Mutual Fund Retail Share Classes

Invesco Short Term Data as of March 31, 2021

Municipal Fund•
US Fixed Income

Investment objective The strategy typically seeks investment-grade bonds the income of which is exempt from federal personal
The fund seeks tax-free income. income taxes.

Portfolio management Performance of a $10,000 investment

Tim O'Reilly, Mark E. Paris, Charlie Pulire, Rebecca
Class A shares at NAV (March 31, 2011 – March 31, 2021)
Setcavage, Julius D. Williams
• Invesco Short Term Municipal Fund - $12,467
Fund facts $20,000
Nasdaq A: ORSTX C: ORSCX Y: ORSYX
R6: STMUX
Total Net Assets $3,001,620,834
Total Number of Holdings 547 $10,000
Annual Turnover (as of
08/31/20) 89%
Distribution Frequency Monthly
Distribution Accrual Daily 0
Alternative Min. Tax Exposure 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 3/21
(%) 3.72

Investment results
Expense ratios % net % total Average annual total returns (%) as of March 31, 2021
Class A Shares 0.82 0.82 Class A Shares Class C Shares Class Y Shares
Class C Shares 1.57 1.57 Inception: Inception: Inception: Style-Specific
Class Y Shares 0.57 0.57 12/06/10 12/06/10 12/06/10 Index
Per the current prospectus Bloomberg
Barclays
Max Max Municipal 1
Load CDSC Year Bond
30-day SEC yields Period .00% NAV 1.00% NAV NAV Index
Taxable Inception 2.22 2.22 1.62 1.62 2.47 -
equivalent
10 Years 2.23 2.23 1.60 1.60 2.48 1.13
SEC yields SEC yields
5 Years 1.90 1.90 1.14 1.14 2.15 1.41
Class A Shares -0.13 -0.22
3 Years 2.36 2.36 1.60 1.60 2.61 1.93
Class C Shares -0.87 -1.47 1 Year 2.83 2.83 1.09 2.09 3.08 1.91
Class Y Shares 0.12 0.20 Quarter 0.20 0.20 -0.99 0.01 0.27 0.20
The 30-day taxable-equivalent SEC yield represents the tax- Performance quoted is past performance and cannot guarantee comparable future results; current performance
adjusted 30-day SEC yield for investors in the highest
individual marginal federal income tax bracket (35%).
may be lower or higher. Visit invesco.com/performance for the most recent month-end performance.
Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and
principal value will vary, and you may have a gain or a loss when you sell shares. Class Y shares have no sales
Bond holding statistics charge; therefore, performance is at NAV. Returns less than one year are cumulative; all others are annualized.
Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not
Average Effective Maturity (years) 0.95 waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current
Option Adjusted Duration 0.85 prospectus for more information. Index returns do not reflect any fees, expenses, or sales charges. As the result
of a reorganization on May 24, 2019, the returns of the fund for periods on or prior to May 24, 2019 reflect
performance of the Oppenheimer predecessor fund. Share class returns will differ from the predecessor fund due
Investment categories (%) to a change in expenses and sales charges.
Index source: FactSet Research Systems Inc.
Revenue Bonds 56.65
General Obligation Bonds 19.73
Calendar year total returns (%)
Prerefunded Bonds 4.36
Class A shares at NAV
Cash/Other 19.27
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD
May not equal 100% due to rounding.
3.89 3.64 0.20 3.59 1.67 0.64 2.35 1.41 2.69 2.74 0.20

• Effective September 30, 2020, "Oppenheimer" was removed from the fund name. Please see the prospectus for additional
information.
A portion of the fund’s income may be subject to some state and local taxes, and the alternative minimum tax.
The fund holdings are organized according to the Global Industry Classification Standard, which was developed by and is the
exclusive property and service mark of MSCI Inc. and Standard & Poor’s.
Option adjusted duration is a measure, as estimated by the fund’s portfolio managers, of a bond fund’s price sensitivity to
changes in interest rates. It takes into account mortgage prepayments, puts, adjustable coupons and potential call dates.
Average effective maturity is a weighted average of all the maturities of the bonds in a portfolio, computed by weighting each
bond's effective maturity by the market value of the security. It takes into account mortgage prepayments, puts, adjustable
coupons and potential call dates.

