  | 2000 | &nbsp;&nbsp; 1954032 |
| Series 2025 C, RB (CEP - FHLMC) | 4.95% | 02/01/2055 |  | 3500 | &nbsp;&nbsp; 3539673 |
| Series 2025, RB | 5.00% | 08/01/2055 |  | 1750 | &nbsp;&nbsp; 1774645 |
| Series 2026, RB | 5.00% | 11/01/2055 |  | 25000 | &nbsp;&nbsp; 25386992 |
| Series 2026, RB | 5.00% | 05/01/2056 |  | 10000 | &nbsp;&nbsp; 10131325 |
| New York City Municipal Water Finance Authority; Series 2025, RB<sup>(g)</sup> <br>| 5.25% | 06/15/2053 |  | 20000 | &nbsp;&nbsp; 21282472 |
| New York Convention Center Development Corp. (Hotel Unit Fee Secured); |  |  |  |  |  |
| Series 2015, Ref. RB | 5.00% | 11/15/2045 |  | 19625 | &nbsp;&nbsp; 19633474 |
| Series 2016 B, RB<sup>(d)</sup> <br>| 0.00% | 11/15/2044 |  | 3270 | &nbsp;&nbsp; 1376697 |
| New York Counties Tobacco Trust I; |  |  |  |  |  |
| Series 2000 A, RB | 6.50% | 06/01/2035 |  | 210 | &nbsp;&nbsp; 210118 |
| Series 2000 A, RB | 6.63% | 06/01/2042 |  | 17070 | &nbsp;&nbsp; 17072781 |
| New York Counties Tobacco Trust II; Series 2001, RB | 5.75% | 06/01/2043 |  | 25 | &nbsp;&nbsp; 25475 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**9**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| New York Counties Tobacco Trust IV; |  |  |  |  |  |
| Series 2005 A, RB | 5.00% | 06/01/2045 |  | $11185 | &nbsp;&nbsp; $8848226 |
| Series 2005 D, RB<sup>(d)</sup> <br>| 0.00% | 06/01/2050 |  | 66335 | &nbsp;&nbsp; 14638529 |
| Series 2005 E, RB<sup>(d)</sup> <br>| 0.00% | 06/01/2055 |  | 165210 | &nbsp;&nbsp; 14076867 |
| Series 2010 A, RB<sup>(e)</sup> <br>| 6.25% | 06/01/2041 |  | 31214 | &nbsp;&nbsp; 31046412 |
| New York Counties Tobacco Trust V; |  |  |  |  |  |
| Series 2005 S-1, RB<sup>(d)</sup> <br>| 0.00% | 06/01/2038 |  | 49420 | &nbsp;&nbsp; 23064823 |
| Series 2005 S-2, RB<sup>(d)</sup> <br>| 0.00% | 06/01/2050 |  | 6770 | &nbsp;&nbsp; 1056768 |
| Series 2005 S-3, RB<sup>(d)</sup> <br>| 0.00% | 06/01/2055 |  | 219195 | &nbsp;&nbsp; 18729139 |
| Series 2005 S4B, RB<sup>(d)(e)</sup> <br>| 0.00% | 06/01/2060 |  | 715900 | &nbsp;&nbsp; 30985584 |
| New York Counties Tobacco Trust VI; |  |  |  |  |  |
| Series 2016 A-2, Ref. RB | 5.00% | 06/01/2051 |  | 8875 | &nbsp;&nbsp; 7554103 |
| Series 2016 A-2B, Ref. RB | 5.00% | 06/01/2045 |  | 3750 | &nbsp;&nbsp; 3317156 |
| Series 2016 B, Ref. RB | 5.00% | 06/01/2041 |  | 870 | &nbsp;&nbsp; 871893 |
| New York Liberty Development Corp. (3 World Trade Center); Series 2014-1, Ref. RB<sup>(e)</sup> <br>| 5.00% | 11/15/2044 |  | 4045 | &nbsp;&nbsp; 4051668 |
| New York Liberty Development Corp. (7 World Trade Center); Series 2022, Ref. RB | 3.13% | 09/15/2050 |  | 10000 | &nbsp;&nbsp; 7652238 |
| New York Liberty Development Corp. (Green Bonds); Series 2021 A, Ref. RB | 2.88% | 11/15/2046 |  | 28160 | &nbsp;&nbsp; 21761020 |
| New York State Dormitory Authority; |  |  |  |  |  |
| Series 2025, RB<sup>(g)</sup> <br>| 5.25% | 03/15/2050 |  | 20000 | &nbsp;&nbsp; 21545148 |
| Series 2025, RB (INS - AGI)<sup>(g)(h)</sup> <br>| 5.50% | 07/01/2050 |  | 4000 | &nbsp;&nbsp; 4359840 |
| Series 2025, RB (INS - AGI)<sup>(g)(h)</sup> <br>| 5.50% | 07/01/2055 |  | 7000 | &nbsp;&nbsp; 7554434 |
| New York State Environmental Facilities Corp. (Casella Waste Systems, Inc.); Series 2020, RB<sup>(a)(e)(k)</sup> <br>| 5.13% | 09/03/2030 |  | 2700 | &nbsp;&nbsp; 2850693 |
| New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority <br> Projects - 2nd Resolution Bonds); Series 2017 A, Ref. RB<br>| 5.00% | 06/15/2046 |  | 6100 | &nbsp;&nbsp; 6188672 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority); <br> Series 2023, Ref. RB<br>| 5.00% | 06/15/2053 |  | 2910 | &nbsp;&nbsp; 3065546 |
| New York State Environmental Facilities Corp. (Pooled Financing Program); Series 2005 B, RB<sup>(l)</sup> <br>| 5.50% | 04/15/2035 |  | 615 | &nbsp;&nbsp; 733920 |
| New York State Thruway Authority; Series 2025, RB<sup>(g)</sup> <br>| 5.00% | 03/15/2051 |  | 30000 | &nbsp;&nbsp; 31483971 |
| New York State Urban Development Corp.; |  |  |  |  |  |
| Series 2020 A, RB | 4.00% | 03/15/2045 |  | 5 | &nbsp;&nbsp; 4893 |
| Series 2020 A, RB | 4.00% | 03/15/2049 |  | 36685 | &nbsp;&nbsp; 35136222 |
| Series 2020 C, Ref. RB | 4.00% | 03/15/2045 |  | 5000 | &nbsp;&nbsp; 4893217 |
| Series 2020 E, Ref. RB | 3.00% | 03/15/2047 |  | 3740 | &nbsp;&nbsp; 2910302 |
| New York State Urban Development Corp. (Bidding Group 3); Series 2021, Ref. RB | 4.00% | 03/15/2047 |  | 5000 | &nbsp;&nbsp; 4788003 |
| New York State Urban Development Corp. (Bidding Group 4); Series 2022 A, Ref. RB | 5.00% | 03/15/2047 |  | 8565 | &nbsp;&nbsp; 9007957 |
| New York Transportation Development Corp. (American Airlines, Inc. John F. Kennedy International <br> Airport); Series 2016, Ref. RB<sup>(a)</sup> <br>| 5.00% | 08/01/2031 |  | 17500 | &nbsp;&nbsp; 17527263 |
| New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment);<br>|  |  |  |  |  |
| Series 2018, RB<sup>(a)</sup> <br>| 5.00% | 01/01/2036 |  | 6095 | &nbsp;&nbsp; 6270123 |
| Series 2020, RB<sup>(a)</sup> <br>| 5.00% | 10/01/2040 |  | 10000 | &nbsp;&nbsp; 10354110 |
| New York Transportation Development Corp. (John F. Kennedy International Airport New Terminal <br> One) (Green Bonds);<br>|  |  |  |  |  |
| Series 2023, RB (INS - AGI)<sup>(a)(h)</sup> <br>| 5.00% | 06/30/2049 |  | 5000 | &nbsp;&nbsp; 5058174 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.00% | 06/30/2054 |  | 13160 | &nbsp;&nbsp; 13814925 |
| Series 2023, RB (INS - AGI)<sup>(a)(h)</sup> <br>| 5.13% | 06/30/2060 |  | 32950 | &nbsp;&nbsp; 33275503 |
| Series 2023, RB<sup>(a)</sup> <br>| 5.38% | 06/30/2060 |  | 25050 | &nbsp;&nbsp; 25156710 |
| Series 2024, RB<sup>(a)</sup> <br>| 5.50% | 06/30/2054 |  | 21810 | &nbsp;&nbsp; 22316308 |
| Series 2024, RB (INS - BAM)<sup>(a)(h)</sup> <br>| 5.00% | 06/30/2060 |  | 10000 | &nbsp;&nbsp; 10053840 |
| Series 2024, RB<sup>(a)</sup> <br>| 5.50% | 06/30/2060 |  | 8990 | &nbsp;&nbsp; 9190070 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.00% | 06/30/2050 |  | 3500 | &nbsp;&nbsp; 3783846 |
| Series 2025, RB (INS - AGI)<sup>(a)(h)</sup> <br>| 6.00% | 06/30/2055 |  | 3500 | &nbsp;&nbsp; 3795702 |
| New York Transportation Development Corp. (John F. Kennedy International Airport) (Green Bonds); |  |  |  |  |  |
| Series 2024, RB (INS - BAM)<sup>(a)(h)</sup> <br>| 5.25% | 06/30/2049 |  | 7750 | &nbsp;&nbsp; 7997154 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.00% | 06/30/2055 |  | 7000 | &nbsp;&nbsp; 7477277 |
| Series 2025, RB<sup>(a)</sup> <br>| 6.00% | 06/30/2059 |  | 3000 | &nbsp;&nbsp; 3201958 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**10**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); |  |  |  |  |  |
| Series 2016 A, RB (INS - AGI)<sup>(a)(h)</sup> <br>| 4.00% | 07/01/2036 |  | $5345 | &nbsp;&nbsp; $5345233 |
| Series 2016 A, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2041 |  | 7000 | &nbsp;&nbsp; 7006633 |
| Series 2016 A, RB<sup>(a)</sup> <br>| 5.00% | 07/01/2046 |  | 15000 | &nbsp;&nbsp; 15005956 |
| Series 2016 A, RB<sup>(a)</sup> <br>| 5.25% | 01/01/2050 |  | 43900 | &nbsp;&nbsp; 43915764 |
| Series 2016 A, RB (INS - AGI)<sup>(a)(h)</sup> <br>| 4.00% | 01/01/2051 |  | 8900 | &nbsp;&nbsp; 7896415 |