Not a deposit; Not FDIC insured; Not guaranteed by the bank; May lose value; Not insured by any federal agency
Overall Morningstar rating™ Morningstar rankings
(Class A shares as of March 31, 2021) Class A shares vs. Morningstar Muni National Short Category
AAAA 1 Year 51% (130 of 223)
Ratings are based on a risk-adjusted return measure that 3 Years 48% (105 of 201)
accounts for variation in a fund’s monthly performance,
placing more emphasis on downward variations and 5 Years 24% (48 of 178)
rewarding consistent performance. Open-end mutual funds
and exchange-traded funds are considered a single 10 Years 18% (31 of 138)
population for comparison purposes. Ratings are calculated Source: Morningstar Inc. Morningstar rankings are based on total return, excluding sales charges and including fees and
for funds with at least a three year history. The overall rating expenses versus all funds in the Morningstar category. Open-end mutual funds and exchange-traded funds are considered a
is derived from a weighted average of three-, five- and 10- single population for comparison purposes. Had fees not been waived and/or expenses reimbursed currently or in the past, the
year rating metrics, as applicable, excluding sales charges ranking would have been lower.
and including fees and expenses. Had fees not been waived
and/or expenses reimbursed currently or in the past, the
Morningstar rating would have been lower. Class A shares Quality breakdown (% total)
received 4 stars for the overall, 3 stars for the three years, 4 Cash 15.86 BB 0.82
stars for the five years and 4 stars for the 10 years. The fund
was rated among 201, 201, 178 and 138 funds within the Prerefunded/ETM 4.36 B 2.12
Morningstar Muni National Short Category for the overall
period, three, five and 10 years, respectively.
AAA 7.36 Other 0.31
Source: ©2021 Morningstar Inc. All rights reserved. The AA 36.82 Not Rated 1.93
information contained herein is proprietary to Morningstar A 22.96
and/or its content providers. It may not be copied or
distributed and is not warranted to be accurate, complete or BBB 7.47
timely. Neither Morningstar nor its content providers are
Ratings source: Standard & Poor's, Moody's or Fitch, as applicable. A credit rating is an assessment provided by a nationally
responsible for any damages or losses arising from any use
recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including
of this information. Past performance is no guarantee of
specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA
future results. Ratings are as of the most recent quarter end
(highest) to D (lowest); ratings are subject to change without notice. If securities are rated differently by the rating agencies, the
and are subject to change every month. The top 10% of
higher rating is applied. Not Rated indicates the debtor was not rated and should not be interpreted as indicating low quality. A
funds in a category receive five stars, the next 22.5% four
negative in Cash indicates fund activity that has accrued or is pending settlement. Pre-Refunded/Escrowed to Maturity
stars, the next 35% three stars, the next 22.5% two stars
(Prerefunded/ETM) bonds are issues backed by an escrow account, invested in US Treasuries, which is used to pay bondholders.
and the bottom 10% one star. Ratings for other share
Other includes bonds rated below single B and bonds currently not paying a coupon. For more information on the rating
classes may differ due to different performance
methodology, please visit www.standardandpoors.com and select 'Understanding Ratings' under Rating Resources on the
characteristics.
homepage; www.moodys.com and select 'Rating Methodologies' under Research and Ratings on the homepage;
www.fitchratings.com and select 'Ratings Definitions' on the homepage.
Top states (% of total net assets)
New York 14.15 About risk
New Jersey 9.05 An issuer may be unable to meet interest and/or principal payments, thereby causing its instruments to
Illinois 8.59 decrease in value and lowering the issuer’s credit rating.
Derivatives may be more volatile and less liquid than traditional investments and are subject to market,
California 7.70 interest rate, credit, leverage, counterparty and management risks. An investment in a derivative could lose more
Pennsylvania 6.13 than the cash amount invested.
Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa.
Municipal securities have the risk that legislative or economic conditions could affect an issuer’s ability to
Top sectors (% of total net assets) make principal and/or interest payments.
The fund is subject to certain other risks. Please see the current prospectus for more information regarding
Local GO 11.74 the risks associated with an investment in the fund.
Hospital 11.68
IDR / PCR 9.61
State GO 7.99
Other Revenue 5.07
Other Transportation 5.03
Prerefunded/ETM 4.36
Dedicated Tax 4.26
Higher Education 4.25
Other Utility 3.66

Invesco Distributors, Inc. invesco.com/us
Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully
consider the investment objectives, risks, charges and expenses. For this and more complete information about
the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit
invesco.com/fundprospectus.
This does not constitute a recommendation of any investment strategy or product for a particular investor.
Investors should consult a financial professional before making any investment decisions.
Note: Not all products available at all firms. Financial professionals, please contact your home office.
All data provided by Invesco unless otherwise noted.
O-STM-PC-1 04/21 Invesco Short Term Municipal Fund