| Series 2016, RB (INS - AGI)<sup>(a)(h)</sup> <br>| 4.00% | 07/01/2037 |  | 3750 | &nbsp;&nbsp; 3750144 |
| Series 2016, RB (INS - AGI)<sup>(a)(h)</sup> <br>| 5.00% | 07/01/2046 |  | 4990 | &nbsp;&nbsp; 4992466 |
| Series 2023, RB<sup>(a)</sup> <br>| 6.00% | 04/01/2035 |  | 10000 | &nbsp;&nbsp; 11163921 |
| Series 2023, RB<sup>(a)</sup> <br>| 5.63% | 04/01/2040 |  | 15000 | &nbsp;&nbsp; 16061635 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport); Series 2022, <br> RB<sup>(a)</sup> <br>| 5.00% | 12/01/2041 |  | 16000 | &nbsp;&nbsp; 17050338 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport) (Green Bonds); |  |  |  |  |  |
| Series 2024, Ref. RB (INS - AGI)<sup>(a)(h)</sup> <br>| 5.25% | 12/31/2054 |  | 40425 | &nbsp;&nbsp; 41528797 |
| Series 2024, Ref. RB<sup>(a)</sup> <br>| 5.50% | 12/31/2060 |  | 5000 | &nbsp;&nbsp; 5129452 |
| Niagara Area Development Corp. (Catholic Health System, Inc.); Series 2022, RB | 5.00% | 07/01/2052 |  | 3500 | &nbsp;&nbsp; 3177981 |
| Niagara Frontier Transportation Authority (Buffalo Niagara International Airport); Series 2019, Ref. <br> RB<sup>(a)</sup> <br>| 5.00% | 04/01/2039 |  | 720 | &nbsp;&nbsp; 745972 |
| Niagara Tobacco Asset Securitization Corp.; |  |  |  |  |  |
| Series 2014, Ref. RB | 5.25% | 05/15/2034 |  | 6645 | &nbsp;&nbsp; 6646007 |
| Series 2014, Ref. RB | 5.25% | 05/15/2040 |  | 275 | &nbsp;&nbsp; 267835 |
| Oneida County Local Development Corp. (Mohawk Valley Health System); Series 2021 A, RB (INS - <br> AGI)<sup>(h)</sup> <br>| 4.00% | 12/01/2046 |  | 1355 | &nbsp;&nbsp; 1276092 |
| Oneida County Local Development Corp. (Utica College); |  |  |  |  |  |
| Series 2019, Ref. RB | 5.00% | 07/01/2032 |  | 775 | &nbsp;&nbsp; 790430 |
| Series 2019, Ref. RB | 5.00% | 07/01/2033 |  | 1340 | &nbsp;&nbsp; 1362606 |
| Series 2019, Ref. RB | 5.00% | 07/01/2034 |  | 1410 | &nbsp;&nbsp; 1429548 |
| Series 2019, Ref. RB | 4.00% | 07/01/2039 |  | 2910 | &nbsp;&nbsp; 2566583 |
| Series 2019, Ref. RB | 5.00% | 07/01/2049 |  | 8270 | &nbsp;&nbsp; 7220356 |
| Oneida Indian Nation; Series 2024 B, RB<sup>(e)</sup> <br>| 6.00% | 09/01/2043 |  | 3150 | &nbsp;&nbsp; 3443899 |
| Onondaga (County of), NY Trust for Cultural Resources (Abby Lane Housing Corp.); Series 2017, <br> Ref. RB<br>| 5.00% | 05/01/2040 |  | 650 | &nbsp;&nbsp; 657580 |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University); |  |  |  |  |  |
| Series 2019, Ref. RB | 4.00% | 12/01/2041 |  | 5 | &nbsp;&nbsp; 5027 |
| Series 2019, Ref. RB | 4.00% | 12/01/2047 |  | 2000 | &nbsp;&nbsp; 1917262 |
| Series 2019, Ref. RB | 4.00% | 12/01/2049 |  | 8850 | &nbsp;&nbsp; 8369577 |
| Onondaga Civic Development Corp.; |  |  |  |  |  |
| Series 2025, RB | 4.50% | 12/01/2050 |  | 9790 | &nbsp;&nbsp; 9808248 |
| Series 2025, RB | 5.50% | 12/01/2056 |  | 5000 | &nbsp;&nbsp; 5501357 |
| Orange County Funding Corp. (Mount St. Mary College); |  |  |  |  |  |
| Series 2012 A, RB | 5.00% | 07/01/2037 |  | 1320 | &nbsp;&nbsp; 1129252 |
| Series 2012 A, RB | 5.00% | 07/01/2042 |  | 1435 | &nbsp;&nbsp; 1120621 |
| Otsego County Capital Resource Corp. (Hartwick College); |  |  |  |  |  |
| Series 2015 A, Ref. RB | 5.00% | 10/01/2030 |  | 3205 | &nbsp;&nbsp; 2862361 |
| Series 2015 A, Ref. RB | 5.00% | 10/01/2035 |  | 2000 | &nbsp;&nbsp; 1612852 |
| Series 2015 A, Ref. RB | 5.00% | 10/01/2045 |  | 9785 | &nbsp;&nbsp; 6642706 |
| Poughkeepsie (City of), NY Industrial Development Agency (Eastman & Bixby Redevelopment Co. <br> LLC); Series 2000 A, RB<sup>(a)</sup> <br>| 6.00% | 08/01/2032 |  | 1735 | &nbsp;&nbsp; 1739855 |
| Ramapo Local Development Corp.; Series 2013, Ref. RB | 5.00% | 03/15/2033 |  | 2525 | &nbsp;&nbsp; 2526061 |
| Rensselaer (County of), NY Industrial Development Agency (Franciscan Heights, L.P.); Series 2004 <br> A, IDR<sup>(a)</sup> <br>| 5.38% | 12/01/2036 |  | 2500 | &nbsp;&nbsp; 2505597 |
| Rockland (County of), NY Solid Waste Management Authority (Animal Shelter); Series 2024 A, RB | 6.25% | 12/15/2054 |  | 5000 | &nbsp;&nbsp; 5673546 |
| Rockland Tobacco Asset Securitization Corp.; |  |  |  |  |  |
| Series 2001, RB | 5.75% | 08/15/2043 |  | 690 | &nbsp;&nbsp; 698418 |
| Series 2005 A, RB<sup>(d)(e)</sup> <br>| 0.00% | 08/15/2045 |  | 3660 | &nbsp;&nbsp; 1070601 |
| Series 2005 C, RB<sup>(d)(e)</sup> <br>| 0.00% | 08/15/2060 |  | 25000 | &nbsp;&nbsp; 1877123 |
| Saratoga County Capital Resource Corp. (WSWHE Boces Project); Series 2025, RB | 5.00% | 07/01/2047 |  | 2500 | &nbsp;&nbsp; 2665697 |
| Schenectady County Capital Resource Corp. (One Broadway Center); Series 2025 A, RB | 5.25% | 01/01/2050 |  | 1000 | &nbsp;&nbsp; 1058699 |
| Schenectady County Capital Resource Corp. (Union College); Series 2022, Ref. RB | 5.25% | 07/01/2052 |  | 1000 | &nbsp;&nbsp; 1040286 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**11**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| St. Lawrence (County of), NY Industrial Development Agency (Clarkson University); |  |  |  |  |  |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2035 |  | $270 | &nbsp;&nbsp; $281939 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2035 |  | 150 | &nbsp;&nbsp; 156633 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2036 |  | 105 | &nbsp;&nbsp; 109010 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2036 |  | 300 | &nbsp;&nbsp; 311457 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2037 |  | 300 | &nbsp;&nbsp; 309712 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2037 |  | 150 | &nbsp;&nbsp; 154856 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2038 |  | 225 | &nbsp;&nbsp; 231156 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2038 |  | 150 | &nbsp;&nbsp; 154104 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2039 |  | 670 | &nbsp;&nbsp; 685310 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2039 |  | 235 | &nbsp;&nbsp; 240370 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2040 |  | 150 | &nbsp;&nbsp; 152027 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2041 |  | 330 | &nbsp;&nbsp; 331673 |
| Series 2021 A, Ref. RB | 5.00% | 09/01/2041 |  | 300 | &nbsp;&nbsp; 301234 |
| St. Lawrence (County of), NY Industrial Development Agency (St. Lawrence University); |  |  |  |  |  |
| Series 2016 A, Ref. RB | 5.00% | 07/01/2036 |  | 540 | &nbsp;&nbsp; 542832 |
| Series 2022, Ref. RB | 5.25% | 07/01/2041 |  | 440 | &nbsp;&nbsp; 473587 |
| Series 2022, Ref. RB | 5.25% | 07/01/2042 |  | 425 | &nbsp;&nbsp; 453484 |
| Series 2022, Ref. RB | 5.25% | 07/01/2047 |  | 3820 | &nbsp;&nbsp; 3916801 |
| Series 2022, Ref. RB | 5.25% | 07/01/2052 |  | 2500 | &nbsp;&nbsp; 2538779 |
| Suffolk (County of), NY Industrial Development Agency (Alliance of Long Island Agencies, Inc./Adults <br> and Children with Learning and Developmental Disabilities, Inc. Civic Facility); Series 2006 A-D2, <br> RB<br>| 6.00% | 10/01/2031 |  | 160 | &nbsp;&nbsp; 158991 |
| Suffolk County Economic Development Corp.; Series 2010 A, RB | 7.38% | 12/01/2040 |  | 3555 | &nbsp;&nbsp; 3353989 |
| Suffolk County Economic Development Corp. (Catholic Health Services); Series 2014 C, RB | 5.00% | 07/01/2032 |  | 415 | &nbsp;&nbsp; 415758 |
| Suffolk County Economic Development Corp. (Family Residences and Essential Enterprises, Inc.); <br> Series 2012 B-A, RB<sup>(e)</sup> <br>| 6.75% | 06/01/2027 |  | 155 | &nbsp;&nbsp; 155177 |
| Suffolk Regional Off-Track Betting Corp.; |  |  |  |  |  |
| Series 2024, RB | 5.75% | 12/01/2044 |  | 9500 | &nbsp;&nbsp; 9813896 |
| Series 2024, RB | 6.00% | 12/01/2053 |  | 10000 | &nbsp;&nbsp; 10234755 |
| Suffolk Tobacco Asset Securitization Corp.; Series 2021, Ref. RB | 4.00% | 06/01/2050 |  | 2265 | &nbsp;&nbsp; 2078062 |
| Sullivan (County of), NY (Adelaar Infratructure); |  |  |  |  |  |
| Series 2016 A-2, RB<sup>(e)</sup> <br>| 5.35% | 11/01/2049 |  | 30805 | &nbsp;&nbsp; 30852249 |
| Series 2016 B-2, RB<sup>(e)</sup> <br>| 5.35% | 11/01/2049 |  | 5820 | &nbsp;&nbsp; 5828927 |
| Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.); <br> Series 2013 A, RB<sup>(b)</sup> <br>| 5.00% | 07/01/2032 |  | 3125 | &nbsp;&nbsp; 625000 |
| Triborough Bridge & Tunnel Authority; |  |  |  |  |  |
| Series 2016 A, Ref. RB | 5.00% | 11/15/2046 |  | 20500 | &nbsp;&nbsp; 20537453 |
| Series 2024 A-1, RB | 5.00% | 05/15/2049 |  | 4600 | &nbsp;&nbsp; 4827102 |
| Series 2024 A-1, RB | 5.25% | 11/15/2051 |  | 4000 | &nbsp;&nbsp; 4277983 |
| Series 2024 A-1, RB | 5.25% | 05/15/2059 |  | 5000 | &nbsp;&nbsp; 5268352 |
| Series 2024 A-1, RB | 5.25% | 05/15/2064 |  | 10000 | &nbsp;&nbsp; 10508653 |
| Series 2025, RB<sup>(g)</sup> <br>| 5.25% | 11/15/2055 |  | 16000 | &nbsp;&nbsp; 17144294 |
| Subseries 2021 B-1, Ref. RB | 4.00% | 05/15/2056 |  | 30800 | &nbsp;&nbsp; 28356808 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels); |  |  |  |  |  |
| Series 2018 A, RB | 4.00% | 11/15/2048 |  | 13655 | &nbsp;&nbsp; 12780135 |
| Series 2019 C, RB | 4.00% | 11/15/2043 |  | 15000 | &nbsp;&nbsp; 15035032 |
| Series 2020 A, RB | 5.00% | 11/15/2049 |  | 5000 | &nbsp;&nbsp; 5215932 |
| Series 2020 A, RB | 5.00% | 11/15/2054 |  | 4850 | &nbsp;&nbsp; 5023257 |
| Series 2021 A, RB | 5.00% | 11/15/2051 |  | 5000 | &nbsp;&nbsp; 5175158 |
| Series 2021 A, RB<sup>(g)</sup> <br>| 5.00% | 11/15/2051 |  | 10000 | &nbsp;&nbsp; 10350316 |
| Series 2021 A, RB | 5.00% | 11/15/2056 |  | 11570 | &nbsp;&nbsp; 11926651 |
| Series 2022 C, RB | 5.00% | 05/15/2047 |  | 5000 | &nbsp;&nbsp; 5248608 |
| Series 2023 A, RB<sup>(g)</sup> <br>| 4.25% | 05/15/2058 |  | 10000 | &nbsp;&nbsp; 9510326 |
| Series 2023 A, RB<sup>(g)</sup> <br>| 5.25% | 05/15/2058 |  | 10000 | &nbsp;&nbsp; 10493677 |
| Series 2023 A, RB<sup>(g)</sup> <br>| 4.50% | 05/15/2063 |  | 40000 | &nbsp;&nbsp; 39354644 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**12**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York–(continued)** | **New York–(continued)** | **New York–(continued)** | **New York–(continued)** |  |  |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund); |  |  |  |  |  |
| Series 2023 A, RB | 4.13% | 05/15/2053 |  | $7125 | &nbsp;&nbsp; $6716009 |
| Series 2023 A, RB | 4.25% | 05/15/2058 |  | 2825 | &nbsp;&nbsp; 2686667 |
| Series 2025, RB | 5.25% | 12/01/2054 |  | 10000 | &nbsp;&nbsp; 10674594 |
| Series 2025, RB (INS - AGI)<sup>(h)</sup> <br>| 4.50% | 12/01/2056 |  | 4500 | &nbsp;&nbsp; 4502924 |
| TSASC, Inc.; |  |  |  |  |  |
| Series 2016 B, Ref. RB | 5.00% | 06/01/2045 |  | 13930 | &nbsp;&nbsp; 12951819 |
| Series 2016 B, Ref. RB | 5.00% | 06/01/2048 |  | 4345 | &nbsp;&nbsp; 4004963 |
| Series 2017 A, Ref. RB | 5.00% | 06/01/2041 |  | 16855 | &nbsp;&nbsp; 16971219 |
| Westchester (County of), NY Industrial Development Agency (Clearview School (The)); Series 2005 <br> B, RB<br>| 7.25% | 01/01/2035 |  | 540 | &nbsp;&nbsp; 471027 |
| Westchester (County of), NY Industrial Development Agency (Crescent Manor Ossining); <br> Series 2025 A-1, RB<sup>(e)</sup> <br>| 6.20% | 12/01/2042 |  | 5500 | &nbsp;&nbsp; 5636425 |
| Westchester (County of), NY Industrial Development Agency (Million Air Two LLC General Aviation <br> Facilities); Series 2017 A, RB<sup>(a)(e)</sup> <br>| 7.00% | 06/01/2046 |  | 470 | &nbsp;&nbsp; 489409 |
| Westchester County Healthcare Corp.; Series 2014 A, RB | 5.00% | 11/01/2044 |  | 3730 | &nbsp;&nbsp; 3685775 |
| Westchester County Local Development Corp.; |  |  |  |  |  |
| Series 2025, RB | 7.25% | 11/01/2045 |  | 3255 | &nbsp;&nbsp; 3706858 |
| Series 2025, RB (INS - AGI)<sup>(h)</sup> <br>| 6.50% | 11/01/2055 |  | 5500 | &nbsp;&nbsp; 6225688 |
| Series 2026, RB<sup>(e)</sup> <br>| 6.38% | 12/01/2055 |  | 1500 | &nbsp;&nbsp; 1543359 |
| Westchester County Local Development Corp. (Betheal Methodist); |  |  |  |  |  |
| Series 2020 A, Ref. RB | 5.00% | 07/01/2040 |  | 2235 | &nbsp;&nbsp; 2165370 |
| Series 2020 A, Ref. RB | 5.13% | 07/01/2055 |  | 5000 | &nbsp;&nbsp; 4181988 |
| Series 2020 B, Ref. RB | 5.88% | 07/01/2030 |  | 4720 | &nbsp;&nbsp; 4585455 |
| Westchester County Local Development Corp. (Kendal on Hudson); |  |  |  |  |  |
| Series 2022, Ref. RB | 5.00% | 01/01/2032 |  | 500 | &nbsp;&nbsp; 530652 |
| Series 2022, Ref. RB | 5.00% | 01/01/2041 |  | 520 | &nbsp;&nbsp; 544857 |
| Series 2022, Ref. RB | 4.25% | 01/01/2045 |  | 1670 | &nbsp;&nbsp; 1635442 |
| Series 2022, Ref. RB | 5.00% | 01/01/2051 |  | 2500 | &nbsp;&nbsp; 2520647 |
| Westchester County Local Development Corp. (Purchase Senior Learning Community, Inc.); |  |  |  |  |  |
| Series 2021, Ref. RB<sup>(e)</sup> <br>| 5.00% | 07/01/2046 |  | 10340 | &nbsp;&nbsp; 10101742 |
| Series 2021, Ref. RB<sup>(e)</sup> <br>| 4.50% | 07/01/2056 |  | 8200 | &nbsp;&nbsp; 6931840 |
| Series 2021, Ref. RB<sup>(e)</sup> <br>| 5.00% | 07/01/2056 |  | 5000 | &nbsp;&nbsp; 4591106 |
| Westchester County Local Development Corp. (Westchester Medical Center Obligated Group); |  |  |  |  |  |
| Series 2016, Ref. RB | 5.00% | 11/01/2046 |  | 20765 | &nbsp;&nbsp; 19413830 |
| Series 2023, RB (INS - AGI)<sup>(h)</sup> <br>| 5.00% | 11/01/2047 |  | 2775 | &nbsp;&nbsp; 2870145 |
| Series 2023, RB (INS - AGI)<sup>(h)</sup> <br>| 5.75% | 11/01/2048 |  | 2000 | &nbsp;&nbsp; 2182570 |
| Series 2023, RB (INS - AGI)<sup>(h)</sup> <br>| 5.75% | 11/01/2049 |  | 2125 | &nbsp;&nbsp; 2312825 |
| Series 2023, RB (INS - AGI)<sup>(h)</sup> <br>| 5.00% | 11/01/2051 |  | 2750 | &nbsp;&nbsp; 2813031 |
| Series 2023, RB | 6.25% | 11/01/2052 |  | 2560 | &nbsp;&nbsp; 2638291 |
| Series 2023, RB (INS - AGI)<sup>(h)</sup> <br>| 5.75% | 11/01/2053 |  | 1000 | &nbsp;&nbsp; 1079420 |
| Westchester Tobacco Asset Securitization Corp.; |  |  |  |  |  |
| Series 2016 C, Ref. RB | 5.00% | 06/01/2045 |  | 18025 | &nbsp;&nbsp; 16127117 |
| Series 2016 C, Ref. RB | 5.13% | 06/01/2051 |  | 4000 | &nbsp;&nbsp; 3464973 |
| Western Regional Off-Track Betting Corp.; Series 2021, Ref. RB<sup>(e)</sup> <br>| 4.13% | 12/01/2041 |  | 6390 | &nbsp;&nbsp; 6126419 |
| Yonkers Economic Development Corp. (Charter School Education Excellence); |  |  |  |  |  |
| Series 2019 A, RB | 5.00% | 10/15/2039 |  | 420 | &nbsp;&nbsp; 425755 |
| Series 2019 A, RB | 5.00% | 10/15/2049 |  | 640 | &nbsp;&nbsp; 597245 |
|  |  |  |  |  | &nbsp;&nbsp; 3920612662 |
| **Puerto Rico–7.44%** | **Puerto Rico–7.44%** | **Puerto Rico–7.44%** | **Puerto Rico–7.44%** |  |  |
| Children's Trust Fund; |  |  |  |  |  |
| Series 2002, RB | 5.50% | 05/15/2039 |  | 1235 | &nbsp;&nbsp; 1255267 |
| Series 2002, RB | 5.63% | 05/15/2043 |  | 2125 | &nbsp;&nbsp; 2157590 |
| Series 2005 A, RB<sup>(d)</sup> <br>| 0.00% | 05/15/2050 |  | 20000 | &nbsp;&nbsp; 4213104 |
| Series 2008 A, RB<sup>(d)</sup> <br>| 0.00% | 05/15/2057 |  | 633850 | &nbsp;&nbsp; 31213753 |
| Series 2008 B, RB<sup>(d)</sup> <br>| 0.00% | 05/15/2057 |  | 574600 | &nbsp;&nbsp; 17969408 |
| PRHTA Custodial Trust; Series 2022 L, RB<sup>(d)</sup> <br>| 0.00% | 12/06/2049 |  | 697 | &nbsp;&nbsp; 404396 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**13**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | &nbsp;&nbsp; **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** | **Puerto Rico–(continued)** |  |  |
| Puerto Rico (Commonwealth of); |  |  |  |  |  |
| Series 2021 A, GO Bonds<sup>(d)</sup> <br>| 0.00% | 07/01/2033 |  | $3424 | &nbsp;&nbsp; $2535343 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2027 |  | 2936 | &nbsp;&nbsp; 3005286 |
| Series 2021 A-1, GO Bonds | 5.63% | 07/01/2029 |  | 2889 | &nbsp;&nbsp; 3086814 |
| Series 2021 A-1, GO Bonds | 5.75% | 07/01/2031 |  | 1406 | &nbsp;&nbsp; 1562268 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2033 |  | 5543 | &nbsp;&nbsp; 5676739 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2035 |  | 2391 | &nbsp;&nbsp; 2432686 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2037 |  | 2053 | &nbsp;&nbsp; 2056894 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2041 |  | 2791 | &nbsp;&nbsp; 2708699 |
| Series 2021 A-1, GO Bonds | 4.00% | 07/01/2046 |  | 14030 | &nbsp;&nbsp; 12666784 |
| Puerto Rico (Commonwealth of) GDB Debt Recovery Authority; Series 2023, RB | 7.50% | 08/20/2040 |  | 330 | &nbsp;&nbsp; 322852 |
| Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control <br> Facilities Financing Authority (AES Puerto Rico);<br>|  |  |  |  |  |
| Series 2023 A, RB (Acquired 05/26/2000; Cost $68,536)<sup>(c)</sup> <br>| 6.63% | 01/01/2027 |  | 63 | &nbsp;&nbsp; 63419 |
| Series 2023 A, RB (Acquired 05/26/2000; Cost $548,164)<sup>(c)</sup> <br>| 6.63% | 01/01/2028 |  | 484 | &nbsp;&nbsp; 484690 |
| Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control <br> Facilities Financing Authority (University of the Sacred Heart);<br>|  |  |  |  |  |
| Series 2012, Ref. RB | 5.00% | 10/01/2031 |  | 465 | &nbsp;&nbsp; 465712 |
| Series 2012, Ref. RB | 5.00% | 10/01/2042 |  | 200 | &nbsp;&nbsp; 196564 |
| Puerto Rico (Commonwealth of) Industrial, Tourist, Educational, Medical & Environmental Control <br> Facilities Financing Authority (University Plaza); Series 2000 A, RB (Acquired <br> 09/23/2011-12/28/2011; Cost $3,859,142) (INS - NATL)<sup>(c)(h)</sup> <br>| 5.00% | 07/01/2033 |  | 4005 | &nbsp;&nbsp; 4014574 |
| Puerto Rico Sales Tax Financing Corp.; |  |  |  |  |  |
| Series 2018 A-1, RB<sup>(d)</sup> <br>| 0.00% | 07/01/2046 |  | 78065 | &nbsp;&nbsp; 28080808 |
| Series 2018 A-1, RB<sup>(d)</sup> <br>| 0.00% | 07/01/2051 |  | 37047 | &nbsp;&nbsp; 9747340 |
| Series 2018 A-1, RB | 4.75% | 07/01/2053 |  | 13361 | &nbsp;&nbsp; 13028616 |
| Series 2018 A-1, RB | 5.00% | 07/01/2058 |  | 26456 | &nbsp;&nbsp; 25967318 |
| Series 2019 A-2, RB | 4.54% | 07/01/2053 |  | 976 | &nbsp;&nbsp; 915762 |
| Series 2019 A-2, RB | 4.78% | 07/01/2058 |  | 17880 | &nbsp;&nbsp; 17324152 |
| University of Puerto Rico; |  |  |  |  |  |
| Series 2006 P, Ref. RB (Acquired 06/18/2007-07/31/2013; Cost $6,862,860)<sup>(c)</sup> <br>| 5.00% | 06/01/2030 |  | 7280 | &nbsp;&nbsp; 7277866 |
| Series 2006 Q, RB (Acquired 03/23/2007-02/06/2019; Cost $4,550,853)<sup>(c)</sup> <br>| 5.00% | 06/01/2026 |  | 4555 | &nbsp;&nbsp; 4553428 |
| Series 2006 Q, RB (Acquired 12/01/2006-07/10/2007; Cost $24,375,000)<sup>(c)</sup> <br>| 5.00% | 06/01/2030 |  | 24375 | &nbsp;&nbsp; 24367856 |
| Series 2006 Q, RB (Acquired 12/01/2006-10/03/2011; Cost $67,135,814)<sup>(c)</sup> <br>| 5.00% | 06/01/2036 |  | 67190 | &nbsp;&nbsp; 66149664 |
|  |  |  |  |  | &nbsp;&nbsp; 295905652 |
| **Virgin Islands–0.34%** | **Virgin Islands–0.34%** | **Virgin Islands–0.34%** | **Virgin Islands–0.34%** |  |  |
| Virgin Islands (Government of) Port Authority; Series 2014 A, Ref. RB<sup>(a)</sup> <br>| 5.00% | 09/01/2029 |  | 540 | &nbsp;&nbsp; 540495 |
| Virgin Islands (Government of) Public Finance Authority (Frenchman's Reef Hotel Development); <br> Series 2024 A, RB<sup>(e)</sup> <br>| 6.00% | 04/01/2053 |  | 9250 | &nbsp;&nbsp; 9336100 |
| Virgin Islands (Government of) Public Finance Authority (Virgin Islands Gross Receipts Taxes Loan <br> Note); Series 2012 A, Ref. RB (INS - AGI)<sup>(h)</sup> <br>| 5.00% | 10/01/2032 |  | 1945 | &nbsp;&nbsp; 1951253 |
| Virgin Islands Transportation & Infrastructure Corp. (Garvee); Series 2025, Ref. RB | 5.00% | 09/01/2044 |  | 1500 | &nbsp;&nbsp; 1628742 |
|  |  |  |  |  | &nbsp;&nbsp; 13456590 |
| **Guam–0.11%** | **Guam–0.11%** | **Guam–0.11%** | **Guam–0.11%** |  |  |
| Guam (Territory of) Waterworks Authority; Series 2025 A, RB | 5.50% | 07/01/2055 |  | 4000 | &nbsp;&nbsp; 4204497 |
| Guam Housing Corp.; Series 1998 A, RB (CEP - FHLMC)<sup>(a)</sup> <br>| 5.75% | 09/01/2031 |  | 210 | &nbsp;&nbsp; 211709 |
|  |  |  |  |  | &nbsp;&nbsp; 4416206 |
| **Northern Mariana Islands–0.08%** | **Northern Mariana Islands–0.08%** | **Northern Mariana Islands–0.08%** | **Northern Mariana Islands–0.08%** |  |  |
| Northern Mariana Islands (Commonwealth of); Series 2007 A, Ref. GO Bonds<sup>(e)</sup> <br>| 5.00% | 06/01/2030 |  | 3270 | &nbsp;&nbsp; 3270002 |
| Total Municipal Obligations (Cost $4,429,886,268) | Total Municipal Obligations (Cost $4,429,886,268) | Total Municipal Obligations (Cost $4,429,886,268) | Total Municipal Obligations (Cost $4,429,886,268) |  | &nbsp;&nbsp; 4237661112 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**14**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Preferred Stocks–0.00%** |  |  |  |
| AES Puerto Rico, Inc., Pfd. <br>(Cost $0)<sup>(i)</sup> <br>|  | 11215 | &nbsp;&nbsp; $0 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(m)</sup>–106.57% (Cost $4,429,886,268) | TOTAL INVESTMENTS IN SECURITIES<sup>(m)</sup>–106.57% (Cost $4,429,886,268) |  | &nbsp;&nbsp; 4237661112 |
| FLOATING RATE NOTE OBLIGATIONS–(8.27)% | FLOATING RATE NOTE OBLIGATIONS–(8.27)% |  |  |
| Notes with interest and fee rates ranging from 2.34% to 2.50% at 02/28/2026 and <br>contractual maturities of collateral ranging from 11/01/2045 to 05/15/2063 (See <br> Note 1K)<sup>(n)</sup> <br>|  |  | &nbsp;&nbsp; (328785000)<br>|
| OTHER ASSETS LESS LIABILITIES–1.70% | OTHER ASSETS LESS LIABILITIES–1.70% |  | &nbsp;&nbsp; 67627847 |
| NET ASSETS–100.00% | NET ASSETS–100.00% |  | &nbsp;&nbsp; $3976503959 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| AGI | – Assured Guaranty, Inc. |
| AMBAC | – American Municipal Bond Assurance Corp. |
| BAM | – Build America Mutual Assurance Co. |
| CEP | – Credit Enhancement Provider |
| FHLMC | – Federal Home Loan Mortgage Corp. |
| FNMA | – Federal National Mortgage Association |
| GNMA | – Government National Mortgage Association |
| GO | – General Obligation |
| IDR | – Industrial Development Revenue Bonds |
| INS | – Insurer |
| LOC | – Letter of Credit |
| NATL | – National Public Finance Guarantee Corp. |
| Pfd. | – Preferred |
| RB | – Revenue Bonds |
| Ref. | – Refunding |

---

Notes to Schedule of Investments:

<sup>(a)</sup> Security subject to the alternative minimum tax.

<sup>(b)</sup> Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at February 28, 2026 was $879,190, which represented less than 1% of the Fund's Net Assets. 

<sup>(c)</sup> Restricted security. The aggregate value of these securities at February 28, 2026 was $131,630,679, which represented 3.31% of the Fund's Net Assets.

<sup>(d)</sup> Zero coupon bond issued at a discount.

<sup>(e)</sup> 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 February 28, 2026 was $326,360,809, which represented 8.21% of the Fund's Net Assets. 

<sup>(f)</sup> Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

<sup>(g)</sup> Underlying security related to TOB Trusts entered into by the Fund. See Note 1K.

<sup>(h)</sup> Principal and/or interest payments are secured by the bond insurance company listed.

<sup>(i)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(j)</sup> 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 $18,000,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. 

<sup>(k)</sup> Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

<sup>(l)</sup> Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

<sup>(m)</sup> This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer's obligations but may be called upon to satisfy the issuer's obligations. 

---

| | |
|:---|:---|
| **Entity** | **Percent** |
| Assured Guaranty Inc. | 5.31<br> %<br>|

---

<sup>(n)</sup> Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at February 28, 2026. At February 28, 2026, the Fund's investments with a value of $468,201,179 are held by TOB Trusts and serve as collateral for the $328,785,000 in the floating rate note obligations outstanding at that date. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Short Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 2500 | June-2026 | &nbsp;&nbsp;&nbsp; $(284531250)<br>| &nbsp;&nbsp;&nbsp; $(313303)<br>| &nbsp;&nbsp;&nbsp; $(313303)<br>|

---

<sup>(a)</sup> Futures contracts collateralized by $4,687,500 cash held with Goldman Sachs International, the futures commission merchant.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**15**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

**Statement of Assets and Liabilities**

*February 28, 2026*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $4,429,886,268)<br>| &nbsp;&nbsp; $4237661112 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 4687500 |
| Cash | &nbsp;&nbsp; 25514213 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 5187289 |
| Fund shares sold | &nbsp;&nbsp; 1820237 |
| Interest | &nbsp;&nbsp; 50940817 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 538074 |
| Other assets | &nbsp;&nbsp; 1334173 |
| Total assets | &nbsp;&nbsp; 4327683415 |
| **Liabilities:** |  |
| Floating rate note obligations | &nbsp;&nbsp; 328785000 |
| Other investments: |  |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 5000792 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 6783122 |
| Dividends | &nbsp;&nbsp; 7027829 |
| Fund shares reacquired | &nbsp;&nbsp; 1258856 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1232103 |
| Accrued interest expense | &nbsp;&nbsp; 73011 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 4744 |
| Accrued other operating expenses | &nbsp;&nbsp; 145693 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 868306 |
| Total liabilities | &nbsp;&nbsp; 351179456 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $3976503959 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $5431548396 |
| Distributable earnings (loss) | &nbsp;&nbsp; (1455044437)<br>|
|  | &nbsp;&nbsp; $3976503959 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $3061162077 |
| Class C | &nbsp;&nbsp; $135996528 |
| Class Y | &nbsp;&nbsp; $772969761 |
| Class R6 | &nbsp;&nbsp; $6375593 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 209098822 |
| Class C | &nbsp;&nbsp; 9317202 |
| Class Y | &nbsp;&nbsp; 52777671 |
| Class R6 | &nbsp;&nbsp; 435221 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $14.64 |
| Maximum offering price per share <br>(Net asset value of $14.64 ÷ 95.75%)<br>| &nbsp;&nbsp; $15.29 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $14.60 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $14.65 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $14.65 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**16**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

**Statement of Operations**

*For the year ended February 28, 2026* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $230262756 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 17997457 |
| Administrative services fees | &nbsp;&nbsp; 574281 |
| Custodian fees | &nbsp;&nbsp; 24836 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 7590521 |
| Class C | &nbsp;&nbsp; 1444482 |
| Interest, facilities and maintenance fees | &nbsp;&nbsp; 14952444 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 2802769 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 1355 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 97675 |
| Registration and filing fees | &nbsp;&nbsp; 70756 |
| Reports to shareholders | &nbsp;&nbsp; 107375 |
| Professional services fees | &nbsp;&nbsp; 114371 |
| Other | &nbsp;&nbsp; 57717 |
| Total expenses | &nbsp;&nbsp; 45836039 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (2569)<br>|
| Net expenses | &nbsp;&nbsp; 45833470 |
| Net investment income | &nbsp;&nbsp; 184429286 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(3058934)) | &nbsp;&nbsp; (54105976)<br>|
| Futures contracts | &nbsp;&nbsp; 2574638 |
|  | &nbsp;&nbsp; (51531338)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (105634377)<br>|
| Futures contracts | &nbsp;&nbsp; (313303)<br>|
|  | &nbsp;&nbsp; (105947680)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (157479018)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $26950268 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**17**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

**Statement of Changes in Net Assets**

*For the years ended February 28, 2026 and 2025* 

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $184429286 | &nbsp;&nbsp; $177237141 |
| Net realized gain (loss) | &nbsp;&nbsp; (51531338)<br>| &nbsp;&nbsp; (28416397)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (105947680)<br>| &nbsp;&nbsp; (21702172)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 26950268 | &nbsp;&nbsp; 127118572 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (145751031)<br>| &nbsp;&nbsp; (143279697)<br>|
| Class C | &nbsp;&nbsp; (5707561)<br>| &nbsp;&nbsp; (5873245)<br>|
| Class Y | &nbsp;&nbsp; (38791241)<br>| &nbsp;&nbsp; (36713273)<br>|
| Class R6 | &nbsp;&nbsp; (390631)<br>| &nbsp;&nbsp; (259808)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (190640464)<br>| &nbsp;&nbsp; (186126023)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (238849391)<br>| &nbsp;&nbsp; (114898377)<br>|
| Class C | &nbsp;&nbsp; (26625722)<br>| &nbsp;&nbsp; (9991940)<br>|
| Class Y | &nbsp;&nbsp; (73060119)<br>| &nbsp;&nbsp; 76694880 |
| Class R6 | &nbsp;&nbsp; (2762872)<br>| &nbsp;&nbsp; 6737692 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (341298104)<br>| &nbsp;&nbsp; (41457745)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (504988300)<br>| &nbsp;&nbsp; (100465196)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 4481492259 | &nbsp;&nbsp; 4581957455 |
| End of year | &nbsp;&nbsp; $3976503959 | &nbsp;&nbsp; $4481492259 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**18**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

**Financial Highlights**

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Supplemental** <br>**ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee** <br>**waivers** <br>**(excluding** <br>**interest,** <br>**facilities and** <br>**maintenance** <br>**fees)**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 02/28/26 | $15.17 | $0.65 | $(0.51)<br>| $0.14 | $(0.67)<br>| $14.64 | 1.13 %<sup>(d)</sup><br>| $3061162 | 1.15 %<sup>(d)</sup><br>| 1.15 %<sup>(d)</sup><br>| 0.78 %<sup>(d)</sup><br>| 4.53 %<sup>(d)</sup><br>| 26<br> %<br>|
| Year ended 02/28/25 | 15.36 | 0.59 | (0.16)<br>| 0.43 | (0.62)<br>| 15.17 | 2.89 <br><sup>(d)</sup><br>| 3424143 | 1.20 <br><sup>(d)</sup><br>| 1.20 <br><sup>(d)</sup><br>| 0.78 <br><sup>(d)</sup><br>| 3.90 <br><sup>(d)</sup><br>| 13 |
| Year ended 02/29/24 | 14.75 | 0.56 | 0.64 | 1.20 | (0.59)<br>| 15.36 | 8.35 <br><sup>(d)</sup><br>| 3584464 | 1.27 <br><sup>(d)</sup><br>| 1.27 <br><sup>(d)</sup><br>| 0.78 <br><sup>(d)</sup><br>| 3.73 <br><sup>(d)</sup><br>| 27 |
| Year ended 02/28/23 | 16.94 | 0.52 | (2.17)<br>| (1.65)<br>| (0.54)<br>| 14.75 | (9.76 )<sup>(d)</sup><br>| 3578634 | 1.14 <br><sup>(d)</sup><br>| 1.14 <br><sup>(d)</sup><br>| 0.78 <br><sup>(d)</sup><br>| 3.41 <br><sup>(d)</sup><br>| 50 |
| Year ended 02/28/22 | 17.07 | 0.43 | 0.00 | 0.43 | (0.56)<br>| 16.94 | 2.45 <br><sup>(d)</sup><br>| 4442658 | 0.85 <br><sup>(d)</sup><br>| 0.85 <br><sup>(d)</sup><br>| 0.78 <br><sup>(d)</sup><br>| 2.43 <br><sup>(d)</sup><br>| 17 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 02/28/26 | 15.13 | 0.54 | (0.50)<br>| 0.04 | (0.57)<br>| 14.60 | 0.40 | 135997 | 1.91 | 1.91 | 1.54 | 3.77 | 26 |
| Year ended 02/28/25 | 15.32 | 0.48 | (0.16)<br>| 0.32 | (0.51)<br>| 15.13 | 2.11 | 169262 | 1.96 | 1.96 | 1.54 | 3.14 | 13 |
| Year ended 02/29/24 | 14.71 | 0.44 | 0.65 | 1.09 | (0.48)<br>| 15.32 | 7.55 | 181671 | 2.03 | 2.03 | 1.54 | 2.97 | 27 |
| Year ended 02/28/23 | 16.89 | 0.40 | (2.16)<br>| (1.76)<br>| (0.42)<br>| 14.71 | (10.40 )<sup>(e)</sup><br>| 209043 | 1.89 <br><sup>(e)</sup><br>| 1.89 <br><sup>(e)</sup><br>| 1.53 <br><sup>(e)</sup><br>| 2.66 <br><sup>(e)</sup><br>| 50 |
| Year ended 02/28/22 | 17.03 | 0.29 | 0.00 | 0.29 | (0.43)<br>| 16.89 | 1.63 | 301046 | 1.61 | 1.61 | 1.54 | 1.67 | 17 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 02/28/26 | 15.17 | 0.68 | (0.49)<br>| 0.19 | (0.71)<br>| 14.65 | 1.44 | 772970 | 0.91 | 0.91 | 0.54 | 4.77 | 26 |
| Year ended 02/28/25 | 15.37 | 0.63 | (0.17)<br>| 0.46 | (0.66)<br>| 15.17 | 3.07 | 878608 | 0.96 | 0.96 | 0.54 | 4.14 | 13 |
| Year ended 02/29/24 | 14.75 | 0.59 | 0.66 | 1.25 | (0.63)<br>| 15.37 | 8.67 | 812901 | 1.03 | 1.03 | 0.54 | 3.97 | 27 |
| Year ended 02/28/23 | 16.95 | 0.55 | (2.18)<br>| (1.63)<br>| (0.57)<br>| 14.75 | (9.59)<br>| 700660 | 0.90 | 0.90 | 0.54 | 3.65 | 50 |
| Year ended 02/28/22 | 17.08 | 0.47 | 0.00 | 0.47 | (0.60)<br>| 16.95 | 2.70 | 799750 | 0.61 | 0.61 | 0.54 | 2.67 | 17 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 02/28/26 | 15.18 | 0.69 | (0.51)<br>| 0.18 | (0.71)<br>| 14.65 | 1.42 | 6376 | 0.86 | 0.86 | 0.49 | 4.82 | 26 |
| Year ended 02/28/25 | 15.37 | 0.64 | (0.16)<br>| 0.48 | (0.67)<br>| 15.18 | 3.19 | 9478 | 0.90 | 0.90 | 0.48 | 4.20 | 13 |
| Year ended 02/29/24 | 14.76 | 0.60 | 0.65 | 1.25 | (0.64)<br>| 15.37 | 8.66 | 2922 | 0.98 | 0.98 | 0.49 | 4.02 | 27 |
| Year ended 02/28/23 | 16.96 | 0.56 | (2.18)<br>| (1.62)<br>| (0.58)<br>| 14.76 | (9.53)<br>| 1020 | 0.85 | 0.85 | 0.48 | 3.70 | 50 |
| Year ended 02/28/22 | 17.08 | 0.48 | 0.01 | 0.49 | (0.61)<br>| 16.96 | 2.82 | 1978 | 0.56 | 0.56 | 0.49 | 2.72 | 17 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the years ended February 28, 2026 and 2025, the year ended February 29, 2024 and the years ended February 28, 2023 and 2022, respectively. 

<sup>(e)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.99% for the year ended February 28, 2023. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

**19**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

**Notes to Financial Statements**

*February 28, 2026*

**NOTE 1—Significant Accounting Policies**

Invesco Rochester<sup>®</sup> New York Municipals Fund (the "Fund") is a series portfolio of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek tax-free income.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

**A.** **Security Valuations** – Securities, including restricted securities, are valued according to the following policy.

Securities generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is not representative of market value in the Adviser's judgment ("unreliable"), the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. 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.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

**C.** **Country Determination** — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under

**20**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** – Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes** – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt-interest dividends", as defined in the Internal Revenue Code.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the period.

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.

**G.** **Interest, Facilities and Maintenance Fees** – Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, administrative expenses, negative or overdrawn balances on margin accounts and other expenses associated with establishing and maintaining the line of credit. In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.

**H.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**K.** **Floating Rate Note Obligations** – The Fund invests in inverse floating rate securities, such as Tender Option Bonds ("TOBs"), for investment purposes and to enhance the yield of the Fund. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Fund to special purpose trusts established by a broker dealer or by the Fund ("TOB Trusts") in exchange for cash and residual interests in the TOB Trusts' assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Fund to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Fund (inverse floating rate securities) include the right of the Fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Fund, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

The Fund accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Fund's investment assets, and the related floating rate notes reflected as Fund liabilities under the caption *Floating rate note obligations* on the Statement of Assets and Liabilities. The carrying amount of the Fund's floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. The

**21**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

Fund records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of *Interest, facilities and maintenance fees* on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule") prohibit banking entities and their affiliates from sponsoring and/or providing certain services for existing TOB Trusts, which constitute "covered funds" under the Volcker Rule. As a result of the Volcker Rule, the Fund, as holder of inverse floating rate securities, is required to perform certain duties in connection with TOB financing transactions previously performed by banking entities. These duties may alternatively be performed by a non-bank third-party service provider. The Fund's expanded role may increase its operational and regulatory risk.

Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"), which apply to TOB financing transactions and TOB Trusts. The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying security held by the TOB Trust. The Fund has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Fund's ability to engage in TOB financing transactions or increase the costs of such transactions in certain circumstances.

There can be no assurances that TOB financing transactions will continue to be a viable or cost-effective form of leverage. The unavailability of TOB financing transactions or an increase in the cost of financing provided by TOB transactions may adversely affect the Fund's net asset value, distribution rate and ability to achieve its investment objective.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities.

**L.** **Futures Contracts** — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

**M.** **Leverage Risk** — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

**N.** **Other Risks** - The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the Fund's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

The municipal issuers in which the Fund invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Fund's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Fund more susceptible to experience a drop in its share price than if the Fund had been more diversified across issuers that did not have similar characteristics.

Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile. The values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Fund to a substantial risk of loss.

**22**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.480% |
| Next $4.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.455% |
| Next $3 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $6 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.440% |
| Over $14 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.420% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.

For the year ended February 28, 2026, the effective advisory fee rate incurred by the Fund was 0.44%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 1.50%, 2.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended February 28, 2026, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A and Class C shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI in an amount up to an annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C Plan, reimburses IDI in an amount up to an annual rate of 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended February 28, 2026, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended February 28, 2026, IDI advised the Fund that IDI retained $113,084 in front-end sales commissions from the sale of Class A shares and $66,582 and $15,450 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3—Additional Valuation Information**

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

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

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

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

**23**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

The following is a summary of the tiered valuation input levels, as of February 28, 2026. 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** |
| <br>**Investments in Securities** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4237661112 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $4237661112 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4237661112 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 4237661112 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (313303)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (313303)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $(313303)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4237661112 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $4237347809 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of February 28, 2026:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(313303)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 313303 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.

**Effect of Derivative Investments for the year ended February 28, 2026**

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $2574638 |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (313303)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $2261335 |

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $196370052 |

---

**NOTE 5—Security Transactions with Affiliated Funds**

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended February 28, 2026, the Fund engaged in securities purchases of $80,074,219 and securities sales of $163,998,071, which resulted in net realized gains (losses) of $(3,058,934).

**NOTE 6—Expense Offset Arrangement(s)**

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended February 28, 2026, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $2,569.

**24**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

**NOTE 7—Trustees' and Officers' Fees and Benefits**

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Fund may have certain former Trustees who participated in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 8—Cash Balances and Borrowings**

The Fund has entered into a revolving credit and security agreement, which enables the Fund to participate with certain other Invesco Funds in a committed secured borrowing facility that permits borrowings up to $1.5 billion, collectively by certain Invesco Funds, and which will expire on February 18, 2027. The revolving credit and security agreement is secured by the assets of the Fund. The Fund is subject to certain covenants relating to the revolving credit and security agreement. Failure to comply with these restrictions could cause the acceleration of the repayment of the amount outstanding under the revolving credit and security agreement.

During the year ended February 28, 2026, the Fund's average daily balance of borrowing under the revolving credit and security agreement was $7,618,017 with an average interest rate of 4.33%. The carrying amount of the Fund's payable for borrowings as reported on the Statement of Assets and Liabilities approximates its fair value. Expenses under the revolving credit and security agreement are shown in the Statement of Operations as *Interest, facilities and maintenance fees*. At February 28, 2026, the Fund had no borrowings outstanding under this agreement.

Additionally, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the year ended February 28, 2026 were $375,155,769 and 3.24%, respectively.

**NOTE 9—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended February 28, 2026 and 2025:</u>** |
|  | **2026** | **2025** |
| Ordinary income\* | &nbsp;&nbsp; $2609039 | &nbsp;&nbsp;&nbsp;&nbsp; $1492476 |
| Ordinary income-tax-exempt | &nbsp;&nbsp; 188031425 | &nbsp;&nbsp;&nbsp;&nbsp; 184633547 |
| Total distributions | &nbsp;&nbsp; $190640464 | &nbsp;&nbsp;&nbsp;&nbsp; $186126023 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2026** |
| Undistributed tax-exempt income | &nbsp;&nbsp;&nbsp;&nbsp; $14007798 |
| Net unrealized appreciation (depreciation) — investments | &nbsp;&nbsp;&nbsp;&nbsp; (193088308)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (826075)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (1275137852)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 5431548396 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $3976503959 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales, amortization and accretion on debt securities and inverse floaters.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of February 28, 2026, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $302748958 | &nbsp;&nbsp;&nbsp;&nbsp; $972388894 | &nbsp;&nbsp;&nbsp;&nbsp; $1275137852 |

---

\*

Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 10—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended February 28, 2026 was $1,140,387,355 and $1,755,665,233, respectively. As of February 28, 2026, the aggregate cost of

**25**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $85010785 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (278099093)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(193088308)<br>|

---

Cost of investments for tax purposes is $4,430,436,117.

**NOTE 11—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of market discounts and amortization and accretion on debt securities, on February 28, 2026, undistributed net investment income was decreased by $1,101,322 and undistributed net realized gain (loss) was increased by $1,101,322. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**NOTE 12—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2026**<sup>(a)</sup>  | **Year ended** <br>**February 28, 2025** | **Year ended** <br>**February 28, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 20729721 | &nbsp;&nbsp;&nbsp; $296750135 | &nbsp;&nbsp;&nbsp; 16860329 | &nbsp;&nbsp;&nbsp; $257516100 |
| Class C | &nbsp;&nbsp;&nbsp; 2849157 | &nbsp;&nbsp;&nbsp; 40948098 | &nbsp;&nbsp;&nbsp; 2605900 | &nbsp;&nbsp;&nbsp; 39723032 |
| Class Y | &nbsp;&nbsp;&nbsp; 20675260 | &nbsp;&nbsp;&nbsp; 295615562 | &nbsp;&nbsp;&nbsp; 15588459 | &nbsp;&nbsp;&nbsp; 237653936 |
| Class R6 | &nbsp;&nbsp;&nbsp; 126791 | &nbsp;&nbsp;&nbsp; 1830191 | &nbsp;&nbsp;&nbsp; 686750 | &nbsp;&nbsp;&nbsp; 10533021 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5731793 | &nbsp;&nbsp;&nbsp; 82135364 | &nbsp;&nbsp;&nbsp; 5228662 | &nbsp;&nbsp;&nbsp; 79585909 |
| Class C | &nbsp;&nbsp;&nbsp; 261209 | &nbsp;&nbsp;&nbsp; 3732375 | &nbsp;&nbsp;&nbsp; 253746 | &nbsp;&nbsp;&nbsp; 3850994 |
| Class Y | &nbsp;&nbsp;&nbsp; 1537637 | &nbsp;&nbsp;&nbsp; 22039822 | &nbsp;&nbsp;&nbsp; 1353742 | &nbsp;&nbsp;&nbsp; 20610024 |
| Class R6 | &nbsp;&nbsp;&nbsp; 22068 | &nbsp;&nbsp;&nbsp; 316189 | &nbsp;&nbsp;&nbsp; 12177 | &nbsp;&nbsp;&nbsp; 185678 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1586947 | &nbsp;&nbsp;&nbsp; 22682745 | &nbsp;&nbsp;&nbsp; 1716311 | &nbsp;&nbsp;&nbsp; 25818840 |
| Class C | &nbsp;&nbsp;&nbsp; (1591083)<br>| &nbsp;&nbsp;&nbsp; (22682745)<br>| &nbsp;&nbsp;&nbsp; (1720870)<br>| &nbsp;&nbsp;&nbsp; (25818840)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (44696690)<br>| &nbsp;&nbsp;&nbsp; (640417635)<br>| &nbsp;&nbsp;&nbsp; (31393118)<br>| &nbsp;&nbsp;&nbsp; (477819226)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (3390437)<br>| &nbsp;&nbsp;&nbsp; (48623450)<br>| &nbsp;&nbsp;&nbsp; (1809541)<br>| &nbsp;&nbsp;&nbsp; (27747126)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (27337990)<br>| &nbsp;&nbsp;&nbsp; (390715503)<br>| &nbsp;&nbsp;&nbsp; (11936760)<br>| &nbsp;&nbsp;&nbsp; (181569080)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (338113)<br>| &nbsp;&nbsp;&nbsp; (4909252)<br>| &nbsp;&nbsp;&nbsp; (264543)<br>| &nbsp;&nbsp;&nbsp; (3981007)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (23833730)<br>| &nbsp;&nbsp;&nbsp; $(341298104)<br>| &nbsp;&nbsp;&nbsp; (2818756)<br>| &nbsp;&nbsp;&nbsp; $(41457745)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 63% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**26**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) and Shareholders of Invesco Rochester New York Municipals Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Rochester New York Municipals Fund (one of the funds constituting AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds), referred to hereafter as the "Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, agent bank and brokers; when replies were not received from the agent bank, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

April 28, 2026

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**27**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |
| Tax-Exempt Interest Dividends\* | &nbsp;&nbsp; 98.63% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**28**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**29**

**Invesco Rochester**<sup>®</sup> **New York Municipals Fund**

------

![](imgef064eb91.jpg)

SEC file number(s): 811-07890 and 033-66242

Invesco Distributors, Inc.

O-ROM-NCSR

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

------

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

------

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

------

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

------

Item 15. Submission of Matters to a Vote of Security Holders.

None.

------

Item 16. Controls and Procedures.

(a) As of a date within 90 days of the filing date of this report, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Act. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that the Registrant's disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

[(a)(1) Code of Ethics is attached as Exhibit 99.CODEETH.](Code_of_Ethics.htm)

(a)(2) Not applicable.

[(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.](Section_302_Certification.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.](Section_906_Certification.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds)</u>

By: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Glenn Brightman

Title: Principal Executive Officer

Date: May 7, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Glenn Brightman

Title: Principal Executive Officer

Date: May 7, 2026

By: <u>/s/ Adrien Deberghes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Adrien Deberghes

Title: Principal Financial Officer

Date: May 7, 2026

------

## Exhibit 99.906

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Company") on Form N-CSR for the period ended February 28, 2026, as filed with the Securities and Exchange Commission (the "Report"), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: May 7, 2026  | /s/ Glenn Brightman  |
|  | Glenn Brightman <br> Principal Executive Officer  |

---

------

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds) (the "Company") on Form N-CSR for the period ended February 28, 2026, as filed with the Securities and Exchange Commission (the "Report"), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: May 7, 2026  | /s/ Adrien Deberghes  |
|  | Adrien Deberghes <br> Principal Financial Officer  |

---

------

## Ex-99.Code

#### Exhibit 99.CODEETH

#### EXHIBIT (a)(1)

### CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

---

| | |
|:---|:---|
| **Applicable To**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Invesco Funds; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Invesco ETFs (together with the Invesco Funds, a "Fund," and collectively, the "Funds").  |
| **Risk Addressed by Policy**  | Ethics Violations by Principals  |
| **Relevant Law & Related Resources**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Investment Company Act of 1940; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Sarbanes-Oxley Act of 2002.  |
| **Date of Last Review**  | July 2025  |
| **Policy Inception Date**  | August 2003  |

---

I.  **<u>PURPOSE</u>** 

This Code of Ethics (the "Code") for the Invesco Funds and the Invesco ETFs applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller or persons performing similar functions (collectively, the "Covered Officers," each of whom is set forth in Exhibit A to this Code) for the purpose of promoting:

· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the registrant;

· compliance with applicable governmental laws, rules and regulations;

· prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· accountability for adherence to the Code.

The Code shall be administered by the Chief Compliance Officer of the respective Funds (the "Chief Compliance Officer"), or his or her delegate. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

------

The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any waivers<sup>1</sup> sought by a Covered Officer must be considered by the Independent Trustees<sup>2</sup> of the relevant Fund or Funds. Any question about the application of the Code should be referred to the Funds' Chief Compliance Officer.

II.  **<u>COVERED OFFICERS TO ACT HONESTLY AND CANDIDLY</u>** 

Each Covered Officer named in Exhibit A to this Code owes a duty to the respective Fund for which he/she serves to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

• act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds' policies;

• observe both the form and spirit of laws and governmental rules and regulations and accounting standards;

• adhere to a high standard of business ethics; and

• place the interest of the Funds and its shareholders before the Covered Officer's own personal interests.

III.  **<u>COVERED OFFICERS SHOULD HANDLE ETHICAL, ACTUAL AND APPARENT CONFLICTS OF INTEREST</u>** 

**<u>Overview</u>. A "conflict of interest" occurs when a Covered Officer's private interest interferes, or appears to interfere, with the interests of, or his/her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Funds.** 

------

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict-of-interest provisions in the Investment Company Act of 1940 as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" (as defined in the Investment Company Act) of the Funds or the Funds' investment adviser. The Funds' and their investment adviser's and any sub-adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code, unless or until the Chief Compliance Officer determines that any violation of such programs and procedures is also a violation of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and their investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and their investment adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must:

• avoid conflicts of interest wherever possible;

• handle any actual or apparent conflict of interest ethically;

• not use his/her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally (directly or indirectly) to the detriment of the Funds;

• not cause the Funds to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of the Funds;

• not use material non-public knowledge of portfolio transactions made or contemplated for, or actions proposed to be taken by, the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

• as described in more detail below, discuss any material transactions or relationship that could reasonably be expected to give rise to a conflict of interest with the applicable Chief Compliance Officer.

------

Each Covered Officer must, at the time of signing this Code, report to the Chief Compliance Officer all affiliations or significant business relationships outside of the Funds and must update the report annually.

Conflict of interest situations should always be approved by the Chief Compliance Officer and communicated to the relevant Funds or Fund's Board. Any activity or relationship that would present such a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if an immediate member of the Covered Officer's family living in the same household engages in such an activity or has such a relationship. Examples of these include:

• service or significant business relationships as a trustee/director on the board of any public or private company;

• being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member;

• any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such as compensation or equity ownership.

IV.  **<u>DISCLOSURE AND COMPLIANCE</u>** 

Each Covered Officer should:

• familiarize himself/herself with the disclosure and compliance requirements generally applicable to the Funds;

• not knowingly misrepresent, conceal or omit required disclosures of, or cause others to do the same, facts about the Funds to others, whether within or outside the Funds, including to the Funds' Trustees and auditors, or to governmental regulators and self-regulatory organizations;

• to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and their investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

• promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V.  **<u>REPORTING AND ACCOUNTABILITY</u>** 

Each Covered Officer must:

• upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Chief Compliance Officer that he/she has received, read and understands the Code;

• annually thereafter, affirm to the Chief Compliance Officers that he/she has complied with the requirements of the Code;

------

• not retaliate against any other Covered Officer, other officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

• notify the Chief Compliance Officer promptly if he/she knows of or suspects any violation of this Code. Failure to do so is itself a violation of this Code.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

• the Chief Compliance Officer will take all appropriate action to investigate any potential violation reported to him/her;

• if, after such investigation, the Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

• any matter that the Chief Compliance Officer believes is a violation will be reported to the relevant Trust's Audit Committee;

• if the Independent Trustees of the relevant Funds concur that a violation has occurred, they will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer or other appropriate disciplinary actions;

• the Independent Trustees of the relevant Funds will be responsible for granting waivers of this Code, as appropriate; and

• any changes to, or waivers of, this Code will, to the extent required, be disclosed as provided by SEC rules.

VI.  **<u>OTHER POLICIES AND PROCEDURES</u>** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code unless any provision of this Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII.  **<u>AMENDMENTS</u>** 

------

These Procedures have been adopted by the Board, including a majority of the Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds (the "Independent Trustees"). All material amendments to these Procedures must either be approved in advance by the Board and the Independent Trustees or ratified by the Board and the Independent Trustees, as determined by Legal and Compliance upon consultation with counsel to the Funds. Non-material amendments to these Procedures may be made by Legal and Compliance and will be reported to the Compliance Committee or other applicable committee of the Board or to the Board at the next scheduled in-person meeting of the committee or Board.

VIII.  **<u>CONFIDENTIALITY</u>** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Covered Officers, the Chief Compliance Officer, Independent Trustees of the relevant Fund or Funds and the Independent Trustees' counsel, the relevant Fund or Funds and those Funds' counsel and the senior management of the investment adviser and its counsel.

IX.  **<u>INTERNAL USE</u>** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

I have read and understand the terms of the above Code. I recognize the responsibilities and obligations incurred by me as a result of my being subject to the Code. I hereby agree to abide by the above Code.

------

#### EXHIBIT A
Persons Covered by this Code of Ethics:

• **Invesco Funds** 

• President and Principal Executive Officer - Glenn Brightman

• Treasurer and Principal Financial Officer - Adrian Deberghes

• **Invesco ETFs** 

• President and Principal Executive Officer — Brian Hartigan

• Treasurer and Principal Financial Officer — Kelli Gallegos

<sup>1</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer, as defined in Rule 3b-7 under the Securities Exchange Act of 1934, of the registrant."<br>

<sup>2</sup> Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds

------

## Ex-99.Cert

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Glenn Brightman, certify that:

1. I have reviewed this report on Form N-CSR of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp; May 7, 2026</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Glenn Brightman</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glenn Brightman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer

------

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Adrien Deberghes, certify that:

1. I have reviewed this report on Form N-CSR of AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:<u>May 7, 2026</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Adrien Deberghes</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adrien Deberghes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Officer

------